Eurobank Overview

Eurobank Ergasias Services and Holdings S.A. (Eurobank Holdings) is a holding company, listed on the Athens Stock Exchange. Eurobank Holdings and its subsidiaries (“Group”) have €101.2 billion in total assets and 12,406 employees.

Eurobank Holdings is the parent company of the Eurobank Group, consisting of Eurobank S.A. and its subsidiaries.

With a total network of 540 branches in Greece and abroad, the Eurobank Group offers a comprehensive range of financial products and services to its retail and corporate customers. In Greece, Eurobank operations encompass a retail banking network, dedicated business centres, a Private Banking network and a dynamic digital presence. The Eurobank Group also has presence in Bulgaria, Cyprus, Luxembourg and the United Kingdom (London).

*As of 12.09.2024, due to a share capital increase following the exercise of stock option rights, the new total of the company's listed shares that are tradeable on the Athens Stock Exchange amounts to 3.676.736.329 common registered shares, for which the investment community was informed on 10.09.2024 by Eurobank Holdings, through a relevant corporate announcement.
**Based on the information received, from the company “Fairfax Financial Holding Limited”, for which the investment community was informed on 20.07.2021 and on 26.07.2021 by Eurobank Holdings, through relevant corporate announcements.
***Based on the information received, from the company “The Capital Group Companies (CGC)”, for which the investment community was informed on 03.12.2020 by Eurobank Holdings, through relevant corporate announcement.
****Based on the information received, from the company “Helikon Investments Limited”, for which the investment community was informed on 31.01.2023 by Eurobank Holdings, through relevant corporate announcement.

The Eurobank 2030 Transformation Programme was established to transform the Bank’s business and operating model, addressing key opportunities and challenges to enable the achievement of business plan targets. The programme focuses primarily on the Greek business, capitalising on economic recovery and the Bank’s strengths in its core market to enhance its competitive position and accelerate growth.

Eurobank 2030 structures transformation activities around 8 major pillars. The first 6 aim at increasing profitability through both customer-oriented and internal simplification initiatives, while the last 2 are key enablers relating to IT infrastructure and Human Capital:

1. Bank Everywhere Model – Enable revenue growth and achieve efficiencies by rethinking sales and service channels.
2. Simplification 360^o – Deliver improved efficiency and customer experience through organisational, product, process and journey simplification.
3. Data Empowerment and AI – Drive personalised, real-time commercial actions and underwriting capabilities by leveraging data and artificial intelligence.
4. Business Fee Acceleration – Develop new and improved products to enhance client offering and grow revenues from non-lending activities.
5. Business Ecosystems – Generate new revenue streams with business clients and consumers by embedding financing and payment solutions in end-to-end value chains.
6. Market Growth Maker – Drive growth in high-return market segments by reviewing the service model, risk appetite and value proposition, and leveraging data analytics.
7. Architecture and Infrastructure – Upgrade technology architecture and infrastructure towards a flexible model that will enable growth and efficiency.
8. People and Culture – Articulate, activate and embed a culture of agile collaboration, delegation and accountability.

Over the past 3 years, the Bank’s transformation initiatives led to enhanced operational efficiency, improved customer satisfaction and substantial growth in key performance metrics:

• Increased the number of digital active customers, with a growing share of customers onboarded digitally.
• Improved retail loan auto-decisioning in all customer segments, providing faster service to customers.
• Supported the end-to-end digitisation of the credit approval process, increasing efficiency.
• Launched new digital products and services, and enhanced the digital and contact centre channels, improving customer experience.
• Drove business growth through supply chain ecosystems and retailer loan partnerships, enabling the Bank to expand its market reach.
• Migrated around 80% of eligible applications to the cloud, improving operational efficiency and scalability.

In 2024, key metrics showed significant improvement over 2023:

Having achieved the core objectives of the first 3 years of Eurobank 2030, and in order to reflect the current environment and business plan, in 2024 the Bank concluded a strategic review (Transformation 2.0) and continues its transformation, focusing on developing its digital offering to serve customers and deepen relationships, build new business via partnerships for consumers and businesses, optimise ways of working, deploy AI and GenAI solutions to drive efficiency and effectiveness, and modernise its core IT systems.

The Bank’s Sustainability strategy is a core priority reflected in the objectives of the Eurobank 2030 Programme across pillars. 

2024 was a year of robust performance for Eurobank, which exceeded expectations.

Specifically:

• Net interest income rose by 15.3% y-o-y (or 1.8% excluding Hellenic Bank) to €2,507 million, driven by loans, bonds and international business. Net interest margin remained almost stable against 2023 to 2.73%.
• Net fee and commission income expanded by 22.4% y-o-y (or 13.5% excluding Hellenic Bank) to €666 million, mainly due to fees from Network activities, Lending and Asset Management Business, accounting for 73 basis points of total assets compared to 69 basis points in 2023.
• Core income as a result of the above grew by 16.8% y-o-y (or 4.1% excluding Hellenic Bank) to €3,173 million. Total operating income increased by 15.6% (or 2.0% excluding Hellenic Bank) against 2023 to €3,242 million.
• Operating expenses rose 2.9% y-o-y in Greece and 18.8% y-o-y at a Group level (or 4.8% excluding Hellenic Bank) to €1,071 million. However, on a like for like basis (excluding BNP Bulgaria), Group expenses were up by 3.4% y-o-y. Both the cost to core income ratio and the cost to total income ratio remained below 35% at 33.8% and 33.0% respectively in 2024.
• Core pre-provision income was up by 15.7% y-o-y (or 3.8% excluding Hellenic Bank) to €2,101 million, whereas pre-provision income strengthened by 14.1% (or 0.7% excluding Hellenic Bank) compared to 2023 to €2,171 million.
• Loan loss provisions decreased by 7.3% y-o-y (or 10.0% excluding Hellenic Bank) to €319 million and corresponded to 69 basis points of the average net loans.
• Core operating profit before tax as a result of the above rose by 21.1% y-o-y (or 7.0% excluding Hellenic Bank) to €1,782 million in 2024.
• Adjusted net profit rose by 18.2% y-o-y (or 0.9% excluding Hellenic Bank) to €1,484 million in 2024. Reported net profit reached €1,448 million and includes €99 million negative goodwill from stake increase in Hellenic Bank in the second quarter 2024. EPS and the return on tangible book value reached €0.39 and 18.5% respectively in 2024.
• SEE operations were profitable, as the adjusted net profit increased by 51.4% y-o-y (or 5.8% excluding Hellenic Bank) to €709 million, contributing 47.8% to the profitability of the Group. Specifically, the adjusted net profit in Bulgaria grew by 9.6% during the same period to €208 million and in Eurobank Cyprus by 5.1% to €210 million. Hellenic Bank contributed €275 million to the Group’s adjusted net profit in 2024. Core pre-provision income in SEE operations grew by 53.1% y-o-y (or 11.7% excluding Hellenic Bank) and stood at €800 million, with core operating profit before tax rising by 58.9% y-o-y (or 14.2% excluding Hellenic Bank) to €739 million in 2024.
• The NPE ratio fell to 2.9%¹ and Provisions over NPEs reached 88.4%² in 2024.
• Capital adequacy remained robust, as Total CAD and CET1 ratios reached 18.5%³ and 15.7%³ respectively.
• Tangible book value per share stood at €2.31, up 11.6% against 2023.
• Total assets amounted to €101.2 billion, of which €58.8 billion in Greece, €27.5 billion in Cyprus (€18.3 billion Hellenic Bank) and €11.5 billion in Bulgaria.
• Performing loans grew organically by €3.9 billion in 2024. Total gross loans amounted to €52.3 billion, of which €34.7 billon in Greece, €8.8 billion in Cyprus (€5.8 billion Hellenic Bank) and €7.8 billion in Bulgaria. At a Group level, corporate loans stood at €30.9 billion, mortgages at €12.5 billion and consumer loans at €4.5 billion.
• Customer deposits were up by €6.2 billion⁴ in 2024. Total deposits reached €78.6 billion, of which €43.3 billion in Greece, €23.5 billion in Cyprus (€15.7 billion Hellenic Bank) and €8.8 billion in Bulgaria. The loans to deposits ratio was 64.8% and the liquidity coverage ratio 188.2% in 2024.
• Managed funds grew by 38% y-o-y to €7.7 billion in 2024. In addition, private banking client assets and liabilities increased by 18% y-o-y to €13.0 billion.

1. Excluding APS NPEs of Hellenic Bank.
2. Excluding APS NPEs of Hellenic Bank as well as the respective provisions.
3. Accounting for 2024 payout accrual, which is subject to Regulatory and AGM approval. Pro-forma for “Solar”, “Leon” and “Wave VI” transactions. Including FY2024 profits, subject to AGM approval.
4. Excluding Hellenic Bank opening balance.

 

Direct economic value generated and distributed in 2024 (€ million) Eurobank SA
Direct economic value generated	€4,527
Revenues	€4,768
Impairment losses relating to loans and advances to customers	€241
Economic value distributed
Operating expenses of which:	€305
Sponsorships	€31
Wages and employees benefits (Staff costs) of which:	€300
Wages, salaries and performance remuneration	€252
Medical, Retirement and other benefits	€48
Voluntary Exit schemes and other related costs	€157
Other restructuring costs	€5
Interest Expense and banking fee and commission expense	€2,533
Other impairment losses and provisions	€303
Payments to Hellenic public excluding payroll tax	€58
Payments to government	€15
Social security contributions	€46
Contributions to resolution and deposit guarantee funds	-€3
Economic value distributed	€3,661
Economic value retained	€866
Income Tax	€197
Payroll and other solidarity taxes	€54
Economic Value retained including employee and income taxes	€615

The Annual General Meeting of shareholders that convened on 23.07.2024 assigned the statutory audit of the Eurobank Holdings annual financial statements (separate and consolidated) for the 2024 fiscal year to KPMG Certified Auditors SA, which appointed:

• Its member Mr Nikolaos E. Vouniseas, certified auditor (SOEL Reg. No 18701), as the statutory auditor.
• Its member Mr Anastasios E. Kyriacoulis, certified auditor (SOEL Reg. No 39291), as his substitute in case of impediment of the statutory auditor.

To safeguard the independence of external auditors, the Eurobank Holdings Group has been consistently implementing a:

• Policy on external auditors’ independence.
• Policy with regard to the tendering process for the assignment of the statutory audit of its financial statements to external auditors.

As part of the policy on external auditors’ independence, the rules concerning the service provided by external auditors are founded on 3 key principles, the violation of which could affect the auditors’ independence:

• An auditor may not audit their own work.
• An auditor may not perform any management role.
• An auditor may not provide any services prohibited by the law or the Eurobank Holdings Group policy.

Regarding the tendering policy that the Eurobank Holdings Group follows to assign the statutory audit of its financial statements to external auditors, the main objective is to define the framework by which the Eurobank Holdings Group receives offers from candidate auditing firms on a regular basis, to ensure that:

• The auditors’ independence is not compromised.
• The most suitable auditors are selected to carry out the Group’s statutory audit through a transparent and objective selection process.

Retail Banking

Retail Banking offers a range of products and services that meet the specific needs and requirements of individual customers and small businesses.

Deposits – Retail Banking encompasses all of the Bank’s deposits, both for individuals and businesses. Total deposits Bank-wide increased to €43.3 billion compared to €39.9 billion on 31.12.2023 at Bank level, despite the market challenges and the inflationary environment. The tourism sector enhanced economic growth, especially for large businesses.

In addition, supporting the savings effort of Greek households, with the Saving Now and Megalono accounts as key ambassadors, more than 125,000 children held the Megalono savings account in 2024.

Deposit products and services remained available through e-Banking. Focusing mainly on optimal customer service and seamless customer transactions, new e-Banking functionalities were introduced and even more customers switched to e-Statements.

Transaction and service packages – A new era of benefits and discounts was launched in 2022 with Eurobank My Advantage Banking for individuals, which was enhanced with Eurobank My Blue Advantage.

Customers obtain the basic Eurobank My Blue Advantage package for every payment account to secure cost savings on their transactions, use of banking services, as well as benefits and discounts at partner companies. Moreover, customers may choose one of the My Silver, My Gold or My Platinum packages and make the most of their relationship with Eurobank, such as benefits at partner companies and more savings on transactions every month, including bill payments and cash transfers, by linking their account to a package. Depending on the package they choose, they can save an amount monthly, compared to carrying out each transaction separately.

On 31.12.2024, more than 2.8 million retail customers held the basic Eurobank My Blue Advantage package and 219,000 the optional packages, while more than 485,000 business held one of the business packages (Classic for Business and Advanced for Business).

Investments – The investment platform launched in Q4 2023 proved to be a key driver of growth and efficiency in 2024. It successfully facilitated all mutual fund transactions under the execution-only service, available both in physical branches and through e-Banking. This platform empowers clients to place transactions at any time of the day, 365 days a year, providing them with unparalleled flexibility. Furthermore, it allows for seamless monitoring of investment performance and returns, making it easier for clients to manage their portfolios and stay up to date in real time.

Furthermore, the launch of Personal Investment Portfolios was a bold and decisive move for the Bank to offer a service of high value and quality enabling retail clients to invest in strict accordance with their investment profile while benefiting from expert professional management. This newly introduced service delivers a range of distinct advantages such as expert professional management, customized, profile-driven investment solutions, robust portfolio diversification, operational efficiency and accessibility, and uncompromising transparency. By the end of 2024, Personal Investment Portfolios accounted for 24% of mutual funds net flows.

Mortgage loans – The Bank maintained its leading position in the Greek mortgage lending market, holding the largest mortgage loan portfolio in the country, which reached €7.4 billion by the end of 2024.

Throughout 2024 Eurobank continued to offer attractive lending solutions for new mortgage borrowers. The Bank kept at relatively low levels the interest rates for fixed-rate mortgage loans, as well as those with an initial fixed-rate followed by a floating interest rate period. Simultaneously, it expanded its lending product range offering new loans, including a new mortgage loan tailored to young first-time buyers.

Reinforcing its social impact, the Bank continued to actively participate in the “Spiti mou” (My Home) programme, co-financed and subsidised by the Greek State, which provided incentives to young borrowers to buy their 1^st home. Additionally, Eurobank introduced a new mortgage loan for families with 3 or more children with main residence in border areas of Greece, with favourable terms.

A key milestone in 2024 was the launch of Eurobank’s new innovative Centralised Services Mortgage Unit, designed to enhance customer service in the mortgage loan process. Leveraging the expertise of certified and qualified mortgage loans professionals, the Unit ensures faster and more efficient loan disbursement, improving the overall customer experience.

Eurobank also strengthened its role in the residential green lending sector through participation in the Exoikonomo programmes, supported by the Recovery and Resilience Fund under the Next Generation EU initiative. The Bank will also participate in all upcoming energy efficiency programmes, such as Exoikonomo 2025, Upgrade my Home and others.

Consumer loans – Disbursements of amortised consumer loans stood at €242 million, up by 13.6% compared to 2023. The leading product was the Payroll Personal Loan, accounting for 66% of total disbursements.

