By Xenios Mesaritis
The merger between Hellenic Bank and Eurobank Cyprus represents a decisive restructuring of the country’s financial landscape, with the goal of being executed as discreetly as possible—without “disturbing” customers.
Described in the corridors of both banks as a “union of two strong institutions,” the formation of Eurobank Limited and the new entity resulting from the merger of Hellenic Bank and Eurobank Cyprus is more than just a business transaction. It is, as noted, “a strategic unification that brings together the history, experience, and values of two established banking organisations.”
Eurobank Limited aspires to become the most resilient, comprehensive, and technologically agile banking force in the country.
And judging by the numbers, that aim seems to be achieved from day one of this “coexistence,” with €27 billion in total assets, €8.6 billion in loan portfolios, and €23 billion in deposits.
The bank will now manage 42% of all deposits and hold 36% of the loan market share—figures that make it the most powerful financial player in the Republic of Cyprus.
Behind the name change
One of the most symbolic moves is the renaming to Eurobank Limited, which also signals the end of Hellenic Bank. While this is presented as a natural outcome of the merger, the name change is in fact a deliberate strategic choice designed to reflect “the importance the Eurobank Group places on Cyprus.”
Following in-depth research, the decision was made to fully integrate the Cyprus presence under the brand of the parent company.
“We recognise the deep trust relationship Hellenic Bank has built with retail banking in Cyprus.” As we were told, this is now being reinforced by Eurobank Cyprus’s established reputation in corporate and private banking.
As Group CEO Fokion Karavias had previously stated, Eurobank is “a Greek-Cypriot group,” and the €800 million investment in Cyprus is not opportunistic but long-term. (This statement was made in Athens in March 2024, prior to the finalisation of the acquisition.)
The name, therefore, carries both financial and political weight, essentially signalling that Cyprus is seen as a key pillar of the Group.
A merger that won’t be… felt
What makes this merger unique is that it has been designed in a way that it won’t be noticeable to the customer—at least not in terms of inconvenience or disruption. All existing arrangements remain intact: account numbers, IBANs, PINs, online banking credentials, cards, standing orders, account limits, branches, and customer service personnel.
What changes is the depth and quality of the banking relationship. As stated by bank sources to Economy Today, the bank “continues to stand by the customer at every step, offering innovation, security, and excellent service.” Meanwhile, a gradual co-location of both banks’ networks is planned through the “branch in branch” model, which will allow for better utilisation of space and human resources.
Clearly, “the transition won’t happen overnight,” but as Michael Louis recently said, “We will merge the two banks without our customers even realising it.”
A stronger organisation with more competitive products
According to Economy Today, “the merger is expected to offer a wider range of competitive products and services, combining the know-how, experience, and infrastructure of the Eurobank Group with Hellenic Bank’s strong local presence.”
This model brings both innovation and an upgraded banking experience. The aim is for every transaction—from daily retail actions to complex private and corporate banking—to stand out for its simplicity and transparency.
At the same time, the merger creates a more resilient and competitive organisation. With a strong balance sheet, technological excellence, and organisational flexibility, Eurobank Limited is positioned to lead a new era in Cypriot banking.
A weighty player for the wider economy
One must not overlook the significance of the bank to the broader economy. With over 3,000 employees and tax contributions exceeding €61.5 million for 2024, Eurobank Limited is not merely an economic entity but a key institution within the country’s productive fabric.
It remains to be seen in the coming months whether the words of Hellenic Bank CEO Michael Louis—“we will invest significant capital to become not just the biggest, but the best bank in the country”—will come to fruition.
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Source: Economy Today
