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Eurobank Ergasias Services and Holdings S.A.

Trade name	Eurobank Holdings
Native name	Eurobank Ergasias Υπηρεσιών και Συμμετοχών Α.Ε.
Formerly	V. Karavasilis Tobacco Company and Bank Karavasilis Bank Professional Credit Bank Bank of Athens EFG Eurobank EFG Eurobank Ergasias
Company type	Public
Traded as	Athex: EUROB
ISIN	GRS323003012
Industry	Financial services
Founded	19 March 1924; 100 years ago (1924-03-19) in Athens, Greece
Founder	Vasilios Karavasilis
Headquarters	Athens, Greece
Number of locations	616 branches (2022)
Area served	Bulgaria Cyprus Greece London United Kingdom Luxembourg
Key people	Fokion Karavias (CEO) George Zanias (Chairperson)
Services	Cash management Factoring Forfaiting Investment banking Retail banking Wealth management
Revenue	€3.135 billion (2022) €1.900 billion (2021)
Operating income	€1.735 billion (2022) €483 billion (2021)
Net income	€1.330 billion (2022) €328 million (2021)
Total assets	€81.460 billion (2022) €77.852 billion (2021)
Total equity	€6.718 billion (2022) €5.635 billion (2021)
Owner	Fairfax Financial (32.93%) Capital Group Companies (5.05%) Helikon Investments (5%)
Number of employees	11,328
Subsidiaries	Eurobank Eurobank Cyprus Eurobank Private Bank Luxembourg Hellenic Bank (55.6%) Postbank (99.99%)
Capital ratio	15.2%
Website	eurobankholdings.gr

Eurobank is a financial organisation that operates in Greece, Cyprus, Luxembourg, Bulgaria and the UK. As of December 2018, the Eurobank Group counts, €58 billion in assets, 653 customer service locations in Greece and abroad, and 13,162 employees.

Eurobank has been designated as a Significant Institution since the entry into force of European Banking Supervision in late 2014, and as a consequence is directly supervised by the European Central Bank.

History

The bank was incorporated in 1924 as “V. Karavasilis Tobacco Company and Bank SA”. In 1937 it was renamed “Karavasilis Bank SA” and in 1952 “Professional Credit Bank SA”. In 1964 it was acquired by the National Bank of Greece, who renamed it Bank of Athens in 1992.

The Euromerchant Bank SA (Ευρωεπενδυτική Τράπεζα ΑΕ, lit. transl. euro-investment bank) was founded in 1990. It took over 75% of EFG Private Bank (Luxembourg) S.A.'s operations in 1994. In 1997 it was renamed EFG Eurobank SA and acquired Interbank Greece SA and the branch network of Crédit Lyonnais Grèce SA. In February 1999 EFG Eurobank SA merged with Cretabank SA.

In March 1999, Bank of Athens merged with EFG Eurobank SA. In 2000 the bank changed its name to EFG Eurobank Ergasias SA after taking over the renowned Ergasias Bank. In 2002 it acquired Telesis Investment Bank, followed by UnitBank in 2003. A financial products subsidiary was founded in 2007 (49.9% owned by employees).

In 2012, the bank sold 70% of the Polish branches called Polbank to Raiffeisen Bank International.

In 2012, the Spiros Latsis associated Eurobank EFG merger with Giannis Kostopoulos's (Greek: Γιάννης Κωστόπουλος) Alpha Bank was cancelled because of the Greek debt crisis. The proposed merger included a capital boost from Qatar Investment Authority of 500 million euro convertible bond and a 1.25 billion euro rights issue which would have Qatar Investment Authority a major shareholder and from Southeast Europe's biggest bank with assets of 150 billion euros and 80 billion euros of deposits.

After the Greek financial crisis and bailouts of Greek banks in 2012, Swiss-Luxembourg based EFG Group—the then owner of Eurobank—was told to separate the Greek bank from the rest of its business. In July of that year Eurobank was deconsolidated from the group and its shares sold to the Greek Latsis family and it was renamed Eurobank Ergasias.

In January 2013, the National Bank of Greece made an offer, which ultimately did not go through, to take over Eurobank Ergasias; 64,000 Eurobank shareholders and the Greek capital market commission agreed. Later in 2013 Eurobank acquired New TT Hellenic Postbank and New Proton Bank.

The bank was the third largest in Greece by total asset by total loans and total deposits, and the fourth by market capitalisation—as at December 2014.

