DOCSLIB.ORG

A N N U a L R E P O

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
A N N U a L R E P O HELLENIC BANK GROUP ANNUAL REPORT 2016 www.hellenicbank.com ANNUAL REPORT WorldReginfo - 93ffc0d5-7d96-4df5-a945-701e01551ade HELLENIC ANNUAL CONTENTS BANK REPORT GROUP 2016 1 BASIC FINANCIAL HIGHLIGHTS 3 BOARD OF DIRECTORS AND EXECUTIVE COMMITTEE 4 CHAIRWOMAN’S STATEMENT 6 GROUP GENERAL MANAGER, BUSINESS AND INSURANCE DIVISION’S REVIEW 10 GROUP OPERATIONS REVIEW 30 GROUP MANAGEMENT REPORT 38 REPORT OF THE BOARD OF DIRECTORS ON CORPORATE GOVERNANCE FOR THE YEAR 2016 52 REMUNERATION POLICY REPORT FOR THE YEAR 2016 64 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF HELLENIC BANK PUBLIC COMPANY LIMITED 68 CONSOLIDATED INCOME STATEMENT 69 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 70 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 71 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 73 CONSOLIDATED STATEMENT OF CASH FLOWS 74 INCOME STATEMENT 75 STATEMENT OF COMPREHENSIVE INCOME 76 STATEMENT OF FINANCIAL POSITION 77 STATEMENT OF CHANGES IN EQUITY 79 STATEMENT OF CASH FLOWS 80 NOTES TO THE FINANCIAL STATEMENTS 187 DECLARATION BY THE MEMBERS OF THE BOARD OF DIRECTORS AND THE BANK OFFICIALS RESPONSIBLE FOR THE DRAFTING OF THE FINANCIAL STATEMENTS BOARDS OF DIRECTORS OF THE GROUP’S MAIN SUBSIDIARY COMPANIES 188 DESIGN AND LAYOUT: GNOMI COMMUNICATION CONSULTANTS 189 GROUP OFFICES AND BRANCH NETWORK PRINTING AND BINDING: CHR. NICOLAOU & SONS LTD 194 SHAREHOLDER INFORMATION AND INVESTOR RELATIONS WorldReginfo - 93ffc0d5-7d96-4df5-a945-701e01551ade BASIC HELLENIC ANNUAL BANK REPORT FINANCIAL GROUP 2016 HIGHLIGHTS 2016 2015 2014 2013 2012 CUSTOMER DEPOSITS AND OTHER CUSTOMER ACCOUNTS € million 6.111,1 6.138,7 6.345,9 5.513,3 7.766,9 LOANS AND ADVANCES € million 4.300,1 4.395,9 4.405,1 4.394,2 5.556,8 TOTAL FINANCIAL POSITION € million 7.037,6 7.397,4 7.551,6 6.383,9 8.755,7 CAPITAL RESOURCES € million 563,5 639,6 590,0 394,5 481,7 GROUP PROFIT FROM ORDINARY OPERATIONS BEFORE IMPAIRMENT LOSSES AND PROVISIONS TO COVER CREDIT RISK € million 103,2 104,3 157,9 129,5 159,4 Note: According to the provisions of the International Financial Reporting Standard 5, ‘Non-current Assets Held for Sale and Discontinued Operations’, the results for the year ended 31 December 2014 refer to the comparative figures of the annual results of the Group for the year ended 31 December 2014 which have been restated to reflect the reclassification of the operations of the BNG from continuing to discontinued operations on 26 of March 2013, as well as the disposal of the Bank’s subsidiary company in Russia, Limited Liability Company Commercial Bank ‘Hellenic Bank’ on 5 June 2014 and the disposal of the Bank’s subsidiary Borenham Holding Limited on 6 February 2015. 1 WorldReginfo - 93ffc0d5-7d96-4df5-a945-701e01551ade HELLENIC ANNUAL BANK REPORT GROUP 2016 WorldReginfo - 93ffc0d5-7d96-4df5-a945-701e01551ade BOARD OF DIRECTORS AND HELLENIC ANNUAL BANK REPORT EXECUTIVE COMMITTEE GROUP 2016 AS AT 30 MARCH 2017 Board of Directors of Hellenic Bank Antonis Rouvas Public Company Ltd Chief Financial Officer Irena A. Georgiadou (until 18.01.2017) CHAIRWOMAN Lars Kramer Marinos S. Yannopoulos Chief Financial Officer VICE-CHAIRMAN (from 03.04.2017) Marianna Pantelidou Neophytou Vladislav Botic Ioannis A. Matsis Chief Operating Officer David Whalen Bonanno Evripides A. Polykarpou Stefano Capodagli Georgios Fereos Chief Risk Officer Christodoulos A. Hadjistavris Henricus Lambertus (Bert) Pijls (until 15.12.2016) INTERIM HEAD GROUP Andreas Christofides COMPLIANCE UNIT Lambros Papadopoulos Marina Kolokotroni (from 13.06.2016) Andrew Charles Wynn Stephen John Albutt Chief Internal Auditor (from 21.09.2016) Niki Nicolaidou-Hadjixenophontos Chief Financial Officer Chief Executive Officer Antonis Rouvas (until 18.01.2017) Henricus Lambertus (Bert) Pijls Lars Kramer (from 03.04.2017) (until 15.12.2016) Ioannis A. Matsis Company Secretary (The appointment is subject to approval Petros