Cyprus has achieved another year of remarkably strong growth in 2018. We expect that this positive development will continue in 2019 driven by strong growth of domestic demand and exports of services, as well as continuous flow of new investments into hotels, commercial and residential real estate and energy projects.
CyprusProfile.com asked RCB Bank CEO Kirill Zimarin which key areas of opportunity or growth he sees in the banking sector, and what his expectations are for Cyprus in 2019.
Cyprus has achieved another year of remarkably strong growth in 2018. We expect that this positive development will continue in 2019 driven by strong growth of domestic demand and exports of services, as well as continuous flow of new investments into hotels, commercial and residential real estate and energy projects. Last year Cyprus made significant progress in the effort to consolidate the banking sector and reduce nonperforming loans. However, level of private sector indebtedness, including loans held by both banks and non-banks, still remains high. NPL resolution will remain high priority for the banking sector. In addition, the Banks will continue efforts to improve operational efficiency. Following the path of continuous growth as one of the major Cypriot banks, RCB Bank implements its’ 2019 – 2023 strategy, which aims at further expansion on domestic market, de-risking and optimization of international business as well as technological investments for the development of innovative and better banking products for Cypriot customers.
