Eurobank on Thursday opened a representative office in Mumbai, becoming the first bank from southeastern Europe to operate such a service in India.

A ceremony was held to mark the occasion at the city’s Taj Mahal Palace hotel, with Cypriot President Nikos Christodoulides saying that it is “particularly fitting that this inauguration takes place here in Mumbai – a city that reflects India’s strength, global outlook and spirit of creativity”.

“It is therefore no coincidence that Eurobank has chosen Mumbai for this very important step. The opening of the office here is a reflection of the confidence and the strategic vision in the growing potential of the partnership between India, Cyprus and Greece,” he said.

He added that “at the same time, it is a tangible step forward in the steadily growing economic partnership between the three countries”.

At the same time, he said, the office’s opening constitutes “proof of how Cyprus can serve as a gateway between Europe, the Middle East, and north Africa”, and a country which is able to “bridge markets and regions with stability, agility, and strategic reach”.

Eurobank chief executive officer Fokionos Karavias, meanwhile, said that his bank is “promoting the idea that Greece and Cyprus can act as strategic gateways for Indian companies wishing to expand”.

He also made reference to an earlier memorandum of understanding that the bank had signed with the federation of Indian chambers of commerce and industry (Ficci) at the morning’s Cyprus-India business forum, while saying that the bank has already attracted major Indian businesses to the island, including tour operator Thomas Cook India’s Europe office.

Alongside the opening of the office, Eurobank also announced that it is to begin operating a remittance service for Indian customers seeking to transfer money from Greece to their country of origin. 

The system utilises Indian company NPCI’s universal payment interface and will lower costs of international transactions made through Eurobank to and from India, while also facilitating those transfers to proceed quicker.

A memorandum of understanding to implement the system had initially been signed in 2024, and the system will now immediately be effective for transfers between Greece and India.

Government spokesman Konstantinos Letymbiotis confirmed to the Cyprus Mail that for Eurobank customers in Cyprus, the system will be available before the end of 2027.