Arsalides from the regulatory authorities. In the meantime, the duties of the Chief Executive Officer will be officiated by Mr. Phivos Staso- Auditors poulos, Group General Manager, Business & KPMG Limited Insurance Division) Legal Advisers Georgiades & Pelides LLC Executive Committee of the Hellenic Registered Office Bank Group Corner Limassol Avenue & 200 Athalassa Avenue, 2025 Strovolos, Nicosia, Cyprus Georgios Fereos P.O.Box 24747, 1394 Nicosia, Cyprus Group General Manager, Group Corporate Development Kyriaki Papadopoulou Group General Manager, Group Arrears Management Division Phivos Stasopoulos Group General Manager, Business & Insurance Division George Karageorgis Group General Manager, Retail & International Banking 3 WorldReginfo - 93ffc0d5-7d96-4df5-a945-701e01551ade HELLENIC ANNUAL CHAIRWOMAN’S BANK REPORT GROUP 2016 STATEMENT In the context of strengthening our The referendum in the United Kingdom and balance sheet, we increased provisions the decision in favour of Brexit have caused for problematic loans, a practice which, great market confusion. On the one hand, in conjunction with the one-off write the sterling is slipping but, on the other, off of deferred tax assets amounting to the British economy is predicted to grow by €51.2 million, led to a loss after taxes from 2% in 2017. At the same time, Italy’s fragile continuing operations amounting to €62.7 banking sector is also causing stock markets million for 2016. turbulence. The systematic review of our business model Concurrently, the Eurozone has been split revealed key challenges, but is has also given into two camps due to the monetary policy. us a clear path to improve the Bank. It is In an effort to tackle unemployment, very important to grasp every opportunity prolonged deflation and the low investment given, to improve our performance. It is rate, there remains disagreement regarding our job as Board of Directors to ensure that whether or not the unusual negative interest each strategy translates into value for our rates and the ECB’s Quantitative Easing Irena A. Georgiadou shareholders. This is why we will never shy Programme should continue. Chairwoman away from change. All of this is happening while the increased International Economic Environment influx of refugees continues, the number of 2016 was a difficult year, full of intense Eurosceptics is growing and Europe faces the political turmoil and changes. Investors’ challenge of populism. Populism threatens psychology has being tested continuously on the Union which was built on the foundations Dear Shareholders, an international level. of liberalism and democracy. This past year was filled with challenges From the beginning of 2016, markets The uncertainty is reflected on growth rates both for Hellenic Bank and our country. We witnessed the tumbling of oil prices, which remain subdued. The Eurozone’s managed through an international financial a decrease which led to high global growth rate reached 1.7% in 2016 and is crisis and its turbulent aftermath, while never uncertainty. predicted to recede slightly, to 1.6%, in 2017. losing sight of the reason we are here: to serve our clients, our economy and country, Concurrently, the growth rate of the Chinese Reforms in Cyprus and of course, the interests our shareholders. economy, the second biggest economy Despite international volatility and after the USA, receded to the lowest point uncertainty, 2016 was the year that Cyprus In 2016, we implemented our strategic of the past 25 years, a development which returned to stability. In March 2016, our priorities in a disciplined and focused inevitably affected global demand. country successfully completed the three- manner. year macroeconomic adjustment programme Despite concerns and the unpredictable and regained access to international capital We enhanced our corporate governance and geopolitical environment, the International markets. brought about changes in the composition of Monetary Fund’s projections for the global both