New Office
EFG Gets Green Light For Cyprus Expansion
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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.
EFG
International, the Switzerland-listed private banking group,
is pushing into the Cyprus market after having won regulatory
clearance, giving the firm more options to serve clients in the
European Union post-Brexit.
The Cyprus Securities and Exchange Commission and the Central
Bank of Cyprus have authorised EFG Cyprus Limited, a new
subsidiary investment firm of EFG Private Bank (UK) Limited,
based in Nicosia, and the representative office of EFG Private
Bank (UK) Limited, based in Limassol. The entities are likely to
go “fully operational” by early February 2021, EFG said in a
statement on Friday.
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. Pisiaras has been with EFG since 2002.
“The opening of our offices in Cyprus will allow us to expand our
international reach and to maintain a greater proximity to our
local client base following the UK’s departure from the European
Economic Area,” Richard Thomas, head of UK Region of EFG
International, said in a statement.
“A select number of UK client relationship officers have been
certified in Cyprus to provide investment services to ensure our
London-based Cypriot market expertise continues to drive growth
in the region,” he added.
In November last year, EFG International appointed Patrick Ramsey
as new head of continental Europe and Middle East regions and
member of the its global business committee. Ramsey, who took
over from Adrian Kyriazi, who decided to step down as of
year-end, will report to Giorgio Pradelli, chief executive.
A report late last year said that former Google chief executive
and multi-billionaire Eric Schmidt and his family had acquired
Cypriot citizenship. Schmidt was CEO of the tech giant from 2001
to 2011. He became executive chairman of Google and then Alphabet
until 2018. His personal fortune stands at around $19.2 billion.
