The Association of Cyprus Banks and the Union of Arab Banks have agreed to set up a new platform to strengthen cooperation between the two banking systems, following the signing of a Memorandum of Understanding (MoU) in Nicosia on Friday.
The agreement was signed by Association of Cyprus Banks president Aristidis Vourakis and Union of Arab Banks secretary general Wissam Fattouh.
The memorandum aims to launch the Arab-Cypriot Banking and Economic Dialogue, a forum for sharing expertise and promoting closer ties.
Both sides said the MoU represents a significant step in building mutual understanding of the banking environment, particularly in the context of wider geopolitical developments.
According to the announcement, they also described it as an example of constructive cooperation between institutions from different regions with distinct political and economic frameworks.