Press Release
Inauguration of Eurobank India Office
An official inauguration ceremony for the Eurobank India Office was held on 21 May 2026 at the Taj Mahal Palace Hotel in Mumbai, with the President of the Republic of Cyprus, Mr Nikos Christodoulides, in attendance.
Eurobank’s initiative builds on the landmark EU–India free trade agreement reached earlier this year. It aims to strengthen trade and investment between the two regions while positioning Cyprus as strategic entry point for Indian companies seeking to expand their products and services across the European Union. The Office marks Eurobank’s first institutional presence in India and acts as a center for building business relationships, attracting investments and sharing knowledge. In addition, through its India Office, Eurobank Group further strengthens its visibility and provides informational support and material regarding the Group’s products and services to Indian businesses and investors, reinforcing its participation in the India–Middle East–Europe Economic Corridor (IMEC).
The opening event also marked the official go-live of Eurobank’s cross-border remittance service from Greece to India via the Unified Payments Interface (UPI).
UPI Go-Live
Eurobank activated its cross-border remittance service from Greece to India via the Unified Payments Interface (UPI), within the framework of its strategic collaboration with NPCI International Payments Limited (NIPL), a subsidiary of the National Payments Corporation of India (NPCI). With this activation, Eurobank becomes the first Greek and Cypriot bank, and the first bank in Southeastern Europe, to enable cross-border remittances to India via UPI.
The service, which is already available in Greece and is set to be launched in Cyprus at a later stage, covers the full transaction lifecycle (initiation, clearing, reconciliation and dispute management), significantly enhancing connectivity between the two markets. This initiative follows the Memorandum of Understanding signed between Eurobank and NPCI International and reinforces the Bank’s strategic positioning as a trusted partner for businesses operating across India, Greece and Cyprus.
The establishment of the Eurobank India Office marks an important step in strengthening connectivity between Greece, Cyprus and India, supporting innovation and economic development across the corridor, and forms part of a broader strategic framework through which Eurobank reinforces its role as a key connector between India and Europe, as part of its engagement with NPCI International and with the support of Fairfax Digital Services (a Fairfax Company), which acts as a strategic advisor in linking business and technology ecosystems.
Both these landmark initiatives were presented during the state visit to India of the President of the Republic of Cyprus, Mr Nikos Christodoulides, in the presence of H.E. Mrs. Aliki Koutsomitopoulou, Ambassador of Greece to India, Mr Evagoras Vryonides, High Commissioner of Cyprus to India, Mr Manish Manish, High Commissioner of India to Cyprus, the Minister of Foreign Affairs, Mr Constantinos Kombos, the Minister of Transport, Communications and Works, Mr Alexis Vafeades, the Deputy Minister to the President, Ms Irene Piki, the Deputy Minister of Research, Innovation and Digital Policy, Dr Nicodemos Damianou, the Government Spokesman, Mr Konstantinos Letymbiotis, the Chief Scientist for Research, Innovation and Technology, Dr Demetris Skourides, as well as senior executives, diplomatic representatives and members of the international business community.
Eurobank S.A. was represented by its CEO, Mr Fokion Karavias, its Deputy CEO, Mr Stavros Ioannou, the CEO of Eurobank Ltd (Cyprus), Mr Michalis Louis, and the Country Head & Chief Representative of Eurobank S.A. in Mumbai, Mr Tridib Saha, alongside senior executives of the Group. Fairfax Digital Services was represented by its President & CEO, Mr Sanjay Tugnait, while NPCI International Payments Limited (NIPL) was represented by its Group Managing Director & CEO, Mr Dilip Asbe, and its Regional Head – Europe, Central Asia & Middle East, Dr Kishan Srinivas.
Commenting on the prospects for further strengthening economic relations between Cyprus and India, President of the Republic, Mr Nikos Christodoulides stated: “Τhe Republic of Cyprus remains committed to further deepening its strategic partnership with India and to supporting initiatives that create tangible opportunities for sustainable growth and mutual benefit. Eurobank’s presence in India, together with the development of modern cross-border financial services, is practically strengthening the interconnection of our economies and creating concrete channels for trade, investment, and innovation. This development is fully aligned with our strategy to enhance economic cooperation along the India–Middle East–Europe Corridor (IMEC).”
Welcoming remarks during the event were also delivered by H.E. Mrs Aliki Koutsomitopoulou, Ambassador of Greece to India, and Mr Manish Manish, High Commissioner of India to Cyprus, who highlighted the growing strategic and economic connectivity between India, Greece and Cyprus and the importance of further strengthening bilateral and multilateral cooperation between the respective markets.
Mr Michalis Louis, CEO of Eurobank Limited, noted: “The official opening of the Eurobank India Office builds on the landmark EU–India free trade agreement reached earlier this year. It aims to strengthen trade and investment between the two regions while positioning Cyprus as strategic entry point for Indian companies seeking to expand their products and services across the European Union. By establishing a physical presence in India and enhancing cross-border connectivity, we are creating tangible pathways for trade, investment and innovation. Cyprus can serve as trusted gateway for Indian businesses into the European Union, and Eurobank is committed to facilitating this journey by promoting the distinct advantages that Cyprus offers and by supporting viable investment and trade initiatives.”
Mr Sanjay Tugnait, President & CEO of Fairfax Digital Services, stated: “The official opening of the Eurobank India Office in Mumbai is expected to mark a defining moment, positioning Greece and Cyprus as a strategic gateway for Indian enterprises entering Europe and reinforcing the India–Middle East–Europe Economic Corridor (IMEC). As global remittances are approaching a trillion-dollar flow globally each year, Eurobank is establishing secure, trusted and cost-efficient financial rails designed for scale. By becoming the first bank in Greece and Cyprus to enable UPI-based cross-border payments, we are building a broader ecosystem of partnerships with leading Indian companies to establish and grow their presence in Cyprus, including enabling investments by businesses such as Dodla Dairy, CanAm, Soukya and the Indian film industry.”
A coherent framework for business connectivity
At the same time, discussions are underway with leading Indian companies across key sectors including education, dairy, hospitality and the film industry, with the objective of fostering long-term business presence and investment activity in Cyprus. These initiatives form part of a broader effort to support economic growth, innovation and employment, while further strengthening Cyprus’s strategic positioning as a gateway for Indian businesses entering Europe.
In the context of promoting cooperation between India, Cyprus and Greece in the film industry, an event was held on 20 May 2026 at the Taj Mahal Palace Hotel in Mumbai for the unveiling of a Bollywood feature film planned to be shot, produced and post-produced in Cyprus. The event brought together distinguished representatives from the business, diplomatic and entertainment communities of India and Cyprus.
These developments reinforce Eurobank’s strategic focus on strengthening its presence along the India–Europe corridor, further advancing economic and business ties between the two regions.
