Her plans for her purchase, the Deputy CEO of the Bank, Stavros Ioannou, presented last week at the “3 Business Presentations of Cyprus in Greece” conference organized by the Cypriot communication company FMW Financial Media Way. After 17 years of presence with Eurobank Cyprus, the 3rd largest bank in Cyprus, Eurobank managed to acquire the Greek Bank as the public proposal is imminent (after 8 February) and its remaining shareholders (e.g. Eurobank already holds 93.47% and aims at 100%). CORVERSE As Mr.John said, the next objective is the unification of Eurobank Cyprus and Greek, in order to create the strongest banking organization in Cyprus, which will also be a “bridge” to open Eurobank to new markets such as Saudi Arabia, the United Arab Emirates and India. “Within the next period we will reveal in more detail the consolidation plan of this new organisation which, having gained a strong position in traditional banking, will focus on areas such as asset/health management, banking products, real estate market and new activities such as the purchase of foreign syndicated loans,” said John. As he said, Eurobank recently signed Memorandum of Understanding for the creation of the Business Council of India – Greece – Cyprus and is the first Greek bank to create a delegation office in Mumbai. Mumbai is India’s “economic” capital estimated that by 2030 the third largest economy worldwide will emerge, doubling its Gross Domestic Product to $9 trillion. “The aim of our coordinated movements is to make Cyprus a European entry portal and the basis of work for businesses from India and the Middle East interested in developing their presence in Europe,” the Deputy CEO of Eurobank stressed. CORVERSE Speaking of the timing of this choice, Mr. John noted the strong prospects of Cyprus. “Finally 50 years ago, in August 1977, Economist magazine in an article entitled “A miracle on half an island” referred to the impressive recovery of Cyprus that managed within just three years after the Turkish invasion and the division of the island to restore the lost Gross Domestic Product. Half a century later, we are not just talking about an economic miracle, but about an economy that is durable, and flexible, with reflexive active and capable of tackling, for its benefit, the shocks that geopolitical tensions can cause in the wider region,” he said. He stressed that the resilience of Cyprus’ economy also identifies the European Commission in the autumn forecasts of 2024, assessing growth at 3.6% overall for 2024 and predicting maintaining strong growth rates with 2.8% in 2025 and 2.5% in 2026, slowing inflation, surplus fiscal balance and further wage growth. These strong prospects of the Cypriot economy are also highlighted by the rating in category “A” of its credit rating, by the leading rating agencies – Moody’s, Fitch, and Standard & Poor’s. At the same time, in a recent assessment, Morningstar DBRS provides for a strong increase in the gross domestic product of the country and an improvement in unemployment indicators. At the same time, the recent declaration of military cooperation with the United States of America marks the recognition of Cyprus as a pillar of stability and security in the region, giving a message of further strengthening, both the stability and extroversion of the country. This dynamic course makes Cyprus, today, as an area of high investment interest, not only in traditional strong areas such as tourism, but also in young people such as technology, health and education, shipping. Furthermore, this year is expected to emerge in a year – a milestone for the expansion of Cyprus’ global footprint, attracting new fund managers and investment opportunities and further strengthening its reputation as a European investment fund hub. It is important to note that the key position held by Cyprus on the map, along with economic and political security, creates increased interest in businesses from the Middle East and also in the influx of huge investments that can change Europe’s energy map. As Mr. John said, Eurobank’s balance sheet is close to EUR 100 billion, with more than 50 billion of loans and €75 billion deposits, with the complete consolidation of the Greek Bank’s financial data. So, now, based on the rules of the European Central Bank, Eurobank is the only Greek banking organisation that is considered systemic at European level and this has not gone unnoticed by investors and analysts but also rating agents. It is noted that Eurobank maintains a balanced distribution, with Greece holding 60% of the assets, Cyprus 27% and Bulgaria 11%.
Eurobank: The Cyprus market ‘bridge’ for opening in Saudi Arabia, Emirates and India
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in Enterprise