Financial Statements 31.12.2023 XBRL

ANNUAL 
FINANCIAL 
REPORT 
FOR THE YEAR ENDED 
31 DECEMBER 2023 
According to 
Article 4 of the Law 3556/2007

Table 
of Contents 
A.
Corporate Governance 
I.
Statements of the members of 
the Board of Directors 
II.
Report of the Directors and Corporate 
Governance Statement 
 
Appendix: Audit Committee Activity Report 
B.
Auditor’s Report and Financial Statements 
I.
Ιndependent Auditor’s Report 
II.
Consolidated Financial Statements of the Company 
for the year 
ended 31 December 2023 
III.
Financial Statements οf the Company 
for the year 
ended 31 December 2023 

Statements 
of Members of the Board of Directors 
(according to the article 4 par. 2 of the Law 3556/2007) 
We declare that to the best of our knowledge: 
●
 
the annual 
financial 
statements 
for the 
year 
ended 31 
December 2023, 
which 
have been 
prepared in accordance with the applicable accounting standards, 
present fairly the assets, 
liabilities, equity 
and annual 
results of Eurobank 
Ergasias Services 
and Holdings 
S.A. and 
the companies included in the consolidation, 
and 
●
 
the annual report 
of the Board 
of Directors presents fairly 
the development, the performance 
and the position of the 
Eurobank Ergasias Services and Holdings S.A 
and of the companies 
included in 
the consolidation, 
including the 
description 
of the 
main risks 
and uncertainties 
they face. 
Athens, 28 March 2024 
Georgios P. 
Zanias 
I.D. No AI – 414343 
CHAIRMAN 
OF THE BOARD OF 
DIRECTORS
Fokion C. Karavias 
I.D. No ΑΙ - 677962 
CHIEF EXECUTIVE 
OFFICER
Stavros E. Ioannou 
I.D. No AH - 105785 
DEPUTY 
CHIEF EXECUTIVE 
OFFICER 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
1
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m = million 
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The directors 
present their report 
together with 
the financial statements 
for the 
year ended 31 December 2023. 
General information 
Eurobank Ergasias Services and Holdings S.A. (the Company or Eurobank Holdings) is a holding company listed 
on the Athens Exchange, owning 100% of the share 
capital of Eurobank S.A. (the Bank). Eurobank 
Holdings and 
its 
subsidiaries 
form 
a 
group 
(Group), 
consisting 
mainly 
of 
Eurobank 
Group, 
that 
being 
the 
Bank 
and 
its 
subsidiaries. The Company’s operations principally relate to the 
strategic planning of the non-performing loans 
management and the provision 
of services to the 
Group entities and third 
parties. 
Financial Results Review and Outlook
1
In 2023, 
on the 
back of 
a positive 
macroeconomic 
backdrop 
in Greece 
and the 
other 
countries of 
substantial 
presence, 
the 
Group 
enhanced 
its core 
profitability, 
strengthened 
its capital 
adequacy and 
liquidity position, 
and improved 
further 
its asset 
quality. 
In addition, 
it executed 
several 
strategic 
actions, which 
will allow 
it to 
expand its business and extend further 
its regional footprint. 
As 
at 
31 
December 
2023 
total 
assets, 
including 
the 
impact 
from 
the 
sale 
of 
Eurobank 
Direktna 
(Serbia), 
decreased 
by 
€1.7bn 
to €79.8bn 
(Dec. 
2022
2
: €81.5bn) 
with 
gross 
customer 
loans 
amounting 
to €42.8bn 
(Dec. 
2022: €43.5bn) and 
investment 
securities reaching 
€14.7bn (Dec. 2022: 
€13.3bn). Out of the 
total loan portfolio, 
€28.1bn has been originated from Greek operations 
(Dec. 2022: €28.2bn), €10.3bn from international operations 
(Dec. 2022: €10.4bn or 
€8.7bn excluding Eurobank Direktna operations) and €4.5bn refer to senior and 
mezzanine 
notes of the Pillar, Cairo and Mexico securitizations (Dec. 2022: €4.9bn). 
Business (wholesale and small business) 
loans stood at €25bn (Dec. 
2022: €25bn) and accounted for 58% of 
total Group loans, while loans to households 
reached €13.4bn 
(Dec. 2022: €13.6bn), 
of which 74% 
is the 
mortgage portfolio 
and the 
rest are 
consumer loans. 
Group 
deposits reached 
€57.4bn 
(Dec. 2022: 
€57.2bn) 
with those 
from Greek 
operations 
amounting to 
€40bn 
(Dec. 
2022: 
€39.6bn), 
while 
international 
operations 
contributed 
with 
€17.5bn 
(Dec. 
2022: 
€17.7bn 
or 
€16bn 
excluding Eurobank Direktna operations). 
As a result, the (net) loan–to–deposit (L/D) ratio stood at 72.3% 
for the 
Group (Dec. 2022
2
: 72.4%) and at 78.3% for Greek operations (Dec. 2022: 79.5%). 
The funding from 
the European 
Central 
Bank 
(ECB) 
refinancing 
operations 
reduced 
by 
€5bn 
to 
€3.8bn 
(Dec. 
2022: 
€8.8bn) 
(note 
31 
of 
the 
consolidated 
financial statements). 
During the 
year, 
in the 
context of 
the 
implementation 
of its 
medium-term 
strategy 
to 
meet 
the 
Minimum Requirements 
for 
Eligible 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL), 
the 
Bank 
proceeded 
with the 
issuance of 
two preferred 
senior notes 
of €500m each, 
at a coupon 
of 7% and 
5.875% and 
maturities 
in 
January 
2029 
and 
November 
2029, 
respectively. 
More 
recently, 
in 
January 
2024, 
the 
Company 
completed the issue of a €300m 
Subordinated Tier II debt instrument, at a coupon of 6.25% 
and maturity in April 
2034 
(notes 
4 
and 
34 
of 
the 
consolidated 
financial 
statements). 
The 
Group 
Liquidity 
Coverage 
ratio 
(LCR) 
maintained at high level 
reaching 178.6% (31 December 
2022: 173%). 
 
Pre-provision 
Income 
(PPI) 
amounted 
to 
€1,999m 
or 
€1,902m 
excluding 
a) 
the 
€111m 
gain 
on 
investment 
in 
Hellenic Bank (Cyprus) accounted 
for as an associate and 
b) the €14m contribution to 
restoration initiatives after 
natural 
disasters 
(2022
2
: €2,184m 
or €1,859m 
excluding the 
€325m gain 
on sale 
of Bank’s 
merchant 
acquiring 
business 
(project 
“Triangle”)), 
while 
core 
pre-provision 
income 
(Core 
PPI) 
increased 
by 
58.6% 
year-on-year 
to 
€1,802m or € 
1,816m excluding 
the €14m 
contribution as 
above 
(2022
2
: €1,145m). 
Net interest 
income (NII) 
grew 
by 46.9% 
to €2,174m 
(2022
2
: €1,480m), mainly driven 
by the 
higher interest 
rates, the 
organic loans growth 
and 
the increased 
positions in investment 
bonds partly offset 
by higher 
debt issued and deposits 
cost. Net interest 
margin 
(NIM) 
stood 
at 
2.75% 
(2022
2
: 
1.91%) 
with 
the 
fourth 
quarter 
reaching 
2.90%. 
Fees 
and 
commissions 
expanded by 4.2% to €544m (2022
2
: €522m), of which banking fees and commissions by 
4.8% to €447m (2022
2
: 
€427m), mainly due 
to the increased fees from lending activities and 
despite the negative impact from merchant 
acquiring 
disposal. 
Fees 
and 
commission 
accounted 
for 
69bps 
of 
total 
assets 
(2022
2
: 
67bps). 
Operating 
expenses increased 
by 5.2% to €902m 
excluding the 
€14m contribution as 
above (2022
2
: €857m) due 
to higher 
costs from 
international 
operations, 
inflationary 
pressures 
and investments 
in IT 
infrastructure 
projects, 
partly 
offset 
by 
lower 
contributions 
to resolution 
and deposit 
guarantee 
funds. 
Costs from 
international 
operations 
amounted to 
€258m (2022
2
: €212m) 
including the 
effect 
from 
the 
acquisition of 
BNP Paribas 
Bulgaria end 
of 
May 2023, while in Greece slightly decreased by 0.1% 
to €644m (2022: €645m). The cost to income (C/I) ratio 
for 
the Group 
reached 32.2%, 
excluding the 
€111m gain on 
investment 
in Hellenic Bank 
and the 
€ 14m contribution 
as above 
(2022
2
: 31.6%, excluding 
the €325m 
gain on project 
“Triangle”), 
while the 
international 
operations 
C/I 
ratio 
stood at 
33.1% 
(2022
2
: 42.7%). The 
respective cost 
to core 
income
3
ratio 
for the 
Group improved 
at 33.2% 
compared to 42.8%
2
 
for 2022. 
Trading 
and other 
activities recorded 
net income 
of €196m 
(2022
2
: €1,039m 
income) 
mainly including 
a) €86m 
derivatives’ 
gains (2022
2
 
: €625m 
gains), b) 
€57m gains 
on sale 
of investment 
bonds at 
FVOCI 
net of 
hedging 
(2022
2
 
: €26m loss) 
and c) €68m net other income, including the €111m gain on investment Hellenic Bank 
(2022
2
: 
€323m income, including the 
€325m gain on project "Triangle") 
(notes 9 and 10 of consolidated FS). 
The NPE 
formation was 
positive by €138m, 
out of which € 119m referring 
to a single corporate 
customer, 
(fourth 
quarter 
2023: €29m 
negative), 
(2022: €40m 
positive
excluding 
Serbian 
operations). 
In total, 
the 
Group’s 
NPE 
stock stood at €1.5bn, following 
the classification 
of the loan portfolio 
of project “Leon” as held for 
sale, the sale 
of Eurobank 
Direktna, 
and the 
write-offs 
during the 
year 
(31 December 
2022: €2.3bn) 
driving the 
NPE ratio 
to 
3.5% 
(31 
December 
2022
(2)
: 
5.2%). 
The 
loan 
provisions 
(charge) 
reached 
€412m 
or 
€345m, 
excluding 
the 
loss 
1
 
Definitions of the selected financial ratios and the source of the financial data are provided in the Appendix. 
2
The 
comparative information 
has been adjusted 
due to a) 
the retrospective 
application of 
IFRS 17 by 
the Group’s 
associate Eurolife 
FFH 
Insurance Group Holdings S.A. and b) the presentation of operations 
of Eurobank Direktna a.d. disposal group as discontinued.
3
 
Total operating 
expenses divided by total core income.

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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recorded for 
projects 
“Leon” and “Solar” and 
corresponded to 
0.85% of average 
net loans (2022
2
: €276m which 
corresponded to 0.71% 
of average net 
loans), while the NPE coverage 
ratio stood at 86.4% 
(31 December 2022
2
: 
75.5%). The 
NPEs after deducting 
the accumulated 
stock of loan 
provisions, 
amounted to €0.2bn 
(31 December 
2022: €0.6bn). 
Furthermore, 
the Group 
recognised in 
2023 other 
impairments, risk 
provisions 
and related 
costs amounting to 
€96m (2022
2
: €103m), which 
are analysed 
in a) €49m 
impairment on 
real estate 
properties, 
out of which 
€23m 
remeasurement 
loss 
related 
to 
the 
subsidiary 
IMO 
Property 
Investments 
Sofia 
E.A.D. 
which 
was 
disposed 
of 
during the year, 
b) €17m impairment on computer hardware and software 
(notes 26 and 28 of consolidated FS), 
and 
€30m 
other 
impairments, 
litigation 
and 
conduct-related 
provisions 
and 
costs. 
Moreover, 
it 
recorded 
restructuring costs of €37m (2022
2
: €89m) including an 
amount of €11m related to 
the acquisition of BNP Paribas 
Personal 
Finance 
Bulgaria 
by 
Eurobank 
Bulgaria 
A.D. (note 
23.2). The 
Group’s 
share 
of associates/JVs 
results 
amounted 
to 
€88m 
income, 
of 
which 
€58m 
income 
relates 
to 
Hellenic 
Bank 
profits 
for 
the 
six-month 
period 
ended 30 September 2023. 
Finally, 
in 2023 
following 
the 
completion of 
the 
disposal of 
the Bank’s 
70% shareholding 
in Eurobank 
Direktna, 
the 
Group 
recorded 
€141m 
net 
loss 
from 
discontinued 
operations 
attributable 
to 
shareholders, 
including 
the 
recyclement 
of 
€ 
124m 
cumulative 
losses 
to 
the 
income 
statement 
(mainly 
currency 
translation 
differences), 
previously recognized 
in other 
comprehensive income. 
Profit or Loss 
Overall, 
in 2023, the 
profit attributable 
to shareholders amounted 
to €1,140m 
(2022
2
: €1,347m profit), as set 
out 
in the consolidated income statement. The adjusted net profit, excluding 
the €111m gain 
on investment in Hellenic 
Bank, 
accounted 
for 
as 
an 
associate, 
€ 
141 
million 
net 
loss 
from 
discontinued 
operations, 
€48m 
net 
loss 
on 
projects 
“Solar” 
and 
“Leon” 
related 
to 
the 
NPE 
reduction 
plan, 
€10m 
provision 
(after 
tax) 
for 
the 
Bank’s 
contribution 
to 
the 
restoration 
initiatives 
after 
natural 
disasters, 
and 
€29m 
restructuring 
costs 
(after 
tax) 
amounted to €1,256m 
(2022
2
: €1,178m), of which €468m 
profit was related to the 
international operations (2022
2
: 
€211m profit). 
Based on the Group’s 
profits for 2023, 
the Earning per Share (EPS) reached 
€ 0.31 (2022
2
: €0.36) and the Return 
(adjusted profit) 
on Tangible 
Book Value 
(RoTBV) amounted 
to 18.1% 
(2022
2
: 11.4%, after 
deducting €516m non-
recurring trading 
gains net of tax mainly from derivative 
financial instruments). 
Going forward, 
the 
Group, 
pursues its 
objectives 
set out 
in the 
business plan 
for 
the 
period 
2024-2026, 
which 
includes targets 
for a) 
loans organic 
growth, 
b) maintaining resilient 
core profitability 
in a lower 
interest 
rates 
environment, c) improvement of the asset quality ratios, d) solid organic capital generation adequate to support 
the business 
growth, 
and e) reward 
of shareholders, 
starting from a payout 
ratio, 
in the 
form of cash 
dividends 
and/or share 
buybacks, subject 
to regulatory 
approval, 
of at 
least 25% 
in 2024 
and gradually 
increasing over 
coming years, mainly through 
the following 
initiatives and actions: 
a)
Maintain high NII mainly driven by the 
organic increase of Group’s 
performing loans, 
which may offset 
the pressures from the 
potential decrease in ECB rates, the change in deposits (time/sight) mix and the 
issuance of MREL eligible senior notes, 
b)
Strengthening 
core 
markets 
presence 
and 
increasing 
earnings 
and 
volumes 
contribution 
by 
international 
activities,
which 
will 
be 
further 
enhanced 
by 
the 
full 
consolidation 
of 
Hellenic 
Bank 
in 
Cyprus, 
c)
Growth of 
fee and commission income 
in a number of fee 
business segments such as lending, 
network 
and 
assets 
under 
management 
activities, 
bancassurance, 
cards 
issuing 
and 
investment 
property 
rentals, 
d)
Initiatives 
for 
pursuing further 
operating 
efficiency, 
cost containment 
of “run 
the 
bank” activities, 
and 
proceeding with further simplification 
and digitalization in Greece and abroad, maintaining the annual 
increase of the operating expenses at a 
low to mid-single digit 
%, considering the inflationary pressures 
and the 
“grow 
the 
bank” needs. 
In February 
2024, the 
Group 
launched 
a new 
Voluntary 
Exit Scheme 
(VES) for eligible units in Greece 
, 
e)
Maintaining 
low 
NPE 
ratios 
with 
high 
coverage 
levels 
in 
all 
core 
markets 
in 
which 
the 
Group 
has 
presence, 
which may be 
challenged by 
the higher 
interest rates 
and inflationary 
pressures' 
impact on 
households’ disposable income and 
corporate profit 
margins, 
f)
Major 
transformation 
initiatives 
introduced 
in 
the 
context 
of the 
Group’s 
transformation 
plan 
“Eurobank 2030”, 
g)
Support 
the 
green 
transition 
and 
financial 
inclusion 
through 
the 
further 
implementation 
of 
the 
Environment, Social and Governance 
(ESG) criteria in all Group’s 
activities and processes. 
The geopolitical 
and macroeconomic risks, including the 
sustained - albeit easing - inflationary 
pressures, set a 
number of challenges 
to the 
achievement 
of the 
Group’s 2024-2026 
Business Plan, mainly 
related with 
growth 
potential, 
lending 
margins, 
deposit 
rates, 
asset 
quality 
and 
operating 
cost. 
The 
headwinds 
coming 
from 
the 
geopolitical upheaval 
and the macroeconomic 
environment are 
likely to be mitigated by: 
a)
The efficient 
mobilization of 
the already 
approved 
EU funding, mainly through 
the Recovery 
and Resilience 
Facility (RRF), 
b)
The substantial pipeline 
of new investments, 
c)
The decrease 
of the unemployment 
rate in 2024 at single digit 
levels, close to historical lows, 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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d)
The positive 
developments in the 
tourism sector and the strong 
investment inflows, 
e)
The 
upgrade 
of 
the 
Greek 
sovereign 
to 
investment 
grade 
by 
four 
out 
of 
the 
five 
Eurosystem-approved 
External Credit Assessment 
Institutions. 
(see also further 
information in the 
section “Macroeconomic Outlook 
and Risks”) 
Capital adequacy 
As at 31 
December 2023, 
the Group’s 
Total 
Regulatory Capital 
amounted to €8.4bn 
(31 December 
2022: €8bn) 
and accounted 
for 
19.4% 
(total CAD) 
of Risk Weighted 
Assets (RWA) 
(Dec. 2022: 
19.2%), 
compared 
to the 
CAD 
Overall 
Capital 
Requirements 
(OCR) 
ratio 
of 14.68%
4
. Respectively, 
the 
Common Equity 
Tier 
1 (CET1) 
stood at 
16.9% 
of RWA 
(Dec. 2022: 
16%) compared 
to the 
CET1 OCR 
ratio 
of 9.98%
4
 
or 12.20%, including 
the 
Additional 
Tier 1 
(AT1) and 
Tier 2 capital 
shortfall. Both 
total CAD and CET1 
ratios for 
2023 carried 
the effect 
of the ending 
of 
the 
5-year 
transition 
period 
for 
the 
recognition 
of 
the 
IFRS 
9 
impact 
on 
the 
regulatory 
capital 
and 
the 
reversion to the 
standardized approach as of 1 March 2023. Pro-forma for 
the completion of the projects “Solar” 
and “Leon” 
(note 20 
of the 
consolidated financial 
statements) and 
the issuance 
of €300m Subordinated 
Tier 
II 
debt instruments 
in January 2024, 
the total 
CAD and CET1 
ratios 
would be 
20.2% and 17% 
respectively 
(note 4 
of the consolidated 
financial statements). 
As 
at 
31 
December 
2023, 
the 
Bank’s 
MREL 
ratio 
at 
consolidated 
level 
stands 
at 
24.91% 
of 
RWAs 
(Dec. 
2022: 
23.07%), 
higher 
than 
the 
interim 
non-binding 
MREL 
target 
of 
23.23%, which 
is 
applicable 
from 
January 
2024 
(note 4 of the consolidated 
financial statements). 
In the context of the Group’s initiatives for the optimization of its regulatory capital, in 
December 2023, the Bank 
proceeded 
with the 
execution of another 
synthetic risk 
transfer 
transaction (project 
“Wave 
IV”) in the 
form of a 
financial guarantee, 
providing 
credit protection 
over 
the mezzanine 
loss of 
a portfolio 
of performing 
SME and 
Large 
Corporate 
loans amounting 
to € 
1.5 billion, 
which resulted 
in a 
capital benefit 
of 41 
bps (note 
20 of 
the 
consolidated financial statements). 
Pursuant to the Regulation (EU) 
No 575/2013 (CRR), 
the deferred tax assets (DTAs) that rely on future profitability 
and 
exceed 
certain 
limits 
shall 
be 
deducted 
in 
the 
calculation 
of 
the 
CET1 
capital. 
This 
deduction 
should 
be 
applied gradually by 2025. The enactment of the article 27A of Law 4172/2013, as 
in force, provided for the Greek 
credit institutions that the eligible DTAs are accounted on a) the losses from the Private Sector 
Involvement (PSI) 
and the 
Greek State 
Debt Buyback 
Program 
and b) 
on the 
sum of 
(i) the 
unamortized part 
of the 
crystallized 
loan losses from write-offs and disposals, (ii) the accounting debt write-offs and (iii) the 
remaining accumulated 
provisions and other 
losses in general due to credit 
risk recorded up to 30 June 2015 and can 
be converted into 
directly enforceable 
claims (tax credits) against the 
Greek State, provided 
that the Bank’s after 
tax accounting 
result for the 
period is a loss. This 
legislative provision 
enabled the Greek 
credit institutions, including the 
Bank, 
not to deduct the eligible 
DTAs 
from CET1 capital but recognise 
them as a 100% weighted 
asset, with a positive 
effect 
on the 
capital 
position. As 
at 
31 December 
2023, 
the 
Bank’s eligible 
DTAs 
for 
conversion 
to tax 
credits 
amounted 
to 
€ 
3,212m 
(Dec.2022: 
€3,402m) 
(note 
13 
to 
the 
consolidated 
financial 
statements). 
A 
potential 
change in 
the 
regulatory 
treatment 
of eligible 
DTAs 
as tax 
credits 
may have 
an adverse 
effect 
in the 
Group’s 
capital position. 
2023 Stress Test 
Results 
On 28 July 2023, the 
Company announced that 
Eurobank Holdings 
Group successfully 
completed the 2023 EU-
wide Stress Test 
(ST), which was coordinated 
by the 
European Banking 
Authority (EBA) in 
cooperation 
with the 
ECB and the European Systemic Risk Board (ESRB). Eurobank has significantly improved its results and resilience 
to stress under the 
adverse scenario 
compared to the 
ST 2021 exercise. 
The 
starting point of the 
exercise was 
the financial 
and capital position 
of the 
Group as 
at 31 December 
2022, 
as calculated based on the Standardised Approach (STD). On that date, the Fully Loaded (FL) CET 1 ratio (based 
on the 
full implementation 
of Basel III 
rules) amounted to 
14.4%. Under 
the Baseline 
scenario, the 
FL CET1 ratio 
increases by 360bps over 
the 3-year ST horizon, reaching the 
level of 18% at the end of 2025. Under the 
Adverse 
scenario, the 
FL CET1 ratio 
decreases by 
220bps at the 
end of 2025 
and it stands 
at 12.2%, while 
at the 
end of 
the first year (2023) 
the Group registered 
its highest FL CET 1 ratio 
capital depletion, at 316bps. 
2024 Cyber Resilience Stress Test 
In 2024 the 
ECB will conduct a 
cyber resilience 
stress test on 109 
directly supervised 
banks, including Eurobank. 
The exercise will assess how 
banks respond to 
and recover from a cyberattack, rather than their ability to prevent 
it. 
In 
particular, 
under 
the 
stress 
test 
scenario, 
the 
cyberattack 
succeeds 
in 
disrupting 
banks’ 
daily 
business 
operations. 
Banks will 
then 
test their 
response 
and recovery 
measures, 
including the 
activation 
of emergency 
procedures 
and contingency plans 
and the 
restoration 
of normal operations. 
The 
ECB will assess 
the extent 
to 
which banks can cope under such a scenario. 
This stress test exercise 
will not have an impact on capital through 
the Pillar 2 guidance (P2G), which is a bank-
specific 
capital 
recommendation 
on top 
of the 
binding capital 
requirements. 
Rather, 
the 
ECB will 
discuss 
the 
findings and 
lessons learned 
with 
each bank 
as part 
of the 
2024 Supervisory 
Review 
and Evaluation 
Process 
(SREP), which assesses 
a bank’s individual risk 
profile. The 
exercise’s 
main findings will be 
communicated in 
the 
summer of 2024. 
4
 
The 
‘Overall 
capital 
requirement 
(OCR)’ 
is 
the 
sum 
of 
the 
total 
SREP 
capital 
requirement 
(TSCR) 
and 
the 
combined 
capital 
buffer 
requirement. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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International Operations 
The 
Group 
has 
a 
significant 
presence 
in 
three 
countries 
apart 
from 
Greece. 
In 
Cyprus, 
Eurobank 
Cyprus 
Ltd 
(Eurobank 
Cyprus) 
operates 
a network 
of 8 
banking 
centres 
in all 
major cities 
across 
the 
island, and 
has five 
main pillars of business namely, corporate banking, wealth management, international 
business banking, global 
markets 
and 
affluent 
banking. 
In 
Luxembourg, 
Eurobank 
Private 
Bank 
Luxembourg 
S.A. 
in 
parallel 
to 
its 
operations 
in Luxembourg, operates 
one branch in London and one 
in Athens, and offers 
products and services 
to private banking customers, 
fund management services, 
as well as tailored made corporate 
banking services. 
In Bulgaria, 
Eurobank 
Bulgaria AD 
(Postbank), is 
a universal 
bank offering 
a wide range 
of banking services 
to 
individuals and companies, through 
a network of 235 branches 
and business centres. 
On 2 March 2023, 
the Bank announced 
that it signed a 
binding share purchase 
agreement with 
AIK Banka a.d. 
Beograd 
(AIK) 
for 
the 
sale 
of 
its 
70% 
shareholding 
in 
its 
subsidiary 
in 
Serbia, 
Eurobank 
Direktna 
a.d..
On 
2 
November 
2023, 
following 
the 
receipt 
of 
the 
approvals 
by 
all 
competent 
regulatory 
authorities 
the 
Bank 
announced 
that 
the 
abovementioned 
sale was 
completed for 
a cash 
consideration 
of €198m. 
The 
transaction 
was consistent with 
Eurobank’s 
strategy 
to direct capital 
to opportunities with 
more compelling RoTBV 
and to 
further 
enhance 
its 
presence 
in 
its 
core 
markets, 
namely 
Greece, 
Bulgaria 
and 
Cyprus
(note 
30 
to 
the 
consolidated financial statements). 
On 4 April 
2023 the 
Bank announced 
that, after 
the receipt 
of the 
relevant regulatory 
approvals, 
it completed 
the 
acquisition 
of 
an 
additional 
13.41% 
holding 
in 
Hellenic 
Bank 
Public 
Company 
Limited 
(“Hellenic 
Bank”), 
a 
financial institution 
located in 
Cyprus,
for a 
consideration 
of €70m. Following 
that, the 
total holding 
in Hellenic 
Bank,
including the 
previously 
held participation 
of 15.8%,
on the 
above 
date reached 
29.2% 
and the 
Group is 
considered 
to 
have 
significant 
influence 
over 
the 
entity. 
Therefore, 
from 
the 
second 
quarter 
of 
2023, 
the 
investment in Hellenic Bank is accounted 
for as a Group’s 
associate. 
Furthermore, 
in August 
2023, the 
Bank announced 
that 
it has 
entered 
into share 
purchase agreements 
(SPAs) 
with certain 
shareholders 
of the 
Hellenic Bank, 
pursuant to which, 
it has agreed 
to acquire 
an additional 
total 
holding of 26.1% 
in the entity, 
for a total consideration 
of € 253.2 million 
(announcements dated 
on August 23
rd
, 
25
th
 
and 30
th
). The 
consideration 
for 
the 
said transactions 
is subject 
to possible 
adjustments 
depending 
inter 
alia 
on 
the 
timing 
of 
the 
completion 
and 
the 
terms 
of 
the 
mandatory 
tender 
offer 
in 
accordance 
with 
the 
provisions of the Takeover 
Bids Law of 
2007 in Cyprus. 
The completion of the acquisitions is subject 
to the receipt 
of all customary regulatory approvals. Following 
their completion, the 
total holding in Hellenic Bank will amount 
to 
55.3%. 
More 
recently, 
following 
the 
approval 
of 
the 
Commission 
for 
the 
Protection 
of 
Competition 
of 
the 
Republic of Cyprus in its meeting 
on 2 February 
2024, the acquisition 
of the additional total 
holding of 26.1% 
in 
Hellenic Bank, 
as per 
the aforementioned 
signed agreements 
with certain 
of its shareholders, 
is subject 
to the 
approvals of the 
Central Bank of Cyprus/European 
Central Bank and the 
Superintendent of Insurance 
of Cyprus 
(note 24 to the consolidated 
financial statements). 
Further 
to 
the 
announcement 
of 
9 
December 
2022, 
on 
1 
June 
2023, 
Eurobank 
Ηοldings 
announced 
that 
the 
acquisition 
of BNP 
Paribas 
Personal 
Finance 
Bulgaria by 
Postbank 
was completed 
on 31 
May 2023, 
following 
the 
receipt 
of the 
approvals 
by 
all competent 
regulatory 
authorities. 
The 
transaction 
strengthens 
Postbank’s 
position in the Bulgarian retail sector, 
while it also provides significant opportunities for 
cross selling, given BNP 
Paribas Personal 
Finance Bulgaria’s clientele 
of more than 
300 thousand clients. 
The operational 
integration 
is 
being 
designed 
aiming 
to 
maximize 
synergies 
while 
exploiting 
the 
best 
practices 
currently 
employed 
in 
the 
Personal Finance business model 
(note 23.2 to the consolidated 
financial statements). 
International operations 
remain a fundamental competitive 
advantage for the 
Bank, with notable contribution 
to the 
Group’s 
results. The 
prospects 
for the 
performance 
of Group’s 
International 
Operations 
remain positive 
despite the challenges in the 
global economic and geopolitical environment. 
International Operations 
business 
model and 
solid 
fundamentals 
allow to 
effectively 
respond 
to the 
challenges, 
safeguarding 
their 
profitability, 
promote 
sustainable 
prosperity 
in 
the 
local 
communities 
and 
create 
value 
for 
their 
clients, 
employees, 
shareholders, and the 
society at large. 
Risk management 
The 
Group acknowledges 
that 
taking risks 
is an 
integral 
part of 
its operations 
in order 
to achieve 
its business 
objectives. 
Therefore, 
the 
Group’s 
management 
sets adequate 
mechanisms to 
identify those 
risks at 
an early 
stage and assesses their potential 
impact on the achievement 
of these objectives. 
Due 
to 
the 
fact 
that 
economic, 
industry, 
regulatory 
and 
operating 
conditions 
will 
continue 
to 
change, 
risk 
management 
mechanisms 
are 
set 
in 
a 
manner 
that 
enable 
the 
Group 
to 
identify 
and 
deal 
with 
the 
risks 
associated with those changes. The Bank’s structure, internal processes 
and existing control mechanisms ensure 
both the 
independence principle and the exercise 
of sufficient supervision. 
The Group's 
Management considers effective 
risk management as a top priority, as well as a major competitive 
advantage, 
for 
the 
organization. 
As 
such, 
the 
Group 
has 
allocated 
significant 
resources 
for 
upgrading 
and 
maintaining 
its 
policies, 
methods 
and 
infrastructure 
up 
to 
date, 
in 
order 
to 
ensure 
compliance 
with 
the 
requirements 
of the 
European 
Central 
Bank (ECB) 
and of 
the 
Single Resolution 
Board 
(SRB), the 
guidelines 
of 
the 
European 
Banking 
Authority 
(EBA) 
and 
the 
Basel 
Committee 
for 
Banking 
Supervision 
as 
well 
as 
the 
best 
international banking 
practices. The 
Group implements 
a well-structured 
credit approval 
process, independent 
credit reviews 
and effective 
risk management policies 
for all material 
risks it is exposed 
to, both in 
Greece and 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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in each 
country of 
its international 
operations. 
The 
risk management 
policies 
implemented 
by 
the 
Group 
are 
reviewed 
on a regular basis. 
Risk 
culture 
is 
a 
core 
element 
of 
the 
organisation. 
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 co-ordination 
of risk taking 
across their 
business. Ongoing 
education, 
communication and awareness takes place via dedicated learning programs, 
monthly meetings, sharing of best 
practices 
and other 
initiatives. 
The 
Group 
has also 
a policy 
in place 
to address 
any risks 
associated 
with 
the 
introduction, significant 
modifications and periodic 
monitoring of its products and services. 
The 
amount of 
risk which 
the 
Group is 
willing to 
assume 
in the 
pursuit of 
its strategic 
objectives 
is articulated 
via 
a 
set of 
quantitative 
and qualitative 
statements 
for 
risks 
assessed 
as material, 
that 
are 
described 
in the 
Group’s Risk Appetite 
Framework. 
The objectives 
are to support the Group’s 
business growth, 
balance a strong 
capital position with 
higher returns on 
equity and to ensure 
the Group’s 
adherence 
to regulatory requirements. 
The 
Risk Appetite, 
that 
is clearly 
communicated 
throughout 
the 
Group 
determines 
risk culture 
and forms 
the 
basis on which risk 
policies and risk limits 
are established at Group and regional level. Aiming to identify 
relevant 
and 
material 
risks 
the 
Bank 
maintains 
a 
well-defined 
Risk 
Identification 
and 
Materiality 
Assessment 
(RIMA) 
Framework. 
The 
identification 
and 
the 
assessment 
of 
all 
risks 
is 
the 
cornerstone 
for 
the 
effective 
Risk 
Management. The 
Group aiming 
to ensure 
a collective 
view on the 
risks linked 
to the 
execution of 
its strategy, 
acknowledges the 
new developments at 
an early stage and assesses the potential 
impact. 
The 
Board Risk 
Committee (BRC) 
is a 
committee of 
the 
Board of 
Directors (BoD) 
and its 
task is 
to advise 
and 
support the BoD regarding the monitoring of 
Group’s overall 
actual and future risk appetite 
and strategy, taking 
into account 
all types 
of risks 
to ensure 
that 
they 
are 
in line 
with 
the 
business strategy, 
objectives, 
corporate 
culture and 
values of the 
institution. The 
BRC assists the 
BoD in overseeing 
the implementation 
of Group’s 
risk 
strategy and 
the corresponding 
limits set. It also oversees 
the implementation 
of the strategies 
for capital 
and 
liquidity management 
as well 
as for 
all other 
relevant 
risks, such 
as credit 
and market 
risks, non-financial 
risks 
such 
as 
operational, 
reputational 
conduct, 
legal, 
cyber, 
outsourcing 
climate 
and 
environmental, 
in 
order 
to 
assess 
their 
adequacy 
against 
the 
approved 
risk 
appetite 
limits. 
The 
BRC 
consists 
of 
five 
(5) 
non-executive 
directors, meets on 
a monthly basis and 
reports to the BoD 
on a quarterly basis 
and on ad hoc instances if 
it is 
needed. 
The Management Risk Committee (MRC) is 
a management committee established by the Chief Executive Officer 
(CEO) 
and 
its 
main 
responsibility 
is 
to 
oversee 
the 
risk 
management 
framework 
of 
the 
Group. 
As 
part 
of 
its 
responsibilities, the 
MRC facilitates 
reporting to 
the 
BRC on the 
range of 
risk-related 
topics under 
its purview. 
The 
MRC proactively 
supports the 
Group Chief 
Risk Officer,
Chairman of 
the MRC, 
to identify 
material risks, 
in 
addition 
to those 
identified independently 
by 
the 
Group 
CRO and 
the 
Group 
Risk Management 
Unit, and 
to 
promptly 
escalate 
them 
to 
the 
BRC 
and 
assists 
the 
Group 
CRO 
in 
ensuring 
that 
the 
necessary 
policies 
and 
procedures 
are in place to prudently manage risk and to comply with regulatory 
requirements. 
The 
Group’s 
Risk 
Management 
Unit 
which 
is 
headed 
by 
the 
Group 
Chief 
Risk 
Officer 
(GCRO), 
operates 
independently 
from 
the 
business 
units 
and 
is 
responsible 
for 
the 
identification, 
assessment, 
monitoring, 
measurement and management of the risks that the Group is exposed to. It comprises of the Group Credit (GC), 
the Group Credit Control 
(GCC), the Group Credit Risk Capital Adequacy Control 
(GCRCAC), the Group 
Market 
and Counterparty 
Risk 
(GMCR), the 
Group 
Operational 
and Non-Financial 
Risks 
(GONFR), the 
Group 
Model 
Validation and Governance 
(GMVG), the Group Risk Management Strategy Planning Operations & Climate Risk 
(GRMSPO&CR), the Supervisory 
Relations and Resolution Planning 
(SRRP), and the Risk Analytics (RA) Units. 
As part of its overall system 
of internal controls, Eurobank 
Ergasias Services and Holdings 
S.A. has engaged in a 
Service 
Level 
Agreement 
(SLA) 
with 
Eurobank 
S.A. 
(the 
banking 
subsidiary 
of 
the 
Group) 
in 
order 
to 
receive 
supporting and advisory services in all areas 
of risk management undertaken 
by the Group. 
The most important types of 
risk that are addressed 
by the risk management 
functions of the 
Group are: 
Credit Risk 
Credit risk is 
the risk 
that a counterparty 
will be unable to 
fulfil its payment 
obligations in 
full when 
due. Credit 
risk is also 
related with country risk and 
settlement risk. Credit risk arises 
principally from the wholesale and retail 
lending activities of the Group, as well as from credit enhancements 
provided, such as financial guarantees and 
letters of credit. The Group is also exposed to credit risk arising from other activities such as investments in debt 
securities, trading, 
capital markets 
and settlement activities. 
Taking 
into account that 
credit risk is 
the primary 
risk the Group is exposed to, 
it is very closely managed and monitored by 
specialised risk units, reporting to the 
GCRO. 
The 
credit 
review 
and approval 
processes 
are 
centralized 
both 
in Greece 
and in 
the 
International 
operations 
following 
the 
“four-eyes” 
principle and 
specific 
guidelines 
stipulated 
in the 
Credit 
Policy 
Manual 
and the 
Risk 
Appetite 
Framework. 
The 
segregation 
of 
duties 
ensures 
independence 
among 
executives 
responsible 
for 
the 
customer relationship, the 
approval process and the loan disbursement, as well as monitoring of the loan during 
its lifecycle. The credit approval 
process in Corporate Banking is centralized 
through the establishment of Credit 
Committees with escalating Credit 
Approval Levels, 
which assess and limit to the extent possible the 
corporate 
credit risk. Rating 
models are used 
in order to calculate 
the credit 
rating of corporate 
customers, reflecting 
the 
underlying 
credit 
risk. The 
most significant 
ones 
are 
the 
MRA (Moody’s 
Risk Analyst) 
applied 
for 
companies 
-

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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mostly- 
with 
industrial 
and 
commercial 
activity 
and 
the 
slotting 
rating 
models, 
used 
for 
specialised 
lending 
portfolios 
(shipping, 
real 
estate 
and 
project 
finance) 
with 
ring 
fenced 
transactions. 
Credit 
risk 
assessment 
is 
performed 
by 
Group 
Credit 
(GC), 
which 
assesses 
the 
credit 
requests 
submitted 
by 
the 
Business 
Units, 
a 
procedure including the evaluation 
of the operational and financial profile of the customer, 
the validation of the 
borrower’s 
rating and the 
identification of potential risk factors 
for the 
Bank. 
The credit review and approval processes 
for loans to Small Businesses (turnover up to €5m) 
are also centralised 
following 
specific 
guidelines 
and 
applying 
the 
‘four-eyes’ 
principle. 
The 
assessment 
is 
primarily 
based 
on the 
analysis 
of 
the 
borrower's 
operational 
characteristics 
and 
financial 
position. 
The 
same 
applies 
for 
Individual 
Banking (consumer 
and mortgage 
loans), where 
the 
credit 
risk assessment 
is based 
on criteria 
related 
to the 
characteristics of the 
retail portfolio, 
such as the financial position of the 
borrower, 
the payment behaviour, 
the 
existence of real estate property 
and the type and quality of securities. 
The 
ongoing monitoring 
of 
the 
portfolio 
quality 
and 
of 
any deviations 
that 
may arise, 
lead to 
an immediate 
adjustment 
of 
the 
credit 
policy 
and 
procedures, 
when 
deemed 
necessary. 
The 
quality 
of 
the 
Group’s 
loan 
portfolios 
(business, consumer 
and mortgage 
in Greece 
and abroad) 
is monitored 
and assessed 
by the 
Group 
Credit 
Control 
(GCC) 
via 
field, 
desktop 
and 
thematic 
reviews 
in 
order 
to 
timely 
identify 
emerging 
risks, 
vulnerabilities, 
compliance 
to 
credit 
policies 
and 
consistency 
in 
underwriting. 
Furthermore, 
the 
GCC 
assumes 
oversight 
and 
supervisory 
responsibilities 
for 
proper 
operation 
of 
corporate 
rating 
and 
impairment 
models. 
Moreover, 
GCC regularly 
reviews 
the 
adequacy of 
provisions 
of all 
loan portfolios. 
The 
sector also 
formulates 
Group’s 
credit 
policies,
reviews 
policies
developed 
by other 
units and 
participates 
in the 
development 
of new 
loan 
products. 
Finally, 
it 
monitors 
regulatory 
developments, 
emerging 
trends 
and 
best 
practices 
proposing 
relevant 
policy 
updates 
or product 
enhancements 
when 
necessary. 
GCC operates 
independently 
from 
all the 
business units of the Bank and reports 
directly to the GCRO. 
The 
measurement, 
monitoring and 
periodic 
reporting of 
the 
Group’s 
exposure 
to counterparty 
risk (issuer 
risk 
and market driven counterparty risk), which is the risk 
of loss due 
to the customer’s failure to meet its contractual 
obligations 
in 
the 
context 
of 
treasury 
positions, 
such 
as 
debt 
securities, 
derivatives, 
repos, 
reverse 
repos, 
interbank 
placings, 
etc. are 
performed 
by 
the 
Group 
Market 
and Counterparty 
Risk 
(GMCR). The 
Group 
sets 
limits on the level 
of counterparty risk that are 
based mainly on the counterparty’s 
credit rating, as provided 
by 
international 
rating 
agencies, 
the 
product 
type and 
the 
maturity 
of the 
transaction 
(e.g. control 
limits on 
net 
open 
derivative 
positions 
by 
both 
amount 
and 
term, 
sovereign 
bonds 
exposure, 
corporate 
securities, 
asset 
backed securities, etc.). GMCR 
maintains and updates 
the limits’ monitoring systems 
and ensures the correctness 
and compliance 
of all 
financial institutions 
limits with 
the Bank’s 
policies as 
approved 
by the 
Group’s 
relevant 
bodies. The utilization 
of the abovementioned 
limits, any excess of them, as well 
as the aggregate exposure 
per 
Group’s 
entity, counterparty 
and product 
type are 
monitored by 
GMCR on a 
daily basis. 
The 
Group from 
2021 
applies 
the 
new 
regulatory 
framework 
for 
the 
counterparty 
risk 
from 
derivatives 
Standardised 
Approach 
for 
measuring counterparty credit 
risk (SA-CCR). 
Market Risk 
The Group 
has exposure to market 
risk, which is the 
risk of potential financial 
loss due to an adverse 
change in 
market 
variables. 
Changes 
in 
interest 
rates, 
foreign 
exchange 
rates, 
credit 
spreads, 
equity 
prices 
and 
other 
relevant 
factors, 
such as 
the implied 
volatilities, 
can affect 
the Group’s 
income or 
the fair 
value of its 
financial 
instruments. 
The 
market 
risks, 
the 
Group 
is 
exposed 
to, 
are 
monitored, 
controlled 
and 
estimated 
by 
GMCR. 
GMCR is 
responsible 
for 
the 
measurement, 
monitoring, control 
and reporting 
of the 
exposure 
on market 
risks 
including the 
Interest 
Rate Risk 
and the 
Credit Spread 
Risk in 
the 
Banking Book 
(IRRBB/CSRBB) of 
the 
Group. 
The 
GMCR reports to 
the GCRO. 
The 
exposures and 
the utilisation 
of the 
limits are reported 
to the 
Board Risk 
Committee
and to the BoD . 
Market risk in Greece and 
International Subsidiaries is managed and monitored 
mainly using Value at Risk 
(VaR) 
methodology, 
sensitivity 
and 
stress 
test 
analysis. 
VaR 
is 
a 
methodology 
used 
in 
measuring 
financial 
risk 
by 
estimating the potential negative 
change in the market value of a portfolio at a given confidence level and over 
a specified 
time horizon. The 
VaR 
that the 
Group measures 
is an estimate 
based upon a 
99% confidence 
level 
and a holding 
period of 
1 day and 
the methodology 
used for 
the calculatio 
n 
is Monte Carlo 
simulation (full 
re-
pricing of the 
positions is performed). 
Since VaR 
constitutes an integral 
part of the 
Group's market 
risk control 
regime, VaR 
limits have been established 
for all portfolios 
(trading and investment) 
measured at fair 
value and 
actual exposure is monitored daily by 
management. However, 
the use of this approach 
does not prevent 
losses 
outside 
of 
these 
limits 
in 
the 
event 
of 
extraordinary 
market 
movements. 
For 
that 
reason 
the 
Group 
uses 
additional 
monitoring 
metrics 
such 
as: 
Stressed 
VaR, 
Expected 
Shortfall 
and 
Stress 
Tests. 
Finally, 
the 
Group 
already 
monitors the 
impact from 
the 
new 
regulatory 
framework 
for 
market 
risk (Fundamental 
Review 
of the 
Trading 
Book-FRTB) 
and 
monitors 
the 
evolution 
of 
the 
relevant 
capital 
charges 
until 
its 
official 
application 
(2025) based on a set of established systems and procedures. 