the Board of Directors and the Executive economy in 2017, estimate a strengthened For seven consecutive quarters, the Cypriot Management Team, the most important of growth rate of 3.4% due to the fact that economy has exhibited growth and is one which was the smooth transition for our new emerging economies are still growing at high of the fastest-growing economies in the Chief Executive Officer, Mr. Yannis Matsis. rates. Eurozone. More specifically, in 2016 the growth rate reached 2.8% and is predicted We also focused on implementing our “In 2016, we continued to actively to remain at the same level for 2017, while strategy for dealing with Non-Performing in 2018 it is expected to range between Exposures (NPEs) more effectively and support recovery of the econo- 2.5% and 3%. The impressive recovery of faster via the creation of the first NPE my granting €354 million in new the Cypriot economy is also reflected in servicing platform in co-operation with the loans, equivalent to the one third the improved levels of confidence. Credit international firm APS Holdings. (1/3) of the total loans given to rating agencies place our economy just one level below investment grade and this was For another year, we grew our balance the island”. preceded by seven upgrades from the lowest sheet responsibly and supported point in June 2013. creditworthy businesses and households, Upsets in the European Union while we continued to invest in technology, 2016 was also a year of upsets in the The steady course towards recovery is also infrastructure and new talents which European Union as, six decades after the reflected in the labour market conditions constitute the Bank’s future. Our efforts were founding of EU, its integrity is being tested as which are improving, as well as private fruitful and were recognised by international never before. consumption which increased by 2.9% credit rating agencies such as Moody’s and compared to 2015. At the same time, Fitch which upgraded Hellenic Bank’s credit investments exhibited a growth of 26%. ratings. 4 WorldReginfo - 93ffc0d5-7d96-4df5-a945-701e01551ade HELLENIC ANNUAL BANK REPORT GROUP 2016 “Increased competition within Cyprus combined with absence of sufficient qualitative demand and low interest rates significantly restrain the banks’ revenues”.
Load more

Recommended publications
  • Western Europe 2020
    Global Finance Announces Its 27th Annual Best Bank Awards And Names The Best Banks In Western Europe 2020 NEW YORK, March 13, 2020 – Global Finance magazine has announced its 27th annual awards for the World’s Best Banks. The honorees for Western Europe are presented here. A full report on the selections will appear in the May issue of Global Finance and online About Global Finance at GFMag.com, with winners chosen in more than 150 countries across Africa, Asia- Pacific, Central & Eastern Europe, Latin America, the Middle East, North America and Global Finance, founded in Western Europe. The May report will also feature selections for the Best US Regional 1987, has a circulation of Banks, the Best Islamic Financial Institutions and the World’s Best Banks by Region. 50,000 and readers in 188 countries. Global Finance’s The overall Best Bank in the World will be announced in the summer and published audience includes senior in the October issue, along with the Best Global Banks in more than a dozen key corporate and financial categories. The winners of this year’s awards are those banks that attended carefully to officers responsible for making investment and strategic their customers’ needs in difficult markets and accomplished betteresults r while laying decisions at multinational the foundations for future success. companies and financial institutions. Its website — All selections were made by the editors of Global Finance after extensive consultations GFMag.com — offers analysis with corporate financial executives, bankers and banking consultants, and analysts and articles that are the legacy throughout the world.