During 2024, the Bank continuously focused on tailor-made consumer loans that meet special customer traits and targeted needs, while applying a sophisticated multi-channel sales approach for both existing and prospective clients. As a result the Bank increased its offering through digital channels, with 51% new loans coming from e-Banking and the Eurobank Mobile App. In terms of retailer loans, the Bank expanded its alternative channel network through partnerships with strategic retailers in the Greek market.

Finally, through an extended network of dealers in 2024, car loan disbursements reached €167 million, mostly for new car purchases. By the end of 2024, the Bank’s consumer lending portfolio in Greece amounted to €1.6 billion, including credit card balances.

Cards business – In 2024, Eurobank’s total card portfolio reached 3.8 million cards (debit, credit and prepaid) with total issuing POS turnover amounting to €12.1 billion, +16.1 % year-on-year. It is the 1^st bank in Greece to offer the next generation of eco-friendly cards, made of biodegradable materials. The Bank continues to enhance its digital self-service solutions, by offering users an end-to-end digital, omnichannel credit card application option through the Eurobank Mobile App – following its leading position in Greece. During the year, the Bank launched for the first time virtual credit cards in the Greek market to satisfy the customers' need for immediate issuance and use of their cards.

During 2024, Eurobank introduced 3 new business product offerings: Business Credit for legal entities and sole proprietorships/self-employed professionals, and Business Prepaid, aiming to meet the needs of SMEs and corporate clients.

Additionally, a series of tailor-made usage and acquisition campaigns were launched in 2024, further rewarding cardholders for their day-to-day card spending, while simultaneously helping boost turnover.

The Cards Control feature, available through the Bank’s online platform, allows cardholders to manage a range of card functionalities, without the need to visit a branch or speak to a dedicated EuroPhone agent.

The Bank continues to address the evolving needs of its cardholders by facilitating secure and seamless payment capabilities for both iOS and Android users. Customers can conduct transactions using their Eurobank Visa or Mastercard cards via an array of digital wallets (Apple Pay and Google Pay). 28% of transactions are carried out with digital wallets, demonstrating that they are an everyday tool for customers.

Eurobank remains a leader in the field of co-branded credit cards, delivering value to its customers’ day-to-day transactions through exclusive partnerships with entities that include Greece’s largest telecommunications provider (COSMOTE World Mastercard), the largest shopping malls in the country (YES Visa), a high-end retail store (Reward World Mastercard) and a major supermarket chain (masoutis Visa).

Eurobank’s leading loyalty programme in Greece, €pistrofi, rewards customers with cashback in actual euros rather than points, which can be redeemed through a wide network of more than 8,500 merchants. The programme continues to nurture the business bond between existing and prospective customers by rewarding their overall relationship with the Bank and increasing the value of their transactions. Since 2006, more than €200 million have been returned to customers through the €pistrofi loyalty programme.

As part of the acquiring business spin-off and its sale to Worldline GR in June 2022, Eurobank acts as merchant servicer and offers a wide variety of POS products across all channels, such as POS, ePOS, Payment Link and Smart POS. It also offers the All-in-One Platform, which is a cash register app combined with POS, providing comprehensive payment solutions to customers.

Eurobank is a leader in offering innovative new products and educating the market, to achieve business growth and increase its market share.

Bancassurance – Eurobank achieved high performance and results in bancassurance activity, reaching €520 million.

Aiming to meet all market needs, Eurobank launched new life (capital accumulation) insurance products and revamped non-life insurance products (property) for individuals and SMEs. Moreover, it invested in digital transformation by redesigning products (motor insurance) and providing an omnichannel experience, enriching digital channels with valuable products and services (insurance planning tool campaigning, pet and motor insurance).

Personal Banking

The vision of Eurobank Personal Banking is to be the most adaptable and evolving Personal Banking in the Greek banking market. Its mission is to provide a unique banking experience to Personal Banking clients through exclusive products, services and non-banking benefits. The Personal Banking Relationship Managers apply an integrated approach in meeting their clients’ financial, personal or family needs, through multiple products and services, in partnership with internal and external providers such as, Eurobank Asset Management MFMC, Eurolife FFH Insurance and Eurobank Equities SA.

2024 was an extremely important and successful year for Personal Banking.

There was a restructuring in contact methodology with customers, through a new contact frequency approach. Moreover, it continued to focus on increasing its balances across all KPIs. In addition, it achieved the highest record ever in mutual-fund production, reaching €1 billion.

In 2024, Personal Banking:

• Increased assets under management (AUM) by € 1.63 billion, adding new mutual fund and insurance product holders.
• Contributed by 55% in total retail balance deposits.
• Managed to increase its client base by 10,000.
• Strongly adopted the hybrid commercial approach through physical and digital channels, contacting up to 85% of total clients.
• Expanded its loan portfolio by €60 million, despite deleveraging the interest rate effect.

Personal Banking contributed to major projects and initiatives, such as:

• Launched new mutual funds and unit-linked products.
• Enhanced improvements on Investment Platform leftovers and new capabilities.
• Designed, activated and used a new suitability test.
• Relaunched the Personal Banking Account as the core account for Top Prime and Prime clients.
• Launched new corporate icons for the Personal Banking Prime and Standard Sub Segments.
• Leveraged behavioural and demographic analysis using a digital approach through personalisation of commercial activities.
• Held elite events were with clients across Greece, informing them about global economic developments and wealth management strategies.

Individual Banking

Individual Banking remained focused on developing and serving 86% of the Bank’s active customers (2.9 million) retaining 84% of consumer loan balances and 82% of mortgage loan balances. By launching a comprehensive commercial plan, Individual Banking carried out more than 16 million contacts with individual customers, 98% of which were through digital and alternative channels, aiming to efficiently meet the whole array of their banking needs. Furthermore, with the integration of advanced analytics and special credit models, it managed to increase consumer lending and maintain portfolio quality.

Major initiatives led to significant accomplishments:

• Launched the innovative online Salary Link service, focusing on private sector employees and allowing them to transfer their monthly salary amount (between 750€ and €3,000) from another bank to their Eurobank account, free of charge, with only 3 simple steps through e-Banking or Eurobank Mobile app. This major initiative gives Eurobank the opportunity to individually attract private sector employees’ payrolls and potentially win back previous payroll relationships.
• 149,000 new individual customers joined Eurobank.
• More than 32,500 individuals upgraded to the Personal Banking segment.
• 273,000 individual customers started a basic banking relationship with the Bank.
• 235,000 public and private sector employees and pensioners trusted the Bank with their regular source of income.
• More than 220 automated campaigns were launched through digital and alternative channels, developing a step-by-step individual customer relationship with the Bank and offering a unique customer experience.

Retail Business Banking

Eurobank’s strategy for small businesses focuses on companies with:

• An annual turnover of up to €5 million, which have shown operational resilience.
• The potential for further growth in domestic and international markets, by maximising their competitiveness, increasing productivity, and introducing innovation in their operational and production process.

The loan portfolio for Retail Business Banking amounted to 2.8 billion as at 31.12.2024.

During 2024, Retail Business Banking:

• Continued to provide liquidity to the market, by participating in EU funding programmes, in partnership with the European Investment Fund (EIF), disbursing €250 million through the ΙnvestEU SME Competitiveness and €200 million through the InvestEu RRF Greece SME Competitiveness financing programmes.
• Participated in the Hellenic Development Bank (HDB) TEPIX III Guarantee Fund and TEPIX III Loans Fund to support SMEs in Greece, by offering them not only the necessary liquidity and capital for investments, but also the ability to reduce their loan financing costs under certain conditions. Disbursements through TEPIX III Guarantee Fund stood at 144 million and through TEPIX III Loans Fund at €26 millions.
• Achieved the goal of having SMEs participate in Development Programmes through the Eurobank Development initiative, an integrated solution that combines lending products and consulting through third-party companies. 
• Offered Business Banking Tourism for the 14^th year running, with a wide range of banking services and third-party offerings, which significantly contributed to increased deposits, POS commissions and loans.
• Offered Business Banking Health, a comprehensive programme of banking and third-party offerings addressed to businesses and healthcare professionals, aiming at their business development and digital upgrade, and at further increasing the Bank’s market share in financing, deposits and POS commissions in the healthcare sector.
• Launched Business Banking Pharmacies, a bundle of banking solutions, dedicated products and third-party services, aiming at the business development of pharmacy industry professionals, and at attracting/increasing deposits, new loans and POS commissions.
• Streamlined the access of smaller SMEs to financing through POS Cash Advance, extending financing to 8.1K customers. This programme streamlines access to financing for SMEs while, in some cases, utilizing open banking services to assess their creditworthiness.
• As a result, businesses can transform their routine transaction activities into significant financing tools, thereby enhancing operational efficiency and financial flexibility.

As a result of these initiatives, the Bank extended new credit limits and term loans amounting to €792 million.

Corporate and Investment Banking (CIB)

CIB provides fully integrated business solutions and customer services to large and complex corporate customers, medium-sized enterprises and institutional clients in Greece and SE Europe. Furthermore, it is responsible for managing the liquidity and funding needs of the Bank, as well as handling its trading and investment portfolio. CIB’s structure is designed to be responsive to market conditions, and to the expectations and needs of its sophisticated client base. It also aims at ensuring efficient provision of services based on market and industry expertise and know-how.

Large Corporate (LC)

LC is responsible for addressing the complex strategic, financial and banking needs of large and sophisticated corporate clients with an annual turnover exceeding €150 million. LC serves as the primary point of contact for these clients, offering a comprehensive suite of financing solutions and value-added services tailored to their evolving needs. The division plays a pivotal role in the Greek economy by actively supporting major transactions, including flagship investments and projects.

To best serve its diverse client base, LC is split into two dedicated coverage units based on sector expertise. This structure ensures proximity to clients, enables in-depth understanding of industry-specific dynamics, and supports closer monitoring of performance and proactive risk management. LC’s sector coverage includes energy, industrials, manufacturing, consumer and retail services, health and construction.

LC also plays an active role in promoting innovation and sustainability-aligned financing within its client base. Through targeted support of sustainability projects, the division contributes to the Bank’s broader sustainability agenda.

As of end of 2024, the LC division managed a total portfolio of over €5 billion (incl. corporate bond loans) serving more than 130 corporate groups.

Commercial Banking (CB)

CB is responsible for building a strong, holistic relationship with mid-cap and medium-sized enterprises, by providing both standard and tailor-made financing solutions, as well as in collaboration with the other competent units of the Bank assisting in covering client transaction banking, treasury and insurance needs in the most efficient manner. The CB network oversees the relationship with its clients nationwide through a network of 11 business centres (3 of which are flagship centres) and 3 business units, strategically located to ensure close coverage and quality service to clients, especially those based outside the Athens metropolitan area.

The CB lending portfolio reached €3.6 billion in 2024, while deposits from medium-sized enterprises experienced a notable 25% year-on-year increase, which further highlights Eurobank’s role as a primary banking partner for numerous clients.

Structured Finance (SF)

SF is responsible for providing dedicated structured financing products and services, operating as a centre of expertise for Greece and all the countries of SE Europe where the Group has a presence.

SF offers comprehensive services through the following dedicated departments:

Project Finance – The Project Finance unit provides a broad range of services, primarily involving structuring, arrangement and provision of debt and derivative instruments for financing infrastructure (incl. PPPs and concessions) and energy projects in Greece and abroad, as well as financial consulting services in the respective fields. It combines solid experience and leading capabilities in the relevant sectors.

Commercial Real Estate Finance – The Commercial Real Estate Finance (CRE) unit is a dedicated department responsible for structuring, arranging and providing debt instruments for various large commercial real-estate projects. These include office buildings, malls, retail parks, logistic centres, mixed-use complexes and, more recently, data centres and student housing. Additionally, the unit deals with industrial facilities and large-scale residential complexes during both the development and investment stages. The primary focus of the CRE unit is on countries where the Bank has an active presence, while also considering selective opportunities in other European countries.

M&A Financing – The M&A Financing units (M&A and Sponsors Financing and M&A Financing and Structured Solutions) specialise in structuring, arranging and financing acquisitions and management buyout transactions, as well as complex structured financings. Furthermore, they act as an internal advisor to other Eurobank units when it comes to similar structured deals. The units also provide products that support NPL handling platforms in achieving their targets.

Hotels and Leisure Finance – The Hotels and Leisure Finance unit is a dedicated unit aiming at providing integrated financing solutions and services, and meeting the specialized needs of corporate clients in the hotel industry. The unit's loan portfolio focuses primarily on hotel capital and operating expenditure financing, cash management, hotel acquisition financing as well as other bespoke structures. The primary focus is on summer resorts and city hotels in Greece and Cyprus, while recently it is selectively expanding its prospects to other main European destinations.

On 31.12.2024, the performing portfolio managed by SF exceeded €6 billion, resulting in significant net credit expansion, mainly due to the Project Finance portfolio, particularly in infrastructure transactions related to motorways and energy transfer, followed by an increase in exposure to renewable energy sources (RES). All other departments recorded strong performance as well. In 2024, SF focused on top-quality projects and relationships, securing multiple roles and participation in strategic projects in Greece. Attention was continuously paid to supporting green transition, which led to deals for several green loans and support for major infrastructure projects across the country in the transport, network, hotel and commercial real estate sectors. SF has also made progress in expanding the SF Bank’s group portfolio internationally, while it remains committed to serving clients in the countries where the Bank has an active presence.

Shipping Finance

Eurobank has more than 30 years of experience in shipping finance, having established a strategic position as lender to a large number of Greek shipping companies. Eurobank holds a leading position in the Greek shipping arena, and the top one among the Greek banks, with a global shipping portfolio of around USD 4.6 billion (including commitments of around USD 1.1 billion) as at 31.12.2024.

The clientele consists of shipping groups of Greek beneficial ownership, with an established presence and medium to large fleets. The Bank finances vessels trading in the main sectors of shipping, i.e. dry and wet bulk cargo, and containers or other categories, under specific credit parameters. The shipping portfolio is balanced between the dry and wet sectors and is marked by low leverage overall. Shipping loans are purposed to finance the acquisition of second-hand tonnage of young age and the construction of newbuilding vessels, aiming to support the renewal of the Greek merchant fleet. The Bank’s strategy is to include sustainability-related provisions in its shipping financing, wherever these are applicable.

Shipping Finance is based in Piraeus and also acts as a shipping hub for the Group, serving Greek shipping companies also in collaboration with Eurobank Cyprus and Eurobank Private Bank Luxembourg.

International Portfolio Unit (IPU)

In December 2023, the IPU was formed under Large Corporate with the mandate to explore international credit opportunities and enable the Group to strengthen its international footprint and diversify its income streams, while maintaining a risk balanced approach.

During the first year of IPU’s activity, a significant deal flow was observed, leading to the formation of a well-balanced portfolio, both in terms of sectors and in terms of geographies, with energy, telecommunications, mobility transition and industrials at the focus of underwriting cases. Deal activity was distributed throughout Europe, while total commitments exceeded €400 million with year-end balances slightly higher than €150 million.