 
 
 
 
 
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Interest Rate Risk in the 
Banking Book (IRRBB) 
The IRRBB 
is defined as 
the current 
and the 
prospective 
risk of a negative 
impact to the 
institution’s economic 
value 
of 
equity, 
or 
to 
the 
institution’s 
net 
interest 
income, 
taking 
market 
value 
changes 
into 
account 
as 
appropriate, which arise from 
adverse movements 
in interest rates 
affecting interest 
rate sensitive instruments, 
including gap risk, basis risk and option risk. 
GMCR is 
the 
unit responsible 
for 
the 
monitoring, control, 
reporting and 
estimation 
of IRRBB 
on a 
group 
level. 
Both 
the 
Economic 
Value 
of 
Equity 
(EVE) 
and 
NII 
sensitivity 
to 
a 
number 
of 
stresses 
on 
interest 
rates 
are 
estimated 
on 
a 
periodic 
basis 
and 
are 
compared 
with 
the 
approved 
BoD 
Risk 
Appetite 
Statements
 
(RAS) 
thresholds. The 
Group is now using the 
established Asset and Liability Management 
(ALM) tool for a significant 
part of the analysis on a solo level. The plan is to further increase the use of the ALM tool for any analysis related 
to IRRBB on a group level. 
Furthermore, 
the Group already 
applies a set of extra stress test analysis 
for specific 
parts 
of its 
Banking Book 
for 
the 
assessment 
to the 
exposure 
on Mark-to-Market 
(MTM) volatility 
and for 
the 
assessment of the CSRBB (Credit 
Spread Risk in the Banking Book). The 
policy for the management 
of IRRBB as 
approved 
by BRC 
and BoD 
provides 
a clear 
description of 
the 
methodologies, 
the 
governance, 
the 
limits that 
are used for the 
management of IRRBB & CSRBB. 
Liquidity Risk 
The Group 
is exposed on a daily basis 
to liquidity risk due to deposits 
withdrawals, maturity 
of medium or long 
term 
notes, 
maturity 
of secured 
or unsecured 
funding 
(interbank 
repos 
and money 
market 
takings), collateral 
revaluation 
as a 
result 
of market 
movements, 
loan draw 
-downs 
and forfeiture 
of guarantees. 
The 
Board 
Risk 
Committee and 
the BoD 
sets in the 
RAS Framework 
the liquidity 
risk thresholds 
to ensure 
that sufficient 
funds 
are available to meet 
all of these 
contingencies under any scenario. 
The Group 
monitors on a continuous basis 
the level of liquidity risk using regulatory and 
internal metrics and methodologies (Liquidity Coverage Ratio/LCR, 
Net Stable Funding Ratio/NSFR, Liquidity Buffer analysis, cash flow analysis, 
short-term and medium-term stress 
test etc.). 
BRC 
role 
is 
to 
approve 
all 
strategic 
liquidity 
risk 
management 
decisions 
and 
monitor 
the 
quantitative 
and 
qualitative aspects of liquidity risk. Group 
Assets and Liabilities Committee (G-ALCO) has the 
mandate to form 
and implement 
the 
liquidity policies 
and guidelines 
in conformity 
with Group's 
risk appetite, 
and to 
review 
at 
least monthly 
the overall 
liquidity position 
of the 
Group. Group 
Treasury 
is responsible 
for the 
implementation 
of the 
Group's 
liquidity strategy, 
the 
daily management 
of the 
Group’s 
liquidity and 
for 
the 
preparation 
and 
monitoring of 
the 
Group’s 
liquidity budget, 
while GMCR 
is responsible 
for 
measuring, 
control, 
monitoring and 
reporting the liquidity 
of the Group
to the G-ALCO, 
BRC, BoD and to the regulatory bodies. 
Operational 
& Non-Financial Risks (NFRs) 
Aiming to 
strengthen 
further 
the 
existing Operational 
Risk Framework 
in alignment 
with increased 
regulatory 
expectations as 
defined in the: 
i) EBA Guidelines 
on Internal Governance 
(2021) under 
Directive 
2013/36/EU, (ii) 
BCBS Revisions to the 
Principles for the 
Sound Management of Operational 
Risk (2021), (iii) BCBS Principles 
for 
Operational Resilience, and (iv) EBA 
Guidelines on ICT 
and security risk 
management EBA/GL/2019/04, the Group 
had decided to move towards 
managing Non-Financial Risks (NFRs) holistically. 
NFR is defined by 
exclusion, that is, 
any risk other 
than the 
financial risks such as credit, 
market, and liquidity. 
It 
includes 
operational 
risk and 
reputational 
risk as 
well 
as specific 
aspects of 
other 
risks, such 
as business 
and 
strategic risk.
Operational risk is defined as the risk of 
loss resulting from inadequate or failed internal processes, 
people, and 
systems or from 
external events 
(definition includes 
legal risk but 
excludes business, 
strategic 
and 
reputational risk). 
Eurobank is gradually implementing the 
Risk Appetite Framework to cover 
NFRs, which sets out the mechanisms 
through 
which 
the 
Group 
establishes 
its 
risk 
appetite 
and 
ensures 
that 
its 
risk 
profile 
remains 
within 
that 
appetite to bear risk in relation to the 
internal and external events 
as well as other 
constraints. 
Governance 
responsibility 
for 
Non-Financial 
Risks 
management 
stems 
from 
the 
Board 
of 
Directors 
(BoD), 
through the Executive Board and Senior Management, and 
passes down to 
the Heads and staff of 
every business 
unit. The BoD establishes 
the mechanisms used 
by the Group 
to manage NFRs, sets the tone and 
expectations, 
and delegates 
relevant responsibilities. 
The 
Board Risk 
Committee and 
the Audit 
Committee monitor 
the NFR 
levels and profile, 
including relevant events. 
NFR 
management 
comprises 
risk 
identification, 
assessment, 
and 
mitigation 
while 
employing 
independent 
oversight and an effective 
risk culture to ensure that business objectives are met 
within the NFR appetite that is 
reflected in the Group’s 
Policies and Guidelines. 
The Heads 
of each Business Unit (the 
risk owners) are 
primarily responsible for 
the day-to-day management 
of 
NFRs and 
the 
adherence 
to relevant 
controls. 
Each Business 
Unit has 
appointed an 
Operational 
Risk Partner 
(OpRisk Partner) 
or an Operational 
Risk Management 
Unit (ORMU) depending on 
the size of 
the business 
unit, 
which are 
responsible for 
coordinating the 
internal risk 
management efforts 
of the 
business unit 
while forming 
the link between Line 
1 and Line 2. 
Eurobank 
has 
adopted 
a 
Themes-based 
risk 
taxonomy, 
developed 
along 
the 
lines 
of 
the 
industry 
reference 
taxonomies, for risk management and reporting purposes. Each Risk Themes is overseen by Theme Coordinators 
(Second Line of Defense). The 
risk themes which fall 
within the scope of NFR are 
the following: 

 
 
 
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Group 
Operational 
and 
Non-Financial 
Risks 
Unit 
(GONFR) 
has 
been 
positioned 
as 
an 
overlaying 
framework 
coordinator for all Non-Financial Risks (NFRs). 
GONFR’s overlaying responsibilities aim to harmonize the Second 
Line of Defense activities across 
the Group 
and to holistically ensure the 
effective, 
consistent application of the 
Risk Appetite Framework. 
The 2LoD Units maintain their 
responsibilities for specific 
Risk Theme(s) 
owned. 
Climate related and environmental 
risks 
The Group 
has recognized climate change as a material 
risk and based on supervisory guidelines, has adapted 
its policies and methodologies 
for identifying and monitoring the 
relevant risks. 
Specifically, 
climate 
related 
and 
environmental 
risks 
are 
defined 
as 
the 
risks 
deriving 
from 
potential 
loss 
or 
negative 
impact 
to 
the 
Group, 
including 
loss/damage 
to 
physical 
assets, 
disruption 
of 
business 
or 
system 
failures, transition 
expenditures and reputational effects 
from the adverse 
consequences of climate change and 
environmental degradation. 
Climate-related and environmental 
risks include the following: 
a)
Climate related 
and environmental 
physical 
risk: Physical 
risk refers 
to the 
financial impact 
of a 
changing 
climate, 
including more 
frequent 
extreme 
weather 
events 
and gradual 
changes in 
climate, 
as well 
as the 
impact of environmental 
degradation. 
b)
Climate 
related 
and 
environmental 
transition 
risk: 
Transition 
risk 
refers 
to 
financial 
loss 
that 
can 
result, 
directly 
or 
indirectly, 
from 
the 
process 
of 
adjustment 
towards 
a 
lower-carbon 
and 
more 
environmentally 
sustainable economy, 
c)
Environmental risk: Risk of actual or potential 
threat associated 
with the dependency on nature 
and nature 
impacts 
and/or 
the 
misalignment 
between 
the 
Group’s 
strategy 
and 
the 
changing 
regulatory, 
policy, 
or 
societal landscape in which it operates. 
Environmental risk excludes the 
impacts from climate change. 
The 
Group is 
adopting a 
strategic 
approach towards 
sustainability, 
climate change 
risk identification 
and risk 
management, 
signifying 
the 
great 
importance 
that 
is 
given 
in 
the 
risks 
and 
opportunities 
arising 
from 
the 
transitioning 
to 
a 
low-carbon 
and 
more 
circular 
economy. 
In 
this 
context, 
the 
Bank 
has 
approved 
and 
implements its Financed Impact 
Strategy, 
which focuses on: 
a)
Clients’ engagement and awareness 
to adapt their business so as to address 
climate change challenges, 
b)
Actions for supporting clients in their transition 
efforts towards 
a more ESG-friendly economic environment, 
c)
Enablers and tools such as frameworks 
and products to underpin Sustainable 
Financing, 
d)
The assessment 
and management of climate-related 
risk of exposures. 
In 
line 
with 
good 
practices 
identified 
by 
the 
ECB, 
the 
Financed 
Impact 
Strategy 
of 
the 
Bank 
will 
focus 
on 
sustainable 
financing 
targets 
/ 
commitments. 
In 
particular, 
the 
Bank 
identified 
total 
portfolio 
and 
sectoral 
targets with regards 
to financing the green transition 
of its clients. 
The Bank has set the 
following targets 
for sustainable disbursements in the 
following years: 
a)
New 
disbursements: 
€2bn 
new 
green 
disbursements 
to 
businesses 
until 
2025 
or 
20% 
of 
the 
annual 
new 
corporate disbursements 
to be classified as green/ environmentally 
sustainable, 
b)
Renewable 
energy: 
35% of 
new 
disbursements 
in the 
energy 
sector will 
be directed 
to Renewable 
Energy 
Sector (RES) financing, 
c)
Green 
buildings: 
80% 
of 
disbursements 
related 
to the 
construction 
of 
new 
buildings 
will be 
allocated 
to 
green buildings, 
d)
RRF: €2.25bn total green contribution through 
RRF funds in the Greek 
economy by 2026, 
e)
Green stock / exposure evolution: 20% stock of green exposures for the corporate portfolio 
by 2027 (up from 
11% in 2022), and 
f)
Double retail green gross 
disbursements within 2023 compared 
to 2022. 
To facilitate 
the classification of sustainable/green 
financing opportunities in a structural manner, 
the Bank has 
developed 
its 
Sustainable 
Finance 
Framework 
(SFF). 
Through 
its 
SFF, 
the 
Bank 
is able 
to 
classify 
sustainable 
lending solutions offered 
to its clients, specifying the 
applied classification 
approach and 
the activities defined 
as 
eligible 
to 
access 
sustainable 
financing 
(eligible 
green 
and 
social 
assets). 
Furthermore, 
the 
Group 
has 
updated its 
governance 
structure by 
introducing 
and defining 
the 
roles 
and responsibilities 
in relation 
to ESG 
and 
climate 
related 
and 
environmental 
(CR&E) 
risks, 
embedding 
regulatory 
guidelines 
and 
market 
practices 
involving 
various key 
stakeholders 
(i.e. Business 
functions, 
Units, and 
Committees). The 
Group applies 
a model 
of defined roles and responsibilities 
regarding the 
management of CR&E risks across the 
3 Lines of Defense. 

 
 
 
 
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In this context and taking into account the significant impact of climate-related and environmental (CR&E) risks 
both 
on financial 
institutions 
and on 
the 
global economy, 
the 
Group 
developed 
and approved 
its CR&E 
Risks 
Management Policy which 
aims at fostering a 
holistic understanding of the effects 
of CR&E risks on its business 
model, as well as 
support decision-making regarding 
these matters 
and provide a 
robust governance 
under its 
Risk Management Framework. 
The 
Group 
Risk 
Management 
Strategy 
Planning 
Operations 
& 
Climate 
Risk 
(GRMSPO&CR) 
has 
the 
overall 
responsibility for overseeing, monitoring, and managing CR&E risks. 
Specifically, the Unit operates as the Project 
office 
responsible for 
the 
implementation 
of the 
Climate 
related 
and Environmental 
risks roadmap 
(“Program 
Field”), 
with 
a 
coordinating 
and 
supervisory 
role 
on 
all 
related 
project 
streams 
to ensure 
alignment 
with 
the 
Bank’s 
business 
strategy 
and 
the 
regulatory 
authorities’ 
expectations. 
In 
this 
context, 
the 
Unit 
ensures 
the 
implementation of corresponding 
environmental and sustainability initiatives 
(frameworks, 
policies, procedures 
and products) 
and compliance 
with relevant 
existing and 
upcoming regulations, 
under an 
ongoing bank-wide 
program, 
in line 
with 
the 
supervisory 
agreed 
roadmap, 
which 
is 
accelerated 
where 
possible. 
Also, 
the 
Unit 
is 
responsible for 
coordinating 
with Business 
and other 
Risk Units, 
preparing 
and submitting 
for 
approval 
of the 
Financed Impact 
Strategy, 
as well 
for 
monitoring its implementation. 
Furthermore, 
the Unit 
leads the 
2nd Line 
of Defense independent sustainable lending re-assessment process. 
Specifically, in the context of implementing 
the 
approved 
Sustainable 
Finance 
Framework 
(SFF), 
the 
Unit 
is 
responsible 
for 
assessing 
the 
sustainability 
features of new loans and products 
according to the criteria set within the SFF. 
Further information 
on ESG risks 
is provided in the 
Consolidated Pillar 3 Report on the 
Company’s website. 
The Group participates in the European Central 
Bank’s (ECB) supervisory One-off Fit-for-55 climate risk scenario 
analysis, which 
was launched 
in December 
2023. The 
climate risk 
scenario 
analysis – 
with the 
participation 
of 
110 significant 
banks – 
aims to gain 
insights into 
the capacity 
of the 
financial system 
to support the 
transition 
to a 
lower 
carbon economy 
under conditions 
of stress. 
The 
Group 
is in 
the 
process 
of successfully 
completing 
this exercise, and continues to 
work in order to implement its 
climate risk action plan, 
to further integrate climate 
risks 
into 
its 
business 
strategy 
and 
risk 
management 
practices, 
and 
to 
support 
its 
clients 
towards 
climate 
transition and sustainable business 
growth. 
The Group applies the elements of the Three 
Lines of Defense model for the management of all types of risk. The 
Three 
Lines 
of 
Defense 
Model 
enhances 
risk 
management 
and 
control 
by 
clarifying 
roles 
and 
responsibilities 
within the organization. Under the oversight 
and direction of the Management Body, the responsibilities of each 
of these lines of defense 
are: 
Line 
1 
- 
Own 
and 
manage 
risk 
and 
controls. 
The 
front 
line 
business 
and 
operations 
are 
accountable 
for 
this 
responsibility as they own 
the rewards 
and are the primary risk generators, 
Line 2 
- Monitor 
risk and 
controls 
in support 
of Executive 
Management, 
providing 
oversight, 
challenge, advice 
and group-wide direction. 
These mainly include the 
Risk and Compliance Units, 
Line 3 - Provide 
independent assurance 
to the 
Board and Executive 
Management concerning 
the effectiveness 
of risk and control management. 
This refers 
to Internal Audit. 
Further 
information 
on the 
Group’s 
financial risk 
management 
objectives 
and policies, 
including the 
policy for 
hedging each major type of transaction for 
which hedge accounting is used is set out in the notes 2, 5 and 19 to 
the consolidated 
financial statements for 
the year ended 31 December 
2023. 
Non Performing Exposures 
(NPE) management
The 
Group 
realizes 
the 
NPE 
Strategy 
Plan 
through 
its 
implementation 
by 
doValue 
Greece 
for 
the 
assigned 
portfolio and 
the securitization transactions. 
Troubled 
Assets Committee 
The Troubled Assets Committee (TAC) is established according to the regulatory provisions and its main purpose 
is to act 
as an independent 
body, closely 
monitoring the 
Bank’s troubled 
assets portfolio 
and the 
execution of 
its NPE Management Strategy. 
Remedial and Servicing Strategy 
(RSS) 
Remedial 
Servicing & 
Strategy 
Sector (RSS) 
has the 
mandate to 
inter alia 
devise the 
NPE reduction 
plan and 
closely monitor the overall performance 
of the NPE portfolio as well as the relationship of the Bank with doValue 
Greece. 
Furthermore, 
following 
Eurobank’s 
commitments 
against the 
significant risk 
transfer 
(SRT) monitoring 
regulatory 
requirements 
pertaining 
to Bank’s 
concluded 
transactions, 
RSS has 
a pivotal 
role 
in ensuring 
that 
relevant 
process 
is performed 
smoothly and 
in a 
timely manner 
and that 
any shortcomings 
are appropriately 
resolved, while providing any required clarifications or additional 
material required by the regulatory authorities. 
The Head of RSS reports 
to the General 
Manager of Group Strategy. 
In this context, RSS has been assigned inter alia with 
the following 
responsibilities: 
a)
Develop and actively 
monitor the NPE targets 
and reduction plan, 
b)
Set the 
strategic 
principles, priorities, 
policy framework 
and KPIs 
under which 
doValue 
Greece 
is servicing 
the portfolio, 
c)
Closely monitor 
the 
execution 
of 
the 
approved 
strategies, 
as well 
as all 
contractual 
provisions 
under 
the 
relevant 
contractual 
agreements 
for 
Eurobank’s 
portfolio 
assigned 
to 
doValue 
Greece 
including 
the 
securitized portfolio 
of ERB Recovery DAC, 
d)
Monitoring of the performance 
of the senior notes of the 
securitizations in collaboration 
with Group Risk so 
as to 
ensure compliance to 
significant risk transfer (SRT) and 
to the Hellenic 
Asset Protection Scheme (HAPS), 
e)
Budget and monitor the Bank’s expenses and revenues 
associated with the 
assigned portfolio, 

 
 
 
 
 
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f)
Cooperate closely with 
doValue Greece 
on a daily basis in achieving the 
Group’s objectives, 
g)
Maintain supervisory dialogue. 
NPE Management Strategy 
and Operational 
targets 
Ιn 
line 
with 
the 
regulatory 
framework 
and 
Single 
Supervisory 
Mechanism’s 
(SSM) 
requirements 
for 
Non-
Performing 
Exposures’ 
(NPE) management, 
the 
Group’s 
new NPE 
Management Strategy 
for 
2024-2026, 
along 
with 
the 
annual NPE 
stock targets 
at both 
Bank and 
Group 
level 
envisages 
the 
decrease 
of the 
Group’s 
NPE 
ratio at 
3.2% in 2026. 
Project “Solar” 
In the context of 
its NPE management strategy, the Group has structured another NPE securitization transaction 
(project ‘Solar’), as part 
of a joint initiative with the 
other 
Greek systemic banks, in order 
to decrease further 
its 
NPE 
ratio 
and 
strengthen 
its 
balance 
sheet 
de-risking. 
In 
addition, 
the 
Group 
targets 
to 
the 
prudential 
and 
accounting 
derecognition 
of 
the 
underlying 
corporate 
loan 
portfolio 
from 
its 
balance 
sheet 
by 
achieving 
a 
Significant 
Risk Transfer 
(SRT) and 
including ‘Solar’ 
securitization 
under 
the 
Hellenic Asset 
Protection 
Scheme 
(HAPS), thus the senior 
note of the securitization 
to become entitled to the Greek 
State’s guarantee. 
On 
2 
November 
2023, 
the 
Bank 
announced 
the 
execution 
of 
a 
binding 
agreement 
between 
the 
four 
Greek 
systemic banks (the 
Banks) and Waterwheel 
Capital Management, 
L.P., 
with respect 
to the 
sale to the 
latter of 
95% of the Mezzanine 
notes and of 95% of 
the Junior notes 
to be issued in the 
context of “Solar” securitization. 
The 
Banks 
will 
hold 
100% 
of 
the 
Senior 
notes 
as 
well 
as 
5% 
of 
the 
Mezzanine 
and 
of 
the 
Junior 
notes. 
The 
completion 
of 
the 
transaction 
is 
subject 
to 
the 
fulfillment 
of 
customary 
conditions 
for 
such 
transactions, 
including, among others, 
the HAPs guarantee 
and SRT approval mentioned 
above (note 20 to the 
consolidated 
financial statements). 
Project “Leon” 
In December 2023, 
the Bank, aiming to accelerate 
further its 
NPE reduction plan, initiated 
the sale process 
of a 
mixed NPE 
portfolio 
of total 
gross 
book 
value 
ca. 
€400m, engaging 
in parallel 
in negotiations 
with 
potential 
investors. The transaction is expected to be completed by the end of 2024. 
Accordingly, as at 31 December 2023, 
the Bank classified the 
above loan portfolio 
as held for sale (note 
20 to the consolidated 
financial statement). 
Macroeconomic Outlook 
and Risks 
Despite 
the 
fragile 
international 
environment, 
the 
economies 
of 
Greece, 
Bulgaria 
and 
Cyprus 
remained 
in 
expansionary territory 
in 2023, overperforming 
their European 
Union (EU) peers. 
More specifically, 
according to 
provisional data by the Hellenic Statistical Authority (ELSTAT), the Greek economy expanded by 2% 
on an 
annual 
basis 
in 2023 
(2022:5.6%), 
driven 
by 
increases 
in exports 
of 
goods 
and 
services, 
household 
consumption 
and 
fixed 
investment. 
According 
to its 
Winter 
Economic 
Forecast 
(February 
2024), 
the 
European 
Commission 
(EC) 
expects a 
GDP growth 
rate of 
2.3% in 2024 and 
2025. Amid 
strong base 
effects 
and easing energy 
prices, the 
inflation rate as measured by the annual change in 
the Harmonized Index of 
Consumer Prices (HICP) decelerated 
to 4.2%
in 2023 from 9.3% 
in 2022 according to 
ELSTAT, 
with the Commission 
forecasting 
further 
de-escalation 
to 2.7% 
in 2024, 
and 
2% in 
2025. 
The 
average 
quarterly 
unemployment 
rate 
decreased 
to 11.1% 
in 2023 
from 
12.4% in 2022, with the
International Monetary 
Fund forecasts 
for 2024 and 
2025 standing at 9.2% 
and 8.5% in 
2024 and 2025 respectively, 
according to its January 2024 Art. IV Country Report. 
Growth 
in Greece 
as well 
as in Bulgaria 
and Cyprus 
is expected to 
receive 
a significant 
boost from 
EU-funded 
investment projects 
and reforms. Greece 
shall receive €36bn (€18.2bn in grants and €17.7bn 
in loans) up to 2026 
through the Recovery and Resilience Facility (RRF), Next 
Generation EU (NGEU)’s largest instrument, out 
of which 
€14.7bn 
(€7.4bn 
in grants 
and 
€7.3bn 
in loans) 
has 
already 
been disbursed 
by 
the 
EU. A 
further 
€40bn 
is 
due 
through 
EU’s 
long-term 
budget 
(MFF), 
out 
of 
which 
€20.9bn 
is 
to 
fund 
the 
National 
Strategic 
Reference 
Frameworks 
(ESPA 
2021–2027). Moreover, 
following 
the September 
2023 floods in 
the 
Thessaly 
region, Greece 
could benefit from EU support of up to € 2.65 billion, according 
to the EC President. 
On monetary 
policy developments, 
the Governing 
Council of the 
ECB, in line 
with its 
strong commitment 
to its 
price stability 
mandate, proceeded 
with ten rounds 
of interest 
rate hikes 
in 2022 and in 
2023 (the 
most recent 
one in September 2023), raising the three key ECB interest rates by 450 basis points on aggregate. Furthermore, 
although net bond purchases under the 
temporary Pandemic Emergency 
Purchase Programme 
(PEPP) ended in 
March 2022, as 
scheduled, the 
ECB will continue to reinvest 
principal from 
maturing securities at 
least until the 
end of 2024, including purchases of Greek Government 
Bonds (GGBs) over and above 
rollovers 
of redemptions. 
On the 
fiscal front, 
according to 
the 
2024 State 
Budget, the 
general 
government 
is expected 
to post 
primary 
surpluses of 1.1% 
and 2.1% 
of GDP in 2023 and 
2024 respectively, 
up from 0.1% 
of GDP in 2022. The 
gross public 
debt-to-GDP 
ratio, 
having 
declined 
significantly 
to 
172.6% 
in 
2022 
(from 
195% 
in 
2021) 
due 
to 
the 
strong 
economic recovery 
and the effect 
of the high inflation on nominal 
GDP, 
is expected to decline further 
to 160.3% 
in 
2023 
and 
152.3% 
in 
2024. 
In 
2023, 
the 
Greek 
government 
issued 
or 
re-opened 
twelve 
bonds 
of 
various 
maturities (from 
5 to 19 
years) through 
the Public 
Debt Management 
Agency (PDMA), 
raising a 
total of 
€ 11.45 
billion from 
the international 
financial markets. In 
February 
2024, the 
PDMA issued a new 
10-year bond, raising 
€4bn at a yield of 3.478%, and reopened two bonds with remaining 
maturities of 4.25 and 9.25 years for 
€200m 
each, with their yields closing 
at 2.58% and 3.32% respectively. 
Regarding sovereign 
rating changes, Scope Ratings 
upgraded the credit 
rating of Greece 
to investment-grade 
status in August 2023, followed 
by DBRS 
Morningstar in 
September 2023, 
Standard & 
Poor’s (S&P) 
in October 
2023, 
and 
Fitch 
in 
December 
2023. 
As 
of 
March 
2024, 
Greek 
government’s 
long-term 
debt 
securities 
were 
considered 
investment 
grade 
by 
four 
out 
of 
the 
five 
Eurosystem-approved 
External 
Credit 
Assessment 

 
 
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Institutions 
(Fitch, 
Scope, 
S&P: 
BBB-, 
stable 
outlook; 
DBRS: 
BBB(low), 
stable 
outlook), 
and 
one 
notch 
below 
investment grade 
by the fifth one, Moody’s (Βa1, 
stable outlook, upgraded 
from Ba3 in September 2023). 
According 
to Bank 
of Greece 
(BoG) data, 
the 
stock of 
credit 
to the 
non-financial private 
sector amounted 
to 
€109.1bn 
at 
the 
end 
of 
2023, 
up 
from 
€107.1bn 
at 
the 
end 
of 
2022, 
marking 
a 
gross 
annual 
increase 
of 
1.8%. 
Adjusted for write-offs, 
reclassifications and 
foreign exchange 
fluctuations, the 
annual growth rate 
of domestic 
credit to the 
non-financial sector stood at 
2.7%. On the other 
side of the ledger, 
domestic non-financial private 
sector deposits had increased to €190.7bn at the end of 2023 from €185.1bn 
at the end of 2022 (+3%). According 
to provisional 
BoG data, 
residential real 
estate prices 
recorded 
an average 
annual increase 
of 13.4% 
in 2023, 
and commercial real 
estate prices an average 
annual increase of 6.9% 
in the first half of 2023. 
The 
Bulgarian economy 
is rendered 
as an 
outperformer 
among regional 
economies 
as it 
expanded 
by 
2% in 
2023 compared 
to 3.9% 
in 2022. 
Private consumption 
remained the 
key growth 
driver, 
underpinned 
by strong 
labour market 
conditions which 
in turn 
improved 
consumer 
confidence despite 
the abating, 
still high, 
inflation 
throughout 
2023. Annual 
HICP inflation 
decelerated 
from 
14.3% in 
December 
2022 to 
8.6% in 
December 
2023 
with 
potential 
of further 
decrease 
in 2024. 
According 
to EC’s 
Winter 
Economic Forecast 
(February 
2024), real 
GDP is expected to grow by 
1.9% and 2.5% in 2024 and 
2025 respectively, 
with private consumption continuing 
to be considered the key growth 
driver, 
while the HICP is forecast to decrease 
to 3.4% in 2024 and 2.9% in 2025. 
The 
revival 
of 
investments 
spotted 
in 
third 
quarter 
of 
2023 
was 
not 
sustained 
in 
fourth 
quarter 
of 
2023 
yet 
prospects for 
2024 regarding this 
GDP component remain positive, 
mostly on the 
back of higher 
absorption of 
EU funds, as outlined in the 
country’s Recovery and Resilience 
Plan. A possible delay in the euro 
adoption could 
materialise given the slow convergence on prices, resulting in Bulgaria entering the euro area later than January 
2025. 
The 
entry 
into 
the 
Schengen 
area 
from 
March 
2024 
is 
embraced 
positively. 
Still, 
the 
limitations 
of 
the 
access only to air and sea cut down respectively 
the benefits only for 
tourism. 
According to the GDP flash estimate 
for fourth quarter 2023, the economy of Cyprus grew by 2.5% 
in 2023, down 
from 5.1% in 2022. The deceleration 
in 2023 is 
mainly due to 
the milder increase in household consumption, under 
persisting 
inflationary 
pressures 
(average 
HICP 
inflation 
of 
3.9% 
in 
2023 
after 
8.1% 
in 
2022, 
according 
to 
Eurostat), despite 
higher partial indexation 
of wages since 
June 2023 (66.7% 
instead of 50% in previous 
years). 
Nonetheless, 
based 
on 
the 
European 
Commission’s 
winter 
economic 
forecasts 
(February 
2024), 
the 
growth 
performance 
in 2023 
is among 
the 
top-3 in 
the 
Euro 
area and 
the 
real GDP 
in Cyprus 
is expected 
to grow 
by 
2.8% and 3% in 2024 and 2025 respectively, while the HICP is estimated at 2.4% in 2024 and 2.1% in 2025 (2023: 
3.9%). Disinflation along with a tight labour market, as 
unemployment is projected to de-escalate to 6.1% in 2024 
and 5.9% 
in 2025, 
against 6.4% 
in 2023, 
will support 
consumption spending 
expansion
in these 
two years. 
On 
the other hand, slower GDP growth in 2024-2025 relative to 
2022 will 
stem from the deterioration of the external 
balance, mainly of the 
goods component, due to the 
weakened growth 
momentum in Cyprus’ trading 
partners, 
while 
exports 
of 
services 
are 
more 
resilient, 
although 
a 
protracted 
war 
in 
the 
Middle 
East 
will 
weigh 
on 
the 
tourism outlook given the 
vital role of tourists from Israel 
to the spike in tourism revenue 
in the first nine months 
of 2023 
(+25% Year 
on Year). 
On the 
investment 
side, after 
the freezing 
of the 
RRF financing 
in 2023 
pending 
the implementation of Recovery and Resilience Plan (RRP) milestones (reforms etc.), the restart of 
capital inflows 
in 2024 will 
boost green 
and digital 
infrastructure 
in 2024-2025. 
Particularly, 
strong demand 
for real 
estate in 
2023, 
with 
sales at 
a 16-year 
high, will 
support 
construction 
activity, 
however, 
the 
market 
outlook is 
linked 
to 
developments in the 
Middle East war due to the Israeli’s 
significant market share 
last year. 
Regarding the 
outlook for 
the next 
12 months, the 
major macroeconomic risks 
and uncertainties 
in Greece and 
our 
region 
are 
associated 
with: 
(a) 
the 
open 
war 
fronts 
in 
Ukraine 
and 
the 
Middle 
East, 
their 
implications 
regarding 
regional and 
global stability 
and security, 
and their 
repercussions 
on the 
global and 
the 
European 
economy, 
including the 
disruption 
in global 
trade 
caused 
by 
the 
recent 
attacks 
on trading 
vessels 
in the 
Red 
Sea, 
(b) 
a 
potential 
prolongation 
of 
the 
ongoing 
inflationary 
wave 
and 
its 
impact 
on 
economic 
growth, 
employment, 
public 
finances, 
household 
budgets, 
firms’ 
production 
costs, 
external 
trade 
and 
banks’ 
asset 
quality, 
as 
well 
as 
any 
potential 
social 
and/or 
political 
ramifications 
these 
may 
entail, 
(c) 
the 
timeline 
of 
the 
anticipated interest 
rate cuts by 
the ECB and 
the Federal 
Reserve Bank, 
as persistence on 
high rates 
for longer 
may keep exerting pressure on sovereign 
and private borrowing costs and certain financial institutions’ 
balance 
sheets, 
but early 
rate 
cuts entail 
the 
risk of 
a rebound 
in inflation, 
(d) the 
prospect 
of Greece’s 
and Bulgaria’s 
major trade partners, primarily the 
Euro Area, remaining stagnant or even 
facing a temporary downturn, (e) the 
persistently large 
current 
account deficits 
that have 
started to 
become once 
again a 
structural 
feature 
of the 
Greek economy, (f) the 
absorption capacity of the 
NGEU and MFF funds and the 
attraction of 
new investments 
in 
the 
countries 
of 
presence, 
especially 
in 
Greece, 
(g) 
the 
effective 
and 
timely 
implementation 
of 
the 
reform 
agenda 
required 
to 
meet 
the 
RRF 
milestones 
and 
targets 
and 
to 
boost 
productivity, 
competitiveness, 
and 
resilience 
and 
(h) 
the 
exacerbation 
of 
natural 
disasters 
due 
to 
the 
climate 
change 
and 
their 
effect 
on 
GDP, 
employment, fiscal balance 
and sustainable development 
in the long run. 
Materialization 
of the 
above 
risks would 
have 
potentially 
adverse 
effects 
on the 
fiscal 
planning of 
the 
Greek 
government, as it could decelerate 
the pace of expected growth and on the liquidity, asset quality, solvency 
and 
profitability of the Greek banking 
sector. In this context, the 
Group Management and Board, also mindful of the 
recent 
banking 
turmoil 
across 
some 
markets, 
are 
continuously 
monitoring 
the 
developments 
on 
the 
macroeconomic, 
financial 
and 
geopolitical 
fronts 
as 
well 
as 
the 
evolution 
of 
the 
Group’s 
asset 
quality 
and 
liquidity 
KPIs 
and 
have 
increased 
their 
level 
of 
readiness, 
so 
as 
to 
accommodate 
decisions, 
initiatives 
and 
policies 
to 
protect 
the 
Group’s 
capital, 
asset 
quality 
and 
liquidity 
standing 
as 
well 
as 
the 
fulfilment, 
to 
the 
maximum possible degree, 
of its strategic 
and business 
goals in accordance 
with the 
business plan for 
2024 – 
2026. 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
12
|
Page 
€ = Euro 
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Share Capital 
As at 31 December 2023: 
a)
The 
total 
share 
capital 
of 
Eurobank 
Holdings 
amounted 
to 
€ 
817,625,550.94 
divided 
into 
3,716,479,777 
common voting shares 
of nominal value of €0.22 each. 
All shares are 
registered, listed 
on the Athens 
Stock 
Exchange and incorporate all the 
rights and obligations set by 
the Greek legislation, 
b)
The 
number 
of 
Eurobank 
Holdings 
shares 
held 
by 
the 
Group’s 
subsidiaries 
in the 
ordinary 
course 
of 
their 
business was 4,346,566 (31 December 2022: 260,036) 
(note 37 to the consolidated 
financial statements), 
c)
The number 
of own shares held by Eurobank 
Holdings was 52,080,673. 
Own shares 
The 
BoD decided 
on 27 
June 2023 
to propose 
at the 
Annual General 
Meeting (AGM) 
to approve 
to purchase 
the 
Company’s 
shares 
held 
by 
the 
HFSF, 
via 
a 
pre-agreed 
transaction 
(“Repurchase”). 
The 
Repurchase 
is 
provided 
for 
in the 
HFSF's Divestment 
Strategy 
and has 
been approved 
by the 
Single Supervisory 
Mechanism 
(SSM). Following the above, the AGM held on 20 
July 2023 approved the acquisition of 
own shares in 
accordance 
with article 49 of Law 4548/2018, and in particular the acquisition of all of 
the Company’s shares which the HFSF 
owns, under the 
following conditions: 
a)
Maximum number of shares to be 
acquired: According to article 49 of Law 
4548/2018, the maximum number 
of shares that 
the Company may 
acquire, added together 
with the 
shares belonging to the 
Company from 
time to 
time, cannot 
exceed 10% 
of the 
Company's paid 
share capital. 
Specifically, 
in this 
transaction, 
the 
number 
of 
shares 
to 
be 
purchased 
will 
be 
the 
total 
of its 
issued 
shares 
held 
by 
the 
HFSF, 
i.e. 
52,080,673 
shares, which correspond 
to approximately 1.40% of its share 
capital, 
b)
The duration 
for which the 
approval is granted 
is set at 6 months from the 
day of the General 
Meeting, 
c)
The 
maximum purchase 
price is 
set at 
€1.90 
per share 
and the 
minimum purchase 
price 
is set 
at €1.10 
per 
share, 
d)
To 
authorize 
the 
Board 
of 
Directors 
to 
determine 
the 
specific 
conditions 
and 
relevant 
details 
for 
the 
acquisition, taking into account the 
supervisory approvals. 
The 
transaction 
was completed 
on 9 
October 
2023 at 
a price 
of €1.80 
per share 
and a 
total consideration 
of 
€93,745,211.40. 
The 
Company 
intends 
to 
proceed 
to 
the 
cancellation 
of 
the 
aforementioned 
treasury 
shares, 
subject 
to 
the 
approval of the 
Annual General Meeting and regulatory 
authorities. 
Share options 
Under the 
five-year 
shares award 
plan approved 
in 2020 and 
started in 2021, 
the executives 
and personnel 
of 
Eurobank Holdings and its affiliated companies are granted share options rights, which are exercised in portions 
annually during 
the 
term of 
the 
plan by 
issuing new 
shares 
with a 
corresponding 
share 
capital increase. 
Each 
portion may 
be exercised 
wholly or 
partly and 
converted 
into shares 
at the 
employees’ 
option, provided 
that 
they remain 
employed by 
the Group 
until the 
first available exercise 
date. The 
maximum number of 
rights that 
can 
be 
approved 
was 
set 
at 
55,637,000 
rights, 
each 
of 
which 
would 
correspond 
to 
one 
new 
share 
and 
the 
exercise price of each new 
share would be equal to € 0.23. 
In July 2023, 
the Group 
awarded to 
its executives 
12,101,092 
new share 
options, exercisable 
in annual portions 
up to 
2028. From 
the 
share options 
exercisable 
in 2023, 
a number 
of 5,802,269 options 
were 
exercised 
during 
the year, resulting in the issue of an 
equal number of new 
common voting shares. 
Further information is provided 
in note 39 to consolidated financial statements. 
Dividends
/
Distribution of Profits 
In December 
2023, the 
Bank proceeded 
with the 
distribution of 
non-mandatory reserves 
totalling €410 
million 
to its sole shareholder, 
Eurobank Holdings, 
in order to 
enable the 
latter to distribute 
dividend out of the 
profits 
of the 
financial year 
2023 to its 
shareholders 
in accordance 
with the 
provisions 
of article 
159 of Company 
Law 
4548/2018. 
Based on 
the 
Group’s 
financial performance 
for 
the 
financial year 
2023, Eurobank 
Holdings aims 
to distribute 
to its 
shareholders 
a cash 
dividend equivalent 
to at 
least 25% 
of the 
Group's 
adjusted net 
profit 
for 
financial 
year 
2023, 
subject 
to 
the 
approval 
of 
the 
Annual 
General 
Meeting 
of 
its 
shareholders 
and 
the 
regulatory 
authorities. 
In 
addition, 
Eurobank 
Holdings 
intends 
to 
proceed 
also 
with 
the 
distribution 
of 
profits 
to 
the 
employees 
in 
accordance 
with 
its 
remuneration 
policy, 
subject 
to 
the 
approval 
of 
the 
Annual 
General 
Meeting 
of 
its 
shareholders. 
Major Shareholders 
Based on the most recent notifications that 
Eurobank Holdings has received 
from shareholders controlling 
5 per 
cent or more of Eurobank 
Holdings’ voting 
rights, such significant shareholders 
are the following: 
a)
“Fairfax Financial Holdings Limited”, 
controlling 32,93% 
of Eurobank Holdings’ 
total number of voting rights, 
corresponding 
to 1,224,002,259 voting rights 
of Eurobank 
Holdings’ ordinary 
shares (the 
reporting date 
for 
the aforementioned is on 14 July 
2021, while the percentage calculation is based 
on the new total 
Company’s 
listed shares that are tradeable on the Athens 
Stock Exchange, following the last share capital increase 
due 
to the exercise 
of stock option rights), 
b)
“The Capital 
Group Companies, Inc”, 
controlling 5,05% 
of Eurobank 
Holdings’ total number 
of voting rights, 
corresponding to 187,812,291 
voting rights of Eurobank Holdings’ 
ordinary shares. (the reporting date for 
the 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
13
|
Page 
€ = Euro 
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aforementioned 
is 
on 
1 
December 
2020, 
while 
the 
percentage 
calculation 
is 
based 
on 
the 
new 
total 
Company’s listed shares 
that are 
tradeable on the 
Athens Stock 
Exchange, following 
the last 
share capital 
increase due to the exercise 
of stock option rights), 
c)
The 
“Helikon 
Investments 
Limited”, 
controlling 
5,00% 
of Eurobank 
Holdings’ 
total 
number 
of voting 
rights, 
corresponding 
to 185,957,220 
voting 
rights of 
Eurobank 
Holdings’ 
ordinary 
shares. 
(the 
reporting date 
for 
the 
aforementioned 
is 
on 
25 
January 
2023, 
while 
the 
percentage 
calculation 
is 
based 
on 
the 
new 
total 
Company’s listed shares 
that are 
tradeable on the 
Athens Stock 
Exchange, following 
the last 
share capital 
increase due to the exercise 
of stock option rights). 
Sundry information 
required under Law 3556/2007 
(article 4, par.7) 
According to the Articles 
of Association: 
a)
there 
are no restrictions on the 
transfer 
of the Eurobank 
Holdings’ shares, 
b)
there 
are no shares with special controlling 
or voting rights, 
c)
there 
are no restrictions on voting 
rights, 
d)
the 
rules 
related 
to 
the 
appointment 
and 
replacement 
of 
directors 
as 
well 
as 
to 
the 
amendment 
of 
the 
Articles of Association are in accordance 
with the provisions 
of company law. 
Eurobank 
Holdings 
is not 
aware 
of any 
shareholders’ 
agreements 
resulting 
in restrictions 
in the 
transfer 
of its 
shares or 
in the 
exercise of 
the shares’ 
voting rights. 
There 
are no significant 
agreements that 
enter into 
force, 
are amended 
or expire if there 
is change in the 
control of Eurobank 
Holdings following 
a public offer. 
There 
are 
no 
agreements 
between 
Eurobank 
Holdings 
and 
the 
Directors 
or 
the 
staff 
for 
compensation 
in 
the 
event 
of 
departure as a result of a public offer. 
Board of Directors 
The Board 
of Directors (BoD) was elected by the Annual General 
Meeting (AGM) of the Shareholders 
held on 23 
July 2021 for 
a three-year 
term of office 
that will 
expire on 
23 July 2024, 
prolonged 
until the 
end of the 
period 
the AGM for 
the year 2024 will take 
place. 
Further to that: 
-
The 
AGM of 
the Shareholders 
held on 
20 July 
2023 approved 
the appointment 
of Mr. 
Burkhard Eckes 
and 
Mr. 
John 
Arthur 
Hollows 
as 
new 
independent 
non-executive 
members 
of 
Eurobank 
Holdings 
BoD, 
whose 
term of 
office 
will expire 
concurrently with 
the term 
of office 
of the 
other 
members of 
the BoD 
(comprising 
of fifteen members from 
now onwards). On the 
same day the BoD decided 
on its constitution. 
-
On 9 
October 
2023, 
Eurobank 
Holdings 
announced 
the 
acquisition 
of 
all of 
its 
issued 
shares 
held 
by 
the 
HFSF, 
namely 52,080,673 common registered shares. On the same 
day, the HFSF notified Eurobank 
Holdings 
that 
effective 
as 
of 
11 
October 
2023, 
the 
HFSF 
will 
no 
longer 
have 
the 
special 
rights 
provided 
in 
law 
3864/2010, 
including 
the 
right 
to 
appoint 
a 
representative 
in 
the 
Board 
of 
Directors 
and 
the 
Board 
Committees. 
In 
this 
framework, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli, 
member 
of 
the 
Boards 
of 
Directors and of 
the Committees of the Boards of 
Eurobank Holdings and Eurobank, submitted on 26.10.2023 
her 
resignation 
from 
the 
abovementioned 
positions, 
effective 
as of 
7 November 
2023. 
Accordingly, 
on 10 
November 2023, 
the BoD decided, in accordance with the 
provisions of article 82 par. 
2 of L. 4548/2018 and 
article 7 par. 2 of the Company’s Articles of 
Association, on the continuation of the Company’s management 
and 
representation 
by 
the 
BoD, 
comprising 
of 
its 
remaining 
fourteen 
(14) 
members, 
as 
well 
as 
on 
its 
constitution. 
-
Mr. 
Andreas 
Athanasopoulos, 
Deputy CEO 
and Executive 
Member 
of the 
Boards 
of Directors 
of Eurobank 
Holdings and Eurobank, 
submitted on 31 October 2023 his resignation 
from the abovementioned 
positions, 
effective 
as of 31 December 2023. Accordingly, 
on 8 January 2024, the BoD decided, in accordance with 
the 
provisions 
of article 82 
par. 
2 of L. 
4548/2018 and article 
7 par. 
2 of the 
Company’s Articles 
of Association, 
on 
the 
continuation 
of 
the 
Company’s 
management 
and 
representation 
by 
the 
BoD, 
comprising 
of 
its 
remaining thirteen (13) members, 
as well as on its constitution. 
The BoD of Eurobank 
Holdings is set out in note 47 to the consolidated financial statements. 
Personal details of 
the Directors are 
available on the website 
of Eurobank Holdings 
(www.eurobankholdings.gr). 
Information required 
under Law 4548/2018 (article 97, 
par.1 
(b)) 
According to article 
97 par. 
1 (b) of Law 4548/2018 
the BoD members 
owe to disclose 
in a timely and adequate 
manner to the other 
members of the BoD their 
own interests, which may arise from the 
company's transactions, 
which fall 
within their 
duties, as 
well as 
any conflict 
of their 
interests 
with those 
of the 
company or 
its related 
companies. In 
such case 
and in line 
with the 
provisions 
of article 
97 par 
3 of the 
same law, 
the member 
of the 
BoD is not entitled to vote on issues in which there is a conflict of interest with 
his own company or persons with 
whom he is a related party. 
In these cases, decisions 
are taken by the 
other BoD members. 
For 2023, 
the following 
issues were 
noted in which there 
was a conflict of interest with Eurobank 
Holdings: 
For the 
purposes of decisions related 
to the acknowledgement of the 
expiration of the 
deadline of par. 3 of art. 
100 of 
Law 4548/2018 
concerning 
the 
conclusion 
of a 
Share 
Purchase 
Agreement 
(SPA), 
which pertains 
to the 
Eurobank’s 
participation 
in 
the 
company 
“Grivalia 
Hospitality 
S.A.” 
(Grivalia 
Hospitality 
οr 
GH) 
between 
Eurobank 
and “Eurolife 
FFH Life 
Insurance 
Single Member 
Société Anonyme” 
(Eurolife), 
which is a 
related party 
of the 
parent company 
of Eurobank, 
Eurobank 
Holdings, within 
the meaning 
of paragraph 
2 (a) of article 
99 of 
Greek 
Law 
4548/2018, 
according 
to 
IAS 
24, 
the 
BoD 
member 
Mr. 
Martin 
also 
Vice 
Chairman 
of 
Strategic 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
14
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Investments at Fairfax, which holds 32.93% of the shares of the parent company of 
Eurobank, Eurobank Holdings, 
and 
also 
controls 
Eurolife’s 
parent 
company, 
“Eurolife 
FFH 
Insurance 
Group 
Holdings 
Société 
Anonyme”, 
and 
indirectly Eurolife 
itself, was not entitled 
to vote according 
to the provisions 
of par. 
3 of Art. 97 of the 
Company 
Law 4548/2018 due to conflict of interest. 
For the purposes of decisions related to 
the Hellenic Financial Stability 
Fund (HFSF) share buy-back 
and decisions 
in the 
context of this 
buy-back related 
to a) the 
issuance of a 
common bond loan 
and b) instructions 
of voting 
for the 
Extraordinary General 
Meeting of Eurobank, the 
BoD member and HFSF representative 
Ms. Deli was not 
entitled to vote according to the 
provisions of par. 
3 of Art. 97 of the Company Law 4548/2018 due to conflict of 
interest. 
For 
the 
purposes 
of 
decisions 
relating 
to 
a) 
the 
Stock 
Options 
plan 
(2nd 
and 
3rd 
series 
implementation) 
approved 
by 
the 
Annual General 
Meeting of 
Shareholders 
in July 
2021, 
b) variable 
remuneration 
awarded 
in 
instruments 
and c) 
executives' 
Remuneration, 
the 
CEO Mr. 
F. 
Karavias 
and the 
Deputy CEOs 
Messrs. Ioannou, 
Vassiliou 
and Athanasopoulos 
were 
not entitled 
to vote, 
according to 
the 
provisions 
of par. 
3 of 
art. 97 
of the 
Law 4548/2018, due to conflict of interests. 
Related party transactions 
In 
January 
2022, 
an 
occupational 
insurance 
fund 
(“Institution 
for 
occupational 
retirement 
provision-
occupational insurance 
fund Eurobank’s 
Group personnel” henceforth 
“the Fund”) was established 
as a not-for-
profit legal entity under Law 4680/2020, for 
the benefit of the employees 
of the Company, the 
Bank and certain 
other 
Greek entities 
of the 
Group, 
which constitute 
the 
sponsoring employers 
of the 
Fund. Accordingly, 
in line 
with IAS 24 Related Parties, the 
Fund is considered to be related party 
to the Group. 
As at 
31 December 
2023, 
the 
Group’s 
outstanding balances 
of the 
transactions 
and the 
relating 
net income 
/ 
expense for 2023 with (a) the 
key management personnel 
(KMP) and the entities controlled 
or jointly controlled 
by 
KMP 
are: 
compensation 
€9.7m, 
receivables 
€5.8m, 
liabilities 
€20.2m, 
net 
expense 
€18.1m, 
of 
which 
€4m 
expense 
relating 
with 
equity 
settled 
share 
based 
payments, 
(b) 
the 
Fairfax 
group 
(excluding 
Eurolife 
FFH 
Insurance 
Group 
Holdings S.A., 
which is 
also a 
Group’s 
associate) 
are: receivables 
€132.5m, liabilities 
€129.4m, 
guarantees 
issued 
€2.5m, 
net 
income 
€6.4m, 
(c) 
the 
associates 
and 
joint 
ventures 
are: 
receivables 
€171.7m, 
liabilities €201.9m, 
net expense €76.2m (d) the Fund are: liabilities 
€1m. 
At 
the 
same 
date, 
the 
Company’s 
outstanding 
balances 
of 
the 
transactions 
and 
the 
relating 
net 
income 
/ 
expense for 
2023 with 
(a) KMP 
are: 
compensation 
€0.2m that 
is referring 
mainly to 
KMP services 
provided 
by 
Eurobank 
S.A. 
in 
accordance 
with 
the 
relevant 
agreement, 
(b) 
the 
Fairfax 
group 
refer 
to 
receivables 
and 
operating 
income of €0.3m related 
to financial consulting services, 
(c) the subsidiaries 
are: receivables 
€1,677m, 
liabilities 
€31.13m 
and 
net 
income 
€505.3m, 
including 
€410m 
dividend 
income 
and 
(d) 
the 
Group’s 
associate 
Eurolife FFH Insurance 
Group Holdings S.A. are: 
operating expense 
of €0.1m. 
All transactions 
with related 
parties are 
entered 
into the 
normal course 
of business 
and are 
conducted on 
an 
arm's length basis. Further 
information 
is provided 
in the note 
45 to the 
consolidated financial statements 
and 
note 19 to the financial statements 
of the Company. 
External Auditors 
The Eurobank 
Holdings’ Shareholders 
Annual General Meeting held 
on 20 July 2023 approved the 
appointment 
of KPMG, as 
statutory auditor 
for the 
financial statements 
(separate 
and consolidated) 
for the 
year ending 
31 
December 2023. 
During 
2023, 
the 
Audit 
Committee 
reviewed 
KPMG’s 
independence 
and 
effectiveness, 
along 
with 
its 
annual 
audit plan. In 
addition, the Audit Committee ensured 
on a 
quarterly basis that a) the 
non-audit services assigned 
to KPMG, 
have 
been reviewed 
and approved 
as required 
and b) 
there 
is a 
proper 
balance between 
the 
audit 
and non-audit fees 
paid to KPMG, in accordance 
with the 
relevant provisions 
of the Group’s 
Policy on External 
Auditors’ Independence (note 
46 of the consolidated financial statements). 
NON-FINANCIAL INFORMATION 
Business model 
The 
Eurobank 
Holdings Group 
(the 
Group) 
offers 
a wide 
range 
of financial 
products 
and services 
in retail 
and 
business 
banking 
and 
has 
a 
significant 
international 
presence 
in 
three 
countries 
outside 
Greece 
(see 
further 
information in the section 
“International Operations”).
It is among the leading providers of banking services and 
credit 
to large 
corporates, 
SMEs, small 
businesses, 
professionals 
and households, 
concentrating 
its efforts 
on 
financing the growth cycle 
of the Greek economy and the other 
countries of presence, including an instrumental 
participation in Recovery 
and Resilience Facility (RRF) funds. In addition, 
the Group has a strategic 
focus in fee-
generating 
activities, such as asset management, private banking, 
equity brokerage, 
treasury sales, investment 
banking, factoring, real 
estate, trade finance 
and bancassurance. 
The Group has a diversified (through business line, geography and customer) and resilient business model, 
which 
is based 
on three 
revenue 
streams i.e. 
the 
Greek 
banking operations, 
the 
international 
activities and 
the 
real 
estate 
business. 
Its 
strategy 
aims 
at 
optimizing 
its 
financial 
performance, 
maintaining 
a 
strong 
capital 
and 
liquidity base, rewarding its 
shareholders as well as contributing 
to the economy 
and society in 
a holistic manner. 

