Eurobank on Wednesday announced that it has taken on the crucial role of principal employer for the MAP multi-employer provident fund in Nicosia.

According to the statement, this came into effect on December 8, with the bank describing it as a vote of confidence in the Cypriot economy and its developmental 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.

“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,” it added.

The statement further stated that “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”.

The announcement also mentioned that the former principal employer, AON Hewitt, remains by MAP’s side as a founding and participating employer and continues to offer support and risk management services.

The bank explained that this “ensures the smooth continuation of the fund’s operation and the high quality of service that members have enjoyed until now”.

Moreover, the change of the principal employer does not bring about any differentiation in members’ rights, terms of participation, or the fund’s investment plans.

There will also be no changes to charges, account details, investment options, access to the platform with existing login details, the web portal, the application, or the contact numbers.

“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,” the MAP administrative committee said, adding that it “welcomed this strategic development”.

The bank also provided additional details about the fund. Specifically, MAP is a multi-employer provident fnd registered in Cyprus and operating in full alignment with the EU Directive 2003/41/EC.

Directive 2003/41/EC aims to establish a consistent, pan-European legal framework for institutions providing occupational retirement benefits, allowing them to operate across borders and benefit fully from the advantages of the internal market.

The directive’s core purpose is to guarantee a high degree of security for future pensioners by laying down minimum prudential standards for the activities, solvency, and supervision of these institutions across the European Union.

The announcement added that MAP is supervised by the superintendent of occupational pension benefits, which falls under the Ministry of Labour, Welfare and Social Insurance.

MAP constitutes the largest provident fund for non-affiliated employers in Cyprus, serving 11,012 members across 526 companies, with assets totalling €304 million.