The holistic approach and coverage model of LC enables the Group not only to participate in syndicated deals of international loan issuers, but also to offer underwriting and arranging services to corporates in the region, where and when applicable.

Syndicated Debt Solutions (SDS)

SDS is responsible for structuring and arranging a broad range of special and structured financing deals, including corporate syndicated loans and bond loans, leveraged buyout structures, and convertible and exchangeable bonds.

It has a leading role in the Greek market in both club deals and broader syndications, providing advisory services, origination guidance as well as transaction structuring and execution.

SDS also manages international primary and secondary loan trading activity, liaising with international bank trading desks, funds and brokers, aiming at designing and exploring new loan opportunities for optimising and enhancing Eurobank’s Group portfolio and market position.

In 2024, the Bank maintained its leading position in the market, with the transaction volume reaching around €4.0 billion.

Investment Banking (IB)

IB offers strategic financial advisory services to corporate clients and their shareholders for mergers, acquisitions, disposals and capital restructurings, as well as for raising capital, either through private equity transactions or through the capital markets.

In 2024, the Bank provided advisory services on finance strategy and/or underwriting or financial instrument placement to sovereign and corporate clients looking for strategic advice in executing their growth or divestment opportunities, such as HELLENIQ ENERGY, MASDAR and UNITY Holdings, as well as clients seeking to raise capital through the bond and equity capital markets, such as the Athens International Airport IPO, the Noval REIC IPO, the Cenergy Holdings SPO and the Autohellas bond offering.

Venture Banking (VB)

The recently established VB unit aims to support new, innovative and fast-growing businesses by providing them with suitable financing tools and personalised advisory services and solutions, with the goal of fostering their further growth. Aiming to provide comprehensive and integrated solutions and services to enhance Greek innovative businesses, the VB unit serves as a collaborative umbrella for other CIB front units (Large Corporate, Commercial Banking, Structured Finance, Investment Banking and Principal Capital Strategies, and Transaction Banking).

The egg – enter grow go business growth accelerator is also incorporated in VB. egg is one of the leading innovative entrepreneurship hubs in Europe. To date, it has supported more than 450 innovative startups and implements a multifaceted outreach plan, maintaining partnerships with global organisations, foreign universities and other business accelerators worldwide, providing networking and development opportunities to new entrepreneurs.

Transaction Banking (TB)

TB is committed to empowering businesses by providing a comprehensive suite of innovative products and services tailored to corporate and institutional clients. Its vision is to be a trusted advisor, offering cutting-edge solutions that streamline and expand its clients’ businesses across Greece and beyond.

TB is comprised by the following businesses:

Cash and Trade Services (CTS) – The CTS experts team delivers services to large corporations, multinational and insurance companies (M&Is), and SMEs, helping them streamline operations and expand their reach.

With its Accounts Receivables and Accounts Payable solutions, payroll services and bancassurance, it helps businesses optimise their daily processes, enhance operational efficiency and grow their market presence.

The Trade and Supply Chain Finance (T&SCF) team specialises in financing and managing international trade transactions, including financing imports and exports, issuing and confirming Letters of Credit, issuing Letters of Guarantee and managing trade-related risks. Through partnerships with international institutions, such as the European Bank for Reconstruction and Development (EBRD) and the European Investment Bank (EIB), it helps businesses navigate complex regulatory requirements and manage supply chain risks, enabling them to expand globally and enter new markets with confidence.

The Intelligent Services team leads strategic technology and innovation initiatives across TB. As part of TB’s beyond banking vision, the team drives the Exportgate connectivity and Digital Academy knowledge ecosystems, offering businesses digital tools to accelerate their transformation and enhance their extroversion and competitiveness. Exportgate is Eurobank’s award-winning international trade portal, a valuable tool for Greek and Cypriot businesses. The Digital Academy for Business is the first digital knowledge hub founded by Eurobank, dedicated to supporting local businesses throughout their transformation journey, by creating capacity building for their business executives through strategic partnerships and cutting-edge content.

Securities Services – Eurobank is uniquely positioned in the Greek market, being the only provider in Greece to offer the most comprehensive range of services, including local and global custody, clearing services (spot, derivatives and energy markets), fund administration, depository and middle-office services, issuer services, margin lending and escrow services, providing to both local and foreign investors the tools they need.

Eurobank is the Leading Custodian for Mutual Fund Management Companies in Greece with the biggest market share of Assets under Custody for a consecutive number of years.

In addition, Eurobank maintains a substantial market share of Assets under Custody in the Venture Capital Funds, contributing to the development of the Greek innovation ecosystem.

TB leverages modern technology infrastructure to achieve several key goals:

• Increased penetration – Expanding the reach of its existing services to customers.
• Innovation – Constantly identifying innovative channels for service delivery and designing value-adding solutions, tailor-made to its customer needs.

• Partnership with fintech innovators – Fostering active synergies with key fintech innovators in the market to leverage cutting-edge technologies and solutions. By partnering with startup and technology companies, it stays at the forefront of emerging trends, enhancing the reach of its transaction banking services with innovative and disruptive solutions.
• Omni-channel experience – Delivering an omni-channel digital experience to its customers, allowing them to seamlessly access transaction banking services across multiple channels, such as mobile devices, digital platforms, host-to-host and API integration. This approach secures a higher customer reach, while ensuring consistency and convenience in all customer interactions.

Eurobank Factors SA

Eurobank Factors SA, a wholly owned subsidiary of Eurobank SA, is the leading factoring company in Greece by market share (29% in 2024 according to official figures published by the Hellenic Factors Association). The company has held the leading position in the market for the 16^th consecutive year.

Eurobank Factors demonstrated growth in key metrics, such as turnover and end-of-year lending balances, setting new records. The turnover increased to €7.85 billion while the outstanding lending balance was close to €1 billion, within a challenging and competitive environment. Pretax profits remained high, but experienced a slight decline compared to the previous year due to increased pricing pressure from competition.

In 2024, the company also achieved significant international performance recognition, receiving the 2nd prize in export factoring worldwide for 2023. This award was presented during the FCI (the global representative body for factoring) 2024 annual meeting in Seoul, South Korea.

The company consistently ranks among the top 10 export factoring companies within the FCI network worldwide, which includes more than 400 members from over 70 countries. Historically, the company has received 8 world prizes. Additionally, Eurobank Factors is prominent in reverse factoring, providing supply chain finance services to over 1,000 suppliers of large corporate anchor buyers through an advanced digital platform.

Eurobank Leasing SA

Eurobank Leasing SA, a wholly owned subsidiary of Eurobank, holds a critical position in the Greek leasing market, being present in most investment plans for manufacturing equipment, with the capacity and expertise to lead complex financial lease transactions.

Eurobank Leasing’s main goal is to provide financing mainly to export-oriented and environmentally sensitive manufacturing companies in the form of leasing of production equipment, machinery, vehicles and real estate, either through standard lease processes or linked to development laws.

Many clients trust its extensive vendor leasing solutions to expand their revenues and client base. In addition, Eurobank Leasing provenly supports local businesses by enabling subsidised financial leasing solutions through Strategic Investments Law 4684/2021 and Development Law 4887/2022.

As a result, the company holds a portfolio of high credit rating lessees in strong business sectors.

Eurobank Leasing held a solid 20% market share in new business volumes as at 31.12.2024 (Source: Association of Greek Leasing Companies). In 2024, Eurobank Leasing further grew its business by €133 million in new disbursements, with leasing balances at €340 million.

During 2024, the company completed the installation of the new CFMS platform, as part of its digital transformation. It is the 1^st leasing company in Greece to complete transformation into a new platform.

In 2025, Eurobank Leasing plans to expand its operations, despite inflationary pressures and global uncertainty. It has also budgeted for several projects with a positive ESG impact. In partnership with the parent company and through its strong new-business pipeline, it will continue to offer high-profile services to its customers, meeting their needs in terms of innovative lease solutions of fixed equipment, infrastructure and real estate.

Markets

The Markets General Division is engaged in 5 primary categories of activities:

• Financial products and services to corporate, shipping, institutional, retail and private banking clients.
• Wholesale funding origination for Greek corporate issuers, through syndications.
• Trading, risk and investment portfolio management.
• Wholesale bank funding (secured/unsecured), liquidity and banking book asset-liability management.
• Interbank relations and payment services.

The Markets Sales and Structuring teams provide clients with value-added solutions and hedging strategies in a volatile market landscape.

Eurobank focused on offering products and services that promote environmental and social issues and contribute positively to society. Concurrently, there was a strong push towards digital solutions. Eurobank became the 1^st bank in Greece to offer comprehensive and fully automated foreign exchange digital services around the clock (24/5). The Markets Trading team also successfully navigated portfolio risks through unchartered market conditions and managed to outperform for yet another year.

Treasury (a part of Markets) strongly outperformed its financial and business objectives in 2024, while being very active in the wholesale capital and interbank markets, so as to:

• Manage the interest rate and currency risks of the banking book as well as Eurobank’s liquidity and cost of funding (in compliance with the established risk management framework and business objectives).
• Ensure the Bank’s continued compliance with its MREL requirement (as well as increase its long-term funding).

Specifically, Treasury was very active in the capital markets during 2024 and successfully executed 3 senior preferred and 1 Tier 2 public market transaction:

• A €300 million Tier 2 bond was issued in early January, aiming to continue to build its Tier 2 bucket in the capital stock.
• A €650 million longer dated (7 NC6) senior preferred bond was issued in April 2024, which was tapped (increased) by an additional €100 million at the end of June, to reach €750 million. This was the first tap exercise ever from a Greek bank.
• An €850 million inaugural green senior preferred bond was issued in September 2024, making this transaction the largest green SP issuance in Greece and Southern Europe to date. The issue was met with an overwhelming demand from a wide range of international investors, resulting in a final order book of more than €4.5 billion.
• A €600 million senior preferred bond was issued successfully in December 2024, completing the year’s heavy issuance activity.

These transactions added €2.5 billion to the Bank’s MREL stock in 2024 and supported the Bank’s compliance to the interim non-binding MREL target for 2024.

Treasury also maintains a dedicated Correspondent Banking Division, offering dedicated relationship management to all its clients, and providing centralised services for the Eurobank Group, enabling cost effective payment execution and optimal cash management solutions.

In each country, Markets operations are standardised and report directly to Markets International in Greece and to the local CEO. The Group’s strategic objective is to preserve and develop its important regional footprint in the areas of liquidity management, foreign exchange, interest rates, bonds and derivative trading, as well as sell financial and investment products in the local markets. The Group continued promoting a wide range of sustainability-related products and services across the client base, whereas local Markets teams successfully weathered market challenges, delivering exceptional results well above their set targets.

The Group sets strict limits for the transactions it enters into, which are monitored daily. Limits include exposures towards individual counterparties and countries, as well as VaR limits. The Group uses an automated transaction control system, which supports Markets in monitoring and managing positions and exposures.

Major Projects

Eurobank actively participates in projects and transactions that have significant benefits for the economic growth of Greece and support the sustainability transition of the Greek economy. Its position as the development and prosperity bank was strengthened through its leading role in almost all flagship projects carried out in 2024, but also through continuously supporting strategic sectors of the Greek economy and financing sound business plans, this way encouraging the growth efforts of businesses, their investment plans and their extroversion.

In 2024, Eurobank Group completed several landmark projects and transactions including:

 

The abovementioned amounts of syndicated loans represent the total amount granted by a syndicate of banks.
Additional flagship projects completed by Eurobank during 2024 with a significant impact on the Greek economy are presented under the "2024 Key Projects" and "Sustainable financing under the RRF" sections.

Digital Banking

Throughout 2024, Eurobank was fully committed to continue delivering personalized and user-friendly digital services, as part of its digital transformation, investing in technological infrastructure and human resources, and supporting all users in accessing digital solutions. Eurobank Group Digital Banking leverages its expertise to provide innovative, data-driven financial products and services. Placing customers at the centre, it delivers simple, personalised products and ensures easy access to them.

Bringing technology closer to everyone, it acts as a digital and phygital key enabler and Eurobank’s main digital culture ambassador. 2 main aspects are identified in its digitisation journey:

1. External digitisation – Its digital footprint through web and mobile banking, websites and social media presence.
2. Internal digitisation – Its simplified internal processes through all customer touchpoints.

Eurobank’s digital-first approach has led to a significant expansion of its digital portfolio, offering a range of products and services to enhance customer experience and address customer needs, as voiced directly by them. The main theme for 2024 involved the provision of new digital products and services for both individuals and businesses.

Key digital products and initiatives for 2024:

• Group Sales Digital Onboarding – Launched a unique digital service in the Greek market, allowing companies to digitalise their payroll process, while enabling their employees to digitally onboard their employers’ payroll service.
• New credit products – Introduced personalised and pre-approved products with automated credit decisions, enabling a seamless and fast digital experience. Launched a market-first virtual credit card.
• Insurance products – Launched additional general insurance products via digital channels, such as motor and pet insurance products.
• A new product offering for teenagers – Launched a virtual prepaid card issued by the parent/guardian and used by the minor.
• POS installation- Launched numerous digital tools contributing to the enhancement of the customer’s experience.

These products cater for the everyday needs of businesses, providing efficient financial solutions to support their operations and growth, alleviate the need to visit a branch and save valuable time.

In addition to these digital products, Eurobank made notable advancements in 2024:

• Expanded partnerships in embedded financing – Launched new partnerships with merchants in embedded financing. This initiative enables consumers to finance their online purchases directly through the Group when shopping online, streamlining the payment process and enhancing convenience for customers.
• Enhanced customer service features – Introduced several features to upgrade the customer experience and save customers time from visiting a branch for service requests, such as the addition of a new account holder and the ability to issue certificates with a simple click of a button.
• Open Banking – Made further progress in Open Banking by offering new custom added-value APIs, to associate companies, in the areas of onboarding, account and transaction management etc.

The Open Banking channel:

- Served 150,000 customers with 12,000,000 calls.

- Recorded a significant increase in the volume of transactions compared to 2023.

 

 
Eurobank’s digital initiatives epitomise a strategic commitment to harnessing technology for delivering cutting-edge solutions and tailored experiences for individuals and business customers. These efforts were recognised by notable distinctions. In 2024, Eurobank was honoured as “Best Consumer Digital Bank in Western Europe for 2024” for the 5^th consecutive year, by esteemed US Global Finance magazine, affirming its continuous excellence in digital banking on an international scale. Additionally, during 2024 the Eurobank Mobile App was ranked 1^st in the App store and Google Play among all other banks in Greece.

e-Banking and Eurobank Mobile App – Several key indicators show significant performance continuing across the previous years:

 
Digital and hybrid sales – In 2024, the volume of digital and hybrid sales increased significantly by 28% (in items) through:

• Enriching product offering across product categories and segments, such as new credit products (personalised and pre-approved loans), virtual credit card, virtual prepaid card for teenagers, Salary Link (allowing employees to have their salary deposited into a Eurobank account), motor and pet insurance products.
• Increasing traffic and optimising journeys through various digital campaigns, promotions and events for a significant number of digital products. Additionally, designing and making the most of new capabilities to drive engagement and sales (e.g. personalised promo areas in e/m banking, lead generation from eurobank.gr).
• Designing and developing new hybrid journeys and capabilities, contributing to Eurobank’s phygital model. Key initiatives included enhancements and the addition of new products in the Digital Safe Box (the application is initiated at the branch or through telemarketing and completed by the customer via e/m banking), guiding customers to digital channels during the “Book a Branch appointment” process.

