The Eurobank Group on Thursday released a statement reaffirming its “commitment to further expansion and its continued confidence in the Cypriot economy”.
It should be noted that the group’s management is currently in Cyprus for a board of directors meeting.
In this context, the management of Hellenic Bank, a member of the Eurobank Group, hosted a dinner with a number of prominent guests on Wednesday evening.
These included president Nikos Christodoulides, finance minister Makis Keravnos, and deputy minister to the president Irene Piki.
During the event, Christodoulides addressed the members of the Eurobank board, saying that “their presence reflects the strong footprint of the bank in the country, while also serving as evidence of Cyprus’ role as a dynamic and reliable financial and business hub in the region”.
In his speech, chairman of Eurobank group Georgios Zanias, reiterated the strategic importance of the group’s investment in Cyprus.
He made reference to the acquisition of Hellenic Bank and the expanded presence of Eurobank in the country, saying that this “marks the beginning of a new era for the banking sector”.
“This investment is not just about acquiring shares in a bank, but a strategic commitment to the Cypriot economy,” he said.
“Strengthening our banking footprint in Cyprus will enable improved business financing, support entrepreneurship, and enhance investments, ensuring sustainable development for Cypriot society,” he added.
Referring to the acquisition of insurance firm CNP, Zanias explained that “it marks the strengthening of Eurobank’s position in the Cypriot insurance sector”.
On his part, Hellenic Bank CEO Michalis Louis highlighted that the €1.3 billion investment in Hellenic Bank is the largest ever made in Cyprus and “represents a strong vote of confidence in the country’s economy”.
He also said that this move is of “strategic importance”, demonstrating the “significance of Cyprus in the broader plans of the group and its strong commitment to supporting the local market”.
“The next steps will focus on strengthening the stability, transparency, and resilience of the new structure, with the aim of creating a modern, innovative, and strong bank, capable of meeting the increased needs of the Cypriot economy,” said Louis.
He also stated that Eurobank’s goal is to promote Cyprus as an international business centre, supporting governmental initiatives in this direction.
In addition, he pointed out that “Eurobank’s strategic expansion in Cyprus marks a new era for the country’s banking sector”.
“With the completion of the acquisition process of Hellenic Bank, the group will play a leading role in financing development, offering innovative products, and supporting entrepreneurship, shaping a banking system capable of meeting future challenges,” he concluded.