AstroBank CEO Aristides Vourakis on Tuesday was elected as president of the Association of Cyprus Banks for the next two years, with Antonis Rouvas, interim CEO of Hellenic Bank, stepping into the role of vice president.

The association’s annual general meeting, which preceded the formal proceedings, elected the new leadership.

It was also noted that, for the first time since the recent statutory changes, the president and vice president will serve a two-year term, in contrast to the one-year term that had been in place until today.

At the same time, executives from the eight other member banks of the association are participating in the board of directors.

It was added that the association, which is celebrating 55 years of operation this year, is “being modernised and transformed into an even more productive, substantial, and impactful organisation”.

“After my election as president of the board of directors of the Association of Cyprus Banks, I am committed to substantive, effective, and beneficial cooperation of the banking sector with the aim of financial stability, economic growth, and social prosperity,” Vourakis said.

For his part, the newly elected vice president Antonis Rouvas stated that he looks forward to “working closely with all economic entities to strengthen and enhance the banking system with the aim of developing the country’s economy and the prosperity of society”.