Eurobank to start Cyprus banking in June

— Targets corporates, high net-worth individuals

 

The Greek banking giant EFG Eurobank is ready to start full banking operations in Cyprus as early as next month, with corporations and high-net worth individuals among the first to be targeted in the ‘wholesale banking’ offensive that will avoid the opening of retail branches in the initial stage.

Michalis Louis, Eurobank Cyprus CEO, told the Financial Mirror that the Nicosia office, situated on the busy Makarios III Ave., will open for business in June while the Group’s second office in Limassol will start in the first half of 2008.

The recruitment drive is proceeding according to plan with Eurobank Cyprus reaching its first target of 30 staff by the end of May. With the opening of the Limassol office, the number will rise to 40.

“We are building a fantastic team of experienced, highly educated, talented and young bankers,” said Louis.

The top management team now in the making includes Haris Hambakis as General Manager Wealth Management and Antonis Antoniou as Manager Private Banking, both of whom used to work in the top two positions of Laiki Private Banking and were part of the team that earned Laiki’s top Private Banking awards. The Eurobank Private Banking team in Cyprus is further strengthened by the arrival of Tasos Anastasis, formerly with Hellenic Bank Private Banking.

Eurobank’s Wealth Management back office will be headed by Constantia Constantinou, formerly with Marfin Popular Bank, who brings with her vast experience in the area of Custodial and Private Banking Back Office operations.

Stephanos Kassianides will head International Lending bringing his years of experience working with Laiki in Cyprus and the UK, while Andreas Pitsillos, formerly with Laiki eBank and Laiki Hellas and Demetris Eliades have also bolstered the ranks of Eurobank Cyprus. Demetris Shiakkalis, former CFO of USB will become the Eurobank Cyprus CFO and COO, bringing Nikoleta Michaelidou with him. Finally, Katerina Charalambous, formerly with EFG in Greece, will be heading Eurobank’s Business Development.

 

— Top Service

 

Louis said Eurobank will offer all banking services in Cyprus, without opening a retail branch network, with emphasis placed on corporate and investment banking, private banking and asset management.

“We shall have retail products for our clients, with Eurobank also targeting M&As, corporate restructuring, bridge loans and all sorts of sophisticated deals that our clients may require,” said Louis, adding that Cyprus will enjoy the full range of products now on offer from Eurobank Greece.

Eurobank is renowned for its aggressive and fast decision-making approach, something which Louis and his team intend to implement fully in Cyprus.

The fact that Eurobank expanded to Serbia, Bulgaria, Romania, Ukraine, Poland, the UK and recently to Turkey means that there is a centralized and effective team in Greece with the right mechanism providing support.

The key ingredient to success and the reason why Cyprus corporations and high net worth individuals will be heading to Eurobank Cyprus, according to Louis, will be because of the bank’s competitive pricing, effective and personalized service, the security and experience of Eurobank Greece and also because of the personal connections, know-how and broad understanding of the needs of the Cyprus market.