 
 
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The Group 
continues to implement the Transformation 
Program “Eurobank 
2030”, which is a material enabler in 
achieving 
the 
bank’s 
strategic 
objectives 
and 
enhancing 
its 
competitive 
position, 
as 
it 
focuses 
on 
business 
growth, sustained 
operational resilience, 
constantly improving operational 
efficiencies and, ultimately, 
ensuring 
increased 
customer 
value 
and 
satisfaction. 
In 
tandem, 
the 
Group 
is 
investing 
in 
the 
People 
– 
Technology 
– 
Sustainability 
three-fold, 
by 
combining 
cutting 
edge 
technology 
and 
the 
expertise 
of 
its 
highly 
trained 
staff, 
using 
best 
practices 
to contribute 
to the 
effort 
for 
sustainable 
development 
for 
all. The 
Group 
implements 
a 
holistic sustainability strategy which is based on: a) the Operational Impact Strategy, which concerns the 
Bank’s 
own 
operations 
and 
activities 
and 
includes 
Environmental 
Impact, 
Social 
and 
Business 
Impact 
and Employer 
Impact and b) the 
Financed Impact Strategy, 
which involves the 
Bank’s investment choices 
and actions related 
to extending customer financing and 
working with them in meeting environmental goals and addressing climate 
change. 
Its operating model evolves 
around the following 
key pillars: 
a)
Financing 
landmark 
projects 
and 
investments 
of 
large 
and 
medium 
size 
businesses, 
mainly 
through 
investments based on ESG criteria, 
b)
Fully supporting SMEs, in combination with 
the major funding potential 
available through European 
and/or 
Greek programmes for 
small businesses, aiming to boost their competitiveness, gain access to international 
markets, create jobs 
and thus distribute the benefits 
of growth across 
society, 
c)
Sustaining a leading position in Retail Banking by 
offering 
high quality services and innovative 
products to 
distinct client segments leveraging on advanced multi-channel strategies and tailored to customer evolving 
needs, 
d)
Developing a people-centred 
‘phygital’ model, a hybrid of physical and digital, that combines state-of-the-
art technological 
infrastructure 
with the 
Group’s 
human resources, 
offering 
simple, fast, 
personalised, and 
secure services. 
In conducting 
its business 
activities, 
the 
Group 
considers 
the 
particular 
and diverse 
needs of 
its stakeholders 
and focuses on creating 
value for them. In 
this context, the Group: 
a)
designs and offers savings and investment 
products to its depositors and investors; makes 
appropriate use 
of available funds for supporting 
households and businesses to realise 
their plans, financing the 
economies 
in which it operates, 
b)
deploys a client-centric orientation 
with segmental approach 
and relationship-based management, 
c)
relies 
on 
the 
skills 
and 
expertise 
of 
its 
human 
resources 
for 
the 
implementation 
of 
its 
business 
strategy 
including 
the 
improvements 
of 
products 
and 
services 
to 
customers; 
for 
this 
purpose, 
it 
enhances 
staff 
engagement 
by 
strengthening 
the 
knowledge 
and 
experience 
of 
its 
employees 
through 
training 
and 
development 
programmes 
and providing 
a safe 
and productive 
work environment, 
where 
diversity, 
equity 
and inclusion are strongly promoted, 
d)
invests 
in IT 
infrastructures 
and digital 
transformation 
to systemically 
address 
the 
evolving 
technological 
developments and continuously 
improve its business 
and operational 
model, 
e)
has 
established 
a 
system 
of 
internal 
controls 
that 
is 
based 
on 
international 
good 
practice 
and 
aims 
to 
minimize the 
possibility of error 
or financial loss, 
to protect 
the interest 
of shareholders 
and depositors, as 
well as to ensure that the 
requirements of the relevant 
regulatory authorities are complied with at all times, 
f)
uses natural resources 
for its operation, 
while being committed to minimizing its environmental footprint by 
adopting environmentally friendly practices and promoting a green economy. 
Green procurement practices 
are applied, embedding environmental 
specifications and guidance 
for selection of products 
and suppliers, 
g)
develops 
an ongoing 
dialogue 
with stakeholders 
and supports 
society and 
local 
communities. The 
Group 
monitors 
and 
reviews 
information 
related 
to 
its 
stakeholders 
and 
their 
requirements, 
shaping 
a 
specific 
framework 
of cooperation 
and approach to communication 
in each case. 
 
The corporate 
governance 
principles of transparency, 
credibility, social 
responsibility and accountability define 
the framework 
for the achievement 
of the Group’s objectives, govern 
the organization, operations 
and activities 
and reflect 
its values, 
safeguarding 
the 
interests 
of shareholders 
and of 
all other 
stakeholders. 
The 
corporate 
values of empathy, drive, cooperation, innovation and trust support 
a strong yet adaptive 
business culture, which 
enables 
the 
Group 
to provide 
top quality 
services 
to every 
client, 
household 
or business, 
to support 
inclusive 
growth and to create 
sustainable prosperity for 
all the communities it serves. 
Materiality Assessment 
Materiality 
assessment 
is 
the 
key 
process 
used 
to 
define 
the 
content 
of 
the 
Annual 
Report 
- 
Business 
& 
Sustainability and 
is largely 
informed 
and influenced 
by stakeholder 
engagement. 
For 
the 
first time, 
the 
Bank 
proactively adopts a Double Materiality approach, 
incorporating a financial materiality assessment, in addition 
to the 
impact 
materiality 
assessment 
already 
adopted 
from 
previous 
years, 
in 
order 
to identify 
the 
material 
impacts, risks and opportunities to be reported. 
The 
double materiality 
approach 
will define the 
materiality perspectives 
of the 
Bank by combining 
the impact 
materiality perspective 
(inside-out) and the financial materiality 
perspective (outside-in). 
A sustainability matter is material 
from an impact perspective 
when it pertains to the Bank’s material 
actual or 
potential, 
positive 
or negative 
impacts 
on people 
or the 
environment 
(environmental, 
social and 
governance 
matters) over 
the short, 
medium and long 
term time 
horizons. It includes 
impacts connected 
to the 
Bank’s own 
operations 
and 
value 
chain, 
including 
through 
its 
products 
and 
services, 
as 
well 
as 
through 
its 
business 
relationships. 

 
 
 
 
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A sustainability matter 
is material 
from a 
financial perspective 
if it generates 
risks or opportunities 
that affect 
(or could reasonably 
be expected 
to affect) 
the Bank’s 
financial position, 
financial performance, 
cash flows, 
or 
cost of capital over 
the short, medium or long term. 
An 
integral 
part 
of 
the 
Bank’s 
approach 
towards 
Sustainable 
Development 
is 
the 
fostering 
of 
strong 
relationships, cooperation 
and mutual benefit with all stakeholders 
affected, positively 
or negatively, 
directly or 
indirectly by its activities. In this context, the Bank promotes 
two-way communication and develops 
an ongoing 
dialogue with stakeholders. 
 
The overall 
Bank’s Materiality Assessment methodology, 
the validated Material Topics, 
Sustainability Indicators 
per 
the 
GRI 
Standards 
and 
information 
regarding 
initiatives 
across 
the 
ESG 
spectrum 
along 
with 
ESG 
data 
submitted by 
the 
Group’s 
subsidiaries 
are 
included in 
the 
Annual Report 
– Business 
& Sustainability, 
which is 
published on www.eurobankholdings.gr. 
Group’s approach 
towards sustainable development 
The Group 
supports the sustainable transition 
of the economy and considers sustainability 
and climate change 
as 
an 
opportunity. 
A 
key 
strategic 
objective 
is 
to 
adapt 
its 
business 
and 
operation 
in 
a 
way 
that 
addresses 
climate 
change 
challenges, 
accommodate 
social 
needs 
within 
its 
banking 
business 
model, 
and 
safeguard 
prudent 
governance 
for 
itself and 
its 
counterparties, 
in accordance 
with 
supervisory 
initiatives 
and 
following 
international standards 
/ best practices. 
Committed to actively 
contributing to the 
achievement 
of the 
United Nations Sustainable 
Development 
Goals 
(SDGs) and the 2030 Agenda goals, the Bank 
is a signatory of 
the UN Global Compact since 2008. In September 
2019 Eurobank 
signed the 
UNEP FI 
Principles for 
Responsible Banking 
(PRB), affirming 
its commitment 
to play 
an active 
role 
in implementing 
the SDGs 
and the 
Paris Agreement 
on Climate 
Change. In 
full compliance 
with 
its obligations 
relating to 
implementing the 
Principles, the 
Bank has issued 
its 3
rd
 
PRB Progress 
Report as part 
of the Annual Report 2022 – Business and Sustainability. 
A dedicated Group 
-wide programme 
to address the requirements 
of the ESG ecosystem 
The 
Group 
launched 
an 
initiative, 
namely 
“Program 
Field”, 
with 
an 
aim 
to 
develop 
and 
implement 
its 
Sustainability 
Strategy, 
integrate 
climate 
risks, 
fulfil 
its 
UNEP 
FI 
PRB 
signatory 
commitments 
and 
ensure 
readiness to comply 
with sustainability-related 
regulations (i.e. 
“EU Green Deal”, ECB 
Guide on climate-related 
and environmental 
risks, EU 
Taxonomy 
Regulation, 
etc.). Through 
this initiative, 
the 
Group 
has also 
identified, 
assessed and implements 
climate-related 
and environmental 
(CR&E) risk action 
plans within the 
three Lines 
of 
Defence. 
Group Sustainability Strategy 
Eurobank has expressed 
the Environmental, 
Social, Governance 
(ESG) aspect of its business through 
the lens of 
Impact 
generation. 
The 
Sustainability 
Strategy 
has 
been defined 
in a 
holistic 
approach 
across 
two 
pillars 
of 
impact: the operational 
impact arising from its own activities and the financed impact resulting from the Bank’s 
lending and 
investing 
activities to 
specific sectors 
and clients. 
These 
two 
pillars of 
impact aim 
to capture 
the 
essence of the 
Bank’s business effect 
on the climate, 
the protection 
of the natural 
environment, 
its contribution 
to addressing 
societal challenges at 
large, the 
prosperity of 
its own people, 
its contribution to 
raising business 
capacity 
in 
the 
markets 
where 
the 
Bank 
operates, 
and 
the 
internal 
processes 
that 
build 
and 
secure 
the 
confidence of its stakeholders. 
Eurobank 
has designed, 
approved 
and is currently 
implementing the 
Group’s 
Sustainability Strategy 
including 
targets and commitments along the 
two key pillars: 
A.
Operational 
Impact Strategy 
The Bank aims to create 
positive economic, social, and environmental 
impacts from all aspects and areas 
of its 
operations. To 
this end, the Operational 
Impact strategy comprises 
of 3 strategic pillars, namely: 
i.
Environmental 
impact with the 
objective to minimize 
negative 
impact across 
the Bank’s value 
chain to 
promote 
environmental 
stewardship. 
The 
aim 
is 
to 
minimize 
Scope 
1 
and 
2 
emissions, 
become 
a 
paperless banking network 
and extend circular economy practices 
. 
ii.
Employer’s 
impact 
with 
the 
objective 
to 
empower 
people 
to 
perform 
at 
their 
best 
through 
an 
environment 
that 
promotes 
ethics 
and 
integrity. 
The 
aim 
is 
to 
embed 
diversity 
and 
inclusion, 
encompassing a wellbeing culture, 
along with stimulating an innovative 
environment. 
iii.
Social 
and 
business 
impact 
with 
the 
objective 
to 
drive 
positive 
change 
for 
entrepreneurs 
and 
wider 
communities 
to 
foster 
sustainable 
development 
and 
ensure 
social 
prosperity. 
The 
aim 
is 
to 
intensify 
sustainable procurement 
practices, 
rationalize 
Socio-Economic 
Impact 
as well 
as boost 
transparency 
and ESG capacity. 
B.
Financed Impact Strategy 
The 
Bank endeavours 
to foster 
favourable 
economic, social, and 
environmental 
outcomes across 
all facets 
and sectors of 
its financing endeavours, 
with a commitment 
to sustainability and 
responsible stewardship. 
To achieve 
this objective, the 
Financed Impact strategy 
is structured around four 
strategic pillars namely: 

 
 
 
 
 
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i.
Clients’ 
engagement 
and 
awareness 
to 
adapt 
their 
business 
so 
as 
to 
address 
climate 
change 
challenges, 
ii.
Actions 
for 
supporting 
clients 
in 
their 
transition 
efforts 
towards 
a 
more 
ESG-friendly 
economic 
environment, 
iii.
Enablers and tools such as frameworks 
and products to underpin Sustainable 
Financing, 
iv.
The assessment 
and management of climate-related 
material exposures. 
Making progress along the 
two pillars of the Sustainability Strategy, 
the Bank aims to maximize its contribution 
to achieving the Paris 
Climate Agreement’s targets 
and the UN Sustainable Development 
Goals. Through 
a set 
of actions with 
measurable targets, 
the Sustainability 
Strategy reflects 
the Group’s 
vision in the 
short, medium 
and long term 
in relation 
to the 
environment, 
its social footprint, 
with focus 
on its people, 
and the 
ESG impact 
on the market and its portfolio. 
Progress on Operational 
Impact against targets for 
2023 
The 
Group 
is 
committed 
to 
specific 
Operational 
Impact 
targets 
including 
both 
quantitative 
and 
qualitative 
elements. More 
specifically, 
the 
Bank has 
successfully managed 
to accomplish 2023 
impact targets. 
Indicative 
achievements are 
as follows: 
• Environmental impact 
o
Operational 
Net Zero Action 
Plan (including carbon reduction 
curves) in place. 
o
Verified operational 
carbon footprint 
as per ISO 14064, in line with National 
Climate Law stipulations. 
o
Considerable 
reduction 
in total 
electricity consumption 
and equivalent 
Scope 2 
emissions 
of 9,4% 
for 
both metrics, in 2023, 
compared to 2022. 
o
98.04% 
of 
total 
electricity 
consumed 
in 
2023 
was 
sourced 
by 
Renewable 
Energy 
Sources 
(certified 
guarantees of origin). 
o
Car Policy 
for Hybrid/Electric 
vehicles approved 
in September 
2023 and is 
currently applied, 
aiming at 
maximizing the percentage 
of low emissions vehicles in the 
corporate fleet. 
o
As 
of 
31 
December 
2023, 
nineteen 
buildings 
of 
the 
Bank 
are 
certified 
as 
"green" 
according 
to 
LEED/BREEAM standards. 
o
Photovoltaic 
installations 
(PV) 
completed 
under 
the 
Net 
Metering 
principle 
in 
N. 
Ionia 
& 
Acharnes 
buildings and energy production 
scheduled to start in 2024. 
o
Establishment 
of 
a 
special 
purpose 
vehicle 
(Eurobank 
Renewables 
S.A. 
- 
EuroRES) 
for 
developing 
standalone Photovoltaic 
(PV) Plants in central Greece. 
o
The 
“Just 
Go 
Zero” 
new 
recycling 
program 
is 
in 
operation 
for 
the 
Nea 
Ionia 
complex, 
the 
Central 
Warehouse 
and the new Headquarter 
buildings. 
• Employer’s impact 
o
Launch of 
the “myProsperity” 
initiative 
(inspirational 
talks by 
external experts) 
in July 2023, 
as part 
of 
the Bank’s Wellbeing 
Framework. 
o
Activation of the Culture Shift program 
in September 2023 and launch of the 12 principles program “We 
think innovatively, 
we work differently”, 
promoting new 
ways of collaboration 
in the workplace. 
o
Launch of training programs 
to promote diversity 
and inclusion. 
o
Launch of an Anti-Harassment learning 
program, addressed 
to all employees. 
o
Completion of wellbeing initiatives 
to promote mental health. 
o
Design and 
execution of 
a full 
scope People 
Engagement 
Survey, 
including a 
wellbeing 
and life-work-
balance section. 
• Social and business impact 
o
Continuous 
initiatives 
through 
the 
broad 
programs 
“Moving 
Education 
Forward” 
and “Moving 
Family 
Forward”. 
o
Resilience and recovery: Continuing contribution 
supporting society through natural disaster restoration 
efforts, 
mobilizing employee volunteer 
teams. 
o
ESG evaluation criteria 
for IT and non-IT procurement 
tenders in place. 
o
Launch of inclusion initiatives targeting 
specific social groups. 
o
Continuous 
support 
to 
entrepreneurs 
and 
startups 
through 
the 
enter.grow.go 
(egg) 
Accelerator 
/ 
Incubator (11th consecutive 
annual cycle run in 2023). 
o
Extensive ESG upskilling programs 
for all staff members 
and dedicated sessions to specific staff groups 
on emerging ESG topics. 
o
ESG External 
Capacity 
Building: awareness 
initiatives 
for 
clients, including 
the 
Digital Academy 
series 
of ESG webinars: 2 
workshops took place for “Energy Transition / Green Buildings” and “ESG: New model 
of Sustainable Tourism” 
with 324 clients participating. 
The 
operational 
impact 
initiatives 
are 
detailed 
in 
the 
Annual 
Report 
– 
Business 
& 
Sustainability 
(https://www.eurobank.gr/en/group/esg 
-environment-society-governance/esg 
-reporting). 
 
Progress on Financed 
Impact against targets for 
2023 
The 
Group 
is committed 
to specific 
Financed 
Impact 
targets 
which include 
both 
qualitative 
and quantitative 
elements. More specifically, 
the relevant 
achieved targets for 
2023 included the following: 
Qualitative targets 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
Roll-out of our
Sustainability Strategy leading 
to tangible outcomes 
●
Significant progress 
in the integration 
of CR&E risks in our 3 LoD Model 
●
Incorporation of climate 
risk elements into the 
Remuneration 
Policy 
●
Deployment 
of 
the 
ESG 
Questionnaire, 
which 
has 
been 
developed 
at 
Interbank 
level with 
the 
coordination of the 
Hellenic Bank Association 
●
Integration 
of the 
ESG Risk Assessment 
process, 
a combination 
of the 
internal Climate 
Risk Scorecard 
and the Interbank ESG 
Questionnaire 
●
Operationalisation 
of the 
web-based 
Sustainable Finance 
Assessment 
Tool 
for 
the 
classification 
and 
evaluation of sustainable financing opportunities 
for Corporate 
portfolio 
●
Assessment of 
CR&E risks through 
Sectoral Analysis 
and forward 
-looking Scenario 
Analysis, as part 
of 
the Task 
Force 
on Climate-Related Financial Disclosures (TCFD) 
report 
●
Alignment of our Risk Appetite with the 
articulated Sustainability Strategy 
●
Incorporation of climate 
risk aspects into collateral 
valuation 
●
Publication of the 
TCFD Climate-related 
& Environmental Risk Report 
●
Disclosure of 
Eurobank’s 
GHG financed 
emissions for 
loans, bonds 
and shares 
positions based 
on the 
Partnership for 
Carbon Accounting Financials (PCAF) methodology 
●
Performance 
of training 
sessions for 
our employees 
in relation 
to Climate 
Risk, Sustainable 
Financing, 
ESG Risk Disclosures and ESG Risk Assessment 
●
Awareness initiatives 
for our clients, including the 
Digital Academy series of ESG webinars 
Quantitative targets 
●
More than 20% of new corporate 
disbursements are classified as Green/Environmental 
●
More than 50% of new disbursements 
in Energy Sector were 
directed to RES 
●
Solid 100% of disbursements related 
to construction of new buildings were 
directed to green buildings. 
●
More than 2 times increase 
in our new green disbursements 
towards households and small businesses. 
●
€ 2.1bn Green/Environmental 
Exposures as of 31.12.2023, 
c. 14% of CIB portfolio 
●
€0.2bn in Assets under Management in ESG Focused 
mutual funds 
●
€0.6bn exposure in Green/Sustainable 
Bonds in our Banking Book 
Eurobank has set the 
following targets 
based on its Financed Impact Strategy 
for the 
following years: 
Portfolio 
targets 
New disbursements 
●
€2bn in new green disbursements to businesses 
by 2025 
●
20% of the annual new Corporate & Investment 
Banking (CIB) portfolio 
disbursements to be classified 
as Green/ Environmentally 
sustainable. 
Green stock / Exposure evolution 
●
20% stock of green exposures by 2027 
for the CIB 
portfolio (up from 
11% in 2022) 
Recovery and Resilience 
Facility (RRF) 
●
Mobilize €2.25bn total green RRF funds in the 
Greek economy by 2026. 
Sectoral targets 
Renewable energy 
●
35% of 
new 
disbursements 
in the 
energy 
sector will 
be directed 
to Renewable 
Energy 
Sources 
(RES) 
financing. 
Green buildings 
●
80% of disbursements related to the construction of new buildings will 
be allocated to green buildings. 
Next milestones 
Portfolio 
alignment and net zero 
●
Commit to the Net Zero 
Banking Alliance at a Group 
level within 2024. 
●
Align loan portfolio 
and investments with a 
net zero carbon footprint 
by 2050 by developing 
a robust 
action 
plan 
and 
roadmap 
including 
intermediate 
targets 
to 
net 
zero 
and 
commitment. 
Actively 
support clients’ 
climate transition 
journey with 
an ambition 
to further 
increase sustainable 
financing 
going forward. 
●
Implement 
the 
ESG 
Risk 
Assessment 
supported 
by 
the 
roll 
out 
of 
the 
Hellenic 
Bank 
Association 
initiative 
(Interbank 
ESG 
Questionnaire), 
ensuring 
a 
harmonized 
assessment 
approach 
for 
Bank’s 
clients. 
●
Further integrate 
climate risk regulatory requirements 
into its business strategy and risk management 
framework, 
leveraging 
on key 
initiatives: 
a) Governance, 
policies, and 
control 
framework, 
b) Climate 
risk modelling and data management and c) Commercial 
strategies/ sector policies. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
Operational 
and 
Financed 
pillars 
of 
the 
Sustainability Strategy 
are 
combined 
for 
addressing 
Eurobank’s 
path 
towards Net 
Zero by 
2050. In 
line with 
Eurobank’s 
commitment to 
the UNEP 
FI Principles for 
Responsible 
Banking, development 
of the 
Sustainability Strategy 
is aligned 
with the 
requirements 
for 
identifying the 
most 
significant positive and negative 
impacts on the societies and environment 
where it operates. 
ESG Governance 
Sustainability 
at 
Eurobank 
is 
deployed 
across 
an 
ESG 
governance 
structure 
that 
addresses 
both 
regulatory 
requirements 
and voluntary 
commitments. 
BoD oversight 
with respect 
to Sustainability 
Strategy 
is addressed 
through the inclusion of ESG items in the Board Meetings agenda, as per international best practice. 
The Three 
Lines of Defence model enhances risk management and control by clarifying roles and responsibilities within the 
organization Eurobank’s 
updated governance 
structure also ensures that the 
management of relevant climate-
related 
and environmental 
risks is 
integrated 
into the 
Bank’s three 
lines of 
defence, 
as well 
as aims 
to further 
enhance the effective 
oversight of ESG and CR&E matters 
at management / Board level. 
In this context and taking into account the significant impact of climate-related and environmental (CR&E) risks 
both 
on financial 
institutions 
and on 
the 
global economy, 
the 
Group 
developed 
and approved 
its CR&E 
Risks 
Management Policy which 
aims at fostering a holistic 
understanding of the effects 
of CR&E risks on its business 
model, 
as 
well 
as 
support 
decision-making 
and 
provide 
a 
robust 
governance 
under 
its 
Risk 
Management 
Framework. 
In 
addition, 
the 
Bank 
has 
assigned 
an 
executive 
member 
as 
the 
BoD 
member 
responsible 
for 
climate 
and 
environmental 
risks. As 
part 
of his 
duties, the 
member 
responsible updates 
the 
Board 
Risk Committees 
(BRC), 
which in accordance with their Terms of Reference are responsible to oversee, among others, the climate change 
and environmental related 
risks at least on a semi-annual basis. 
Eurobank has also established the 
Environmental, Social & Governance 
Management Committee (ESG ManCo), 
chaired by 
the BoD member 
responsible for 
climate-related and 
environmental 
risks. The 
ESG ManCo provides 
strategic direction 
on Environmental, 
Social & Governance 
(ESG) initiatives, reviews 
the Sustainability Strategy 
prior 
to approval, 
intergrate 
s 
the 
elements 
of the 
Sustainability Strategy 
into the 
Eurobank’s 
business 
model 
and 
operations, 
approves 
eligible 
assets 
of 
Green 
Bond 
Frameworks, 
regularly 
measures 
and 
analyses 
the 
progress 
of 
the 
ESG 
goals 
and 
performance 
targets, 
as 
well 
as 
ensures 
the 
proper 
implementation 
of 
ESG 
related policies and procedures 
in accordance with supervisory 
requirements and voluntary 
commitments. 
Further 
information 
on the 
ESG governance 
structure for 
the oversight 
and management 
of sustainability and 
climate 
related 
& 
environmental 
matters 
is 
provided 
in 
the 
TCFD 
– 
Climate-related 
and 
Environmental 
Risk 
Report. 
ESG &CR&E Data 
The Group recognizes 
the importance of relevant and reliable data in order 
to produce meaningful information, 
appropriate for 
decision-making purposes. Having already 
performed 
an assessment of CR&E data availability 
in 
its 
internal 
systems 
against 
regulatory 
requirements/ 
expectations, 
the 
Group 
continues 
to 
enhance 
its 
environmental risk data aggregation capabilities and IT infrastructure accordingly, 
while also using appropriate 
controls and safeguards to ensure the accuracy and completeness of 
the compiled information. The Group seeks 
to 
further 
improve 
environmental 
risk 
data 
granularity, 
through 
the 
allocation 
of 
detailed 
roles 
and 
responsibilities 
for 
the 
purposes 
of 
CR&E 
data 
management 
and 
the 
implementation 
of 
approaches 
for 
the 
remediation 
of 
identified 
data 
gaps 
(i.e., 
engagement 
with 
external 
data 
providers, 
development 
of 
methodological 
approaches for 
the estimation of required 
information). 
The 
ESG Unit 
is responsible 
for 
the 
design 
and monitoring 
of the 
implementation 
of the 
Operational 
Impact 
Strategy (OIS), the monitoring of the Operational ESG performance 
and coordination of ESG linked operational 
activities that 
enhance the 
Bank’s Impact. 
In this 
context, the 
Unit is 
responsible for 
the collection, 
calculation 
and review of data related 
to the operational 
impact in line with the associated certified 
management systems 
(ISO 14001/EMAS, ISO 
50001, ISO 14064).
The Head of ESG 
acts as secretary to 
the ESG Management Committee. 
The 
Group Climate 
Risk Division 
is responsible 
for 
establishing internal 
reporting and 
disclosure 
processes 
for 
the 
financed 
impact 
as well 
as 
the 
oversight 
of the 
associated 
data 
collection, 
in 
line 
with 
the 
Group’s 
data 
governance framework. 
Internal ESG awareness and capacity 
building 
The Group 
is placing great 
emphasis on building 
capacity among its 
employees, so 
they be 
able to support its 
clients 
on 
their 
sustainability 
journey 
and 
their 
green 
transition. 
To 
this 
end, 
in 
addition 
to 
launching 
ESG 
initiatives for 
its clients, the 
Bank implements 
an ESG upskilling 
plan for 
its employees. 
Apart from 
the general 
upskilling programmes, 
within 2022-2023 the 
Bank conducted dedicated 
sessions tailored to 
the requirements 
of 
specific 
business 
units 
and 
functions, 
to 
enhance 
their 
understanding, 
crucial 
for 
delivering 
the 
Bank’s 
Strategy. 
Eurobank’s internal 
awareness sessions regarding 
ESG and CR&E matters cover 
both members 
of the 
management 
body 
and 
other 
stakeholders 
across 
the 
Bank 
(e.g. 
Business 
Units). 
Additionally, 
the 
Bank 
has 
offered 
trainings 
to stakeholders 
from 
all Three 
Lines of 
Defense 
(i.e., Business 
Units, Risk 
Management 
Units, 
Internal 
Audit 
function) 
regarding 
the 
SFF 
in 
order 
to 
enhance 
their 
understanding 
of 
sustainable 
financing 
criteria. 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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ESG ratings 
The 
Bank 
actively 
participates 
in 
internationally 
recognised 
ESG 
ratings 
to 
highlight 
the 
continuous 
improvement 
in its 
environmental, 
social and 
governance 
performance, 
upgrade 
the 
relevant 
disclosures 
and 
further 
enhance 
investor 
confidence 
in 
its 
practices. 
In 
2023, 
the 
Bank 
posted 
significant 
improvements 
compared to 2022 in important ESG ratings 
such as Sustainalytics (from 12.1 
to 10.6, maintaining the 
“Low Risk” 
mark), MSCI (from BBB to A), S&P (from 50 to 
52), CDP (improved by 2 notches from D to B) and FTSE (from 2.8/5 
to 3.4/5) and ISS ESG (from E:2/ S:2/ G:5 to E:1/ S:2/ G:3). 
Specially with respect to 
Sustainalytics, the Bank achieved the international ESG Regional 
Top Rated distinction, 
the 
ESG Industry 
Top 
Rated distinction 
for 
the 
2
nd
 
consecutive 
year and 
has been 
included in 
the 
Morningstar 
Sustainalytics' 
2024 
Top-Rated 
ESG 
Companies 
List. 
These 
distinctions 
are 
a 
strong 
demonstration 
of 
Eurobank's 
commitment 
to 
ESG 
practices 
and 
rank 
it 
among 
the 
best 
performing 
banks 
globally. 
Eurobank 
ranked 
45
th
 
among 1,030 participating 
banks. This 
remarkable recognition 
was based on 
an assessment 
of the 
Bank's performance 
and management practices 
across a wide range 
of ESG impacts including Human Capital, 
Data Protection 
and Security, 
Business Ethics, Corporate 
Governance, 
Product Governance, 
and Integration 
of 
ESG criteria into financial activities. 
In the 
context of networking 
with market 
for sustainable 
development 
issues, the 
Bank participates 
in the 
ESG 
Coordinating 
Committee 
of 
the 
Hellenic 
Bank 
Association, 
the 
Corporate 
Responsibility 
Committee 
of 
the 
American-Hellenic Chamber 
of Commerce and 
the Greek Network 
of the UN Global Compact. 
Protection of environment 
As climate 
change is becoming 
a dominant threat 
for the 
planet and its 
people, the 
Group takes 
on an active 
role, 
with 
actions 
that 
benefit 
the 
environment 
for 
the 
benefit 
of future 
generations. 
The 
Bank systematically 
manages its operational 
environmental impact. To 
this end, Eurobank 
has adopted an Environmental Policy, 
an 
Energy Management 
Policy and 
a Water 
Management Policy, 
aiming to protect 
the environment 
in all aspects 
of its operations. 
In 
line 
with 
these 
policies, 
the 
Bank applies 
certified 
management 
systems, 
in accordance 
with 
International 
Standards, 
including 
an 
Environmental 
Management 
System 
(ISO 
14001, 
EMAS) 
and 
an 
Energy 
Management 
System 
(ISO 
50001), 
publishes 
an 
annual 
Environmental 
Report 
in 
accordance 
with 
the 
European 
EMAS 
Regulation (Eco-Management and Audit Scheme), 
and since 2022 certifies its carbon footprint according to the 
international ISO 14064 Standard. 
The implementation 
of these management systems 
is supported by relevant 
e-learning training programs. 
Furthermore, the 
Bank, has established sustainability practices 
in procurement, in 
order to select, where 
possible, environmentally and socially responsible 
goods and suppliers. 
Moreover, 
the 
international 
subsidiaries 
of 
the 
Group 
are 
actively 
following 
Eurobank's 
footsteps 
towards 
environmental 
protection. 
As a result, 
Eurobank 
Cyprus was certified 
according to ISO 
14001 in 2023 and 
listed 
in 
the 
European 
Eco-Management 
and 
Audit 
Scheme 
(EMAS) 
Register 
for 
Environmental 
Management, 
underscoring its commitment to environmental 
protection and 
sustainable practices. 
The environmental 
performance, 
with respect to the improvement 
of the operational 
environmental footprint, 
is 
monitored 
through 
specific 
environmental 
indicators 
in 
order 
to 
identify 
any 
deviations 
and 
take 
corrective 
actions and 
is included in 
the Annual 
Report – Business 
& Sustainability and 
the Environmental 
Report (as per 
EMAS Regulation). 
Both reports 
are assured 
by independent 
parties and 
are available 
on the 
Group’s 
and the 
Bank’s websites (www.eurobankholdings.gr 
and www.eurobank.gr 
respectively). 
Environmental 
performance 
data 
are 
monitored 
at 
Group 
level 
(specifically 
for 
energy, 
water 
and 
waste). 
However, 
the 
related 
Management 
Systems 
(ISO 
14001/EMAS, 
ISO 
50001 
and 
ISO 
14064) 
and 
corresponding 
certification 
scopes apply only at Bank level and therefore 
environmental performance 
is assured and reported 
only at Bank level. 
In the 
context of minimising its 
environmental impact, 
the Bank 
has implemented 
an integrated 
action plan to 
reduce paper consumption 
and fully digitize its operations. 
As a result of these efforts 
in 2023, the paper 
supply 
amounted 
to 
188 
tons. 
In 
addition, 
the 
increase 
in 
the 
use 
of 
the 
e-statement 
service 
continued 
for 
another 
consecutive 
year, 
as 
more 
than 
190,000 
additional 
e-Banking 
users 
chose 
e-statements, 
resulting 
in 
the 
additional 
savings 
of 
420,000 
physical 
statements. 
The 
Bank’s 
financial 
savings 
from 
the 
discontinuation 
of 
physical statements are 
also substantial, amounting to €38m since the 
service became 
available. 
According 
to its 
Water 
Management Policy, 
the 
Bank aims 
to responsibly 
manage the 
use of 
water 
resources 
and efforts 
for 
savings. In 
2023, 
the 
water 
consumption 
amounted to 
54,894m
3
, which 
represents 
a marginal 
increase of 0.80% compared 
to 2022. 
In 
the 
view 
of 
circular 
economy 
and 
the 
Bank’s 
commitment 
to 
implementing 
comprehensive 
waste 
management practices, 
aiming to recycle 
or redirect all solid 
waste it generates, 
the Bank has achieved 
a 3.9% 
decrease 
in the 
total 
waste 
directed 
to landfill 
and 
has 
concurrently
decreased 
total 
solid 
waste 
(recycled 
& 
domestic) by 9.3% 
compared to 2022. 
The Group 
is actively involved 
in a series of International and European 
initiatives for 
environmental protection 
and Sustainable Development, such as 
the EU Eco-Management and 
Audit Scheme (EMAS) and 
the Mastercard’s 
Priceless Planet Coalition global 
initiative. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Energy and Emissions Management 
The 
importance 
of 
Climate 
Change 
makes 
energy 
consumption 
monitoring 
one 
of 
the 
most 
important 
environmental 
priorities 
of 
the 
Bank. 
The 
Bank 
implements 
a 
certified 
Energy 
Management 
System 
(EMS) 
in 
accordance with the 
ISO 50001 standard, with the purpose of responsible 
energy management in all the 
Bank’s 
facilities (it concerns all the Bank’s Administration 
Buildings / Branches and covers 100% of its operations), which 
aims to 
minimize energy 
cost, the 
environmental 
impact 
of harmful 
greenhouse 
gas emissions, 
as well 
as the 
depletion of fossil fuels. 
In accordance 
with the 
applicable 
legislative 
requirements 
(Greek 
Climate Law 
4936/2022) and 
international 
best practices, the 
Bank was certified according 
to the International 
Standard ISO 14064 for 
the quantification 
and 
reporting 
of 
greenhouse 
gas 
emissions 
(Category 
1-7), 
with 
the 
aim 
of 
the 
reduction 
of 
greenhouse 
gas 
emissions and its environmental 
footprint. 
The 
Bank 
also 
maintains 
the 
corresponding 
matching 
in 
line 
with 
the 
methodology 
of 
the 
“GHG 
Protocol 
Corporate Accounting and Reporting 
Standard” (Scope 1, 2 & 3). 
Through 
the 
certified 
management 
systems, 
Eurobank 
monitors 
its 
performance 
and 
minimises 
its 
carbon 
footprint by: 
• Setting specific targets. 
• Undertaking mitigation initiatives. 
• Designing and developing projects 
to protect the 
environment and improve 
the use of natural 
resources. 
In order to achieve 
these broader 
objectives, as well as 
the specific quantitative 
ones, environmental programs 
are designed and implemented within 
the Environmental Management System, while for energy and greenhouse 
gas emissions, actions 
are carried 
out within the 
Energy Management 
System. 
To this 
end, the Bank addresses 
its: 
• Identified negative impacts through 
in-house operations which contribute to the release 
of Greenhouse Gas 
emissions as a direct factor 
contributing to climate change. 
• Positive impacts through 
energy reduction 
and efficiency in operations. 
Direct 
Green 
House Gases 
(GHG) Emissions 
(Scope 1) 
result 
from 
the 
Bank’s consumption 
of natural 
gas 
and 
heating oil to heat 
buildings and the 
use of fuel for 
the Bank’s own 
vehicles for 
transportation within 
the Attica 
region. It also includes the data on fluorinated gases (F-gases) released by the air conditioning installations and 
automatic fire 
extinguishing systems 
of the 
Bank (fugitive 
emissions), as 
well as 
the greenhouse 
gas emissions 
from the use 
of leased company cars by the 
Bank’s employees. 
Eurobank 
is undertaking 
the 
complete replacement 
of its 
vehicle 
fleet, 
offering 
users 
purely 
electric 
or hybrid 
vehicles. By the end 
of 2025, 75% of the 
fleet will be replaced, and within 
a 4-year period, 
all corporate vehicles 
will be electric or hybrid electric. 
Regarding 
electric energy 
use (indirect 
emissions - 
Scope 
2), the 
Bank calculates 
its emissions 
using both 
the 
location-based 
and market-based 
methods, using 
national annual CO
2
 
emission conversion 
factors. The 
Bank, 
demonstrating 
a 
long-term 
commitment 
to 
environmental 
and 
energy 
management, 
displayed 
remarkable 
reflexes, during the current 
energy crisis. 
To achieve its target of a 10% 
reduction in electricity consumption, cumulative for the years 2022-2023, Eurobank 
has taken various actions, 
including: 
• Replacement of air conditioning/ventilation systems and lighting in 120 locations in 2022 and in 55 branches 
and 2 office buildings in 2023. 
• Replacement of over 3,500 lights with new LED technology, conversion of air conditioning systems to 
inverter, 
and a series of energy-saving interventions, especially in the Data Center of the building complex in Nea Ionia. 
• Self-production 
of energy 
through the 
construction of photovoltaic 
panels on the 
roof of the 
same complex 
and the Bank's building in Menidi, while efforts 
for licensing autonomous RES installations 
are underway. 
• Central temperature 
control programming. 
• Transition 
of IT applications from 
physical servers 
to cloud environments. 
• Deactivation of illuminated signs at 
branches during nighttime 
hours. 
In this 
context, in 2023 
the total 
electricity consumption 
was at 
34,721 ΜWh 
decreased 
by 9.38% 
compared to 
2022, 
exceeding 
the 
target 
of 
3% 
decrease 
set 
for 
2023. 
The 
attainment 
of 
16% 
reduction 
for 
electricity 
consumption 
cumulatively 
for 
the 
years 
2002 
and 
2023, 
exceeds 
Eurobank’s 
declared 
commitment 
for 
10% 
reduction for 
the same period. 
Additionally, 
natural gas consumption was at 
2,269 MWh, decreased by 28.25%, 
while 
the 
declared 
target 
for 
Electric 
Energy 
consumption 
for 
2024 
is 
a 
decrease 
by 
5%. 
The 
total 
energy 
consumption (all energy sources) 
was decreased by 10.88% compared 
to 2022. 
Furthermore, 
98.04% 
of total 
electricity 
consumed 
was sourced 
by 
Renewable 
Energy 
Sources 
(RES), 
certified 
through “Guarantees of Origin”, while the same process 
will continue for 2024. Compared to 2022, this indicator 
was improved 
by 0.15%. 
Τhe total 
energy consumption 
per employee 
was 6,159 
(KWh/employee), decreased 
by 
8.14% while total 
energy consumption 
by surface 
area was 141 (KWh/m
2
), also decreased by 9. 
4%. 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
direct greenhouse 
gas emissions (scope 
1) in carbon 
equivalents was 
at 2,262 tCO
2
e, decreased 
by 4.43%, 
while the 
indirect 
(scope 
2) was 
at 
18,545 tCO
2
e also 
decreased 
by 
9.38%. 
The 
declared 
target 
for 
emissions 
reduction for 
2024 is -2% for Scope 1 and -5% for 
Scope 2. 
Regarding Operational 
Scope 3 emissions, 
the Bank 
monitors multiple emission 
categories related 
to business 
travel, 
employees’ 
commuting, 
waste 
generated, 
transportation 
and 
distribution 
of 
goods, 
as 
well 
as 
cloud 
computing usage. Operational 
scope 3 emissions are 
calculated at 3,912 
tCO
2
e representing a 
25,3% decrease 
compared to 2022. 
As of 31 
December 
of 2023, 
nineteen buildings 
of the 
Bank are 
certified 
as "green" 
according to 
LEED/BREEAM 
standards. Certified properties 
have been included in the 
SBC Yearbook 
for Green Buildings. 
Recently, 
Eurobank's 
headquarters 
moved 
to a 
new, 
privately owned 
building in 
the 
historic center 
of Athens. 
Eurobank 
underwent 
a 
radical 
reconstruction 
and 
energy 
upgrade, 
transforming 
it 
into 
a 
modern 
"green" 
building 
with 
high 
aesthetics 
and 
standards, 
incorporating 
bioclimatic 
features 
in 
line 
with 
international 
standards. 
This 
choice 
underscores 
Eurobank's 
commitment 
to a 
modern 
approach 
to resource 
management 
with 
a 
focus 
on 
Sustainability. 
The 
relocation 
to 
the 
new 
Headquarters 
building 
has 
a 
direct 
and 
significant 
effect 
on the 
environmental 
impact, including 
a 37% 
reduction 
in energy 
consumption per 
employee 
or a 
47% 
reduction in energy 
consumption per square meter. 
The environmental performance 
data may be modified as per the outcome of the assurance engagement of the 
Environmental Report disclosures. The 
final data will be available in the Annual Business & Sustainability Report 
2023. 
Further 
to 
issuance 
of 
new 
emissions 
conversion 
coefficients 
from 
the 
Ministry 
of 
Environment, 
the 
environmental 2022 data regarding GHG emissions are restated. 
Changes in conversion coefficients may affect 
the emissions targets. 
Employee and Social Matters 
Employee Engagement 
Group’s 
employees 
constitute 
its 
greatest 
asset 
as 
far 
as 
development 
and 
sustainability 
are 
concerned. 
Starting 
from 
its 
recruitment 
process, 
the 
Group 
aims 
to 
establish 
a 
long-term 
and 
mutually 
beneficial 
relationship 
with 
every 
employee. 
As 
of 
31 
December 
2023, 
the 
Group 
employed 
10,728 
(Dec.2022: 
11,328) 
employees of which 4,405 (Dec.2022: 5,060) abroad. 
To 
ensure 
equal 
and 
fair 
opportunities 
to 
all 
employees, 
the 
Group 
follows 
several 
guidelines 
surrounding 
Compensation & 
Benefits, Recruitment, 
People & Talent 
Development, 
Performance 
Management, Kniship 
and 
Health & Safety, 
Learning, Engagement & Communication. 
In 2022, the Bank launched 
three new policies 
on C-
Level 
Succession 
Planning, Diversity, 
Equity & 
Inclusion and 
Workplace 
anti-Violence 
& anti-Harassment 
, 
while 
its objective is to recruit and retain 
its employees regardless 
of race, religion, 
age, gender, 
sexual orientation or 
disability. 
The 
Group strives 
to ensure 
that its 
workforce 
reflects the 
communities in which 
it operates 
and the 
international profile of the organization. The Group recognizes that diversity is a key component 
of a responsible 
business 
strategy 
in 
support 
of 
its 
international 
operations. 
Related 
matters 
mentioned 
above 
are 
also 
addressed in the 2020 Code 
of Conduct & Ethics for the 
Group. 
The Group 
is constantly revising its compensation and benefits 
policies, taking into account market trends, and 
aiming to 
create 
a competitive 
offering 
that 
will attract, 
engage and 
retain its 
employees, 
while at 
the 
same 
time complies to all regulatory and legal requirements. As a result, the basic principles of the compensation and 
benefits framework 
which ensure 
alignment between 
individual objectives 
and the 
Group’s 
business strategy, 
as well as the long-term 
value creation for 
the shareholders, 
are the following: 
a)
Ensure gender-neutral 
compensation policies. 
b)
Safeguard that total reward is sufficient for retaining and attracting executives 
with high skill and expertise. 
c)
Ensure internal equity between 
Business Units. 
d)
Avoid taking excessive 
risks, including direct and indirect sustainability risk. 
e)
Link compensation with long-term 
performance. 
Furthermore, 
the 
Bank has 
set up 
the 
Eurobank 
Group's 
Occupational 
Pension 
Fund, seeking 
to provide 
long-
term 
support 
to 
all 
its 
employees, 
while 
committing 
to 
strong 
ESG 
standards. 
The 
establishment 
of 
the 
Occupational 
Pension 
Fund 
(OPF), 
acting 
as 
an 
additional 
pillar 
of 
a 
modern 
Retirement 
Scheme, 
allows 
all 
Group 
employees 
to participate 
on a 
voluntary 
basis. Following 
a written 
agreement 
between 
the employees 
and the employer, 
the OPF is set up as 
a Private Legal Entity 
to work in tandem and complement the mandatory 
Public Pension System. 
Internal Job Market (IJM)/ Internal 
Mobility 
The 
Bank 
focuses 
on 
deploying 
its 
existing 
workforce 
to 
meet 
internal 
staffing 
needs, 
according 
to 
their 
qualifications. 
In 
this 
context, 
the 
Bank 
actively 
promotes 
equal 
opportunities 
for 
all 
employees 
to 
fully 
participate 
in 
IJM, 
regardless 
of 
role, 
level 
and 
general 
division. 
In 
2023, 
76 
Job 
openings 
were 
published 
in 
Internal Job Market, 300 internal 
candidates applied and 48% of job vacancies 
in Greece were 
filled internally. 
Learning 
Building 
and 
strengthening 
professional 
expertise 
with 
updated 
skills 
and 
capabilities, 
as 
well 
as 
providing 
modern learning 
curriculums 
and methodologies 
constitute a 
major priority 
for the 
transformation 
strategy 
of 

