Mumbai, India. Eurobank opened a representative office in Mumbai on Thursday, becoming the first bank from southeastern Europe to operate such a service in India. The bank also announced a new remittance service for Indian customers transferring money from Greece to India.
Opening ceremony in Mumbai
A ceremony was held at the Taj Mahal Palace hotel to mark the opening. Cypriot President Nikos Christodoulides said it was “particularly fitting” for the inauguration to take place in Mumbai, describing the city as reflecting India’s strength, global outlook and creativity.
He said Eurobank’s choice of Mumbai reflected confidence and strategic vision in the growing potential of the partnership between India, Cyprus and Greece. He added that the opening was a tangible step forward in the steadily growing economic partnership between the three countries.
Christodoulides also said the office’s opening demonstrated how Cyprus can serve as a gateway between Europe, the Middle East and north Africa, and as a bridge between markets and regions with stability, agility and strategic reach.
Eurobank comments on role of Greece and Cyprus
Eurobank chief executive officer Fokionos Karavias said the bank is promoting the idea that Greece and Cyprus can act as strategic gateways for Indian companies seeking to expand.
Karavias referred to a memorandum of understanding signed with the federation of Indian chambers of commerce and industry (Ficci) at the Cyprus-India business forum. He also said Eurobank has already attracted major Indian businesses to Cyprus, including tour operator Thomas Cook India’s Europe office.
Remittance service using NPCI’s universal payment interface
Eurobank announced it will begin operating a remittance service for Indian customers seeking to transfer money from Greece to India. The system uses Indian company NPCI’s universal payment interface and is intended to lower the cost of international transactions made through Eurobank to and from India, while enabling faster transfers.
A memorandum of understanding to implement the system was initially signed in 2024, and the system is now immediately effective for transfers between Greece and India.
What impact could Eurobank’s Mumbai office have on business ties between India, Cyprus and Greece?