Eurobank eyes bigger role linking India with Cyprus and Europe

Eurobank strengthens India links with first UPI paymentEurobank said its launch of the first cross-border payment from Greece to India through the Unified Payments Interface (UPI) marks a new step in strengthening economic ties between Europe and India, while positioning the bank as a key financial bridge between the two markets. The milestone follows the activation of the payment service in cooperation with NPCI International (NIPL), with Eurobank’s head of transaction banking Eleftherios Vlachogiannis outlining the bank’s broader strategy in an interview with the Athens News Agency. The inaugural transaction took place in the presence of India’s Commerce and Industry Minister Piyush Goyal, Eurobank chief executive officer Fokion Karavias and executives from NPCI International. The initiative forms part of Eurobank’s strategic partnership with NPCI International and follows the opening of the bank’s representative office in Mumbai, making Eurobank the first Greek and Cypriot bank with a physical presence in India. The bank has also sought to deepen economic ties between Europe and India through its participation in the India-Greece-Cyprus Business and Investment Council, the establishment of a technology centre in Pune and partnerships with major Indian organisations. Vlachogiannis said the newly launched UPI service currently supports outgoing payments by Indian citizens living in Greece to recipients in India, describing it as the first stage of the bank’s wider collaboration with NPCI International, the organisation behind what he called the world’s largest instant digital payments system. He explained that the service is fully integrated into Eurobank’s e-banking platform and mobile application, allowing Indian customers to send payments to anyone participating in the UPI ecosystem securely, at competitive cost and with real-time settlement. “The most important aspect is the philosophy behind the initiative,” Vlachogiannis said. “Instead of creating another closed payment system, we are integrating mature and internationally recognised payment ecosystems into the bank’s services so customers enjoy a simple, secure and modern transaction experience,” he said. “Innovation creates value when it delivers a genuine benefit for the customer,” he added. Vlachogiannis said the UPI initiative forms part of a broader strategy rather than a standalone project, describing India as one of the world’s most important economies, with strong growth, a dynamic business environment and increasingly close economic relations with the European Union. He also pointed to progress in negotiations on the European Union-India Free Trade Agreement, alongside strengthening ties between Greece and India, as factors underpinning the bank’s investment strategy. According to Vlachogiannis, Eurobank chose to establish its representative office in Mumbai after receiving the necessary approvals from the Reserve Bank of India and the relevant authorities. He said the office acts as a business hub connecting India, Greece, Cyprus and the wider European market, helping companies open bank accounts, access banking and financial services, build business networks, exchange market information and connect with local organisations, as well as legal and tax advisers. These services are delivered through the group’s network in Greece, Cyprus, Luxembourg, Bulgaria and the United Kingdom. For Greek businesses seeking to expand into India, Eurobank provides international payment solutions, foreign exchange management, cash management, trade finance and supply chain finance services. Indian companies looking to invest in Greece, Cyprus or elsewhere in the European Union can also access banking relationships, investment financing, assistance with establishing corporate structures and business connections through the Exportgate.in international trade platform, he said. Vlachogiannis stressed that corporate customers require different solutions from retail clients because commercial transactions involve larger values, foreign exchange risks and financing requirements. He explained that Eurobank supports these businesses through its international correspondent banking network, alongside trade finance and supply chain finance solutions that finance imports and exports, improve payment terms between buyers and suppliers and strengthen liquidity management throughout the supply chain. He added that the new UPI service complements the bank’s broader range of digital payment solutions, while secure, transparent and reliable transactions remain the priority regardless of the payment channel used. Looking ahead, Vlachogiannis said Europe and India are expected to strengthen their economic relationship further, with India emerging as a major pillar of the global economy and the European Union seeking closer ties with trusted strategic partners. He believes Greece and Cyprus are well placed to serve as gateways into the European market, thanks to their geographical location, European Union membership and increasingly close relations with India. “Eurobank’s objective is to remain at the centre of this development,” Vlachogiannis said. “We will continue investing in technology, international payments, trade finance and partnerships with leading Indian organisations, with the vision of helping create a strong economic corridor between India and Europe,” he said. “Our ambition is to act not only as a banking services provider but also as a strategic partner for businesses and investors seeking to benefit from the opportunities created by this dynamic market,” he added.