    [Show full text]
  • The Ionian Islands in British Official Discourses; 1815-1864
    1 Constructing Ionian Identities: The Ionian Islands in British Official Discourses; 1815-1864 Maria Paschalidi Department of History University College London A thesis submitted for the degree of Doctor of Philosophy to University College London 2009 2 I, Maria Paschalidi, confirm that the work presented in this thesis is my own. Where information has been derived from other sources, I confirm that this has been indicated in the thesis. 3 Abstract Utilising material such as colonial correspondence, private papers, parliamentary debates and the press, this thesis examines how the Ionian Islands were defined by British politicians and how this influenced various forms of rule in the Islands between 1815 and 1864. It explores the articulation of particular forms of colonial subjectivities for the Ionian people by colonial governors and officials. This is set in the context of political reforms that occurred in Britain and the Empire during the first half of the nineteenth-century, especially in the white settler colonies, such as Canada and Australia. It reveals how British understandings of Ionian peoples led to complex negotiations of otherness, informing the development of varieties of colonial rule. Britain suggested a variety of forms of government for the Ionians ranging from authoritarian (during the governorships of T. Maitland, H. Douglas, H. Ward, J. Young, H. Storks) to representative (under Lord Nugent, and Lord Seaton), to responsible government (under W. Gladstone’s tenure in office). All these attempted solutions (over fifty years) failed to make the Ionian Islands governable for Britain. The Ionian Protectorate was a failed colonial experiment in Europe, highlighting the difficulties of governing white, Christian Europeans within a colonial framework.
    [Show full text]
  • Corporate Social Responsibility Report 2008
    Corporate Social Responsibility Report 2008 Corporate Social Responsibility Report 2008 "Together on Corporate Social Responsibility" Alpha Bank Presence ALPHA BANK BRANCHES ORGANISATION NAME BRANCHES COUNTRY Alpha Bank 416 GREECE Alpha Bank Cyprus Ltd 37 CYPRUS Alpha Bank Romania S.A. 200 ROMANIA Alpha Bank Jersey Ltd 1 UNITED KINGDOM Alpha Bank London Ltd 3 UNITED KINGDOM Alpha Bank Srbija A.D. 162 SERBIA Alpha Bank-Albania 42 ALBANIA Alpha Bank-Bulgaria Branch 120 BULGARIA Alpha Bank A.D. Skopje 24 F.Y.R.O.M. OJSC Astra Bank 22 UKRAINE Alpha Finance US Corporation S.A. 1 U.S.A. TOTAL 1,028 10 COUNTRIES The registered seat of the Bank is the Building on 40 Stadiou Street, near Klafthmonos Square and its number in the Sociétés Anonymes Register is 6066/06/B/86/05. 4 - Alpha Bank CSR Report 2008 Table of Contents Introduction 7 TOGETHER for the Environment 55 • Message from the Chairman • Environmental Policy • Report objectives • Environmental Management • Greenhouse Gas Emissions Alpha Bank Group Milestones 9 • Ozone Layer • Brief History • Summary Presentation of the Bank TOGETHER for the Society 67 and the Group Companies • Society • Shareholder Structure • Environment • Group Companies • Collections and Exhibition Centres of the Bank • Cultural Foundations CSR in ALPHA BANK 13 • Vision and Values CSR in the International Network of Alpha Bank 83 • CSR in Alpha Bank • Data and Indices on Group Human Resources • Stakeholders • Alpha Bank Cyprus Ltd • Participation in associations • Alpha Bank Romania S.A. • Certifications – Awards – Distinctions • Alpha Bank Srbija A.D. • Alpha Bank Albania TOGETHER with our Shareholders 21 • Alpha Bank Bulgaria Branch • Administration – Organisational Chart • Alpha Bank A.D.