User experience – The User Experience (UX) team prioritises the customer/user in all Bank operations. UX researchers and designers work to improve the experiences of both customers and staff across various channels and touchpoints, applying established design standards, including accessibility considerations and best practices. To conduct user research, the team uses state-of-the-art UX Lab facilities, and employs a variety of methods and custom tools (such as user interviews, design thinking, usability tests, card sorting, tree testing). This approach involves recruiting both external and internal users to ensure a holistic understanding of user needs and behaviours.

The UX team has created 4 user pools: the Digital Community (digital banking customers), the Digiators (internal staff), Friends & Family, and Accessibility for all (people with disabilities) to simplify processes and efficiently gain insights.

During 2024, approximately 179 users, including users with disabilities, were engaged in 31 research activities and testing, while 326 users were engaged in online questionnaire for 9 projects. User flows and designs were created for 117 projects. Eurobank also implemented design systems for the mobile app, e-Banking, eurobank.gr, unify and drive+ so as to work with specific design standards, patterns and components, to provide consistent experiences and efficiencies to the design and development teams. It also organised dedicated accessibility training and experiential workshops for cross-functional collaborating teams (25 hours).

Websites – In 2024, eurobank.gr attracted over 27.2 million visits where 55% of this traffic originated organically through search engines, such as Google. The year also marked a major technological advancement with a comprehensive upgrade to the Sitecore infrastructure, incorporating features such as Sitecore Personalise to power personalised user journeys. Additionally, ongoing improvements to calculators and interactive tools were implemented to enhance the user experience and drive lead generation.

Social media – With 11 active channels on different platforms, such as Facebook, LinkedIn, Instagram, TikTok and YouTube, Eurobank:

• Recorded 334,951 interactions.
• Produced content with 866 organic posts across social media platforms.
• Performed community management, responding to 9,466 user comments.

Community management across the Eurobank’s social media channels helps the Bank forge better customer relationships within the digital environment, but also introduces a new approach to the bank-customer relationship and digital sales. In terms of interactions, Eurobank ranked 1^st on LinkedIn and on TikTok and 2^nd on YouTube across the Greek banking sector. The €pistrofi loyalty page on Facebook was 1^st in interactions and follower growth across the Greek banking sector.

Also, Eurobank was the first bank to launch a TikTok series in Greece and create native content on TikTok, adapting to the platform's unique style and user preferences. Additionally, it completely transformed its tone of voice for community management on TikTok, ensuring it remains relevant and engaging to the platform's audience.

Digital Creative Hub – Our leading content team, with dedicated digital copywriters and designers, responded to an increased demand (+39%) for digital content through 2,436 deliverables for 597 projects in Group Websites (incl. Robochat, chatBot features), 175 email campaigns, 93 digital channel product pages, flows and microcopy projects.

Performance marketing – Through digital advertising platforms, it helps business growth directly, by supporting digital sales in achieving their sales targets, and indirectly, with marketing campaigns aiming at increasing brand awareness. In 2024, 111 digital campaigns were launched, reaching: 

• Over 4 million users
• 1 billion impressions
• 67.2 million video views
• Approximately 16 million clicks

Using cookies in accordance with the applicable data protection legislation, Eurobank continues to collect data from user interactions on its websites, to serve personalised ad content.

Customer journeys and internal digitisation – Eurobank continued to re-design and simplify major customer journeys across channels. Numerous initiatives were carried out across channels and segments, aiming to achieve customer and operational excellence through sustainable paths. As a result, Eurobank achieved a weighted Net Promoter Score (NPS) over 50 in major customer journeys.

Key highlights per journey:

• Customer onboarding and management – Made it easier and faster for customers to start and manage their relationship with it through physical channels, by integrating various technologies and improvements, such us: automating document submission and e-KYC services, reducing customer signatures by 80% and time-to service even further. In line with its omni-channel strategy, digital onboarding was made easier and faster by applying significant simplifications, but also enhancements in technical infrastructure, having a direct impact on market share increase.
• Banking everywhere – Empowered its Relationship and Branch Managers to deliver banking services directly to its clients, wherever they may be, in an effort to boost service accessibility and convenience. From account opening to card issuing, it is bringing the Group to its customers’ doorstep, with security. Furthermore, enabled self-service capabilities in a wide spectrum of products and services, by leveraging digital public services (e-gov remote signatures).
• Lending journeys for individuals – Reduced time-to-cash for personal loans and credit cards even further (less than 1.5 days), aiming to respond faster to customer requests. In addition, the consumer lending process achieved remarkable efficiency, with over 50% of applications seamlessly progressing without the four-eyes principle, due to automated checks carried out in compliance with the applicable legal provisions. Moreover, Eurobank maintained a robust 80% automation rate on the credit decision procedure, demonstrating its commitment to operational excellence and risk management. With respect to mortgage loans, a new lending platform is introduced aiming to revamp customer and user experience. It also recorded significant improvement in business financing, leading to a 50% reduction in time-to-cash by automating credit underwriting (40% in simple products) and contract drafting (90% automation). As a result, within 2024 more than 1,000 businesses were able to proceed to contract signing on the same day they visited the branch to apply. Aiming to continuously improve operational efficiency, process analytics were established within 2024, seeking to identify bottlenecks in real-time, while also measure the impact of automations and simplifications.

Business Analytics & Customer Value Management

In 2024, Eurobank continued to advance its data-driven transformation strategy, leveraging advanced analytics and data integration to enhance efficiency and deliver personalisation at scale. Through its Campaign Management platform, the Business Analytics and Customer Value Management team executed over 30,000 actions and facilitated 47 million customer interactions, optimising communication across both digital and physical channels.

Eurobank’s commitment to data-driven transformation is exemplified by the successful development and deployment of a Comprehensive Recommendation Engine, which combines machine learning algorithms with business rules to effectively prioritise business objectives. This initiative resulted in 2.1 million customers receiving at least one personalised recommendation, covering 87% of the transactional customer base.

Additionally, Eurobank significantly improved its anti-money laundering (AML) detection processes through the application of diverse machine-learning techniques, achieving a 20-fold increase in accuracy. The integration of AML data with advanced visualisation tools further streamlined case investigations, supported by GenAI-generated text, to assist agents in articulating the outcomes of ML-driven analyses.

Eurobank also enhanced system integration and automation by successfully connecting its Campaign Management System with the mobile app, enabling realtime data flow and always-on campaigns. Notably, more than 60% of digital sales were driven by the Campaign Management Ecosystem, reflecting the impactful use of business analytics and AI.

These achievements underscore Eurobank’s dedication to driving business growth and operational efficiency through advanced analytics, automation and robust data integration strategies.

Eurobank Next – Digital Growth and Future Competitiveness

Eurobank Next – Digital Growth and Future Competitiveness is a strategic initiative launched in January 2024. Both the Innovation Centre and the GenAI Coordination Unit operate under it, aspiring to be the driving force behind transformative banking solutions. It aims to safeguard the Group’s future relevance through fostering the innovation mindset and practice across the Group, while also exploring and leveraging disruptive value propositions to pursue growth and future competitiveness.

The Innovation Centre’s mission is to provide fast-paced, focused innovation, aligned with Eurobank’s broader strategy to increase profitability and efficiency. With its Innovation and UX Labs, the Innovation Centre fosters both entrepreneurship and intrapreneurship across Eurobank, and links the organisation with fintech companies to further elevate customer satisfaction. The team scouted more than 50 startups and provided recommendations to business units for potential opportunities, resulting in POCs or partnerships. Alongside this, the Unit constantly monitors trends and provides market insights across the Group through its monthly newsletter and quarterly report. It also forged strategic partnerships with international organisations and platforms to leverage networks for open innovation. A Brainstorming Session concept was launched to accelerate top-tier ideas from all business units within Eurobank and customers outside Eurobank, encouraging collective innovation in product development through a dynamic, collaborative approach.

Working in tandem with the Innovation Centre, the GenAI Coordination Unit is responsible for setting Eurobank’s strategic ambition in the field of Generative AI (GenAI). The Unit focuses oαn defining use cases for GenAI across the organisation, coordinating the various stakeholders involved, and overseeing the deployment of GenAI technologies in active projects. Their work ensures the successful adoption and integration of GenAI in compliance with the applicable legislative and regulatory framework, aligning it with Eurobank's digital growth ambitions.

While building its operationalisation framework, the GenAI Coordination Unit is working closely with all business units to identify potential use cases. To date, 1 use case has been launched into production, 6 are in the pilot phase, and more than 10 are being assessed and prioritised.

Furthermore, aiming to strengthen competitiveness, and to promote, support and integrate innovation at all levels of the Organisation's operation, an Innovation Board was established under the leadership of the CEO. Its establishment is an important step towards strengthening the culture of innovation and ensuring the Group’s continuous adaptation to new technological and business challenges.

Wealth Management

Asset Management

The Group provides fund and portfolio management services in Greece and abroad through its dedicated subsidiary Eurobank Asset Management MFMC with total assets under management and supervision amounting to about €8.0 billion as at 31.12.2024.

Eurobank Asset Management MFMC managed €5.7 billion in UCITS funds domiciled in Greece, Luxembourg and Cyprus and had a market share of 25.91%, holding the 1^st position among 14 Greek Asset Management Companies as at 31.12.2024 (Source: Hellenic Fund and Asset Management Association).
The company also offers portfolio management services to 26 institutional clients, mainly pension funds in Greece and Cyprus, with a total of €0.7 billion in assets. It also provides Discretionary Portfolio Management Services to the Eurobank Group Private Banking Clients, with €0.6 billion in total assets as at 31.12.2024, as well as to Retail clients with €0.3 billion in total assets.

Additionally, Eurobank Asset Management MFMC liaises and supports the distribution of international fund managers’ funds by Group Private Banking through the open architecture platform, providing among others, analysis, ranking and model portfolios for Group Private Banking clients, with €0.9 billion in total assets as at 31.12.2024.

The Group also has presence in the Luxembourg Funds Industry, one of the major global funds hubs, through its wholly owned subsidiary Eurobank Fund Management Company (Luxembourg) SA. Eurobank Fund Management Company (Luxembourg) offers a wide variety of UCITS funds under the umbrellas (LF) Funds, (LF) Fund of Funds and (TLF) Funds, which cover a broad range of all asset classes with geographical diversification, distributed in Greece, Luxembourg, Bulgaria and Cyprus.

Group Private Banking

Group Private Banking, with presence in Greece, Luxembourg, London and Cyprus, offers a wide range of investment products and services (execution-only, advisory and discretionary), lending facilities and wealth management services.

As at 31.12.2024, Group Private Banking served approximately 15,000 clients, with Client Assets and Liabilities (CAL) reaching over €13 billion.

The Group’s Private Banking strategy going forward is focused on operational efficiency via the creation of a single customer journey. This will be technologically supported by the capabilities of the Temenos digital wealth management platform, as well as further technological infrastructure advancements. As a result, it will offer a complete wealth management ecosystem, aiming to deliver the desired relationship management and more importantly, client experience. Following the implementation of the Salamis project (Temenos) in Cyprus, Eurobank Private Bank Luxembourg is in process of adopting the same technology stack, upgrading all legacy systems with the ERB Blueprint. This includes a complete revamp of the Bank’s IT and systems infrastructure from Core Banking, Digital Channels, Wealth Management, Analytics, Payments and Compliance. The project is progressing as planned, with an estimated go-live date by end of 2025.

The imminent plans are focused on organic and inorganic growth, by expanding into new international markets through Luxembourg, Bulgaria and United Kingdom (London office), and by exploring synergies at Group level internally as well as with representative offices being opened in new international markets, such as India and Israel.

At the same time, by capitalising on new strategic partnerships with global asset managers, it will strengthen its investment process, offering a differentiated proposal to clients. These partnerships provide flexibility and scalability, enabling resource and service adjustments to meet evolving needs and growth trajectories with agility. In this context, Eurobank and/or affiliates have entered into Memorandums of Understanding (MoUs) with Eurizon Capital SGR Spa and JPMorgan AM Europe Sa. These collaborations aim to enhance its expertise by leveraging the knowledge, capabilities, infrastructure and technology of leading global asset managers to deliver top-quality services to end clients.

Equities Brokerage

Eurobank Equities SA offers a comprehensive suite of investment products – including equities, derivatives, bonds and mutual funds – serving over 15,000 private, corporate and institutional clients in Greece and internationally.

The company maintains a dominant position in the Greek capital markets, consistently ranking among the top brokers in terms of market share, holding the number 1 spot for 10 of the past 16 years. It is repeatedly recognised in major European institutional investor surveys as one of the leading brokers and top Equity Research Providers for Greece.

In 2024, Eurobank Equities captured 16.9% of total transaction volume on the Athens Exchange, reinforcing its status as a preferred broker for institutional investors, alongside a wide base of private clients.

Its multi-awarded Research Division delivers timely insights and fundamental coverage on almost 40 listed companies, representing over 90% of the ATHEX market capitalisation and traded value, while also offering secondary coverage of key international stock markets.
Eurobank Equities’ Institutional Sales and Trading Desk supports Greek and international institutional clients active in domestic equities and derivatives, providing value-added local insight and idea-driven investment advice.

Finally, the firm’s Market Making Division provides liquidity across more than 40 listed equities and 42 derivatives, as well as corporate bonds, leveraging deep market expertise and proprietary technology to support efficient market functioning.

Other Operations

Public Sector Banking

In 2024, Public Sector Banking aimed to create integrated proposals that respond to the special and multifaceted banking needs of public and non-profit organisations, covering the entire range of their financial activities. To that end, the Bank enhanced the services offering to include competitive cash management solutions, integrated transaction services, innovative e-Banking solutions, a wide range of insurance products, flexible financing solutions and personalised payroll packages.

It strengthened the Bank’s overall position by attracting 30 public entities and achieved a significant increase in central government deposit market share. It also once again recorded growth in its new DIAS interbank payment integrations.

Retail International Customers

Eurobank's Retail International Customers Segment provides dedicated services to residents outside Greece, Greeks of the Diaspora and foreigners residing abroad, thereby facilitating their banking activities in Greece.