 
 
 
 
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the 
Group. 
The 
Group’s 
leading Learning 
Management 
System offers 
enhanced 
self-service 
capabilities 
to all 
employees that 
boost learner engagement, 
while redefining and upgrading the 
knowledge and skills needed in 
the workplace 
(reskilling & upskilling). 
The size of investment 
in learning for 2023 is reflected 
briefly in the following 
indicators: 
a)
The total 
number of learning participations reached 
84,659 in Greece, 
b)
The total 
number of training hours exceeded 
206,500 hours for employees 
working in Greece, 
c)
Over 
83% 
of 
the 
learning 
activity 
regarding 
employees 
working 
in 
Greece 
takes 
place 
online 
or 
through 
virtual classrooms. 
Upskilling, 
capitalizing 
on technology 
and 
learning certifications 
constitute 
the 
axes of 
the 
strategic 
learning 
framework 
of the Group. 
More specifically: 
a)
LinkedIn Learning Solutions: The 
strategic partnership with 
LinkedIn Learning allows all Group employees 
in 
Greece 
to access 
the platform’s 
online learning 
courses and 
highlights the 
Group’s 
actual commitment 
to 
addressing current 
needs of 
the 
current 
era 
and helping 
its people 
further 
develop 
their 
skills. In 
addition, 
The 
Group has 
extended its 
partnerships 
with other 
internationally 
recognized 
learning platforms 
such as 
Interskill, Microsoft LxP and Udemy, 
offering 
thousands of courses on cutting-edge technologies. 
b)
Leadership 
skills: The 
Group’s 
Top 
Management 
and the 
Heads of 
the 
Group’s 
subsidiaries get 
the 
latest 
information 
from the 
world of business 
while they 
get the 
opportunity to connect 
and communicate 
online 
about 
the 
latest 
trends 
in 
strategic 
leadership 
transformation. 
During 
2023, 
emphasis 
was 
placed 
on 
handling 
strategic 
complex 
challenges 
within 
a 
VUCA 
environment 
and 
the 
rise 
of 
technological 
issues, 
around 
Cloud 
governance 
and 
Security. 
In 
addition, 
a 
specialized 
management 
development 
program, 
addressed to 
Retail Branch 
Network’s Area 
managers, aims at 
the successful 
transition to 
a new 
model of 
people-based leadership, aligned with 
Group's principles. 
c)
Code of Conduct 
& Ethics (CoCE): 
a digital learning 
program for all Group’s employees in Greece and Cyprus, 
aiming to 
establish a 
baseline 
knowledge 
of Eurobank’s 
code of 
conduct & 
ethical 
standards, 
in order 
to 
reinforce 
professional ethical 
culture (associated with ESG indicators). 
d)
Anti-money laundering (AML) Workshops: in 
collaboration with ICA (Internal Compliance Association), highly 
practical 
and interactive 
virtual workshops, addressing 
approximately 1,000 
managers in Retail, 
Corporate 
and Private 
Banking Networks, 
as well 
as all 
AML related 
central 
units. Moreover, 
Anti-money 
laundering 
(AML) video-based workshops, addressing approximately 4,000 
employees in the above mentioned business 
and central units. 
e)
Preventing 
and 
managing 
Violence 
& 
Harassment 
in 
the 
workplace: 
a 
digital 
learning 
initiative 
for 
all 
Group’s 
employees 
in Greece, 
aiming to 
acknowledge behaviors 
and effects 
of Violence 
& Harassment 
at 
work, and 
develop 
the 
appropriate 
actions for 
the 
safety 
of the 
working environment. 
Moreover, 
a virtual 
workshop for 1,.250 Managers launched in 
October 2023, providing practical knowledge and skills to 
prevent 
and manage the behaviors and 
incidents of Violence 
& Harassment in their 
team. 
f)
“This 
is how 
we Hybrid”: 
a blended 
learning experience, 
consisting of 
3-modules, that 
supports employees 
participating in the 
hybrid working model to develop 
essential skills (growth 
mindset, energy 
management 
and teaming in hybrid) 
g)
Cybersecurity 
awareness: 
all 
newcomers 
in 
Greece 
have 
the 
assignment 
to 
complete 
a 
digital 
learning 
program 
that 
provides 
awareness 
on cyber 
security issues, 
so that 
they 
can recognize 
potential 
risks and 
apply the 
right practices. 
In addition, 
the 
same 
assignment 
applies 
for 
all the 
Group’s 
Top 
Management 
and the 
Heads 
of the 
Group’s 
subsidiaries 
in Greece, 
while an 
in-class Cyber 
-War 
game 
live 
workshop 
is 
delivered for 
ExBo members, General 
Managers and CEO’s - Subsidiaries in Greece. 
h)
“PROSPER”: a 
customized talent development 
program 
aiming to equip 
the talent 
pools with 
future-proof 
leadership skills and state of the art knowledge and experiences 
in numerous fields such as ESG, Innovation 
and Strategy. 
Within 2023 Prosper 
-Class 2022 was completed. 
i)
ESG Thinking: 
a 3-module digital 
learning program 
with the 
aim to increase 
awareness on 
all ESG related 
matters, as well as familiarize 
all employees on the 
Group’s strategic 
priorities around the 
ESG agenda. 
j)
Role-specific 
certification 
of 
knowledge 
and 
skills: 
The 
Group 
supports 
its 
employees 
acquire 
all 
the 
professional and regulatory 
certifications required 
by their role within the 
organization, offering 
web-based 
courses and virtual classes to help them 
prepare for 
their certification 
exams. 
To 
fully 
meet 
employees’ 
and 
the 
Group’s 
learning 
needs, 
the 
Group 
implements 
policies 
and 
procedures 
certified 
according 
to 
the 
ISO 
9001 
standard. 
At 
the 
same 
time 
and 
since 
2015 
the 
Bank 
holds, 
the 
ACCA 
Approved 
Employer 
(Professional 
Development 
Stream) 
distinction, 
documenting 
the 
high learning 
standards 
provided to its employees. Aimed at empowering 
employees on more demanding roles 
and enhance leadership 
capabilities, 
the 
Group 
Human 
Resources 
Division 
designs 
and 
implements 
specialized 
programs, 
such 
as 
Development 
& 
Succession 
planning, 
Talent 
Development 
& 
Management, 
Career 
Development 
& 
Planning, 
Knowledge & Experience Sharing 
(mentoring & reverse 
mentoring). 
Talent 
Management Programme 
In 
2023 
the 
Bank 
concluded 
the 
assessment 
and 
implementation 
of 
the 
bank-wide 
Talent 
Management 
Programme, 
aiming at 
the 
identification, 
development, 
retention 
and effectively 
utilization 
of a 
robust 
talent 
pipeline. Also, it has designed and introduced 
new segmentation for 
the Talent 
pool with a focus on mobility as 
well 
as 
structured 
talent 
career 
discussions 
providing 
talents 
focused 
career 
plans
with 
mapped 
next 
career 
moves. Talent 
development programs 
aiming at upskilling and reskilling the 
Talent 
pool run across the 
Bank. 
Performance 
Management 
Performance 
Management 
in 
the 
Group 
has 
a 
transparent, 
consistent 
and 
effective 
framework 
concerning 
continuous improvement 
of the 
employees 
and aligning 
with the 
strategic 
objectives 
and values 
of the 
Group. 

 
 
 
 
 
 
 
 
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Its framework translates the Group’s strategy into tangible quantitative business goals (“what”) for all 
employees 
and supports a common culture by driving 
the Group’s organizational 
capabilities and qualitative competencies 
(“how”) throughout 
the organization. 
Performance 
Management is grounded 
on two main tools implemented 
in 
Greece& Cyprus and are formally implemented on SAP SuccessFactors 
access. Both tools have a developmental 
focus and continuous feedback 
on their core. 
Career Development 
Career Development 
is of great importance for 
the Group. 
In this context, the Group 
utilizes both Development 
Plans and Improvement 
Plans, giving value to a wide range 
of functionalities like 
Career Development. 
On that 
basis, 
employees 
can 
design with 
support by 
their 
manager and 
depending on 
their 
personal 
needs, 
either 
a 
Development 
Plan to support 
further 
their professional 
advancement 
and career 
planning or an 
Improvement 
Plan which 
serves 
as roadmap 
to enhance 
their 
performance 
and address 
areas 
needing 
improvement. 
Both 
Plans 
aim, 
through 
relevant 
training 
and 
development 
activities, 
to 
further 
develop 
employees’ 
skills 
and 
behaviors, bolstering their 
profile to match either 
their current 
role or a different 
one in the future. 
C-Level Succession 
Planning 
The 
Bank’s 
C-Level 
Succession 
Planning 
framework 
is 
assessed 
annually 
following 
a 
structured 
and 
comprehensive 
process, 
according 
to 
the 
guidelines 
of 
the 
Bank’s 
Nomination 
and 
Corporate 
Governance 
Committee 
and 
the 
BoD 
of 
the 
Bank. 
The 
Bank 
has 
a 
C-level 
Succession 
Planning 
Policy 
in 
place, 
to 
ensure 
executive ‘bench strength’ 
for the C-level 
roles aligned with the 
Group strategy, 
purpose and leadership culture, 
aiming to achieve business continuity 
and growth. 
Diversity, 
Equity & Inclusion 
In 2023, the 
Bank launced the 
2
nd
 
Season of Women 
in Banking (WiB) 
- Transforming 
Leadership, following 
the 
successful and multi-awarded 1
st
 
Season. WiB is a Leadership Acceleration 
program, focusing 
on how women at 
Eurobank 
can 
accelerate 
their 
progression 
to 
higher 
hierarchical 
positions, 
participate 
in 
transforming 
leadership within the Bank, and serve as ambassadors of an 
inclusive and non-discriminatory work environment. 
It's 
a 
program 
by 
women 
for 
women, 
combining 
mentoring 
with 
continuous 
learning 
through 
interactive 
workshops, virtual masterclasses, 
gaming, and other 
activities. 
In 2023 and for 
second consecutive 
year the 
Bank was included 
in the 
Bloomberg Gender 
Equality Index (GEI). 
This distinction reflects the 
Bank’s commitment to support responsible development 
without discrimination and 
its commitment in the application of 
Diversity, Equity & Inclusion criteria and more generally of ESG 
in all aspects 
of the Group's 
operations. 
Improving Employee 
Experience 
The Group, 
through the 
investment in the 
SAP SuccessFactors upgrades 
the working environment 
and expands 
the possibilities 
of cooperation. 
As part of the 
project, the 
basic technological infrastructure 
has been enriched 
with modern 
applications 
related to 
the acquisition 
of "talent" (talent 
acquisition) and 
performance 
appraisal. 
The 
applications 
of the 
SAP SuccessFactors 
platform 
improve 
the 
daily communication 
in the 
Group, 
increase 
the degree of autonomy and 
mobility of the users, 
while managers can monitor and manage their 
teams. More 
particularly, 
the 
functions 
are available 
both 
from 
the 
office 
space 
and "smart" 
devices 
and the 
users, among 
others: 
a)
Have access, wherever 
they are, to their 
personal profiles and contact details of 
their colleagues, 
b)
Register and manage with self-service 
process, license 
requests and change of personal data, 
c)
Have 
access 
to learning 
and training 
planning for 
themselves 
and their 
teams, can 
attend 
online courses 
and connect to online libraries that 
are available (Learning Management System), 
d)
Have access to a modern evaluation 
and continuous feedback application. 
Strengthening Dialogue 
& Information 
Eurobank’s 
internal corporate 
intranet serves 
as a vital 
resource 
for the 
employees, 
keeping them 
informed 
on 
all 
strategic, 
business, 
HR 
and 
technology-related 
matters. 
It 
is 
a 
digital 
platform 
that 
promotes 
the 
Bank’s 
actions 
and initiatives, 
providing 
the 
employees 
with 
immediate 
access 
to important 
information. 
Within 
the 
intranet, 
employees 
can 
peruse 
information 
pertaining 
to 
social 
issues, 
physical 
or 
virtual 
visits 
by 
the 
management team, corporate 
functions, as well 
as interviews conducted by 
the Group's 
management for 
both 
print 
and 
digital 
media 
etc. 
Additionally, 
to 
encourage 
internal 
social 
networking 
and 
the 
exchange 
of 
information 
and ideas, 
the Yammer 
platform 
is also 
available to 
the 
employees. 
To 
communicate 
its strategy 
and 
foster 
2-way 
dialogue 
between 
the 
management 
team 
and 
the 
employees, 
Eurobank 
held 
executive 
meetings, 
with 
extended 
number 
of the 
members 
of the 
management 
team participating. 
At the 
same 
time, 
visits 
took 
place 
in 
regional 
markets 
across 
Greece. 
Additionally, 
onsite 
visits 
from 
Retail 
Management 
took 
place in regional markets across Greece. Strengthening the Bank’s profile, as a modern and attractive employer, 
in 
the 
midst 
of 
a 
dynamic 
process 
of 
transformation 
both 
technologically 
and 
operationally, 
Eurobank 
also 
organised CEO Breakfasts. 
Remote Working 
In 2023, the Group maintained 
its pursuit of 
continuous improvement of the Hybrid Work Model, the combination 
of 
alternating 
between 
working 
on 
premises 
and 
at 
home. 
This 
effort 
aligns 
with 
the 
Group’s 
increasing 
environmental sensibilities, and the 
continued focus on a positive and modern employee 
experience. In order to 
further 
improve said experience, 
a questionnaire pertaining to how Group 
employees experienced 
the first year 
of 
officially 
working 
with 
the 
Hybrid 
Model 
and 
what 
suggestions 
they 
might 
have 
for 
its 
improvement, 
was 
launched. The 
results were 
resolutely positive, 
and in late 
2023, a 
few of 
the suggestions 
employees 
proposed, 

 
 
 
 
 
 
 
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such as the scheduling 
of remote work 
without needing manager 
approval, were 
implemented, showcasing 
the 
Group’s commitment 
to enhancing the Hybrid Model, despite 
its already successful run. 
Recognition and Reward Policy 
In acknowledgment 
of long-term 
loyalty, 
the 
Group 
bestows 
commendations 
upon 
its employees 
marking 
15 
and 25 years of dedicated 
service. 
Furthermore, 
Eurobank 
values 
highly 
education 
and 
recognises 
the 
importance 
of 
rewarding 
exceptional 
academic performance. 
In line with 
this, it has 
launched a merit 
-based reward 
programme 
for top-performing 
students, 
known 
as 
“Aristouchoi”. 
The 
programme 
awards 
monetary 
prizes 
to 
both 
the 
employees 
and 
their 
children who have achieved outstanding results in secondary school or higher education. 
Eurobank also extends 
this recognition to those who are pursuing postgraduate 
degrees or PhDs. Over the past 21 years, Eurobank 
has 
presented awards 
to more than 
3,500 deserving students. 
In 2023 Eurobank 
proudly presented 
356 awards for 
the 2021-2022 school/academic 
year. 
In alignment with the ethos of community engagement, the Group has established and 
actively backs the "Team 
Up" initiative, a voluntary 
program 
involving employee 
participation since 
2018. Throughout 
the year, 
a total of 
10 
events 
were 
organized, 
during 
which 
1,300 employees 
generously 
volunteered 
over 
2,358
hours 
of 
service, 
exemplifying the Group's 
commitment to giving back to the 
community. 
In 2023 Eurobank also established the 
Eurobank Running Team, 
a running team open to employees from across 
the 
entire 
organization. 
This 
initiative 
aims 
to 
facilitate 
interactions 
among 
colleagues, 
foster 
a 
sense 
of 
community and inclusion within the 
organization. 
Support at work - HR4U 
The 
call 
center 
“HR4U” 
supports 
the 
employees 
of 
the 
Bank 
and 
responds 
daily at 
each 
employee’s 
request, 
taking all 
the 
necessary 
actions for 
their 
best service. 
In 2023, 
more than 
27,673 
requests 
were 
seen to 
HR4U. 
Topics include 
a wide range of questions about benefits 
and programs, 
as well as urgent needs. 
Labour Unions 
The 
Group 
respects 
employees’ 
constitutional 
right 
to 
membership 
in 
Labour 
Unions. 
Six 
such 
Unions 
are 
currently 
active within 
the Bank, 
representing 
85,08% of 
the staff, 
i.e. 5,142 
employees. The 
most multitudinous 
of 
these 
Unions 
is 
recognized 
as 
the 
official 
representative 
Union 
in 
labour 
negotiations 
with 
the 
Bank’s 
Management. All 
employees 
of the 
Bank are 
employed 
full-time 
and covered 
by collective 
labour agreements 
(industry-wide 
and 
enterprise-level), 
while 
labour 
relations 
are 
regulated 
by 
the 
current 
laws 
and 
the 
Bank’s 
Statute 
of 
Internal 
Service. 
Furthermore, 
the 
Bank's 
Management 
cooperates 
with 
the 
labour 
unions 
and 
supports the 
scheduled working 
meetings to 
strengthen 
the dialogue 
and to 
monitor the 
developments 
in the 
working environment. 
Corporate Social Responsibility 
Driven by 
its sense of responsibility 
and commitment 
to giving back 
to society, 
the Group 
has made corporate 
responsibility 
one 
of 
the 
foundations 
of 
its 
strategic 
planning, 
which 
is 
directly 
linked 
to 
the 
UN 
Sustainable 
Development 
Goals 
(SDGs). 
Through 
its 
corporate 
responsibility 
strategy, 
and 
responding 
to 
the 
needs 
of 
today’s 
ever-changing 
environment, 
the 
Group 
aims 
to 
actively 
contribute 
to 
improving 
the 
economy 
and 
society where it operates, 
by adopting responsible practices 
that promote transparenc 
y 
and business ethics. 
The 
Bank has 
a 
solid 
framework 
of 
procedures 
for 
the 
implementation 
of 
its 
Corporate 
Social 
Responsibility 
(CSR) strategy, 
aiming at maximizing the 
value created by 
CSR initiatives and 
shielding the 
Organization from 
the 
possibility 
of 
corruption, 
conflict 
of 
interest 
and 
money 
laundering. 
The 
annual 
Corporate 
Social 
Responsibility 
action 
plan 
is 
approved, 
as 
part 
of 
the 
Marketing 
& 
Corporate 
Communication 
budget 
formulation process, 
by the Communication Committee (COMCOM) in which the 
CEO, the deputy CEOs and the 
Group General 
Manager of Marketing 
& Corporate 
Communication participate. 
Finally, all expenses 
related to 
sponsorships, 
donations 
and 
other 
Corporate 
Social 
Responsibility 
actions 
are 
subject 
to 
approval 
levels 
depending on the amount but also the 
criticality and importance for 
the Bank and their 
recipients. 
Corporate social responsibility 
is based on the following 
pillars: 
Education 
Education is a key pillar 
of the Bank's 
corporate responsibility strategy. 
In this context, 
in 2003 the Bank 
launched 
Moving Education 
Forward, 
according 
to which 
awards are 
provided 
to high-school 
graduates 
across 
Greece 
who achieve top marks in the annual national university entrance 
exams. In the last 21 years it has been running, 
a 
total 
of 
22,572 
students 
have 
been 
awarded, 
many 
of 
whom 
have 
gained 
recognition 
in 
the 
economic, 
academic 
and 
scientific 
life 
of 
Greece. 
The 
Bank awarded 
1.035 
top 
graduates 
during 
the 
2022-2023 
school 
year. 
Supporting the Society 
Moving 
Family 
Forward 
is 
a 
corporate 
social 
responsibility 
initiative, 
aiming 
to 
address 
the 
country’s 
demographic 
challenge, by providing 
young families 
with incentives 
for 
taking the 
decision to 
have children. 
It 
focuses on the eastern borders 
of Greece - Prefecture of Evros, North Aegean islands and the 
Dodecanesee and 
includes collaborations 
with non-governmental 
organisations (NGOs) for 
supporting future and young parents, 
offering banking products with favourable 
terms for customers in those areas and several actions for setting the 
demographic challenge higher 
in the agenda of public dialogue. 

 
 
 
 
 
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The Bank has announced that 
it will contribute directly and significantly to the restoration 
of the natural 
wealth 
of Rhodes which was affected by the catastrophic 
fires during the summer of 2023. In this context, it has funded 
a special study for 
prevention 
as well as 
anti-flooding projects 
in the affected 
areas of the 
island. Additionally, 
following 
the devastating 
floods in Thessaly, 
the bank has announced 
its substantial support of the 
restoration 
of 
the 
affected 
areas 
alongside 
the 
Hellenic 
Bank 
Association. 
The 
total 
support 
of 
the 
four 
systemic 
banks 
amounts 
to 
€50m. 
Moreover, 
the 
Bank 
has 
responded 
to 
the 
ever-increasing 
needs 
of 
the 
National 
Health 
System once 
more by 
proceeding 
with the 
construction of 
6 negative 
pressure units 
in the 
Special Respiratory 
Infections Unit of the 
Sotiria Thoracic 
Diseases Hospital of Athens. 
In 2023 the 
Bank supported 33 
NGOs and institutions 
operating 
across Greece, 
which mainly support children 
and 
vulnerable 
social 
groups, 
with 
the 
amount 
of 
€440,000. 
In 
addition, 
it 
has 
been 
steadily 
supporting 
the 
important 
work 
of the 
PNOE – 
Friends of 
Children's 
Intensive 
Care 
non-profit 
association, 
helping 
it meet 
its 
objective, 
which 
is 
to 
create 
and 
equip 
paediatric 
Intensive 
Care 
Units 
(ICUs) 
and 
to 
support 
children 
hospitalised in ICUs and their parents. 
In particular, 
in 2000 the Bank launched 
the EuroLine 
card and has since 
been donating 0.20% of the total value 
of transactions carried 
out by EuroLine cardholders 
to this cause. 
Access to financial services 
for all /Financial inclusion 
As 
part 
of 
the 
EaSI 
programme 
for 
employment 
and 
social 
innovation, 
the 
Bank 
has 
been 
working 
with 
the 
Action Finance Initiative (AFI), providing micro 
-credit facilities (up to €12,500 per individual) to support the long-
term unemployed, 
vulnerable 
social groups 
and businesspeople 
with limited 
access to 
bank loans. 
This 
way, 
it 
offers 
them the 
opportunity to create 
their own job 
(self-employment) 
or establish small businesses resulting 
in 
the creation of new jobs.
In 2023, 
through the AFI, 88 entities have been 
provided with credit facilities amounting 
in total to € 0.99m, 
with favourable 
terms, which are guaranteed by the EIF. 
we have strategically forged 
alliances 
with esteemed partners.
Digital literacy and inclusion 
The 
Bank has 
launched the 
“Eurobank 
Digital Academy 
for 
Business”, a 
resource 
hub on 
digital skills for 
Greek 
companies’ 
technology 
as a 
key 
enabler, 
and digital 
transformation 
as a 
growth 
strategy 
and a 
competitive 
edge. Since 2019, 
19 events have been held with 1,685 participations, 
of which 3 events with 1,023 participants in 
2022. In 
addition, the Bank has 
created a dedicated hotline for digitally 
illiterate elder groups who wish to 
access 
its digital channels. 
Supporting entrepreneurship and 
innovation 
The 
Bank 
actively 
contributes 
to 
economic 
growth 
and 
recognises 
the 
importance 
of 
entrepreneurship 
as 
a 
major 
lever 
for 
the 
expansion 
of 
the 
Greek 
economy. 
It 
focuses 
on 
supporting 
the 
extroversion 
of 
Greek 
businesses 
and 
encouraging 
new 
business 
initiatives. 
In 
this 
context, 
the 
Bank 
has 
launched 
Exportgate, 
an 
international trade 
portal that promotes 
the business networking 
of Greek and Cypriot companies 
worldwide. 
In a strategic partnership with Banco Santander for Global Trade, 
the Bank has joined the “Trade Club Alliance”, 
the first 
Global Digital Business 
Interconnection 
Network, supported 
by 13 international 
banking groups. 
Using 
artificial intelligence 
and other 
technologies, the 
network 
connects more 
than 22,700 
businesses in 
more than 
60 countries. 
In 
2016 
the 
Bank, 
in 
partnership 
with 
Grant 
Thornton, 
established 
the 
Growth 
Awards 
to 
award 
business 
excellence 
as a 
growth 
lever 
of the 
Greek economy. 
To 
date, the 
7 Growth 
Awards 
ceremonies 
have awarded 
44 of the most robust 
Greek enterprises. 
In the area 
of innovative youth 
entrepreneurship, the 
Bank has established 
the egg-enter•grow•go 
initiative, a 
comprehensive 
business incubation 
and acceleration 
programme, 
in partnership 
with 
Corallia. 
Since 
2013 the 
egg 
has 
been 
continuously 
helping 
the 
Greek 
startup 
community 
to 
improve 
its 
competitiveness 
within 
a 
challenging 
global 
market, 
under 
3 
main 
pillars 
extroversion, 
financing 
and 
business 
networking. 
It 
has 
been 
playing a crucial role in shaping the Greek startup scene, boosting innovative entrepreneurship 
through the egg 
Start-Up (incubator) 
and egg 
Scale-Up 
(accelerator) 
platforms. 
In particular, 
its business 
and social 
footprint 
includes, among other: 
a)
More than 
€12m has been 
invested in the 
egg accelerator 
by the 
Bank, €3.2m which has 
been provided 
by 
the 
Bank 
as 
financing 
to 
49 
egg 
startups, 
and 
€45.8m 
in 
equity 
funding, 
which 
has 
been 
drawn 
by 
67 
businesses, 
b)
350 startups which have 
been created through 
the egg, 183 startups 
which have become 
businesses, 101 of 
which 
with 
a 
combined 
turnover 
of 
€12,25m.
Specifically, 
during 
2023, 
36 
startups 
have 
been 
created 
through the 
egg and 29 startups have become businesses. 
The Corporate Social Responsibility actions are described in the Annual 
Report 2022 – Business 
& Sustainability, 
which is published on www.eurobankholdings.gr. 
Respect of Human Rights 
The Group, 
in accordance with its 
Statement of Human 
Rights, is committed 
to respecting and 
promoting human 
rights and to avoid unintentionally causing 
or contributing to adverse human rights impacts 
that may affect 
its 
employees, suppliers, contractors, 
clients and other parties directly linked to its operations, 
products or services. 
In line with international leading practice, it has established pertinent policies and procedures, such as the Code 
of Conduct 
and Ethics, 
that 
reflect 
this 
commitment. 
The 
Group 
acknowledges 
the 
UN Guiding 
Principles on 
Business & Human Rights and, in particular, 
the corporate 
responsibility to respect human rights. 

 
 
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One of the most important priorities for 
the Group is to ensure 
that all employees are 
treated with respect and 
dignity, 
including the 
exclusion of 
forced 
and child 
labor, 
fair and 
equitable compensation 
and working 
hours, 
freedom of 
association, 
data privacy 
and respect 
of freedom 
to act. 
In addition, 
a safe, 
healthy 
and inclusive 
work 
environment 
is 
promoted. 
The 
Group 
applies 
a 
zero-tolerance 
approach 
for 
any 
forms 
of 
violence, 
harassment 
and 
sexual 
harassment 
in 
the 
workplace 
and 
such 
violations 
are 
strictly 
prohibited 
for 
all. 
In 
addition, the Group engages with suppliers and external providers / contactors who respect human rights, labor 
rights, employment laws and environmental 
regulations. 
A 
strong 
relationship 
of 
trust 
that 
respects 
human 
rights 
is 
cultivated 
in 
all 
of 
the 
Group’s 
activities 
with 
its 
customers. 
Key 
elements 
of 
maintaining 
responsible 
customer 
relationships 
include 
responsible 
provision 
of 
information 
and customer 
service, 
personal data 
protection 
and complaints 
management. The 
Group applies 
the 
regulatory 
framework 
and the 
Banking Code 
of Conduct 
and has 
control 
mechanisms 
in place 
to ensure 
compliance with the 
legislative framework. 
The Group ensures that individuals (e.g. employees, customers) can exercise 
their rights regarding their personal 
data. It implements appropriate technical and 
organizational measures, which are designed to 
implement data-
protection 
principles, in 
an effective 
manner and 
to integrate 
the necessary 
safeguards 
into the 
processing 
in 
order 
to meet 
the 
requirements 
of the 
General 
Data 
Protection 
Regulation (GDPR) 
and any 
other 
applicable 
privacy legislation and protect 
the rights of individuals. 
All of the 
Group’s 
stakeholders 
are encouraged 
to bring to 
the Group’s 
attention instances 
where 
its business 
services 
have 
potential 
or 
real 
human 
rights 
impacts. 
The 
Group 
applies 
the 
Policy 
of 
Reporting 
Unethical 
Conduct 
in 
line 
with 
which 
any 
actual, 
attempted 
or 
suspected 
unethical 
conduct 
can 
be 
reported 
by 
any 
member of the 
Group’s staff 
and concerned third 
parties. 
Supply Chain 
The Bank has established 
and implements a Procurement 
Policy, 
which sets out the general 
principles and rules 
governing the 
procurement of goods and services. 
Its implementation ensures the 
transparency, 
objectivity and 
integrity 
of 
procurement 
execution, 
while 
ensuring 
suppliers' 
compliance 
with 
applicable 
local, 
national 
and 
international 
legislative 
and 
regulatory 
requirements, 
through 
appropriate 
mechanisms, 
as a 
prerequisite 
for 
starting and 
maintaining a 
business 
relationship 
with 
them. 
In addition, 
the 
establishment 
of an 
Outsourcing 
Policy ensures the 
effective 
monitoring of third party relations 
based on the relevant 
risks that arise. 
The 
Bank 
operates 
with 
a 
centralized 
and 
upgraded 
procurement 
model, 
which 
covers 
both 
domestic 
and 
foreign 
subsidiaries, 
managing 
requests 
for 
procurement 
of 
goods 
and 
services 
through 
a 
single 
purchasing 
system as well 
as a contract 
management system, 
which facilitate 
approval flows, 
while achieving 
efficiency in 
the execution of purchases 
, 
based on the final bidder principle, as well 
as in the finalization of new 
assignments 
or renewals 
and contracts. 
For 
the 
most effective 
monitoring of 
contract 
completion, Group 
Procurement 
Unit 
established a 
special indicator based 
on which the 
time of completion 
of a contract 
is recorded 
from the 
date 
of dispatch of the relevant assignment (supply, 
work or services) to the supplier. 
In addition, in order to minimize 
its 
environmental 
footprint 
and 
efficiency, 
the 
Bank 
uses 
an 
electronic 
invoicing 
system, 
in 
cooperation 
with 
specific suppliers 
, 
while at 
the 
same time, 
electronic 
auctions are 
conducted for 
the 
supply of 
certain 
types of 
goods and services. 
Group Procurement 
Unit evaluates 
the Bank's 
suppliers on the 
basis of qualitative 
and quantitative 
criteria, in 
order 
to assess 
risks such 
as the 
quality of 
services, 
the 
financial condition, 
business continuity 
of the 
supplier 
and its 
legal/regulatory 
compliance. Specifically, 
on an 
annual basis, 
it measures 
and weights 
all key 
financial 
data 
from 
suppliers' 
balance 
sheets, 
while 
supplementing 
the 
evaluation 
with 
qualitative 
data, 
such 
as 
ISO 
certifications, 
through 
special targeted 
questionnaires to 
specialized evaluators 
from various 
business units 
of 
the Bank 
together 
with evaluators 
of the 
Procurement 
Unit. In the 
end, a weighted 
objective 
score is obtained 
for each supplier 
reflecting the progress 
and quality of the relationship 
between the Bank and the 
supplier. 
In addition, the 
Bank monitors through 
Procurement 
Unit operational 
key risk indicators, 
such as suppliers with 
low ratings 
as well 
as complaints 
from 
internal customers 
and suppliers 
that 
have not 
been resolved 
on time, 
with the aim of initiating 
corrective 
actions. 
In addition, 
for reasons 
of transparency 
and safeguarding 
the interests 
of the 
Group, the 
Bank adheres 
to the 
Due Diligence 
process 
for 
the 
inclusion of 
a new 
supplier 
in the 
Bank. Based 
on this 
process, 
the 
new 
entrant 
supplier is obliged, 
among other conditions, 
to submit published financial statements and all 
necessary financial 
data for 
a period 
of three 
years, information 
on the 
legal form 
of the 
company, its 
beneficial owners 
and legal 
representatives, 
as well as regulatory 
certifications 
it holds, aiming at 
the completeness 
of a supplier's file 
with 
the Bank. 
On 
an 
annual 
basis, 
the 
Bank conducts 
an 
evaluation 
for 
IT 
suppliers, 
consulting, 
technical 
and 
construction 
services, as well as for 
other goods and services, 
maintaining, 
for quality and risk management reasons, specific 
indicators that measure 
the degree of dependence of suppliers and the 
Bank on the relationship between 
them 
in terms of the total turnover 
of each party. In addition, in the 
context of enriching and updating its relationship 
with suppliers, the competent unit for business customers of the Bank provides information 
and feedback on the 
corporate relationship 
of each supplier, 
in order to have a complete pictu 
re of the relationship 
with a supplier. 
As a rule, if during the evaluation of suppliers 
a low score of one of them is derived, 
then an exploratory process 
and actions are followed 
to improve 
the products 
/ services provided 
or potentially replace these 
suppliers. 

 
 
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The Bank’s suppliers and respective relations with each of them are reviewed 
at regular intervals through formal 
procedures. 
The Procurement 
Committee ensures that 
the relevant 
procedures are 
followed, 
both in relation 
to 
the necessity 
of the procurement 
and in terms of the containment 
of operating costs. 
In the context of the 
implementation of Sustainable Procurement 
practices, ESG criteria 
have been established 
for 
the 
tendering 
process 
of both 
IT and 
non-IT goods 
and services, 
in accordance 
with 
the 
provisions 
of the 
tendering procedure. 
Factors related to the 
impact of a product/ service/ project 
on ESG issues of the company 
/ supplier, are taken into account. As such, 
contributing to the protection of the environment, green development 
and the local community is considered 
to have a positive effect. 
In 
addition, 
regarding 
governance 
factors, 
certifications 
are 
requested 
from 
suppliers 
(e.g. 
ISO 
9001, 
14001, 
50001), as well as disclosures regarding their 
operating footprint, 
ESG Ratings results and Sustainability Report. 
According 
to 
the 
applicable 
procedure, 
these 
criteria 
are 
incorporated 
in 
a 
specific 
section 
on 
Requests 
for 
Proposals (RFPs)/ Requests for 
Quotations (RFQs) and 
are examined during the 
technical evaluation phase. 
The overall 
objective is to select, where 
possible, environmentally and socially 
responsible goods from suppliers 
that 
are 
aligned 
with 
those 
principles. 
Procurement 
processes 
are 
part 
of 
the 
Bank's 
certified 
Management 
Systems in 
accordance 
with the 
international 
standards 
ISO 9001, 
ISO 14001 
and ISO 
50001. Furthermore, 
the 
Bank cooperates 
mainly with 
suppliers 
that 
are active 
and registered 
or have 
an office 
in Greece, 
promoting 
and supporting the local economy. 
It is 
noted 
that 
in 2023, 
the 
Bank, through 
the 
Group 
Procurement 
Unit, wishing 
to promote 
the 
principles 
of 
sustainable procurement, initiated 
the necessary actions for certifying 
its sustainable procurement practices 
as 
per 
the 
international 
standard 
ISO 20400 
(Sustainable Procurement 
Management 
System), thus 
contributing 
positively 
to 
society 
and 
the 
economy 
through 
making 
sustainable 
purchasing 
decisions 
and 
encouraging 
suppliers and other 
stakeholders to do the 
same. 
Anti -Corruption and Bribery
Actions against corruption 
and bribery incidents 
The 
Group is 
committed to pursuing 
the fundamental 
values of integrity, 
transparency 
and accountability. 
It is 
also committed to safeguarding its reputation 
and client base. 
The 
Group 
follows 
best business 
practices, 
having accepted 
and integrated 
in its 
culture 
the 
ten principles 
of 
the 
UN 
Global 
Compact. 
The 
10th 
principle 
on 
Anti-Corruption 
states 
that 
“Businesses 
should 
work 
against 
corruption 
in all its 
forms, including 
extortion and 
bribery”. The 
Group has 
adopted a zero 
tolerance 
approach 
against 
all 
types 
of 
fraud, 
including 
bribery. 
In 
accordance 
with 
the 
relevant 
legislation, 
the 
Group 
prohibits 
bribery in any form 
either 
direct or indirect 
(through a 
third party). The 
principle of zero 
tolerance 
applies to all 
staff 
and 
prohibits 
all 
forms 
of 
bribery, 
whether 
active 
or 
passive, 
direct 
or 
indirect 
and 
is 
also 
reflected 
in 
contractual documents 
adopted when entering 
into relationships 
with third 
parties, either 
natural or legal. 
The 
principle of zero 
tolerance 
also applies to clients of the 
Group, as the 
Organisation for 
Economic Co-operation 
and Development (OECD) 
anti-bribery convention 
is followed. 
In this context, the Group has adopted the following 
policies and procedures to govern 
the treatment of bribery 
and corruption cases 
encountered: 
a)
Code of Conduct and Ethics, 
b)
Anti-Bribery & Corruption 
Policy (policy statement 
is posted on the Group’s 
website), 
c)
Policy for 
Reporting Illegal or Unethical Conduct, 
d)
Management of Sponsorships and Donations. 
Recognizing that any involvement 
in cases of bribery not only constitutes a crime, but also reflects 
adversely on 
its reputation and client base, the Group takes 
the following 
measures aimed at limiting its exposure to bribery: 
a)
Setting out a clear approach to deal with 
the risk of bribery, 
b)
Establishing a robust system of internal 
controls that 
does not tolerate 
bribery and corruption, 
c)
Establishing mechanisms for 
monitoring potential incidents of bribery, 
d)
Providing 
confidential reporting 
mechanisms and 
encouraging 
their 
use by 
both staff 
and third 
parties by 
setting out measures for 
their protection. 
e)
Providing 
ongoing 
training 
and 
briefing 
to 
staff 
on 
the 
prevention 
and 
identification 
of 
bribery 
and 
corruption incidents. 
Group 
Compliance 
is responsible 
for 
issuing policies 
and procedures 
to combat 
bribery and 
corruption 
cases. 
Each unit of the 
Bank is responsible for 
complying with the 
existing policies. Internal 
Conduct & Ethics of Group 
Compliance 
carries 
out 
risk 
assessment 
exercises 
on 
anti-bribery 
and 
anti-corruption 
issues 
and 
performs 
specialized 
monitoring 
exercises 
for 
potential 
violations. 
Forensic 
Audit 
& 
Special 
Projects 
of 
Group 
Internal 
Audit investigates all cases 
of suspected internal fraud 
/ corruption. 
Actions against Money Laundering 
(ML) and Terrorist 
Financing (TF) 
Money Laundering 
(ML) and 
Terrorist 
Financing (TF) 
activities are 
threats 
against the 
integrity and 
stability of 
the international financial system that may cause significant economic losses and reputational damages for the 
Group. The Group 
has responsibility towards its customers, 
shareholders, and authorities to conduct business in 
a lawful and ethical way. 

