Eurobank Ergasias

The Eurobank Group is a financial organisation that operates in 6 countries Greece, Cyprus, Luxembourg, Serbia, Bulgaria and UK. The Eurobank Group counts (data as of at 31.12.2018), €58.0 billion in assets, 653 customer service locations in Greece and abroad and 13,162 employees.

History
In 1990 the "Euromerchant Bank SA" (Ευρωεπενδυτική Τράπεζα ΑΕ, 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

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. 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.
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.
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.

See also

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

References

External links

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

Category:Banks of Greece
Category:Companies listed on the Athens Stock Exchange
Category:Greek brands