Panayiotis Rougalas
Deutsche Bank, one of Europe’s biggest financial institutions, is considering a return to Cyprus nearly a decade after pulling out during the island’s financial crisis.
The news was revealed at the Cyprus Banks Association’s annual general meeting on Wednesday by the association’s president and AstroBank CEO, Aristides Vourakis. He said discussions are already under way and that the renewed interest from Deutsche Bank follows ongoing efforts by the association to bring top-tier international players back into the Cypriot market.
According to Kathimerini's Panayiotis Rougalas, Deutsche Bank’s comeback could involve acting as a correspondent bank in U.S. dollars or working more broadly with Cypriot banks on international payments.
The renewed connection reportedly stems from contacts made by Mr. Vourakis during a recent European Banking Federation meeting. Since then, Deutsche Bank officials have already visited Cyprus to explore the possibilities.
The German bank exited Cyprus in 2016 amid fallout from the country’s financial meltdown and a perception of high risk in the banking sector at the time. Its return would mark a significant vote of confidence in the island’s economic recovery and ongoing efforts to modernize and strengthen its financial system.
While no final decision has been announced, the talks signal a growing appetite to reconnect Cyprus with global banking networks, especially for cross-border transactions.
More details are expected in the coming months as discussions progress.
