Cyprus is not just an economic miracle; it’s a resilient, flexible, and forward-looking economy,” according to Stavros Ioannou, Deputy CEO of Eurobank.

Speaking at a recent conference in Athens, Ioannou’s address focused on Cypriot business opportunities, outlining the country’s transformation into a hub of growth, innovation, and investment appeal.

Highlighting the country’s resilience, Ioannou referenced European Commission projections for Cyprus’ economic performance.

“The European Commission forecasts a 3.6 per cent growth for 2024, with strong momentum of 2.8 per cent in 2025 and 2.5 per cent in 2026,” he said.

He also mentioned the country’s commendable fiscal balance, decreasing inflation, and upward wage trends.

Moreover, Ioannou underscored the confidence global institutions have in Cyprus.

“Major rating agencies such as Moody’s, Fitch, and Standard & Poor’s have placed Cyprus in the ‘A’ credit rating category, while Morningstar DBRS predicts robust GDP growth and improved unemployment rates,” he commented.

Beyond numbers, Ioannou celebrated the country’s role as a “pillar of stability and security in the region.”

He further highlighted the strategic significance of Cyprus’ recent military collaboration with the United States, which he said positions the island as a gateway for investment and a symbol of geopolitical stability.

Cyprus, Ioannou explained, has become a “fertile ground for investments” beyond its traditional tourism sector.

“Technology, healthcare, education, and shipping are sectors with immense potential,” he said.

He added that the island is evolving into a European investment hub.

2025 will be a milestone year for Cyprus, attracting fund managers and business opportunities that will further solidify its global reputation,” he said.

Ioannou also mentioned Cyprus’ unique position as a bridge between Europe, the Middle East, and beyond.

“Our location, combined with political and economic security, is driving significant interest from Middle Eastern enterprises and substantial energy investments poised to transform Europe’s energy map,” he said.

Turning to Eurobank’s contributions, Ioannou described the bank’s strategic growth in Cyprus over the past 17 years.

“Eurobank Cyprus is already the nation’s third-largest bank,” he said. “Our acquisition of Hellenic Bank signifies our intent to establish the strongest and most dynamic banking organisation in Cyprus.”

The merger, he explained, will aim to streamline services while expanding into areas such as asset management, bancassurance, real estate, and foreign syndicated loans.

“We aspire to be the trusted bank for Cypriots, supporting their needs and driving the nation’s economic aspirations,” he stated.

Ioannou also pointed out that Eurobank’s regional ambitions extend beyond Cyprus.

“We recently signed a Memorandum of Understanding to form the India-Greece-Cyprus Business Council and opened a representative office in Mumbai,” Ioannou mentioned.

The initiative seeks to position Cyprus as a European gateway for Indian and Middle Eastern businesses.

“India, poised to become the world’s third-largest economy by 2030, presents a tremendous opportunity for Cyprus to act as a business and investment hub,” he added.

Meanwhile, Ioannou also reflected on Eurobank’s record-breaking financial results for 2024, citing the bank’s balanced asset allocation across Greece (60 per cent), Cyprus (27 per cent), and Bulgaria (11 per cent).

“Eurobank is now the only Greek banking institution deemed systemically important at the European level,” he said. “Our adjusted net profits increased by 24.9 per cent year-on-year, and international operations contributed 43.5 per cent to group profitability.”

Moreover, Eurobank’s wealth management sector also experienced significant growth.

“Private banking assets rose 19.6 per cent year-on-year to €12.8 billion in 2024, of which €3.9 billion is attributed to Cyprus,” Ioannou said.

Closing his speech, Ioannou called for decisive action to capitalise on Cyprus’ potential.

“Now is the time to leap forward, building sustainable momentum for continuous growth,” he said.

He cited the importance of strategic timing amidst rapid technological and geopolitical shifts.

“Eurobank’s approach combines profitability, innovation, and sustainability to support economies where we operate while exploring new opportunities,” he added.

“We are entering a new, creative era full of opportunities. It’s up to us to seize them, laying the groundwork for a brighter, more prosperous future for Cyprus and beyond,” Ioannou concluded.