Residents outside Greece can choose from 4 distinct methods to become Εurobank’s customers, each of them tailored to their specific banking needs, and benefit from the Banks’s dedicated sales and support units with expertise in managing and processing mortgage loans suitable for international property investors. Furthermore, investors for Golden Visa residence permit and tax residence, as a distinct target client group, can choose from a variety of eligible intangible investments products and are served by a dedicated branch. These initiatives significantly enhance banking service quality and efficiency of Eurobank, by improving its customer experience, and Eurobank's dedication to delivering efficient and customised banking solutions for each of its clientele.

Non-Banking Services for Businesses

Business Exchanges SA (be24), a wholly owned subsidiary of Eurobank, plays a pivotal role in the Group’s digital transformation strategy. As a key B2B service provider, it delivers value-added digital solutions to both the Bank and external clients, while also acting as a central hub for restructuring and streamlining financial and HR operations across the Group.

In 2024, be24 marked its 24^th consecutive year of successful operations in the B2B transactions sector, continuing to expand its portfolio of services that enhance efficiency, reduce operational costs and support digital modernisation.

A core area of be24’s contribution is in supply chain digitisation. Through its suite of e-services – including e-Procurement, e-Auctions and e-Invoicing – be24 supports the Group and its suppliers in driving operational excellence. The new cloud-based e-Procurement platform, now fully deployed across Eurobank and its subsidiaries, is actively used by over 2,250 employees for order placement and approvals. Supplier adoption has also grown significantly, with 480 suppliers using the platform in 2024, reflecting a 20% year-on-year increase. Additionally, the e-Auctions platform facilitated 90 auctions and 126 sourcing projects (RFPs), all conducted digitally for the Bank and other customers.

Beyond digital B2B services, be24 also provides a wide range of shared services to the Group. These include accounting and financial support for 18 entities – comprising Group subsidiaries and Special Purpose Vehicles (SPVs) – as well as payroll, HR and outsourcing services. Notably, a large proportion of the Bank’s outsourced personnel supported by be24 are located in Evros and other remote or island regions, aligned with the Group’s commitment to addressing demographic challenges.

Furthermore, be24 holds an insurance agent license, enabling the promotion and distribution of insurance products on behalf of the Bank. The company has also become an official reseller of major IT vendors, actively supporting the development of the Bank’s B2B retail ecosystem initiatives.

Through its integrated service model and commitment to digital innovation, be24 continues to be a strategic enabler of transformation and operational efficiency for Eurobank and its partners.

Remedial Management

After the strategic partnership with doValue SpA and the smooth transition to the new operating model for remedial management, the Group implements its NPE Strategy and Plan through doValue Greece for the assigned portfolio. The NPE strategy lays out the Bank’s approach and objectives regarding the effective management and reduction in NPE stock in a clear, credible and feasible manner.

In this respect, in December 2024, the Board of Directors of the Group approved the NPE Plan for 2025-2027, as part of the 3-year business plan.
According to that plan, the Group NPE ratio is expected to further drop from 2.9% at the end of 2024 (actual figure) to 2.5% in 2027.

Debt Collection Policy

Remedial Management encompasses a range of policies and strategies, including the collection of early arrears loans, starting from the 12^th delinquent day of each month, in accordance with the current legislation.

In the Retail portfolio, a micro-segmentation approach has been developed to facilitate collections, with all relevant channels (including the branch network) heavily involved in achieving specific monthly collection targets. To prioritise collections, decision trees are used daily to identify the most critical sub-segments for achieving NPE inflow and outflow management. Prioritisation is used to differentiate between the effort applied from the part of remedial channels and the script used during communication with the customers.

doValue employees who manage the ERB portfolio are duly trained on the Bank’s products’ features, policies and procedures, as well as on debt collection techniques.

Special communication scenarios adapted to the strategy/segmentation are applied, aiming at proper communication, quality management and customer service for all retail products, and at informing customers about their rights and obligations. Customer communication is personalised and highlights the benefits of repaying overdue amounts on time and the consequences of potential payment delays.

In the Corporate portfolio, dedicated relationship managers continually monitor any delinquencies and take appropriate action as needed.

Retail Remedial Management Actions

As regards Remedial Management for Retail (mortgages, consumer loans, SBB and professionals), the Bank proceeded with the following strategic and operational actions in 2024:

• Over-achieved its NPE reduction target steadily and consistently.
• Achieved robust collection performance and greatly contained NPE inflow.
• Continued to enrich collection strategies, aiming at reducing the default rate of new modifications and optimising the management administration cost per borrower segment, based on their risk profile and payment history.
• Fully redesigned the Bank’s restructuring policy for distressed debtors.
• Streamlined the legal process for secured denounced loans (new legal operational KPIs agreed with the Servicer to be closely monitored in 2025) to ensure timely execution of legal enforcements.

Corporate Remedial Management Actions

• As regards Remedial Management for Corporate, the Bank proceeded with the following strategic and operational actions in 2024:

• Maintained a focused restructuring strategy on sustainable long-term modifications.
• Continued monitoring NPE inflows/outflows, with a view to substantially reducing NPEs.
• Focused on managing legacy cases, in particular those of the Leasing portfolio.
• Closely monitored the assigned and securitised portfolio of SMEs managed by doValue Greece, to implement a more effective NPE target reduction strategy.

In addition, the 2024 organic performance (NPE formation) outperformed the target steadily and consistently.

Postbank, with the legal name Eurobank Bulgaria A.D., is the 4^th largest bank in Bulgaria in terms of assets, with a well-developed branch network, advanced digital service channels and a significant customer base comprising individuals, companies and institutions. Postbank has been a leading player in innovations and a trend setter in the Bulgarian banking sector for more than 30 years, with multiple awards for its innovations and top-quality services. It holds a strategic position in both retail and corporate banking in Bulgaria. Postbank is among the leaders in the market for credit and debit cards, mortgage and personal loans, savings products, as well as products targeted at corporate clients.

The Bulgarian economy’s real GDP growth rate for 2024 was 2.8% compared to 1.8% in 2023. Consumption rose by 4.3% year-on-year, slightly higher than investments, which increased by 4.1% year-on-year. The contribution of the external sector was positive in nominal terms, but in real terms exports decreased by 0.8%, while imports increased by 1.3%. Inflation subsided, with the average HICP declining to 2.6% at the end of the year. Unemployment was also on a downward trend, reaching 3.9% as at the end of 2024, or 0.4 pps below December 2023. The forecast for 2025 is for GDP to repeat its performance and grow by 2.8%, while the other macroeconomic indicators are to remain stable.

The banking system grew strongly in 2024, reaching new heights in terms of volumes and profitability. The demand for new lending remained strong (13.6% year-on-year), especially in the retail segment, outpacing the growth of deposits (8.9% year-on-year). The liquidity and capital adequacy ratios were at very solid levels with an LCR ratio of 241% at the end of the year and a total CAD ratio of 22.7%.

As at 31 December 2024, Postbank had 193 retail locations (including branch offices, consumer financing locations under the brand PB Personal Finance and Momento consumer credit centres) in 71 towns, covering 75% of the population. Most of the branches have Express Digital Banking Zones, the majority of which provide 24/7 service. In addition, it has 11 business centres. Easy access, convenience, speed and digitalisation of services continued to be in focus during 2024. High customer satisfaction is of paramount importance for building long-term customer relationships based on partnership, trust and loyalty. To achieve this, Postbank implemented a process for continuous monitoring of customer feedback, which allows for quick identification of areas and opportunities for further improvement.

2024 was another record year for Postbank. Leveraging on the strong market demand for loans, especially in the retail segment, it managed to expand its lending portfolio with the market, improving its income and profitability. Net profit for the year increased by one-third to €208 million, excluding 2023 non-recurring net result from subsidiary sale. The return on equity was 16.9%, while the return on assets was 1.97%. Cost-income ratio further improved, reaching 39.1%. Total assets rose by 17.3% to €11.5 billion. In terms of assets, loans and deposits, Postbank holds the 4^th place in the market.

Gross loans increased by 16% year-on-year to €7.8 billion. Around two-thirds of the new lending was to households, which now comprise 55% of the lending portfolio. The booming real estate market and the stable interest rates propelled the mortgage portfolio by one-quarter to €2.35 billion. Lending to companies was higher than last year and Postbank improved its market share by 43 bps to 10.7%. Total deposits rose by 10.1% year-on-year to €8.8 billion, faster than the market, leading to a market share gain of 13 bps to 11.6%.

The non-performing exposures ratio improved slightly – down by 4 bps to 2.47%. Eurobank Bulgaria capitalised the profit for 2024 and finished the year with a total CAD ratio of 21.1%.

Postbank’s solid solvency and liquidity profile is reflected in its credit ratings. In September 2024, Moody’s Ratings raised Postbank’s long-term deposit rating from Baa2 to Baa1. At the same time, the agency assigned Postbank a long-term and short-term issuer investment rating for both foreign and local currencies of Baa3/P-3. Both ratings were with stable outlook.

For Postbank, 2024 was another year marked with numerous achievements and prestigious local and international recognitions that reflect its commitment to fostering innovation and quality, and caring for people, society and nature, combining the best of traditional and digital banking. During the annual “Bank of the Year” awards, organised by the Bank of the Year Association, Postbank was the winner in the “Secret Client” category. In 2024, Postbank was recognised as a “Top Employer” in Bulgaria for a 2^nd consecutive year by the independent international Top Employers Institute. Postbank was once again named Best Retail Bank in Bulgaria in the prestigious international World Finance Banking Awards for 2024 for a 7^th consecutive year. Postbank was also recognised for the twelfth consecutive year as the Best Custodian Bank in Bulgaria by the international Global Custodian magazine.

During the year, Postbank took part in numerous business forums and conferences and entered many strategic partnerships with other organisations in support of various business and social initiatives. As the financial sector is shifting towards digitalisation, Postbank continued to develop tech-driven and value-adding financial solutions that customers can access remotely and through their preferred sales channels.

In 2024, Postbank supported a number of socially significant projects and initiatives in support of entrepreneurship, education and the enhancement of financial literacy in Bulgaria, as well as of environmental protection, sports and corporate philanthropy. Postbank is an active member and supports initiatives of the Association of Banks in Bulgaria, the Confederation of Employers and Industrialists in Bulgaria, the American Chamber of commerce in Bulgaria, the Canadian Chamber of Commerce in Bulgaria, the British Bulgarian Chamber of Commerce, the Hellenic Business Council in Bulgaria, the Bulgarian Business Leaders Forum, the Endeavor Bulgaria Association, the Bulgarian Association of Advertisers and the Bulgarian Fintech Association.

In 2025, Postbank will continue its efforts towards organic and sustainable growth, digitalisation and customer service, aiming at improved profitability and value creation for its shareholders. A key focus will be the preparations to adopt the euro in Bulgaria, with a target date set for 1 January 2026. The adoption of the euro is expected to bring benefits for Postbank, such as higher capital adequacy, reduced minimum reserve requirements and easier access to funding, while any delay will add to the costs and create further complexities for future strategic projects.

Postbank integrates sustainability principles into its business model, ensuring compliance with environmental, social and governance regulations. It has established an ESG Management Committee, an ESG Department, and a Climate and ESG Risks Department to oversee sustainability policies and risk management. It promotes sustainability awareness through employee engagement and its Green Together initiative, supporting environmental projects led by staff volunteers, while embedding responsible banking practices across operations.

Cyprus maintained strong economic momentum in 2024, ranking among the top-performing eurozone economies, despite ongoing geopolitical challenges. The country recorded 3.4% GDP growth, outperforming its 2023 growth rate of 2.6%, with key sectors such as tourism, trade, construction and digital transformation driving economic expansion. The Central Bank of Cyprus (CBC) projects continued growth, forecasting 3.1% for 2025 and 3.0% for 2026, while the EU Commission predicts slightly lower figures at 2.8% and 2.5%, respectively.

The tourism sector continues to play a pivotal role in economic stability, achieving a record-breaking 4.04 million tourist arrivals in 2024, surpassing pre-pandemic levels for the first time. Tourism revenue climbed to €3.2 billion, marking a 7.3% increase from 2023, well above the €2.7 billion recorded in 2019. This sector’s success is largely attributed to strong consumer demand, infrastructure investment and Cyprus’ growing reputation as a prime Mediterranean destination.

In addition to economic growth, Cyprus' fiscal position strengthened significantly, with a budget surplus of €1.4 billion (4.3% of GDP) in 2024, doubling the previous year’s surplus of €532.2 million (1.7% of GDP). The government’s debt-to-GDP ratio continued its downward trend, dropping from 96.5% in 2021 to 81.0% by the end of 2022, and is expected to decline further to 48.4% by 2027, reinforcing its commitment to fiscal consolidation.

As a result of its strong fiscal discipline, Cyprus received a series of credit rating upgrades, cementing its position within the investment-grade category. Moody’s raised Cyprus’ rating to A3, while S&P and Fitch upgraded the country to A-, recognising the nation’s improved macroeconomic fundamentals, declining debt levels and growing high-productivity sectors.

Inflation in Cyprus moderated significantly in 2024, dropping to 2.3% from 3.9% in 2023 due to the gradual easing of energy prices. However, inflation in services and food remained relatively high, slowing overall disinflation. The European Central Bank (ECB) responded with a series of 4 rate cuts reducing benchmark interest rates from 4.0% in May to 3.0% by year-end 2024. This was followed by an additional four 25-basis-point cuts through June 2025, bringing the rate down to 2.0%.

The labour market showed signs of improvement, with unemployment declining to 4.9% from 5.8% in 2023. The job vacancy rate remained high in 2024 at 3.1%, reflecting strong labour demand. Meanwhile, non-performing exposures (NPEs) dropped to €1.5 billion (6.2% of gross loans), demonstrating strengthened risk management across the banking sector.

Looking ahead, Cyprus' economic trajectory remains positive, supported by EU Recovery and Resilience Facility (RRF) funds, projected to accelerate green investments and digital transformation, while global risks, such as trade protectionism and shifting energy policies, may require adaptive fiscal strategies.
As of 11 June 2025 Eurobank fully-owns Hellenic Bank Public Company Limited (Hellenic Bank), after the completion of the squeeze-out procedure for the remaining 2% stake that it did not hold previously. The legal merger of Hellenic Bank with Eurobank Cyprus is expected to be completed in the third quarter of 2025. The consolidated entity will be one of the largest financial institutions in Cyprus, as the 2 banks have complementary business models: strong footprint in Retail, Wholesale and International Banking, and Wealth and Private Banking.

Furthermore, the acquisition of CNP Cyprus Insurance Holdings Ltd (CNP Cyprus Insurance) by Hellenic Bank concluded in April 2025, creates the leading insurance provider in Cyprus.

Hellenic Bank

In 2018, Hellenic Bank acquired the former Cyprus Cooperative Bank’s assets and liabilities, further expanding its position as the leading retail bank in the country. Since then, with its strong capital adequacy ratio, strong liquidity and de-risked balance sheet, it is at the frontline, contributing significantly to the economy’s growth and financing the most important industries on the island.

As its transformation journey continues, in 2023, Hellenic Bank intensified its efforts to migrate customers towards its digital and alternative service channels, along with introducing advanced control system technologies to respond to its customers’ needs and deliver excellent customer service.

