Eurobank Cyprus Highlights
Eurobank Cyprus Quarterly Highlights - Your gateway to exclusive interviews, updates from the group, impactful initiatives, and future forecasts.
Stay informed, stay ahead.
Wealth Management Division
With €11.7 billion in assets under management, Eurobank's Private Banking Group is committed to delivering exceptional wealth management solutions that meet our clients’ evolving needs from four different locations: Cyprus, Luxembourg, Greece, and the United Kingdom. In Cyprus, the Wealth Management Division has been one of the Bank’s strongest assets ever since the beginning of Eurobank Cyprus’ operations on the island. This Division offers tailored banking, credit and investment solutions to High Net Worth individuals, institutional investors, funds and fund managers. The Wealth Management team comprises of over 40 highly skilled and accredited professionals with long experience in wealth and asset management.
Introducing our new Wealth Portal
During his interview with INBusiness, Constantinos Christou, CFA, Manager of Investment Services for International Clients, shared insights about our new digital Wealth Portal and how it enhances the traditional wealth management experience. He emphasized how our new Wealth Portal offers seamless access to online tools that strengthen active portfolio management, including placement of orders in real-time, insightful analytics, instant reporting, consolidated investment portfolio monitoring, tailor-made dashboards and much more.
Navigating Market Dynamics - Insights from Savvas Christodoulou, CFA
In his interview with INBusiness, Savvas Christodoulou, CFA, Manager of the Investment Advisory Unit, highlights record-breaking performances in major equity indexes. Overall market valuations, as he pointed out, remain slightly above long-term averages. However, they are supported by strong corporate profitability and the expected improvement in inflation, which will eventually drive policy rates lower.
Bond yields are stable compared to last year, offering investors positive expected returns amid rising fiscal expenditures and evolving supply chain conditions. Geopolitical tensions in the Middle East continue to influence commodity markets, equities, and bonds.
Decisions made by developed central banks are pivotal. The FED is expected to cut rates late in 2024, whereas the ECB is expected to cut rates in June 2024.
Under current circumstances, our Investment Advisory Unit prioritises risk management, leveraging valuation differences across sectors and regions to navigate market volatility effectively.
Four Prestigious Awards in Private Banking by Euromoney Magazine
Eurobank Cyprus is proud to have received four esteemed awards for 2024 from the world-renowned Euromoney Magazine. These awards highlight our dedication to providing exceptional banking services and innovative solutions to our clients across all four countries where we operate: Cyprus, Greece, Luxembourg and London.
Eurobank Cyprus received the following recognitions:
In addition to these awards, Eurobank Greece was named ”Best Domestic Private Bank in Greece” for 2024, further confirming our commitment to excellence in banking services.
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Michail Vassileiadis, Research Economist of our Group provides a preliminary assessment of implications of the Middle East tensions for Cyprus and potential counteracting factors
Cyprus has economic ties with Israel and other Middle East (ME) countries throughout time. Recently, the rise in tourist arrivals from Israel in 9M2023 (+77.7%YoY), although reversed in Q4 due to the war in Gaza, was the main growth driver in total arrivals last year, which reached the 2019 all-time high. In addition, the spike in real estate transactions since 2018, leading to a 16-year high in 2023, is mostly owed to foreign buyers, whose share edged 44.3% last year, with demand from Israel and other ME countries being a significant determinant of this increase. On the flip side, the tension in the Suez Canal could hinder activity in the maritime sector, whose turnover rallied in 2021-2022 (+43.4% and +20.7%, respectively), a much faster expansion than that in nominal domestic output (+14.8%, +10.8%). Amidst these developments, the Cypriot economy has shown preliminary signs of resilience in some of the above sectors in Q1 2024. Tourist arrivals grew in Q1 2024 by 5.4%YoY, with the number of European countries that drove growth implying a greater degree of market diversification relative to 2023; the robust March print (+9.8%YoY) came on the back of the earlier catholic Easter holiday than last year. Mixed trends appeared in real estate sales in Q1 2024, resulting in a weakly positive change in the number of transactions (+0.6%YoY). Stabilizing dynamics were expected after years of strong real estate market performance, while demand is daunted in some regions by rapidly rising prices. From a broader point of view, investment stimulus in 2024 is expected to come mainly from the restart of RRF inflows, while weaker inflation on the back of disinflationary measures, together with lower unemployment, will boost household consumption, supporting our 2024 real GDP growth projection of 2.9%.
Source: Eurostat, Eurobank Research
Eurobank Cyprus Welcomes Ms. Katerina Charalambous to the Executive Committee
Ms. Katerina Charalambous, Head of Centralized Operations and Οrganization & Methods, has been appointed as a Member of the Executive Committee.
We would like to congratulate Ms. Charalambous on this well-deserved achievement. Her appointment reflects our steadfast dedication to promoting gender diversity and equality in the banking industry. At Eurobank Cyprus, we remain committed to offering equal opportunities to all individuals who demonstrate exceptional talent.
News From our Group
The Eurobank shipping portfolio retained its top position among all international lenders to Greek shipping, being ranked #1 among all Greek banks and #2 internationally in the 2023 Petrofin Research? report. Published for the 23rd year running, the report provides an overview and an in-depth analysis of the bank loan portfolios to Greek shipping. In 2023 Eurobank’s shipping loan portfolio posted a 16.03% rise compared to 2022.
Learn more: https://lnkd.in/drfjyQQs
Corporate Social Responsibility
As part of our CSR program, we constantly strive to support our community and people in need. Since the previous issue of our Quarterly Highlights report, we have implemented a series of additional CSR initiatives such as building our team of volunteers called TeamUp and supporting the Cyprus Red Cross Society in Nicosia and Limassol, with the preparation of the 'Easter Packages of Love', which were handed out to families in need during Easter.
Furthermore, the Bank proudly supported the 49th Christodoula March, Cyprus' leading cancer awareness campaign, standing by the side of the Cyprus Anti-Cancer Society .
Our upcoming initiative involves the clean-up of one of the dirtiest beaches in Cyprus. More than 100 TeamUp volunteers will partake in the clean-up of Karnagio beach in Limassol on May 19. A clean up of seabed in the same area will take place at the same time, with the support of professional divers. Follow our LinkedIn page for more updates on this initiative.
Eurobank Cyprus Quarterly Highlights - Your gateway to exclusive interviews, updates from the group, impactful initiatives, and future forecasts.
Stay informed, stay ahead.