    [Show full text]
  • Capital Link Invest in Greece Forum Monday, December 11, 2017 - New York City
    19thAnnual Capital Link Invest in Greece Forum Monday, December 11, 2017 - New York City Conference Notes In Cooperation with Lead Sponsors Press Release An International Summit on Greece in New York Featuring Top US Investors, Global Investment Banks & Institutions, the Greek Government & Business Leaders CONFERENCE MATERIALS AND PROGRAMME AGENDA ARE AVAILABLE AT http://forums.capitallink.com/greece/2017/index.html The 19th Annual Capital Link Invest in Greece The Forum offered a unique combination of Forum was organized at the Metropolitan Club in New information, marketing and networking opportunities. York City on Monday, December 11, 2017 with huge The participants this year had the opportunity to be success attracting more than 1350 participants. This is informed about Greece from: an International Summit about Greece in New York • 87 high - level speakers who addressed organized in cooperation with the New York Stock • 1350 delegates who attended the forum Exchange and major global investment banks. • 153 one-to-one meetings with listed and non- listed companies The Forum featured government and business leaders • Separate meetings for the Greek Economy from Greece, Europe and the United States, and top Ministers with Group of Institutional investors executives from the investment, financial and business (funds) which are interested in investing in Greece communities. The forum attracts the elite of Wall Street • Separate meetings with representatives of and this year took place in a crucial time for Greece. foreign media After years of recession, Greece is slowly returning to • At the same time all the attendees had the a period of economic growth and aims to position itself opportunity for networking while various parallel as an attractive investment and business destination.
    [Show full text]
  • Business Review 2007
    BUSINESS REVIEW 2007 40 STADIOU, GR-102 52 ATHENS BUSINESS REVIEW 2007 Alpha Bank owns one of the most complete collections of ancient Greek coins with more than 10,000 items from the entire ancient Greek world. In 2007, the Bank organised, for the first time since its foundation, the exhibition “Hellenic Coinage: the Alpha Bank Collection” at the Benaki Museum. In the exhibition, which was viewed by more than 11,000 visitors, 500 ancient coins were shown, minted in regions ranging from the current Great Britain to India and from Ukraine to Africa, among which many unique ones. For this reason, it was decided to illustrate the Business Review of the Bank, for the year 2007, with some of the masterpieces and the rarities of the Alpha Bank Numismatic Collection. Aegina. Silver stater, 479-456 BC O: Turtle. R: Incuse square, divided into five compartments (skew pattern). The first city-state in Greece to struck its own coins was Aegina around 560 BC. The iconographic type distinctive of the staters of Aegina, from the beginning to the end of its coinage is the turtle. On the reverse of the early Aeginetan coins is an irregular incuse square, which as time passed acquired a definite shape, divided by cross-arms into quadrants. The schematic reverse type of these first coins in Greece has been the Alpha Bank logo since 1972. Table of Contents TABLE OF CONTENTS page. BRIEF HISTORY ........................................................................................................................... 5 KEY INDICATORS........................................................................................................................
    [Show full text]
  • “We Create Today the Bank of Tomorrow”
    5-6 2021 • Issue 75 THE WORLD OF ALPHA BANK “We create today the Bank of Tomorrow” 3 Τ 11 14 15 15 16 17 5-6 2021 • Issue 75 19 20 CULTURE 24 25 26 Editor: CORPORATE COMMUNICATIONS DIVISION Corporate Identity and Group Serial Publications Editing: Eleftheria Athanasopoulou 31 32 40, Stadiou Str. 102 52 ATHENS, GREECE Τ 33 34 35 36 ® 37 38 39 40 41 5-6 2021 • Issue 75 43 46 48 54 56 Editor: CORPORATE COMMUNICATIONS DIVISION Corporate Identity and Group Serial Publications Editing: Eleftheria Athanasopoulou 58 59 40, Stadiou Str. 102 52 ATHENS, GREECE 60 Τ 62 64 IN FOCUS Ready for tomorrow, now “Project Tomorrow” “We create today the Bank of Tomorrow” lpha Bank is ready for tomorrow, now! A In the context of the new Strategic Plan, “Project Tomorrow”, the Extraordinary General Meeting of the Shareholders of Alpha Services and Holdings, the 100% parent company of Alpha Bank, was held via videoconference on June 15, 2021, and approved with a majority of 84.9% and a quorum of 57.3%, the Increase of the Company’s Share Capital by an amount up to Euro 800 million. “In the emerging new environment of positive prospects, we want our Bank to play a leading role
