Eurobank Limited is on its way: The numbers behind the new bank's vision

A new era for Cyprus’ banking sector has begun with the unification of two renowned banking institutions on the island, Hellenic Bank and Eurobank Cyprus.

In a strategic merger that brings together the experience and values ​​of the two banks, the country's largest, and one of the leading, financial institutions is being created.

The merger of Hellenic Bank and Eurobank Cyprus is the natural evolution of the major investment made by the Eurobank Group through the acquisition of the entire share capital of Hellenic Bank, with the new bank being created having a strong local presence and - as a member of the Eurobank Group - preparing to operate while enjoying the support, infrastructure and know-how of a large international financial institution, such as the Eurobank Group.

The entry of the new consolidated bank into the Cypriot market is scheduled for 1 July, by which time the necessary supervisory approvals will have been obtained and the legal merger will have been completed. This - as Hellenic Bank CEO Michalis Louis states in an electronic newsletter to the bank's customers - includes the transfer of Eurobank's assets and liabilities, including all customer deposits held by Eurobank, to Hellenic Bank.

Additional products and services

It is recalled that, as officially announced last week, the consolidated bank will bear the name Eurobank Limited, in a decision that was made after thorough research and in-depth discussions, but also reflects the importance that the Eurobank Group attaches to its huge investment in Cyprus.

Eurobank Limited enters the market with the legacy of the deep relationship of trust that Hellenic Bank has developed over the years in retail banking in Cyprus, reinforced by the established credibility of Eurobank Cyprus in the corporate and private banking sector.

Essentially, based on the complementary models of the two banks, Eurobank Limited comes as a single, stronger bank, which will serve all categories of customers, businesses and individuals, with enhanced capital adequacy, an expanded range of services offered, a strengthened market position and the ability to offer more competitive products to its customers.

The dynamic and strong presence in numbers

The dynamic and strong presence of the consolidated bank, it is worth noting, is reflected in the numbers that accompany it, with the total value of the assets it holds (i.e. loans, cash, investments, real estate) amounting to €27 billion.

The loan portfolio amounts to €8.6 billion, while the total value of deposits is €23 billion.

The bank manages 42% of all deposits in the country's banking system, with its market share in loans standing at 36%.

At the same time, it is one of the largest employers in Cyprus, with a total staff of over 3,000 people, while it supports the economy by having paid taxes and other contributions in excess of €61.5 million in 2024.

How customers will "profit"

As mentioned above, the merger of Hellenic Bank and Eurobank Cyprus leads to the creation of the largest bank in Cyprus, Eurobank Limited, with its customers benefiting from a wider range of competitive products and services, as well as from the know-how, experience and advanced infrastructure of the Eurobank Group.

In particular, by offering enhanced stability, security and innovation capabilities for its customers, Eurobank Limited comes with the prospect of combining local experience with international know-how and offering an upgraded banking experience.

This is supported by the complementary business models of the two merged banks and the expanded branch network that the new bank now has, which allows it to offer a wider range of products and services, innovative solutions and increased operational efficiency.

In this way, what emerges as the sum of the entire equation in relation to its presence in Cyprus’ banking environment, is its enhanced ability to cover every personal or business need of its customers and to shape an even more resilient and competitive organisation.

The process and goal for a smooth transition

It is noted that with countdown for the 1 July milestone having begun and the consolidation process already underway, the entire merger project is being implemented with a focus on not affecting the customers of the two financial institutions in any way and ensuring a smooth transition to the new era of the consolidated bank without any impact on transactions or services offered.

As is specifically emphasised, the change will not come about overnight and will not be felt by the customers of the two banks from one day to the next; on the contrary, customers do not currently need to take any action, while any necessary information will be provided at a later stage.

Currently, as it has been made clear:

• Cards and checkbooks remain valid.
• Standing orders and transfers are not affected.
• IBANs and account numbers remain the same. The same applies to card PINs and online banking and mobile application codes, which remain operational.
• The personal banker remains the same.
• Account limits remain the same.
• Customers can be served normally from their branch, while joint branches will gradually be created for customers of both banks (branch in branch).

"Our name, size and dynamics are changing, but our common values, dedication to the customer and our commitment to the Cypriot market remain," a bank executive told InBusinessNews when asked to outline the central message that the new organisation's customers should keep in mind in view of the new era that begins in a few weeks.

Michalis Louis: A reliable and innovative bank

It is worth noting that the vision, the goal and the philosophy on which the merger is based are clearly reflected in the informative electronic letter to the bank's customers by the CEO of Hellenic Bank, Michalis Louis.

Providing information on the imminent completion of the merger, Louis emphasises that "we envision an organisation that relies on its people and its customers and that aspires to play a key role in the country's economy and the prosperity of our society."

"The new bank," underlines Michalis Louis, "expresses our strong heritage and our commitment to the future, namely to serve Cyprus as a reliable and innovative bank, creating added value for our customers, the economy, and society of our island."

(Source: InBusinessNews)