Christodoulides backs Eurobank's big move into India

President Nikos Christodoulides has shown strong support for Eurobank’s plan to expand into India, seeing it as a significant chance to boost business ties between Cyprus and one of the world's largest economies, according to Kathimerini's Panayiotis Rougalas. Eurobank's move into India is expected to happen in the next few months and involves setting up a new office in Mumbai through its subsidiary, Hellenic Bank, which is majority-owned by Eurobank.

President Christodoulides recently met with top Eurobank executives, including CEO Phocion Karavias, to discuss this new venture. The meeting, which took place at the Presidential Palace, also included other key figures such as Michael Louis, CEO of Eurobank Cyprus and soon-to-be CEO of Hellenic Bank. The main topic of discussion was how Cyprus could benefit from this expansion and become a key hub, or "stepping stone," for business between Europe and India.

Eurobank’s leaders explained that they plan to use Cyprus as a base to attract clients from India, Israel, and the Gulf countries. They believe Cyprus, because of its location, could be an important gateway for businesses from these regions looking to expand into Europe. The new Eurobank office in Mumbai is expected to be up and running by early 2024, with the full plan set to be in place by the end of the year.

Building stronger business links

This expansion is part of a larger strategy by Eurobank to focus on projects that can add value to Cyprus as a business destination. In March, Eurobank’s CEO Karavias mentioned that Cyprus could serve as a key location for Eurobank’s business growth, particularly with strong economies like India and the Middle East looking to enter European markets.

Earlier this year, Eurobank signed an agreement with NPCI International Payments Limited (NIPL), a subsidiary of India’s National Payments Corporation, to improve the process of transferring money between Greece and India. This agreement aims to make it easier and faster for people in Greece, including the Indian diaspora, to send money back home to India. The benefits of this partnership are expected to extend to Cyprus as well, further enhancing its position as a regional business hub.

What this means for Cyprus

Eurobank’s expansion into India through Hellenic Bank could be a big win for Cyprus. The island could attract more businesses and investments from India and the Middle East, strengthening its role as a gateway to Europe. This strategic move could boost Cyprus' standing as a key financial and business center in the region, offering new opportunities for growth and cooperation.