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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......................................................................................................................... 6 ALPHA BANK’S SHARE................................................................................................................ 7 MESSAGE FROM THE CHAIRMAN................................................................................................ 8 MESSAGE FROM THE MANAGING DIRECTOR............................................................................... 10 THE WORLD AND THE GREEK ECONOMY IN 2007 AND PROSPECTS FOR 2008 .............................. 15 BUSINESS UNITS ........................................................................................................................ 25 Retail Banking in Greece ....................................................................................................... 26 Southeastern Europe .............................................................................................................33 Medium and Large Corporates ............................................................................................... 40 Asset Management and Insurance ......................................................................................... 44 Investment Banking and Treasury........................................................................................... 49 OPERATIONAL SYSTEMS AND DISTRIBUTION CHANNELS ............................................................ 55 Operational Restructuring...................................................................................................... 56 Branches and Alternative Distribution Channels..................................................................... 58 RISK MANAGEMENT................................................................................................................... 63 CAPITAL ADEQUACY.................................................................................................................... 71 CORPORATE GOVERNANCE.......................................................................................................... 75 Board of Directors ................................................................................................................. 77 Audit Committee ................................................................................................................... 79 Risk Management Committee ................................................................................................ 80 Management Remuneration Committee.................................................................................. 80 Executive Committee.............................................................................................................80 Auditors................................................................................................................................ 80 Internal Audit........................................................................................................................ 81 Compliance ........................................................................................................................... 81 Organisational Chart ............................................................................................................. 84 AUDITOR’S REPORT AND FINANCIAL STATEMENTS ..................................................................... 87 BUSINESS UNITS AND GEOGRAPHICAL SECTOR ANALYSIS.......................................................... 97 Business Review 2007 4 Brief History BRIEF HISTORY Alpha Bank’s history goes back to the commercial enlarged Bank, which resulted from the merger business founded in 1879 in Kalamata by Ioannis now operates under the abbreviated title Alpha F. Costopoulos. The business soon branched out Bank. into banking activities, with a particular focus on The registered seat of Alpha Bank S.A. is at 40 the foreign exchange market. In 1918 the banking Stadiou Street, Athens, and the Bank is recorded section of the I. F. Costopoulos business was in the Register of Incorporated Companies renamed Kalamon Bank. In 1924, when its (Sociétés Anonymes) under no. 6066/06/Β/86/05. registered seat was moved to Athens, the Bank Its term has been set to the year 2100, and can was named Greek Commercial Credit Bank. In be extended by decision of the General Meeting 1947 the name was changed to Hellenic Credit of Shareholders. Bank, in 1972 to Credit Bank, and in March 1994 to Alpha Credit Bank. Having grown rapidly in Alpha Bank offers a wide range of financial recent decades, the Bank has moved beyond services to individuals and corporations both in offering standard banking services and products Greece and abroad, and currently serving and has evolved into a full-blown financial approximately 4 million customers. It is active in services Group. In 1999 it acquired a 51% stake most of the markets of Southeastern Europe in the Ionian Bank, and on April 11, 2000 the (Romania, Serbia, Bulgaria, FYROM, Albania, merger of the Ionian Bank through absorption by Cyprus) and also has a presence in London and Alpha Credit Bank was approved. The new, New York. 5 Business Review 2007 KEY INDICATORS (in million Euro) Change % 2007 2006 BALANCE SHEET Total Assets 9.8% 54,684 49,800 Loans and advances to Customers 30.6% 42,072 32,223 Due to Customers 11.8% 34,665 31,015 Total Equity 18.8% 4,291 3,614 PROFIT AND LOSS ACCOUNT Total Income 15.2% 2,237 1,942 Total Expenses 15.5% 1,025 887 Net Profit 54.0% 850 552 Earnings per Share (in Euro) 50.0% 2.10 1.40 Dividend per Share (in Euro) 20.0% 0.90 0.75 INDICES Net Interest Margin (*) 2.7% 2.5% Return on Equity 28.1% 23.8% Cost to Income Ratio 45.8% 45.7% Total Capital Adequacy Ratio 12.5% 12.9% TIER I Capital Adequacy Ratio 9.6% 10.2% CREDIT RATINGS Moody’s Α1 Standard & Poor’s Α- Fitch Ratings Α- (*) Net of impairment losses 6 Alpha Bank’s Share ALPHA BANK’S SHARE The market capitalisation of Alpha Bank, which outstanding share capital paid up each time, has been listed on the Athens Stock Exchange at a price between a minimum of Euro 3.90 and since 1925, stood at Euro 10.2 billion on the last a maximum of Euro 32.00. Following the day of 2007, and the Bank is ranked as the fifth successful sale on 20.12.2007, through private largest company listed on the Athens Stock placement, of 10,970,634 shares representing Exchange. 2.67% of the Bank’s paid up share capital, the Bank on 31.12.2007 did not hold any shares. At the end of 2007 the Bank's market capitalisation accounted for 7.3% and 14.9% of the ASE The continuing expansion of the Group's Composite Share Price Index and the Banking activities and the share’s consistently high Index respectively, with a weighting of 9.6% in dividend yields contribute to attracting domestic the FTSE/ATHEX 20 Index. Since February 2004, and foreign investors, driving the share's average the share was added to the FTSE Eurofirst 300 daily volume for 2007 to 1,307,691 units, and the Index, which includes the 300 largest European average daily value of transactions to Euro 31 companies. The share is also included in other million. important international indices, such as S&P For its consistency towards its Shareholders Europe 350, FTSE Med 100, MSCI Europe, DJ and for its contribution to the institutional Euro Stoxx, and FTSE4Good. development of the Greek Stock Exchange, the On December 31, 2007 the number of total Bank was presented in 2006 with an Award by shares outstanding stood at 410,976,652 and the Athens Stock Exchange as the only listed the number of the Bank’s Shareholders stood company with a record of being profitable and at around 111,000, of which 1,925 were paying a dividend uninterruptedly since 1948. institutional investors holding 54% of shares In addition to the Greek equity market, the Bank (Greek: 9%, Foreign: 45%). is also listed on the London Stock Exchange in The Ordinary General Meeting of the Bank’s the form of Global Depositary Receipts (GDRs), Shareholders, held
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