Swiss private banking group EFG International has formally launched its business in Cyprus as part of its strategy to grow its presence in overseas markets.

"The offices in Cyprus are now fully operational, and reflect EFG International’s commitment to enhancing service and growing its business with international clients residing in Cyprus, international investors, as well as the Cypriot Diaspora," the bank said in a press release.

The Cyprus operation is a branch of EFG Bank (Luxembourg) and is based in Nicosia, with a satellite office in Limassol.

The private bank has appointed Costas Stylianou as its senior representative in Cyprus. Stylianou previously spent 11 years at Alpha Bank in Cyprus, where he was head of international division and a member of the executive committee.

Stylianou will work very closely with London-based Demetris Pisiaras, who is the market coordinator for Cyprus, the statement added.