Business Lunch of Eurobank Management with the Cyprus Minister of Finance

Athens, 23 March 2016

Today, the Management of Eurobank was honoured to hold a private business lunch with Mr Harris Georgiades, Cyprus Minister of Finance, as the official guest and with eminent participants representing the Greek business and shipping community.

Mr Nikolaos Karamouzis, Chairman of Eurobank’s Board of Directors, and Mr Fokion Karavias, Managing Director, welcomed the Cypriot Minister on behalf of Eurobank. The lunch was also attended by the Bank’s Deputy Managing Directors Messrs Stavros Ioannou and Theodoros Kalantonis, Eurobank Cyprus CEO and Head of Eurobank’s International Operations Division Mr Michalis Louis, Eurobank’s General Managers Messrs Konstantinos Vassiliou and Dimosthenis Arhontidis, as well as by Eurobank Cyprus Executives Mr Charis Champakis, Senior General Manager, and Mr Stephanos Kassianides, General Manager. Mr Georgiades was accompanied by his close associate Mr George Sklavos.

Mr Nikolaos Karamouzis, Chairman of the Board of Directors, introduced the Cypriot Minister to the attending business audience and highlighted the key role he has played in the successful efforts of Cyprus to quickly resolve the crisis. “Cyprus represents an example that sends an optimistic message to all of us: that Greece can quickly return to normality, as long as we have the political will and strong frontloaded initiatives that will convince the markets, the partners and society about our country’s prospects, make our investment and business environment attractive again and regain the trust in our intentions and policies, based on stable modern institutions, open competitive markets, effective reforms and a modern social policy that offers opportunities," said Mr Karamouzis.

Welcoming Mr Georgiades, Eurobank’s Managing Director Mr Fokion Karavias pointed out the importance placed by the Bank on the Cyprus market and the role that the Bank wishes to play in that market. He also highlighted that the Eurobank Group, with the strong participation of its private shareholders, following the latest share capital increase, is not just a stable investor in Cyprus, but also intends to further boost its presence in the country and play a key role in economic growth by supporting its customers and expanding its operations.

Mr Harris Georgiades presented the plan for Cyprus to resolve the crisis and exit the Memorandum, and stressed that the utmost concern for the Cypriot government was to make and implement decisions that would put the country on the right path to recovery. The Minister emphasised the importance of social and political consent for the strict implementation of the burdensome but necessary measures and the systematic efforts for reform being made in the country, which, he noted, are still ongoing. “Within three years, we have managed to return to positive growth figures and a primary surplus. We are, in fact, two years ahead of schedule and we have also been boosting the sustainability of the country’s public debt. These achievements have also promoted the stability of the banking system and the removal of all capital controls and have helped us regain the trust of the markets, of our European partners and of the people of Cyprus.” Finally, Mr Georgiades made a brief reference to the privatisation programme of Cyprus and the prospects for dynamic economic growth in the near future.