 
 
 
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Based on 
the implementation of the Anti-money laundering/ combating the financing 
of terrorism and Sanctions 
Policy (the Policy) and of a 
set of 
interpretative documents, the Group aims at achieving the following objectives: 
a)
Maintaining its integrity, credibility, 
and reputation
against such threats, 
b)
Implementing internationally 
accepted best practices, 
c)
Implementing and complying with all the 
legal and regulatory requirements 
that govern 
its operations, 
d)
Ensuring that 
its business, channels, 
products, and 
services are 
not used, intentionally 
or unintentionally, 
to 
facilitate ML and/or TF, 
e)
Ensuring that sanctions measures 
and controls assist in applying effectively 
applicable regulation, 
f)
Ensuring that adequate processes, systems, and controls are in place, up 
to date and fit 
for purpose, in order 
to detect, prevent and 
deter any activities related to ML/ TF and Sanctions violations. 
The 
requirements 
set forth 
in the 
Policy apply 
to the 
Group, 
including all its 
staff, 
all its functions 
and units, 
as 
well as third parties 
who are given access to Group’s 
information and premises. 
The 
Group’s 
AML/CFT 
and 
Sanctions 
Control 
Framework 
includes 
policies, 
guidelines 
and 
procedures 
for 
conducting business 
activity consistent 
with 
legal and 
regulatory 
requirements 
and the 
AML Compliance 
Risk 
Appetite. 
At the same time, AML/CFT and Sanctions Governance Structure, determines Roles and Responsibilities that are 
allocated 
among the 
Three 
Lines 
of Defence, 
including the 
role 
and responsibilities 
of the 
Money 
Laundering 
Reporting 
Officer 
(MLRO) 
and 
Group 
MLRO, 
together 
with 
ongoing 
training 
necessary 
to 
support 
effective 
execution of their roles 
and responsibilities. 
Group’s implementation 
of the EU Taxonomy 
Regulation 
The 
EU Taxonomy 
(Regulation 
(EU) 2020/852 
of the 
European 
Parliament 
and of 
the 
Council) was 
adopted in 
2020 by the 
European Parliament 
and represents 
an important step for 
the EU to achieve 
the Paris 
Agreement 
climate 
neutrality 
goals. 
It 
sets 
out 
the 
criteria 
to 
establish 
a 
common 
classification 
system 
for 
sustainable 
economic activities. The 
EU Taxonomy 
Regulation determines 
whether 
an economic activity 
is environmentally 
sustainable and obligates 
financial and non-financial 
entities subject to 
the Non-Financial 
Reporting Directive 
(NFRD) to disclose the alignment of their 
activities. 
Separate 
reporting 
requirements 
and 
extensive 
criteria 
are 
established 
for 
financial 
and 
non-financial 
undertakings under 
the Art.8 Delegated 
Act of EU Taxonomy 
Regulation. Article 
8 of the 
Taxonomy 
Regulation 
states that 
companies subject 
to the 
Non Financial Reporting 
Directive 
(NFRD), including financial 
companies, 
must publish to what extent their 
activity is eligible and aligned with the 
Taxonomy 
criteria. 
For the years 
2021 and 2022, financial undertakings subject to NFRD were required to disclose the proportion of 
taxonomy-eligible 
and 
taxonomy 
non-eligible 
activities 
related 
to 
the 
environmental 
objectives 
of 
climate 
change adaptation (CCA) and climate change 
mitigation (CCM). 
In 2023, two new Delegated 
acts issued by the European 
Commission have been adopted: 
●
The 
Delegated 
Regulation 
2023/2485, 
which 
extends 
the 
number 
of 
eligible 
activities 
in 
the 
climate 
change adaptation and mitigation 
objectives. 
●
The 
Delegated 
Regulation 
2023/2486, 
which 
establishes 
the 
technical 
screening 
criteria 
for 
the 
economic activities of the remaining four 
environmental objectives. 
For 
the 
current 
reporting 
year, 
credit 
institutions 
shall 
disclose, 
according 
to 
the 
EU 
Taxonomy 
regulation, 
taxonomy eligibility 
and taxonomy 
alignment information 
on the 
first two 
environmental 
objectives 
(CCM and 
CCA) and taxonomy eligibility informatio 
n 
for the 
additional four objectives, 
and more specifically: 
a)
Sustainable use and protection 
of water and marine resources, 
b)
Transition 
to a circular economy, 
c)
Pollution control 
and prevention, 
and 
d)
Protection and restoration 
of biodiversity and ecosystems. 
Therefore, 
for the 
first time in 
2023, credit 
institutions will publish 
the Green 
Asset Ratio 
(GAR), on each 
of the 
first 
two 
environmental 
objectives 
(CCM 
and 
CCA),which 
determines 
the 
extent 
to 
which 
the 
Group’s 
assets 
finance and 
are invested 
in taxonomy-aligned 
economic activities, 
that 
is the 
ratio 
of the 
Group's 
taxonomy-
aligned assets to 
covered 
assets (total assets 
excluding exposure 
to sovereigns, 
central banks 
and the 
trading 
portfolio). Moreover, 
as required by the EU Taxonomy Regulation, 
activities, to be taxonomy-aligned, must meet 
the specific taxonomy criteria and ensure that 
they cause no significant harm to any of the other 
environmental 
objectives (DNSH) 
and meet minimum 
social safeguards 
(MSS). Additional KPIs 
are required 
regarding the 
off-
balance 
sheet 
exposures 
and specifically 
for 
financial guarantees 
to financial 
and non-financial 
undertakings 
(FinGuar KPI) and assets under management 
(AuM KPI). 
With the 
gradual adoption of the new Corporate 
Sustainability Reporting Directive (CSRD) by large companies, 
small and medium 
listed companies and large 
companies outside the 
EU with significant 
activity in the 
EU, the 
Group's KPIs are expected 
to improve as the 
number of companies subject to this new 
directive will increase. 
Integration of Taxonomy 
in the Group’s 
business strategy, 
operating model, products 
and customers 
In line 
with 
best 
market 
practices, 
the 
Group 
has 
integrated 
the 
requirements 
of the 
EU Taxonomy 
within 
its 
three Lines of Defense 
with key roles 
consisting of: 

 
 
 
 
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●
client engagement in the context of ESG/Climate 
Risk and Sustainable Finance Assessment, 
●
establishment and 
monitoring of climate 
risk and EU Taxonomy 
-related KPIs 
to ensure alignment 
with 
risk limits and sustainable financing strategy/targets 
as well as 
●
the development 
of relevant disclosures. 
As part of 
its sustainability strategy, 
the Group 
is implementing initiatives 
that will, 
among others, 
enable it to 
increase the share 
of taxonomy-aligned assets in the 
coming years: 
a)
Development 
of sectoral 
near, 
mid and 
long-term financed 
emissions reduction 
pathways, 
in line 
with 
science-based decarbonisation 
pathways. 
b)
Performing perimeter analysis of Taxonomy 
-related sectors, counterparties and financings 
affecting the 
Green 
Asset 
Ratio 
and 
developing 
action 
plans 
for 
increasing 
Taxonomy 
-aligned 
financings 
in 
the 
future. 
c)
Further 
integrating 
ESG, CR&E risks 
and sustainable 
financing considerations 
in the 
business planning 
process (e.g., project budgeting and prioritisation), to reflect the Group’s business strategy and relevant 
targets. 
Committed 
to being 
transparent 
about its 
approach 
and to 
ensure 
that 
decision- 
making is 
in line 
with 
best 
practices in environmental 
protection and sustainability, 
Eurobank has developed 
guiding frameworks, 
defining 
the approach 
and criteria for classifying its financing and 
investing activities as sustainable: 
The Sustainable Finance 
Framework 
Through 
its 
Sustainable 
Finance 
Framework 
(SFF), 
the 
Group 
is 
able 
to 
classify 
sustainable 
lending 
solutions 
offered 
to 
its 
clients, 
specifying 
the 
applied 
classification 
approach 
and 
the 
activities 
defined 
as 
eligible 
to 
access 
sustainable 
financing. 
The 
purpose 
of 
establishing 
the 
SFF 
is 
to 
provide 
a 
clear 
and 
comprehensive 
methodology 
for 
classifying, 
monitoring, and 
reporting 
sustainable financing 
in line 
with 
the 
financed 
impact 
strategy. 
The SFF has been 
drawn from international best practices and is based 
on two key guiding frameworks: 
The ICMA 
principles on sustainable financing (Green 
Bond Principles, Green Loan 
Principles and Sustainability-
linked 
Bond 
Principles) 
and 
the 
EU 
Taxonomy. 
Currently, 
the 
SFF follows 
the 
EU 
Taxonomy 
criteria 
on a 
best 
effort 
basis. The 
Group aims to further 
align the SFF with the 
EU Taxonomy 
requirements. 
Along the same lines, 
Eurobank will closely monitor 
the developments 
of the EU Taxonomy, 
to update its SFF and embed the 
relevant 
requirements to the 
extent possible. The 
SFF defines two levels of transaction 
alignment: 
●
SFF alignment - Fulfilment of criteria 
dictated by best market practice 
●
EU Taxonomy 
alignment - 
Fulfilment of 
criteria associated 
with each 
of the 
EU Taxonomy 
assessment 
steps (substantial contribution, DNSH, minimum social safeguards) 
Through 
the 
dedicated 
purpose 
financing 
approach 
(i.e. 
known 
use 
of 
proceeds) 
the 
Group 
assesses 
and 
classifies financings / transactions as “Not 
SFF aligned”, “SFF aligned” or “SFF & EU Taxonomy 
aligned”. 
For 
general 
purpose 
financing 
/ 
transactions 
(i.e. 
not 
known 
use 
of 
proceeds) 
the 
SFF 
defines 
two 
other 
approaches: 
a)
Company Business mix - 
Financing to companies that fulfil the eligibility 
green/ social criteria and derive 
the majority of their 
revenues from 
eligible activities. 
b)
Sustainability-linked 
loans - 
Financing linked 
to ambitious 
and predefined 
Sustainability Performance 
Targets 
(SPTs). 
As part of 
the integration of sustainable financing and the SFF 
into its core operations, the Group has developed 
governance 
structures and functions 
as well as a digital 
tool (Sustainable Finance 
Framework 
assessment tool) 
that facilitate 
the day-to-day implementation 
of the SFF. 
The 
SFF 
assessment 
tool 
supports 
the 
process 
of 
assessing 
the 
financings 
/ 
transactions 
against 
the 
criteria 
defined in 
the 
SFF and 
the 
EU Taxonomy 
and incorporates 
both 
the 
internal criteria 
defined by 
the 
Group, 
as 
well 
as 
the 
assessment 
steps 
and 
criteria 
defined 
by 
the 
EU 
Taxonomy 
regulation. 
Through 
the 
Sustainable 
Finance Framework assessment tool, users categorise financing to 
the applicable eligible activity 
and are guided 
through 
the 
assessment 
steps which 
involve 
substantiating 
alignment with 
the 
criteria of 
each step, 
including 
Taxonomy 
alignment 
assessment 
(Technical 
Screening 
Criteria, 
Do 
Not 
Significant 
Harm 
criteria, 
Minimum 
Social Safeguards). 
Going forward, 
the 
Group’s 
key priorities 
include the 
development 
of a 
strong 
and realistic 
sectoral 
roadmap 
towards 
net zero 
and the 
increasing 
client support 
towards 
climate transition 
and sustainable 
financing. This 
plan also entails the gradual, 
over the 
years increase of the 
Group’s Taxonomy 
-aligned assets. 
Approach for 
the preparation 
of disclosures relating to Article 
8 of the Taxonomy 
Regulation 
The 
preparation 
of 
mandatory 
reporting 
of 
taxonomy 
eligibility 
and 
alignment 
is 
based 
on 
the 
prudential 
consolidation 
for 
the 
Group, 
in 
accordance 
with 
the 
supervisory 
reporting 
of 
institutions 
according 
to 
the 
Commission Implementing Regulation 
(EU) 2021/451 (FINREP). 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
Group, upon reviewing 
its business activities, 
to align Taxonomy 
reporting with 
its core activities, 
provides 
the 
key 
performance 
indicators 
(KPIs) 
and 
other 
disclosure 
requirements 
related 
to 
its 
dominant 
financial 
undertakings as laid down in the 
Art. 8 Delegated Act. 
For 
the 
current 
year, 
credit institutions 
shall disclose 
the 
aggregate 
GAR for 
covered 
on-balance 
sheet assets 
and the breakdown by environmental 
objective and by type of counterparty. 
In addition, credit institutions shall 
disclose the percentage 
of their total assets that 
are excluded from the 
numerator 
and the denominator of the 
GAR. Credit 
institutions shall 
also disclose 
a complementary 
ratio 
on the 
level 
of association 
with 
Taxonomy-
aligned 
economic 
activities 
of 
off-balance 
sheet 
exposures. 
These 
exposures 
include 
financial 
guarantees 
granted by the financial institution and assets under management. As per Delegated Regulation (EU) 2021/2178, 
the calculation of KPIs for off 
-balance sheet exposures shall consider financial guarantees granted 
by the credit 
institution 
and 
assets 
under 
management 
for 
guarantee 
and 
investee 
non-financial 
undertakings. 
Other 
off-
balance sheet exposures 
such as commitments shall be excluded from 
that calculation. 
The 
application 
of the 
EU taxonomy 
differs 
for 
general 
purpose 
financing and 
specific 
purpose financing 
(i.e. 
‘known use 
of proceeds’). 
Specifically, 
for 
general 
purpose financing, 
the 
Group 
uses counterparties’ 
reported 
eligibility and alignment information 
from the latest published 
taxonomy information. Specifically 
for corporate 
counterparties, 
the Group 
uses actual information 
that has 
been disclosed 
and collected 
by its counterparties 
reporting 
under 
the 
Non-Financial 
Reporting 
Directive 
(NFRD). 
This 
information 
may 
not 
include 
economic 
activities under the 
new Delegated 
Acts for 
the additional 
four environmental 
objectives, 
as this information 
is 
currently limited. 
In 
order 
to 
determine 
which 
companies 
are 
subject 
to 
the 
NFRD, 
an 
assessment 
is 
carried 
out 
in 
order 
to 
determine that all of the following criteria 
are met: a) if the country of incorporation of the counterparty is in the 
EU, and b) whether 
the enterprise 
is either 
a listed company, 
a credit institution, 
or an insurance 
company, and 
c) whether 
the entity’s 
net revenue 
exceeds €40m or 
its total assets 
exceed €20m and 
d) the 
counterparty has 
over 500 
employees. The 
identification of companies 
subject to NFRD and 
companies not subject to 
NFRD has 
been 
carried 
based 
on 
internal 
customer 
segmentation 
in 
the 
core 
banking 
systems 
as 
well 
as 
external 
information. 
The 
Taxonomy 
-aligned 
assets 
presented 
include 
the 
reported 
alignment 
for 
exposures 
to 
non-financial 
companies 
subject 
to 
NFRD 
based 
on 
the 
Turnover 
and 
capital 
expenditure 
(CapEx) 
KPI 
published 
by 
the 
counterparties. 
The 
Taxonomy 
KPI 
operating 
expenses 
(OpEx) 
is 
not 
used 
for 
assessing 
Taxonomy 
-aligned 
activities. 
For 
financial 
undertakings 
subject 
to 
NFRD, 
the 
Group’s 
exposures 
have 
been 
weighted 
to 
the 
counterparty’s proportion 
of Taxonomy 
-aligned assets. 
For financial 
undertakings the 
information is 
limited as this is the 
first year of alignment 
reporting, and most of 
the financial undertakings have 
not yet published their 
2023 annual reports. Therefore, 
the Taxonomy 
reporting 
for 
financial undertakings 
is based 
on data 
publicly available 
from 
2022 which 
do not 
include information 
for 
alignment. 
Financial and non-financial 
undertakings that 
do not meet 
the aforementioned 
requirements 
are identified 
as 
non-NFRD. Undertakings that are not required 
to report under the EU Taxonomy 
regulation (non-NFRD) are not 
included 
in 
the 
calculation 
of 
eligible 
and 
aligned 
assets 
since 
estimations 
in 
mandatory 
reporting 
are 
not 
allowed. 
Therefore, 
assets 
on 
the 
Group’s 
balance 
sheet 
to 
non-NFRD 
undertakings 
are 
not 
assessed 
for 
taxonomy 
eligibility. 
Assets 
of 
non-NFRD 
counterparties, 
derivatives, 
hedge 
accounting 
and 
on-demand 
interbank loans are not included 
in the calculation 
of Taxonomy 
-eligible and Taxonomy 
-aligned assets. 
For 
specific 
purpose 
financing 
where 
the 
use 
of 
proceeds 
is 
known, 
project-specific 
KPIs 
are 
used 
in 
the 
assessment 
for 
Taxonomy 
-eligibility 
and 
Taxonomy 
-alignment 
to 
the 
extent 
that 
Taxonomy 
eligibility 
and 
Taxonomy 
alignment can 
be demonstrated 
for 
the underlying 
transaction. 
As part 
of the 
Sustainable Finance 
alignment procedures, 
standalone dedicated 
purpose financings 
are assessed 
to evaluate 
alignment with 
the 
EU 
Taxonomy 
requirements. 
The 
assessment 
is 
carried 
out 
with 
prudential 
principles, 
based 
on 
available 
documentary 
evidence 
provided 
by 
the 
counterparties, 
required 
to 
ensure 
adherence 
to 
EU 
Taxonomy 
and 
based 
on 
applicable 
National 
Legislation 
in 
specific 
financing 
cases 
(i.e. 
Resilience 
and 
Recovery 
Fund 
investments, which embed 
the Do No Significant Harm assessment). 
In relation 
to households, loans 
collateralised 
by residential 
real estate, 
loans granted 
for renovation 
purposes 
and loans granted with purpose 
to finance the purchase 
of vehicles were 
assessed for taxonomy-alignment. 
In 
the 
current 
year, 
the 
Group 
is 
also 
reporting 
its 
exposure 
to 
economic 
activities 
related 
to 
fossil 
gas 
and 
nuclear 
energy 
for 
the 
first 
time, 
according 
to 
Commission 
Delegated 
Regulation 
(EU) 
2022/1214. 
Hence, 
the 
taxonomy-non-eligible nuclear energy related activities are included in the denominator of our key performance 
indicators. The Group 
also uses the relevant templates included in the Delegated Act to disclose information for 
nuclear and fossil gas related 
activities. 
The Group’s approach 
for the disclosures prepared as of 31 December 2023 
is based on 
the best effort to adhere 
to the 
applicable regulations 
and new regulatory 
developments. 
In accordance 
with the 
guidance published 
in 
December 2023 
FAQs, 
no estimates were 
included in the calculation 
of eligibility and alignment 
for mandatory 
disclosures presented. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
Group 
continues 
its 
work 
on 
implementing 
the 
EU 
taxonomy 
requirements 
and 
further 
enhancing 
its 
reporting methodology to ensure transparency 
and completeness of the information disclosed as further 
robust 
information 
becomes 
available from 
counterparties. 
For 
the 
Group’s 
processes 
to ensure 
data quality, 
please 
refer to the 
“ESG data” section. 
Results 
The Group’s 
total green asset ratio 
based on turnover 
and total green asset 
ratio based 
on CAPEX, as at year-
end 2023 cover 
the two 
climate-related EU 
environmental 
objectives (CCM 
and CCA) and are 
presented in the 
summary below: 
Summary EU Taxonomy 
KPIs 
31 December 2023 
Assets 
Gross carrying amount 
(in € million) 
Turnover 
KPIs 
Capex KPIs 
GAR - Covered assets in both 
numerator and 
denominator 
21,655 
Assets excluded from the numerator 
for GAR 
calculation (covered 
in the denominator) 
38,795 
Taxonomy 
-eligible assets 
12,605 
20.90% 
14,481 
24.00% 
Taxonomy 
-aligned assets 
1,484 
2.50% 
2,088 
3.50% 
Total 
GAR assets 
60,449 
Total assets 
81,165 
Impairment for loans and advances at 
amortised cost, debt instruments and other 
adjustments, according to EU taxonomy 
methodology 
(1,384) 
Total assets according 
to the Consolidated 
balance sheet as at 31 December 2023 
79,781 
The 
reported main and 
additional KPIs calculated 
on 31 December 
2023 for 
the Group, 
including the 
reporting 
templates 
as 
set 
out 
in 
the 
Taxonomy 
Regulation 
and 
FAQs, 
are 
presented 
in 
the 
Appendix 
1. 
Eligibility 
information 
for 
the 
additional four 
environmental 
objectives 
have not 
been reported 
for 
2023 as 
there 
are no 
available 
data 
by 
the 
counterparties, 
based 
on 
the 
latest 
published 
taxonomy 
information. 
Moreover, 
comparative 
information for 
2022 is not reported. 

 
 
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Corporate Governance 
Statement 
In 
compliance 
with 
the 
art. 
17 
of 
the 
Law 
4706/2020 
for 
the 
listed 
companies, 
which 
stipulates 
that 
listed 
companies should adopt and 
implement a corporate governance code, prepared by a recognized 
and reputable 
body, and following a relevant 
resolution of the Board of Directors of Eurobank 
Holdings on 29 September 2021, 
Eurobank 
Holdings 
has adopted 
and implements 
the 
Hellenic Corporate 
Governance 
Code (Code). 
The 
Code 
has been posted on Eurobank Holdings’ 
website (www.eurobankholdings.gr 
). 
The Corporate 
Governance Statement 
for the year 
2023, attached herewith, 
is an integral part of the Directors’ 
Report, and outlines how the principles stipulated by the Code were 
applied, during 2023, to Eurobank Holdings 
and to Eurobank S.A. (100% subsidi 
ary of Eurobank Holdings). 
Georgios Zanias 
Fokion 
Karavias 
Chairman 
Chief Executive Officer 
28 March 2024

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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APPENDIX 1
Reporting templates in accordance with Delegated Regulation 
(EU) 2021/2178, Annexes VI and XII
0. Summary of KPIs to be disclosed by credit institutions 
under Article 8 Taxonomy 
Regulation 
Total environmentally sustainable 
assets 
⁽
¹
⁾
KPI 
⁽
³
⁾
KPI 
⁽⁴⁾
% coverage (over total 
assets) 
⁽⁵⁾
% of assets excluded from the 
numerator of the GAR (Article 7
⁽
²
⁾
 
and 
⁽
³
⁾
 
and Section 1.1.2. of Annex V) 
% of assets excluded from 
the denominator of the GAR 
(Article 7
⁽
¹
⁾
 
and Section 1.2.4 
of Annex V) 
Main KPI 
Green asset ratio (GAR) stock 
1,484 
2.5 
3.5 
74.5 
47.8 
25.5 
Total environmentally sustainable 
activities 
⁽
²
⁾
KPI 
⁽
³
⁾
KPI 
⁽⁴⁾
% coverage (over total 
assets) 
% of assets excluded from the 
numerator of the GAR (Article 7
⁽
²
⁾
 
and 
⁽
³
⁾
 
and Section 1.1.2. of Annex V) 
% of assets excluded from 
the denominator of the GAR 
(Article 7
⁽
¹
⁾
 
and Section 1.2.4 
of Annex V) 
Additional 
KPIs 
GAR (flow) 
650 
6.9 
11.0 
31.5 
N/A 
N/A 
Trading book 
⁽⁶⁾
Financial guarantees 
⁽⁷⁾
44 
1.9 
6.5 
Assets under management 
⁽⁷⁾
24 
0.4 
2.1 
Fees and commissions income 
⁽⁶⁾
(1) 
Total environmentally 
sustainable assets used for turnover 
KPI. Total environmentally 
sustainable assets used for Capex KPI amounts to €2,088m
(2) Total environmentally 
sustainable assets used for turnover 
KPI. Total environmentally 
sustainable assets used for Capex KPI amounts to €1,042m for 
GAR flow
(3) Based on the Turnover 
KPI of the counterparty
(4) Based on the CapEx KPI of the counterparty
(5) % of assets covered by 
the KPI over 
Group’s total assets
(6) "Trading book" 
and "fees and commissions income" KPIs shall apply from 
financial year 2025 onwards
(7) Total 
environmentally sustainable assets 
used for turnover 
KPI. Total 
environmentally sustainable 
assets used for Financial guarantees 
- Capex KPI amounts to €152m and 
for assets under 
management is €116m.

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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1.Assets for the 
calculation of GAR - Turnover 
Million EUR 
Total [gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant 
sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally sustainable 
(Taxonomy 
-aligned) 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR- Covered assets in both 
numerator and 
denominator 
1 
Loans and advances, debt securities and 
equity 
instruments no HfT eligible for 
GAR calculation 
 
21,065 
 
11,393 
 
1,474 
 
1,327 
 
9 
 
62 
 
173 
 
10 
 
- 
 
1 
 
12,015 
 
1,484 
 
1,327 
 
9 
 
63 
2 
Financial undertakings 
 
2,519 
 
9 
 
4 
 
- 
 
0 
 
0 
 
5 
 
- 
 
- 
 
- 
 
463 
 
4 
 
- 
 
0 
 
0 
3 
Credit institutions 
 
2,447 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
446 
 
- 
 
- 
 
- 
 
- 
4 
 
Loans and advances 
 
987 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
169 
 
- 
 
- 
 
- 
 
- 
5 
 
Debt securities, including UoP 
 
1,451 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
275 
 
- 
 
- 
 
- 
 
- 
6 
 
Equity instruments 
 
9 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
7 
Other financial corporations 
 
71 
 
9 
 
4 
 
- 
 
0 
 
0 
 
5 
 
- 
 
- 
 
- 
 
18 
 
4 
 
- 
 
0 
 
0 
8 
 
of which investment firms 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
9 
Loans and advances 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
10 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
11 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
12 
of which management companies 
 
14 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
13 
 
Loans and advances 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
14 
 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
15 
 
Equity instruments 
 
1 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
0 
 
- 
 
- 
 
- 
16 
of which insurance undertakings 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
17 
Loans and advances 
 
0 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
0 
 
- 
 
- 
 
- 
 
- 
18 
Debt securities, including UoP 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
19 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
20 
Non-financial undertakings 
 
5,016 
 
1,794 
 
1,434 
 
1,291 
 
9 
 
62 
 
167 
 
10 
 
- 
 
1 
 
1,961 
 
1,444 
 
1,291 
 
9 
 
63 
21 
 
Loans and advances 
 
4,286 
 
1,663 
 
1,377 
 
1,291 
 
2 
 
56 
 
95 
 
1 
 
- 
 
- 
 
1,758 
 
1,378 
 
1,291 
 
2 
 
56 
22 
 
Debt securities, including UoP 
 
721 
 
126 
 
57 
 
- 
 
6 
 
5 
 
72 
 
9 
 
- 
 
1 
 
198 
 
66 
 
- 
 
6 
 
6 
23 
 
Equity instruments 
 
9 
 
5 
 
0 
 
0 
 
0 
 
0 
 
- 
 
- 
 
5 
 
0 
 
0 
 
0

 
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Million EUR 
Total [gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant 
sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally sustainable 
(Taxonomy 
-aligned) 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
24 
Households 
 
13,512 
 
9,590 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,590 
 
36 
 
36 
 
- 
 
- 
25 
of which loans collateralised 
by 
residential immovable property 
 
9,162 
 
9,162 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,162 
 
- 
 
- 
 
- 
 
- 
26 
of which 
building renovation loans 
 
36 
 
36 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
36 
 
36 
 
36 
 
- 
 
- 
27 
of which motor vehicle loans 
 
392 
 
392 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
392 
 
- 
 
- 
 
- 
 
- 
28 
Local governments financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
29 
Housing financing 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
30 
Other local govemment 
financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
31 
Collateral obtained 
by taking possession: 
residential and commercial immovable 
properties 
 
590 
 
590 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
590 
 
- 
 
- 
 
- 
 
- 
32 
Assets excluded from the numerator 
for GAR 
calculation (covered 
in the denominator) 
 
38,795 
33 
Financial and Non-financial undertakings 
 
28,901 
34 
SMEs and NFCs (other 
than SMEs) not 
subject to NFRD disclosure obligations 
 
23,799 
35 
 
Loans and advances 
 
21,576 
36 
of which loans collateralised 
by 
commercial immovable property 
 
7,074 
37 
of which building renovation 
loans 
 
- 
38 
 
Debt securities 
 
2,038 
39 
 
Equity instruments 
 
185 
40 
Non-EU country counterparties not 
subject 
to NFRD disclosure obligations 
 
5,102 
41 
 
Loans and advances 
 
4,732 
42 
 
Debt securities 
 
321 
43 
 
Equity instruments 
 
49 
44 
Derivatives 
 
897 
45 
On demand interbank loans 
 
19 
46 
Cash and cash-related assets 
 
502 
47 
Other categories of assets (e.g. goodwill, 
commodities etc.) 
 
8,476 
48 
Total GAR 
assets 
 
60,449 
 
11,983 
 
1,474 
 
1,327 
 
9 
 
62 
 
173 
 
10 
 
- 
 
1 
 
12,605 
 
1,484 
 
1,327 
 
9 
 
63

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
37
|
Page 
€ = Euro 
m = million 
bn = billion
Million EUR 
Total [gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant 
sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally sustainable 
(Taxonomy 
-aligned) 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
49 
Assets not covered for 
GAR calculation 
 
20,715 
50 
Central governments 
and Supranational 
issuers 
 
9,914 
51 
Central banks exposure 
 
10,422 
52 
Trading book 
 
379 
53 
Total assets 
 
81,165 
 
11,983 
 
1,474 
 
1,327 
 
9 
 
62 
 
173 
 
10 
 
- 
 
1 
 
12,605 
 
1,484 
 
1,327 
 
9 
 
63 
Off-balance sheet exposures 
-Undertakings subject to 
NFRD disclosure obligations 
54 
Financial guarantees 
 
2,323 
 
360 
 
44 
 
- 
 
3 
 
4 
 
28 
 
0 
 
- 
 
0 
 
387 
 
44 
 
- 
 
3 
 
4 
55 
Assets under management 
 
5,441 
 
142 
 
21 
 
- 
 
3 
 
7 
 
27 
 
2 
 
- 
 
0 
 
169 
 
24 
 
- 
 
3 
 
7 
56 
Of which debt securities 
 
629 
 
107 
 
10 
 
- 
 
1 
 
1 
 
13 
 
1 
 
- 
 
0 
 
120 
 
11 
 
- 
 
1 
 
1 
57 
Of which equity instruments 
 
237 
 
35 
 
11 
 
- 
 
2 
 
6 
 
14 
 
1 
 
- 
 
0 
 
49 
 
13 
 
- 
 
2 
 
6

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
38
|
Page 
€ = Euro 
m = million 
bn = billion
1.Assets for the 
calculation of GAR - Capex 
Million EUR 
Total 
[gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which environmentally 
sustainable (Taxonomy-aligned) 
Of which environmentally 
sustainable (Taxonomy-
aligned) 
Of which environmentally sustainable 
(Taxonomy-aligned) 
Of which 
Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR- Covered assets in both numerator 
and denominator 
1 
Loans and advances, debt securities and 
equity instruments no HfT eligible for GAR 
calculation 
 
21,065 
 
12,469 
 
2,081 
 
1,327 
 
26 
 
78 
 
333 
 
7 
 
- 
 
1 
 
13,251 
 
2,088 
 
1,327 
 
26 
 
79 
2 
Financial undertakings 
 
2,519 
 
19 
 
18 
 
- 
 
1 
 
- 
 
4 
 
- 
 
- 
 
- 
 
472 
 
18 
 
- 
 
1 
 
- 
3 
Credit institutions 
 
2,447 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
446 
 
- 
 
- 
 
- 
 
- 
4 
 
Loans and advances 
 
987 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
169 
 
- 
 
- 
 
- 
 
- 
5 
 
Debt securities, including UoP 
 
1,451 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
275 
 
- 
 
- 
 
- 
 
- 
6 
 
Equity instruments 
 
9 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
7 
Other financial corporations 
 
71 
 
19 
 
18 
 
- 
 
1 
 
- 
 
4 
 
- 
 
- 
 
- 
 
26 
 
18 
 
- 
 
1 
 
- 
8 
 
of which investment firms 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
9 
Loans and advances 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
10 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
11 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
12 
of which management companies 
 
14 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
13 
 
Loans and advances 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
14 
 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
15 
 
Equity instruments 
 
1 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
16 
of which insurance undertakings 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
17 
Loans and advances 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
18 
Debt securities, including UoP 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
19 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
20 
Non-financial undertakings 
 
5,016 
 
2,860 
 
2,027 
 
1,291 
 
25 
 
78 
 
329 
 
7 
 
- 
 
1 
 
3,189 
 
2,034 
 
1,291 
 
25 
 
78 
21 
 
Loans and advances 
 
4,286 
 
2,498 
 
1,811 
 
1,291 
 
3 
 
67 
 
247 
 
1 
 
- 
 
- 
 
2,745 
 
1,811 
 
1,291 
 
3 
 
67 
22 
 
Debt securities, including UoP 
 
721 
 
357 
 
216 
 
- 
 
21 
 
11 
 
82 
 
6 
 
- 
 
1 
 
440 
 
222 
 
- 
 
21 
 
11 
23 
 
Equity instruments 
 
9 
 
5 
 
1 
 
- 
 
- 
 
- 
 
- 
 
- 
 
5 
 
1 
 
- 
 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
39
|
Page 
€ = Euro 
m = million 
bn = billion
Million EUR 
Total 
[gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which environmentally 
sustainable (Taxonomy-aligned) 
Of which environmentally 
sustainable (Taxonomy-
aligned) 
Of which environmentally sustainable 
(Taxonomy-aligned) 
Of which 
Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
24 
Households 
 
13,512 
 
9,590 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,590 
 
36 
 
36 
 
- 
 
- 
25 
of which loans collateralised by 
residential immovable property 
 
9,162 
 
9,162 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,162 
 
- 
 
- 
 
- 
 
- 
26 
of which 
building renovation 
loans 
 
36 
 
36 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
36 
 
36 
 
36 
 
- 
 
- 
27 
of which motor vehicle loans 
 
392 
 
392 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
392 
 
- 
 
- 
 
- 
 
- 
28 
Local governments financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
29 
Housing financing 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
30 
Other local govemment financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
31 
Collateral obtained by taking 
possession: residential and commercial 
immovable properties 
 
590 
 
590 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
590 
 
- 
 
- 
 
- 
 
- 
32 
Assets excluded from the numerator for 
GAR calculation (covered in the 
denominator) 
 
38,795 
33 
Financial and Non-financial 
undertakings 
 
28,901 
34 
SMEs and NFCs (other than SMEs) not 
subject to NFRD disclosure obligations 
 
23,799 
35 
 
Loans and advances 
 
21,576 
36 
of which loans collateralised by 
commercial immovable property 
 
7,074 
37 
of which building renovation loans 
 
- 
38 
 
Debt securities 
 
2,038 
39 
 
Equity instruments 
 
185 
40 
Non-EU country counterparties not 
subject to NFRD disclosure obligations 
 
5,102 
41 
 
Loans and advances 
 
4,732 
42 
 
Debt securities 
 
321 
43 
 
Equity instruments 
 
49

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
40
|
Page 
€ = Euro 
m = million 
bn = billion
Million EUR 
Total 
[gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which environmentally 
sustainable (Taxonomy-aligned) 
Of which environmentally 
sustainable (Taxonomy-
aligned) 
Of which environmentally sustainable 
(Taxonomy-aligned) 
Of which 
Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
44 
Derivatives 
 
897 
45 
On demand interbank loans 
 
19 
46 
Cash and cash-related assets 
 
502 
47 
Other categories of assets (e.g. goodwill, 
commodities etc.) 
 
8,476 
48 
Total GAR 
assets 
 
60,449 
 
13,059 
 
2,081 
 
1,327 
 
26 
 
78 
 
333 
 
7 
 
- 
 
1 
 
13,841 
 
2,088 
 
1,327 
 
26 
 
79 
49 
Assets not covered for GAR calculation 
 
20,715 
50 
Central governments and 
Supranational issuers 
 
9,914 
51 
Central banks exposure 
 
10,422 
52 
Trading book 
 
379 
53 
Total assets 
 
81,165 
 
13,059 
 
2,081 
 
1,327 
 
26 
 
78 
 
333 
 
7 
 
- 
 
1 
 
13,841 
 
2,088 
 
1,327 
 
26 
 
79 
Off-balance sheet exposures-Undertakings subject to 
NFRD disclosure obligations 
54 
Financial guarantees 
 
2,323 
 
462 
 
152 
 
- 
 
4 
 
6 
 
25 
 
- 
 
- 
 
- 
 
487 
 
152 
 
- 
 
4 
 
6 
55 
Assets under management 
 
5,441 
 
287 
 
116 
 
- 
 
3 
 
11 
 
22 
 
1 
 
- 
 
- 
 
309 
 
116 
 
- 
 
3 
 
11 
56 
Of which debt securities 
 
629 
 
205 
 
64 
 
- 
 
1 
 
3 
 
12 
 
- 
 
- 
 
- 
 
217 
 
64 
 
- 
 
1 
 
3 
57 
Of which equity instruments 
 
237 
 
82 
 
52 
 
- 
 
2 
 
8 
 
10 
 
1 
 
- 
 
- 
 
92 
 
53 
 
- 
 
2 
 
8

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
41
|
Page 
€ = Euro 
m = million 
bn = billion
2. GAR sector information - Turnover 
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
1 
Other B7 - Mining of metal ores 
16 
- 
16 
- 
16 
- 
2 
C10.6.1 - Manufacture 
of grain mill 
products 
- 
- 
- 
- 
- 
- 
3 
Other C11 - Manufacture of 
beverages 
4 
- 
4 
- 
4 
- 
4 
C13.9.5 
- Manufacture of non-wovens 
and articles made from non-wovens, 
except apparel 
1 
1 
1 
- 
1 
1 
5 
Other C17 - Manufacture of paper 
and paper products 
3 
- 
3 
- 
3 
- 
6 
C18.1.0 - Printing and service activities 
related to printing 
1 
- 
1 
- 
1 
- 
7 
C19.2.0 - Manufacture of refined 
petroleum products 
542 
3 
542 
- 
542 
3 
8 
Other C19 - Manufacture of coke and 
refined petroleum products 
53 
1 
53 
- 
53 
1 
9 
C20.4.2 - Manufacture of perfumes 
and toilet preparations 
27 
- 
27 
- 
27 
- 
10 
C20.5.9 - Manufacture 
of other 
chemical products n.e.c. 
2 
2 
2 
- 
2 
2 
11 
Other C20 - Manufacture of 
chemicals and chemical products 
4 
- 
4 
- 
4 
- 
12 
C22.2.1 - Manufacture of plastic 
plates, sheets, tubes and profiles 
- 
- 
- 
- 
- 
- 
13 
C22.2.2 - Manufacture of plastic 
packing goods 
2 
1 
2 
- 
2 
1 
14 
C23.5.0 - Manufacture of cement, 
lime and plaster 
- 
- 
- 
- 
- 
- 
15 
C23.5.1 - Manufacture of cement 
20 
1 
20 
1 
20 
2

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
42
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
16 
Other C23 - Manufacture of other 
non-metallic mineral products 
106 
5 
106 
5 
106 
9 
17 
C24.1.0 - Manufacture of basic iron 
and steel and of ferro-alloys 
89 
9 
89 
- 
89 
9 
18 
C24.4.2 - Aluminium production 
11 
1 
11 
- 
11 
1 
19 
C24.4.4 - Copper production 
47 
- 
47 
- 
47 
- 
20 
C24.5.1 - Casting of iron 
51 
5 
51 
- 
51 
5 
21 
C27.2.0 - Manufacture of batteries 
and accumulators 
- 
- 
- 
- 
- 
- 
22 
C27.3.2 - Manufacture of other 
electronic and electric wires and 
cables 
92 
35 
92 
- 
92 
35 
23 
Other C29 - Manufacture of motor 
vehicles, trailers and semi-trailers 
10 
1 
10 
- 
10 
1 
24 
D35.1.1 
- Production of electricity 
1,100 
1,087 
1,100 
- 
1,100 
1,087 
25 
D35.1.3 - Distribution of electricity 
164 
- 
164 
- 
164 
- 
26 
D35.1.4 - Trade 
of electricity 
441 
- 
441 
- 
441 
- 
27 
Other D35 - Electricity, gas, steam 
and air conditioning supply 
250 
15 
250 
2 
250 
17 
28 
F41.2.0 - Construction of residential 
and non-residential buildings 
1 
- 
1 
- 
1 
- 
29 
F42.2.2 - Construction of utility 
projects for electricity and 
telecommunications 
200 
200 
200 
- 
200 
200 
30 
F42.9.9 
- Construction of other civil 
engineering projects n.e.c. 
2 
2 
2 
- 
2 
2 
31 
Other F42 - Civil engineering 
39 
4 
39 
- 
39 
4 
32 
F43.9.9 
- Other specialised 
construction activities n.e.c. 
4 
- 
4 
- 
4 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
43
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
33 
G45.1.1 
- Sale of cars and light motor 
vehicles 
- 
- 
- 
- 
- 
- 
34 
G45.3.0 - Sale of motor vehicle parts 
and accessories 
5 
- 
5 
- 
5 
- 
35 
Other G45 - Wholesale and retail 
trade and repair of motor vehicles 
and motorcycles 
1 
- 
1 
- 
1 
- 
36 
G46.3.6 - Wholesale of sugar and 
chocolate and sugar confectionery 
14 
- 
14 
- 
14 
- 
37 
G46.3.9 - Non-specialised wholesale 
of food, beverages and tobacco 
- 
- 
- 
- 
- 
- 
38 
G46.4.5 - Wholesale of perfume and 
cosmetics 
- 
- 
- 
- 
- 
- 
39 
G46.4.6 - Wholesale of 
pharmaceutical goods 
- 
- 
- 
- 
- 
- 
40 
G46.4.7 - Wholesale of furniture, 
carpets and lighting equipment 
21 
- 
21 
- 
21 
- 
41 
G46.5.1 - Wholesale of computers, 
computer peripheral equipment and 
software 
3 
- 
3 
- 
3 
- 
42 
G46.5.2 - Wholesale of electronic and 
telecommunications equipment and 
parts 
4 
- 
4 
- 
4 
- 
43 
G46.7.0 
- Other specialised wholesale 
2 
- 
2 
- 
2 
- 
44 
G46.7.1 
- Wholesale of solid, liquid 
and gaseous fuels and related 
products 
66 
1 
66 
- 
66 
1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
44
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
45 
G46.7.2 - Wholesale of metals and 
metal ores 
11 
1 
11 
- 
11 
1 
46 
G46.7.7 
- Wholesale of waste and 
scrap 
4 
- 
4 
- 
4 
- 
47 
G47.1.1 
- Retail sale in non-specialised 
stores with food, beverages 
or 
tobacco predominating 
- 
- 
- 
- 
- 
- 
48 
G47.7.1 
- Retail sale of clothing in 
specialised stores 
2 
- 
2 
- 
2 
- 
49 
G47.7.8 
- Other retail sale of new 
goods in specialised stores 
2 
- 
2 
- 
2 
- 
50 
Other H51 - Air transport 
4 
- 
4 
- 
4 
- 
51 
H52.1.0 - Warehousing 
and storage 
1 
- 
1 
- 
1 
- 
52 
H52.2.1 - Service activities incidental 
to land transportation 
22 
5 
22 
- 
22 
5 
53 
H52.2.3 - Service activities incidental 
to air transportation 
238 
2 
238 
- 
238 
2 
54 
Other H52 - Warehousing and 
support activities for transportation 
2 
2 
2 
- 
2 
2 
55 
H53.2.0 - Other postal and courier 
activities 
- 
- 
- 
- 
- 
- 
56 
I55.1.0 - Hotels and similar 
accommodation 
43 
- 
43 
- 
43 
- 
57 
Other J58 - Publishing activities 
3 
- 
3 
- 
3 
- 
58 
Other J61 - Telecommunications 
28 
- 
28 
- 
28 
- 
59 
J62.0.1 - Computer programming 
activities 
1 
1 
1 
- 
1 
1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
45
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
60 
Other J62 - Computer programming, 
consultancy and related activities 
20 
- 
20 
- 
20 
- 
61 
K64.1.9 
- Other monetary 
intermediation 
25 
3 
25 
- 
25 
3 
62 
K64.2.0 - Activities of holding 
companies 
35 
7 
35 
- 
35 
7 
63 
K64.3.0 - K64.3.0 - Trusts, funds and 
similar financial entities 
50 
- 
50 
- 
50 
- 
64 
L68.1.0 - Buying and selling of own 
real estate 
185 
- 
185 
- 
185 
- 
65 
L68.2.0 - Renting and operating of 
own or leased real estate 
116 
- 
116 
- 
116 
- 
66 
L68.3.2 - Management of real estate 
on a fee or contract basis 
23 
- 
23 
- 
23 
- 
67 
Other L68 - Real estate activities 
9 
1 
9 
- 
9 
1 
68 
M70.2.2 - Business and other 
management consultancy activities 
31 
- 
31 
- 
31 
- 
69 
M71.2.0 - Technical testing and 
analysis 
2 
- 
2 
- 
2 
- 
70 
Other M74 - Other professional, 
scientific and technical activities 
1 
- 
1 
- 
1 
- 
71 
N77.1.1 
- Renting and leasing of cars 
and light motor vehicles 
49 
2 
49 
- 
49 
2 
72 
N79.1.1 
- Travel agency activities 
- 
- 
- 
- 
- 
- 
73 
Other R92 - Gambling and betting 
activities 
421 
- 
421 
- 
421 
- 
74 
Q86.1.0 - Hospital activities 
54 
- 
54 
- 
54 
- 
75 
Other unallocated 
234 
34 
234 
3 
234 
37

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
46
|
Page 
€ = Euro 
m = million 
bn = billion
2. GAR sector information - Capex 
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
1 
Other B7 - Mining of metal ores 
16 
- 
16 
- 
16 
- 
2 
C10.6.1 - Manufacture 
of grain mill 
products 
- 
- 
- 
- 
- 
- 
3 
Other C11 - Manufacture of 
beverages 
4 
1 
4 
1 
4 
1 
4 
C13.9.5 
- Manufacture of non-wovens 
and articles made from non-wovens, 
except apparel 
1 
1 
1 
- 
1 
1 
5 
Other C17 - Manufacture of paper 
and paper products 
3 
- 
3 
- 
3 
- 
6 
C18.1.0 - Printing and service activities 
related to printing 
1 
- 
1 
- 
1 
- 
7 
C19.2.0 - Manufacture of refined 
petroleum products 
542 
277 
542 
- 
542 
277 
8 
Other C19 - Manufacture of coke and 
refined petroleum products 
53 
40 
53 
- 
53 
40 
9 
C20.4.2 - Manufacture of perfumes 
and toilet preparations 
27 
- 
27 
- 
27 
- 
10 
C20.5.9 - Manufacture 
of other 
chemical products n.e.c. 
2 
2 
2 
- 
2 
2 
11 
Other C20 - Manufacture of 
chemicals and chemical products 
4 
- 
4 
- 
4 
- 
12 
C22.2.1 - Manufacture of plastic 
plates, sheets, tubes and profiles 
- 
- 
- 
- 
- 
- 
13 
C22.2.2 - Manufacture of plastic 
packing goods 
2 
1 
2 
- 
2 
1 
14 
C23.5.0 - Manufacture of cement, 
lime and plaster 
- 
- 
- 
- 
- 
- 
15 
C23.5.1 - Manufacture of cement 
20 
3 
20 
- 
20 
3

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
47
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
16 
Other C23 - Manufacture of other 
non-metallic mineral products 
106 
17 
106 
- 
106 
17 
17 
C24.1.0 - Manufacture of basic iron 
and steel and of ferro-alloys 
89 
9 
89 
- 
89 
9 
18 
C24.4.2 - Aluminium production 
11 
8 
11 
- 
11 
8 
19 
C24.4.4 - Copper production 
47 
- 
47 
- 
47 
- 
20 
C24.5.1 - Casting of iron 
51 
5 
51 
- 
51 
5 
21 
C27.2.0 - Manufacture of batteries 
and accumulators 
- 
- 
- 
- 
- 
- 
22 
C27.3.2 - Manufacture of other 
electronic and electric wires and 
cables 
92 
33 
92 
- 
92 
33 
23 
Other C29 - Manufacture of motor 
vehicles, trailers and semi-trailers 
10 
2 
10 
- 
10 
2 
24 
D35.1.1 
- Production of electricity 
1,100 
1,097 
1,100 
- 
1,100 
1,097 
25 
D35.1.3 - Distribution of electricity 
164 
- 
164 
- 
164 
- 
26 
D35.1.4 - Trade 
of electricity 
441 
- 
441 
- 
441 
- 
27 
Other D35 - Electricity, gas, steam 
and air conditioning supply 
250 
79 
250 
3 
250 
81 
28 
F41.2.0 - Construction of residential 
and non-residential buildings 
1 
- 
1 
- 
1 
- 
29 
F42.2.2 - Construction of utility 
projects for electricity and 
telecommunications 
200 
200 
200 
- 
200 
200 
30 
F42.9.9 
- Construction of other civil 
engineering projects n.e.c. 
2 
2 
2 
- 
2 
2 
31 
Other F42 - Civil engineering 
39 
24 
39 
- 
39 
24 
32 
F43.9.9 
- Other specialised 
construction activities n.e.c. 
4 
- 
4 
- 
4 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
48
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
33 
G45.1.1 
- Sale of cars and light motor 
vehicles 
- 
- 
- 
- 
- 
- 
34 
G45.3.0 - Sale of motor vehicle parts 
and accessories 
5 
- 
5 
- 
5 
1 
35 
Other G45 - Wholesale and retail 
trade and repair of motor vehicles 
and motorcycles 
1 
- 
1 
- 
1 
- 
36 
G46.3.6 - Wholesale of sugar and 
chocolate and sugar confectionery 
14 
- 
14 
- 
14 
- 
37 
G46.3.9 - Non-specialised wholesale 
of food, beverages and tobacco 
- 
- 
- 
- 
- 
- 
38 
G46.4.5 - Wholesale of perfume and 
cosmetics 
- 
- 
- 
- 
- 
- 
39 
G46.4.6 - Wholesale of 
pharmaceutical goods 
- 
- 
- 
- 
- 
- 
40 
G46.4.7 - Wholesale of furniture, 
carpets and lighting equipment 
21 
- 
21 
- 
21 
- 
41 
G46.5.1 - Wholesale of computers, 
computer peripheral equipment and 
software 
3 
- 
3 
- 
3 
- 
42 
G46.5.2 - Wholesale of electronic and 
telecommunications equipment and 
parts 
4 
- 
4 
- 
4 
- 
43 
G46.7.0 
- Other specialised wholesale 
2 
- 
2 
- 
2 
- 
44 
G46.7.1 
- Wholesale of solid, liquid 
and gaseous fuels and related 
products 
66 
44 
66 
- 
66 
44

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
49
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
45 
G46.7.2 - Wholesale of metals and 
metal ores 
11 
1 
11 
- 
11 
1 
46 
G46.7.7 
- Wholesale of waste and 
scrap 
4 
- 
4 
- 
4 
- 
47 
G47.1.1 
- Retail sale in non-specialised 
stores with food, beverages 
or 
tobacco predominating 
- 
- 
- 
- 
- 
- 
48 
G47.7.1 
- Retail sale of clothing in 
specialised stores 
2 
- 
2 
- 
2 
- 
49 
G47.7.8 
- Other retail sale of new 
goods in specialised stores 
2 
- 
2 
- 
2 
- 
50 
Other H51 - Air transport 
4 
- 
4 
- 
4 
- 
51 
H52.1.0 - Warehousing 
and storage 
1 
- 
1 
- 
1 
- 
52 
H52.2.1 - Service activities incidental 
to land transportation 
22 
16 
22 
- 
22 
16 
53 
H52.2.3 - Service activities incidental 
to air transportation 
238 
29 
238 
- 
238 
29 
54 
Other H52 - Warehousing and 
support activities for transportation 
2 
2 
2 
- 
2 
2 
55 
H53.2.0 - Other postal and courier 
activities 
- 
- 
- 
- 
- 
- 
56 
I55.1.0 - Hotels and similar 
accommodation 
43 
- 
43 
- 
43 
- 
57 
Other J58 - Publishing activities 
3 
- 
3 
- 
3 
- 
58 
Other J61 - Telecommunications 
28 
- 
28 
- 
28 
- 
59 
J62.0.1 - Computer programming 
activities 
1 
- 
1 
1 
1 
1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
50
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
60 
Other J62 - Computer programming, 
consultancy and related activities 
20 
- 
20 
- 
20 
- 
61 
K64.1.9 
- Other monetary 
intermediation 
25 
- 
25 
- 
25 
- 
62 
K64.2.0 - Activities of holding 
companies 
35 
25 
35 
- 
35 
25 
63 
K64.3.0 - K64.3.0 - Trusts, funds and 
similar financial entities 
50 
18 
50 
- 
50 
18 
64 
L68.1.0 - Buying and selling of own 
real estate 
185 
- 
185 
- 
185 
- 
65 
L68.2.0 - Renting and operating of 
own or leased real estate 
116 
2 
116 
- 
116 
2 
66 
L68.3.2 - Management of real estate 
on a fee or contract basis 
23 
- 
23 
- 
23 
- 
67 
Other L68 - Real estate activities 
9 
1 
9 
- 
9 
1 
68 
M70.2.2 - Business and other 
management consultancy activities 
31 
- 
31 
- 
31 
- 
69 
M71.2.0 - Technical testing and 
analysis 
2 
- 
2 
- 
2 
- 
70 
Other M74 - Other professional, 
scientific and technical activities 
1 
- 
1 
- 
1 
- 
71 
N77.1.1 
- Renting and leasing of cars 
and light motor vehicles 
49 
5 
49 
- 
49 
5 
72 
N79.1.1 
- Travel agency activities 
- 
- 
- 
- 
- 
- 
73 
Other R92 - Gambling and betting 
activities 
421 
- 
421 
- 
421 
- 
74 
Q86.1.0 - Hospital activities 
54 
- 
54 
- 
54 
- 
75 
Other unallocated 
234 
77 
234 
3 
234 
80