    [Show full text]
  • Cotton, Finance and Business Networks in a Globalised World: the Case of Egypt During the First Half of the Twentieth Century
    Cotton, Finance and Business Networks in a globalised World: The Case of Egypt during the First Half of the Twentieth Century Thesis submitted for the degree of Doctor of Philosophy International Business & Strategy, Henley Business School Akram Beniamin November 2019 Declaration I confirm that this is my own work and the use of all material from other sources has been properly and fully acknowledged. Akram Beniamin i Abstract Firms and entrepreneurs were key drivers of the globalisation of the late nineteenth and early twentieth centuries. This thesis investigates commodity networks, foreign banking and business networks, as three manifestations of the first global economy, in Egypt. The country was integrated into the world economy by exporting cotton, importing foreign capital, and hosting a large foreign community. The thesis shows that the Egyptian cotton network was sophisticated as market participants were spatially dispersed. The network was instrumentally coordinated by foreign banks that provided the crucial functions of intermediating the flows of cotton, finance, and information. Departing from the literature that portrays foreign banks in developing countries as manifestations of imperialism and exploitation of host countries, the thesis demonstrates that the history of these banks in Egypt does not conform to this rhetoric. The case of the Ionian Bank reveals that foreign banks in Egypt were businesses that sought profits and faced many risks and challenges. Some risks were uncontrollable and negatively affected banks’ performance, which was shaped by trade-off between opportunity and risk appetite. The analysis of the interlocking directorates of the Egyptian corporate and elite networks demonstrates that these networks, predominantly controlled by local foreigners, served as a basis for coordinating and maintaining collective interests.
    [Show full text]
  • Banking Crisis in Cyprus: Causes, Consequences and Recent Developments*
    1 Banking Crisis in Cyprus: Causes, Consequences and Recent Developments* Scott Brown University of Puerto Rico, USA Demetra Demetriou Cyprus University of Technology, Cyprus Panayiotis Theodossiou Cyprus University of Technology, Cyprus The economy of Cyprus was barely affected by the U.S. subprime mortgage debacle. The economic crisis in Cyprus was initially driven by fiscal mismanagement and subsequently by the failure of the government and its regulatory branches to monitor the imprudent behavior and risky investment actions of top executives in the banking sector. That is, banking executives run amok due to poor monitoring leading to severe agency problems in the Cypriot banking industry. The economic effects of the first capital-controlled bail-in in the EU in 2013 temporarily hobbled the real economy and the banking sector of Cyprus. Nevertheless, in less than five years, the economy of Cyprus recovered almost fully. This paper provides an economic analysis of the macroeconomic, banking and political events that led to the economic collapse in Cyprus. We also cover the interim period between collapse and recovery. The Cyprus case is an opportunity for European economic agents and regulators to learn how to avoid bail-in and welfare bloat. Studying Cyprus helps the reader see the most troubling cracks in the foundations of the European Fortress. * We are deeply grateful for useful comments received from Sheridan Titman, Lorne Switzer, Ganesh Rajappan, Gevorg Sargsyan, Adam Welker, Mary Becker, Carlos Vila, and the former Puerto Rico Secretary of State, Antonio (Tito) Colorado at the 2019 Winter MFS Conference at the University of Puerto Rico. This study benefited from extensive discussions with former Hellenic and Cyprus Cooperative Bank executives Marios Clerides, Nearchos Ioannou and Makis Keravnos.
