In the aftermath of the 2008 financial crisis, Europe was hit by sovereign debt burdens. Following Greece, Ireland and Portugal, in 2013 Cyprus – which had adopted the euro just months before the crash – became the fourth country to receive a bailout from the European Commission, the European Central Bank and the IMF.
The Mediterranean island’s economy shrank, and its banking industry suffered a major collapse, with the two biggest banks taking or cutting their savers deposits. The system’s credibility had been substantially undermined.
Eurobank Cyprus not only resisted those tough days, but emerged stronger. Now, 10 years since the bank started operations in Nicosia, Antonis Houry, Manager of Strategy and Business Development for the bank’s wealth management department, reflects on the bank’s strategy during the crisis.
The bank has evolved a great deal over the past decade, and now plans to exploit the opportunities in the wholesale sector. Following a strong economic recovery in a relatively short period of time, the future seems brighter for the financial industry in Cyprus.