The CEO of Alpha Bank assures Forbes that Alpha Bank Cyprus today records high capital adequacy and liquidity ratios and a very low NPL ratio and that they are ready to make Alpha Bank Cyprus a pillar of growth of the Cypriot economy and entrepreneurship.
You complete almost a year in the position of CEO of Alpha Bank Cyprus Ltd. How do you evaluate this period, since assuming your new duties?
Together with the People of the Bank, with responsibility, extroversion and respect for our Customers and the society of Cyprus, we started, from the first day that I assumed the duties of CEO, to implement the strategic plan that has been defined in cooperation with the Alpha Group Bank. In the last 10 months we have achieved a lot, but we are not complacent, we remain committed to our goals in order to make Alpha Bank Cyprus the Bank of choice in Cyprus. Despite any challenges, Alpha Bank Cyprus today records high capital adequacy and liquidity ratios and a very low NPL ratio, and we declare that we are ready to highlight Alpha Bank Cyprus as a pillar of the development of the Cypriot economy and entrepreneurship.
What were the most important decisions made at the Bank during your tenure as CEO?
By implementing our strategic plan, we moved to three directions in order to increase the effectiveness and efficiency of the Bank on the one hand and on the other to offer products and services that will meet the requirements of our Customers.
Firstly, we started with the renewal of our organizational structure, as well as the expansion of the Executive Committee, with the aim of strengthening the potential of the Bank's executives and maximizing the ability of the top management team in order to implement our strategic goals faster and more efficiently. At the same time, we gave further impetus to the expansion of the services we offer in business and international banking as well as in Wealth Management. Especially in business banking, the Alpha Bank Group has significant advantages and know-how that will be utilized immediately to promote Alpha Bank Cyprus as an important financier of Cypriot entrepreneurship.
Secondly, we placed great emphasis on the range of products we offer, both in field of deposits, as well as of grants. In particular, through the competitive products that we announced such as “Alpha Term Deposits”, we aim at Clients who claim increased returns.
Thirdly, we accelerated the implementation of the digital reform program and with the support and expertise of our parent Group, we are working feverishly on the total redesign and simplification of the Bank's internal processes, as well as its points of contact with Individuals and Businesses, investing in the fastest and their friendlier service. Already, the Bank proceeded with the redesign of its digital channels Alpha 360 Web and Alpha 360 Mobile, offering an upgraded, friendly and personalized experience. At the same time, however, we do not forget the physical interaction in the Stores. In our development plan, we have included the gradual upgrade of our Branch Network, so as to make the experience of the Customer who chooses to visit one of the Branches of Alpha Bank Cyprus more pleasant, and at the same time we proceeded to upgrade our Call Center.
What is the position of AlphaBank in the Cypriot banking system today?
At the top of Alpha Bank Cyprus' priorities are the values of respect and honesty in the relationship we develop with the Client, a relationship that is at the core of our new corporate Purpose which is to “support Progress in life and entrepreneurship for a better Tomorrow ”.
This Purpose clearly summarizes the role we wish to play in society. To stand by our Clients, to recognize and trust their abilities and goals, and to support them by offering innovative solutions that facilitate the implementation of their plans through new opportunities and partnerships that we create for them.
< p>The Bank has set as its primary goal in 2024, to become the reliable partner of Cypriot entrepreneurship, having in its quiver all the resources required to be able to respond with consistency, honesty, speed and above all reliability.
How do you expect the ECB's monetary policy to evolve in 2024 and '25? What should Cypriot consumers and businesses expect in terms of lending rates and their access to finance?
Markets believe that the ECB is geared towards adopting a looser monetary policy from next June which will lead to a first reduction in interest rates, as long as there are no changes in the macroeconomic and geopolitical environment that would endanger the ECB's inflation target.
In the medium term, we expect further interest rate cuts, which will relieve consumers and businesses from high borrowing costs. At the same time, the reduction in interest rates will make lending to individuals and businesses more attractive, giving impetus to growth. It should be noted, however, that the extent of interest rate cuts is expected to depend on the data that will be in place at the time of the ECB's decision-making, with the volatile geopolitical environment creating further uncertainty regarding the determination of its monetary policy.
How is the Bank managing the need to capitalize on technological developments, digital transformation and the shift to supporting green investments and policies?
In the constantly changing digital landscape, where banking has gone beyond the limits of physical Branches, Organizations like Alpha Bank Cyprus, are able to recognize and evolve in a timely manner, the offered field of products and services, providing innovative, secure and effective solutions to Customers them.
Having the Alpha 360 banking platform as the focus of its digital transformation, Alpha Bank Cyprus responds to the evolving needs of its Customers, focusing its efforts on innovative products and solutions that provide flexibility.
A commitment that reflects the Bank's desire to grow and always offer the best to its Customers, strengthening the trust and relationship it has built with them over the years.
In all As far as the support of green investments and policies is concerned, Alpha Bank Cyprus supports with absolute dedication the actions taken to modernize and increase the competitiveness of the economy. In this direction, in fact, the Bank participates in the Interbank Business Evaluation Project based on ESG criteria, which is a collective effort of the sector, through the global Synesgy platform.
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