Since 1 February 2015, the chairman and non-executive director of Eurobank Ergasias has been Nikolaos Karamouzis; Fokion Karavias has been the CEO and executive director since the same day. Canadian fund Fairfax Financial are major shareholders, with an 18.2% stake in 2018, that was increased after the takeover of Grivalia Properties until 32.9%.

In the end of year 2015 results, total net loans were €39.9 billion (non performing 43.8%, of which provisions were at 53.3%), customer deposits €31.4 billion, and central bank funding was €24.3 billion.

At the end of 2020, the bad loans of the group reached an amount of €5.7 billion. In March 2020, Eurobank announced a project for reducing its nonperforming loans index from 14% to 9%.

In March 2023, the Greek bank Eurobank sold its Serbian unit to AIK Banka for €280 million, becoming Serbia's second-largest financial conglomerate.

In September 2024, Eurobank finalised the acquisition of a 26.1% stake in Cypriot Hellenic Bank thus increasing its stake in Hellenic to 55.9 per cent of the Cypriot bank's shares. On 7 November 2024, Eurobank increased its stake in Hellenic Bank to 68.81% of the shares and announced its intention to make a full bid on Hellenic

Major acquisitions

• In 1998, 78.23% of Bulgarian Postbank was taken over.
• In 2000 Acquisition of a 19.25% participation in Bancpost in Romania, which was later increased
• In 2002 EFG Eurobank Ergasias – Telesis Investment Bank merger. Acquisition of 50% in Alico / CEH Balkan Holdings leading to a 43% participation in Postbank Bulgaria
• In 2003 Merger through absorption of "Ergoinvest S.A.". Merger by absorption of "Investment Development Fund S.A.". Establishment of Euroline Retail Services (Romania) - 80% Eurobank Cards and 19.961% Bancpost. Establishment of Eurocredit Retail Services (Cyprus) as a 100% subsidiary of Eurobank Cards.
• In 2004 Establishment of Euroline Retail Services AD (Serbia) - 100% subsidiary of Eurobank Cards
• In 2006 Acquisition of 100% of Nacionalna štedionica–banka in Serbia and forming Eurobank a.d.
• In 2006 Acquisition of 70% of Tekfenbank, which is a Turkish bank, 99.3% of Universal Bank in Ukraine and 74.3% of Bulgarian Postbank in Bulgaria
• On 23 December 2012, Eurobank sells all its shares (70%) of the Tekfenbank to Kuwait's Burgan Bank.
• During 2014, Eurobank receives a total of $1.55 billion from several investors including Wilbur Ross (€37.5 million) and the Prem Watsa founded Fairfax Financial Holdings (€400 million).
• On 16 January 2015, Eurobank asks Greek Central Bank for Emergency Liquidity Assistance (ELA)
• On 17 July 2015 the subsidiary Postbank (Bulgaria) buys the Bulgarian branches of fellow Greek lender Alpha Bank.
• In April 2018, its Romanian subsidiary, Bancpost, was sold to Banca Transilvania, the largest Romanian bank.
• In November 2018, Eurobank announced the acquisition of the real estate investment company Grivalia Properties, controlled by Fairfax Financial Holdings through its 51% stake. Fairfax increased its stake in Eurobank after the takeover from 18% to 32.9%. In the same month, Eurobank acquired Piraeus Bank's banking subsidiary in Bulgaria (PBB).

Branches

Serbia

Eurobank Direktna (Eurobank Direktna akcionarsko društvo Beograd) is a bank founded in 1997, with headquarters in Belgrade, Serbia. In March 2003, Eurobank acquired 68% of Postbanka AD Beograd and eventually renamed it EFG Eurobank AD Beograd. This was followed by the merger with Nacionalna štedionica Banka. In October 2006, the bank began operating under a single brand, name and visual identity. In 2016, the bank had €1.337 billion in assets and revenue of €18.42 million. In December 2021, the bank merged with Direktna Banka and was renamed to Eurobank Direktna. In November 2023, Serbian AIK Banka bought the majority of shares of the bank, for a total of 280 million euros.

