Europe - Islands

The two markets of Cyprus and Iceland are united by two factors as far as the ABFM survey is concerned : they are both islands , albeit at opposite ends of the European land mass ; and there is nowhere else to put them in the regional breakdown adopted for the 2020 and 2021 surveys . Both have , however , strengthened their reputations since the financial crisis of 2008 and its aftershocks . Unlike in 2020 , Cyprus accounts for the vast bulk of responses – over 90 % in fact . These are dominated by Eurobank . As it does in Bulgaria , Eurobank shines through in Cyprus , amassing an impressive set of category scores above both market and regional averages . Client comment adds some nuance to the numbers . While most observations relate to Eurobank in Cyprus , one large global custodian says of Landsbankinn hf in Iceland that , “ The relationship over the course of the last year has improved significantly . Our relationship manager is attentive to our needs and our relationship is highly valued .” When it comes to Eurobank , one European fund manager is effusive : “ The overall quality of service is outstanding ,” they note . “ An insurance company client , expressing similar satisfaction , asserts that , “ The service provider will remain our partner with a strong future relationship .” Unlike Iceland , which is seen as an investment destination in its own right , Cyprus is carving out a niche as a funds centre – a strategy reinforced by cooperation between government and commercial entities , including competitors . Both Eurobank and Piraeus Bank from Greece are active in supporting and promoting this development . Most recently , the island has identified an opportunity in attracting UK fund activity looking for a post-Brexit alternative within the EU . Should this opportunity be realised , we would expect Cyprus to be a candidate for upgrade to the ABEM survey .