Eurobank, which, through its Luxembourg branch, is increasing its share in the wealth management market, is integrating all of the group's private banking activities. The big step is called Temenos, a radical change in the basic banking system. The management's ambitious goal, according to BnB Daily, is to bring the funds under management to €20 billion, which is considered feasible as the industry is constantly growing. 

CHANGING STRATEGY

Against this backdrop, the bank is changing the structure of private banking at group level, with an upgrade to Luxembourg, with the branch there acting as an umbrella for private banking in Greece, Cyprus, Bulgaria and London. These regions will be coordinated centrally from Luxembourg. 

THE SOFTWARE

The Temenos software is the largest banking platform worldwide, combining innovation and digital transformation, hence its services in over 150 countries. It is already operational in Cyprus and is now being installed in Luxembourg. 

THE TWO BUSINESSES IN CYPRUS

Apart from the expansion in Mumbai, which BnB Daily has already informed you about, two other important moves are underway in Cyprus. By the end of May, the acquisition of 100% of Hellenic Bank is expected, and by the end of March, the completion of the acquisition of the insurance company CNP.

Specifically, by the end of May, according to reports, the public offer for the acquisition of 100% of Hellenic Bank by the Eurobank group is expected to be completed, followed by the legal and operational merger with Eurobank Cyprus.

At the same time, the acquisition of the insurance company CNP will be completed in the first quarter of 2025, establishing the bank as a leading financial group with a strong presence in both the banking and insurance sectors in Cyprus.