The new operation, which will form part of EFG Bank (Luxembourg), will be based in Nicosia, Cyprus, with a satellite office in Limassol. It will be spearheaded by Costas Stylianou, who previously spent 11 years at Alpha Bank in Cyprus, where he was head of the international division and a member of the executive committee.

Stylianou will work closely with Demetris Pisiaras, who is based in London and serves as market coordinator for Cyprus.

The group, which is listed on the SIX Swiss Exchange, said the new offices reflect its “commitment to enhancing service and growing its business with international clients residing in Cyprus, international investors, as well as the Cypriot diaspora”.

EFG International's group of private banking businesses operates in around 30 locations worldwide, with some 2,000 employees.