See also

• Banking in Greece
• List of banks in Greece
• List of companies of Greece

References

1. ^ "Στοιχεία Δημοσιότητας". Business Registry (in Greek). Union of Hellenic Chambers Of Commerce. Retrieved 23 January 2023.
2. ^ "Bank of Athens Archives". Eurobank. Retrieved 23 January 2023.
3. ^ "Our History". Eurobank. Retrieved 23 January 2023.
4. "Profile". Athens Exchange Group. Retrieved 23 January 2023.
5. "FY2022 results" (PDF). Eurobank Holdings. Retrieved 12 March 2023.
6. "Board Members". Eurobank Holdings. Retrieved 23 January 2023.
7. "The Eurobank Group". Eurobank. Retrieved 23 January 2023.
8. ^ "2023-2025 Business Plan Update & 2022 Financial Results" (PDF). Eurobank Holdings. Retrieved 12 March 2023.
9. "Profile". Eurobank Holdings. Retrieved 26 October 2023.
10. "Eurobank announces that it has entered into agreements to acquire 7.2% in Hellenic Bank". Eurobank Holdings. 30 August 2023. Retrieved 3 November 2023.
11. "Annual Financial Report for the year ended 31 December 2021" (PDF). Eurobank Holdings. Retrieved 23 January 2023.
12. "The Eurobank Group". www.eurobank.gr. Retrieved 2019-07-31.
13. "The list of significant supervised entities and the list of less significant institutions" (PDF). European Central Bank. 4 September 2014.
14. "List of supervised entities" (PDF). European Central Bank. 1 January 2023.
15. "Απολογισμός Χρήσεως 1998" (PDF). Eurobank Holdings (in Greek). Τράπεζα EFG Eurobank ΑΕ. Retrieved 24 January 2023.
16. "Άρχισε η συγχώνευση Eurobank - Αθηνών". ΤΑ ΝΕΑ (in Greek). 12 December 1998. Retrieved 24 January 2023.
17. "Ετήσιος Απολογισμός 1999" (PDF). Eurobank Holdings (in Greek). Τράπεζα EFG Eurobank Α.Ε. Retrieved 24 January 2023.
18. ^ "Archives from other banks". Eurobank. Retrieved 23 January 2023.
19. "Alpha Bank sagt Fusion mit Eurobank ab. Die Fusion zwischen der Alpha Bank und der EFG Eurobank ist abgesagt worden. Die Alpha Bank will den Fusionsvorschlag zurückziehen, weil der Schuldenschnitt für Griechenland höhere Verluste mit sich bringt als erwartet" [Alpha Bank cancels merger with Eurobank. The merger between Alpha Bank and EFG Eurobank has been canceled. Alpha Bank wants to withdraw the merger proposal because the debt cut for Greece will result in higher losses than expected.]. Handelsblatt (in German). 14 March 2012. Archived from the original on 25 January 2013. Retrieved 6 July 2021.
20. Papadimas, Lefteris; Georgiopoulos, George (28 August 2011). "Eurobank, Alpha Bank to announce merger". Reuters. Retrieved 22 February 2022.
21. Tagaris, Karolina (23 July 2012). "Greece's EFG Eurobank to split from EFG Group". Reuters. Retrieved 16 September 2021.
22. AFP staff (20 February 2013). "Greece's National Bank finalizes swap to create nation's 'largest banking group'". The China Post. Athens. Agence France-Presse. Archived from the original on 5 August 2016.
23. "Eurobank Ergasias". www.eurobank.gr. Archived from the original on 17 August 2017. Retrieved 17 August 2017.
24. Monga, Nektaria Stamouli and Vipal (26 November 2018). "Greece's Eurobank to Acquire Grivalia Properties". Wall Street Journal. ISSN 0099-9660. Retrieved 26 July 2021.
25. Furber, Sophia (11 March 2021). "Eurobank unveils €3.3B 'Mexico' bad-loan securitization". www.spglobal.com. Retrieved 26 July 2021.
26. Bank, European Investment (2023-12-06). Central, Eastern and South-Eastern Europe (CESEE) Bank Lending Survey: Second half of 2023. European Investment Bank. ISBN 978-92-861-5622-9.
27. "Competition watchdog approves Eurobank's acquisition of Hellenic Bank stake". 16 September 2024. Retrieved 7 November 2024.
28. "Eurobank Boosts Stake in Hellenic Bank Cyprus to 68.81 %". 7 November 2024.
29. Kholaif, Dahlia (23 December 2012). "Burgan Bank Concludes Purchase of Eurobank Tekfen". Bloomberg News. Archived from the original on 15 July 2014. Retrieved 16 January 2015.
30. ^ Clark, Simon (16 January 2015). "Greece's Eurobank, Alpha Bank Ask Central Bank for Emergency Liquidity Assistance". The Wall Street Journal. Archived from the original on 18 January 2015. Retrieved 16 January 2015.
31. Hope, Kerin (26 November 2018). "Greece's Eurobank to accelerate bad loan reduction with Grivalia takeover". Financial Times. Retrieved 26 July 2021.
32. Kokkinidis, Tasos (8 November 2018). "Piraeus Bank Sells Bulgarian Subsidiary to Eurobank". GreekReporter.com. Retrieved 26 July 2021.
33. "Претрага привредних друштава". Агенција за привредне регистре (in Serbian). Retrieved 4 March 2023.
34. "EUROBANK 1989-2008 ΤΑ ΠΡΏΤΑ 20 ΧΡΌΝΙΑ: ΑΝΑΠΤΥΞΗ ΜΕ ΔΙΕΘΝΗ ΧΑΡΑΚΤΗΡΑ" (PDF). Eurobank (in Greek). Retrieved 4 March 2023.
35. ^ "FINANSIJSKI IZVEŠTAJI ZA GODINU ZAVRŠENU 31. DECEMBRA 2017. GODINE I IZVEŠTAJ NEZAVISNOG REVIZORA" (PDF). eurobank.rs (in Serbian). 19 April 2018. Retrieved 16 December 2018.
36. EB
37. "Spojene Eurobanka i Direktna banka". 021.rs (in Serbian). Beta. 13 December 2021. Retrieved 19 December 2021.
38. "Serbia's AIK Banka to acquire Eurobank Direktna for 280 MLN euro". seenews.com. 3 March 2023. Retrieved 16 March 2023.
39. "Eurobank announces the completion of the sale of its subsidiary in Serbia to AIK Banka".