    [Show full text]
  • Hellenic Bank Group Annual Financial Report
    Hellenic Bank Group Annual Financial Report For the year ended 31 December 2016 Hellenic Bank Group –Annual Financial Report for the year ended 31 December 2016 CONTENTS Page MANAGEMENT REPORT 3-10 INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF HELLENIC BANK PUBLIC COMPANY LIMITED 11 -15 CONSOLIDATED INCOME STATEMENT 16 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 17 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 18 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 19 -20 CONSOLIDATED STATEMENT OF CASH FLOWS 21 INCOME STATEMENT 22 STATEMENT OF COMPREHENSIVE INCOME 23 STATEMENT OF FINANCIAL POSITION 24 STATEMENT OF CHANGES IN EQUITY 25 -26 STATEMENT OF CASH FLOWS 27 NOTES TO THE FINANCIAL STATEMENTS 1. INCORPORATION AND PRINCIPAL ACTIVITY 28 2. SIGNIFICANT ACCOUNTING POLICIES 28-43 3. USE OF ESTIMATES AND JUDGEMENTS 44-48 4. INTEREST INCOME 48 5. INTEREST EXPENSE 48 6. FEE AND COMMISSION INCOME 48 7. FEE AND COMMISSION EXPENSE 49 8. NET GAINS ON DISPOSAL AND REVALUATION OF FOREIGN CURRENCIES AND FINANCIAL INSTRUMENTS 49-50 9. OTHER INCOME 51 10. STAFF COSTS 51 11. ADMINISTRATIVE AND OTHER EXPENSES 52-53 12. IMPAIRMENT LOSSES AND PROVISIONS TO COVER CREDIT RISK 53 13. TAXATION 53-55 14. PROFIT FROM DISCONTINUED OPERATIONS AFTER TAXATION 55-57 15. BASIC AND DILUTED (LOSS)/EARNINGS PER SHARE 57 16. CASH AND BALANCES WITH CENTRAL BANKS 58 17. PLACEMENTS WITH OTHER BANKS 58 18. LOAN AND ADVANCES TO CUSTOMERS 59-69 19. DEBT SECURITIES 70-71 20. RECLASSIFICATION OF DEBT SECURITIES 71 21. EQUITY SECURITIES 72-73 22. INVESTMENTS IN SUBSIDIARY COMPANIES 73 23. PROPERTY, PLANT AND EQUIPMENT 74-76 24.
    [Show full text]
  • Piraeus Bank
    Industry: Financial Services | Process Focus: Operational Excellence CASE STUDY: Piraeus Bank Piraeus Bank SA is a Greek multinational financial services company headquartered in Athens, Greece. The Bank has approximately 19,000 employees with operations in 8 countries. Piraeus Bank is Greece’s biggest financial services lender, with €86 billion in total assets in service of more than 6 million customers. CHALLENGE “A key part of our strategy is to sustain a work environment Over the past decade, the Greek national debt crisis has where innovation, the exchange of ideas and creativity caused tremendous turbulence for the country’s financial are supported,” said George Nasoulis, Assistant General services institutions. During that period Piraeus Bank has Manager at Piraeus Bank. “At the same time, we have a made a series of strategic acquisitions and mergers aiming to responsibility to our customers and our country to operate establish a strong presence in the domestic market, enhancing in a lean and effective manner.” a track record of more than 20 M&As in last 20 years and assuming a leadership role in Greece’s economic recovery. SOLUTION Piraeus Bank selected the Appian Platform to meet its goals Full or partial acquisitions by Piraeus Bank over the past 3 of operational efficiency and work innovation. To-date, the years have included Agricultural Bank, Geniki Bank, Bank organization has deployed 14 applications to more than of Cyprus, Cyprus Popular Bank, Hellenic Bank, Millennium 6,500 active users across the business to drive core activities Bank Greece. and Panellinia Bank. All of these transactions and key initiatives.
