National Bank of Greece

Vasilis Rapanos (Supervisory Board since 2009)

The National Bank of Greece ( NBG; Greek: Εθνική Τράπεζα της Ελλάδος ) is the largest bank by total assets and number of employees in Greece. The company, based in Athens operates as a universal bank and has a significant subsidiaries in South East Europe and Turkey.

The shares of NBG is listed on the Athens Stock Exchange in Athex Composite Share Price Index. The Bank Founded in 1841, developed in the early 20th century from a state bank to a private sector bank.

With the " NBG Historical Archive", the bank has an institution that scientifically own history, and the financial history of Greece worked up, but on the other hand, also manages the art collection of the group.

  • 2.1 The NBG Historical Archive
  • 2.2 The Cultural Foundation
  • 2.3 The Library

History

As notes and commercial bank

The " National Bank of Greece " ( so the zweigenössische translation ) was founded in 1841 in Athens and is therefore now the oldest bank in Greece. Expended, 5,000 shares, of which the State held in 1000. Operating your business, the Bank on 1 ( 13 ) July on, with the opening of the first business house. founder was the merchants and revolutionary Georgios Stavrou (1788-1869) from Ioannina, who was also the first director. played a crucial role in building up the bank were the Philhellene and banker Jean -Gabriel Eynard and Athens banker Julius von Hosslin. the scope included the origination, discount and basic lending, from 1843 also the commercial banking and in 1859 the issue of bonds. Among the buyers of the expended funds were also Ludwig of Bavaria., the Bank had got the right to participate in private companies and to establish their own insurance. earnings which was distributed as a dividend semi- annually to the unitholders amounted to 8.75 % annually. About the economic success of the bank reported in 1849 the New Munich newspaper:

" Considering the large security granted by the National Bank of Greece by the k to be lent on land fund to its shareholders, and also the short period of its existence falls the preceding paragraphs in your eyes, that the success of the Bank have not yet reached to Athens by some companies in the European trading world "

Also the Prussian Vice Consulate of Zante mentioned the bank in 1865 positively in his four-year report:

" The National Bank of Greece by the way a very solid and vorzüqlich -led private companies "

Explicitly as a temporary until the establishment of an agricultural bank in 1861, lending to farmers, previously this was only businessmen reserved. They were assigned as personal loans against guarantees on mortgage basis. Since 1888, the company's shares on the Athens Stock Exchange are traded. End of the 19th century, the Bank competed nationally with the Bank d' Athenes and the Bank d' Orient, as well as other regional banks.

The National Bank of Greece also acted as the central bank of Greece and expended next to the Ionian Bank ( for the Ionian Islands ), the Greek banknotes.

In the 19th century, the cultural promotion of the bank began. The artist Nikiphoros Lytras (1832-1904) was hired to make the directors of the bank to portraiture and commercial work.

Beginning as a commercial bank

The 1928 and 1929 led to significant changes in the Greek banking system, affecting the NBA. The agricultural credit business was transferred to the new Agriculture Bank, the mortgage business to the new National Mortgage Bank and the central bank union functions to the newly established Bank of Greece. For the first time regulated the Law No. 5076, which was adopted in 1931, including the duties and obligations of banks, as well as the installation of a banking supervision. Due to the low international integration the NBA survived the Great Depression without significant losses.

During the occupation of Greece, the bank was put forcibly in April 1941 under the management of Deutsche Bank. On the part of the occupying power has been claimed that this would lead to increased investment by German companies. In fact, this was primarily the difficulty of the business to other countries and the facilitation of transactions in relation to Greek raw materials, above all the war-important chrome and bauxite.

The affected State oligopolisation

1952, the Banque d' Athénes was acquired, the second largest commercial bank in Greece was at that time, in 1962 it was merged with the NBA. The headquarters of this bank to Stadiou street was closed to the central public space and the public coffers cash office of the National Bank of Greece in the Aeoloustraße to the public.

In addition to the NBA, the Emporiki ( Commerzbank) made ​​out to be the second largest bank. Both banks dominated until the time of deregulation in the early 1990s, the national market and economic transactions to and from Greece. Foreign branches and subsidiaries had the NBA in many cities across the globe.

Deregulation of the market, establishment of the NBG Group

The deregulation of the Greek banking market led to a strategic realignment of the National Bank of Greece. Henceforth, the bank had more competition expected in the Greek market as existing specialized banks now also acted as general commercial banks, now often under the leadership of foreign parent companies.

