- National Bank of Greece
National Bank of Greece S.A.
Εθνική Τράπεζα της Ελλάδος Α.Ε.
Type Anonymi Etairia Traded as Athex: ETE, NYSE: NBG, LSE: NBGA Industry Financial services Founded 1841 Headquarters Athens, Greece Key people Apostolos Tamvakakis (CEO), Vassilios Rapanos (Chairman) Products Retail, investment and business banking, asset management Revenue €4.639 billion (2010) Profit €405.5 million (2010) Total assets €120.74 billion (2010) Total equity €10.91 billion (2010) Employees 36,380 (average, 2010) Website www.nbg.gr
The National Bank of Greece (NBG; Greek: Εθνική Τράπεζα της Ελλάδος) is the oldest and largest commercial banking group in Greece. The group has a particularly strong presence in Southeastern Europe and the Eastern Mediterranean. It owns subsidiaries in over 18 countries, including Bulgaria, Cyprus, Egypt, Republic of Macedonia, Netherlands, Romania, Russia, Serbia, South Africa, Switzerland, and Turkey.
Founded in 1841 as a commercial bank, NBG enjoyed the right to issue banknotes until the establishment of the Bank of Greece in 1928. It has been listed on the Athens Stock Exchange since the Exchange's foundation in 1880. Since October 1999, the Bank has been listed on the New York Stock Exchange. The NBG Group is involved in the investment banking services, brokerage, insurance, asset management, leasing and factoring markets.
The Bank's branch and ATM network, the largest in Greece (568 domestic banking units and 1370 ΑΤΜs), effectively covers the entire country. It is developing and expanding alternative distribution channels for its products, such as mobile and internet banking. Today, after recent acquisitions in South Eastern Europe the Group's network overseas includes 868 units. Over 9 million deposit accounts and more than 1.5 million lending accounts are held with NBG.
- NBG was founded in 1841 in Athens, making it the oldest bank in the country. It was not government-owned from its inception but had the right of note issue, which it lost in 1928 when the newly-established Bank of Greece took over as the country's central bank. Its status was changed to government-owned when, during the first World War, the Bank refused to finance new military equipment for the Greek government. The government then issued legislation that permitted it to appoint its own people to the Bank's board.
- In 1899 NBG acquired the Privileged Bank of Epirus and Thessaly (Pronomiouchos Trapeza Epirothessalias). Andreas Syngros had founded the bank in Volos in 1882. Unfortunately, the bank was unable to recover from his death and from the Hellenic-Turkish War (1897).
- In 1904 NBG established Banque d’Orient, together with Nationalbank für Deutschland, which almost immediately withdrew from the venture. The Greeks kept the branches in Thessaloniki, Smyrna and Alexandria.
- In 1907 NBG chose Cyprus as the location for its first branch outside Greece.
- In 1919 NBG acquired the Bank of Crete (Trapeza Kritis).
- In 1923 the Treaty of Lausanne provided for a compulsory exchange of populations between Greece and Turkey, leading to the departure of the Greeks from Smyrna, resulting in the closure of Banque d’Orient's branch.
- In 1930 NBG and Bank of Athens combined their activities in Egypt into a joint subsidiary, Banque Nationale de Grèce et d’Athènes.
- In 1932 NBG acquired Banque d'Orient (Trapeza Anatolis).
- In 1939 it established a subsidiary in New York, Hellenic Bank Trust Company.
- During World War II, Deutsche Bank was responsible for managing NBG for the German Occupation.
- In 1953 the Greek government forced NBG to merge with Bank of Athens to form National Bank of Greece and Athens, later shortened to National Bank of Greece. The merger gave NBG control of the various subsidiaries of the Bank of Athens, including the South African Bank of Athens (est. 1947), which NBG still owns.
- In 1960 Egypt nationalised all banks in Egypt, including Banque Nationale de Grèce et d’Athénes, which it merged into National Bank of Egypt.
- In 1965 NBG acquired Trapeza Epagelmatikis Pistis.
- In 1996 bank governor Georgios Mavros founded the National Bank of Greece Cultural Foundation
- In 1978 the Greek government permitted the formation of Arab Hellenic Bank with 49% Arab ownership, as an exception to its prohibition on foreign banks owning more than 40% of the equity of a Greek bank. NBG held 51% and provided most of the bank staff. The Libyan Arab-Foreign Bank and Kuwaiti Investment Organisation held 40% between them while other Arab investors held 9%. That same year NBG opened a branch in Cairo.