    [Show full text]
  • PIRAEUS BANK S.A. (Incorporated with Limited Liability in the Hellenic Republic) €10 Billion Global Covered Bond Programme
    BASE PROSPECTUS PIRAEUS BANK S.A. (incorporated with limited liability in the Hellenic Republic) €10 billion Global Covered Bond Programme Under this €10 billion global covered bond programme (the Programme), Piraeus Bank S.A. (the Issuer, Piraeus Bank or, as applicable, the Bank) may from time to time issue bonds (the Covered Bonds) denominated in any currency agreed between the Issuer and the relevant Dealer(s) (as defined below). Covered Bonds may be issued in bearer or registered form. Application has been made to the Commission de Surveillance du Secteur Financier (the CSSF) in its capacity as competent authority under the Luxembourg Act dated 10 July 2005 (as amended) (the Luxembourg Act) on prospectuses for securities to approve this document as a base prospectus (the Base Prospectus). The CSSF assumes no responsibility for the economic and financial soundness of the transactions contemplated by this Base Prospectus or the quality or solvency of the Issuer in accordance with Article 7(7) of the Luxembourg Act. Application has also been made to the Luxembourg Stock Exchange for Covered Bonds issued under the Programme to be admitted to trading on the Bourse de Luxembourg, which is the Luxembourg Stock Exchange’s regulated market (the Luxembourg Stock Exchange’s regulated market) for the purposes of Directive 2014/65/EU (the Markets in Financial Instruments Directive II) and to be listed on the Official List of the Luxembourg Stock Exchange. This document comprises a base prospectus for the purposes of Article 5.4 of Directive 2003/71/EC as amended (including, without limitation, the amendments made by Directive 2010/73/EU to the extent that such amendments have been implemented in a relevant Member State of the European Economic Area) (the Prospectus Directive) but is not a base prospectus for the purposes of Section 12(a)(2), or any other provision of or rule under, the Securities Act.
    [Show full text]
  • List of Registered Institutions
    LIST OF REGISTERED INSTITUTIONS MOBIASBANCA – GROUPE SOCIETE ACCUITY, UK CREDIT AGRICOLE, ARMENIA GENERALE, MOLDOVA ADDIKO BANK, REGIONAL CREDIT AGRICOLE, AUSTRIA MTBANK, BELARUS AGRICULTURAL BANK OF CHINA, MITSUBISHI UFJ FINANCIAL GROUP CREDIT AGRICOLE, FRANCE LUXEMBOURG (MUFG), UK AKA BANK, GERMANY CREDIT AGRICOLE, ITALY NATIONAL BANK OF EGYPT, UK ALPHA BANK GREECE, GREECE DELTA BANK, KAZAKHSTAN NATIONAL BANK OF GREECE, GREECE ALPHA BANK, ROMANIA DEUTSCHE BANK, GERMANY NATIXIS, FRANCE ALTERNATIFBANK, TURKEY DZ BANK, GERMANY NATIXIS, KAZAKHSTAN ECO TRADE AND DEVELOPMENT BANK, ARMECONOMBANK, ARMENIA NATIXIS, RUSSIAN FEDERATION TURKEY ARMSWISSBANK, ARMENIA ERSTE GROUP BANK, AUSTRIA NLB BANKA, KOSOVO ASSOCIATION OF BANKS IN JORDAN, ERSTE&STEIERMÄRKISCHE BANK, NORTON ROSE, UK JORDAN CROATIA ODDO BHF AKTIENGESELLSCHAFT, ATTIJARI BANK, TUNISIA EUROBANK, GREECE GERMANY ATTIJARIWAFA BANK, MOROCCO EUROBANK BEOGRAD, SERBIA OP CORPORATE BANK, FINLAND AUSTRIAN FEDERAL MINISTRY OF OPEC FUND FOR INTERNATIONAL EUROBANK CYPRUS, CYPRUS FINANCE, AUSTRIA DEVELOPMENT (OFID), AUSTRIA AUSTRIAN FINANCIAL MARKET OTP BANKA SLOVAKIA, SLOVAK EUROBANK ERGASIAS, GREECE AUTHORITY (FMA), AUSTRIA REPUBLIC EUROMONEY (TRADE FINANCE PALESTINE INVESTMENT BANK, WEST BANCA POPOLARE DI SONDRIO, ITALY ANALYTICS MAGAZINE), UK BANK AND GAZA BANCA POPOLARE DI VICENZA, ITALY EUROPE ARAB BANK, GERMANY PIRAEUS BANK, GREECE FACTORS CHAIN INTERNATIONAL, BANCPOST, ROMANIA PIRAEUS BANK, ROMANIA BELGIUM BANCO SABADELL, SPAIN FIRST COMMERCIAL BANK, UK PIVDENNYI BANK, UKRAINE BANK BELVEB,
    [Show full text]