The sale of the North American subsidiary Atlantic Bank of New York ( 2006) and the 10 branches of NBL Canada to Bank of Nova Scotia (2005) were used to finance the expansion in Southeastern Europe, where better growth opportunities existed as to the saturated North American market, where the NBG already accounted for only a niche role. Also, all European offices were almost closed, including the NBG Bank Germany ( The office building in Frankfurt Gutleutstraße is however still owned by the NBA).

The acquisitions included the Romanian Banca Românească and Serbian Vojvođanska Bank as well as a 42% stake in the Turkish Finansbank, which was later increased to a majority stake. A market entry in Russia and Ukraine has been tested, but found to be too risky.

In the wake of the crisis

When the rating agencies, the Greek government bonds short declared relative of an investment to junk bonds, broke the share price of the NBA, after a negative report from S & P on the following day by 10% was followed by a halving of the course within months. At the beginning of the Greek crisis in late 2009, the NBA had increased their holdings of Greek government bonds from 16.2 to about 18 billion euros; However, she started relatively quickly with a sell this. According to their report for the first quarter of 2011, the NBA has now sold 4.8 billion euros of it; End of March 2011, they still had 13.2 billion euros of it. The attempt possible to stay out from the crisis, did not brake ultimately the decline of the share of the bank.

In the European stress test 2010, the Bank reached an equity ratio of 10.8% per cent, both significantly more than other European banks. By the European Banking Authority (EBA ) required minimum core capital ratio of 9% was met.

In February 2011, the NBG Alpha Bank made ​​a takeover bid. This was indeed rejected, even subsequent negotiations led to no result The Chairman Vasilis Rapanos, was appointed in 2012 as Minister of Finance of Greece, the post but did not occur on the basis of his rapidly deteriorating health.

In January 2013, the acquisition of EFG Euro Ergasias was discussed. However, the Troika ( from the European Central Bank ( ECB), International Monetary Fund ( IMF) and the EU Commission ) prohibited a merger. On 29 April 2013, the shareholders approved a capital increase agreed. In November 2013, the NBG separated from the majority stake in real estate company Pangaia, which was sold to an investor group for 653 million euros.

Corporate Responsibility

The National Bank of Greece is committed to its social responsibility as a global company (Corporate Social Responsibility). The responsibility of the Bank is committed enshrined in the " NBG Group CSR Policy". This is complemented by the now -called " Environmental Policy Statement of National Bank of Greece " environmental performance, as well as the annual Corporate Social Responsibility Report.

It is striking that the traditional image of patronage oriented as before, and less on public appeal sponsorship. So translating or publishing of academic textbooks is financed to a lasting effect with the aim of the bank's reputation.

The NBG Historical Archive

Already in 1864 the Bank began with a work-up in inventories of historical documents. In 1920, the construction of their own archives building, from 1938 historic and confidential client material was separated in order to give scientists an insight into documents of the bank can. In 1962, the institutionalization of an archive for the 125th anniversary of the NBA, it was decided in 1966. It was forced to close in 1967 after the junta and regulation by the end of which it opened until 1977. Today it is the most comprehensive historical archive economy of Greece and organized, since 2002, public exhibitions. Since 2005, it must also educate archivists ..

The Cultural Foundation

The Cultural Foundation of the National Bank ( Morfotiko Idryma Ethnikis Trapezis, MIET ) was founded in 1966 and began its operations ( sub- bundles due to the conditions under the Greek military dictatorship ) 1974. The Foundation has three locations: Athens, Thessaloniki and Patras.

The library

Since 1919, the Library of National Bank of Greece exists. It is open to the public. Borrowing is permitted only employees of the NBG Group and external partner libraries.

Memberships

  • Hellenic Network for Corporate Social Responsibility
  • Hellenic Bank Association ( HBA)
  • Athens Chamber of Commerce and Industry ( ACCI )
  • Foundation for Economic and Industrial Research ( ΙΟΒΕ )
  • Young Entrepreneurs Association ( SEN)
  • European Association for Banking and Financial History ( EABH )
  • Inter-Alpha Group of Banks
  • Institute for Corporate Culture Affairs (ICCA ). The ICCA was founded by the NBA together with Deutsche Bank in 2004, today belonged to this 6 more groups.
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