- In 1994 NBG incorporated its branches in Cyprus into a subsidiary: National Bank of Greece (Cyprus)
- In 1995 the Greek government dissolved the insolvent Arab Hellenic Bank at a cost to Greece's Deposit Guarantee Fund of Euro 1.5m in payments to depositors.
- In 1998 NBG merged with the National Mortgage Bank of Greece (Ethniki Ktimatiki Trapeza Ellados), itself the result of the merger of the National Mortgage Bank and the National Housing Bank of Greece.
- In July, 2000 National Bank of Greece acquired 89.9% of the United Bulgarian Bank (UBB).
- In April, 2000, in a joint deal with the European Bank for Reconstruction and Development (EBRD) and IFC, NBG acquired a majority stake in Stopanska Banka (Skopje, Republic of Macedonia).
- In 2002 NBG merged with ETEBA – National Investment Bank for Industrial Development.
- In 2002 National Bank of Greece's attempted merger with Alpha Bank fell through.
- In 2003 NBG bought Banca Romaneasca, a Romanian bank, and currently holds 88.7% of all outstanding shares. Banca Romaneasca has 90 branches.
- In 2005 Bank of Nova Scotia acquired all of NBG's operations in Canada.
- In 2005, as part of the NBG Group's ongoing effort to improve its portfolio structure and effectively respond to changes in the domestic and international markets, the Boards of Directors of National Bank of Greece S.A. and National Investment Company S.A. decided to merge the two companies through absorption of the latter by the Bank.
Economy of Greece Agriculture
Bank of Greece
- In 2006 NBG acquired 46% of the shares of Finansbank in Turkey.
- In 2006 NBG acquired 99.44% of Serbia's Vojvođanska Bank for €385 mn.
- In 2006 NBG sold its US arm, Atlantic Bank of New York, to New York Community Bancorp for US$400 million (€331 million) in cash. Proceeds from the sale will help finance further acquisitions in southeast Europe.
- On January 9, 2007 the National Bank of Greece announced that it had increased its stake in Finansbank to 80.4 percent. NBG, in a statement issued to the Athens Stock Exchange, said it had acquired the additional 34.4 percent in Finansbank from minority shareholders which adds to its already existing 46% stake. Hüsnü Özyeğin reported in the initial press conference when NBG announced its 46% share purchase that he would have "loved to have been offered National Bank of Greece shares instead of cash, however there were no shares available" (outside of the current shares floated in the free market).
- On January 25, 2007 NBG announced the merger between National Bank of Greece and National Management & Organization Co (Ethnokarta). Given that NBG holds 100% of National Management & Organization Co (Ethnokarta) shares, NBG’s share capital will not increase following the completion of the merger.
- On March 21, 2007 NBG concluded the acquisition of P&K Investment Services SA. The acquisition creates the largest provider of brokerage and investment services in Greece. NBG plans to expand this business to all countries where NBG has a presence.
- On February 18, 2011 NBG made an offer to buy Alpha Bank for 2.8 billion Euros.
- ^ a b c d e "Annual Report 2010". National Bank of Greece. http://www.nbg.gr/wps/wcm/connect/d5536b00464d8768af50afb7b63d9407/Financial+Report+NBG+GROUP-BANK+31+12+2010_EN_FINAL.pdf?MOD=AJPERES&CACHEID=d5536b00464d8768af50afb7b63d9407. Retrieved 5 May 2011.
- ^ Tschoegl, A. 2004. Financial Integration, Dis-integration and Emerging Re-integration in the Eastern Mediterranean, c.1850 to the Present. Financial Markets, Instruments and Institutions 13 (5): 244-284.
- ^  National Bank of Greece Press Release (Athens, 13 May 2005)
- ^ "Alpha Bank Rejects $3.8 Billion Bid From National Bank of Greece". Bloomberg BusinessWeek. 18 February 2011. http://www.businessweek.com/news/2011-02-18/alpha-bank-rejects-3-8-billion-bid-from-national-bank-of-greece.html. Retrieved 15 July 2011.
