Hambakis on why enduring relationships are built on trust and understanding

Haris Hambakis, CEO, Eurobank Private Bank Luxembourg SA & Head of Group Private Banking, Eurobank, explains why Private Banking remains a key aspect of the Group’s offering.

Considering the impact of supply chain bottlenecks and inflation on the global economy, how has your bank supported customers and businesses during these challenging times, and what strategies have been implemented to mitigate their financial impact?

The impact of supply chain bottlenecks and inflation on the global economy has, indeed, presented challenges for our customers and businesses. At Eurobank, we have implemented several strategies to support them during these trying times. Firstly, we have focused on providing personalized financial advice and guidance to our customers, helping them navigate the changing economic landscape and make informed decisions. In terms of businesses, we have offered tailored financing solutions to assist them in managing their cash flow and working capital needs. This includes providing flexible credit facilities, offering loan restructuring options, and supporting investment projects that contribute to economic growth. To mitigate the financial impact of inflation, we have also emphasized the importance of diversification and prudent investment strategies. Our team of experts closely monitors market trends and advises clients on asset allocation strategies that consider potential inflationary pressures. Overall, our goal has been to proactively engage with customers, understand their unique circumstances, and provide them with comprehensive support to weather these challenging times.

Why is Private Banking such an important part of Eurobank’s offering?

Private Banking plays a crucial role in our bank's offering for several reasons. First and foremost, Private Banking has been an integral part of our philosophy and strategy since the establishment of our Group. It has consistently been a central pillar, contributing significantly to the Group’s results. Private Banking has been fostering long-term relationships with the Bank’s clients, which are built on trust and understanding. This, in turn, has paid back in loyalty on behalf of our customers, making us a significant player in the market. Additionally, Private Banking helps us diversify our revenue streams and strengthen our overall business model. It allows us to tap into a segment of the market that values expertise, discretion and the ability to provide sophisticated financial solutions. By serving High Net Worth clients, we can generate stable and recurring income, which contributes to the bank's financial resilience.

Eurobank Private Banking has been consistently winning industry awards for many years now, including Best Domestic Private Bank in Greece this year. What are some of the main reasons for this ongoing recognition?

We are honoured to receive consistent recognition for our Private Banking services. Several key factors have contributed to our ongoing success in this area. Firstly, we prioritize building strong and enduring relationships with our clients. We take the time to understand their financial goals, risk tolerance, and unique circumstances. This client-centric approach allows us to deliver tailored solutions and meet their expectations. Also, our team of experienced professionals is committed to excellence in service and expertise. We invest in continuous training and development, ensuring that our staff stays updated with the latest industry trends, regulatory changes and investment opportunities. This enables us to provide comprehensive advice and deliver innovative solutions to our clients. At the same time, our Bank's strong reputation and financial stability play a significant role in our recognition. Clients value the security and trust that comes with working with an established institution. Our commitment and adherence to regulatory requirements further enhances our credibility. One should not forget that our core value has remained the same since our inception; the pledge to do what’s best for our client, no matter what.

What are the main trends in the Private Banking Sector that you expect to see in the coming years and what is your vision for the future of Eurobank’s Private Banking function?

In the coming years, we anticipate seeing several trends that will shape the Private Banking sector. Firstly, we expect to see a greater demand for sustainable and socially responsible investments. Clients are increasingly concerned about the environmental and social impact of their investments and seek opportunities that align with their values. Our bank is committed to incorporating sustainable investment strategies into our Private Banking offerings and providing clients with options that promote positive change. Moreover, we foresee a continued focus on personalized and holistic wealth management solutions. Clients are looking for comprehensive advice that goes beyond traditional investment services. Our vision for the future of our Private Banking function is to further strengthen our capabilities and to remain a trusted partner for our clients, providing them with integrated solutions that address their entire financial landscape.

At the same time, we anticipate a greater emphasis on digitalization and the integration of advanced technologies in Private Banking. Clients are seeking seamless and convenient digital experiences and we aim to leverage technology to enhance our service delivery. This includes providing digital platforms for account management, investment tracking and interactive financial planning tools.

To this end, Eurobank Cyprus has embarked on a transformation journey and a holistic digitalization of its Private Banking activities over the last couple of years. We are proud to announce that our Wealth Management Digital Platform was successfully rolled out in April 2023 and is soon to be delivered to our valued clientele. This will allow us to enhance the client experience and provide convenient access to a wide range of services. Of course, we will continue striving to stay at the forefront of digital innovation to meet the evolving needs of our clients.

As the banking industry becomes more competitive, what strategies does Eurobank employ to attract and retain customers and what sets it apart from others in the market?

In an increasingly competitive banking industry, we employ several strategies to attract and retain customers. Firstly, we prioritize delivering exceptional customer service. We understand that every interaction with our clients is an opportunity to create a positive and memorable experience. Our dedicated relationship managers build strong connections, actively listen to client needs, and provide timely and relevant solutions. One should not forget that our offering combines the benefits of being part of an international financial group with a business model focused on building strong personal relationships. Our Private Banking presence in four countries (Greece, Cyprus, Luxembourg and London) connects us under a strategic umbrella that makes the most of our offered services and we have been consistently building on this advantage. Very importantly, we differentiate ourselves through our commitment to innovation and digital transformation. We have invested in cutting-edge technologies to provide our clients with seamless and convenient banking experiences in our quest to stay ahead of the curve and to deliver services that meet the evolving needs and expectations of our clients. Lastly, we consistently focus on maintaining a strong financial position and adhering to robust risk management practices. Our clients trust us with their wealth and we prioritize the security and protection of their assets. Our commitment to stability and transparency sets us apart and gives clients the confidence to entrust us with their financial needs.

This interview first appeared in the 2023 The Cyprus Journal of Wealth Management. Click here to view it.