Eurobank Ergasias

Eurobank Ergasias SA

Native name	Τράπεζα Eurobank Ergasias AE
Type	Anonymi Etairia
Traded as	Athex: EUROB OTC Pink: EGFED
Industry	Financial services
Founded	1990
Headquarters	Athens, Greece
Number of locations	863 branches (Q3 2015) (Greece 491, of which 138 New TT Hellenic Postbank)
Key people	Nikolaos Karamouzis (Chairman) Fokion Karavias (CEO)
Products	Retail Private Corporate Banking
Revenue	€1.537 billion (Q3 2016)^[1]
Operating income	€1.159 billion (Q3 2016)^[2]
Profit	€206 million (Q3 2016)^[3]
Total assets	€68.20 billion (Q3 2016)^[4]
Total equity	€7.236 billion (Q3 2016)^[5]
Owner	Fairfax Financial Holdings (17.29%)^[6]
Number of employees	17.309 (2015)^[7]
Subsidiaries	Bancpost S.A. Eurobank a.d. Beograd Bulgarian Postbank Eurobank Cyprus Ltd Eurobank Private Bank Luxembourg S.A.
Capital ratio	Common Equity Tier 1 =17% (Fully Loaded Basel III)
Website	www.eurobank.gr

Eurobank offices in Nicosia, Cyprus

The Eurobank is the official sponsor of the Museum of Aviation (Belgrade)

Eurobank Ergasias SA (Greek: Τράπεζα Eurobank Ergasias AE) is the third largest bank in Greece by total assets and third by market capitalisation of 1.47 billion euro as at 2 December 2016, with more than 860 branches globally and more than 490 throughout the country and leading market shares in high growth segments. It was part of Spiro Latsis group of companies. Eurobank Ergasias is based in Athens, Greece.

History

In 1990 the "Euromerchant Bank SA"^[8] (Ευρωεπενδυτική Τράπεζα ΑΕ,^[9] literally euroinvestment bank) was founded. With taking over 75% of EFG Private Bank (Luxembourg) S.A. this part was integrated in 1994. Acquisitions in Greece included Interbank Greece S.A. in 1996-97 and the branch network of Credit Lyonnais Greece S.A., 99.8% of Cretabank in 1998, Bank of Athens in 1999 and 50.1% of Ergobank.

In 1997 the "Euromerchant Bank" changend its name into "EFG Eurobank S.A." and in 2000 "EFG Eurobank Ergasias S.A." after taking over the renowned Ergasias Bank. The financial products subsidiary was found in 2007 (49.9% owned by employees). In 2012 the bank sold 70% of the Polish branches called Polbank to Raiffeisen Bank International.

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 that year Eurobank was deconsolidated from the group and the shares sold to the Greek Latsis family and was renamed Eurobank Ergasias^[10]

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.^[11] A few weeks after the buyout proposal NBG presented plans to reduce the staff of the new banking group, especially by means of encouraging early retirement.

In 2014 the bank was the third largest in Greece by total assets, 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 S.A. is Nikolaos Karamouzis; also since the same day its CEO and executive director is Fokion Karavias.^[12] Canadian fund Fairfax Financial are major shareholders.

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

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 in Turkey, 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.^[13]
On 16 January 2015, Eurobank asks Greek Central Bank for Emergency Liquidity Assistance (ELA) ^[14]
On 17 July 2015 the subsidiary Postbank (Bulgaria) buys the Bulgarian branches of fellow Greek lender Alpha Bank.

References

↑ https://www.eurobank.gr/Uploads/pdf/3Q2016_Results_PR_EN.pdfv
↑ https://www.eurobank.gr/Uploads/pdf/3Q2016_Results_PR_EN.pdf
↑ https://www.eurobank.gr/Uploads/pdf/3Q2016_Results_PR_EN.pdf
↑ https://www.eurobank.gr/Uploads/pdf/3Q2016_Results_PR_EN.pdf
↑ https://www.eurobank.gr/Uploads/pdf/3Q2016_Results_PR_EN.pdf
↑ http://www.fpress.gr/trapezes/item/41202-trapezes-sta-heria-ton-funds
↑ Company profile
↑ EFG Eurobank Ergasias - History
↑ EFG Eurobank Ergasias - Ιστορικό
↑ "Greece's EFG Eurobank to split from EFG Group". Reuters. July 23, 2012.
↑ http://www.chinapost.com.tw/business/europe/2013/02/20/370680/Greeces-National.htm.
↑ http://www.eurobank.gr/online/home/viewNews2.aspx?id=2009&code=ANNOUNCE&lang=en
↑ "Burgan Bank Concludes Purchase of Eurobank Tekfen". Bloomberg. 2012-12-23. Retrieved 2015-01-16.
↑ "Greece's Eurobank, Alpha Bank Ask Central Bank for Emergency Liquidity Assistance". Wall Street Journal. 2015-01-16. Retrieved 2015-01-16.

