Jordan Kuwait Bank (JKB) has been active in Cyprus for 15 years. In order to expand its business, it intends to offer more services to its customers. The Branch Manager of JKB - Cyprus, Constantinos Kazakos, explains the bank's objectives and looks at public perceptions of the banking system in Cyprus.

What services does Jordan Kuwait Bank provide in Cyprus?

Jordan Kuwait Bank (JKB) commenced its operations in Cyprus on September 1, 2001 and has since been providing private and commercial banking services such as time deposits, current accounts, payment services, overdraft facilities, term loans, treasury and investment services, as well as trade finance services such as documentary credits, documentary collections and guarantees to its high net-worth clients (individuals and corporate)

How did you decide to become active in the domestic market? What are your goals and expectations?
Initially, JKB established the Jordan Kuwait Bank International Banking Unit (IBU) in Cyprus in an endeavour to facilitate the flow of trade between Jordan and other countries, serving the needs of corporate and individual clients who have financial interests in Europe. The decision to become active in the domestic market stemmed from our belief that we could also serve the banking needs of this market, especially for corporations having trade relationships in the broader Middle East region and with Jordan, Kuwait and Palestine in particular. The branch aims to establish a dynamic client base from the high net-worth and corporate resident market.

Do you intend to expand your operations?

Jordan Kuwait Bank intends to expand its operations by offering additional services to the bouquet of services already offered. These services include investment services, safe deposit boxes, and housing loan schemes for JKB’s non-resident clients. As for the branch’s resident clients, we will initially be offering time deposits, current accounts, payment services, overdraft facilities, term loans, safe deposit boxes and, later on, trade finance services.

What are your thoughts on the Cypriot banking system?
Over the past few years, the Cypriot banking system has gone through a very challenging time. However, the sector has proven its resilience and has managed to survive due to a number of factors, including the continuous trust and support of non-resident depositors and the prudent guidance of the Central Bank of Cyprus, not to mention the hard work and continuous commitment of the Cypriot people and residents of Cyprus. We are cautiously optimistic that these challenges are being overcome and we are proud and glad to contribute to Cyprus' positive economic growth.

Do you see prospects for investments and/or cooperation between the two countries? If so, in what areas?  
Yes, we see excellent prospects for enhanced business cooperation between Cyprus and Jordan, specifically in the sectors of property and commercial investment, tourism, trade and agri-business. For example, the many interested Jordanian real estate investors could significantly absorb part of the excess housing capacity in the local market.