Eurobank Eyes Mumbai Presence for Indian Market Entry

By siliconindia  |  Wednesday, March 6, 2024

Eurobank Eyes Mumbai Presence for Indian Market Entry
Eurobank, headquartered in Athens, is actively pursuing entry into the Indian market by consulting with advisors and engaging with the Reserve Bank of India to establish a representative office in Mumbai, according to sources familiar with the matter. With assets totaling 80.5 billion euros and a network of 540 branches across Greece, Cyprus, Bulgaria, Luxembourg, and the UK, Eurobank is known for its robust corporate client-focused business in these regions. The bank aims to cater to the needs of Indian entrepreneurs seeking a commercial foothold in Europe.
Fokion Karavias, CEO of Eurobank, expressed the bank's strategic vision, stating, “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.” Karavias highlighted the vast opportunities presented by the unified European market for Indian businessmen.
During a recent state visit by Greek Prime Minister Kyriakos Mitsotakis to India in late February, both nations proposed to double their trade by 2030. Eurobank, represented by Karavias in the business delegation accompanying the Greek PM, seized the opportunity to strike a partnership with the National Payments Corporation of India. The collaboration aims to introduce Unified Payments Interface (UPI)-based remittances from Greece to India.
In its initial phase in India, Eurobank will not offer banking products to Indian customers. Instead, the representative office will focus on marketing, client relations, and other non-transactional operations. Eurobank's management sees India as crucial to its business strategy for two main reasons. Firstly, the bank anticipates that India will benefit from the diversification of production hubs for Western consumption, leading to increased trade between India and Europe. Secondly, in a post-Brexit environment, the bank believes Indian businesses will explore alternative entry points to the EU market, with countries like Greece and Cyprus, where Eurobank has a strong presence, gaining prominence.
It's worth noting that Eurobank's major shareholder is Fairfax Financial, an insurance and investment giant founded by Indian-Canadian billionaire Prem Watsa. The move into the Indian market aligns with Eurobank's broader strategy and reflects the bank's optimism about India's role in the evolving global economic landscape.

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