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
51
|
Page 
€ = Euro 
m = million 
bn = billion
3. GAR KPI Stock - Turnover 
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
18.8 
2.4 
2.2 
0.0 
0.1 
0.3 
0.0 
- 
0.0 
19.9 
2.5 
2.2 
0.0 
0.1 
26.0 
2 
Financial corporations 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.8 
0.0 
- 
0.0 
0.0 
3.1 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.7 
- 
- 
- 
- 
3.0 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.3 
- 
- 
- 
- 
1.2 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.5 
- 
- 
- 
- 
1.8 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.0 
7 
Other financial corporations 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.0 
0.0 
- 
0.0 
0.0 
0.1 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.0 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
52
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
20 
Non-financial corporations 
3.0 
2.4 
2.1 
0.0 
0.1 
0.3 
0.0 
- 
0.0 
3.2 
2.4 
2.1 
0.0 
0.1 
6.2 
21 
Loans and advances 
2.8 
2.3 
2.1 
0.0 
0.1 
0.2 
0.0 
- 
- 
2.9 
2.3 
2.1 
0.0 
0.1 
5.3 
22 
Debt securities, including 
UoP 
0.2 
0.1 
- 
0.0 
0.0 
0.1 
0.0 
- 
0.0 
0.3 
0.1 
- 
0.0 
0.0 
0.9 
23 
Equity instruments 
0.0 
0.0 
- 
0.0 
0.0 
- 
- 
- 
0.0 
0.0 
- 
0.0 
0.0 
24 
Households 
15.9 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
15.9 
0.1 
0.1 
- 
- 
16.6 
25 
of which loans collateralised 
by residential immovable 
property 
15.2 
- 
- 
- 
- 
- 
- 
- 
- 
15.2 
- 
- 
- 
- 
11.3 
26 
of which building renovation 
loans 
0.1 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
0.1 
0.1 
0.1 
- 
- 
0.0 
27 
of which motor vehicle loans 
0.6 
- 
- 
- 
- 
- 
- 
- 
- 
0.6 
- 
- 
- 
- 
0.5 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable properties 
1.0 
- 
- 
- 
- 
- 
- 
- 
- 
1.0 
- 
- 
- 
- 
0.7 
32 
Total GAR assets 
19.8 
2.4 
2.2 
0.0 
0.1 
0.3 
0.0 
- 
0.0 
20.9 
2.5 
2.2 
0.0 
0.1 
26.7

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
53
|
Page 
€ = Euro 
m = million 
bn = billion
3. GAR KPI Stock - Capex 
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
21.7 
3.4 
2.2 
- 
0.1 
0.6 
- 
- 
- 
23.0 
3.5 
2.2 
- 
0.1 
26.0 
2 
Financial corporations 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
3.1 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.7 
- 
- 
- 
- 
3.0 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.3 
- 
- 
- 
- 
1.2 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.5 
- 
- 
- 
- 
1.8 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
7 
Other financial corporations 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
54
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
20 
Non-financial corporations 
4.7 
3.4 
2.1 
- 
0.1 
0.5 
- 
- 
- 
5.3 
3.4 
2.1 
- 
0.1 
6.2 
21 
Loans and advances 
4.1 
3.0 
2.1 
- 
0.1 
0.4 
- 
- 
- 
4.5 
3.0 
2.1 
- 
0.1 
5.3 
22 
Debt securities, including 
UoP 
0.6 
0.4 
- 
- 
- 
0.1 
- 
- 
- 
0.7 
0.4 
- 
- 
- 
0.9 
23 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
24 
Households 
16.9 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
16.9 
0.1 
0.1 
- 
- 
16.6 
25 
of which loans collateralised 
by residential immovable 
property 
16.2 
- 
- 
- 
- 
- 
- 
- 
- 
16.2 
- 
- 
- 
- 
11.3 
26 
of which building renovation 
loans 
0.1 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
0.1 
0.1 
0.1 
- 
- 
- 
27 
of which motor vehicle loans 
0.6 
- 
- 
- 
- 
- 
- 
- 
- 
0.6 
- 
- 
- 
- 
0.5 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable properties 
1.0 
- 
- 
- 
- 
- 
- 
- 
- 
1.0 
- 
- 
- 
- 
0.7 
32 
Total GAR assets 
22.7 
3.4 
2.2 
- 
0.1 
0.6 
- 
- 
- 
24.0 
3.5 
2.2 
- 
0.1 
26.7

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
55
|
Page 
€ = Euro 
m = million 
bn = billion
4. GAR KPI flow - Turnover 
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
13.4 
6.8 
6.2 
0.0 
0.1 
0.6 
0.1 
- 
- 
14.8 
6.9 
6.2 
0.0 
0.1 
31.1 
2 
Financial undertakings 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.9 
0.0 
- 
0.0 
0.0 
4.4 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.3 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.2 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.1 
7 
Other financial corporations 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.1 
0.0 
- 
0.0 
0.0 
0.2 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.0 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
56
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.1 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
20 
Non-financial undertakings 
7.5 
6.8 
6.2 
0.0 
0.1 
0.6 
0.1 
- 
- 
8.0 
6.8 
6.2 
0.0 
0.1 
20.8 
21 
Loans and advances 
7.0 
6.5 
6.2 
0.0 
0.1 
0.4 
0.0 
- 
- 
7.4 
6.6 
6.2 
0.0 
0.1 
19.6 
22 
Debt securities, including 
UoP 
0.4 
0.3 
- 
0.0 
0.0 
0.2 
0.0 
- 
- 
0.7 
0.3 
- 
0.0 
0.0 
1.2 
23 
Equity instruments 
0.0 
0.0 
- 
0.0 
0.0 
- 
- 
- 
0.0 
0.0 
- 
0.0 
0.0 
24 
Households 
5.9 
- 
- 
- 
- 
- 
- 
- 
- 
5.9 
- 
- 
- 
- 
5.9 
25 
of which loans collateralised 
by residential immovable 
property 
5.7 
- 
- 
- 
- 
- 
- 
- 
- 
5.7 
- 
- 
- 
- 
5.7 
26 
of which building renovation 
loans 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
27 
of which motor vehicle loans 
0.2 
- 
- 
- 
- 
- 
- 
- 
- 
0.2 
- 
- 
- 
- 
0.2 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable 
properties 
0.4 
- 
- 
- 
- 
- 
- 
- 
- 
0.4 
- 
- 
- 
- 
0.4 
32 
Total GAR assets 
13.7 
6.8 
6.2 
0.0 
0.1 
0.6 
0.1 
- 
- 
15.2 
6.9 
6.2 
0.0 
0.1 
31.5

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
57
|
Page 
€ = Euro 
m = million 
bn = billion
4. GAR KPI flow - Capex 
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
21.1 
11.0 
6.2 
0.1 
0.1 
0.8 
- 
- 
- 
22.7 
11.0 
6.2 
0.1 
0.1 
31.1 
2 
Financial undertakings 
0.2 
0.2 
- 
- 
- 
- 
- 
- 
- 
1.0 
0.2 
- 
- 
- 
4.4 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.3 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.2 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
7 
Other financial corporations 
0.2 
0.2 
- 
- 
- 
- 
- 
- 
- 
0.2 
0.2 
- 
- 
- 
0.2 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
58
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
20 
Non-financial undertakings 
15.1 
10.8 
6.2 
0.1 
0.1 
0.8 
- 
- 
- 
15.9 
10.9 
6.2 
0.1 
0.1 
20.8 
21 
Loans and advances 
14.6 
10.4 
6.2 
- 
0.1 
0.5 
- 
- 
- 
15.1 
10.4 
6.2 
- 
0.1 
19.6 
22 
Debt securities, including 
UoP 
0.5 
0.4 
- 
0.1 
- 
0.2 
- 
- 
- 
0.7 
0.4 
- 
0.1 
- 
1.2 
23 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
24 
Households 
5.9 
- 
- 
- 
- 
- 
- 
- 
- 
5.9 
- 
- 
- 
- 
5.9 
25 
of which loans collateralised 
by residential immovable 
property 
5.7 
- 
- 
- 
- 
- 
- 
- 
- 
5.7 
- 
- 
- 
- 
5.7 
26 
of which building renovation 
loans 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
27 
of which motor vehicle loans 
0.2 
- 
- 
- 
- 
- 
- 
- 
- 
0.2 
- 
- 
- 
- 
0.2 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable 
properties 
0.4 
- 
- 
- 
- 
- 
- 
- 
- 
0.4 
- 
- 
- 
- 
0.4 
32 
Total GAR assets 
21.5 
11.0 
6.2 
0.1 
0.1 
0.8 
- 
- 
- 
23.1 
11.0 
6.2 
0.1 
0.1 
31.5

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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€ = Euro 
m = million 
bn = billion
5. KPI off-balance 
sheet exposures- 
Stock- Turnover 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which 
Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar KPI) 
15.5 
1.9 
- 
0.1 
0.2 
1.2 
0.0 
- 
0.0 
16.7 
1.9 
- 
0.1 
0.2 
2 
Assets under management 
2.6 
0.4 
- 
0.1 
0.1 
0.5 
0.0 
- 
0.0 
3.1 
0.4 
- 
0.1 
0.1 
5. KPI off-balance 
sheet exposures- 
Stock- Capex 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which 
Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar KPI) 
19.9 
6.5 
- 
0.2 
0.2 
1.1 
- 
- 
- 
20.9 
6.5 
- 
0.2 
0.2 
2 
Assets under management 
5.3 
2.1 
- 
0.1 
0.2 
0.4 
- 
- 
- 
5.7 
2.1 
- 
0.1 
0.2

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
60
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Page 
€ = Euro 
m = million 
bn = billion
5. KPI off-balance 
sheet exposures- 
Flow- 
Turnover 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar 
KPI) 
8.6 
1.8 
- 
- 
- 
4.5 
0.0 
- 
0.0 
13.1 
1.8 
- 
- 
0.0 
5. KPI off-balance 
sheet exposures- 
Flow- 
Capex 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar 
KPI) 
15.1 
11.9 
- 
- 
- 
1.4 
- 
- 
- 
16.5 
11.9 
- 
- 
-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
61
|
Page 
€ = Euro 
m = million 
bn = billion
Template 1 
Nuclear and fossil gas related activities 
Row 
Nuclear energy related activities 
1. 
The undertaking carries 
out, funds or has exposures to research, development, 
demonstration and 
deployment of innovative electricity generation 
facilities that produce 
energy from nuclear 
processes with minimal waste from the 
fuel cycle. 
NO 
2. 
The undertaking carries 
out, funds or has exposures to construction and safe 
operation of new 
nuclear installations to produce electricity or process 
heat, 
including for the purposes of district heating or industrial processes 
such as 
hydrogen production, 
as well as their safety upgrades, 
using best available 
technologies. 
YES 
3. 
The undertaking carries 
out, funds or has exposures to safe operation 
of existing 
nuclear installations that produce electricity or process 
heat, including for the 
purposes of district heating or industrial processes such as hydrogen 
production 
from nuclear energy, 
as well as their safety upgrades. 
YES 
Fossil gas related activities 
4. 
The undertaking carries 
out, funds or has exposures to construction or operation 
of electricity generation facilities 
that produce electricity using fossil 
gaseous 
fuels 
YES 
5. 
The undertaking carries 
out, funds or has exposures to construction, refurbishment, 
and operation of combined heat/cool 
and power generation 
facilities using fossil 
gaseous fuels. 
YES 
6. 
The undertaking carries 
out, funds or has exposures to construction, refurbishment 
and operation of heat 
generation facilities 
that produce heat/cool 
using fossil gaseous 
fuels. 
YES 

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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Page 
€ = Euro 
m = million 
bn = billion
Turnover 
KPI Tables 
Table 1 - Taxonomy 
-aligned economic activities (denominator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
9 
- 
9 
- 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
1,475 
2 
1,465 
2 
10 
- 
8. 
Total applicable KPI 
1,484 
3 
1,474 
2 
10 
- 
Table 2 -Taxonomy 
-aligned economic activities (numerator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the numerator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
9 
0.6 
9 
0.6 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
0.4 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
1,475 
99.4 
1,465 
99.4 
10 
99.6 
8. 
Total amount and proportion of taxonomy-aligned economic 
activities in the numerator of the applicable KPI 
1,484 
100.0 
1,474 
100.0 
10 
100.0

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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Page 
€ = Euro 
m = million 
bn = billion
Table 9 - Taxonomy 
-eligible but not taxonomy-aligned economic activities 
Row 
Economic activities 
Amount (in Million EUR) and Pproportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.26 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.27 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.28 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
4. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.29 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
52 
0 
52 
0 
- 
- 
5. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.30 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
3 
- 
3 
- 
- 
- 
6. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.31 of Annexes I 
and II to Delegated EN 6 EN Regulation 2021/2139 in the 
denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-eligible but not 
taxonomy-aligned economic activities not referred to in rows 1 to 
6 above in the denominator of the applicable KPI 
10,476 
17 
9,864 
16 
162 
0 
8. 
Total amount and proportion of taxonomy eligible but not 
taxonomy-aligned economic activities in the denominator of the 
applicable KPI 
10,531 
17 
9,920 
16 
162 
0

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
64
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Page 
€ = Euro 
m = million 
bn = billion
Table 10 - Taxonomy 
non-eligible economic activities 
Row 
Economic activities 
Amount 
(in 
Million 
EUR) 
% 
Amount and proportion of economic activity referred to in row 1 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
2. 
Amount and proportion of economic activity referred to in row 2 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
3. 
Amount and proportion of economic activity referred to in row 3 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
4. 
Amount and proportion of economic activity referred to in row 4 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
5. 
Amount and proportion of economic activity referred to in row 5 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of EN 7 EN the applicable KPI 
- 
- 
6. 
Amount and proportion of economic activity referred to in row 6 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
7. 
Amount and proportion of other taxonomy-non-eligible economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
48,435 
80.1 
8. 
Total amount and proportion of taxonomy-non-eligible economic 
activities in the denominator of the applicable KPI 
48,435 
80.1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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€ = Euro 
m = million 
bn = billion
CapexKPI Tables 
Table 1 - Taxonomy 
-aligned economic activities (denominator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
2 
- 
2 
- 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
14 
- 
14 
- 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
2,072 
3.4 
2,065 
3.4 
7 
- 
8. 
Total applicable KPI 
2,088 
3.5 
2,081 
3.4 
7 
- 
Table 2 -Taxonomy 
-aligned economic activities (numerator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the numerator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
2 
0.1 
2 
0.1 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
14 
0.7 
14 
0.7 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
2,072 
99.2 
2,065 
99.2 
7 
100.0 
8. 
Total amount and proportion of taxonomy-aligned economic 
activities in the numerator of the applicable KPI 
2,088 
100.0 
2,081 
100.0 
7 
100.0

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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€ = Euro 
m = million 
bn = billion
Table 9 - Taxonomy 
-eligible but not taxonomy-aligned economic activities 
Row 
Economic activities 
Amount (in Million EUR) and Pproportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.26 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.27 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.28 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
4. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.29 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
57 
0.1 
57 
0.1 
- 
- 
5. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.30 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
2 
- 
2 
- 
- 
- 
6. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.31 of Annexes I 
and II to Delegated EN 6 EN Regulation 2021/2139 in the 
denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-eligible but not 
taxonomy-aligned economic activities not referred to in rows 1 to 
6 above in the denominator of the applicable KPI 
11,744 
19.4 
10,969 
19.0 
327 
0.5 
8. 
Total amount and proportion of taxonomy eligible but not 
taxonomy-aligned economic activities in the denominator of the 
applicable KPI 
11,803 
19.5 
11,028 
18.2 
327 
0.5

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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m = million 
bn = billion
Table 10 - Taxonomy 
non-eligible economic activities 
Row 
Economic activities 
Amount 
(in 
Million 
EUR) 
% 
1. 
Amount and proportion of economic activity referred to in row 1 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
2. 
Amount and proportion of economic activity referred to in row 2 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
3. 
Amount and proportion of economic activity referred to in row 3 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
4. 
Amount and proportion of economic activity referred to in row 4 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
5. 
Amount and proportion of economic activity referred to in row 5 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of EN 7 EN the applicable KPI 
- 
- 
6. 
Amount and proportion of economic activity referred to in row 6 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
7. 
Amount and proportion of other taxonomy-non-eligible economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
46,559 
77.0 
8. 
Total amount and proportion of taxonomy-non-eligible economic 
activities in the denominator of the applicable KPI 
46,559 
77.0

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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APPENDIX 2 
Definition 
of 
Alternative 
Performance 
Measures 
(APMs) 
in 
accordance 
with 
European 
Securities 
and 
Markets 
Authority (ESMA) guidelines, which are 
included in the Report of Directors/Financial 
Statements: 
a)
Loans to Deposits ratio:
 
Loans and advances 
to customers at 
amortised cost divided by 
due to customers 
at the end of the 
reported period, 
b)
Pre-Provision 
Income (PPI):
 
Profit from 
operations 
before 
impairments, provisions 
and restructuring 
costs 
as disclosed in the financial statements 
for the 
reported period, 
c)
Core income:
 
The 
total of 
net interest 
income, 
net banking 
fee 
and commission 
income 
and income 
from 
non banking services, 
d)
Core 
Pre-provision 
Income 
(Core 
PPI):
 
The 
core 
income 
minus 
the 
operating 
expenses 
of 
the 
reported 
period, 
e)
Net Interest 
Margin (NIM):
 
The 
net interest 
income of 
the 
reported period, 
annualised and divided 
by the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, 
excluding 
those related 
to discontinued operations’, 
at the end 
of the reported 
period, at the 
end of interim quarters 
and at the end of the 
previous period), 
f)
Fees and commissions:
 
The total of net 
banking fee and commission income and income 
from non banking 
services of the 
reported period, 
g)
Fees 
and commissions 
over assets 
ratio: 
The 
Fees 
and commissions 
of the 
reported period 
divided by 
the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, 
excluding 
those related 
to discontinued operations’, 
at the end 
of the reported 
period, at the 
end of interim quarters 
and at the end of the 
previous period),
 
h)
Income from trading and other activities
: The total of net trading income, gains less 
losses from investment 
securities and other 
income/ (expenses) of the 
reported period, 
i)
Cost to Income ratio:
 
Total 
operating expenses 
divided by total operating 
income, 
j)
Adjusted 
net 
profit: 
Net 
profit/loss 
from 
continuing 
operations 
excluding 
restructuring 
costs, 
goodwill 
impairment/ 
gain 
on 
acquisition, 
gains/losses 
related 
to 
the 
transformation 
and 
NPE 
reduction 
plans, 
contributions to restoration 
initiatives following 
natural disasters 
and income tax adjustments,
k)
Non-performing 
exposures (NPE):
 
Non Performing 
Exposures (in 
compliance with 
EBA Guidelines) 
are the 
Group’s 
material exposures 
which are 
more than 
90 days 
past-due or 
for 
which the 
debtor is 
assessed as 
unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any 
past due 
amount or the 
number of 
days past 
due. The 
NPE, as reported 
herein, 
refer 
to the 
gross loans 
at 
amortised cost except for 
those that 
have been classified as held for 
sale, 
l)
NPE 
ratio:
 
NPE 
divided 
by 
gross 
loans 
and 
advances 
to 
customers 
at 
amortised 
cost 
at 
the 
end 
of 
the 
reported period, 
m)
NPE 
formation:
 
Net 
increase/decrease 
of 
NPE 
in 
the 
reported 
period 
excluding 
the 
impact 
of 
write 
offs, 
sales and other 
movements,
n)
NPE 
Coverage 
ratio:
 
Impairment 
allowance 
for 
loans 
and 
advances 
to 
customers 
and 
impairment 
allowance 
for 
credit 
related 
commitments 
(off 
balance 
sheet 
items), 
divided 
by 
NPE 
at 
the 
end 
of 
the 
reported period, 
o)
Provisions 
(charge) 
to 
average 
net 
loans 
ratio 
(Cost 
of 
Risk):
 
Impairment 
losses 
relating 
to 
loans 
and 
advances 
charged 
in 
the 
reported 
period, 
annualised 
and 
divided 
by 
the 
average 
balance 
of 
loans 
and 
advances to 
customers 
at amortised 
cost (the 
arithmetic 
average 
of loans 
and advances 
to customers 
at 
amortised cost, including those that have been classified as held 
for sale, at the end of the reported 
period, 
at the end of interim quarters 
and at the end of the 
previous period), 
p)
Return 
on 
tangible 
book 
value 
(RoTBV): 
Adjusted 
net 
profit 
divided 
by 
average 
tangible 
book 
value. 
Tangible 
book value is the total equity excluding preference 
shares, preferred 
securities and non controlling 
interests minus intangible assets, 
Definition of capital and other 
selected ratios in accordance 
with the regulatory 
framework, 
which are included 
in the Report of Directors/Financial Statements: 
a)
Total 
Capital 
Adequacy 
ratio:
 
Total 
regulatory 
capital 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
based on the 
transitional rules for 
the reported 
period, divided by 
total Risk Weighted 
Assets (RWA). 
The RWA are the Group’s 
assets and off-balance-sheet exposures, weighted according to risk factors based 
on Regulation (EU) No 575/2013, 
taking into account credit, market and operational 
risk, 
b)
Common Equity 
Tier 
1 (CET1):
 
Common Equity 
Tier 
I regulatory 
capital 
as defined 
by 
Regulation 
(EU) No 
575/2013 as in force, 
based on the transitional 
rules for the 
reported period, divided by 
total RWA, 
c)
Fully loaded Common Equity 
Tier I (CET1):
 
Common Equity Tier I regulatory capital as 
defined by Regulation 
No 575/2013 as in force, 
without the application 
of the relevant transitional 
rules, divided by total RWA, 
d)
Liquidity Coverage 
Ratio (LCR):
 
The 
total amount of 
high quality 
liquid assets divided 
by the 
net liquidity 
outflows for a 30-day stress 
period. 
e)
Minimum 
Requirements 
for 
Eligible 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL) 
ratio: 
The 
sum 
of 
i) 
total 
regulatory 
capital 
(at 
Eurobank 
S.A. consolidated 
level) 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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bn = billion
force, 
based on the 
transitional rules for 
the reported 
period ii) part 
of any Tier 
2 instruments to the 
extent 
that it 
does not qualify 
as Tier 
2 capital (amortized 
part counts towards 
MREL), and iii) 
liabilities issued by 
Eurobank 
S.A. 
that 
meet 
the 
MREL-eligibility 
criteria 
set 
out 
in 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
divided by RWA 
. 
The following 
table presents the 
components of the 
calculation of the 
above APMs, 
which are derived 
from the 
Company’s consolidated 
financial statements 
for the 
year ended 
31 December 
2023 and for 
the year 
ended 31 
December 2022: 
Components of Alternative Performance 
Measures 
€ million 
FY 2023 
FY22 
(Restated) 
⁽⁸⁾
Net Interest Income 
⁽
¹
⁾
2,174 
1,480 
Fees and commissions 
544 
522 
Total 
Operating income 
⁽
²
⁾
2,914 
3,041 
Total 
Operating income, 
excluding the gain on investment 
in Hellenic Bank in 
2023 and on project "Triangle" 
in 2022
⁽
²
⁾
2,803 
2,716 
Total 
Operating expenses, 
excluding the contribution to restoration 
initiatives 
after natural 
disasters 
⁽
³
⁾
(902) 
(857) 
Pre-provision 
income (PPI) 
1,999 
2,184 
Pre-provision 
income (PPI), excluding the 
gain on investment in Hellenic Bank 
and the contribution to restoration 
initiatives after 
natural disasters in 2023 
and on project "Triangle" 
in 2022 
1,902 
1,859 
Core Pre-provision 
income (Core PPI), excluding the 
contribution to restoration 
initiatives after natural 
disasters in 2023 
1,816 
1,145 
Net profit/(loss) from continued 
operations 
1,281 
1,345 
Gain on project "Triangle" 
(before tax) 
 
- 
325 
Gain on project "Triangle" 
(after tax) 
 
- 
231 
Restructuring costs, after tax 
(29) 
(63) 
Gain on investment in Hellenic Bank (associate) 
111 
 
- 
Contribution to restoration 
initiatives after 
natural disasters, before 
tax 
(14) 
 
- 
Contribution to restoration 
initiatives after 
natural disasters, after 
tax 
(10) 
 
- 
Loss on projects "Solar" and "Leon", after 
tax 
(48) 
 
- 
Loss on projects "Solar" and "Leon", 
before tax 
(67) 
 
- 
Adjusted net profit 
1,256 
1,178 
Impairment losses relating to loans 
and advances 
(412) 
(276) 
Impairment losses for 
loans, excluding the loss on projects 
"Solar" and "Leon" 
(345) 
(276) 
NPE formation
⁽⁴⁾
138 
40 
Non performing exposures 
(NPE) 
1,512 
2,156 
Due to customers 
57,442 
55,609 
Gross Loans and advances to customers 
at amortized cost 
42,773 
41,811 
Impairment allowance for 
loans and advances to customers 
(1,258) 
(1,572) 
Impairment allowance for 
credit related commitments 
(48) 
(57) 
Due to customers (Greek operations) 
39,955 
39,575 
Gross Loans and advances to customers 
at amortized cost (Greek operations) 
32,308 
32,812 
Impairment allowance for 
loans and advances to customers 
(Greek 
operations) 
(1,003) 
(1,332) 
Average 
balance of continued operations’ 
total assets 
⁽⁵⁾
79,106 
77,672 
Average 
balance of loans and advances to customers 
at amortized cost 
⁽⁶⁾
40,645 
38,834 
Average 
balance of tangible book value 
⁽⁷⁾
6,957 
5,793 
(1) 
4Q2023 
NIM: 
Net 
interest 
income 
of 
the 
fourth 
quarter 
2023 
(€573m), 
annualised, 
divided by 
the 
average 
balance 
of 
continued 
operations’ 
total 
assets 
(€78,902m). 
The 
average 
balance 
of 
continued 
operations’ 
total 
assets, 
has 
been 
calculated as the arithmetic 
average of their balances at the 
end of the reporting period (31 December 2023: €79,781m) and 
at the end of interim quarter (30 September 2023: €78,023m).
(2) 
International 
Operations: 
Operating 
income: 
€778m 
(2022, 
adjusted: 
€497m). 
Greek 
operations: 
Operating 
income: 
€2,025m, excluding the gain on investment in Hellenic Bank of €111m 
(2022: €2,219m, excluding the gain on project "Triangle" 
of €325m). 
(3)
 
International Operations: 
Operating 
expenses: €258m 
(2022, adjusted: 
€212m). Greek 
operations: 
Operating 
expenses: 
€644m, excluding contribution to restoration initiatives 
after natural disasters of €14m (2022: €645m).
(4) 
NPEs formation 
has been 
calculated 
as the 
decrease of 
NPE in 
2023 (€745m), 
after deducting 
the 
impact of 
write-offs 
€405m, classifications as held for 
sale / sales €493m and other movements 
(€15m). 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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bn = billion
(5)
The 
average 
balance 
of continued 
operations’ 
total 
assets, has 
been calculated 
as the 
arithmetic 
average 
of the 
their 
balances 
at the 
end of 
the 
reporting period 
(31 December 
2023: €79,781m), 
at the 
end of 
interim quarters 
(30 September 
2023: €78,023m, 30 June 2023: €79,137m and 31 March 2023: €79,538m), and at the end of the previous 
period (31 December 
2022: 
€79,052m). 
The 
respective 
figures 
for 
31 
December 
2022: 
€79,052m, 
30 
September 2022: 
€81,065m 
30 
June 2022: 
€77,847m 
31 March 2022: €74,873 and 31 December 2021: €75,521m.
(6)
The 
average 
balance 
of 
loans 
and 
advances 
to 
customers 
measured 
at 
amortized 
cost, 
excluding 
Eurobank 
Direktna 
operations, has been calculated as the arithmetic average of their balances at the 
end of the reporting period (31 December 
2023: €41,515m), at the end of interim quarters (30 September 
2023: €40,734m, 30 June 2023: €40,604m and 31 March 2023: 
€40,137m), and at the end of the previous period (31 
December 2022 €40,237m). The respective figures for 31 
December 2022: 
€40,237m, 30 September 2022: €39,754m 30 June 2022: €38,970m 31 March 2022: €37,761 and 31 December 2021: €37,445m.
(7)
 
The average 
balance of tangible book value, has been calculated 
as the arithmetic 
average of the 
total equity minus the 
intangible assets and non 
controlling interests 
at the 
end of the 
reporting period (31 
December 2023: €7,565m), 
at the 
end 
of interim quarters (30 September 
2023: €7,221m, 30 June 2023: €7,039m and 31 March 2023: €6,618m) and at the end of the 
previous period 
(31 December 2022: €6,340m).
The respective 
figures for 
31 December 2022: €6,340m, 30 
September 2022: 
€6,038m 30 June 2022: €5,934m 
31 March 2022: €5,380 and 31 December 2021: €5,270m. 
(8)
The comparative information 
has been adjusted 
due to a) 
the retrospective application of IFRS 17 by the Group’s associate 
Eurolife 
FFH Insurance 
Group Holdings 
S.A. and b) the 
presentation of 
operations of 
Eurobank Direktna 
a.d. disposal group 
as discontinued. 
Source of financial Information 
The 
Directors’ 
Report 
includes 
financial 
data 
and 
measures 
as 
derived 
from 
the 
Company’s 
consolidated 
financial statements 
for 
the 
year 
ended 31 
December 
2023 and 
for 
the 
year 
ended 31 
December 
2022, which 
have 
been 
prepared 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
(IFRS). 
In 
addition, 
it 
includes 
information 
as 
derived 
from 
internal 
information 
systems, 
consistent 
with 
the 
Group’s 
accounting 
policies, 
such 
as 
the 
selected 
financial 
information 
for 
the 
Group’s 
two 
main 
reportable 
segments 
a) 
Greek 
Operations, 
which 
incorporate 
the 
business 
activities originated 
from 
the 
Company, 
the 
Bank and 
the 
Greek 
subsidiaries and b) 
International Operations, which incorporate the business activities originated from the banks 
and the 
other 
local 
subsidiaries 
operating 
in Bulgaria, 
Cyprus 
and Luxembourg 
(as described 
at the 
relevant 
section on page 4). 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
71
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CORPORATE GOVERNANCE STATEMENT 
2023 
1. 
Adoption of the Hellenic Corporate Governance Code 
 
In compliance with art. 17 of L.4706/2020 for 
the listed companies (effective from 18.7.2021 onwards), which 
stipulates that 
listed companies should adopt and 
implement a corporate governance 
code, prepared by a 
recognized and reputable body, 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(Company, 
Eurobank 
Holdings, 
Holdings 
or 
HoldCo) 
has 
adopted 
and 
implements the Hellenic Corporate Governance Code (the Code). 
The 
Code 
is available on Eurobank Holdings’ website (https://www.eurobankholdings.gr/en/corporate-
governance/corporate-governance-principles/).
Given 
that 
the 
Eurobank 
Holdings 
Group 
(the 
Group) 
consists 
mainly 
of 
Eurobank 
S.A. 
(Eurobank 
or 
Bank) 
and 
its 
subsidiaries 
(the 
Eurobank 
or 
Bank 
Group), 
the 
present Corporate 
Governance 
Statement 
outlines 
how 
the 
principles 
stipulated by the Code were applied to both Eurobank Holdings and Eurobank during 2023. 
2. 
Board of Directors
5
2.1
 
General 
The HoldCo/Bank are managed 
by their respective Boards 
of Directors (Board or 
BoD), which are collectively 
responsible 
for 
their 
long-term 
success. 
The 
Boards 
exercise 
their 
responsibilities 
in 
accordance 
with 
the 
Greek 
legislation 
and 
international best practices, as well as with their Articles of Association and the 
shareholders’ General Meetings’ legitimate 
decisions. 
The role of the 
Board is to 
offer entrepreneurial leadership to 
the Group within 
a framework of 
prudent and effective controls, 
facilitating the assessment and 
management of risks. The 
Board establishes the Group's strategic 
objectives, ensures the 
availability 
of 
essential 
financial 
and 
human 
resources 
for 
the 
Group 
to 
fulfil 
its 
purpose, 
and 
evaluates 
management 
performance. It also defines 
the Group's values and 
standards, ensuring that its 
responsibilities to shareholders and 
other 
stakeholders are acknowledged and fulfilled. 
All members of the Board 
are required to act 
in the best interests of 
the Group, 
aligning with their legal duties. 
2.2
 
Composition of the Board 
The 
members 
of 
the 
Board 
are 
elected 
by 
the 
HoldCo’s 
and 
Eurobank’s 
General 
Meetings, 
which 
determine 
the 
exact 
number of the 
directors and their 
term of office, 
within the limits of 
the law and of 
the HoldCo’s and 
Eurobank’s Articles of 
Association and also designates the independent non-executive directors. 
During 2023: 
-
 
further 
to 
the 
discussions 
and 
the 
decisions 
reached 
at 
HoldCo/Bank 
NomCo 
meetings 
dated 
22.06.2023, 
23.06.2023 
and 
27.06.2023 
and 
the 
resolutions 
of 
the 
HoldCo/Bank 
Annual 
General 
Meeting 
(AGM) 
of 
shareholders 2023, the number of the HoldCo/Bank BoD members increased to fifteen members with the election 
of Messrs Burkhard 
Eckes and John 
Hollows who were 
appointed as independent 
Non-Executive Directors. The 
term of office 
of the 
aforementioned new 
members expires concurrently 
with the term 
of office of 
the other members 
of the HoldCo/Bank 
Board and more specifically 
on 23.07.2024, prolonged until 
the end of the 
period the Annual 
General Meeting for the year 2024 will take place. 
-
 
following the Hellenic Financial Stability 
Fund’s (HFSF) divestment from HoldCo, and 
taking into consideration that 
the HoldCo and Bank 
are no longer subject to law 3864/2010 and 
to the special rights of the HFSF provided for in 
such 
law, 
including 
HFSF’s 
right 
to 
appoint 
its 
representative 
in 
the 
HoldCo 
and 
Bank 
Boards 
and 
Board 
Committees, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli, submitted 
her 
resignation 
from 
the 
abovementioned 
positions on 26 October 2023, effective as of 7 November 2023. 
-
 
On 31 October 2023, Mr. Andreas Athanasopoulos, Deputy 
CEO and Executive Member of 
the HolDCo/Bank BoD 
submitted his resignation from the above positions with effect from December 31, 2023. 
 
5
Information regarding the Board’s composition is also included 
in relevant note of the consolidated accounts of 
HoldCo and Eurobank 
respectively.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
72
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Following the above, 
the current 
Boards, as of 
the date of 
approval of the 
here-in Statement, 
consist of thirteen 
(13) Directors 
of whom, three (3) executives, three (3) non-executives and seven (7) independent non-executives: 
Eurobank Holdings 
Eurobank 
First 
appointment 
End of 
Term 
First 
appointment 
End of 
Term 
Georgios P. Zanias 
Chairperson, Non-Executive Director 
Mar. 2019 
2024
Mar. 2020 
2024 
Georgios K. Chryssikos 
Vice-Chairperson, Non-Executive Director 
Jun. 2014 
2024 
Mar. 2020 
2024 
Fokion C. Karavias 
Chief Executive Officer 
Jun. 2014 
2024 
Mar. 2020 
2024 
Stavros E. Ioannou 
Deputy Chief Executive Officer 
Apr. 2015 
2024 
Mar. 2020 
2024 
Konstantinos V. Vassiliou 
Deputy Chief Executive Officer 
July 2018 
2024 
Mar. 2020 
2024 
Bradley Paul L. Martin 
Non-Executive Director 
Jun. 2014 
2024 
Mar. 2020 
2024 
Rajeev K. L. Kakar 
Non-Executive Independent Director 
July 2018 
2024 
Mar. 2020 
2024 
Jawaid A. Mirza 
Non-Executive Independent Director 
Jun. 2016 
2024 
Mar. 2020 
2024 
Alice K. Gregoriadi 
Non-Executive Independent Director 
Apr. 2020 
2024 
Apr. 2020 
2024 
Irene Rouvitha Panou 
Non-Executive Independent Director 
Apr. 2020 
2024 
Apr. 2020 
2024 
Cinzia V. Basile 
Non-Executive Independent Director 
Dec. 2020 
2024 
Dec. 2020 
2024 
Burkhard Eckes 
Non-Executive Independent Director 
Jul. 2023 
2024 
Jul. 2023 
2024 
John Arthur Hollows 
Non-Executive Independent Director 
Jul. 2023 
2024 
Jul. 2023 
2024 
The 
short 
CVs 
of 
the 
HoldCo 
and 
Eurobank 
Boards 
members 
as 
summarized 
below 
are 
evidence 
that 
the 
Boards’ 
composition reflects the knowledge, skills 
and experience required for the execution of 
their duties, in accordance with the 
Board Nomination Policy and the HoldCo’s/Bank’s business model and strategy. 
It is also 
noted that the 
directorships of the 
HoldCo and Eurobank 
Boards members as 
at 31.12.2023, are 
outlined in Section 
2.7, “Directorships of Board members”. 
Georgios Zanias 
Chairperson, Non-Executive Director 
Year of birth: 1955 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: - 
George 
P. 
Zanias 
joined 
Eurobank 
as 
the 
Chairman 
of 
the 
Board 
of 
Directors 
in 
2019. 
He 
is 
also 
a 
Professor 
Emeritus 
of 
Economics 
at 
the 
Athens University of Economics and Business and a Member of the 
Board 
of IOBE. 
In 
the 
past, 
Mr 
Zanias 
has 
served 
as 
the 
Minister 
of 
Finance 
(2012), 
Chairman of the Board of 
Directors of the National Bank 
of Greece (2012-
2015), Chairman 
of the 
Board of 
the Hellenic 
Banking Association (2012-
2015), Member 
of the 
Board of 
the European 
Banking Federation 
(2012-
2015), Member of 
the Board of 
the American-Greek Chamber 
of Commerce 
( 2019-2022), Chairman 
of the Council of 
Economic Advisors at 
the Ministry 
of Finance (2009-2012), General Secretary of the Ministry 
of Economy and 
Finance 
(2001-2004), 
Chairman 
and 
Scientific 
Director 
of 
the 
National 
Economic Institute (KEPE) (1998-2001). 
He 
has 
also 
served 
as 
a 
Director on 
the 
Boards 
of 
Hellenic 
Exchanges 
(2000-2001), 
Public 
Debt 
Management 
Office 
(PDMA) 
(2009-2012), 
General 
Bank 
(1997-1998), 
CHIPITA 
SA 
(2015-2019), 
the 
European 
Financial Stability Mechanism (EFSF/ESM) 
(2010-2012). Also: Member of 
the 
Board 
of 
Governors of 
the 
Black 
Sea 
Trade 
and 
Development Bank 
(2003-2004), Alternate 
Governor of 
the Board of 
Governors of 
EBRD (2002-
2004), 
Member 
of 
the 
European 
Securities 
Committee 
(2001-2002), 
Member of the 
Monetary Policy Committee 
of the Bank 
of Greece (May-July 
2012), Chairman of 
the Board of 
Directors of Piraeus 
Real Estate SA 
and 
Picar SA (2017-2019), Vice Chairman 
of the Board of 
ETVA Industrial Zone 
SA (2018-2019). 
He holds a Doctorate from Oxford University, an M.Sc. for the University of 
Reading 
and 
a 
B.Sc. 
from 
the 
Athens 
University 
of 
Economics 
and 
Business. 

 
 
 
 
 
 
 
 
 
 
 
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George Chryssikos 
Vice Chairman, Non-Executive Director of the BoD 
Membership in Board Committees: 
Remuneration Committee
 
– Member 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 800.000 
Mr. 
Chryssikos is the 
Founder and BoD 
Member of 
Grivalia Management 
Company SA and also serves as Chairman & CEO of 
Grivalia Hospitality. 
In the 
past, Mr. 
Chryssikos had 
also the 
following significant 
posts: Non-
Executive Director of 
the BoD, MYTILINEOS 
(2017-2019), Member of 
the 
BoD, 
Praktiker 
Hellas 
(2014-2019), 
Member 
of 
the 
BoD 
and 
General 
Secretary, 
British 
Hellenic 
Chamber 
of 
Commerce 
(2014-2017), 
CEO, 
Executive Director of the BoD and Chairman of the Investment Committee, 
Grivalia Properties REIC (2013-2019), Non-Executive Director 
of the BoD, 
Lamda Hellix (2013-2017), 
General Manager, Executive 
Director of 
the BoD 
and 
Chairman 
of 
the 
Investment 
Committee, 
Grivalia 
Properties 
REIC 
(2008), 
Investment 
Manager 
and 
Member 
of 
the 
Investment 
Committee, 
Grivalia Properties REIC (2006). 
He 
holds 
an 
MBA 
in 
Corporate 
Finance 
& 
Strategy 
from 
the 
Columbia 
Business School, 
USA, an 
MSc in 
Engineering & 
Construction Management 
from UC 
Berkeley, 
USA, as 
well as 
a MEng 
in Civil 
Engineering from the 
National Technical University of Athens. 
Fokion Karavias 
Chief Executive Officer (CEO) 
Year of birth: 1964 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 269.495
Mr. 
Karavias 
joined 
Eurobank 
in 
1997 
and 
served, 
inter 
alia, 
as 
Senior 
General Manager, Group Corporate 
& Investment Banking, 
Capital Markets 
& 
Wealth 
Management 
(2014-2015) 
and 
Executive 
Committee 
Member 
(2014-2015), General Manager 
and Executive Committee 
Member (2005-
2013), Deputy General Manager and Treasurer (2002-2005), Head 
of fixed 
income and derivative product trading (1997). 
In the past, Mr. Karavias had also the following significant posts: Treasurer 
of 
Telesis 
Investment 
Bank 
(2000), 
Head 
of 
fixed 
income 
products 
and 
derivatives in Greece of 
Citibank, Athens (1994) 
and has also worked 
in the 
Market Risk Management Division of JPMorgan NY 
(1991). 
He 
holds 
a 
PhD 
in 
Chemical 
Engineering 
from 
the 
University 
of 
Pennsylvania, Philadelphia, USA and an MA in 
Chemical Engineering from 
the same university, as well as 
a Diploma in Chemical 
Engineering from the 
National Technical University of Athens. 
He has published 
articles on topics 
related to his academic research. 
Stavros Ioannou 
Deputy Chief Executive Officer (CEO), Group Chief 
Operating Officer (COO) & International Activities 
Membership in Board Committees: 
Board Digital and Transformation Committee - Member 
Year of birth: 1961 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 133.154 
Mr. 
Ioannou holds several 
other posts in 
the Eurobank Group 
as member 
of the BoD of Eurobank Bulgaria AD 
(since October 2015), Vice-Chairman 
in Eurobank Cyprus 
Ltd (since November 2022) 
and is also 
the Chairman 
of 
the 
BoD, 
BE-Business 
Exchanges 
SA 
(since 
January 
2014).
Group 
Private Banking is 
also in the 
area of his 
responsibilities since 2019 while 
he 
has 
been 
appointed 
as 
the 
responsible 
BoD 
member 
of 
Eurobank 
Holdings and Eurobank for climate-related and environmental risks and for 
the outsourcing function. 
He 
is 
currently 
Non-Executive 
Board 
member 
of 
Grivalia 
Management 
Company S.A. (since September 2019). 
In the past, Mr. 
Ioannou had also the following significant posts: Chairman 
of 
the 
Executive 
Committee 
in 
the 
Hellenic 
Banking 
Association 
(2020-
2022)
where he had been 
member since 2013, Vice 
Chairman at Cardlink 
SA (2013-2015), 
Member of 
the BoD 
in Millennium 
Bank, responsible 
for 
Retail, 
Private 
Banking 
and 
Business 
Banking 
(2003), 
Head 
at 
Barclays 
Bank PLC, responsible for Retail Banking, Private Banking and Operations 
(1990-1997). 
He holds an MA 
in Banking and Finance from the 
University of Wales, UK 
and a 
Bachelor Degree 
in Business 
Administration from 
the University 
of 
Piraeus. 
Kostas Vassiliou 
Deputy Chief 
Executive Officer 
(CEO), Head 
of Corporate & 
Investment Banking 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 131.626 
Mr. Vassiliou holds several other posts in 
the Eurobank Group 
as Chairman 
of the BoD 
of Eurobank Factors 
Single Member 
SA (since December 
2018), 
Member of the BoD of Eurobank Equities Single Member SA 
(since March 
2015). 
He 
also 
serves 
as 
Vice-Chairman 
of 
the 
BoD 
of 
Eurolife 
FFH 
Insurance 
Group 
Holdings 
SA 
(since 
January 
2021), 
Eurolife 
FFH 
Life 
Insurance SA (since December 2020) and Eurolife FFH General Insurance 
SA (since December 2020). 
In the 
past, Mr. 
Vassiliou 
had also the 
following significant posts: 
Country 
Manager 
for 
Greece, 
Cyprus 
and 
the 
Balkans, 
Mitsubishi 
UFJ 
Financial 
Group, London 
(2000-2005) and Senior 
Relationship Manager, 
Mitsubishi 
UFJ Financial Group, London (1998-2000). 