External links

• Official website
• Company profile on the website of the Athens Stock Exchange
• Stock quote on Bloomberg

v t e Selected FTSE/Athex Large Cap companies of Greece (2 July 2017)
Aegean Airlines Alpha Bank Coca-Cola Hellenic Bottling Company Ellaktor Eurobank Ergasias Folli Follie GEK Terna Athens Exchange Hellenic Petroleum Jumbo Metka Motor Oil Hellas Mytilineos National Bank of Greece OPAP OTE Piraeus Bank Piraeus Port Authority Public Power Corporation Titan Cement Viohalco

v t e Members of the Euro Banking Association
Austria	Bank für Tirol und Vorarlberg BKS Bank Erste Group Bank Oberbank Oesterreichische Nationalbank Raiffeisen Bank International Raiffeisenlandesbank Oberösterreich UniCredit Bank Austria
Belgium	Belfius BNP Paribas Fortis bpost bank KBC Bank
Cyprus	Bank of Cyprus Hellenic Bank
Denmark	Danske Bank Spar Nord Bank Sparekassen Sjælland Sydbank
Finland	Aktia Bank Bank of Åland DnB Bank Nordea Bank Pohjola Bank S-Bank
France	BNP Paribas BPCE BRED Banque Populaire Crédit Agricole Crédit Mutuel Arkéa My Money Bank La Banque postale Société Générale
Germany	Bank of America Europe (USA) Bank of China (CHN) Berenberg Bank Commerzbank Deutsche Bank Deutsche Bundesbank DZ Bank Landesbank Baden-Württemberg Landesbank Hessen-Thüringen SECB Swiss Euro Clearing Bank Standard Chartered UBS Europe Unicredit
Greece	Alpha Bank Eurobank Ergasias National Bank of Greece
Hungary	OTP Bank
Ireland	Allied Irish Banks Bank of Ireland Elavon
Italy	Banca del Fucino Banca Monte dei Paschi di Siena Banca Popolare del Lazio Banca Popolare di Sondrio Banca Sella Banco BPM BFF Bank BPER Banca Cassa di Risparmio di Fermo Credito Emiliano ICCREA Banca Intesa Sanpaolo Raiffeisen Landesbank Südtirol UniCredit
Luxembourg	Spuerkeess Banque Internationale à Luxembourg Gazprombank Luxembourg (RUS)
Netherlands	ABN AMRO De Nederlandsche Bank ING Bank Rabobank
Portugal	Banco BAI Europa (AGO) Banco BCP Banco Montepio Crédito Agrícola
Slovenia	Bank of Slovenia
Spain	Abanca BBVA Banco Cooperativo Español Banco Sabadell Banco Santander Bankinter CaixaBank Cecabank Ibercaja Banco Kutxabank Unicaja Banco
Sweden	Handelsbanken SEB Swedbank
United Kingdom	Barclays Citibank Europe (USA) HSBC Bank JPMorgan Chase Bank, London Branch (USA) Lloyds Bank MUFG Bank (JPN) NatWest Wells Fargo (USA)

• Banks of Greece
• Companies listed on the Athens Exchange
• Greek brands
• Banks under direct supervision of the European Central Bank
• Greek companies established in 1990
• Banks established in 1990
• Companies in the FTSE/Athex Large Cap