The Association of International Banks was set up in 2002 and represented the first concerted effort of Cyprus-based international banks to set up a collective body aiming to promote the objectives of the sector.

Since its inception, the Association, which is based in Limassol, has played a leading role with regards to issues affecting or otherwise impacting upon the international banking sector. To that end, the Association is represented in and actively contributing to several Central Bank committees and several initiatives have been undertaken in close co-operation with other bodies and institutions in support of the sector.

The Association is also actively involved in organizing educational seminars for its members on subjects that are carefully chosen in line with the needs of the members.

Basic objectives of the Association include:

• To promote the general interests of the Cyprus based international banks
• To organize meetings with officials with a view to safeguarding the interests of the Association and its members.
• To create and maintain on a regular basis communication between the Association and the relevant government, semi-government and European Union departments. 
• To develop various ways for enhancing cooperation among the members of the Association.
• To promote high ethical and business standards amongst its members and its community members at large.

The Association is governed by a Board elected from amongst the members every two years. The current President is  Mr ALi Kilani of Jordan Kuwait Bank. Immediate past President was Dr. Kirill Zimarin, of RCB Bank Ltd. The Association's founder and first President was Mr. Marios Paraskevas.