The Association of Cyprus Banks and the Association of International Banks (Cyprus) have signed on 22st May, 2009,  a Memo of Understanding (MOU) for closer cooperation between the two Associations. The signing of the MOU has the purpose of upgrading the services to the members of both Associations that operate in Cyprus.

The globalisation of the operations of Cyprus Banks along with the increased presence of International Banks in Cyprus, together with the alignment of the local financial services sector with the European aquis, have lead to the understanding that all banks with presence in Cyprus face similar issues. Therefore, with this cooperation, the members of both Associations, are interested in pushing forward their common goals relating to the needs of the local banking community in relation to the developments touching the localised banking operations.

In relation to the growing financial crisis, both Associations will work closely to evaluate proposals and to formulate suggestions in light of the process of restructuring of the operational framework at the European level.

Both Associations and their members remain focus in the further development of localised banking sector and the establishment of Cyprus as a high level financial center.

The MOU was signed by Mr Panayiotis Kounnis - Chairman of the Board of the Association of Cyprus Banks and Mr Kirill Zimarin - President of the Association of International Banks (Cyprus).