Eurobank opens India office, launches UPI payments

Eurobank is strategically expanding its presence in India by inaugurating a representative office, a move designed to enhance trade and investment flows. This initiative is directly linked to the recent free trade agreement between the European Union and India, aiming to establish Greece and Cyprus as crucial entry points for Indian companies looking to access the EU market.

This new office marks Eurobank's first institutional presence in India. It will serve as a hub for fostering business collaborations, attracting investments, and facilitating knowledge transfer. The bank also intends to use this platform to promote its services and provide comprehensive information to Indian businesses and investors, thereby strengthening its role in the India-Middle East-Europe Economic Corridor (IMEC).

Coinciding with the office inauguration, Eurobank activated its cross-border payment service from Greece to India. This service operates via the Unified Payments Interface (UPI) infrastructure, stemming from a strategic partnership with NPCI International Payments Limited (NIPL), a subsidiary of India's National Payments Corporation of India (NPCI). Eurobank is now the first Greek and Cypriot bank, and indeed the first in Southeast Europe, to integrate the UPI infrastructure for cross-border transactions with India.

The new payment service, already available in Greece and slated for expansion to Cyprus, covers the entire transaction cycle, from initiation and settlement to reconciliation and dispute management. This significantly improves connectivity and capital flow between the two markets. The inauguration event was attended by a high-level Eurobank delegation, including CEO Fokion Karavias.