Eurobank to open four branches in Cyprus

…focus on wholesale banking

 

Greeec’s Eurobank EFG said that it plans to open four branches in Cyprus over the next three months to focus on its wholesale business and servicing international customers.

Nikolaos Nanopoulos, Eurobank EFG Group CEO said an application has been submitted to the Central Bank of Cyprus to open a 100% subsidiary bank in Cyprus, adding that the Bank will aim to offer a different and high quality service to its clients here.

“We know that the Cyprus banking market is already well developed and the environment here is very competitive, but we know that we can make a difference by offering a better product, backed by our high quality service,” Nanopoulos told a press conference in Nicosia called for the official launch of operations here.

Deputy CEO Nikolaos Karamouzis said Eurobank has specifically decided to offer wholesale banking services, with emphasis on corporate banking, international banking, private banking and investment banking services.

Eurobank Cyprus Managing Director Michalis Louis said since the opening of the first branch in Nicosia the reception from the Cyprus business community has been very positive, with many businesses shifting business to Eurobank in order to take advantage of the high calibre services on offer.

“We shall differ on the high quality expertise and service on offer,” said Louis, adding that the hiring drive is continuing on schedule.

Although Eurobank does not intend to offer other related services such as leasing, finance, factoring and insurance, but the Group’s extensive network in the countries where it is active is at the disposal of Cyprus based customers.