Eurobank officially inaugurated its representative office in Mumbai on Thursday, becoming the first bank from Greece, Cyprus and Southeastern Europe to establish a physical presence in India. The inauguration ceremony was attended by President Nikos Christodoulides, underscoring the growing strategic and economic ties between Cyprus, Greece and India.
During the event, Eurobank also announced a strategic partnership with India’s NPCI International for cross-border digital payments, enabling money transfers from Greece to India through India’s Unified Payments Interface (UPI) system.
Addressing the gathering, President Christodoulides described the Eurobank–NPCI collaboration as a significant step forward in strengthening financial connectivity between the two countries.
“This is exactly the kind of practical, forward-looking cooperation we want to encourage,” he said. “It strengthens business, tourism and financial connectivity, while highlighting the important role innovation and fintech can play in our expanding strategic partnership.”
The President noted that Eurobank’s decision to establish its office in Mumbai reflected confidence in the growing opportunities linking India, Cyprus and Greece. He described the move as tangible proof of the rapidly developing economic cooperation between the three countries.
He also highlighted Cyprus’ role as a gateway connecting Europe, the Middle East and North Africa, positioning the island as a bridge between markets through stability, flexibility and strategic reach.
“There could hardly be a better time to explore these opportunities,” Christodoulides said, pointing to Cyprus’ upcoming Presidency of the Council of the European Union and the increasingly dynamic trajectory of EU–India relations.
The President added that Cyprus–India relations are gaining strategic depth and momentum at an unprecedented pace, ahead of his scheduled meeting with Indian Prime Minister Narendra Modi in New Delhi.
Eurobank CEO Fokion Karavias said the opening of the Mumbai office marked a historic milestone for the bank and aligned with the broader vision of strengthening the India–Middle East–Europe Economic Corridor (IMEC), with Greece and Cyprus positioned on the European side of the strategic route.
“This milestone builds on the landmark EU–India trade agreement concluded earlier this year,” Karavias said.
He added that the new office would help reinforce the role of Greece and Cyprus as strategic entry points for Indian companies seeking to expand into the European Union.
“Our commitment is already producing tangible results,” he said, referring to the launch of Eurobank’s cross-border remittance service from Greece to India via UPI.
“As a result of our strategic partnership with NPCI International, Eurobank becomes the first bank in Europe to offer cross-border money transfers to India through UPI.”
Karavias also announced that Eurobank, in collaboration with the Indian Chamber of Commerce (ICC), has established the India–Greece–Cyprus Business and Investment Council (IGC), aimed at deepening trade, investment and business cooperation among the three countries.
According to him, several companies and organisations from India, Greece and Cyprus have already joined the initiative, including the Federation of Indian Chambers of Commerce and Industry (FICCI), which became a member earlier on Thursday.
Karavias further noted that Cyprus has already attracted major Indian companies, citing Thomas Cook India, which has established its European headquarters on the island, and LTIMindtree, which has also launched a technology hub in Cyprus.