 
 
 
 
 
 
 
 
 
 
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He 
holds 
an 
MΒΑ 
from 
Boston 
University, 
USA 
and 
a 
BA 
in 
Business 
Administration from the Athens University of Economics 
and Business. 
Alice Gregoriadi 
Independent Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Remuneration Committee – Member 
Board Digital and Transformation Committee – Chairwoman 
Year of birth: 1968 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: -
Mrs. 
Gregoriadi 
also 
serves 
as 
an 
Affiliate 
Partner 
– 
Management 
Consultant 
at 
True 
North 
Partners 
LLP, 
London, 
UK. 
In 
the 
past, 
Mrs. 
Gregoriadi had also the 
following significant posts: Hellenic Corporation of 
Assets 
& 
Participations 
(HCAP), Greece, 
Non-Executive Board 
member, 
Audit 
Committee 
member, 
Corporate 
Governance 
and 
Nominations 
Committee member (February 2017 – 
February 2021), JPMorgan, London, 
UK, various posts 
as Managing Director 
(February 2010 – 
May 2015), IBOS 
Board Director (April 
2010 – August 
2014), ABN Amro 
Bank, Amsterdam, 
Netherlands & London, UK, 
various posts as Managing 
/ Executive Director 
(November 
2001 
– 
December 
2009), 
Citibank 
NA, 
London, 
UK, 
various 
Senior Executive Director posts (February 1994 
– August 2001) , Clearing 
House Automated Payments 
System (CHAPS), UK, 
Board Director (June 
1997 – July 2000). 
She holds an MBA 
from the Manchester 
Business School, UK (1991-1993), 
including an MBA international exchange 
program from the E.J.Cox School 
of 
Management, 
Texas, 
USA 
– 
(1992), 
an 
Executive 
Certification 
on 
Blockchain 
for 
business 
from 
University 
College 
London 
(2019), 
an 
Executive Certification 
on eCommerce 
from the 
Darden School 
of Business, 
Virginia University, USA (2000) and a BSc in Business Administration from 
the The American College, Athens, (1987-1990). 
Rajeev Kakar 
Independent Non-Executive Director 
Membership in Board
Committees: 
Audit Committee – Member 
Board Risk Committee – Chairman 
Nomination & Corporate Governance Committee – 
Member 
Board Digital and 
Transformation Committee – 
Vice Chairman 
Year of birth: 1963 
Nationality: Indian 
Number of shares in Eurobank Holdings: -
Mr. Kakar is a senior international 
banker with 35 years 
of financial services 
experience, 
and 
currently 
also 
serves 
as 
a 
board 
member 
of 
several 
Financial Institutions- 
including Commercial 
International Bank 
(Egypt), Gulf 
International Bank 
Group Board 
(Bahrain), Gulf 
International Bank 
(Saudi 
Arabia), UTI Asset Management Company 
Ltd. (India), and is also 
a Global 
Advisory 
Board 
member 
at 
the 
University 
of 
Chicago’s 
Booth 
School 
of 
Business. 
In 
the 
past 
Mr. 
Kakar 
has 
also 
served 
as 
board 
member 
on 
several 
international 
financial 
institutions/bank 
boards 
- 
eg., 
as 
Board 
Member 
of 
Visa 
International 
CEEMEA 
(United 
Kingdom 
2004-2006), 
Chairman of 
the BoD, 
Fullerton Securities & 
Wealth Advisors 
(New Delhi, 
India 2008-2017), board Member of 
Fullerton India Credit Company 
(India 
2009-2017), Member of the Board of Commissioners, 
Adira Dinamika Multi 
Finance Tbk, subsidiary of Bank Danamon (Indonesia 
2010-2013), etc. 
Between 
2006-2018, 
Mr. 
Kakar 
served 
as 
the 
Global 
Co-Founder 
of 
Fullerton 
Financial 
Holdings 
(Singapore) 
- 
a 
wholly 
owned 
subsidiary 
of 
Temasek 
Holdings, Singapore. In this role, 
he also concurrently served as 
Fullerton’s 
Global CEO 
of Consumer 
Banking, Regional 
CEO for 
Central 
Europe, 
Middle 
East 
and 
Africa, 
and 
also 
as 
the 
Founder, 
Managing 
Director and 
CEO of 
Dunia Finance 
(Fullerton’s UAE 
subsidiary). Prior 
to 
2016, he was at Citibank 
for 20 years working across 
various countries and 
held 
various 
senior 
management 
positions, 
including, 
his 
most 
recent 
Citibank 
assignment 
where 
he 
served 
as 
the 
Regional 
CEO 
& 
Division 
Executive for Citibank-Turkey, Middle East and Africa until Jan 2006. 
 
Mr. Kakar 
holds an MBA, 
Finance & Marketing from 
the Indian Institute 
of 
Management, 
Ahmedabad 
(India) 
and 
a 
Bachelor 
of 
Technology, 
Mechanical Engineering from the Indian Institute of Technology (India). 
Bradley Paul Martin 
Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Nomination 
& 
Corporate 
Governance 
Committee 
– 
Vice 
Chairman 
Year of birth: 1959 
Nationality: Canadian 
Number of shares in Eurobank Holdings: 122.500 
Mr. Martin 
also serves as a Vice 
Chairman in Strategic Investments of 
the 
Fairfax 
Financial 
Holdings, 
where 
he 
has 
been 
a 
senior 
executive 
since 
1998. 
In 
the 
past Mr. 
Martin has 
also served 
as: Member 
of the 
BoD, 
Bank 
of 
Ireland 
(2013-2017), 
Chief 
Operating 
Officer 
(COO), 
Fairfax 
Financial 
Holdings (2006-2012) and Partner, Torys LLP law firm (before 1998). 
He holds a 
ΒΑ from 
Harvard University, USA 
and an 
LLB from 
the University 
of Toronto, Canada. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Jawaid Mirza 
Independent Non-Executive Director 
Membership in Board Committees: 
Audit Committee – Chairman 
Nomination & Corporate Governance Committee – 
Member 
Board Digital and Transformation Committee – Member 
Remuneration Committee – Vice Chairman 
Year of birth: 1958 
Nationality: Canadian 
Number of shares in Eurobank Holdings: -
Mr. 
Mirza is 
a strong proponent 
and practitioner of 
international corporate 
governance and brings 
with him over 
35 years of diversified 
experience and 
a 
solid 
track 
record 
in 
all 
facets 
of 
financial 
and 
risk 
management, 
technology, mergers and acquisitions, business turnarounds and operation 
management. 
 
In 
the 
past, 
Mr. 
Mirza 
was 
also 
the 
lead 
Director 
with 
Commercial 
International Bank of 
Egypt, as well as 
Independent Non-Executive Director 
with 
South 
Africa 
Bank 
of 
Athens 
(Johannesburg). 
He 
also 
served 
Commercial Bank of 
Egypt (CIB) as 
Managing Director 
& CEO of 
Consumer 
Banking 
and 
Group 
COO. 
Over 
the 
years, 
Mr. 
Mirza 
has 
worked 
with 
global institutions 
like Citibank 
and ABN 
AMRO Bank 
Ltd where 
he held 
several senior positions as CFO European Region, Managing Director and 
Chief Operating Officer for Global 
Private Banking, Asset Management 
and 
New 
Growth 
Markets, 
Chief 
Financial 
Officer 
for 
Asian 
region 
including 
Australia/New 
Zealand 
and 
Middle 
East. 
Mr. 
Mirza 
led 
several 
due 
diligences for acquiring 
banks in Europe, 
Asia, and Latin 
America. Mr. Mirza 
was also a member 
of the Top Executive Group (TEG) 
of ABN AMRO Bank 
as well as member of the Group Finance and 
Group COO Board. 
 
Mr. Mirza also serves as Non-Executive Independent 
Director of AGT Food 
& Ingredients (Canada), IDRF (Canada). 
 
Mr. 
Mirza 
holds 
various 
business 
management 
courses 
from 
reputable 
institutions 
like 
Queens 
Business 
school, 
Wharton 
Business 
school, 
Stanford Graduate School 
of Business and 
is also a member 
of the Institute 
of Corporate Directors, Canada. 
Irene Rouvitha Panou 
Independent Non-Executive Director 
Membership in Board Committees: 
Nomination & Corporate Governance Committee – 
Chairwoman 
Audit Committee – Vice Chairwoman 
Year of birth: 1958 
Nationality: Cypriot 
Number of shares in Eurobank Holdings: - 
Mrs. Rouvitha 
Panou is 
Independent Non-Executive 
Director of 
CAC Cyprus 
Asset Management Company 
KEDIPES where she 
is Member of the 
Board 
Audit and Risk Committees, Member of 
the Board of Trustees of UK-based 
Stelios Philanthropic 
Foundation, Member 
of the 
Advisory Council 
of School 
of Economics & 
Management University of 
Cyprus, Member of 
the British 
High 
Commission 
Judging 
Panel 
for 
UK 
Study 
Awards, 
Member 
of 
the 
International Advisory Committee of Komvos Global Hellenism 
Network. 
In the 
past, she 
had the 
following significant 
posts: Chair 
of the 
Board of 
Cyta 
(Cyprus’ leading 
integrated electronic 
communications provider) 
for 
two 
consecutive 
tenures 
(July 2016-July 
2021), 
Chair 
of 
the 
Pensions & 
Grants 
Fund 
of 
the 
Personnel 
of 
Cyta 
(January 
2019-July 
2021), 
Board 
member of Τhe 
Cyprus Employers and 
Industrialists Federation (May 
2020-
July 2021) and 
of Cyprus public 
company Vassiliko Cement, where 
she was 
Member of the Board Audit 
Committee (February 2012-October 
2014). She 
was Independent Non-Executive 
Director of Alpha 
Bank Group subsidiaries 
(Alpha 
Bank 
Romania, 
Alpha 
Bank 
Cyprus, 
Alpha 
Leasing 
in 
Greece), 
where she was 
Chair/Member of the Board Audit, 
Risk and Remuneration 
Committees (November 
2014-April 2020). 
She was 
Chair of 
the Board 
of 
Cyprus 
Development Bank 
following the 
Bank’s 
privatisation (September 
2008-April 
2014). 
She 
worked 
at 
Laiki 
Group 
(HSBC 
associate 
bank) 
(October 
1991-November 
2006) 
where 
she 
was, 
among 
others, 
Group 
General Manager (January 
2000-November 2006) and Managing 
Director 
of 
Laiki 
Bank 
Hellas 
SA 
(April 
2002-November 
2006), 
also 
serving 
as 
Director on the 
Boards of Laiki 
Group and 
its banking 
subsidiaries in 
Greece 
and 
Australia. She 
held senior 
positions in 
the field 
of 
management and 
financial services consulting based in Boston, USA (June 1994-September 
1991). 
She graduated from 
London School of 
Economics, UK (B.Sc. 
Economics, 
Metcalfe Scholar) with 
postgraduate studies 
at University of 
Cambridge, UK 
(M.Phil. 
Economics) 
and 
Massachusetts 
Institute 
of 
Technology, 
USA 
(Master of Science in Management, Fulbright Scholar). 
Cinzia Basile 
Independent Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Vice Chairwoman 
Remuneration Committee – Chairwoman 
Year of birth: 1971 
Nationality: Italian 
Number of shares in Eurobank Holdings: - 
In the past, Mrs. Basile 
had also the following significant posts: she 
set up 
and 
ran 
Credit 
Suisse 
AG’s 
Investment 
Bank 
multi-asset 
investment 
management 
business 
(Custom 
Markets) 
in 
the 
UK, 
Ireland 
and 
Luxembourg, Non-Executive 
Member of 
the BoD 
and Chair 
of the Operating 
and 
Risk 
Committee 
of 
Credit 
Suisse 
Custom 
Markets, 
a 
sponsored 
management company of Credit Suisse located Luxembourg 
(August 2011 
– 
August 
2017), 
Non-Executive 
Member 
of 
the 
BoD 
and 
Chair 
of 
the 
Operating of 
Custom Markets 
plc and 
Custom Markets 
QIAF, 
sponsored 
management companies of Credit 
Suisse located in Ireland (August 
2011 – 
August 
2017), 
Non-Executive 
Member 
of 
the 
BoD 
and 
Chair 
of 
the 
Operating and 
Risk 
Committee of 
Custom 
Markets QIAF 
a subsidiary 
of 
Credit Suisse located in Ireland (August 2011 – August 2017). 

 
 
 
 
 
 
 
 
 
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She 
holds 
a 
Juris 
Doctor 
Degree 
from 
the 
University 
of 
Rome 
“La 
Sapienza”, 
Italy 
and 
she 
was 
awarded 
a 
Thesis 
Scholarship 
(derivative 
instruments), London School of Economics, UK. 
John Arthur Hollows 
Independent, Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Board Digital and Transformation Committee – Member 
Year of birth: 1956 
Nationality: British 
Number of shares in Eurobank Holdings: - 
Mr. Hollows served for 
26 years in 
the KBC Group 
as Member of 
the Boards 
of Directors, 
KBC Bank 
and KBC 
Insurance (2009-2022), 
Member of 
the 
Executive 
Committee, 
KBC 
Group 
(2009-2022), 
Chair 
of 
the 
Board 
of 
Directors 
of 
Československá 
obchodní 
banka, 
a. 
s. 
(ČSOB) 
and 
CEO 
(2014-2022), Member of the Board of Directors of KBC Group N.V., 
Group 
Chief 
Risk 
Officer 
(2010-2014), 
CEO, 
Central 
and 
Eastern 
Europe 
and 
Russia 
(2009-2010), 
Senior 
General 
Manager, 
Banking, 
Central 
Europe 
Business Unit, KBC 
Group, Brussels (2006-2009), CEO, 
Kereskedelmi es 
Hitelbank Rt., 
Hungary (2003-2006), General 
Manager, Asia 
Pacific, KBC 
Bank 
N.V. 
(1999-2003), General 
Manager, 
Shanghai Branch, 
KBC 
Bank 
N.V. 
(1997-1999) 
and 
Commercial 
Banking 
Head, 
Hong 
Kong 
Branch, 
Kredietbank N.V (1996). 
In the 
past. Mr. 
Hollows served at 
Barclays Bank PLC 
as Chief 
Manager, 
Taipei 
Branch (1991-1995), Head of 
International Trade Services, 
London 
(1989-1991), Manager, 
Export Finance Department, 
London (1986-1989), 
Corporate Manager, Watford Branch 
(1984-1986), Assistant 
Manager, Cost 
Control Unit, General Manager’s Office (1982-1984) and Graduate 
Trainee 
(1978-1982). He has also 
served as Chair, European Council 
of Commerce 
and 
Trade 
(1994-1995) 
and 
Deputy 
Chair, 
British 
Exporters 
Association 
(1989-1991). 
He 
holds a 
Master 
of Arts, 
Sidney Sussex 
College, Cambridge 
(law and 
economics). 
Burkhard Eckes 
Independent, Non-Executive Director 
Membership in Board Committees: 
Audit Committee – Vice Chairman 
Nomination and Corporate 
Governance Committee 
– Member 
Year of birth: 1960 
Nationality: German 
Number of shares in Eurobank Holdings: - 
Mr. Eckes 
served for more than 
30 years at 
PwC as Senior Advisor, 
PwC 
Germany and 
EMEA (Europe, 
Middle East and 
Africa) (2022 
- 2023), 
Global 
Banking 
and 
Capital 
Markets 
(BCM), 
ESG 
Leader 
and 
member 
of 
the 
Global 
Financial 
Services 
(FS) 
ESG 
Leadership 
Team 
(2019 
- 
2022), 
responsible 
for 
BCM 
activities 
in 
ESG 
consulting 
globally 
EMEA 
BCM, 
Leader 
and 
member 
of 
the 
EMEA 
FS 
Leadership 
Team 
(2017 
- 
2022), 
responsible for BCM client relationships, 
projects and strategy in consulting 
and 
assurance 
services, 
including 
development 
and 
implementation 
of 
banking 
strategies, 
business 
models, 
supervisory 
and 
regulatory 
requirements and practices, 
governance, risk 
management, accounting 
and 
reporting best practices, ESG, 
bank restructuring and bank transformation 
advice, 
Member 
of 
the 
Global 
BCM 
Leadership 
Team 
(2009 
- 
2022), 
German 
BCM 
Leader and 
member of 
the 
German FS 
Leadership Team 
(2009 - 2018), responsible for 
consulting and assurance services, 
including 
HR, people development 
and statutory audits 
of large German 
banks, Chair 
of 
the Global 
Banking International 
Accounting Group 
(2002 - 
2023) and 
Partner (1996 - 2022). 
In the past. 
Mr. Eckes 
has served as Chair 
of the Banks 
Working Party of 
Accountancy 
Europe 
(former 
FEE 
- 
Fédération 
des 
Experts 
Comptables 
Européens) 
(2015 
- 
2022), 
Chair 
of 
the 
Banking 
Committee 
(Bankenfachausschuss – 
BFA) 
of the 
German Institute 
of Public 
Auditors 
(Institut der Wirtschaftsprüfer - IDW) 
(2017 - 2022) and member of the 
BFA 
(2008 - 
2022), Member 
of the 
European Parlamentary 
Financial Services 
Forum 
- 
EPFSF 
(2012 
- 
2023) 
and 
Member 
of 
the 
Steering 
Committee 
Sustainability of IDW (2020 - 2022). 
He holds an MBA from the University 
of Saarland, Saarbrücken (1986) and 
is a Certified Public Auditor (German Wirtschaftsfprüfer) 
(1996). 
 

 
 
 
 
 
 
 
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The short CV of the Secretary to the BoD is the following: 
Ioannis Chadolias 
Secretary to the BoD, Head of Group Company 
Secretariat 
Secretary to the following
Board Committees: 
Remuneration Committee 
Nomination & Corporate Governance Committee 
Board Digital and Transformation Committee 
Year of birth: 1970 
Nationality: Hellenic 
Number of shares: 10.000 
Mr. Chadolias is responsible to provide effective company secretarial support 
to the Board and 
Board Committees of Eurobank and Eurobank 
Holdings as 
well as 
to their 
most important Executive 
Committees, and to 
safeguard the 
integrity of the corporate governance framework of 
these companies. 
Mr. 
Chadolias 
has 
served 
within 
Eurobank 
Group 
as 
Deputy 
Company 
Secretary 
(September 
2016 
– 
January 
2021), 
Head 
of 
Group 
Corporate 
Governance 
Division 
(September 
2009 
– 
August 
2016) 
and 
Subsidiaries 
Control and Compliance Manager (December 2006 – 
September 
2009). 
He 
holds 
a 
Master 
of 
Science 
(MSc) 
in 
Project 
Analysis, 
Finance 
and 
Investment from the University of York (United Kingdom), a Bachelor Degree 
in Economics from 
the Economic University 
of Athens (Greece) 
and several 
professional qualifications. 
There 
are 
no 
limitations 
regarding 
the 
re-election 
and 
cessation 
of 
Directors 
in 
the 
Articles 
of 
Association 
of 
the 
HoldCo/Bank. In cases where a member's membership has expired, the Board has the authority to continue managing and 
representing the HoldCo/Bank without replacing 
the expired members, as long as the 
remaining members constitute more 
than half of the original number of members prior to the lapse event, and in any case, not fewer than three (3). 
As per the Articles of Association of HoldCo/Bank, in compliance with Law 4548/2018, the Board can consist of three (3) to 
fifteen (15) members. 
Additionally, in accordance with 
Law 4706/2020 on 
corporate governance, independent 
non-executive 
Directors are 
appointed by 
the General 
Meeting and 
must constitute 
at least 
one-third (1/3) 
of the 
total number 
of Board 
members (rounded to the nearest integer), and in any case, not fewer than two (2). 
For 
the 
year 
2023, 
the 
HoldCo/Bank 
Nominations 
and 
Corporate 
Governance 
Committees, 
at 
their 
meetings 
held 
on 
30.05.2023 
and 
12.12.2023, 
reviewed 
the 
independence 
criteria 
as 
per 
Law 
4706/2020, 
European 
Commission 
Recommendation 2005/162/EC and the Joint ESMA and EBA Guidelines on the “Assessment of the suitability of members 
of 
the 
management 
body 
and 
key 
function 
holders” 
(EBA/GL/2021/06). 
The 
Committees 
concluded 
that 
the 
seven 
Independent Non-Executive Members still meet the relevant independence criteria. 
2.3
 
HFSF and Tripartite Relationship Framework Agreement (TRFA) 
After the complete 
divestment on 9.10.2023 of 
the shares held by 
the Hellenic Financial Stability 
Fund (HFSF) in 
HoldCo, 
the HoldCo and the Bank are no longer bound by Law 3864/2010 or the special rights granted to HFSF under that law, 
nor 
are they subject to the provisions outlined in the Tripartite Relationship Framework Agreement ("TRFA"). 
2.4
 
Division of responsibilities 
There 
is a 
distinct 
allocation of 
responsibilities 
at the 
top level 
of 
the 
HoldCo and 
the 
Bank, separating 
the 
governance 
functions overseen by the Chairperson from 
the operational and managerial aspects handled 
by the Chief Executive Officer 
(CEO) and Deputy CEOs. Notably, the roles of Chairperson and CEO are held by different individuals. 
Chairperson 
The Chairperson of the HoldCo/Bank 
Boards is a Non-Executive Director and 
does not concurrently serve as Chairperson 
of 
either 
the 
Risk 
or 
Audit 
Committees. 
Elected 
by 
all 
Board 
members, 
including 
the 
Independent 
Non-Executives, 
in 
accordance with L. 4548/2018 and the Articles of Association, the Chairperson presides over Board meetings 
and ensures 
their effective and efficient operation and organization. 
The Chairperson is responsible to: 
●
 
organize and coordinate the work of the Board, 
●
 
set the Board’s agenda and ensure that adequate time is available for discussion of all agenda items, in particular 
strategic issues, 
●
 
promote a culture of open-mindedness and constructive dialogue, 
●
 
facilitate and promote the 
establishment of good and 
constructive relationships between the 
members of the Board 
and the effective contribution of all non-executive members, 
●
 
ensure that 
the Directors 
receive accurate, 
timely and 
clear information 
and that 
their developmental 
needs are 
met, with the view of enhancing the effectiveness of the Board as a team, 
●
 
ensure continuous 
and clear 
communication with 
the representatives 
of the 
Ministry of 
Finance, the 
BoG and 
of 
other public authorities, 
●
 
ensure that the Board as a whole has a satisfactory understanding of the views of the shareholders, 
●
 
ensure effective communication 
with all shareholders as 
well as the fair 
and equitable treatment of 
their interests 
and the development of constructive dialogue with them in order to understand their positions, 
●
 
work closely with the CEO and Corporate Secretary to prepare the BoD and to fully inform its members. 

 
 
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ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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The Board has also elected a Vice-Chairperson. The Vice-Chairperson who 
is a Non-executive Director, supports the Chair 
and acts as a liaison between the Chair and the members of the Board. 
It is noted that the Board has not appointed a Senior Independent Director. 
CEO 
The CEO of HoldCo/Bank is responsible and accountable 
for strategy development and its execution in alignment with the 
Group's vision. His role involves leading the organization towards the realization of its goals and objectives. 
Executive Directors 
The 
Executive 
Directors 
of 
HoldCo/Bank, 
including 
the 
CEO 
and 
Deputy 
CEOs, 
bear 
responsibility 
for 
the 
day-to-day 
management and oversight of the Group, as well as the execution of its strategy as 
defined by the Board. Additionally, they 
are tasked with the following responsibilities: 
●
 
regularly consulting with non-Executive Directors to assess the appropriateness of the implemented strategy, 
●
 
providing 
updates 
to 
the 
Board, 
in 
collaboration 
with 
other 
senior 
managers 
of 
HoldCo/Bank, 
regarding 
market 
conditions and any other developments affecting HoldCo/Bank, 
●
 
promptly informing the Board, either 
jointly or individually in writing, by 
submitting a report with their assessments 
and 
proposals, of crisis situations or risks that are anticipated to impact the financial situation of HoldCo/Bank. 
The CEO and Deputy CEOs of HoldCo/Bank fulfill their 
duties as outlined in the HoldCo's and Bank's 
Internal Governance 
Control Manuals (IGCMs), 
which are endorsed 
by the respective 
HoldCo's/Bank's Board. These 
IGCMs, designed to 
comply 
with 
legal 
and 
regulatory 
standards 
related 
to 
corporate 
governance, 
detail 
the 
comprehensive 
framework 
guiding 
the 
direction and supervision of HoldCo/Bank. 
Non-Executive Directors 
The non-Executive Directors hold the 
responsibility for promoting and safeguarding the 
interests of HoldCo and Bank as a 
whole. Additionally, they are tasked with: 
●
 
monitoring and evaluating the strategy and its execution, along with assessing the attainment of objectives, 
●
 
ensuring effective oversight of the executive members, including monitoring and evaluating their performance, 
●
 
reviewing and providing feedback on proposals presented by the Executive Directors based on available information, 
●
 
approving, revising, and overseeing the implementation of the remuneration policy at the Group level. 
The non-Executive 
Directors have 
the authority 
to request, 
following HoldCo's/Bank's 
established internal 
procedures, to 
engage 
with the 
executives of 
the company's 
senior management. 
This can 
be facilitated 
through 
regular presentations 
conducted by the heads of departments and services. 
The non-Executive 
Directors convene 
at least 
once a 
year, 
or as 
deemed appropriate, 
without the 
presence of 
executive 
members to evaluate their 
performance. During these meetings, the 
non-Executive Directors do not 
function as a de 
facto 
body or a committee of the Board. In 2023, the HoldCo's/Bank's non-Executive Directors held a meeting on 26.01.2023. 
The HoldCo and the 
Bank encourage the non-Executive Directors 
to take care of their 
information regarding all the issues 
that the respective Board deals with. 
The 
Independent 
non-Executive 
Directors 
have 
the 
responsibility 
to 
present, 
either 
individually 
or 
collectively, 
their 
own 
reports to the Annual or Extraordinary General Meeting of Shareholders, in addition to the reports submitted by the Board. 
2.5
 
Operation of the Board 
The 
operation 
of 
the 
Board, 
including 
its 
meeting 
protocols, 
decision-making 
processes 
and 
procedural 
guidelines, 
is 
outlined in 
the HoldCo's/Bank's 
Internal Governance 
Control Manual 
(IGCM). This 
manual is 
endorsed by 
the respective 
HoldCo's/Bank's 
Board and 
is formulated 
to 
adhere to 
legal and 
regulatory standards 
concerning corporate 
governance 
issues, in addition to considering the relevant provisions of the HoldCo's/Bank's Articles of Association. 
Board Meetings 
The Board convenes regularly every quarter and on an ad hoc basis whenever required by 
law or the needs of HoldCo and 
Bank. Annually, and within the 3rd Quarter of the preceding year, the Board establishes an annual calendar of meetings for 
the Board and 
its Committees, along 
with an annual action 
plan. This plan 
is adjusted as necessary 
to ensure the proper, 
comprehensive 
and 
timely 
execution 
of 
its 
responsibilities, 
as 
well 
as 
the 
thorough 
examination 
of 
all 
matters 
requiring 
decisions. 
Any 
updates 
or 
amendments 
to 
the 
annual 
calendar 
are 
promptly 
communicated 
to 
all 
Board 
and 
Board 
Committees members to facilitate their planning. 
Board meetings are convened with a notice period of 
at least two (2) business days or at least 
five (5) business days if the 
meeting 
is held 
outside the 
HoldCo/Bank's registered 
office, 
as mandated 
by Company 
Law 4548/2018 
provisions. The 
invitation must clearly state the agenda items. If the agenda is not clearly mentioned, a decision 
can only be made when all 
Board members are 
present or represented, 
and no objections 
are raised regarding 
the meeting's convocation 
and decision-
making. Documents submitted to the Board are typically circulated along with the agenda. 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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Dissemination of Information 
The Board utilises technological tools with the necessary security 
specifications for real-time information and facilitates the 
connection and information of members. 
The 
CEO and 
senior management 
shall ensure 
that any 
information necessary 
for the 
performance of 
the duties 
of the 
members of the Board is available to them at any time. 
Quorum in the Board Meetings 
The Board is deemed to 
have a quorum and 
conducts valid meetings when at 
least half plus one 
of its members are 
present 
or 
represented. 
The 
number of 
present 
or 
represented 
members 
cannot 
fall 
below 
three (3), 
disregarding 
any 
resulting 
fraction when determining the quorum. Decisions of the Board are made by an absolute 
majority of the Directors present or 
represented. In the event of a tie vote, the Chairperson of the Board does not have a decisive vote. 
Board Decisions and Minutes 
Decisions are taken following 
discussions which exhaust the 
agenda items to the 
satisfaction of all members 
present. Board 
meetings minutes are 
kept by the 
Company Secretary of 
the Board, are 
approved at subsequent 
Board meetings and 
signed 
by 
all 
members 
present. 
Finally, 
the 
drawing 
up 
and 
signing 
of 
minutes 
by 
all 
the 
members 
of 
the 
Board 
or 
their 
representatives is equal to a decision of the Board, even if no meeting has preceded. 
Company Secretary 
The Boards of HoldCo/Bank are assisted by a 
capable, skilled, and experienced Company Secretary to ensure 
adherence 
to internal procedures and 
policies, as well 
as compliance with 
relevant laws and 
regulations, enabling effective and 
efficient 
operations. The Company Secretary of HoldCo/Bank 
holds a senior management position 
and is appointed or dismissed 
by 
the Board based on the recommendation of the Chair. 
The Company Secretary serves as the head of the Group Company Secretariat, a division within the Bank. In collaboration 
with the Chair, the Company Secretary holds several responsibilities, including: 
●
 
ensuring prompt, transparent, and comprehensive communication to the Board and Board Committees, 
●
 
managing the integration of new members into the Board and Board Committees, 
●
 
organizing General Meetings of Shareholders, 
●
 
facilitating communication between shareholders and the Board, 
●
 
facilitating communication between the Board and senior management. 
Furthermore, 
the 
Company 
Secretary 
is 
tasked 
with 
providing 
advice 
to 
the 
Board, 
through 
the 
Chairperson, 
on 
all 
governance matters and ensuring adherence to Board procedures. 
All 
members 
are 
entitled 
to 
access 
the 
advice 
and 
services 
offered 
by 
the 
Company 
Secretary, 
who 
is 
responsible 
for 
facilitating their orientation and supporting their professional growth. 
2.6
 
Attendance of Board members in the Board and Board Committees 
In accordance 
with HoldCo’s 
and Bank’s 
Board and 
Board Committees’ 
Attendance Policy, the 
Board members 
are expected 
to attend all Board and Board Committees’ meetings to which they are appointed. 
It 
is 
accepted, 
though, 
that 
the 
Board 
members 
may 
be 
unable 
to 
attend 
some 
meetings 
due 
to 
conflicts 
with 
other 
commitments or other 
unforeseen circumstances. In 
this context, a 
mandatory minimum attendance 
of not less 
than 85% 
for each 
member should 
be achieved 
every calendar 
year. 
Individual meetings 
up to 
15% can 
be missed 
only if 
a valid 
excuse is provided. 
In addition, 
according to 
L. 4706/2020, 
in case 
of unjustified 
absence of 
a Board 
member in 
at least 
two (2) 
consecutive 
meetings of 
the Board, 
this member 
shall be 
considered as resigned. 
This resignation 
is established 
by a 
decision of 
the 
Board, which replaces the member, in accordance with the procedure provided by the law. 
During 2023, HoldCo/Bank 
NomCo reviewed the 
attendance of 
Directors to the 
Board and Board 
Committees on 
30.05.2023 
and on 
12.12.2023. In 
addition, during 
2023, the 
average Directors’ 
of HoldCo 
and Eurobank 
Board attendance 
was as 
follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
24 
20 
96.4% 
99.6% 
Bank 
23 
21 
96.3% 
98% 
During 
2023, 
at 
individual 
level, 
the 
attendance 
of 
the 
Directors 
to 
the 
Board 
(with 
the 
exception 
of 
Mr. 
Andreas 
Athanasopoulos), stood above the 85% threshold. However, Mr. 
Andreas Athanasopoulos provided representation proxies 
for his missed 
Board attendances (21 
out of 24 
meetings), leading to 
an attendance rate 
(physical and under 
representation) 
of 100%. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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In particular, the Directors’ attendance rates at the Board meetings in 2023 were the following: 
Eurobank Holdings Board 
Eurobank Board 
Eligible to attend 
Attended in 
person (# and 
%) 
Eligible 
to attend 
Attended in 
person 
(# 
and %) 
Georgios Zanias, 
Chairperson, Non-Executive Director
24 
24
100% 
23 
23 
100% 
Georgios Chryssikos, 
Vice-Chairperson, Non-Executive Director
24 
22 
92% 
23 
21 
91% 
Fokion Karavias, 
Chief Executive Officer
1
24 
24 
100% 
23 
23 
100% 
Stavros Ioannou, 
Deputy Chief Executive Officer
24 
24 
100% 
23 
23 
100% 
Konstantinos Vassiliou, 
Deputy Chief Executive Officer
24 
24 
100% 
23 
23 
100% 
Andreas Athanasopoulos, 
Deputy Chief Executive Officer
1
24 
21 
88% 
23 
19 
83% 
Bradley Paul Martin, 
Non-Executive Director
24 
22 
92% 
23 
23 
100% 
Rajeev Kakar, 
Non-Executive Independent Director
24 
23 
96% 
23 
23 
100% 
Jawaid Mirza, 
Non-Executive Independent Director
24 
24 
100% 
23 
23 
100% 
Alice Gregoriadi, 
Non-Executive Independent Director
24 
24 
100% 
23 
23 
100% 
Irene Rouvitha Panou, 
Non-Executive Independent Director
24 
23 
96% 
23 
22 
96% 
Cinzia Basile, 
Non-Executive Independent Director
24 
23 
96% 
23 
23 
100% 
Burkhard Eckes, 
Non-Executive Independent Director
2
13 
13 
100% 
13 
11 
85% 
John Arthur Hollows, 
Non-Executive Independent Director
2
13 
11 
85% 
13 
11 
85% 
Efthymia Deli, 
Non-Executive Director, HFSF Representative
3
20 
20 
100% 
19 
18 
95% 
1 
Mr. Andreas Athanasopoulos resigned on 31.12.2023. 
2 
Mr. Burkhard Eckes and Mr. John Arthur Hollows were appointed as BoD members 
on 20.07.2023. 
3 
Ms. Efthymia Deli resigned on 7.11.2023. 
The 
average 
Director’s 
attendance 
rates 
to 
HoldCo’s 
and 
Eurobank’s 
Board 
Committees, 
along 
with 
the 
individual 
attendance 
rates 
per 
Board 
Committee 
are 
presented 
separately, 
under 
the 
subsection 
of 
the 
present 
Corporate 
Governance Statement, referring to the Board Committees. 
2.7
 
Directorships of Board members 
The 
directorships 
of 
the 
Board members 
(including 
significant 
non-executive 
commitments 
to 
companies 
and 
non-profit 
organisations) 
are 
notified 
before 
their 
appointment 
to 
the 
Nomination 
& 
Corporate 
Governance 
Committee 
(NomCo) 
Chairperson 
and/or 
the NomCo 
in 
accordance 
with the 
HoldCo and 
Bank External 
Engagements 
Policy. 
In 
parallel, the 
Board members notify 
changes regarding their 
directorships to the 
Bank Group Company 
Secretariat as soon 
as they occur. 
The number of directorships which may be held 
by the Board members at the same time comply 
with the provisions of art. 
83 
of 
the 
Law 
4261/2014 
(Law), 
according 
to 
which 
the 
Directors 
shall 
not 
hold 
more 
than 
one 
(1) 
of 
the 
following 
combinations of directorships at 
the same time: a) 
one (1) executive directorship 
with two (2) non-executive 
directorships; 
and b) four (4) non-executive directorships. This restriction is not applied to directorships within the Group. Bank of Greece 
(BoG) as the competent authority may allow Board members to hold one (1) additional non-executive directorship. 
In addition, it is noted that directorships in organizations, which do not pursue predominantly commercial objectives, do not 
count for regulatory purposes. 
In the 
context of 
Board’s overall 
effectiveness assessment 
through which 
the NomCo 
assesses annually 
the knowledge, 
skills, 
experience 
and 
contribution 
of 
individual 
Board 
members 
and 
of 
the 
Board 
collectively 
and 
reports 
to 
the 
Board 
accordingly, 
the Board 
members’ directorships 
were also 
reviewed for 
2023. The 
relevant review 
revealed that 
all Board 
members are compliant with the Law’s provisions. 
 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
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HoldCo 
and 
Eurobank 
Board 
Members’ 
Directorships 
(including 
Directorships 
within 
Eurobank 
Group) 
as 
at 
31.12.2023 
Georgios Zanias – 
Chairperson, Non-Executive Director
 
Foundation for Economic and Industrial Research (IOBE) – 
Board Member
1
Georgios Chryssikos – 
Vice-Chairperson, Non-Executive Director 
 
Grivalia Management Company S.A. – 
Vice Chairman, Non-Executive Director
 
Grivalia Hospitality S.A. – 
Chairman of the BoD, Chief Executive Officer
Fokion Karavias – 
Chief Executive Officer 
 
Hellenic Bank Association (HBA) – 
Vice Chairman
1
Stavros Ioannou 
– Deputy Chief Executive Officer 
 
Grivalia Management Company S.A. – 
Non-Executive Director 
 
Be-Business Exchanges S.A. of Business Exchanges Networks and Accounting and Tax Services – 
Chairman
 
Eurobank Cyprus Ltd – 
Non-Executive Director
2
 
Eurobank Bulgaria AD – 
Non-Executive Director, Supervisory Board
2
Konstantinos Vassiliou 
– Deputy Chief Executive Officer 
 
Hellenic Exchanges – Athens Stock Exchange S.A. – 
Non-Executive Director
 
Marketing Greece S.A. – 
Non-Executive Director
1
 
Eurolife FFH General Insurance Single Member S.A – 
Vice Chairman, Non-Executive Director
3
 
Eurolife FFΗ Life Insurance Single Member S.A. – 
Vice Chairman, Non-Executive Director
3
 
Eurolife FFH Insurance Group Holdings S.A. 
– Vice Chairman, Non-Executive Director
3
 
Eurobank Equities Investment Firm Single Member S.A. – 
Non-Executive Director
2
 
Eurobank Factors Single Member S.A. – 
Chairman
2
Bradley Paul Martin – 
Non-Executive Director 
 
Blue Ant Media Inc.- 
Non-Executive Director 
 
AGT Food and Ingredients Inc – 
Non-Executive Director
Rajeev Kakar – 
Non-Executive Independent Director 
 
Gulf International Bank, Bahrain – 
Non-Executive Director
4
 
Gulf International Bank, Kingdom of Saudi Arabia – 
Non-Executive Director
4
 
Commercial International Bank (CIB) – 
Non-Executive Director
7
 
Commercial International Bank (CIB) Kenya Limited – 
Non-Executive Director
7
 
UTI Asset Management Co. Ltd (UTIAMC) – 
Non-Executive Director
Jawaid Mirza – 
Non-Executive Independent Director 
 
AGT Food and Ingredients Inc – 
Non-Executive Director 
 
Commercial International Bank (CIB) – 
Non-Executive Director
7
Alice Gregoriadi – 
Non-Executive Independent Director 
 
Hellenic Blockchain Hub
 
– 
Non-Executive Director
1
Cinzia Basile – 
Non-Executive Independent Director 
 
Creditis Servizi Finanziari S.p.A. – 
Non-Executive Director
6
 
Brent Shrine Credit Union (trading name My Community Bank) – 
Non-Executive Chair of the Board
1
 
Zenith Service S.p.A. – 
Non-Executive Director 
 
Nikko Europe Asset Management – 
Non-Executive Director
5
 
Nikko AM Global Umbrella Fund
 
– Non-Executive Director
5
 
Fincentro Finance S.p.A
. – Non-Executive Director 
6
Irene Rouvitha Panou – 
Non-Executive Independent Director
 
Stelios Philanthropic Foundation – 
Member of the Board of Trustees
1
 
Cyprus Asset Management Company Ltd (KEDIPES) – 
Non-Executive Director
Burkhard Eckes – 
Non-Executive Independent Director 
Solaris SE – 
Non-Executive Member of Supervisory Board
Bank Pictet & Cie (Europe) AG – 
Non-Executive Member of Supervisory Board
Inexogy Energy Holding KGaA – 
Non-Executive – Chairman of Supervisory Board 
John Hollows – Non-Executive Independent Director 
None 
1 
Organization that does not pursue predominantly 
commercial objectives. 
2
 
Company that belongs to Eurobank 
Group and along with 
directorships in HoldCo, Eurobank and the 
other companies of the 
Group is 
considered as 1 (one) directorship for each 
Board membe.r
3
 
Company that belongs to Eurolife 
FFH Group and along with 
directorships in the other companies 
of that group, is considered 
as 1 (one) 
directorship for each Board member.
4
 
Company that belongs to Gulf International 
Bank Group and along with directorships 
in the other companies of that group, 
is considered 
as 1 (one) directorship for each Board member. 
5
 
Company that belongs 
to Nikko Asset 
Management Group 
and along with 
directorships in 
the other companies 
of that group, 
is considered 
as 1 (one) directorship for each Board member. 

 
 
 
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ATTACHMENT 
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6 
Company that belongs to 
Columbus HoldCo S.a.r.l Group and 
along with directorships 
in the other companies 
of that group, is 
considered 
as 1 (one) directorship for each Board member. 
7 
Company that belongs to Commercial International Bank (CIB) Group and along with directorships in the other companies of that 
group, 
is considered as 1 (one) directorship for each 
Board member. 
2.8
 
Conflicts of interest 
The Group has implemented a "Conflicts of 
Interest Policy," endorsed 
by the HoldCo's and Eurobank's Board of 
Directors, 
which includes a set 
of policies, procedures, systems, 
and controls to 
identify, prevent, and manage situations that 
may lead 
to actual, potential, or perceived conflicts of interest arising from the Group's business activities. 
To 
prevent 
conflicts 
of 
duties, 
the 
Group 
has 
established 
procedures 
that 
segregate 
the 
executive 
and 
non-executive 
responsibilities 
of Board 
members, including 
differentiating 
the responsibilities 
of 
the Chairperson 
of 
the Board 
from the 
executive responsibilities of the CEO. These procedures ensure effective segregation of duties to avoid incompatible roles, 
conflicts of interest among Board members, Management, and Executives, and the misuse of inside information or assets. 
Board members are expected to: 
●
 
adhere to high standards of professional ethics and apply the principles of the Conflicts of Interest Policy, 
●
 
act independently, making sound, objective, and independent decisions and judgments, 
●
 
disclose any personal interests that may conflict with Holdings' (or 
the Group's) interests or any other potential conflicts 
of interest, 
●
 
maintain privacy and confidentiality 
of non-public information and 
avoid behaviors constituting market 
abuse or conflict 
of interest. 
Board members are 
required to disclose 
any engagements, directorships, 
or interests outside 
the Group and 
provide any 
necessary information to 
the Group. They 
must also disclose 
ongoing or new 
facts that may 
affect the assessment of 
conflict 
of interest and independence of mind. 
All 
actual or 
potential conflicts 
of 
interest at 
the Board 
level should 
be communicated, 
discussed, 
documented, decided 
upon, and managed/mitigated 
by the Group. 
Persistent conflicts 
of interest are 
managed continuously, while one-off 
conflicts 
arising unexpectedly 
are addressed 
with specific 
measures. Board 
members must 
abstain from 
voting on 
matters where 
they have identified conflicts of interest. 
2.9
 
Remuneration 
Eurobank Holdings 
has established 
a Board 
of Directors’ 
Remuneration Policy 
(Remuneration Policy) in 
accordance with 
the relevant requirements of Law 
4548/2018 (the Law), with the latest 
version of the Policy approved by 
the Annual General 
Meeting of Shareholders on 20.7.2023. This Remuneration Policy has been designed to meet the specific provisions of the 
Law, including articles 109, 110, 
111, 
112, and 114. 
The Remuneration 
Policy outlines 
the essential 
components and 
considerations of 
the remuneration 
structure for 
Board 
members. Its 
objective is 
to ensure 
that remuneration 
is fair, 
gender-neutral, and 
adequate to 
retain and 
attract directors 
possessing 
the 
necessary 
skills 
and 
experience 
to 
develop 
and 
implement 
Eurobank 
Holdings’ 
business 
strategy. 
Additionally, 
it aims 
to safeguard the 
long-term interests 
and sustainability 
of the 
organization by 
avoiding excessive 
risk-
taking. This is accomplished through 
continuous monitoring of market 
trends and best practices at 
both domestic and global 
levels. The remuneration 
framework defines 
the salary structure 
and ranges, tailored 
to attract 
and retain talented 
individuals 
appropriately. 
In establishing the 
Remuneration Policy, 
external and independently produced 
benchmarking analyses of remuneration 
in 
the financial and 
banking sectors in 
Greece are utilized. This 
benchmarking also includes the 
remuneration framework for 
Board members, ensuring alignment with industry standards and best practices. 
In addition, regarding the Remuneration Policy, it is noted that: 
●
 
the process of its development is characterised by objectivity and transparency, 
●
 
the 
Board 
members 
exercise 
independent 
judgment 
and 
discretion 
when 
approving 
and 
recommending 
to 
the 
General Meeting its approval and generally when approving any remuneration, taking into account 
both individual 
performance and the performance of the company. 
Eurobank 
Holdings 
produces, 
for 
each 
financial 
year, 
a 
Remuneration 
Report 
concerning 
the 
remuneration 
and 
other 
financial benefits 
paid to 
each Executive 
and Non-Executive 
Directors of 
the Board 
during the 
reporting financial 
year, 
in 
line 
with 
the 
requirements 
of 
Article 
112 
of 
the 
Law. 
The 
Eurobank 
Holdings 
Remuneration 
Report 
for 
2022 
(https://www.eurobankholdings.gr/-/media/holding/omilos/grafeio-tupou/etairikes-anakoinoseis/2023/etairiki-anakoinosi-28-
06-23/ekthesi-apodoxon-2022-eng.pdf) has been 
approved by the 
Annual General Meeting 
on 20.7.2023 and 
for reasons 
of transparency and 
efficient information, presents 
clearly the additional 
remuneration of the 
Board members participating 
in committees. 
The remuneration of the 
executive Directors, as well 
as the senior management 
of the company, 
are related to the size 
of 
the company, the extent of their responsibilities, the corporate strategy, 
the company's objectives and their realisation, with 

 
 
 
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the ultimate goal of avoiding excessive risk-taking including 
with respect to direct or indirect sustainability risks 
and creating 
long-term value in the company. 
In addition, regarding the remuneration of the executive Directors, it is noted that: 
●
 
the Stock Options that are provided to them are completely matured after four (4) years from the date of granting, 
●
 
they have not received bonus during 2023, therefore there was no need for the Board to examine the refund of all 
or part of the bonus awarded to them, due to breach of contractual terms or incorrect financial statements. 
Due to same 
composition of the 
Board of the 
HoldCo and Bank and 
since the Directors are 
paid solely by one 
of the two, 
that being the Bank, any reference to the remuneration and /or the benefits payable to the Directors of Eurobank Holdings, 
applies to the relevant remuneration they receive as Directors of the Bank. 
The 2023 Board and 
key management remuneration disclosure 
is included in the 
relevant note of the 
consolidated accounts 
of Eurobank Holdings 
and in 
compliance with 
the provisions 
of the 
Company Law 
4548/2018 and 
in order 
to ensure 
adequate 
transparency 
to 
the 
market 
of 
the 
remuneration 
structures 
and 
the 
associated 
risks, 
is 
uploaded 
at 
website 
www.eurobankholdings.gr
. 
2.10
 
Board Role and Responsibilities 
The principal duties 
and responsibilities of 
the HoldCo/Bank’s Board 
encompass a wide 
range of strategic, 
oversight, and 
governance functions: 
●
 
review, guide, 
and approve the strategy, 
major plans of action, 
risk policy, 
business and restructuring plans, 
and set 
performance objectives, 
●
 
monitor performance and oversee major 
capital expenditures, acquisitions, divestitures, and 
formation of new entities, 
including special purpose vehicles, 
●
 
ensure the availability of necessary financial and human resources, as well as an internal control system, 
●
 
approve the annual budget and monitor its implementation quarterly, 
●
 
approve the three-year business plan and monitor its implementation, 
●
 
review 
and 
approve 
at 
least 
annually 
the 
risk 
strategy 
and risk 
appetite, 
ensuring 
alignment 
with 
overall 
business 
strategy and other plans, 
●
 
receive and discuss comprehensive risk reports on a quarterly basis, 
●
 
develop and deliver objectives in agreed restructuring plans under applicable laws, 
●
 
provide oversight to senior management and approve corporate governance practices and values, 
●
 
set standards shaping corporate culture and integrate desired culture into systems, policies, and behaviors, 
●
 
approve risk and capital strategy and monitor CEO and Executive Board implementation, 
●
 
approve organization chart and related policies as required by law or internal processes, 
●
 
ensure rigorous processes for 
monitoring organizational compliance with 
strategy, risk appetite, laws, and regulations, 
●
 
select, compensate, monitor, and replace key executives as needed and oversee succession planning, 
●
 
align executive and board remuneration with long-term interests of Group and shareholders, 
●
 
facilitate formal and transparent board nomination and election processes, 
●
 
monitor and manage potential conflicts of interest among management, board, and shareholders, 
●
 
ensure integrity of accounting and financial reporting systems, including independent audit and control systems, 
●
 
review and monitor Non-Performing Loans (NPL) and Non-Performing Exposures (NPE) performance, 
●
 
oversee disclosure and communication processes, 
●
 
determine appropriate level of remuneration for Board and Committees’ members pending ratification, 
●
 
address matters related to new technologies and environmental issues, 
●
 
identify and engage with important stakeholders, understanding their interests and interactions with Group strategy, 
●
 
facilitate open dialogue 
with stakeholders and 
utilize various communication 
channels for effective 
engagement and 
understanding. 
These 
duties 
collectively 
contribute 
to 
the 
effective 
governance, 
strategic 
direction, 
risk 
management, 
and 
sustainable 
growth of the HoldCo/Bank and its operations. 
2.11
 
Main issues the Board dealt with during 2023 
In 2023, the HoldCo’s/Bank’s Board 
has reviewed the corporate strategy, 
the main risks to the business and the system of 
internal controls. 
 

