In an interview in InBusinessNews, Ancoria Bank’s CEO, Yiannis Loizou, discusses the bank’s achieved goals, including an increase in deposits and a doubling of its loan portfolio in 2018. In particular, the bank’s loan portfolio has seen a rapid growth rate of around 40% since the beginning of the year. As Mr. Loizou mentions, Ancoria Bank’s strategy focuses on responsible and healthy growth, aiming to establish itself as a reliable choice in the Cyprus market. The bank’s efforts include maintaining and continuously improving its high level of customer service while attracting and developing new relationships with the business community. Moreover, the bank is committed to prudent risk management in its activities.
Furthermore, in this interview Mr. Loizou refers to the Bank’s deliberate choice to operate with only three banking centres to fully servicing its customers. The bank continuously evaluates customer needs and economic conditions to make decisions in the best interests of both customers and shareholders. While the bank does not aim to create a large network of branches at the moment, it prioritizes winning customer trust by redefining banking practices through technological development, strong customer relationships, and efficient product delivery.
Another subject raised in this interview was the fact that the investment in technology is a key focus, with the recent introduction of the myAncoria mobile banking app offering features such as budgeting, fingerprint-enabled money transfers, and contact lists. This launch marks the beginning of upgrading communication channels with customers, with plans for a similar solution for business clients in the pipeline.
Additionally, he highlights that Ancoria Bank is expanding its focus towards businesses, especially those with export activities, while maintaining high-quality loan portfolios. The bank emphasizes the importance of small banks in fostering healthy competition and innovation within the financial sector. Despite challenges such as regulatory compliance costs, Ancoria Bank minimizes these expenses through strategic partnerships and a well-trained workforce.
Concluding this interview Mr Loizou mentions that small banks like Ancoria Bank must have a clear strategic direction, adaptability, and flexibility to remain sustainable. By focusing on strategic goals and demonstrating their ability to respond to new challenges, they can thrive in the evolving financial landscape.
Read the interview here.
