Cyprus: Cyprus is entering 2026 with strong macroeconomic foundations, restored fiscal credibility, and a resilient banking sector, said Eurobank Deputy CEO Haris Hambakis, speaking at the 5th ICPAC Mediterranean Finance Summit 2026. He noted that the banks that will stand out will be those that manage to adapt in a timely manner, aligning strategy, technology, and culture, and continuing to support the real economy with consistency and reliability, he noted.
According to Cyprus News Agency, the 5th ICPAC Mediterranean Finance Summit 2026, held with the support of Eurobank, brought together leading representatives of the financial sector, institutional bodies, and business executives from Cyprus and abroad, and the conference focused on geopolitical challenges and the transformation of the banking sector.
As the discussion revealed, international developments and changes in trade and financing costs not only affect the short-term trajectory of economies but are also redefining the operating model of banks.
In this context, Hambakis noted that maintaining this positive trajectory is not a given, as it will depend increasingly on boosting productivity, implementing targeted investments, the consistency and reliability of policy decisions, as well as the effective management of geopolitical and climate risks.
He also highlighted that the banking sector is gradually transitioning to a more customer-centric and data-driven model, where flexibility, rapid responsiveness, and the use of technology are key differentiators.
He added that banks are called upon to evolve into simpler and more flexible organizations, accelerating their digital transformation, adding that this includes modernizing core infrastructure, strengthening digital service channels, and leveraging data and automation to improve efficiency and the quality of decision-making.
At the same time, he analyzed the importance of internal transformation, emphasizing accountability, collaboration, speed of decision-making, and strengthening organizational culture.
Hambakis also noted that the combination of diversified growth, fiscal discipline, and a strong banking system places Cyprus in a favorable position within the European context. However, he noted that, in an era of structural changes and uncertainty, resilience alone is not enough. He pointed out that the question now is not whether banks will change, but how effectively they will do so.