Popular international private bank EFG International is tackling the Brexit issue by expanding overseas.
As part of its latest move, the financial institution will be expanding further in Cyprus.
Though the Zurich-based bank has already conducted business in the island nation for over 6 years. However, it will now be expanding its licenses to capitalize on growth in the country.
A statement issued by the bank itself says that they will establish 2 new subsidiaries before the middle of February, namely the EFG Private Bank (UK) Limited and the EFG Cyprus Limited. Both subsidiaries will be located in Nicosia. Additionally, another office will be opened in Limassol in the months to follow.
The Cyprus subsidiary shall be managed via the EFG office in London, UK. Demetris Pisiaras, an EFG banker in the region with over 20 years of experience will be heading all operations in Cyprus.