EFG EUROBANK FORGING AHEAD

With 400,000 new clients in 2002 EFG Eurobank looks confidently to the future and the challenges that await

From its foundation fourteen years ago, EFG Eurobank Ergasias has today emerged as one of the most innovative and dynamic banks in Greece. Eurobank is now a market leader not only in the provision of consumer loans and credit cards but also in Investment Banking, Small Business Lending, Private Banking, and Asset Management. Indeed, the bank is confident of continuing profitability and expansion for the future.

The storm of declining international stock markets has been weathered. And, while others were reporting negative results, Eurobank managed to post results that reflected positive organic growth. Overall profits increased by 7%. Third quarter 2003 earnings jumped 57%, driving 9 month profits up 24%. Both the Investment Banking and Brokerage divisions posted strong growth while consumer loans rose by an impressive 31% and mortgage credit expanded by 29%. Such growth has led to Eurobank achieving a leading position among the financials listed on the Athens Stock Exchange in terms of market capitalization.

Such a performance has attracted a lot of attention, most notably at Moody’s Investor Service. Eurobank is the only bank in Greece to achieve a C+ rating in financial strength. Acclamation also arrived from U.S. Banker magazine which in 2002, for the second consecutive year, elected Eurobank as its Best Bank of the Year.
Mr. Nicholas Nanopoulos, Chief Executive Officer of Eurobank, accredits the bank’s success, in part, to the structural reorganization of the company. The client oriented “Altamira” operating system has been introduced and has facilitated the full operational merger of the initial financial institutions that formed Eurobank in 1990. Mr. Nanopoulos stated in a recent interview, “we have made the final step of following a clear organizational structure that addresses growth and development and that offers the client a much more focused and specialized service, that will support future development.”

Eurobank is also following an expansionist path outside Greek borders. The bank’s primary interests lie in the Balkan countries, namely Bulgaria and Romania, which are set to join the EU by 2007.

NICHOLAS C. NANOPOULOS CEO of EFG Eurobank Ergasis

A banking license was also acquired in Serbia/Montenegro. Here, acquisitions have been made and consolidations completed. Today Eurobank, through its affiliates and subsidiares, employs 4,500 people in these Balkan countries giving the company a commanding presence in the area. The interest in the Balkan states stems from the countries’ intentions to move closer to, and to join, the European Union. “We are quite positive about economies that have European prospects,” declares Mr. Nanopoulos.

With such a strong presence at home and now also in the Balkan States Mr. Nanopoulos envisages Greece taking the role of “hub” of Southeastern Europe. “With Greece being today a member of the EU and being relatively more advanced economically, we can serve and play the role as a hub for Greek and international enterprises,” he explains. With investment advice and a willingness to form partnerships, Eurobank is the perfect vehicle with which to enter the Balkan markets.

Looking to the bank’s future in the region, Mr. Nanopoulos desires Eurobank to be the “bank of first choice for Greeks.” Between quality of service, comprehensive ranges of products, and most importantly, the willingness to cater for everybody from the private individual to the corporate institution, Eurobank is well on its way to becoming the “first choice” bank for investment in the Balkans.