Brexit moves Swiss bank EFG International to open new Cyprus offices

EFG International, a private banking group, is expanding its presence in Cyprus after receiving regulatory licences from the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus (CBC).

Now, as a direct result of Brexit, a representative office of EFG Private Bank will open in Limassol; while EFG Cyprus, a subsidiary investment firm of EFG Private Bank (UK), will set up shop in the capital city of Nicosia,” the bank said in a statement on Wednesday.

InvestCyprus worked with EFG International. “The attractive tax regime, low cost of doing business and speed of obtaining authorisations by regulators CySEC – Cyprus Securities and Exchange Commission and Central Bank of Cyprus is reflected in the growing interest by UK Financial Services Companies looking to Cyprus for Post-Brexit Solutions,” comments George Campanellas, CEO at InvestCyprus.

The Zurich-headquartered banking group has had a presence here for the past six years. Both are expected to be fully operational by early February 2021.

Richard Thomas, head of UK region of EFG International, said: “The opening of our offices in Cyprus will allow us to expand our international reach and to maintain a greater proximity to our local client base following the UK’s departure from the European Economic Area. The plan is to further increase EFG’s exposure to markets with long-term growth potential,” he added.

He said the firm’s “in-house product and service offering enables us to provide comprehensive financial solutions and advice to our client in Cyprus”.

“A select number of UK client relationship officers have been certified in Cyprus to provide investment services to ensure our London-based Cypriot market expertise continues to drive growth in the region.”

The offices will be overseen by Demetrius Pisiaras, market head for Cyprus at EFG Private Bank (UK) and chair of the new subsidiaries.

EFG Private Bank provides relationship-based international private banking and wealth management. The bank says that “relationships mean understanding, teamwork, trust, good communication, support and a shared vision. In a market that is ‘over-banked but under-served’ these core values are increasingly hard to find.”

UK financial services firms have two months from the beginning of this year to either establish a presence in Cyprus if they wish to continue operations.

The move by EFG International will undoubtedly be followed by many other firms in the sector.

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