Phivos Stasopoulos, the Executive Director of Banking at Hellenic Bank, emphasized that evolution is inevitable for Cyprus’ tourism industry. He made these remarks during his speech at the conference of the Association of Cyprus Tourist Enterprises (ACTE), held on March 21 with the bank's support.

According to a statement from Hellenic Bank, Mr. Stasopoulos remarked, “Everything has changed: the way we communicate and get informed, the way we conduct business, and the way we travel. We saw the change coming, but now we are living it.”

He added that “in the tourism industry, just like in the banking sector, the parameters have radically changed.” He explained that technology has transformed the nature of competition, which now involves not only companies but also customers, who have increasingly personalized and elevated expectations.

Concluding his address, he noted that “at Hellenic Bank, loans to the tourism industry represent more than 10% of our total loan portfolio.”