Eurobank Ergasias

Eurobank Ergasias SA
Native name
Τράπεζα Eurobank Ergasias AE
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 Increase1.835 billion (2015)[1]
Decrease€1.400 billion (2015)[1]
Profit Increase€987.0 million (2015)[1]
Total assets Decrease€73.75 billion (2015)[1]
Total equity Decrease€5.362 billion (2015)[1] Common Equity Tier 1 =12.1% (Fully Loaded Basel III)
Owner Fairfax Financial Holdings (17.29%)[2]
Number of employees
Increase 17.580 (2015)[1]
Subsidiaries
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 fourth by market capitalisation of 564 million euro as at 11 February 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"[3] (Ευρωεπενδυτική Τράπεζα ΑΕ,[4] 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., Acquisition of 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[5]

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.[6] A few weeks after the buyout proposal, NBG presented plans to reduce the staff of the new banking group, many of them by taking 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.[7] Canadian fund Fairfax Financial are major shareholders.

In the 9 month 2015 results, total net loans were Euro 40 bn( non performing 41.7%, of which provisions are at 53.3%) customer deposits Euro 30.5 bn and central bank funding Euro 37.9bn.

Major acquisitions

See also

References

External links

This article is issued from Wikipedia - version of the Thursday, February 11, 2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.