Greek lender Eurobank has officially opened its representative office in Mumbai, marking its first institutional presence in India and becoming the first Greek and Cypriot banking group to establish a physical presence in the country. Eurobank’s initiative builds on the landmark EU-India free trade agreement reached earlier this year. It aims to strengthen trade and investment between the two regions while positioning Greece and Cyprus as strategic entry points for Indian companies seeking to expand their products and services across the European Union.
The office marks Eurobank’s first institutional presence in India and acts as a centre for building business relationships, attracting investments and sharing knowledge. It also allows the Eurobank group to offer services to Indian businesses and investors, strengthening Eurobank’s involvement in the India-Middle East-Europe Economic Corridor (IMEC). The setting up of the office also marks the official go-live of Eurobank’s cross-border remittance service from Greece to India via the Unified Payments Interface (UPI).
“In the new geopolitical and trade landscape, India has a prominent place as a pillar of stability and a strategic partner for Europe for seamless global trade,” notes Fokion Karavias, CEO, Eurobank. “Greece and Cyprus are uniquely positioned to become a key enabler of this all-important partnership. We are proud to be the first Greek and Cypriot bank with a physical presence in the Indian market. The presence of Nikos Christodoulides, President, Republic of Cyprus, at the official opening of our India Office, as well as the activation of UPI-enabled payments, in the framework of our collaboration with NPCI International, highlights the deepening of ties between Greece, Cyprus and India. By enhancing connectivity, facilitating transactions, and providing a local contact point for Indian businesses seeking access to the European market, we are making a meaningful contribution to innovation and to the strengthening of economic relations with one of the world’s most dynamic economies.”
“The official opening of the Eurobank India Office in Mumbai is expected to mark a defining moment, positioning Greece and Cyprus as a strategic gateway for Indian enterprises entering Europe and reinforcing the IMEC,” affirms Sanjay Tugnait, president & CEO, Fairfax Digital Services (FDS: Prem Wasta’s Fairfax holds about 33 per cent stake in Eurobank). “As global remittances are approaching a trillion-dollar flow globally each year, Eurobank is establishing secure, trusted and cost-efficient financial rails designed for scale. By becoming the first bank in Greece and Cyprus to enable UPI-based cross-border payments, we are building a broader ecosystem of partnerships with leading Indian companies to establish and grow their presence in Cyprus, including enabling investments by businesses such as Dodla Dairy, CanAm, Soukya and the Indian film industry.”
A strategic framework
The establishment of the Eurobank India Office and the activation of UPI form part of a broader strategic framework through which Eurobank is strengthening its role as a key connector between India and Europe. This is in collaboration with NPCI International and, with the support of FDS, which acts as a strategic advisor in linking business and technology ecosystems.
Eurobank has already undertaken several significant initiatives. They include co-establishing the India-Greece-Cyprus Business Council (IGC), in co-operation with the Indian Chamber of Commerce (ICC) and other institutional and business stakeholders, and organising business forums in Athens, Limassol and Mumbai.
At the same time, discussions are underway with leading Indian companies across key sectors, including education, dairy, hospitality and the film industry, to foster long-term business presence and investment activity in Cyprus. These initiatives form part of a broader effort to support economic growth, innovation and employment, while further strengthening Cyprus’s strategic positioning as a gateway for Indian businesses entering Europe.
In parallel, Eurobank continues to strengthen its long-term technology and operational footprint in India through the establishment of a global delivery centre in Pune, developed in collaboration with LTM (formerly LTIMindtree) and FDS. The centre supports Eurobank group’s broader digital transformation strategy and serves as a key delivery hub for technology modernisation and the development of next-generation banking solutions across the Group’s international operations.