The expansion of Eurobank's footprint in Cyprus and how it aligns with the Government's objectives

President Nikos Christodoulides has sent important messages to the financial sector of Cyprus, while emphasising the great value of the expansion of Eurobank's footprint on the island.

He also stated that this is a development that strengthens the country's position as a leading financial hub.

Speaking at an official dinner for the Eurobank Board of Directors, held at the Hellenic Bank headquarters in Nicosia on the evening of 26 March, President Christodoulides stressed that the group's decision to expand its footprint in the country is fully aligned with the Government's goals of attracting high-quality investments, promoting innovation and promoting sustainable economic growth.

As he indicated, welcoming and addressing the members of the Board of Directors of Eurobank, their presence is a reflection of the bank's strong and expanding footprint in the country, but also proof of Cyprus' role as a dynamic and reliable financial and business hub in the region.

"The recent acquisition of Hellenic Bank and Eurobank's broader strategic presence in Cyprus confirm the group's confidence in the capabilities of our country and its financial system," the President of the Republic stressed, adding that beyond Cyprus, Eurobank's expansion into new markets, such as its strategic entry into India, signals a forward-looking approach, aligned with broader global changes in economic activity.

He emphasised in this regard that Eurobank's vision and presence in Cyprus strengthen our country's position as a leading financial hub, while also pointing out that by leveraging its strong regional presence, Eurobank is able to bridge Europe with emerging financial and commercial hubs, creating new opportunities for cooperation, investment and business development.

Characterising the banking sector as a critical pillar for investment, innovation and economic growth, Nikos Christodoulides conveyed that a well-capitalised and stable financial system is essential to support businesses, facilitate trade and unlock new opportunities for growth.

"Eurobank played an important role in this effort. As one of the most important financial institutions in the region, the group has consistently demonstrated its commitment to growth, customer-centric innovation and responsible banking," the President noted.

Nikos Christodoulides set as a key priority for the future course of Cyprus and its economy, ensuring that the financial sector remains focused on strengthening access to financing for Cypriot businesses and individuals.

"Enhancing lending opportunities and promoting a more inclusive credit environment will allow businesses to expand, create jobs and promote further economic growth," he said.

Describing the partnership between the public and private sectors as essential, President Christodoulides pointed out that the financial sector, and particularly institutions such as Eurobank, plays a crucial role in shaping the economic course of Cyprus.

Furthermore, making references to tax reform, Nikos Christodoulides assured that in this new era, the Government remains committed to promoting an environment that supports growth, strengthens financial stability and unlocks new opportunities for businesses and investments.

Read the President’s entire speech, translated from Greek, below:

It is our great pleasure to welcome you to Cyprus on this occasion. Your presence here tonight reflects Eurobank's strong and expanding footprint in our country, as well as Cyprus' role as a dynamic and reliable financial and business hub in the region.

The Cypriot economy has demonstrated remarkable resilience and adaptability over the last two years, achieving one of the highest growth rates in the Eurozone.

This was made possible thanks to responsible fiscal policies that yielded tangible results, leading for the first time since 2008 to conditions of full employment, a strong fiscal surplus and a steady reduction in public debt.

We remain committed to maintaining economic stability and promoting a competitive business environment, recognising that a strong economy is the foundation for sustainable growth and prosperity.

Looking ahead, we are determined to strengthen Cyprus' role as an international financial center.

Our strategy is clear: Fiscal responsibility, a strong financial sector, and structural reforms through the acceleration of digital transformation and the implementation of policies that enhance the country's competitiveness in an increasingly interconnected and demanding global market.

In this context, the banking sector is a critical pillar for investment, innovation and economic growth. A well-capitalised and stable financial system is essential to support businesses, facilitate trade and unlock new opportunities for growth.

Eurobank played a significant role in this effort. As one of the leading financial institutions in the region, the group has consistently demonstrated its commitment to growth, customer-centric innovation and responsible banking.

The recent acquisition of Hellenic Bank and the broader strategic positioning of Eurobank in Cyprus confirm the group's confidence in the potential of our country and its financial system.

Beyond Cyprus, Eurobank's expansion into new markets, such as its strategic entry into India, signals a front-loaded approach, aligned with broader global changes in economic activity.

Leveraging its strong regional presence, Eurobank is able to bridge Europe with emerging financial and trade hubs, creating new opportunities for collaboration, investment and business development.

As part of our vision for economic resilience and long-term prosperity, we are also moving decisively forward with comprehensive tax reform.

Our goal is to modernise the tax system to further strengthen the investment climate and increase the attractiveness of Cyprus as a preferred destination for international businesses.

The reform will streamline tax procedures, reduce unnecessary complexities and introduce measures that will encourage entrepreneurship, attract foreign direct investment and support economic diversification.

A stable and growth-oriented tax system that will be a catalyst for long-term economic success, allowing businesses to plan with confidence and operate in a stable regulatory environment.

At the same time, it is vital that the success of our economy translates into tangible benefits for our citizens and businesses. A key priority for our future path is to ensure that the financial sector remains focused on enhancing access to finance for Cypriot businesses and individuals.

Enhancing lending opportunities and promoting a more inclusive credit environment will allow businesses to expand, create jobs and promote further economic growth.

Equally, ensuring that Cypriot households have the necessary financial support to invest in their future will enhance social well-being.

In this way, Cyprus's strong macroeconomic performance can gradually translate into broader prosperity and economic growth.

In this context, the partnership between the public and private sectors is essential. The financial sector, and especially institutions like yours, plays a crucial role in shaping the economic course of Cyprus.

Your expertise, investment and commitment contribute to the continuous evolution of our economy, ensuring that we remain at the forefront of financial innovation and global economic trends.

As we move into this new era of transforming our economic model, we remain committed to promoting an environment that supports growth, enhances financial stability, and unlocks new opportunities for business and investment.

The steps we take today will determine the economic landscape of tomorrow and we are determined to ensure that Cyprus continues to prosper as a leading financial and business destination.

Eurobank's leadership, vision and presence in Cyprus strengthen our country's position as a leading financial hub.

The group's decision to expand its footprint here is fully aligned with our goals of attracting high-quality investment, fostering innovation and promoting sustainable economic growth.

We look forward to continuing our collaboration with Eurobank and the broader financial community to achieve mutual success.

I would like to express my warm congratulations to the members of the Board of Directors and the management team of Eurobank for your achievements and vision.

I wish you every success in your future endeavors, with the belief that Eurobank will continue to be a key factor in shaping the financial future of Cyprus and beyond.

(Source: InBusinessNews)