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New Business Centre in Cyprus

Eurobank EFG inaugurated its 4th Business Center in Limassol, Cyprus. This is the second Business Center the Bank operates there, while others already operate in Nicosia and Larnaca. A further unit is scheduled to open by the end of the year in Nicosia in order to effectively serve the growing business of Eurobank EFG Cyprus.
During the almost two years since its establishment in Cyprus, Eurobank EFG won a significant market share in international business activities and business banking, currently serving more than 4,000 companies. In parallel, it developed significant activity in the areas of Private Banking and Asset Management, in which it holds a leading position. The Bank’s clientele includes a significant number of Cypriot as well as foreign companies. Its loan portfolio stands at € 450 million while client deposits stand at € 1.2 bn.
On the occasion of the inauguration of the new Business Center of Eurobank EFG in Limassol, addressing hundreds of entrepreneurs and financial and social figures, Eurobank EFG’s CEO, Mr. Nicholas Nanopoulos, stressed that “The Eurobank EFG Group, a leading player in Greece with presence in another 7 countries, branches out and builds ever more creative, close and long-term relations with the society and the economy of Cyprus”. He described the Cypriot economy as particularly extrovert and open and, thanks to its macroeconomic stability, “an environment that is especially friendly and conducive for business developments and initiatives. Thus, attractive growth prospects are developed for the activities of Eurobank EFG Cyprus, where the Bank’s presence is, from the outset, a clear and long-term strategic choice”. Mr. Nanopoulos reported on international economic developments, indicating that “there is a suggestion of a gradual trend of stabilization and reactivation of the global financial system. It also likely that the world economy will recover, albeit sluggishly, initially in the U.S. and later in Europe”. With regard to Greece, Mr. Nanopoulos concluded, a new growth model is needed, based on and supporting extroversion, export orientation, long-term savings, the upgrading of the quality of production, competitiveness and entrepreneurship. He also highlighted the commitments recently made by Eurobank EFG in this direction.
In reference to the Bank’s presence in Cyprus, Mr. Nikolaos Karamouzis, Deputy CEO of Eurobank EFG, said that, about two years since its arrival, Eurobank EFG is now the 5th largest bank in Cyprus and noted that it aims to play a key role in the development of entrepreneurship in an international business center, such as Cyprus, which is and will remain strong, open to competition. To achieve this goal, Mr. Karamouzis added, Eurobank EFG offers not only innovative products and services but also integrated solutions, to internationally active businesses located in Cyprus, Private Banking clients, and institutional investors. Concluding, Mr. Karamouzis referred to Eurobank’s focus on clients, which, combined with Cyprus’ favourable business environment creates safe conditions for the further emergence of Cyprus as a single business center of international importance in the wider area of SE Europe.
In a brief intervention, the CEO of Eurobank EFG Cyprus, Mr. Michael Louis, mentioned the Bank’s gradually increasing business presence in Cyprus, which has allowed it to gain significant market shares in the highly competitive banking market and stressed that, in the mid-term, the currently Business Centres will increase to 10, while a parallel target is for Eurobank EFG Cyprus to become a first-choice bank.
As part of their visit to Cyprus, Messrs Nanopoulos and Karamouzis were accepted by the President of the Cypriot Republic, Mr. Demetris Christofias. During the meeting, the President of Cyprus was briefed on Eurobank’s significant business initiatives in Cyprus as a result of the favourable arrangements offered for business, as well as on international developments since the outbreak of the financial crisis.
Furthermore, the Bank management group, which also included the Deputy CEO Mr. Michael Colakides and the CFO Ms. Paula Hadjisotiriou met with the Finance Minister of Cyprus, Mr. Charilaos Stavrakis, the Director of the Central Bank of Cyprus Athanasios Orphanides, the Management of the Chamber of Cyprus and Cypriot entrepreneurs.