Cyprus banks and chamber of commerce launch new cooperation initiative

Partnership seeks to improve communication between banks and Cypriot firms

The Cyprus Chamber of Commerce and Industry (Keve) and the Association of Cyprus Banks on Monday officially announced the launch of a structured cooperation initiative aimed at strengthening communication between the banking sector and the business community.

The new cooperation between the two organisations activates an understanding that had previously been agreed following a series of high-level meetings involving senior management and board members from both institutions.

According to the announcement, the partnership is the result of extensive dialogue and exchange of views on issues affecting businesses, particularly regarding their interaction with banking institutions and the provision of banking services.

The two organisations said the primary objective of the initiative is to enhance transparency, information and mutual understanding between banks and the business community.

They added that the cooperation seeks to improve the efficiency of banking transactions and strengthen working relationships between financial institutions and businesses operating in Cyprus.

As part of the initiative, the chamber and the banking association are launching a series of informational materials in both text and video format designed to provide practical guidance on key banking topics.

The educational material will cover fundamental banking subjects, including the types of bank accounts available to customers and businesses.

It will also explain different types of interest rates and their key characteristics, offering businesses clearer guidance on how lending and deposit pricing structures operate.

Additional material will address banking transactions and related procedures, providing explanations of how common banking processes function in practice.

The initiative will further include information on environmental, social and governance standards, commonly referred to as ESG.

It will also explain regulatory compliance requirements and related obligations, an area that has become increasingly important for both financial institutions and companies.

The organisations said that the informational content will be addressed both to businesses and to the wider public, with the aim of offering practical and reliable guidance on essential aspects of banking services.

They added that improving access to clear information could help strengthen trust and cooperation between banks and companies, particularly in areas where misunderstandings or lack of knowledge may arise.

The chamber and the banking association also reaffirmed their commitment to maintaining continuous dialogue and cooperation in the future.

They said that this ongoing engagement aims to support entrepreneurship and contribute to the smooth and efficient functioning of Cyprus’ financial system.

The initiative follows preliminary announcements made in recent days, when the chamber outlined the planned cooperation and the development of informational resources for businesses based on feedback gathered from member companies and affiliated organisations.

The chamber had explained that the material focuses on practical aspects of businesses’ professional transactions with banks, the quality of service provided by financial institutions and the regulatory obligations that companies must meet.

According to the earlier information, the resources will initially be distributed to members of local chambers and associations before being made available more widely through the electronic communication channels of both organisations.