A delegation from the Association of Cyprus Banks (ACB) spent the past two days in Brussels, where it presented the positive performance of the Cypriot economy and banking sector to a number of professionals, authorities and organisations.

According to a report by Politis, the delegation included ACB director general Marios Skandalis, Bank of Cyprus deputy chief executive Charis Pouangare, Eurobank Limited Cyprus deputy chief executive Haris Hambakis, and Alpha Bank Cyprus chief executive Miltos Michaelas.

During a presentation held at Bloomberg in Brussels, participants discussed the trajectory of the economy and developments within the banking sector.

Particular emphasis was placed on the improvement and stability of Cyprus’ banks, despite ongoing geopolitical uncertainty, increasing supervisory requirements, regulatory changes and the rapid pace of technological developments.

The initiative marked a continuation and expansion of work that the association had been carrying out for years in the United States, where previous outreach efforts had yielded positive results.

According to information provided by the association, the feedback received in Brussels reflected a broader and more favourable perception of Cyprus’ banking industry.

This positive image now extends beyond issues related to anti-money laundering (AML), regulatory compliance and sanctions, which had traditionally dominated discussions in previous years.

The association described this as a new chapter in the transformation of the banking sector, following a decade of reforms and restructuring.

It recalled that earlier roadshows in the United States had focused on reversing the negative image of Cyprus as an international financial centre associated with so-called “grey areas” and insufficient controls against money laundering.

Another key objective of those earlier missions had been to secure and strengthen correspondent banking relationships with major American banks, which are considered essential for transactions denominated in US dollars.

They had also aimed to highlight the tightening of the regulatory framework, the strengthening of compliance and AML procedures, and the clean-up of bank balance sheets following the financial crisis.

The latest Brussels visit signals a shift in emphasis from defending the sector’s reputation to promoting the broader achievements of Cyprus’ banks and the economy.

The discussions also underscored the extent of the transformation undertaken by Cypriot lenders over the past decade, with the sector now seeking to position itself internationally on the basis of resilience, stronger governance and improved financial fundamentals.

Representatives sought to convey that the country’s banks have entered a new phase characterised by greater stability, enhanced regulatory standards and a stronger standing within the European financial system.