Eurobank Ergasias

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Eurobank Ergasias SA
Native name
Τράπεζα Eurobank Ergasias AE
Anonymi Etairia
Traded as AthexEUROB
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 Decrease1.762 billion (2015)[1]
Decrease€433 million (2015)[1]
Profit Decrease-€1.181 billion (2015)[1]
Total assets Decrease€73.5 billion (2015)[1]
Total equity Increase€6.4 billion (2015)[1] Common Equity Tier 1 =13.1% (Fully Loaded Basel III)
Owner Fairfax Financial Holdings (17.29%)[2]
Number of employees
9087 (company)
17309 (group)[3]
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 1.1 billion euro as at 26 September 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"[4] (Ευρωεπενδυτική Τράπεζα ΑΕ,[5] 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[6]

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.[7] 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.[citation needed]

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.[8] Canadian fund Fairfax Financial are major shareholders.[citation needed]

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[edit]

  • 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.[9]
  • On 16 January 2015, Eurobank asks Greek Central Bank for Emergency Liquidity Assistance (ELA) [10]
  • On 17 July 2015 the subsidiary Postbank (Bulgaria) buys the Bulgarian branches of fellow Greek lender Alpha Bank.

See also[edit]


External links[edit]