Eurobank Assumes Principal Employer Role for Cyprus’ Largest Multi-Employer Provident Fund

Eurobank announced on Wednesday that it has officially stepped into the role of principal employer for the MAP multi-employer provident fund based in Nicosia, a change that took effect on December 8.

The bank characterised the move as a clear expression of confidence in the Cypriot economy and its long-term growth prospects.

“This development constitutes a significant upgrade for the fund and is expected to contribute substantially to the further enhancement of MAP’s corporate governance and investment process, benefiting its members,” Eurobank said in its statement. As the institution now overseeing the fund, the bank emphasised that “as the largest financial institution in Cyprus with long-standing experience in investment fund management, Eurobank will serve as a service provider, leveraging its expertise and resources in the areas of wealth management and occupational pension schemes.”

The bank further highlighted its commitment to maintaining high standards across the fund’s operations. According to the announcement, “the commitment of Eurobank is to safeguard the high level of quality of the fund’s services, as well as its smooth operation, while simultaneously strengthening its long-term developmental dynamic.”

Eurobank also noted that the transition does not sever the involvement of the previous principal employer. The statement underlined that AON Hewitt remains engaged with MAP “as a founding and participating employer” and will continue offering support and risk-management functions. This continued cooperation, the bank explained, “ensures the smooth continuation of the fund’s operation and the high quality of service that members have enjoyed until now.”

Members of the fund will not encounter any changes to their rights, participation terms, or investment strategy as a result of the shift. Likewise, no adjustments will be made to charges, account information, investment choices, platform access, login credentials, the web portal, the mobile application, or communication channels.

MAP’s administrative committee welcomed the transition, stating that “the experience and resources of Eurobank add value to the fund, strengthening its position as a point of reference in the Cypriot market for occupational pension benefits,” and noted that it “welcomed this strategic development.”

The announcement also included further context on the fund itself. MAP is a Cyprus-registered multi-employer provident fund organised in accordance with EU Directive 2003/41/EC. This directive was designed to create a harmonised legal framework across Europe for occupational retirement institutions, enabling them to operate across borders and fully benefit from the internal market. Its central objective is to ensure strong safeguards for future pensioners by setting minimum prudential requirements for solvency, supervision, and operations throughout the EU.

MAP operates under the supervision of the superintendent of occupational pension benefits, an authority within the Ministry of Labour, Welfare and Social Insurance. It is the largest provident fund serving non-affiliated employers in Cyprus, with a membership of 11,012 individuals across 526 companies and total assets amounting to €304 million.

By fLEXI tEAM