Zurich-based private bank EFG International has enhanced its presence in Cyprus as part of its strategy to focus on geographies that have “long-term growth potential”.
The Swiss bank secured the regulatory licences from the Cyprus Securities and Exchange Commission (CySEC) and the country’s central bank for a new subsidiary investment firm of EFG Private Bank (UK) in Nicosia. The new entity will be called EFG Cyprus.
It also received the approval for the establishment of a new representative office of EFG Private Bank (UK). The new office will be based in Limassol.
Demetris Pisiaras will be at the helm of the new entities, which are anticipated to start operations early next month.
A EFG veteran who joined the firm in 2002, Pisiaras is the market head for Cyprus at EFG Private Bank (UK).
EFG International head of UK Region Richard Thomas: “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.
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“Our distinctive value proposition combined with our extensive in-house products and service offering enables us to provide comprehensive financial solutions and advice to our clients 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.”
In October 2019, EFG International set up a new advisory office in Dubai after getting the nod from the Dubai Financial Services Authority.
The bank considers the UAE as a key market and this move too was part of its plan to focus on markets with long-term growth potential.