EFG International enhances presence in Cyprus
EFG International has announced the enhancement of its presence in Cyprus. Having received the necessary regulatory licences from the Cyprus Securities and Exchange Commission (CySEC) and the Central Bank of Cyprus (CBC), EFG Cyprus Limited. A new subsidiary investment firm of EFG Private Bank (UK) Limited based in Nicosia, and a new Representative Office of EFG Private Bank (UK) Limited based in Limassol. They ae expected to be fully operational by early February 2021.
The new operations will be overseen by Demetris Pisiaras
This enhanced presence in Cyprus will lay the foundation for further increasing EFG’s exposure to markets with long-term growth potential. The new operations will be overseen by Demetris Pisiaras, Market Head for Cyprus at EFG Private Bank (UK) Limited and Chair of the new subsidiaries. Demetris Pisiaras has been with EFG since 2002 and is a seasoned private banking professional with extensive experience in the region. He has successfully built a team of Client Relationship Officers with indepth market and investment expertise, resulting in strong growth momentum in Cyprus which will be further supported through the setup of the two new entities.
Expanding into Cyprus
Richard Thomas, former Head of UK Region of EFG International now Global Head of Private Clients at Moneycorp said: “The opening of offices in Cyprus will allow us to expand international reach and to maintain a greater proximity to the local client base following the UK’s departure from the European Economic Area. The distinctive value proposition combined with our extensive in-house products and service offering enables EFG to provide comprehensive financial solutions and advice to UHNW clients in Cyprus. A select number of UK Client Relationship Officers have been certified in Cyprus to provide investment services to ensure the London-based Cypriot market expertise continues to drive growth in the region.”
Key Takeaways
- EFG International enhances its presence in Cyprus with new entities: EFG Cyprus Limited and a Representative Office in Limassol.
- Demetris Pisiaras will oversee operations as Market Head for Cyprus at EFG Private Bank, leveraging his extensive experience since 2002.
- The new offices will help expand EFG’s reach and client base after the UK’s departure from the European Economic Area.