FTSE/Athex 20 companies of Greece
Alpha Bank · Bank of Cyprus · Coca-Cola E.E.E. · Ellaktor · Eurobank EFG · Folli Follie · Hellenic Petroleum · Jumbo · Marfin Investment Group · Marfin Popular Bank · Motor Oil Hellas · Mytilineos · National Bank of Greece · OPAP · OTE · Piraeus Bank · Public Power Corporation · Titan Cement · TT Hellenic Postbank · Viohalco
Members of Euro Banking Association AustriaAllgemeine Sparkasse Oberösterreich · Bank für Tirol und Vorarlberg AG · BKS Bank AG · Erste Group Bank AG · Oberbank AG · Oesterreichische Nationalbank · Raiffeisen Zentralbank Österreich AG · Raiffeisenlandesbank Oberösterreich AG · Raiffeisen-Landesbank Tirol Aktiengesellschaft · Steiermärkische Bank und Sparkassen AG Belgium Cyprus DenmarkAmagerbanken A/S · Arbejdernes Landsbank A/S · Danske Andelskassers Bank A/S · Danske Bank A/S · DiBa Bank A/S · Djurslands Bank A/S · Jyske Bank A/S · Nordjyske Bank A/S · Nørresundby Bank · Østjydsk Bank A/S · Ringkjøbing Landbobank · Roskilde Bank A/S · Skjern Bank · Spar Nord Bank · Sparekassen Sjælland · Sydbank A/S · Vestfyns Bank A/S · Vestjysk Bank Finland France GermanyBerenberg Bank · BHF Bank · Bremer Landesbank · Commerzbank AG · Deutsche Bank AG · Deutsche Bundesbank · Deutsche Postbank · DZ Bank AG · Europe Arab Bank Frankfurt · Hamburger Sparkasse AG · J.P. Morgan Chase Bank AG · Landesbank Baden-Württemberg · Landesbank Berlin Holding · Landesbank Hessen-Thüringen · Oldenburgische Landesbank · SECB Swiss EURO CLEARING Bank GmbH · The Bank of New York Mellon, Frankfurt Branch · VTB Bank (Deutschland) AG · WestLB AG Greece Hungary Ireland ItalyBanca Agricola Popolare di Ragusa · Banca del Fucino · Banca del Piemonte · Banca delle Marche S.p.A. · Banca di Imola S.p.A. · Banca di Romagna S.p.A. · Banca d'Italia · Monte dei Paschi di Siena · Banca Monte Parma · Banca Nazionale del Lavoro · Banca Popolare del Lazio · Banca Popolare dell'Emilia Romagna · Banca Popolare di Milano · Banca Popolare di Sondrio · Banca Popolare di Spoleto · Banca Popolare di Vicenza · Banca Sella · Bancaperta S.p.A. · Banco Popolare Società Cooperativa · Cassa di Risparmio della Provincia di Chieti S.p.A. · Cassa di Risparmio della Provincia di Teramo S.p.A. · Cassa di Risparmio di Cesena S.p.A. · Cassa di Risparmio di Fermo S.p.A. · Cassa di Risparmio di Ferrara S.p.A. · Cassa di Risparmio di Loreto S.p.A. · Cassa di Risparmio di Ravenna S.p.A. · Credito Emiliano S.p.A. · ICCREA Banca · Intesa Sanpaolo · Istituto Centrale delle Banche Popolari Italiane · Raiffeisen Landesbank Südtirol – Cassa Centrale Raiffeisen dell'Alto Adige · Südtiroler Volksbank – Banca Popolare dell'Alto Adige · UBI Banca · UGF Banca · UniCredit · Veneto Banca LuxembourgBanque et Caisse d'Épargne de l'État · Banque Raiffeisen · Dexia Banque Internationale à Luxembourg SA · KBL European Private Bankers S.A. · Société Générale Bank & Trust Netherlands Poland Portugal Slovenia SpainBanco Bilbao Vizcaya Argentaria SA · Banco Cooperativo Español SA · Banco Sabadell · Banco Español de Credito · Banco Pastor SA · Banco Popular Español SA · Banco Santander, SA · Bankinter SA · Bilbao Bizkaia Kutxa · Caixa de Aforros de Galicia, Vigo, Ourense e Pontevedra (NovaCaixaGalicia) · Caixa d'Estalvis de Catalunya, Tarragona i Manresa · Caixa d'Estalvis i Pensions de Barcelona (La Caixa) · Caja de Ahorros del Mediterráneo · Caja Gipuzkoa San Sebastian · Caja Laboral Popular Coop. de Credito · Caja Madrid · Confederacion Española de Cajas de Ahorros · Ipar Kutxa Rural Sweden United KingdomBank of America NA · Bank of Tokyo-Mitsubishi UFJ Ltd. · Barclays Bank PLC · Citibank NA · HSBC Bank PLC · Kookmin Bank International Ltd. · Lloyds TSB Bank PLC · National Australia Bank Limited · National Westminster Bank PLC · Royal Bank of Scotland PLC · Standard Chartered Bank · UBS AG · Wells Fargo Bank NA Non-EU
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