Cyprus banks struggling to regain trust

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Cyprus banks have been struggling to regain public trust since the 2013 financial crisis, according to the latest Stockwatch survey of some 600 households.

News site Stockwatch’s latest survey, conducted three times a year since 2013, revealed that Cypriot consumers’ trust in local banks has slightly improved compared to December 2021, from an overall 4.63 to 4.66 out of ten.

Data shows the climate for banks remains stable amid the coronavirus pandemic and the lifting of measures, but banks scored lower than what they did in 2018 when they registered an overall 4.95.

For the first time, the survey did not include now-defunct RCB Bank, as it was forced to close its banking operations after being indirectly hit by sanctions on Russian businesses and interests.

Stockwatch said: “While there is no significant difference in the overall ratings, there is an increase in the reliability ratings and a significant decrease in the recommendation ratings”.

Consumers were asked whether they found the seven Cypriot banking organisations trustworthy and whether they would recommend them. The answers were given on a scale from 0 to 10.

The largest lender Bank of Cyprus, receives the highest score of an overall 6.

It received 6.3 out of 10 for reliability and 5.7 on whether it would be recommended.

The island’s second largest creditor, Hellenic Bank, scored 5.7, receiving 6 out of 10 for its reliability and 5.4 for whether clients would be willing to recommend it.

Alpha Bank recorded an improvement as it received an overall 4.65 out of 10 compared to 4.60 in December last year.

Eurobank received 4.35 down from 4.50 and Astrobank 4.25 up from 4.15.

Ancoria Bank received a score of 3.85 from 3.95, and CDB scored 3.60 compared to 3.65 in the previous survey.

The survey was conducted between 4-12 April 2022 with telephone interviews from the RAI Consultants call centre.