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Eurobank management visits Cyprus

Eurobank CEO Mr Nicholas Nanopoulos and Deputy CEO Mr Nikolaos Karamouzis visited Cyprus and held a series of important meetings in Nicosia.

Messrs. Nanopoulos and Karamouzis met with the Minister of Finance of the Republic of Cyprus Mr Vassos Shiarly and with the new Governor of the Central Bank of Cyprus Mr Panicos O. Demetriades, to discuss fiscal and banking developments in Greece, Cyprus and the international markets. Eurobank’s CEO and Deputy CEO also attended the meeting of the Board of Directors of Eurobank Cyprus.

During their visit in Nicosia, Messrs Nanopoulos and Karamouzis, together with Eurobank Cyprus’ CEO Mr Michalis Louis, held a dinner event with 50 prominent Cypriot businessmen and presented the prospects of the Group and its Cypriot subsidiary bank, highlighting its impressive financial performance which has been achieved in a highly adverse fiscal environment.

The improvement in the volumes and results of Eurobank Cyprus has been outstanding, in spite of the crisis. The bank enjoys strong capital adequacy, with a CAD ratio of 27.42% as at 31.12.11, compared to 15.65% in 2010. Strong capital adequacy is coupled with a liquidity surplus, as the Loans to Deposits ratio stood at 45.8% in 2011, improved by 11 points within a year. This enables Eurobank Cyprus to continue financing the Cypriot economy and its international clients at sufficient levels and to grow its business. Strong liquidity allows Eurobank Cyprus to grow fast in the areas of Large Corporate Banking, Asset Management, International Banking, Capital Markets and Investment Banking. In 2011, Eurobank Cyprus delivered € 43.3 m of net profits from its operations in Cyprus, up 42% in an exceptionally hard year.

The experienced, dedicated and professional people of Eurobank Cyprus focus on forging long-term relationships with the bank’s clients, employing a customer-centric business growth model, which is based on offering innovative products and top quality service at competitive pricing.

The social awareness of the Eurobank Cyprus personnel is worth mentioning, as 185 employees undertook the initiative to raise funds to support Greek citizens in economic hardship. The funds were attributed to the NGO “Apostoli” (Mission) of the Archdiocese of Athens to support the programme “Church at Home” which delivers food supplies to families in need.