External links

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

FTSE/Athex Large Cap companies of Greece (June 2015)

Aegean Airlines Alpha Bank Coca-Cola HBC Ellaktor Eurobank Ergasias EYDAP Folli Follie GEK Terna Grivalia Properties HELEX Group Hellenic Petroleum Jumbo Lamda Development S.A. Metka Motor Oil Hellas Mytilineos National Bank of Greece OPAP OTE Piraeus Bank Piraeus Port Authority Public Power Corporation Terna Energy Titan Cement Viohalco

Members of Euro Banking Association

Austria	Allgemeine Sparkasse Oberosterreich Bank für Tirol und Vorarlberg AG BKS Bank AG Erste Group Bank AG Oberbank AG Oesterreichische Nationalbank Raiffeisen Zentralbank Österreich AG Raiffeisenlandesbank Oberösterreich AG Raiffeisen-Landesbank Tirol AG Steiermärkische Bank und Sparkassen AG

Belgium	Dexia Bank NV KBC Bank NV Bank van De Post

Cyprus	Bank of Cyprus Hellenic Bank

Denmark	Amagerbanken A/S Arbejdernes Landsbank A/S Danske Andelskassers Bank A/S Danske Bank A/S DiBa Bank A/S Djurslands Bank A/S Jyske Bank A/S Nordjyske Bank A/S Nørresundby Bank Østjydsk Bank A/S Ringkøbing Landbobank Roskilde Bank A/S Skjern Bank Spar Nord Bank Sparekassen Sjælland Sydbank A/S Vestfyns Bank A/S Vestjysk Bank

Finland	Aktia Bank PLC Bank of Åland PLC Pohjola Bank PLC S-Bank LTD. Tapiola Bank LTD

France	Banque Michel Inchauspé - BAMI Banque Palatine BNP Paribas SA BPCE BRED Banque Populaire Crédit Agricole SA Crédit Coopératif Crédit du Nord Crédit Mutuel Arkéa Credit Mutuel CIC Banque HSBC France La Banque postale Natixis Société Générale

Germany	Berenberg Bank BHF Bank Bremer Landesbank Commerzbank AG Deutsche Bank AG Deutsche Bundesbank Deutsche Postbank DZ Bank AG Europe Arab Bank Frankfurt Hamburger Sparkasse AG J.P. Morgan Chase Bank AG Landesbank Baden-Württemberg Landesbank Berlin Holding Landesbank Hessen-Thüringen Oldenburgische Landesbank SECB Swiss EURO CLEARING Bank GmbH The Bank of New York Mellon, Frankfurt Branch VTB Bank (Deutschland) AG

Greece	Alpha Bank SA Eurobank Ergasias SA National Bank of Greece SA Piraeus Bank SA

Hungary	Magyar Nemzeti Bank OTP Bank FHB Mortgage Bank Merkantil Bank Kereskedelmi és Hitelbank Magyar Takarékszövetkezeti Bank MKB Bank Porsche Bank Hungaria Kinizsi Bank MagNet Bank Hanwha Bank Budapest Hitel- és Fejlesztési Bank

Ireland	Allied Irish Banks Bank of Ireland

Italy	Banca Agricola Popolare di Ragusa Banca del Fucino Banca del Piemonte Banca delle Marche Banca di Imola Banca Monte dei Paschi di Siena Banca Nazionale del Lavoro Banca Popolare del Lazio Banca Popolare dell'Emilia Romagna Banca Popolare di Milano Banca Popolare di Sondrio Banca Popolare di Vicenza Banca Sella Banca Tercas Banco Popolare Cassa di Risparmio della Provincia di Chieti Cassa di Risparmio di Cesena Cassa di Risparmio di Fermo Nuova Cassa di Risparmio di Ferrara Cassa di Risparmio di Loreto Cassa di Risparmio di Ravenna Credito Emiliano Credito Valtellinese ICCREA Banca Intesa Sanpaolo Istituto Centrale delle Banche Popolari Italiane Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige Südtiroler Volksbank – Banca Popolare dell'Alto Adige UBI Banca UniCredit Veneto Banca

Luxembourg	Banque et Caisse d'Épargne de l'État Banque Raiffeisen Banque Internationale à Luxembourg SA KBL European Private Bankers Société Générale Bank & Trust

Netherlands	ABN Amro Bank NV De Nederlandsche Bank ING Bank NV Rabobank Nederland

Poland	Bank BPH SA Narodowy Bank Polski

Portugal	Banco BPI SA Banco Comercial Português Crédito Agrícola Caixa Geral de Depósitos Novo Banco

Slovenia	Banka Slovenije

Spain	Banco Bilbao Vizcaya Argentaria, S.A. Banco Popular Español, S.A. Banco Sabadell, S.A. Bankinter, S.A. Banco Santander, S.A. CaixaBank, S.A. (La Caixa) Catalunya Banc, S.A. (CatalunyaCaixa) Kutxabank, S.A. ABANCA Corporación Bancaria, S.A. (Abanca) Caja Laboral Popular, Cooperativa de Crédito (Caja Laboral) Banco Cooperativo Español, S.A. (Caja Rural) CECABANK, S.A.

Sweden	Skandinaviska Enskilda Banken Svenska Handelsbanken Swedbank AB Nordea Bank AB

United Kingdom	Bank of Tokyo-Mitsubishi UFJ Ltd. Barclays Bank PLC Citibank NA DNB Bank (NOR) HSBC Bank PLC JPMorgan Chase Bank, N.A., London Branch Kookmin Bank International Ltd. Lloyds Bank PLC MashreqBank psc (UAE) Royal Bank of Scotland PLC UBS AG Wells Fargo Bank NA

Non-EU	Bank of China (CHN)

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Eurobank Ergasias

History

Major acquisitions

See also

References

External links