Private bank EFG International responds to Brexit: in Cyprus, the bank has expanded its licenses to absorb asset movements.
EFG International has been present in Cyprus for almost six years. Now the Zurich-based private bank has obtained additional licenses and plans to capitalize on the growth momentum, according to a statement the bank released on Friday.
Two new subsidiaries are to be established by early February, EFG Cyprus Limited and EFG Private Bank (UK) Limited in Nicosia. The bank also plans to open another office in Limassol.
The Cyprus business will be managed from London out of EFG's U.K. office. The head is Demetris Pisiaras, an experienced EFG banker who has worked in the region for nearly 20 years. He has built a team of advisers, he says, which has translated into strong growth in Cyprus. The two new units are expected to accelerate this further.
