Eurobank Cyprus: Serving the Maritime Industry

Eurobank Cyprus has been serving the maritime industry since 2007, and currently offers a broad range of banking products and services. The bank’s local presence in this highly demanding sector is a key element in the local shipping cluster, and further supports the role of Cyprus as a major international maritime hub.

Eurobank Cyprus Ltd started its operation in August 2007 and has to date recorded a steady rate of growth, healthy profitability and a strong capital base and liquidity. The bank currently operates a network of 8 banking centres in all major cities. Supported by its strong financial performance and position, Eurobank Cyprus continues its dynamic growth and support of Cyprus’ economy. Its business model differentiates it from competition, as it offers tailor-made solutions to its clients’ needs within a Wholesale Banking framework, based on five main pillars:
• Corporate Banking (including Shipping Finance)
• Wealth Management
• International Business Banking
• Global Markets
• Affluent Banking

What are the key elements of your success, and what banking solutions do you offer to your shipping clients?
A core element of our success is our commitment in relationship management, relying on our staff’s solid knowledge and experience in their area of business, client-centric culture and commitment in providing our clients with a high-quality of service and solutions to facilitate their banking needs.

At Eurobank Cyprus we continuously invest in the training of our staff and the adoption of advanced technologies. With the aim of further improving the quality and range of our services, we are currently implementing a holistic digital transformation through the replacement of our existing banking system with new, cutting-edge technology. The project will be completed within 2022, and will further facilitate our offering of efficient and innovative products and services to our clients.

Eurobank Cyprus has been serving the maritime sector since 2007, and currently offers a broad range of banking products and services, such as transactional services, a tailor-made e-banking platform, deposit and treasury products, custodian services, escrow services, trade finance facilities and a range of services to funds. In addition, we offer shipping credit facilities in collaboration with Eurobank Group’s shipping hub in Piraeus, building on our parent group’s leading presence, solid know-how and long expertise in the sector. We trust that our local presence in this highly demanding sector is a key element in the local shipping cluster, and lends support to the role of Cyprus as a major international maritime hub.

Cyprus has successfully built a diversified and robust maritime industry, which offers a unique set of competitive advantages. Why should international shipping companies and investors consider Cyprus as a shipping hub?
The shipping sector has always been of major significance to Cyprus’ economy, contributing approximately 7 per cent of its GDP in recent years. Cyprus’ ship registry is the 3rd largest in Europe and the 11th largest worldwide. Also, Cyprus is considered to be the largest 3rd party shipmanagement centre in Europe, and among the top 5 globally. The broader maritime sector in Cyprus provides employment to more than 4,500 short-based professionals and 500,000 seafarers, while the establishment in recent years by local universities of academic and vocational programmes covering a broad range of maritime disciplines supports the future supply of a skilled local workforce.

Cyprus’ commitment and success in achieving the above are indicative of the particular importance it places on its continuing attractiveness as a shipping hub. For international shipping companies and investors, Cyprus offers a number of core competitive advantages, which include:

• a favourable legal, regulatory and tax framework (including, among others, the tonnage tax regime for shipping companies, low corporation tax, and income tax incentives for foreign expatriates relocating to Cyprus),
• its business-friendly culture, coupled by the existence of a broad spectrum of top-quality and competitively-priced accounting, legal, advisory and other services, offered by professionals highly qualified in their respective fields,
• banking and shipping finance services offered by all major local banks,
• its modern infrastructure, communications, road network and airport connections with a broad range of destinations, and, last but not least,
• the pleasant climate and family-friendly environment, which add to the quality of life of foreign professionals living and working on the island.

Eurobank offers relationship-oriented finance through its specialised local and Group Shipping Divisions. What are the other benefits of dealing with your financial institution?
Eurobank Group is the largest Greek ship lender, and the 2nd largest lender globally to Greek and Cypriot shipowners. In parallel with its parent bank, Eurobank Cyprus has built substantial local experience in a complete range of banking services to numerous shipping clients, while being a leading ship lender in the Cyprus market.

For our valued clients, Eurobank Cyprus is a banking partner of healthy performance and position, offering quality and expertise in servicing the banking needs of corporate and individual clients alike (with our shipping clients having a central focus), and a personalised, client-oriented approach. Dealing with the only bank in Cyprus which belongs to a banking group of international presence (Greece, Cyprus, Luxembourg, United Kingdom, Serbia and Bulgaria), our clients also benefit from substantial expertise at Group level, not only in shipping, but also in other banking products, services and specialised areas of finance. Eurobank’s particular presence in Cyprus, Greece and Luxembourg also provides substantial synergies and flexible solutions for our clients’ private banking and wealth management needs.

Therefore, the combination of our established local presence, experience and client-oriented service, and our Group’s international outreach and expertise, offer advantages and synergies to our clients which are unique for a financial institution in Cyprus.