2024 was a year of strategic growth. Hellenic Bank entered a new era as a member of the Eurobank Group, set to merge with Eurobank Cyprus, forming one of the largest financial institutions in Cyprus.

The principal activity of Hellenic Bank is to provide a wide range of banking and financial services, which include lending, investment and insurance services, custodian and factoring services.

Hellenic Bank provides its services through a large branch network and digital channels. Its primary source of funding is customer deposits. These inputs are offered as outputs in the form of loans and mortgages to retail and corporate customers. The main source of revenue is interest income from the loans and mortgages provided. Additionally, it earns fees and commissions from banking and insurance activities.

As at 31 December 2024, the gross loan portfolio (€5.8 billion) is predominately retail (around 60%). Non-financial corporation lending is at €2.3 billion, mainly in accommodation/food, wholesale/retail and manufacturing. The customer deposits amounted to €15.7 billion.

As at 31 December 2024, Hellenic Bank’s overall loan market share was 23.9%, the household loan market share was 31.8%, while the non-financial corporation loan market share was 19.1%. Its deposit market share was 28.1%. The deposit market share consists of 35.2% household deposits and 19.1% non-financial corporation deposits.

For the 2024 financial year, new lending amounted to €1.1 billion, which represents a market share of 20.3%. Net interest income (NII) reached €599 million, reflecting a 12% year-on-year increase, with a net interest margin (NIM) of 3.31%. The cost-to-income ratio stood at 36%, slightly higher than 34% in 2023. The non-performing exposure (NPE) ratio remained low at 2.4%, with NPE coverage at 63%. Profit totalled €383 million (+10% year-on-year, adjusted for discontinued operations).

In addition, the acquisition of CNP Cyprus Insurance will significantly strengthen Hellenic Bank’s insurance operation and create the largest insurance operator in Cyprus, increasing insurance related income and enhancing revenue diversification.

In 2024, Hellenic Bank, in collaboration with the Environment Commissioner, announced a comprehensive environmental initiative at Cape Greco National Forest Park, aiming to restore the ecosystem and promote sustainability. This project includes planting over 400 native trees and shrubs, constructing 100 meters of drystone walls and introducing rare plant species to the area.

Hellenic Bank is deeply committed to corporate social responsibility (CSR), focusing on sustainability, environmental protection and community engagement. In recognition of its efforts, in 2024 Hellenic Bank received the Gold Environment Protector Award at the Cyprus Environmental Awards honouring its environmentally responsible policies. Hellenic Bank is also the 1^st and only Cypriot bank to participate in Mastercard’s Priceless Planet Coalition initiative, contributing to the global goal of planting 100 million trees by 2025 in scientifically identified areas to combat climate change.

The Hellenic Bank Volunteer Team plays a vital role in implementing sustainability-driven initiatives under the Bank's ESG Strategy, engaging employees in social and physical wellbeing activities and supporting the UN Sustainable Development Goals (SDGs). Hellenic Bank proudly supports the Karaiskakio Foundation through its “Partnership for Life” initiative, assisting the Foundation’s fight against leukaemia. Additionally, at least 9% of Hellenic Bank’s annual marketing budget is allocated to CSR projects benefiting society and the environment, reinforcing its commitment to positive community impact.

Eurobank Cyprus

Eurobank Cyprus Ltd (Eurobank Cyprus) was established in 2007 and is headquartered in Nicosia. Through organic growth, it penetrated the market, positioning itself as the 3^rd largest bank in the local market. It maintains 8 Banking Centres in Nicosia, Limassol, Larnaca, Paphos and the Famagusta area, serving all client segments.

Eurobank Cyprus operates across several core business pillars, offering a diverse range of financial services tailored to different client segments. Corporate and Investment Banking serves large corporations, foreign enterprises and public sector entities with turnovers exceeding €10 million. Medium-sized businesses with annual revenues between €1 million to €10 million receive dedicated banking support through the bank’s Commercial Corporate Banking Unit. Wealth and Asset Management provides tailored banking and investment services to high-net-worth individuals and institutional investors, offering brokerage, advisory, discretionary asset management and custody solutions across all asset classes. International Business Banking caters to international companies, their executives and beneficial owners, delivering a full suite of banking services. Treasury Sales provides corporate, shipping, institutional and wealth management clients with financial solutions, including structured products, FX transactions and asset-liability management. Lastly, Affluent Banking focuses on Cyprus-based individuals within specified income brackets, offering comprehensive banking products and services to meet their financial needs.

Eurobank Cyprus delivered robust financial performance in 2024, despite the effects of the continuing Russia-Ukraine war, the conflicts in the Middle East and the increased risks emanating from the volatile geopolitical environment. Profitability increased, costs were maintained within Eurobank Cyprus’ expectations and asset quality remained strong, with improved indicators in this respect. Because of the increased profitability, capital generation continued with further strengthening its capital indicators.

Profit after tax for the year 2024 amounted to €210 million, recording a 5.2% or €10.3 million increase compared to 2023 profit after tax, which amounted to €199.5 million. The drivers for this year’s increase in profitability were maintaining net-interest income at high levels despite the increase in the cost of deposits, commissions and other income, and recording a decrease in operating expenses and impairments compared to last year.
Cost discipline has always been one of the Eurobank Cyprus main priorities, and this is supported by the low cost/income ratio of 17.4%, recording further improvement compared to last year’s respective ratio of 18.3%.

Total deposits increased by 11% or €785 million compared to 2023 and reached €7,889 million. In addition to the increase in customer deposits, invested assets under management recorded strong results and grew by 19.5% or €0.8 billion compared to 2023, reaching €4.7 billion. Its market share in the Cypriot deposit market reached 14.1% from 13.6% as at end of 2023.

Net loans and advances to customers amounted to €2.87 billion, reporting a €162 million or 6.0% net increase compared to 2023. The loan credit expansion covered all of Eurobank Cyprus’ main pillars, with its Corporate Banking unit reporting the highest loan delta, followed by Private Banking. At the same time, it continues to maintain a very good loan portfolio quality, as the non-performing loan ratio (NPE) ratio, according to the directives of the European Banking Authority (EBA), remains very low at 2.4% compared to 2.5% for 2023. Its market share in the Cypriot loan market increased to 12.0% compared to 11.7% for 2023.
The strengthening of Eurobank Cyprus’ capital base coupled with the active management of the Risk Weighted Assets (RWAs) resulted in an increase in its capital adequacy and CET1 ratios at the end of 2024 by around 328bps to 37.4%.

Eurobank Cyprus’ financial performance in 2024 reflects its vision and commitment to contribute significantly to the growth of the Cypriot economy, as well as its focus on supporting sustainable entrepreneurship through financing and other related initiatives. Eurobank Cyprus remains committed towards continuously improving the level of service offered to its clients, and supporting their business and personal plans. At the same time, it has adopted green transition and sustainable development, by promoting sustainable practices across its operations. Eurobank Cyprus is committed to investing in sustainable development and in designing its actions to improve its impact on environmental sustainability, social responsibility and corporate governance. A key strategic objective is to adapt its business and operation in a way that addresses climate change challenges, accommodate social needs within its business model, and safeguard prudent governance for itself and its counterparties, in accordance with supervisory initiatives and following international best practices.

During 2024, Eurobank Cyprus recorded significant milestones. It was named Best International Private Bank, Best for High-Net-Worth, Best for Digital Solutions and Best for Sustainability in Cyprus at the Euromoney Global Private Banking Awards 2024, and Best Sub-Custodian Bank in Greece and Cyprus at the Global Finance Awards. It also received an award for good health and safety practices to staff members from the Cypriot Department of Labour Inspection and a distinction for its volunteer initiatives from the Pan-Cyprian Volunteerism Coordinative Council.

Additionally, over the past 5 years, Eurobank Cyprus has been engaged in a major transformation project, to adapt to the changing needs of the market. A material component of this initiative is changing its technology landscape, business process re-engineering and exposure to digital banking. The project included replacing the Eurobank Cyprus’ core banking system along with a new wealth management system, digital channels, an ERP system, data analytics and compliance modules.

Since it was established, Eurobank Private Bank Luxembourg S.A. (Eurobank Private Bank Luxembourg) has been driven by one mission: to provide its clients with outstanding private banking services.

Its story began when Banque de Dépôts, a Geneva-based bank originally founded by the Onassis Family and acquired in 1980 by the Latsis Family, established a subsidiary in Luxembourg in 1986.

In 1994, the Eurobank Group acquired 75% of the equity share capital of Banque de Dépôts de Luxembourg and began to gradually increase its share. In 2005, the Eurobank Group acquired 100% of the bank’s equity. Eurobank Private Bank Luxembourg enjoyed continuous growth due to its dynamism and strong relationships with clients.

Eurobank Private Bank Luxembourg inaugurated its Representative Office in Athens in 2009 and it enhanced its presence in the Greek market, by opening a branch in Athens in 2023. In 2015, the bank expanded its global reach by opening a branch in London, a global financial centre and leading real estate market.

Luxembourg is a leading financial hub and an international Wealth Management Centre of Excellence, boasting an AAA credit rating and well-functioning institutions. Along with London’s global financial centre status, they constitute key factors for attracting new clients. The Grand Duchy’s financial ecosystem is distinguished by its multilingual and multicultural workforce, combining deep expertise with a client-centric approach tailored to international investors. Moreover, Luxembourg upholds a strong commitment to investor protection, rigorous anti-money laundering regulations and sustainable finance initiatives, reinforcing its reputation as a trusted global financial hub.

As regulatory landscapes shift and digital transformation accelerates, Luxembourg remains at the forefront of financial innovation, attracting banks, asset managers, insurers and fintech firms seeking a stable and strategically positioned gateway to the European market. With increasing demand for cross-border financial solutions and sustainable investment vehicles, Luxembourg is poised to play an even greater role in shaping the future of global finance.

Reflecting on 2024, the Luxembourg economy experienced a moderate recovery in 2024 after a challenging 2023. GDP growth rebounded modestly, supported by a resilient financial sector and increased public investment. While the real estate market remained under pressure due to high interest rates, the labour market stayed robust, with low unemployment and steady wage growth helping to sustain consumer spending. 

Luxembourg continued to rank as the world’s leader in GDP per capita, reaffirming its status as a premier financial hub. The country’s strong regulatory framework, attractive business environment and prudent fiscal policies contributed to its economic stability. While challenges in the real estate and construction sectors persisted, Luxembourg’s diversified and high-value-added economy helped to offset potential risks.

The European economy navigated a challenging landscape in 2024, with GDP growth in the Eurozone remaining sluggish at approximately 0.7% by year-end. While an improvement from the near stagnation in 2023, economic expansion was constrained by high interest rates, weak industrial output, and persistent cost pressures. Inflation continued its downward trajectory, allowing the European Central Bank to pivot towards a more accommodative stance, with rate cuts materializing in the second half of the year. By year-end, the ECB’s policy rate stood at 3.5%, helping to ease borrowing costs and support economic activity.

In the UK, the economic environment remained fragile, with growth subdued at 0.5%. Inflationary pressures persisted, albeit at a slower pace, as energy prices normalized and wage growth moderated. The Bank of England maintained a cautious approach, only initiating rate cuts towards the end of the year, bringing the base rate down to 4.5%. Despite these headwinds, UK equity markets performed well, with the FTSE 100 delivering an 8.2% return, while the STOXX 600 index in Europe climbed 12.4%, buoyed by improved investor sentiment and hopes of a sustained recovery.

In this context, Eurobank Private Bank Luxembourg acts as the centre of the Eurobank Group’s wealth management and private banking activities. In addition, through its presence in London and Athens, it can better serve the Greek and UK markets.

It is an autonomous organisation incorporated under Luxembourg law and regulated by the European Central Bank (ECB) and the Commission de Surveillance du Secteur Financier (CSSF), armoured with a strong capital position, ample excess liquidity and a self-sufficient operating model.

Through its experienced bankers, expert teams and robust infrastructure, it offers a comprehensive and up-to-date range of products and services in Private Banking, Wealth Structuring and Management, and Fund Administration, as well as selected Corporate Banking services. Only a year away from its 40-year anniversary, Eurobank Private Bank Luxembourg has remained committed to its client-centric model, mastering how to convert its offering to tailored solutions that create strong value for its clients and build trust in it.

The affiliation with the Eurobank Group boosts client access and market insight, particularly in the markets where the Group has a strong presence. Its presence in Luxembourg and London, 2 key global financial hubs, offers vast opportunities to its clients.

The London Branch, approved as a third country branch in September 2023, will continue to act as a centre-pillar in serving the UK business needs of clientele from Eurobank Group’s subsidiaries, UK-based international clients and the shipping community. Through its Athens branch, it is able to promote investment products to clients locally, thereby enhancing its presence in the Greek market.

During 2024, Eurobank Private Bank Luxembourg remained committed to safeguarding its operations against geopolitical and economic uncertainties, while capitalising on market opportunities and continuing its organic client base expansion. Throughout 2024, its capital adequacy and liquidity buffers remained very high, with Basel III solvency ratio at 20.29%, its unencumbered liquidity buffers at €1.60 billion, and a liquidity coverage ratio at 237% (under Basel III), while the net loan-to-client deposit ratio stood at 31% as at the end of 2024. Its strong financial position, conservative risk posture, operational independence and resilience, as well as stable client base, are the basis for its strong performance.

Eurobank Private Bank Luxembourg’s net profit after tax for the 2024 financial year increased compared to 2023 and amounted to €26.7 million (excluding one-off Head Office entries). Its total assets at year-end 2024 were higher (+23%) compared to 2023 and amounted to €3,239.7 million, driven by growth across business lines and sustained client momentum.

As part of the Private Bank practice, Eurobank Private Bank Luxembourg continued expanding its clientele, as well as its total portfolios throughout 2024. In cooperation with its dedicated Investment Advisory team, Private Banking offered its clients investment products that address market challenges and comply with the demanding regulatory framework.

An extensive upgrade of its systems and technology platform is currently underway. This substantial investment and respective transformation will significantly enhance its strategic position in terms of operational efficiency, digital channels and services, as well as superior overall client experience.

Eurobank Private Bank Luxembourg is set to enhance its business in 2025, leveraging on its strengths: its premium and client-oriented offering, and its robust and risk-averse business model. It aims to:

• Continue growing its client base, leveraging its exclusive client service and innovative offering, broad geographical footprint, and expanding relationship and referral networks. The Group’s strong commitment to Private Banking will remain an additional strategic advantage in this effort.
• Further develop its investment advisory and structuring services with new and innovative products and services, ensuring transparency and flexibility to its clients, through its open architecture approach to investing.
• Maintain lending as a key pillar of growth, where bespoke investment portfolio and real estate loans, as well as selected shipping loans will deepen its client relationships and increase and diversify its asset profitability. As in past years, conservative lending standards will guide this activity, in line with the detailed metrics set in its Risk Policy, and its insights from its (and the Group’s) local presence in various markets.
• Uphold its robust record of regulatory compliance, transparency towards its clients and commitment to the highest ethical standards. Additionally, both its investment offerings and lending will increasingly prioritise sectors compliant with sustainability criteria.

