Beirut-based Union of Arab Banks and the Association of Cyprus Banks have signed an MoU to fortify their history of cooperation and encourage further activity that will help both organizations to progress and advance.
According to an announcement by the Association of Cyprus Banks, the Memorandum of Understanding was signed in August in Nicosia by the organization’s Chairman of the Board of Directors, Aristidis Vourakis, as well as the Union of Arab Banks’ Secretary General Dr. Wissam Fattouh.
The announcement says that this signing is a highly essential step to ensure that the two organizations understand, cooperate and shape banking to benefit them and everyone they serve – especially in light of the ever-changing geopolitical landscape.
It always says that the MoU serves to present a highly positive precedent of collaboration and cooperation between two institutions that are from varied geopolitical, economic, and geographical situations.
One of the main outcomes of this MoU is to establish the Arab Cypriot Banking and Economic Dialogue. This is meant to function as a strong platform to help fortify cooperation and encourage better flow of knowledge and information between the organizations.
