Greece's Eurobank Explores Indian Presence, Eyes Mumbai Office

08 Mar 2024 CW Team

With assets totalling 80.5 billion euros and a network of 540 branches across Greece, Cyprus, Bulgaria, Luxembourg, and the UK, Eurobank has built a robust corporate client-focused business in these regions. Now, it aims to cater to the needs of Indian business people seeking commercial footholds in Europe.

Trade relations between Europe and India are on the cusp of taking off. We aim for Eurobank to become a key facilitator and the banking partner of choice for Indian businesses considering establishing a local hub in Greece or Cyprus to gain a footing in the EU market, said Fokion Karavias, chief executive officer of Eurobank. He further stated, By creating a rep office in India, we will be able to best serve Indian businesses to make their first step into the largest single market area in the world.

The recent state visit of Greek Prime Minister Kyriakos Mitsotakis to India, accompanied by a business delegation including Karavias, underscored the growing ties between the two countries. During the visit, Eurobank partnered with the National Payments Corporation of India to introduce Unified Payments Interface (UPI)-based remittances from Greece to India.

Initially, Eurobank's Mumbai office will focus on marketing, client relations, and other non-transactional operations, refraining from offering banking products directly to Indian customers. The bank's management believes that India's significance for its business stems from two key factors.

Firstly, as production hubs diversify for Western consumption, more manufacturing activities will likely shift to India, fostering increased trade between India and Europe. Secondly, in a post-Brexit scenario, Indian businesses may seek alternative entry points into the EU market, with countries like Greece and Cyprus emerging as potential options.

Eurobank's major shareholder is Fairfax Financial, an insurance and investment giant founded by Indian-Canadian billionaire Prem Watsa. This connection further underscores the bank's interest in exploring opportunities in India's dynamic market landscape.

In a strategic move, Eurobank, headquartered in Athens, is exploring opportunities to establish a presence in India and is currently consulting with advisors and the Reserve Bank of India to set up a representative office in Mumbai, according to sources familiar with the bank's plans. With assets totalling 80.5 billion euros and a network of 540 branches across Greece, Cyprus, Bulgaria, Luxembourg, and the UK, Eurobank has built a robust corporate client-focused business in these regions. Now, it aims to cater to the needs of Indian business people seeking commercial footholds in Europe. Trade relations between Europe and India are on the cusp of taking off. We aim for Eurobank to become a key facilitator and the banking partner of choice for Indian businesses considering establishing a local hub in Greece or Cyprus to gain a footing in the EU market, said Fokion Karavias, chief executive officer of Eurobank. He further stated, By creating a rep office in India, we will be able to best serve Indian businesses to make their first step into the largest single market area in the world. The recent state visit of Greek Prime Minister Kyriakos Mitsotakis to India, accompanied by a business delegation including Karavias, underscored the growing ties between the two countries. During the visit, Eurobank partnered with the National Payments Corporation of India to introduce Unified Payments Interface (UPI)-based remittances from Greece to India. Initially, Eurobank's Mumbai office will focus on marketing, client relations, and other non-transactional operations, refraining from offering banking products directly to Indian customers. The bank's management believes that India's significance for its business stems from two key factors. Firstly, as production hubs diversify for Western consumption, more manufacturing activities will likely shift to India, fostering increased trade between India and Europe. Secondly, in a post-Brexit scenario, Indian businesses may seek alternative entry points into the EU market, with countries like Greece and Cyprus emerging as potential options. Eurobank's major shareholder is Fairfax Financial, an insurance and investment giant founded by Indian-Canadian billionaire Prem Watsa. This connection further underscores the bank's interest in exploring opportunities in India's dynamic market landscape.

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