How do Cypriot banks work with international clients today? Why are business checks becoming increasingly thorough, and why does the role of the traditional bank not disappear even amid the growth of fintech services? We discuss this with George Charalambous, Chief International Banking Officer of Alpha Bank Cyprus.
1. In recent years, banks in Cyprus have significantly tightened their compliance and client due diligence procedures. What are the most common mistakes international entrepreneurs make when opening bank accounts in Cyprus, and what helps to pass the verification process more smoothly and quickly?
Banks operating in Cyprus apply compliance and due diligence procedures in line with European Union regulations and Central Bank directives to safeguard the integrity and transparency of the financial system. For international entrepreneurs, the process is usually smoother and faster when there is clear and complete information from the outset regarding the nature of the business, its ownership structure and the ultimate beneficial owners. In practice, delays may arise when information is submitted in stages, or when important updates, such as high-value transactions, changes in ownership structure or developments in business activity, are not communicated early enough. In our experience, a proactive and transparent approach from the beginning helps build a strong banking relationship and supports a more efficient onboarding and servicing process.
2. Today many companies use not only traditional banks but also fintech platforms, payment institutions and multi-currency services. How is the role of a classical bank changing within this new ecosystem of financial services?
The role of a traditional bank is evolving, but it remains central for many international clients. Today’s banking environment is more diverse and dynamic, giving businesses access to a wider range of tools and solutions. Within this ecosystem, banks continue to play a key role by offering a broad range of services, regulatory strength, stability and relationship-based support.
Beyond everyday transactions, banks can provide a broader banking relationship that may include lending, cards, investment-related services, and, in many cases, insurance solutions. At the same time, banks are investing significantly in digital capabilities, so the direction is not one of competition between traditional banking and technology, but rather one of adaptation and integration.
At Alpha Bank, we believe clients value both convenience and personal contact. That is why each international client is supported by a dedicated team for day-to-day service, with a Relationship Manager (RM) as the main point of contact for all banking needs. At the same time, we continue to invest in our internet banking platform and mobile banking app so that clients benefit from a modern, efficient experience, combined with personalised service and tailor-made solutions.
3. Cyprus is often described as a financial and business bridge between Europe and neighbouring regions. Which countries and markets are international clients of Cypriot banks working with most actively today?
Cyprus is positioned at the crossroads of Europe, the Middle East and North Africa. We therefore have a diverse group of international clients, from Europe to the U.S. and from the Middle East to India.
Contact details:
+357 22 885 800
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