Through Eurobank Private Bank Luxembourg’s strong governance framework, and the new systems and processes it has built, it envisages being able to improve its impact. That is, to make a meaningful contribution to society, champion enterprise and help minimise its impact on climate change.

In this context, it is currently in the process of developing a comprehensive approach for managing sustainability risks. It aims at outlining implementation strategies and prioritising actions to effectively address sustainability risks, while ensuring compliance with the evolving regulatory requirements and industry best practices. These efforts are geared toward strengthening the Bank’s positive contribution to society, minimizing environmental impact, and reinforcing its position as a responsible corporate citizen.

Eurobank Private Bank Luxembourg enters 2025 with a strong capital base, a stable funding profile, and a clearly defined strategy for growth. Anchored in innovation, powered by technology, and guided by responsible banking principles, the Bank is well-positioned to deliver long-term value for its clients, shareholders, and stakeholders.

In compliance with Article 17 of Law 4706/2020 for listed companies, which stipulates that listed companies should adopt and implement a corporate governance code, prepared by a recognised and reputable body, both Eurobank Holdings and the Bank, its main subsidiary, have adopted and implement the Hellenic Corporate Governance Code (Code), posted on the Eurobank Holdings and Eurobank websites.

The Code ensures that the companies:

• Operate with credibility and in a responsible, just and transparent manner.
• Implement the Greek law and the international best practices on corporate governance.
• Safeguard the legal interests of anyone connected with the companies – shareholders, customers and human resources.

Find out more about the Eurobank Holdings Corporate Governance Principles and Eurobank Corporate Governance Principles.

The Board of Directors

Eurobank Holdings and Eurobank are managed by their respective Boards, which are responsible for their long-term success. The Boards adhere to Greek legislation, international best practices, their Articles of Association and shareholders’ decisions.

They provide leadership, assess and manage risks, set strategic objectives, ensure essential resources are available, evaluate management performance, and define the Group's values and standards. Board members act in the Group's best interests, aligning with their legal duties.

Detailed information regarding Board Activities in 2024 can be found in the Eurobank Holdings Corporate Governance Statement.

The Board Committees

The Eurobank Holdings and Eurobank Boards are assisted in carrying out their duties by Board Committees to which they delegate some of their responsibilities.

In addition, the Boards approve their terms of reference, receive regular and ad hoc reports from them, and assess their performance as per the provisions of the Board and Board Committees Evaluation Policy.

Board of Directors and Board Committees

Eurobank Holdings and Eurobank

Information regarding the composition of the Boards and short CVs of their members may be found in the Eurobank Holdings Corporate Governance Statement.

Information regarding the Eurobank Holdings Board of Directors and Eurobank Board of Directors Diversity Policy may be found in the Eurobank Holdings Corporate Governance Statement.

The Management Committees

Given that there is neither a relevant regulatory requirement nor a business need, the CEO has not established committees at Eurobank Holdings level.

As regards the Bank, the CEO establishes committees to assist him, as required, in discharging his duties and responsibilities. The most important Committees established by the CEO are listed below.

Find out more information regarding the Eurobank Management Committees.

Board Nomination Policy (applicable to Eurobank Holdings and Eurobank)

The Board Nomination Policy sets out the guidelines and formal process for identifying, selecting and nominating candidates for the Board. The Policy ensures that such appointments are made:

• In compliance with legal and regulatory requirements.
• With due regard to the expectations of major shareholders.
• Based on individual merit and ability, following best practices.

Board of Directors’ Remuneration Policy

Eurobank Holdings has established a Board of Directors’ Remuneration Policy (Remuneration Policy) in accordance with the requirements of Law 4548/2018 (the Law). The Remuneration Policy sets out the fundamental principles and structure governing the remuneration of Board members. Its primary objective is to ensure that remuneration is:

• Reasonable and aligned with market standards.
• Gender-neutral, promoting equal treatment.
• Sufficiently competitive to attract and retain Directors with the necessary skills and experience to implement Eurobank Holdings’ business strategy effectively.

Board and Board Committees Evaluation Policy (applicable to Eurobank Holdings and Eurobank)

The Board and Board Committees Evaluation Policy establishes the principles, framework and process for the annual assessment of the effectiveness of the Board of Directors (Board) and the Board Committees.

Remuneration indices may be found in the ESG Data Pack.
Information regarding Independent Assessment may be found on the Eurobank Holdings and Eurobank website.

The role of the third line within Eurobank’s governance and organisational structure is allocated to the Group Internal Audit (Group IA), which is an independent, objective assurance and consulting function designed to add value and improve the operations of the Eurobank Group.

Within Eurobank’s organisational structure, the Group IA is independent of Bank units with operational responsibilities. A direct reporting line to the Audit Committee (AC) strengthens the Group IA’s function and safeguards its independence. The Chief Audit Executive reports functionally to the AC and administratively to the CEO of Eurobank. The Group IA provides reasonable assurance, in the form of an independent opinion, as to the adequacy and operational effectiveness of the internal control framework of Eurobank, including governance, risk management and adherence to the risk appetite framework. The scope of the Group IA’s activity includes the operations of Eurobank as a whole (Group).

The Group IA adheres to the Institute of Internal Auditors (IIA) mandatory guidance including the Core Principles, Definition of Internal Auditing, Code of Ethics and Global Internal Audit Standards (GIAS).

In recent years, the Group IA has recognised sustainability internal controls and risk management framework as an area of focus and has taken several relevant initiatives and actions within its strategy. These aim to ensure adequate coverage of the area, in line with the Bank’s strategy, as well as industry and regulatory developments. Further details on the (ESG)/CR&E pillars that the Group IA strategically focuses on are provided in the Consolidated Pillar 3 Report for the year ended 31.12.2024.

Overall Group IA follows a risk-based approach to independently review and provide objective assurance, advice and insight, having in scope all activities, operations and units of the organisation. The Group IA’s multi-year audit plan ensures that all of the Group’s activities/operations are subject to review, in compliance, inter alia, with EU laws and regulations and supervisory expectations, as well as the Global Internal Audit Standards.

The Group IA documents the outcome of audits in audit deliverables that are used to provide information to several recipients (e.g. AC, Board Committee, Senior Management, external auditors). The Group IA attends the Audit Committee meetings to present a summary of its activity and highlight key issues, at least on a quarterly basis.

The BoD has delegated to the Board Risk Committee (BRC) specific responsibilities as to designing and formulating the risk management strategy, managing assets and liabilities, and establishing effective mechanisms to identify, assess and manage risks that derive from the Group’s overall activities. The BRC consists of 5 Non-Executive Directors of the Board, convenes on a monthly basis and reports to the BoD on a quarterly basis and on ad hoc instances if needed. In accordance with the European Central Bank (ECB) expectations, the BoD has appointed a specific Board Member as responsible for the climate-related and environmental (CR&E) risks at Group level. The appointed Board Member updates the BRC and the BoD on climate change and environmentally related risks at least on a semi-annual basis.

The Group has allocated adequate resources for updating its policies, methods and infrastructure, to ensure the Group’s compliance with the requirements of the ECB, the Single Supervisory Mechanism (SSM), the Single Resolution Mechanism (SRM), the guidelines of the European Banking Authority (EBA) and the Basel Committee on Banking Supervision, as well as its alignment with best international banking practices.

Risk culture is a core element of the organisation. The risk management function provides the framework, procedures and guidance to enable all employees to proactively identify, manage and monitor the risks in their own areas, and improve the control and coordination of risk-taking across their business. Risk culture influences the decisions of the management and employees during the day-to-day activities, and has an impact on the risks they assume.

Ongoing education – including focused training throughout the organisation on risk management principles, communication and awareness – takes place via dedicated learning programmes, monthly meetings, newsletters, sharing of best practices and other initiatives.

Eurobank applies the following Frameworks as part of its overall risk management process:

Risk Identification and Materiality Assessment (RIMA) Framework
The RIMA process sets the appropriate mechanisms to identify risks at an early stage, as well as to assess their materiality and their potential impact on the achievement of the Group’s objectives. In this context, RIMA is an essential part of the overall risk appetite process, enabling the Group to build its risk inventory, identify the risks that the Group is or might be exposed to, assess their relevance and materiality, and eventually define appropriate risk appetite metrics to monitor the risks assessed as material. The Group applies a formal RIMA process, as demonstrated in the RIMA Framework, to ensure that all identified risks are captured in the Group’s Risk Library. The risks assessed as relevant and material are then included in the Group’s Risk Inventory.

Risk Appetite Framework (RAF), Risk Appetite Statements (RAS) and Business Line Statements (BLS)
The RAF defines the process whereby the Group develops its RAS, including the governance and methodologies for selection, calibration, monitoring and escalation in case of a breach. Additionally, through the RAF, the Group strengthens risk governance and supports the formulation of the Group’s business strategy and objectives under both normal and adverse economic conditions.

The Group articulates its Risk Appetite through a set of qualitative and quantitative statements relating to, inter alia, solvency, liquidity, profitability, asset quality and other areas related to material risks. It sets indicators and thresholds to support the evaluation as to whether the Group operates within its risk appetite. The outcome of this process is the RAS document, whereas the principles, process and governance aspects related to the RAS are outlined in the RAF. The RAS are complemented by a set of BLS, which constitute operational metrics (and limits) at the level of business where the risks are undertaken.

The RAF, RAS and BLS documents are cascaded within the Group, and shape its risk undertaking and management culture, forming the foundation on which risk policies and risk thresholds are established both overall and per business activity.

Stress Testing Framework / Policy
The Stress Testing process follows a comprehensive approach, starting with identifying material risks and incorporating these risks into a set of coherent stress testing scenarios. The scenarios are processed through an analytical framework, consisting of risk models, which are used to forecast the Group’s expected profitability, capital and financial position under the assumed stress scenario conditions. The Group leverages the Stress Testing Framework for a number of internal risk and planning processes, including Business and Capital planning, the RIMA process, ICAAP, liquidity management/ILAAP, recovery planning, risk appetite calibration and regulatory stress testing.

Risk Reporting Framework
The Group has established a Risk Reporting Framework, to ensure robust risk reporting practices that enable accurate risk measurement, promote sound decision-making, and meet supervisory expectations. The Framework serves as the foundation for producing high-quality, relevant and reliable risk reports, consistent with the size and complexity of the Group's operations and risk profile.

Group Risk Management (GRM), which is headed by the Group Chief Risk Officer (GCRO), operates independently from the business units and is responsible for identifying, assessing, measuring, monitoring and managing the risks the Group is exposed to. The risk management unit and thus its processes are audited annually both internally and externally, following a risk-based approach.

A Risk Management Executive Committee has also been established, to regularly review key risk and other issues of the GRM, so as to ensure that the Risk Unit Heads are appropriately and timely informed on all the above issues, and that closer coordination and cooperation amongst risk units is achieved.

Group Risk Management (GRM)

The GRM is independent from the business units and has full responsibility for setting the risk strategy and RAF, and subsequently, as a 2^nd Line of Defence, for assessing and monitoring the material risks, as assessed through the RIMA process, undertaken by the Group. Moreover, it is responsible for establishing the necessary policies and procedures, methodologies and tools to effectively monitor risk levels within the Group.

Product Governance

The Group has established and operates a robust governance framework for all products and services, throughout their lifecycle, where material financial and non-financial risks are assessed by the related Group Risk Management units and other 2^nd Line of Defence units.

Group Credit (GC)

Within an environment of increased risk requirements, the mission of the GC is to safeguard the Groups’ asset side, by evaluating credit risk and making recommendations, so that borrowers’ credit exposure is acceptable and within the approved Risk Appetite Framework. The GC is headed by the Group Chief Credit Officer (GCCO), with direct reporting to the GCRO.

GC operations are comprised of 2 functions: Corporate Credit, including both the domestic and the foreign underwriting activities (the latter only for global clients and material exposures of international subsidiaries), and Retail Credit, covering the underwriting needs of the SBB portfolio and individual lending (mortgages, consumer loans, auto-moto loans and credit cards).

Corporate Credit

Domestic and Greek related portfolio

The underwriting function includes the review of credit requests originating from corporate units handling large- and medium-scale corporate entities of every risk category and special lending units, such as Shipping and Structured Finance (Commercial Real Estate, Hotel & Leisure, Project Finance, M&A Financing) and Private Banking.

Major tasks of the respective workstream and involved credit units pertain to:

• Evaluation of credit applications and issuance of an independent risk opinion, when required, according to internal procedures, including:

• Assessing the customer credit profile based on qualitative and quantitative risk factors (market, operational, structural and financial).
• Recommending formulation of bankable, well-secured and well-controlled transactions (credit facility).
• Reviewing and confirming the ratings for each borrower to reflect the risks acknowledged.

• Participation with voting right in all Credit Committees as per the credit approval processes.

• Active participation in the regulatory audits and major internal projects of the Bank, providing at the same time credit related knowledge, expertise and support to other units.
• Preparation of dedicated reports to Management on a regular basis, with regard to the top 25 largest, in terms of total exposure, borrower groups, statistics on the new approved financings and leveraged transactions.

International subsidiaries portfolio

Through the dedicated International Corporate Credit (ICC), GC is responsible for actively participating in the evaluation of loans that exceed a certain threshold for the wholesale portfolio of the international subsidiaries covering Bulgaria, Cyprus and a portion of the loan portfolio of Luxemburg (and London). Moreover, the respective unit’s tasks and responsibilities are:

• Participation with voting right in all International Credit Committees (Regional and Special Handling) and Country Risk Committees (CRCs).
• Participation in the sessions of the Special Handling Monitoring Committees for Bulgaria, which monitor and decide on the strategy of problematic corporate relationships with outstanding loan outstandings exceeding a certain threshold, jointly set by ICC and Country TAG.
• Advice on best practices to the Credit Risk Units of international subsidiaries.

The GC is also responsible for preparing all Credit Committees’ agendas, distributing the respective material and keeping the respective minutes.

Retail Credit

The scope of Retail Credit Risk is to assess credit applications submitted by retail business units in relation to borrowers of the performing retail credit portfolio (SBB loans and Individual banking). Such applications refer to new loans, review/renewal of existing lines and after-sales requests.

The main tasks of the Retail Credit Risk function are to:

• Assess credit requests in alignment with the credit risk assessment criteria and methodology provided in the relevant Credit Policy Manual and in accordance with the defined approval levels.
• Analyse and evaluate risk factors depending on the type of credit request based on both financial and qualitative information.
• Prepare an independent credit opinion when required, according to internal processes, ensuring that the risks identified are duly reflected in the rating.
• Participate with voting rights in the Credit Committees as per the credit approval process, according to approval levels defined in the CPM.
• Actively participate in the regulatory audits and major internal projects of the Bank, providing at the same time credit-related knowledge, expertise and support to other units.

