As part of its strategy to expand into new markets offering significant opportunities for business growth, Eurobank Group has undertaken several initiatives that aim to enhance the economic and business cooperation as well as trade and investment flows between India and the countries where the Group operates.
The Group’s India-related initiatives are spearheaded by Eurobank S.A.’s plan to establish a Representative Office in Mumbai, which is expected to begin operations within the next few months, subject to receiving all necessary regulatory approvals from the Reserve Bank of India and other relevant authorities in India. Eurobank will become the first Greek and Cypriot banking group with a presence in India, with its Representative Office serving as an information and relationship hub for Indian investors and Eurobank Group clients.
Eurobank Group has also positioned itself at the heart of a strategic trilateral effort to deepen economic ties between India, Greece and Cyprus. A key initiative central to this vision is the India-Greece-Cyprus (IGC) Business & Investment Council – an initiative born of Eurobank’s leadership and launched in partnership with the Indian Chamber of Commerce and key institutions from all three countries. Unveiled during high-profile events in Mumbai, Athens and Limassol, the IGC Business & Investment Council is designed as a dynamic business facilitation platform. Its core function is to coordinate, inform and support through dedicated liaison points established by the Council in each of the three countries – at the Indian Chamber of Commerce, Enterprise Greece and Invest Cyprus – ensuring that businesses receive coordinated support in navigating this corridor.
The Council operates at the intersection of economic diplomacy and real business needs, promoting B2B linkages, strategic sector focus and shared growth opportunities. Supported by founding members, including Enterprise Greece, the Hellenic Federation of Enterprises (SEV), Export Credit Greece, the Cyprus-India Business Association and Invest Cyprus, it is the first trilateral initiative of its kind with a synchronized strategy between the private and public sectors. Its purpose is to enhance trade, investment and strategic collaboration in infrastructure, technology, energy, shipping, financial services, tourism and innovation.
India’s rise as an economic powerhouse makes this an especially timely endeavour. With a $3.9 trillion GDP and 7% growth in 2024, India is projected to become the world’s third-largest economy within the decade. Its youthful population, innovation-driven policies and global business ambitions make it a natural partner for the EU and for nations like Cyprus and Greece that sit on its threshold.
Cyprus, in particular, offers Indian investors a gateway to the European single market. Its EU membership, English common law-based legal system, investment-grade credit ratings and world-class financial infrastructure provide the confidence and clarity that global investors demand. It is already among India’s top 10 FDI sources, with over $12 billion invested in the past two decades. That confidence was reinforced during Prime Minister Narendra Modi’s historic June 2025 visit to Cyprus – the first visit by an Indian PM in 23 years. During his meeting with Cypriot President Nikos Christodoulides and local business leaders, including Eurobank executives, Modi emphasized India’s support for the India-Middle East-Europe Economic Corridor (IMEC), where Cyprus and Greece are expected to serve as pivotal nodes. Eurobank Group was prominently represented at these discussions, signalling its role as financial catalyst for IMEC’s commercial development. In addition to the establishment of the IGC Business and Investment Council and the upcoming Representative Office in Mumbai, Eurobank Group has also launched a set of initiatives that deeply anchor India within our regional business landscape. These initiatives are comprehensive and multi-sectoral:
- Payments Innovation: Eurobank signed an MoU with NPCI International to roll out India’s Unified Payments Interface (UPI) in Greece and Cyprus, enabling seamless, real-time cross-border transactions and strengthening ties with the Indian diaspora.
- Digital & AI Leadership: Eurobank supported the inauguration of Europe’s first agentic AI voice platform, based on Indian technology, with its headquarters in Cyprus, as well as LTIMindtree’s AI Experience Centre in Nicosia, positioning the island as a tech innovation hub.
- Delivery & Transformation: A new Global Delivery Centre in India has been co-developed with LTIMindtree and Fairfax Digital, supporting Eurobank’s core IT and banking operations transformation.
- Tourism Synergies: Eurobank and its associates at the IGC Council facilitated the entry of Thomas Cook India into Cyprus, boosting the India-Mediterranean tourism corridor.
Importantly, this is not an ad-hoc campaign. Eurobank and its IGC partners have been engaging Indian stakeholders consistently through multiple visits and business missions to India, co-hosting roundtables in New Delhi and forums with Cypriot innovation leaders and government officials. This is a long-term commitment by Eurobank Group, building an ecosystem that is focused on delivering real, positive experiences for Indian enterprises.
Challenges remain, of course. Ensuring the operational readiness of Cyprus’ service sectors, aligning legal frameworks and delivering frictionless onboarding are vital for credibility. Yet early signs are very promising as Indian firms in tech and tourism have already begun using Cyprus as their European base. There is also growing interest from other sectors such as green energy, pharma, MedTech and AI, with the momentum clearly building. All of this takes place under the broader IMEC canopy. Announced at the 2023 G20 Summit in Delhi, IMEC envisions a secure and sustainable trade route linking India to Europe via the Middle East. Given their geographic location and EU credentials, Cyprus and Greece are ideally placed to serve as the continent’s entry nodes. The potential of India’s connection with Europe is boundless, just like the business opportunities ahead. Eurobank Group is committed to supporting the enterprises that will lead this progress. With the IGC Council now active, Eurobank has moved beyond vision to implementation. It is not only participating in a historic economic realignment but also helping to shape it.
- By Panayiotis Chrysostomou, CFA, Manager, Banking Services & Representative Office, International Business Banking, Eurobank Cyprus
This opinion article first appeared in the 2025 edition of The Cyprus Journal of Wealth Management. Click here to view it. To view the full edition, click here
