Eurobank Ergasias

Eurobank Ergasias SA
Native name
Τράπεζα Eurobank Ergasias AE
Anonymi Etairia
Traded as Athex: EUROB
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
Corporate Banking
Revenue Increase1.537 billion (Q3 2016)[1]
Increase€1.159 billion (Q3 2016)[2]
Profit Decrease€206 million (Q3 2016)[3]
Total assets Decrease€68.20 billion (Q3 2016)[4]
Total equity Increase€7.236 billion (Q3 2016)[5]
Owner Fairfax Financial Holdings (17.29%)[6]
Number of employees
17.309 (2015)[7]
Capital ratio Common Equity Tier 1 =17% (Fully Loaded Basel III)
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.


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

See also


External links

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