The Association of International Banks in Cyprus (AIBC) believes the island has a bright future and that the international financial sector on the island remains strong. Speaking after a meeting at DISY headquarters, head of the AIBC and the Russian Commercial Bank in Cyprus Kirill Zimarin said that he was optimistic and that the international banking system on the island had demonstrated its viability.

“The international financial sector remains strong and we have shown that by remaining in Cyprus despite the difficulties that we have been faced with that we believe in the potential of the country,” he said. Zimarin added that international banks were setting an example for the future by staying in Cyprus which would in turn hopefully give the incentive to develop Cyprus further.

DISY leader, Averof Neophytou said: “Despite the blow that our country has taken and the blow the international banks operating in Cyprus have taken, they have overcome that blow and regained the losses they made following the Eurogroup decision,” he said. Neophytou added that international banks were in a better position than they were before and none of the 26 international banks operating on the island had left. “They are showing their trust in Cyprus and have recorded profits this year despite everything,” he said.

He thanked the head of the AIBC for the trust shown towards Cyprus as following the Eurogroup meetings in March they could have gotten up and left and gone to another country. “They didn’t do that, they showed trust towards Cyprus, its people and the economy. We will rise again despite our problems but what is needed is courage and patience. We will turn the crisis into an opportunity for our children and the next generations,” he concluded.

Source: Cyprus Mail