Financial sector is being rebuilt on more solid foundations

NPL Legislation should improve confidence in the banking system and encourage foreign investment, says  the Limassol Branch Manager IBL BANK SAL, Ghada Shami Christofides.

She believes that the Central Bank of Cyprus could, eventually, play a greater advisory and supervisory role to ensure that legislation is fully complied with. Finally she sees opportunities in Research & Development and business innovation.

How you view Cypriot entrepreneurship? 

Many entrepreneurs in Cyprus have had a vision and have realized significant achievements. However, there remains a lot to be done if more Cypriot entrepreneurs are to compete with the big players in the region. 

What changes can be implemented in order to enhance entrepreneurship in Cyprus?

There should be more incentives for Research & Development and business innovation. Transparency and responsibility towards society and the environment should also be encouraged.

How do you think the recovery of the banking sector will continue, following the approval of legislation dealing with NPLs?

NPL Legislation should improve confidence in the banking system and encourage foreign investment. The Central Bank of Cyprus could, eventually, play a greater advisory and supervisory role to ensure that the legislation is fully complied with.

How do you see the financial sector in Cyprus developing in both the short and long term?

It will take a while for confidence to be restored. However, the sector is being rebuilt on more solid foundations. In the short term there will be difficulties, but eventually, if well managed, the financial sector will flourish, benefiting society and the economy as a whole. 

Do you believe that being a member of an organized group, such as a Chamber of Commerce, can make a difference in the business world?

Of course it can make a difference! One member may benefit largely from the experience and know-how of another member or members. When there are issues to tackle, it is much more effective for them to be tackled by a body of qualified and experienced businessmen, rather than one individual person or company. After all, there is strength in numbers!

Who is who

IBL Bank is one of the fastest growing banks in Lebanon, which is known for its financially sound banking sector. In Cyprus, IBL Bank has been operating since 2009 from its Limassol offices, offering the Cyprus market, most banking services including deposits and credit facilities, both to individual and corporate customers. We have a team of multilingual and highly experienced personnel, whose priority is to gain the confidence of their clients, through efficiency, sincerity, confidentiality and hard work. With time, our clients have become our friends!