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14 June, 2024
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Eurobank expands to India via Cyprus

Greek bank leverages Cyprus as launchpad for Indian market, eyes strategic investment in Cyprus


Eurobank, a leading Greek financial institution, is poised to establish a representative office in Mumbai, India's bustling financial hub, signaling its strategic foray into the Indian market. Cyprus is set to play a pivotal role in this expansion, serving as a gateway for clients from India, Israel, and the Gulf region.

According to an article written by Kathimerini reporter Panayiotis Rougalas, this development comes alongside Eurobank's decision to invest in Hellenic Bank, a significant move expected to exceed 800 million euros. The decision underscores Eurobank's confidence in the Cypriot economy, with a substantial portion of the investment set to flow into Cyprus.

During a press briefing in Athens, Eurobank CEO Fokion Karavias revealed plans for the Mumbai office, highlighting Cyprus' advantages as a business destination. Geographical proximity, a common language, membership in the Commonwealth, and robust legal frameworks make Cyprus an attractive proposition for companies from India and the Middle East seeking access to the European Union.

Cyprus is set to play a pivotal role in this expansion, serving as a gateway for clients from India, Israel, and the Gulf region.

Karavias emphasized Cyprus' expertise in welcoming foreign businesses and its strong banking infrastructure, noting that Eurobank aims to leverage these advantages to promote Cyprus as a service center.

Furthermore, Eurobank's Deputy CEO, Stavros Ioannou, highlighted the low-risk environment for market exploration in countries like Saudi Arabia and the UAE. He cited the creation of financial centers in Abu Dhabi and Dubai, offering flexibility for business operations with minimal risk.

Addressing concerns about the integration of Hellenic Bank into Eurobank's operations, Karavias assured that Eurobank's presence in Cyprus dates back to 2007, emphasizing its commitment to respecting local laws and workforce dynamics. He stressed that the Greek bank's operations in Cyprus are not merely parachuted in, with existing staff and employees integral to its operations.

The investment in Hellenic Bank, described as one of the largest by a non-Cypriot group in Cyprus, is seen as a vote of confidence in the Cypriot economy. Eurobank executives expressed optimism about the regulatory approvals for the investment, expecting them to materialize in the second quarter of the year.

In closing, Eurobank's Chairman, Georgios Zannias, reiterated the bank's commitment to adding value to Cyprus and the wider region, citing strong growth prospects in Greece, Cyprus, and Bulgaria.

Eurobank's strategic moves underscore its ambition to deepen its presence in key markets while capitalizing on Cyprus's strategic position as a bridge between Europe and the Middle East.

[This article is a translation and summary of an article written by Panayiotis Rougalas]

Cyprus  |  banks  |  economy

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