Group Credit Control (GCC)

The GCC facilitates the implementation of a sound credit risk management framework throughout the Group and is responsible for:

• Identifying, monitoring, analysing, measuring, managing and reporting credit risks, and providing a comprehensive assessment of the credit risk profile of the Bank, on a solo or consolidated basis.
• Challenging and assisting in implementing risk management measures by business units, to ensure that the processes and controls in place in the 1^st Line of Defence are properly designed and effective.
• Formulating the fundamental credit risk policies of the assigned portfolios (incl. IFRS 9 related policies), reviewing the design and regulatory alignment of various credit risk related documents issued by other areas, and providing continuous updates to the Management on risk-related developments, emerging trends and best practices.
• Assessing and monitoring the compliance of business units to relevant credit policies and procedures, including the Collateral Valuation Policy, and Credit Committee decisions, through field and thematic reviews conducted.

Moreover, the GCC participates in projects related to international subsidiaries’ credit portfolio restructuring and reporting (i.e. sale of credit portfolio, sale/acquisition of subsidiaries, special portfolio reporting), as directed by the Group CRO. Finally, the GCC regularly reviews the adequacy of provisions of all loan portfolios.

The GCC is independent from the credit underwriting activity of the Bank. The Head of the Unit and the Heads of the Unit’s Divisions participate in Bank committees, as specified in the relevant Group Governance documents.

Group Operational and Non-Financial Risks (GONFR)

The mission of the GONFR is to assist in achieving business objectives within acceptable levels of risk exposure (risk appetite) for operational and non-financial risks, thus protecting the value, while also facilitating effective, long-term value creation.

The GONFR achieves this by being a professional partner to business, operations management and staff, while monitoring risk levels and providing quality risk information to the competent management bodies for decision-making and risk oversight.

The GONFR is responsible for establishing an effective operational and non-financial risk management framework for the Group, aligned with best practices, and for overseeing its implementation across the Group. The Unit supports the business units in identifying, assessing, mitigating, monitoring and reporting operational and non-financial risks, and introduces risk identification processes to be used by them. Through these, it monitors the level and features of the most significant operational and non-financial risks for the Group and undertakes appropriate Group-wide initiatives to increase operational and non-financial risk awareness towards further strengthening the culture of proactive operational and non-financial risk management.

It acts as an overlaying coordinator, aiming to harmonise 2^nd Line of Defence activities across the Group, and to holistically ensure the effective and consistent application of the Non-Financial Risk Management (NFRM) Policy. In this regard, other 2^nd Line of Defence units maintain their responsibilities for specific risk theme(s) that they own. The GONFR has 2^nd Line of Defence responsibilities for a number of risk themes and provides support to international subsidiaries, by overseeing the individual Country Operational Risks Units.

The GONFR manages the Group’s crime, professional indemnity, cyber and D&O liability insurance policies.

The GONFR, as the owner of the Products & Services Governance Policy, is responsible for overseeing and ensuring the effective implementation of the governance framework for all products and services throughout their lifecycle across the Group. This framework supports the comprehensive assessment of both financial and non-financial risks, while also incorporating financial performance considerations. The Policy sets out the review process for products and services, including the evaluation of climate-related and environmental risks, as well as their alignment with the Bank’s Sustainable Finance Framework (SFF).

The GONFR uses communication and training as tools to address proactive risk management, and to foster a strong operational and non-financial risk culture across the Group.

The Unit participates in Bank committees, as specified in the relevant Group Governance documents. The Unit submits quarterly reports to the Board Risk Committee / Audit Committee on operational and non-financial risk matters.

Group Market and Counterparty Risk (GMCR)

The main responsibilities of the GMCR are to identify, measure, monitor, control and report the following types of risks: market risk, counterparty and issuer risk, liquidity and funding risk, and interest rate risk from banking book activities (IRRBB).

In the context of monitoring these risk types, the GMCR additionally:

• Ensures compliance with regulatory requirements and with internal risk limits, as per the established RAS and BLS.
• Monitors and reports the limit use to the Management and the BRC/BoD. This includes escalation of limit breaches or significant risk issues, under GMCR mandate.
• Estimates the capital adequacy requirements for market and counterparty risk.
• Evaluates independently and monitors all Treasury securities and derivatives held by the Group.
• Participates in all internal and regulatory exercises relating to the above risk types (ICAAP, ILAAP, EBA Stress test etc.), along with other internal projects relating to new products or new activities as per the Group’s strategy.
• Initiates and implements IT projects for measuring and monitoring these risk types.
• Monitors the regulatory developments, and amends the systems, processes and internal policies accordingly.

The Unit submits monthly reports to the G-ALCO, Management Risk Committee and BRC, and quarterly reports to the BoD.

The Head of the Unit participates in Bank committees, as specified in the relevant Group Governance documents, is a member of the G-ALCO and acts as the Secretary to the Global Markets Credit Committee.

Group Credit Risk Capital Adequacy Control (GCRCAC)

The main responsibilities of the GCRCAC are to:

• Control, measure and monitor the capital requirements arising from the Group’s loan portfolios and securitisations, along with the relevant reporting to Management and Regulators (ECB/SSM).
• Develop and maintain the credit risk models for the Bank’s loan portfolio.
• Measure and forecast the credit risk parameters (PD, LGD, EAD as applicable) for the loan portfolios under IFRS9.
• Perform the stress testing exercises for credit risk at Group level.
• Forecast impairments and RWAs for the Group’s loan portfolios in the context of the 3-year business plan and ICAAP.
• Prepare the Pillar II assessment for credit risk, foreign exchange risk, concentration risk and securitisation risk.

The Head of the Unit participates in Bank committees, as specified in the relevant Group Governance documents.

Group Model and Data Validation (GMDV)

The scope of the GMDV is to:

• Establish and monitor the governance framework for the models used by the Group.
• Perform an independent validation of significant models (credit risk, pricing, profitability etc.) used by the Group, to ensure that the results produced are correct and fully meet business needs, and that the methodologies and tools applied are aligned with industry standards and the corresponding regulatory requirements.
• Maintain the Group’s model registry.
• Conduct regular validations of the Bank's compliance under the Risk Data Aggregation and Risk Reporting (RDARR) requirements.

The Head of the Unit and the Heads of the Unit Directorates participate in Bank committees, as specified in the relevant Group Governance documents.

Group Risk Management Strategy & Oversight

As part of the Group’s ongoing commitment to strengthening its risk management framework, the Bank established a dedicated Group Risk Management Strategy & Oversight Unit to further enhance the coordination and integration of risk management practices across the Group. The Unit serves as a central coordinating body, ensuring that all Risk Management units operate in a cohesive and aligned manner, creating synergies and promoting consistent standards across the organization. Its core objective is to implement and maintain a single, coherent governance framework that supports a holistic, approach to risk management. This framework is designed to ensure that all material risks are identified, assessed, managed, and monitored in a comprehensive and integrated manner. Aligned with the principles of enterprise risk management, the Unit enhances risk culture, supports informed decision-making at all levels, and strengthens the Group’s ability to anticipate and respond to risks in a proactive and coordinated manner.

Group Sustainability Risk (GSR)

The GSR also has the overall responsibility for overseeing, monitoring and managing sustainability risks. More specifically, the GSR:

• Prepares and maintains the Bank’s sustainability risk management policies, processes and methodologies, in collaboration with the Group Sustainability, Business and Risk Units.
• Leads the development and implementation of the sustainability risk related framework, policies and processes.
• Implements, monitors, and reports to the GSSO on the progress of the climate risk action plan, and reports to the BoD on sustainability risk matters.
• Monitors and challenges the involved stakeholders in setting Net Zero targets and the Financed Impact Strategy, and reports financial targets and KPIs.
• Leads the 2^nd line independent sustainable lending re-assessment process against Sustainable Finance criteria, including the characterisation of Retail Portfolio products as sustainable.
• Develops and maintains the Climate Risk Stress Testing Framework, including scenario analysis and stress test methodologies, and coordinates the performance of sustainability risk scenario analysis and relevant stress test exercises at Group level.

Supervisory Relations and Resolution Planning (SRRP)

The SRRP Unit has a coordinating and supervisory role for projects and initiatives associated with the perimeter of the SSM and the SRM, and constitutes the Bank’s primary link with them, aiming to respond efficiently to regulatory requirements and to manage effectively the relationship with the supervisory authorities.

Also, the Unit provides advice and support with respect to regulatory issues in the context of strategic projects/initiatives or for critical regulatory developments, so that the Group may meet the regulatory requirements and deadlines, and also adjust its business strategy to upcoming changes.

The Head of the Unit participates in Bank committees, as specified in the relevant Group Governance documents, and acts as Secretary to the Bank’s Resolution Planning Committee.

Risk Analytics (RA)

The RA Unit is mandated to develop and deploy advanced analytics solutions using big-data sources and innovative modelling techniques, such as machine learning.

The underpinning objective of these solutions is to deliver risk-reward improvements across the credit cycle: from credit origination through to account management and collections.

Furthermore, the RA aims to improve the operational efficiency of the credit origination process, by enabling automation and digital transformation. These advanced analytics solutions also aim to optimise business decisions as well as product pricing.

Risk Management Executive Committee (RMEC)

The scope of the RMEC is to:

• Review and address, as appropriate, specific key risks, and discuss ideas and initiatives related to the operations of the General Division, aiming at continuous improvement in risk management practices followed by the Group and their compliance with regulatory requirements.
• Share information, as appropriate, and present analyses produced by each Unit.
• Improve the overall communication and coordination among GRM Units.

For further information on the Bank’s risk management, refer to the Consolidated Pillar 3 Report.

In line with these objectives, the Bank increased its investment in technology by 24%, mainly focusing on:

• Artificial Intelligence (AI) – Integrated AI as a foundational element of the Bank’s strategy, to address evolving business needs and stay aligned with emerging trends and in compliance with the Responsible AI act. To support this initiative, it has established a Generative AI Centre of Excellence (CoE) / Factory, which will lay the necessary technological and organisational groundwork for effective AI management.
• Core banking modernisation – Conducted a comprehensive evaluation to assess potential scenarios for modernising the core banking system, with the goal of defining a strategic pathway to enhance its core banking platform.
• Omnichannel and digital experience – Further enhance the digital customer touchpoints by strengthening its mobile app offering. Provide customers and partners with several new capabilities and enhancements to its digital experience, primarily focusing on the mobile platform.
• Intelligently automated processes and customer journeys – Continue investing in its modern business process management (BPM) platforms, by engaging new ways of working (Agile, Lean and Design Thinking methodologies), to further lean, digitise and automate, end-to-end, the individual and business lending journeys, along with the bancassurance offering.
• Data and analytics – Modernise the corporate data warehouse with a new cloud-enabled data management platform that will enable rapid development and scaling of data exploitation.

The Bank successfully delivered several key lighthouse products and services to customers. Among the most notable are the innovative POS Cash Advance and the Virtual Credit Card. It also introduced the Eurobank Teen prepaid card and established a new Contact Centre. Additionally, it implemented online customer appointments through digital channels and offered Hellenic Development Bank funding programmes. Furthermore, it launched the Business Mastercard and facilitated online salary and pension transfers to Eurobank, all while ensuring compliance with a wide range of regulatory directives.

In response to the evolving landscape of tech talent acquisition, increased demand and the need for agility, the Bank is advancing its strategic sourcing initiatives by leveraging new delivery centres. To this end, it launched a new Global Delivery Centre in Pune, India, leveraging a new strategic partnership for the Group.

In 2024, Group IT delivered over 330 business projects, and its systems achieved a remarkable availability rate of 99.997%. It also made over 200 enhancements to its technical and security infrastructure, ensuring uninterrupted services for the increased business transactions and substantially increasing its digital resilience.

From an operating model perspective, it continues to improve the ways of working, aiming to reduce time to market in implementing the business goals. As such, in alignment with the Bank’s strategy, Group IT has engaged in a pilot to introduce a value stream based operating model in the area of card products. This shift is expected to enhance collaboration among teams, and ultimately drive better customer satisfaction through more innovative and timely product offerings.

Finally, in the international subsidiaries, the technology transformation plan is in progress, with the aim of modernising the core banking and digital platforms. Following the successful roll-out of the Temenos platform in Cyprus, the respective programme is currently under implementation for Luxembourg. In Bulgaria, Group IT focused on the Euro adoption programme, implementing a new digital platform along with the integration of BNP Paribas Personal Finance. In Cyprus, following the inclusion of Hellenic Bank in the Eurobank Group, the Bank is committed to aligning its security and operational controls to enhance resilience at Group level, while it is currently focusing on legal and operational merger activities.

To enhance its sustainability footprint, Eurobank participates, inter alia, in national and international associations, organisations and initiatives.

Find out more at ESG Partnerships and initiatives.

2024 was yet another year that Eurobank received distinctions, thanks to the trust of its customers, the credibility of its partners and the pioneering mindset of its employees.

Banking Services

Best Bank in Greece
Global Finance
Best Retail Bank in Bulgaria
World Finance Magazine

Digital Banking

Best Consumer Digital Bank in Western Europe
Best Consumer Digital Bank in Greece
Best Corporate / Institutional Digital Bank in Greece
Best Online Product Offerings in Greece
Best User Experience (UX) Design in Greece
Best Mobile Banking App in Greece
Best Consumer Social Media Marketing and Services in Greece
Best Consumer Innovation in Greece
Best Consumer Open Banking APIs in Greece
Best Consumer Transformation in Greece
Best Regional Corporate Mobile Banking App
Best Corporate / Institutional Digital Bank for Trade Finance Services in Greece
Best Corporate / Institutional Mobile Banking App in Greece
Global Finance

Greece's Best Digital Bank
Euromoney

Economic Research

Nr 1 Overall Forecaster – Greece
Nr 3 GDP Forecaster – Greece
Nr 1 Fiscal Balance Forecaster – Greece
Nr 2 Inflation Forecaster – Greece
Nr 2 Current Account Forecaster – Greece
Nr 3 Overall Forecaster – Cyprus
Nr 3 Current Account Forecaster – Cyprus
Nr 1 GDP Forecaster – Serbia
Focus Economics

Private Banking

Best Private Bank in Greece
Best Private Bank in Cyprus
Global Finance

Best Domestic Private Bank in Greece
Best International Private Bank in Cyprus
Euromoney

Best Private Bank in Greece
Best Private Bank in Greece
PWM & The Banker

Real Estate

Greece’s Best Bank for Real Estate
Euromoney

Sustainable Development

Greece’s Best Bank for ESG
Euromoney

Sustainable Finance

Best Bank for Sustainable Finance in Greece
Global Finance

Transaction Banking

Best Treasury and Cash Management
Global Finance

Best Cash Management Bank
Central & Eastern Europe's Best Bank for Cash Management Technology
Euromoney

Custody Services

Best Sub Custodian Bank in Greece
Best Sub Custodian Bank in Cyprus
Best Sub Custodian Bank in Bulgaria
Global Finance

Best in Class Global: Asset Safety & Risk Management in Greece
Global Custodian

Find out more at Our Awards