Greece's Eurobank Explores Indian Presence, Eyes Mumbai Office
Real Estate

Greece's Eurobank Explores Indian Presence, Eyes Mumbai Office

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.

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.

Next Story
Technology

We’re building robots that flow, not just move

Founded in 2021, Flo Mobility is reimagining construction automation with vision-AI robots designed for seamless movement through complex sites. In conversation with CW, Manesh Jain, Founder & CEO, discusses the company’s origin, its LiDAR-free tech stack, and expansion plans in the Middle East and US.What inspired the name Flo Mobility? Why ‘Flo’ and not ‘Flow’?When we started the company in 2021, our focus was on building autonomous navigation systems for robots. Since our work centred around robot movement, ‘mobility’ naturally became part of the name. We wanted to co..

Next Story
Real Estate

We’re committed to setting benchmarks in sustainable luxury living

From a landmark land acquisition in Boisar to ambitious launches across the Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Bengaluru and Pune, Birla Estates is driving future-ready growth with a strong focus on sustainability, partnerships and premium living, firmly anchored in its LifeDesigned® philosophy. K T Jithendran, Managing Director & CEO, outlines the company’s premium, sustainable growth playbook in conversation with PRATAP PADODE, Editor-in-Chief, CW. Excerpts:Birla Estates recently acquired a 70.92-acre land parcel in Boisar, Maharashtra, for..

Next Story
Infrastructure Urban

Mumbai’s land crunch and ageing homes call for structured renewal

Founded in 2022, Etonhurst Capital Partners is a real-estate fund management platform focused on the Indian market. As the firm achieves the first close of Rs 1.8 billion for its debut Rs 5 billion fund, Bamasish Paul, Co-founder, Managing Partner & CEO, discusses its sharp focus on redevelopment-driven value creation in Mumbai’s urban core with CW. Excerpts:Etonhurst Capital has achieved a significant milestone with the first close of Rs 1.8 billion for its Rs 5 billion fund. What factors contributed to this early success and how do you plan to attract further investments to r..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?