Panayiotis Rougalas
It is becoming increasingly clear that banks are looking to establish representative offices in markets beyond the countries where they already operate, aiming to expand their business and, ultimately, increase profits.
Banks operating in Cyprus have already extended their reach to India, with Eurobank opening its representative office in Mumbai only a few months ago.
Cyprus has made no secret of its ambition to become a European gateway for Indian companies seeking access to the continent. Eurobank appears to have recognized that opportunity early, incorporating it into its strategy from the beginning of 2024.
The bank’s ambitions, however, do not end with India. Eurobank has identified three additional destinations for representative offices, with one expected to move forward in spring 2027, according to information obtained by Kathimerini.
That destination is the United Arab Emirates, where the bank is planning to establish a presence in Abu Dhabi. The process is understood to be at an advanced stage.
The representative office is expected to begin operating in spring 2027, subject to the completion of all required regulatory and supervisory procedures.
At the same time, Eurobank has identified Israel and Saudi Arabia as markets of strategic interest.
In an official response to Kathimerini regarding plans for representative offices in those countries, the bank said:
“As part of the bank’s broader strategy to strengthen the Group’s international presence and business connections, the necessary steps have been initiated to establish a presence in the market, in line with the relevant planning.”
Building partnerships in India
By opening its Mumbai representative office, Eurobank became the first Greek or Cypriot bank to establish a physical presence in India.
Asked about the office’s performance during its first few months, Eurobank said Mumbai represents its first institutional presence in the country.
The office has primarily a business-development rather than transactional role, focusing on building commercial partnerships, attracting investment, and strengthening links between India, Greece, and Cyprus.
As part of its broader strategy in India, Eurobank has already undertaken several initiatives. These include helping establish the India-Greece-Cyprus Business and Investment Council and organizing business forums across all three markets.
The bank has also opened discussions with major Indian companies in sectors including education, dairy production, hospitality, and the film industry.
“These initiatives form part of Eurobank’s broader strategy to strengthen economic and business ties between India and Europe, with Greece and Cyprus serving as strategic gateways,” the Group said.
It added that the strategy also seeks to take advantage of the opportunities created by the India-Middle East-Europe Economic Corridor, known as IMEC.
As the Mumbai office is still in its early months of operation, Eurobank said it was not yet releasing detailed performance indicators or information about specific business transactions.
Cross-border payments with India
Eurobank has also activated cross-border payments from Greece to India through the Unified Payments Interface, or UPI, under its strategic partnership with NPCI International.
This made Eurobank the first bank in Europe to offer the service.
Already available in Greece, the service is expected to be extended to Cyprus at a later stage. It covers the full transaction cycle, including initiation, clearing, settlement, transaction matching, and dispute management, strengthening financial connectivity between the two markets.
The initiative followed the signing of a memorandum of understanding between Eurobank and NPCI International. It also strengthens the bank’s position as a trusted partner for businesses operating between India, Greece, and Cyprus.
Cyprus makes a major contribution
Eurobank reported adjusted net profit of €776 million for the first half of the year, up 9.2% compared with the same period a year earlier. Total net profit rose by 6.8% to €738 million.
Adjusted net profit from operations outside Greece fell by 3.3% year-on-year to €361 million but still accounted for 46.5% of the Group’s profitability.
In Cyprus, adjusted net profit declined by 7.7% to €231 million. In Bulgaria, it increased by 7.8% to €119 million.
The Group’s total assets stood at €112.9 billion as of June 30, 2026. Of that amount, €66 billion was held in Greece, €29.3 billion in Cyprus and €14.6 billion in Bulgaria.
Loans grew organically by €2.7 billion during the first half of 2026, including €1.4 billion in Greece and €1.3 billion across operations outside the country.
Total gross loans reached €58.1 billion by June 30. This included €38.1 billion in Greece, €9.2 billion in Cyprus and €9.8 billion in Bulgaria.
Across the group, business loans stood at €36.3 billion, mortgages at €13 billion, and consumer loans at €5.1 billion.
Customer deposits reached €86.4 billion at the end of June, an increase of €2.9 billion during the first half of the year. Greece accounted for €48.1 billion of deposits, Cyprus for €24.1 billion, and Bulgaria for €11.6 billion.
