Dr. Andreas K. Kritiotis is now the Chairman of Ancoria Bank’s Board of Directors. He sees this as a great honour and aims to establish Ancoria Bank as a reliable institution through sound corporate governance principles as he states in an interview in InBusiness.
In this interview, the newly appointed Chairman expresses his commitment to fulfil the bank’s expectations. His goal is to establish Ancoria Bank as a reliable and secure institution in the domestic market, built upon principles of proper corporate governance. He acknowledges the challenges faced by small banks in Cyprus due to low interest rates and increasing regulations but emphasizes the bank’s efforts to tackle these challenges efficiently. Also, he highlights that Ancoria Bank differentiates itself by prioritizing customer service and tailoring products according to customer needs, aiming to enhance digital service channels while also ensuring cost-effectiveness for customers.
As he mentions, in its initial steps, Ancoria Bank focused on individuals to familiarize itself with the general public. Having successfully achieved this goal, it now turns its attention to the business world. Mr. Kritiotis emphasizes the importance of Cypriot entrepreneurial ability as one of the main reasons for the bank’s existence. In 2018, the bank doubled its loan portfolio, focusing on loan quality. The absence of non-performing loans is a competitive advantage, allowing healthy growth and a focus on improving customer experience. The bank’s simple administrative structure offers flexibility and quick decision-making. Ancoria Bank also focuses on digitization, providing tools for managing its customers’ financial data. The bank’s strategy is to maintain its flexibility while adapting to new challenges, while also maintaining its focus on strategic goals.
Read the whole interview here.
