Eurobank is considering establishing a representative office in Tel Aviv to strengthen its support for Israeli businesses and investors, as Cyprus seeks to build on closer economic ties with Israel and its growing role as a European business and investment hub.
The prospect was raised during the 8th Cyprus-Israel Business & Investment Summit, held in Tel Aviv this week, with the participation and support of Eurobank.
The conference brought together entrepreneurs, investors and institutional representatives from both countries, at a time when bilateral relations are expanding across trade, investment, energy, tourism, services, technology and innovation.
Eurobank was represented by Deputy CEO Andreas Petsas, while Senior General Manager Stefanos Kassianides addressed the conference, emphasising the importance of cooperation between the two countries.
In particular, Kassianides stressed that Cyprus and Israel, by making use of their complementary advantages, could serve as a natural bridge between Europe and the wider region.
He also drew attention to the important role that businesses, investors and financial institutions could play in taking advantage of new opportunities arising from greater regional connectivity and initiatives such as the India-Middle East-Europe Economic Corridor (IMEC).
Speaking about the relationship between the two countries, Kassianides said that “the business relationship between Cyprus and Israel has strengthened significantly in recent years, based not only on the geographical proximity of the two countries but also on the strong economic, commercial and institutional ties that connect them”.
He went on to point out that “the complementary strengths of the two economies create strong prospects for even closer cooperation between their business communities, while Cyprus serves as a natural gateway to the European Union and the wider region”.
It was in this context that Kassianides referred to Eurobank Group’s international presence and strategic development, revealing that the bank is examining the possibility of establishing a representative office in Tel Aviv.
The move would further strengthen its ability to support Israeli businesses and investors in their international activities.
The opportunities offered by Cyprus’ financial sector were also discussed during the summit, with Panayiotis Chrysostomou, manager of banking services and representative offices at Eurobank, taking part in a panel discussion on the country’s banking and investment services.
During the discussion, Chrysostomou outlined the opportunities Cyprus offers in these areas, placing particular emphasis on the role of the country’s financial institutions in supporting Israeli businesses and investors.
As he explained, “the role played by Cyprus’ financial institutions and banks, as stable and financially sound partners of Israeli businesses and investors, is of central importance to successfully capitalising on the prospects arising from their expansion into the European Union market, as well as the opportunities within the broader economic corridor connecting Asia and the Middle East with Europe, through Israel, Cyprus and Greece”.
Beyond its participation in the summit, Eurobank also supported a reception hosted by Cyprus’ ambassador to Israel, Cornelius Corneliou, to mark the 66th anniversary of the independence of the Republic of Cyprus.
The bank said its involvement reaffirmed its active role in strengthening cooperation between the Cypriot business community and international investment institutions.