"This investment is fully aligned with our long-term vision. Beyond positioning Cyprus as a core market, we aim to evolve Cyprus into a regional centre for asset and wealth management, bancassurance, real estate services, fintech innovation and cross-border syndicated financing," Stavros Ioannou, Deputy CEO, Group Chief Operating Officer (COO) & International Activities at Eurobank S.A. says, discussing the merger of Hellenic Bank and Eurobank Cyprus.
In a recent interview with GOLD magazine on the occassion of Eurobank S.A. receiving an Invest Cyprus International Investment Award, he also talks about the role of innovation in Eurobank's strategy, noting, "Over the past three years, the Group has invested over €300 million in digital transformation, creating a future-proof banking architecture based on intelligent infrastructure and visionary partnerships."
Ioannou, among other things, in addition, shares his vision for the island’s banking scene by 2030.
The acquisition of Hellenic Bank is clearly a landmark move. How does this investment align with your broader strategy, both in Cyprus and the wider region?
Integrating Hellenic Bank with Eurobank Cyprus represents a defining strategic and operational milestone. It concludes a 17-year journey in the Cypriot market and establishes Eurobank as the largest banking group on the island, with assets totaling €28 billion. This investment is fully aligned with our long-term vision. Beyond positioning Cyprus as a core market, we aim to evolve Cyprus into a regional centre for asset and wealth management, bancassurance, real estate services, fintech innovation and cross-border syndicated financing.
With this acquisition, we are not merely scaling operations; we are building the foundations for a new phase of growth, innovation and excellence in service. We anticipate €120 million in synergies, most of which will be realized within the current year – enhancing efficiency and amplifying client impact. Furthermore, Eurobank is contributing to Cyprus’ global positioning through a new representative office in Mumbai and plans under review for Abu Dhabi. Our ambition is to redefine standards of integrity, innovation, and value creation – not just for Cyprus, but for the wider region.
It’s clear that Eurobank is placing strategic bets on technology. So, how is it reimagining the customer’s banking experience through this innovation lens?
Innovation sits at the heart of Eurobank’s commitment to fundamentally reimagine the customer experience. Over the past three years, the Group has invested over €300 million in digital transformation, creating a future-proof banking architecture based on intelligent infrastructure and visionary partnerships. We have forged alliances with leading global players like Microsoft, fintech innovators including Plum and Mintus, and research institutions such as Archimedes. Through our partnership with LTIMindtree, we’ve launched a Global Delivery Centre in Pune and a Digital Innovation Centre in Cyprus to fast-track implementation of generative AI, cloud services and predictive analytics across Greece, Cyprus and Luxembourg.
Technology is powered by people. We’ve hired 600 digital professionals in the past three years and plan 300 more by the end of 2025, with an emphasis on young, tech-savvy talent. Our hubs in Cyprus and Luxembourg have adopted a new core banking and investment platform – delivering real-time insights, enhanced reporting and tailored client servicing. Our goal is clear: to offer a banking experience that is frictionless, data-driven and deeply human. That is the philosophy behind our phygital model – melding cutting-edge digital capabilities with the expertise of our people to deliver superior service.
Looking ahead, what role do you envision for Eurobank Ltd in Cyprus’ broader financial and banking scene over the next five years?
Over the next five years, Eurobank Ltd is poised to be a catalyst for transformation in Cyprus’ financial ecosystem. Following the merger of Hellenic Bank and Eurobank Cyprus, we will become the island’s largest banking group in terms of assets, service reach and strategic vision. Also, we aim to grow our private banking business by 15% annually, strengthening our value proposition for affluent and institutional clients. In parallel, Eurobank Group aims for 55% of its organic profits to derive from international markets by 2027, reflecting our deepening presence and long-term commitment beyond Greece. We are launching a €2 million initiative for adults with disabilities and embedding ESG and inclusion principles across operations to support inclusive progress and long-term stakeholder value. We see Eurobank Ltd as a catalyst for sustainable financial leadership in Cyprus, driven by innovation, inclusion, and strategic ambition.
Eurobank Group is a Greek banking group with total assets of €100.4 billion and 12,184 employees. It offers a comprehensive range of financial products and services to its retail and corporate customers. Its operations encompass a wide range of financial services: Retail, Business and Investment Banking, Wealth and Capital Management, Cash Management and Capital Market services, Financial Leasing, Factoring and Forfaiting, Trading and Property services. The Group has a strong presence in Cyprus, particularly following its recent acquisition of Hellenic Bank, whose business model capitalises on a strong retail franchise, which is entirely complementary to Eurobank Cyprus, strengthening its strategic position and client offering.
Congratulations on receiving an Invest Cyprus International Investment Award. What does this recognition mean to you and your team at Eurobank?
Thank you. This distinction is both an honour and a meaningful affirmation of Eurobank’s strategic consistency, resilience and disciplined execution. As a Group with over €100 billion in total assets and operations in Greece, Cyprus, Bulgaria, Luxembourg and the UK, we are at a pivotal inflection point in our regional expansion. This recognition reflects our momentum in reinforcing leadership across key markets – particularly Cyprus – while expanding our international presence, most notably in India and the Middle East. It also highlights the effectiveness of our growth strategy, exemplified by the full acquisition of Hellenic Bank and its upcoming merger with Eurobank Cyprus, which marks a new chapter in our long-standing commitment to Cyprus.
This interview first appeared in the July edition of GOLD magazine. Click here to view it.