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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In more detail, in discharging its responsibilities for 2023 the main issues Holdco’s/Bank’s BoDs dealt with related to: 
Eurobank Holdings 
Bank 
a)
 
Governance: 
●
 
approval 
(subject 
to 
the 
approval 
of 
the 
Annual 
General Meeting 
(AGM)) of 
the nomination 
of new 
member/s to the BoD and AC 
●
 
approval 
of 
changes 
at 
the 
Board 
Committees’ 
composition 
●
 
approval 
of 
revised 
Terms 
of 
Reference 
of 
the 
Nomination and Corporate 
Governance Committee 
and the Remuneration Committee. 
●
 
preparation 
and 
convocation 
of 
the 
Shareholders 
General Meeting 
●
 
annual 
evaluation 
of 
the 
Board 
and 
the 
Board 
Committees and 
approval of 
the 2023 
Action Plan 
that 
included 
recommendations 
from the 
BoD and 
BoD Committees Self-Assessment 2022 
●
 
review of 
the attendance 
of Directors 
to the 
Board 
and Board Committees 
●
 
approval by the Non-Executive Directors 
of the BoD 
of 
CEO’s 
performance 
evaluation 
for 
2022 
and 
of 
his financial and non-financial objectives for 2023 
●
 
approval 
of 
the 
External 
Engagements 
Policy, 
the 
Board and Board 
Committees Evaluation Policy, the 
Policy for 
Reporting Illegal 
or Unethical 
Conduct & 
the 
appointment 
of 
the 
Report 
Receiving 
& 
Monitoring Officer the 
Group Compliance 
Policy, the 
Conflicts 
of 
Interest 
Policy, 
the 
Anti-Bribery 
and 
Corruption 
Policy 
and 
the 
Dividend 
Distribution 
Policy 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
Board 
Nomination Policy 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Board 
of 
the 
Remuneration 
Policy 
and 
the 
Separation Policy 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
‘Board 
and 
Board 
Committees’ 
fees 
for 
Non-Executive 
Directors, the Remuneration Policy for 
the Directors 
and the Remuneration 
Report for the financial 
year 
2022 
●
 
approval of 
the 8th 
stock option 
plan implementation 
for 2023 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
Voluntary Exit Scheme (VES) 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Remuneration 
Framework 
of 
Eurobank 
Holdings 
and the Group Variable Remuneration Pool 
●
 
approval 
of 
HoldCo’s 
Internal Governance 
Control 
Manual 
●
 
approval 
of 
the 
revised 
HoldCo 
Group 
Organizational Chart 
●
 
regular update on Board Committees’ matters 
●
 
approval of Board and 
Board Committees calendar 
for 2024, 
●
 
various remuneration issues 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General Meeting for approval, 
of the appointment of 
the auditors for the financial Year 2023 
●
 
discussion 
on 
the 
Preliminary Supervisory 
Review 
and 
Evaluation 
Process 
(SREP) 
assessment 
of 
2023 and updates for the relevant decisions 
●
 
approval of the 
next steps following 
the disposal of 
HFSF’s entire stake in HoldCo. 
a) Governance: 
●
 
approval 
(subject 
to 
the 
approval 
of 
the 
Annual 
General Meeting 
(AGM)) of 
the nomination 
of new 
member/s to the BoD and AC 
●
 
approval 
of 
changes 
at 
the 
Board 
Committees’ 
composition 
●
 
approval 
of 
revised 
Terms 
of 
Reference 
of 
the 
Nomination and Corporate 
Governance Committee 
and Remuneration Committee 
●
 
preparation 
and 
convocation 
of 
the 
Shareholders 
General Meetings 
●
 
annual 
evaluation 
of 
the 
Board 
and 
Board 
Committees and 
approval of 
the 2023 
Action Plan 
that 
included 
recommendations 
from the 
BoD and 
BoD Committees Self-Assessment 2022 
●
 
review of 
the attendance 
of Directors 
to the 
Board 
and Board Committees 
●
 
approval by the Non-Executive Directors 
of the BoD 
of 
CEO’s 
performance 
evaluation 
for 
2022 
and 
of 
his financial and non-financial objectives for 2023 
●
 
approval 
of 
the 
Board 
Nomination 
Policy, 
Group 
Subsidiary Board Remuneration 
Policy, the External 
Engagements 
Policy, 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy, 
the 
Policy 
for 
Reporting 
Illegal 
or 
Unethical 
Conduct 
& 
the 
appointment 
of the 
Report Receiving 
& Monitoring 
Officer, the 
Group Compliance Policy, 
the Dividend 
Distribution 
Policy, 
the 
Conflicts 
of 
Interest 
Policy, 
the 
Anti-Bribery 
and 
Corruption 
Policy 
and 
the 
AML/CFT and Sanctions Policy 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Board 
of 
the 
Remuneration 
Policy 
and 
the 
Separation Policy 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
Board 
and 
Board 
Committees’ 
fees 
for 
Non-Executive 
Directors
●
 
update 
on 
the 
implementation 
of 
the 
Group 
Subsidiary Board Remuneration 
Policy through the 
Group during 2022 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
Voluntary Exit Scheme (VES) 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Remuneration 
Framework 
of 
Eurobank 
Holdings 
and the Group Variable Remuneration Pool 
●
 
approval 
of 
Bank’s 
Internal 
Governance 
Control 
Manual 
●
 
approval 
of 
the 
revised 
Eurobank 
Group 
Organizational Chart 
●
 
regular update on Board Committees’ matters 
●
 
approval of Board and 
Board Committees calendar 
for 2024 
●
 
various remuneration issues, including 
issues of the 
international 
subsidiaries 
(performance 
related 
variable 
remuneration, 
remuneration 
adjustments 
etc) 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General Meeting for approval, 
of the appointment of 
the auditors for the financial Year 2023 
●
 
●
 
update from its international banking subsidiaries 
●
 
approval of credit facilities to related parties 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
 
Approval 
of 
the 
appointment 
of 
the 
BoD 
member 
responsible 
for 
the 
implementation 
of 
the 
Greek 
AML Law 
●
 
approval of the 
next steps following 
the disposal of 
HFSF’s entire stake in HoldCo. 
b)
 
Environmental, Social & Governance (ESG) issues: 
●
 
approval 
of 
the 
Environmental 
and 
Social 
Governance (ESG) Strategy 
●
 
update on various ESG matters 
●
 
update 
by 
the 
responsible 
BoD 
member 
for 
climate-related and environmental risks 
b)
 
Environmental, Social & Governance (ESG) issues: 
●
 
approval 
of 
the 
Environmental 
and 
Social 
Governance (ESG) Strategy 
●
 
update on various ESG matters 
●
 
update by the responsible BoD member 
for climate-
related and environmental risks 
●
 
c)
 
Strategic issues including Corporate and other actions: 
●
 
discussion of various strategy issues 
●
 
approval of the share 
capital increase following 
the 
exercise 
of 
stock 
option 
rights (stock 
options) 
and 
amendment of article 5 
of the Articles 
of Association 
of the Company according 
to article 113 
par. 3 
of l. 
4548/2018. 
●
 
approval 
(subject 
to 
the 
approval 
of 
The 
Annual 
General 
Meeting 
(AGM) 
of 
the 
share 
buyback 
of 
HFSF’s shares 
●
 
approval of the issuance of a common bond loan in 
the context of share buyback of HFSF’s shares 
c)
 
Strategic issues including Corporate and other actions: 
●
 
discussion of various strategy issues 
●
 
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“STANDARD 
SINGLE 
MEMBER 
REAL 
ESTATE 
SOCIETE ANONYME” 
by way 
of its 
absorption by 
the Bank 
●
 
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“CLOUD 
HELLAS 
SINGLE 
MEMBER 
KTIMATIKI 
S.A.” 
by 
way of its absorption by the Bank 
●
 
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“ADEXA 
MONOPROSOPI 
ANONYMI 
ETAIREIA 
DIACHEIRISHS 
KAI 
EKMETALLEFSHS 
AKINITON” by way of its absorption by the Bank 
●
 
approval of sale in Serbia (Project Leo) 
●
 
approval of 
acquisition of 
additional stake 
in Hellenic 
Bank (Project Hermione) 
●
 
approval 
of 
revised 
Real 
Estate 
Owned 
(REO) 
Strategy 
●
 
approval of Real Estate acquisitions 
●
 
approval 
of 
Arbitration 
Agreements 
and 
authorizations 
●
 
approval of Bank’s Covered Bonds Programme II 
of 
up to €5b 
●
 
approval 
of 
HAPS 
Securitization 
of 
a 
Syndicated 
Corporate Positions 
across all four 
systemic banks 
of c.1.2bn (Project Solar) 
●
 
approval 
of 
Covered 
Bond 
Programme 
II 
- 
Use 
of 
the “European Covered Bond (Premium)” label 
●
 
approval of Bank’s Covered Bond Programme 
IIΙ up 
to €5 billion 
●
 
discussion of an NPE portfolio sale (Project Leon) 
d)
 
Capital adequacy: 
●
 
approval 
of 
the 
2023 
Internal 
Capital 
& 
Liquidity 
Adequacy Statements 
(CAS & 
LAS) in 
the context 
of 
the 
Internal 
Capital 
& 
Liquidity 
Adequacy 
Assessment Process (ICAAP & ILAAP 2023). 
●
 
approval of 
ad-hoc data 
collection on 
financial and 
macroeconomic projections 
●
 
update on capital projections and MREL plan 
d)
 
Capital adequacy: 
●
 
approval 
of 
the 
2023 
Internal 
Capital 
& 
Liquidity 
Adequacy Statements 
(CAS & 
LAS) in 
the context 
of 
the 
Internal 
Capital 
& 
Liquidity 
Adequacy 
Assessment Process (ICAAP & ILAAP 2023) 
●
 
approval of 
ad-hoc data 
collection on 
financial and 
macroeconomic projections 
●
 
approval of securitizations 
of the Bank’s receivables 
from portfolios of business and other loans. 
e)
 
Business monitoring: 
●
 
approval 
of 
the 
2022 
annual 
financial 
statements 
and the 2023 interim financial statements 
●
 
approval 
of 
the 
Annual 
Budget 
2024 
and 
the 
3-
Years Business Plan for the period 2024-2026 
●
 
discussion of 2023 performance versus budget 
●
 
discussion of business developments and liquidity. 
●
 
discussion 
of 
the 
top-down 
Business 
and 
Capital 
Plan 2023-2025 
e)
 
Business monitoring: 
●
 
approval of 
the 2022 
annual consolidated 
financial 
statements 
and 
the 
2023 
interim 
consolidated 
financial statements 
●
 
approval 
of 
the 
Annual 
Budget 
2024 
and 
the 
3-
Years Business Plan for the period 2024-2026 
●
 
approval of the Group’s NPE Targets 
for the period 
2023-2025 and the NPE management Strategy 
●
 
update 
on 
significant 
subsidiaries 
activities 
and 
strategic priorities 
●
 
discussion of 2023 performance versus budget 

 
 
 
 
 
 
 
 
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●
 
review of business developments and liquidity. 
f)
 
Risk Management and Internal Control: 
●
 
briefing on the assessment on Internal 
Audit Group 
and Group Compliance annual regulatory reports 
●
 
update on significant 
internal audit and 
compliance 
issues 
●
 
update on significant legal issue 
●
 
approval 
of 
the 
Risk 
Appetite 
Framework, 
Group 
Risk 
and 
Capital 
Strategy 
and 
Risk 
Appetite 
Statements 
●
 
approval 
of 
Risk 
Identification 
and 
Materiality 
Assessment (RIMA) framework and reports 
●
 
approval of the updated Funding Plan 
●
 
approval of the 
consolidated Pillar 
3 Reports 
(capital 
and 
risk 
management 
disclosures) 
for 
2022, 
3Μ2023, 6M2023 and 9M2023 
●
 
regular 
briefing 
on 
Board 
Risk 
and 
Audit 
Committees’ matters 
●
 
update 
on 
significant 
risk 
issues, 
including 
the 
Group 
Chief 
Risk 
Officer’s 
Annual 
Report 
for 
the 
year 2022 
●
 
update 
on 
the 
2022 
Annual 
Activity 
Report 
of 
the 
Audit 
Committee 
before 
submission 
to 
the 
Annual 
General Meeting 
●
 
approval of new or 
revised policies and plans 
as per 
the 
legal 
and 
regulatory 
framework 
and 
internal 
processes, 
including 
the 
Non-Financial 
Risk 
Management 
Policy, 
the 
Non-Financial 
Risks 
Improvements Plan and the Outsourcing Policy 
●
 
approval of the 2023 Group Recovery Plan 
●
 
approval 
of 
the 
appointment 
of 
Group 
Corporate 
Security 
as 
the 
Control 
Function 
responsible 
for 
managing 
and 
overseeing 
“Information 
and 
Communications 
Technology 
(ICT) 
and 
Security 
risks”, 
as 
per 
BoG 
Executive 
Committee’s 
Act 
190/2/16.6.2021 
requirements, 
which 
adopts 
European 
Banking 
Authority 
(EBA) 
Guidelines 
on 
ICT and Security Risk Management. 
f)
 
Risk Management and Internal Control: 
●
 
briefing on the assessment on Internal 
Audit Group 
and Group Compliance annual regulatory reports 
●
 
update on significant internal audit issues 
●
 
update 
on significant 
compliance 
issues, 
including 
the 
Anti-money 
Laundering 
Business 
Risk 
Assessment and Compliance Risk Assessment 
●
 
update on significant legal issue 
●
 
approval of the 
Risk Appetite Framework, 
the Group 
Risk 
and 
Capital 
Strategy 
and 
Risk 
Appetite 
Statements 
●
 
approval 
of 
Risk 
Identification 
and 
Materiality 
Assessment (RIMA) framework and reports 
●
 
approval of the consolidated Pillar 3 Report (capital 
and risk management disclosures) for 2022 
●
 
update 
on 
credit 
and 
NPE 
related 
issues 
through 
various reports 
●
 
regular 
briefing 
on 
Board 
Risk 
and 
Audit 
Committees’ matters 
●
 
update 
on 
significant 
risk 
issues, 
including 
the 
Group 
Chief 
Risk 
Officer’s 
Annual 
Report 
for 
the 
year 2022 
●
 
update 
on 
the 
2022 
Annual 
Activity 
Report 
of 
the 
Audit 
Committee 
before 
submission 
to 
the 
Annual 
General Meeting 
●
 
approval of new or 
revised policies as per the 
legal 
and 
regulatory 
framework 
and 
internal 
processes, 
including 
the 
Non-Financial 
Risk 
Management 
Policy, the Non-Financial Risks Improvements Plan 
and the Outsourcing Policy 
●
 
initial approval 
for the 
successor of the 
Chief Audit 
Executive (to be effective within 2024) 
●
 
approval 
of 
the 
appointment 
of 
Group 
Corporate 
Security 
as 
the 
Control 
Function 
responsible 
for 
managing 
and 
overseeing 
“Information 
and 
Communications 
Technology 
(ICT) 
and 
Security 
risks”, 
as 
per 
BoG 
Executive 
Committee’s 
Act 
190/2/16.6.2021 
requirements, 
which 
adopts 
European 
Banking 
Authority 
(EBA) 
Guidelines 
on 
ICT and Security Risk Management. 
g)
 
Transformation Project: 
●
 
received 
regular 
updates 
on 
the 
transformation 
project. 
g)
 
Transformation Project: 
●
 
received 
regular 
updates 
on 
the 
transformation 
project. 
Board Strategy Day 
In addition to 
the formal meetings 
concerning Eurobank’s 
annual budget and 
its 3-year business 
plan, an annual 
strategy 
meeting, known 
as the 
Board Strategy 
Day, 
is held 
outside the 
regular Board 
of Directors' 
meetings. During 
this informal 
gathering, no formal minutes are kept. The purpose of the Board Strategy Day is to provide ample time for Board members 
to 
engage 
in 
discussions 
and 
deliberations 
regarding 
the 
top 
strategic 
initiatives 
relevant 
to 
Eurobank’s 
growth 
and 
its 
competitive position among its peers. 
The most 
recent Board 
Strategy Day 
took place 
on 29 
and 30 
September 2023, 
with a 
primary focus 
on Transformation 
priorities and in-depth analyses of key transformation streams. 
2.12
Board and Board Committees overall effectiveness assessment 
Board and Board Committees Evaluation conducted internally 
The HoldCo/Bank NomCo is tasked with 
evaluating the structure, size, composition, and 
performance of the Board and its 
Committees, making recommendations for 
necessary changes. The 
NomCo oversees the 
self-evaluation of the 
Board's and 
Committees' effectiveness (Internal Evaluation), typically using a self-assessment questionnaire. 

 
 
 
 
 
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The 
2023 
Internal 
Evaluation 
utilized 
Board 
self-assessment 
questionnaires 
as 
the 
primary 
tool. 
These 
questionnaires, 
administered through Diligent’s secure web-based platform, 
covered various areas such as 
strategy oversight, engagement 
with 
management, 
risk 
management, 
Board 
composition, 
dynamics, 
Chairperson's 
role, 
secretarial 
support, 
and 
Board 
Committees' effectiveness. 
The results of 
the Internal Evaluation 
indicated that the 
HoldCo/Bank Boards continued 
to function effectively 
in 2023, similar 
to 2022. The key findings in different areas are as follows: 
Strategy: 
●
 
Positive impression 
regarding the 
Board's role 
in strategy, 
including review 
and approval 
of business 
plans and 
budget. 
Relationship with Management: 
●
 
Positive view on senior management performance and frequency of reporting to the Board. 
Strategic HR and Remuneration: 
●
 
Improvement noted in remuneration practices. 
Risk Governance and Internal Control: 
●
 
Board has a comprehensive 
understanding of risk 
profile and exercises 
adequate oversight over risk 
management. 
Board Profile and Composition: 
●
 
Adequate knowledge, skills, experience, and diversity within the Board. 
Board Functioning and Dynamics: 
●
 
Adequate meeting frequency, preparedness, agenda planning, and constructive discussions. 
Board Chairman's Role: 
●
 
Reflects the leadership needs of the Board effectively. 
Board Secretarial Support: 
●
 
Effective support provided with timely delivery of documents and quality Board packs and minutes. 
While 
the evaluation 
highlighted 
positive aspects, 
it 
also 
identified 
areas 
for 
improvement, 
particularly 
in 
enhancing 
risk 
governance and internal control, focusing on non-financial risks like climate and cybersecurity. 
The main 
conclusions of the 
Internal Evaluation regarding 
Board Committees 
have been integrated 
into the 
relevant sections 
detailing the Committees' functioning and operations. 
Assessment 
of 
the 
knowledge, 
skills 
and 
experience 
(KSE) 
of 
the 
Board 
collectively 
as 
well 
as 
the 
KSE 
and 
contribution of individual Board members. 
The NomCo has 
also the responsibility 
to assess the 
knowledge, skills and 
experience (KSE) of 
the Board collectively 
as 
well as the KSE and contribution of individual Board members and to report to the Board accordingly. 
Individual Evaluations 
The individual evaluations (i.e. the assessment of the Board Chairperson, the assessment of NEDs and the assessment of 
the 
Executive 
Directors) 
take 
into 
account 
the 
status 
of 
the 
member 
(executive, 
non-executive, 
independent), 
the 
participation in committees, the 
undertaking of specific responsibilities 
/ projects, the time 
devoted, the behavior and 
the use 
of knowledge and experience. 
A. Assessment of the Board Chairperson 
The 
Board 
Chair’s evaluation 
is 
part 
of 
the 
Internal 
Evaluation 
(mentioned 
above) 
and 
is 
conducted 
by 
all 
other 
Board 
members via the Questionnaire for the self-evaluation of the Board’s and the Board Committees’ effectiveness. 
The HoldCo/Bank Board Chair’s evaluation in 2023 remained very strong (similarly to the respective evaluation in 2022).
B. Assessment of the Non-Executive Directors’ (NEDs), excluding the Chairperson, contribution to the Board 
The Board Chair 
is responsible to 
conduct the assessment 
of the NEDs’ 
contribution to the 
Board and present 
the results 
to the NomCo. 
The assessment of the NEDs’ contribution to the Board is performed in the following discrete steps: 
●
 
the NomCo approves the NEDs self-evaluation questionnaire, 
●
 
the questionnaire is distributed to the NEDs. Responses are strictly confidential and can only be sent 
to the Board Chair and/or those expressly mandated to assist in the task by him/her, 
●
 
the Board Chair holds 
confidential one-on-one interviews with 
each NED, using 
the individual NEDs 
self-evaluation Questionnaire as an input, 
●
 
the Board Chair presents an overall report on his findings to the NomCo, 
●
 
the Board Chair’s views on 
NEDs performance and contribution of 
knowledge, skills and experience 
are 
presented 
and 
discussed 
at 
the 
NomCo 
also 
during 
the 
process 
of 
developing 
the 
NomCo’s 
proposals for discussing the (re)appointment / succession planning of individual Board members. 

 
 
 
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In 
accordance 
with 
the 
procedure 
described 
above, 
the 
2022 
annual 
assessment 
of 
the 
NEDs’ 
contribution 
to 
the 
HoldCo/Bank Board was 
directed by the 
Board Chair with 
the use of 
an individual self-evaluation 
questionnaire consisted 
of 10 
questions aiming 
to identify 
the strengths 
and areas 
for improvement 
of individual 
Directors across 
the following 
5 
areas: 
●
 
contribution to overall Board profile skillset 
●
 
Board participation and quality of contributions to Board deliberations 
●
 
punctuality and attendance 
●
 
team Spirit and demeanor 
●
 
independent Thinking and Constructive Challenge 
The 2023 annual assessment of the NEDs’ 
contribution to the HoldCo/Bank Board demonstrated that the 
NEDs adequately 
meet expectations for effectively accomplishing their role as Directors of the HoldCo/Bank. 
C. Executive Directors’ Performance Evaluation 
The 
evaluation 
of 
the 
Executive 
Directors' 
performance, 
including 
the 
CEO 
and 
Deputy CEOs, 
is 
conducted 
separately 
through 
a 
structured 
process 
involving 
the 
CEO, 
the 
NomCo, 
and 
the 
Board 
Remuneration 
Committee 
(RemCo). 
This 
evaluation occurs 
annually and 
is based 
on both 
qualitative and 
quantitative Key 
Performance Indicators 
(KPIs) that 
are 
approved by the Non-Executive Directors each year. 
Specifically 
for 
the 
CEO, 
the 
RemCo 
proposes 
relevant 
KPIs 
related 
to 
the 
CEO's 
remuneration 
to 
the 
Non-Executive 
Directors 
for 
approval. 
The 
CEO's 
performance 
is 
then 
assessed 
based 
on 
these 
approved 
KPIs. 
The 
results 
of 
the 
evaluation are communicated to the CEO and are considered in determining his remuneration. 
Collective Suitability Assessment 
During 2023, in 
addition to the evaluation 
of the Board 
of Directors' performance, 
an assessment of 
the Board's collective 
suitability was conducted based on the Joint ESMA/EBA Guidelines on the assessment of the suitability of members of the 
management body 
and key 
function holders 
(EBA/GL/2021/06). This 
assessment was 
carried out 
with the 
support of 
the 
NomCo. 
The assessment 
focused on 
evaluating whether 
the Board 
of Directors 
collectively possesses 
the necessary 
knowledge, 
skills, 
and 
experience 
to 
understand 
the 
business 
model, 
strategy, 
risks, 
and 
various 
governance-related 
matters. 
It 
concluded 
that 
the 
Board 
is 
collectively 
suitable 
to 
comprehend 
these 
areas 
effectively. 
However, 
the 
evaluation 
also 
emphasized 
the 
potential 
for 
improvement 
in 
certain 
skillsets, 
particularly 
in 
areas 
such 
as 
technology 
and 
digitization, 
specific business lines and products, various geographies, and subsidiaries. 
2.13
 
Directors’ Induction and Continuous Professional Development Process 
All new Board members undergo a comprehensive Induction 
Program designed to achieve several key objectives. 
Firstly, it 
aims to convey 
the vision and 
culture of the 
HoldCo/Bank. Secondly, it covers 
practical procedural duties 
to ensure a 
smooth 
transition into their roles. Thirdly, it aims to expedite their productivity 
by reducing the time needed to familiarize 
themselves 
with their responsibilities. Fourthly, 
it integrates them as valued members 
of the Board. Fifthly, 
it familiarizes them with the 
HoldCo/Bank's 
organizational 
structure. 
Lastly, 
it 
provides 
an 
understanding 
of 
the 
HoldCo/Bank's 
business, 
strategy, 
market dynamics, relationships, and its people. 
Upon 
their 
appointment, 
new 
Board 
members 
also 
receive 
a 
Manual 
of 
Obligations 
outlining 
their 
main 
responsibilities 
towards Supervisory Authorities 
and the HoldCo/Bank. 
This manual informs 
them about local 
regulations and the 
Board's 
procedures. Additionally, meetings and presentations are arranged with Key Executives of the 
HoldCo/Bank to provide new 
Directors with a comprehensive overview of the organization. 
Recognizing 
the 
importance 
of 
continuous 
professional 
development, 
the 
HoldCo/Bank 
provides 
resources 
for 
ongoing 
knowledge 
and 
skill 
enhancement 
for 
all 
Board 
members. 
In 
2023, 
this 
included 
formal 
training 
sessions 
on 
Workforce 
issues in banking, Cloud providers 
and data protection, Cyber resilience 
and security awareness, and 
Generative Artificial 
Intelligence 
Challenges 
and 
Opportunities. 
Furthermore, 
Board 
members 
received 
regular 
updates, 
reports, 
and 
presentations from senior management on operational and strategic targets, as 
well as updates on risk, audit, compliance, 
financial, human resources, 
legal, and regulatory 
matters. They also 
received regular and 
ad-hoc research and 
economic 
bulletins from Eurobank's Economic Analysis and Financial Markets Research Division. 

 
 
 
 
 
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3. 
Board Committees 
The Boards of HoldCo/Bank are assisted in carrying out 
their duties by Board Committees to whom 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. 
3.1
 
Audit Committee
6
 
The primary function of the Audit Committee (AC) is 
to assist the Board in discharging its oversight responsibilities 
primarily 
relating to: 
●
the review 
of the 
adequacy of 
the Internal 
Control and 
Risk Management 
systems and 
the compliance 
with rules 
and 
regulations monitoring process, 
●
the review of the financial reporting process and satisfaction as to the integrity of the HoldCO’s Financial Statements, 
●
the External Auditors’ selection, performance and independence, 
●
the effectiveness and performance of the Internal Audit and of the Compliance function.
In addition, 
in the 
context of 
AC’s responsibility 
to safeguard 
External Auditors’ 
independence, the 
AC ensures 
that the 
nature of non-audit services, prior to their being undertaken by the External Auditors, has been reviewed and approved 
as 
required and that there is proper balance between audit and non-audit work in accordance with Group’s / Bank’s policy on 
External Auditors’ Independence. 
AC Membership/Composition 
The 
HoldCo/Bank’s 
AC 
are 
Committees 
consisted 
exclusively 
by 
Board 
members 
and 
their 
compositions 
have 
been 
approved by the General 
Meetings of the Shareholders 
(as per the legal 
framework), following the recommendation of 
the 
NomCos to the Boards. The 
tenure of the Committee members 
coincides with the tenure of 
the HoldCo/Bank’s Boards, with 
the option to renew 
their appointment, but in 
any case, the 
service in the Committees 
should not be 
more than nine (9) 
years 
in 
total. 
The 
Chairperson 
of 
the 
Committees 
is 
appointed 
by 
the 
members 
of 
the 
Committees, 
while 
the 
Committee’s 
members may also appoint a Vice Chairperson. 
All AC members have sufficient knowledge 
in the field of HoldCo/Bank’s activities and the 
necessary skills and experience 
to carry out their duties and meet the requirement of established knowledge and experience in auditing and/or accounting. 
The 
ACs 
consist 
of 
four 
(4) 
independent 
non-executive 
Directors 
of 
the 
Board. 
In 
particular, 
the 
HoldCo/Bank’s 
AC 
composition is outlined below: 
AC Chairperson:
Jawaid Mirza, 
Non-Executive Independent Director of the Board
AC Vice-Chairperson: 
Burkhard Eckes, 
Non-Executive Independent Director of the Board
AC Members: 
Irene Rouvitha Panou, 
Non-executive Independent Director of the Board
Rajeev Kakar
,
Non-Executive Independent Director of the Board
It 
is 
noted 
that 
in 
line 
with 
the 
provisions 
of 
article 
44 
of 
law 
4449/2017, 
as 
in 
force, 
and 
further 
to 
the 
decision 
of 
the 
HoldCo/Bank’s 
Annual 
General 
Meetings 
of 
Shareholders 
as 
of 
20.7.2023 
regarding 
the 
recomposition 
of 
the 
Audit 
Committees and more 
specifically regarding their 
type, composition and 
term of office; 
and the BoDs’ 
decision of 23.06.2023 
(in combination with 27.06.2023) 
and 20.07.2023 regarding the nomination and appointment of a new member to 
the ACs 
respectively, 
and in particular 
of Mr. 
Burkhard Eckes, following 
relevant recommendations by 
the NomCos of 
22.06.2023, 
the ACs decided on their constitution and on the appointment of their Chairman. 
Compared to the previous ACs’ composition and following the recomposition of the ACs on 20.07.2023, the ACs’ members 
remained four (4) since Ms. Efthymia Deli submitted her resignation on 27 October 2023, effective as of 7 November 2023, 
from the BoDs, ACs and Remuneration Committees that was member at that time. 
AC Meetings 
The HoldCo/Bank’s ACs meet at least eight (8) times per year or more frequently, as circumstances require, report on their 
activities to the HoldCo/Bank’s Boards on a 
quarterly basis and submit the 
minutes of their meetings and the 
annual Activity 
Reports (before their submission 
to the HoldCo/Bank Shareholders’ 
Annual General Meeting) 
to the HoldCo/Bank’s Boards. 
Quorum in the AC Meetings 
The ACs’ meeting is in 
quorum and meets validly 
when half of its members 
plus one are present or 
represented, provided 
that at least three (3), including the Chairperson or the Vice Chairperson, are 
present. Each member of the Committee may 
validly 
represent only 
one 
of 
the 
other Committee 
members. 
Representation 
in 
the 
Committee may 
not be 
entrusted 
to 
persons other than the members thereof.
 
6
 
HoldCo/Bank’s 
Audit 
Committees’ 
Terms 
of 
Reference 
may 
be 
found 
at 
the 
HoldCo/Bank 
websites 
(
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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AC Decisions 
The AC resolutions are validly 
taken by an absolute majority 
of the members who are 
present and represented. In case of 
a tie 
of votes, 
the Chairperson 
and in 
case of 
his/her absence 
the Vice 
Chairperson has 
the casting 
vote. The 
Board is 
informed whenever a decision of the AC is not reached unanimously. 
Attendance to the AC Meetings 
During 2023 the attendance details for the Audit Committee were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
17 
14 
100% 
100%
Bank 
16 
14 
100% 
100% 
AC Secretary and Minutes 
The AC appoints its Secretary, 
who reports to the Group Company Secretariat and cooperates with 
the Chairperson of the 
Committee. 
The 
Secretary 
is 
responsible 
to 
minute 
the 
proceedings 
and 
decisions 
of 
all 
Audit 
Committees’ 
meetings, 
including the names of those present and in attendance and the action plans and follow ups 
for assignments,
as well as for 
the issuance of extracts. Decisions, actions and follow ups are disseminated to the responsible parties, as required. 
AC Terms of Reference (ToR) 
The AC’s ToR 
are reviewed annually and revised if necessary, 
unless significant changes necessitate earlier revision. The 
ToR 
are approved by the Board. 
AC’s Performance Evaluation 
The 
AC 
conducted 
a 
self-evaluation, 
and 
its 
members 
expressed 
satisfaction 
with 
the 
committee's 
effectiveness 
and 
leadership. They commended 
the AC's efficient use 
of time, well-planned 
meetings, and timely 
scheduling. The Chairperson 
of the 
AC was 
noted for 
being well-prepared 
and skilled 
in guiding 
discussions through 
the agenda, 
fostering critical 
dialogue, 
and ensuring all members 
could express their views 
freely. Participants were also acknowledged 
for their preparedness and 
active engagement in vital discussions, demonstrating a commendable level of challenge. 
However, 
the evaluation 
identified areas 
for improvement, 
notably the 
need for 
enhanced oversight 
on critical 
audit and 
compliance issues 
within major subsidiaries. 
There was also 
a call for 
strengthening cybersecurity mechanisms 
and Anti-
Money 
Laundering 
(AML) 
controls 
and 
measures. 
Additionally, 
the 
evaluation 
emphasized 
the 
importance 
of 
providing 
training in 
new areas 
to enhance 
the skills 
of the 
Internal Audit 
Team. 
These areas 
of improvement 
were highlighted 
to 
further enhance the effectiveness and capabilities of the AC in fulfilling its responsibilities. 
AC’s Activity in 2023 
For 2023, AC has amongst others: 
Eurobank Holdings 
Bank 
●
decided 
on 
its 
constitution 
/ 
reconstitution 
and 
the 
appointment of its Chairman 
●
approved the 
revised Internal 
Audit Mandate 
and Terms 
of 
Reference 
(ToR) 
and 
the 
revised 
Compliance 
Mandate 
●
approved 
the 
annual 
Plans 
of 
Internal 
Audit 
and 
Compliance and monitored their progress 
●
reviewed 
and 
discussed 
reports 
with 
information 
relating 
mainly 
to 
the 
Internal 
Audit 
and 
Compliance 
issues, 
including 
quarterly 
reports 
from 
Internal 
Audit 
and Compliance functions 
●
received updates on 
various legal 
and regulatory issues 
●
ensured 
that 
an 
annual 
evaluation 
of 
the 
System 
of 
Internal Controls for the year 2022 has been 
performed 
and documented by Internal 
Audit and prepared 
its own 
assessment 
report on 
Internal Audit’s 
evaluation. The 
reports 
were 
further 
submitted 
to 
the 
Board 
and 
the 
BoG in line with the BoG Act 2577/2006 
●
reviewed the annual 
Compliance Sector’s reports over 
compliance activities for the 
year 2022 and prepared 
its 
own 
assessment 
report 
thereon. 
The 
reports 
were 
further submitted to the Board and the BoG, in line with 
the BoG Governors Act 2577/2006 
●
in the context of the independent triennial Evaluation of 
the System 
of Internal 
Controls (SIC) 
per BoG 
Act 2577, 
approved 
the 
proposed 
scope 
of 
the 
assignment 
and 
the appointment of the firm 
●
decided 
on 
its 
constitution 
/ 
reconstitution 
and 
the 
appointment of its Chairman 
●
approved the 
revised Internal 
Audit Mandate 
and Terms 
of 
Reference 
(ToR) 
and 
the 
revised 
Compliance 
Mandate 
●
approved 
and 
further 
submitted 
to 
the 
BoD 
for 
information 
the 
annual 
and 
triennial 
Plans 
of 
Internal 
Audit and Compliance and monitored their progress. 
●
reviewed 
and 
discussed 
reports 
with 
information 
relating 
to 
the 
System 
of 
Internal 
Controls, 
including 
quarterly 
reports 
from 
Internal 
Audit 
Group, 
Compliance, Operational Risk Sector, Clients Relations 
Office, etc. 
●
received updates on 
various legal 
and regulatory issues 
●
ensured 
that 
an 
annual 
evaluation 
of 
the 
System 
of 
Internal Controls has been performed and documented 
by the Internal Audit 
Group for the year 
2022. The Audit 
Committee has prepared its own assessment report on 
Internal 
Audit 
Group’s 
evaluation. 
The 
reports 
were 
further submitted to the Board and 
the BoG in line with 
the BoG Act 2577/2006 
●
in the context of the independent triennial Evaluation of 
the System 
of Internal 
Controls (SIC) 
per BoG 
Act 2577, 
approved 
the 
proposed 
scope 
of 
the 
assignment 
and 
the appointment of the firm 
●
focused particularly 
on the 
AML function 
and received 
regular updates on the AML issues 

 
 
 
 
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●
reviewed 
and 
depending 
on 
the 
case, 
approved 
or 
approved and further submitted to 
the BoD for approval 
/ information 
a) the 
revised Code 
of Conduct 
and Ethics, 
b) the 
revised Policy 
for Reporting 
Illegal or 
Unethical 
Conduct 
and the 
appointment of 
Report Receiving 
& 
Monitoring 
Officer 
in 
Greece, 
c) 
the 
revised 
Group 
Antitrust Compliance Policy, d) the revised Compliance 
Policy, 
e) the revised 
Conflict of Interest 
Group Policy, 
f) the revised Anti-bribery and Corruption Policy 
and g) 
the revised Insider Dealing Guideline. 
●
discussed 
with 
Management, 
Internal 
Audit 
and 
External Auditors issues relating 
to the financial results, 
●
reviewed 
and 
cleared 
the 
financial 
statements 
and 
other financial reports and trading updates prior to their 
release 
●
discussed 
with 
Management 
the 
implementation 
of 
corrective 
actions 
to 
recommendations 
made 
by 
Internal 
and 
External 
Auditors 
and 
Regulatory 
Authorities 
●
assessed 
the 
effectiveness, 
objectivity, 
and 
independence of the 
External Auditors for the 
financial 
year 2022, discussed the 
results of their evaluation 
with 
Management 
and 
Internal 
Audit 
and 
communicated 
final results to the Board and to the External Auditors 
●
approved the remuneration of External 
Auditors for the 
financial year 2023 
●
proposed to the Board 
and the Annual General 
Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the financial year 2023 
●
approved 
the 
External 
Auditors’ 
Independence 
Policy 
and 
monitored, 
in 
line 
with 
this 
Policy, 
the 
non-audit 
services provided by the External Auditor in 2023 
●
approved 
the 
Key 
Audit 
Partner 
(KAP) 
selection/rotation 
policy 
which 
is 
addendum 
of 
the 
Holdings Group Tendering 
Policy and Procedure 
●
discussed a 5-yr (2024-28) rolling plan on 
the eligibility 
of 
audit 
firms 
for 
the 
statutory 
audit 
of 
the 
Group, 
including 
potential 
conflict 
of 
interest 
situations 
with 
eligible audit 
firms, based 
on Greek 
Law 4449/17 
and 
EU Reg 
537/14, and 
requirements of 
the International 
Code 
of 
Ethics 
for 
Professional 
Accountants 
of 
the 
International 
Ethics 
Standards 
Board 
for 
Accountants 
(IESBA) 
●
assessed the 
performance of 
the Internal 
Auditor and 
the 
Head 
of 
Compliance 
/ 
Anti-Money 
Laundering 
Reporting Officer 
●
received updates on the progress 
of the Annual Budget 
●
in 
accordance 
with 
the 
provisions 
of 
Law 
2533/1997, 
the 
Audit 
Committee 
reviewed 
reports 
on 
substantial 
stock 
transactions 
of 
the 
HoldCo’s 
Directors 
and 
General 
Managers 
which 
meet 
the criteria 
set 
in Law 
2533/1997 and notified the Board 
●
approved and notified the Board 
for further submission 
to the Annual 
General Meeting, the 
annual AC Activity 
Report for 2022 
●
Discussed the Annual AC Plan for 2024. 
●
discussed 
and 
further 
submitted 
to 
the 
BoD 
for 
discussion the Anti-Money Laundering (AML) Business 
Risk Assessment and Compliance Risk Assessment 
●
reviewed 
the 
annual 
Group 
Compliance 
Sector’s 
reports over AML and compliance activities of the Bank 
for 
the 
year 
2022 
and 
prepared 
its 
own 
assessment 
report 
thereon. 
The 
reports 
were 
further 
submitted 
to 
the Board and the BoG, in line with the BoG Governors 
Act 2577/2006 
●
reviewed 
and 
depending 
on 
the 
case, 
approved 
or 
approved and further submitted to 
the BoD for approval 
/ information 
a) the 
revised Code 
of Conduct 
and Ethics, 
b) the 
revised Policy 
for Reporting 
Illegal or 
Unethical 
Conduct 
and the 
appointment 
of 
Report 
Receiving & 
Monitoring 
Officer 
in 
Greece, 
c) 
the 
revised 
Group 
Antitrust Compliance Policy, d) the revised Compliance 
Policy, 
e) the revised 
Conflict of Interest 
Group Policy, 
f) the 
revised Anti-bribery and 
Corruption Policy 
g) the 
revised 
Insider 
Dealing 
Guideline, 
h) 
the 
revised 
Inducements 
Policy, 
i) 
the 
revised 
AML/CFT 
and 
Sanctions Policy, j) the revised Order Execution Policy. 
●
discussed 
with 
Management, 
Internal 
Audit 
and 
External Auditors issues relating 
to the financial results, 
●
reviewed 
and 
cleared 
the 
consolidated 
financial 
statements 
●
discussed 
with 
Management 
the 
implementation 
of 
corrective 
actions 
to 
recommendations 
made 
by 
Internal 
and 
External 
Auditors 
and 
Regulatory 
Authorities 
●
discussed 
with 
the 
Audit 
Committee 
Chairpersons 
ofEurobank Bulgaria, 
Eurobank Cyprus 
and Eurobank 
Private 
Bank Luxembourg 
the key 
audit 
issues 
of 
the 
International Subsidiaries 
●
assessed 
the 
effectiveness, 
objectivity 
and 
independence of the 
External Auditors for 
the financial 
year 2022, discussed the 
results of their 
evaluation with 
Management 
and 
Internal 
Audit 
and 
communicated 
final results to the Board and to the External Auditors 
●
approved the remuneration of External 
Auditors for the 
financial year 2023 
●
proposed to the Board 
and the Annual 
General Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the financial year 2023 
●
approved 
the 
External 
Auditors’ 
Independence 
Policy 
and and monitored, 
in line with 
this Policy, the non-audit 
services provided by the External Auditor in 2023 
●
assessed the performance of the Chief Audit Executive 
and the 
General Manager Head of Group Compliance 
/ Anti-Money Laundering Reporting Officer 
●
monitored the memberships 
and the modus 
operandi of 
the 
Audit 
Committees 
of 
the 
banking 
subsidiaries, 
as 
required, and reviewed their Activity Reports 
●
in 
accordance 
with 
the 
provisions 
of 
Law 
2533/1997, 
the 
Audit 
Committee 
reviewed 
reports 
on 
substantial 
stock transactions of the Bank’s 
Directors and General 
Managers which meet the 
criteria set in Law 
2533/1997 
and notified the Board 
●
approved and notified the Board 
for further submission 
to the Annual 
General Meeting, the 
annual AC Activity 
Report for 2022. 
●
discussed the Annual AC Plan for 2024. 
It is noted that in accordance with the Law 4449/2017 as in force, the HoldCo/Bank ACs submit an annual activity report to 
their Shareholders’ Annual General Meeting on 
the issues dealt with by 
the ACs during the previous year, 
also including a 
description of the sustainability policy followed by each entity. 
The 2023 HoldCo/Bank 
AC Activity Reports 
which are also part 
of the 2023 
HoldCo/Bank Annual Financial 
Reports, refer 
to the AC activity during 2023, the issues addressed and the sustainability policy. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
3.2
 
Board Risk Committee
7
 
The purpose of the HoldC/Bank’s Board Risk Committee (BRC) is to assist the Board in the following risk-related issues: 
●
to advise 
and support 
BoD regarding 
the monitoring 
of overall 
actual and 
future risk appetite 
and strategy, 
taking into 
account all 
types of 
risks to 
ensure that 
they are 
in line 
with the 
business strategy, 
objectives, corporate 
culture and 
values of the institution, 
●
to provide BoD with recommendations on necessary adjustments to the risk strategy, 
●
to assist BoD in overseeing the implementation of risk strategy and the corresponding limits set, 
●
to oversee 
the implementation 
of the 
strategies for 
capital and 
liquidity management 
as well 
as for 
all other 
relevant 
risks, such as 
credit and market 
risks as well 
as non-financial risks 
such as operational, 
reputational conduct legal, 
cyber, 
outsourcing 
climate 
and 
environmental, 
in 
order 
to 
assess 
their 
adequacy 
against 
the 
approved 
risk 
appetite 
and 
strategy, 
●
to oversee the progress 
made to enhance 
resolvability in accordance with 
the requirements of 
the Resolution Authorities 
(for Bank BRC only),
●
to review 
a number 
of possible 
scenarios, including 
stressed scenarios, 
to assess 
how the 
risk profile 
would react 
to 
external and internal events, 
●
to oversee the alignment between all material financial products and services offered to clients and the business model 
and risk strategy. The BRC should assess the risks associated with the 
offered financial products and services and take 
into account the alignment between the prices assigned to and the profits gained from those 
products and services 
(for 
Bank BRC only,)
●
to provide advice on the appointment of external consultants that BoD may decide to engage for advice or support, 
●
to 
assess 
the 
recommendations 
of 
internal 
or 
external 
auditors 
and 
follow 
up 
on 
the 
appropriate 
implementation 
of 
measures taken, 
●
to 
ensure that 
an appropriate 
risk 
management 
framework has 
been developed 
which 
is embedded 
in the 
decision-
making process 
(e.g. new 
products and 
services introduction, 
risk adjusted 
pricing, internal 
risk models, 
risk adjusted 
performance measures and capital allocation), 
●
to define the risk management principles and ensure that there 
are the appropriate methodologies, modeling tools, data 
sources and sufficient and competent staff to identify, assess, monitor and mitigate risks, and 
●
to set, approve and oversee 
the implementation of the institution’s 
risk culture, core values and expectations 
regarding 
credit risk. 
BRC Membership/Composition 
The BRC members 
are appointed by 
the BoD, following 
the recommendation of 
the NomCo, in 
accordance with the 
legal 
and regulatory framework 
where applicable. The Chairperson 
qualifies as independent member 
with a solid experience 
in 
commercial banking and preferably risk and/or Non-Performing Exposures management and is familiar with the Greek and 
international 
regulatory 
framework. 
The 
appointment 
of 
the 
Chairperson 
and 
the 
Vice-Chairperson 
shall 
go 
through 
the 
NomCo’s proposal process 
and approved by 
the Board. The tenure 
of the BRC members 
coincides with the 
tenure of the 
Bank’s Board, with the option to renew their appointment, 
but in any case, the service in the BRC should not be more 
than 
nine (9) years in total.
The BRC consists of five (5) non-executive Directors, four (4) of whom are independent, including the Chairperson and the 
Vice-Chairperson. One (1) of the BRC members is the HFSF Representative. In 
particular, the BRC composition is outlined 
below: 
BRC Chairperson:
Rajeev Kakar, 
Non-Executive Independent Director of the Board
BRC Vice-Chairperson: 
Cinzia Basile, 
Non-executive Independent Director of the Board
BRC Members: 
Bradley Paul Martin,
 
Non-Executive Director of the Board
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
John Arthur Hollows
, Non-executive Independent Director of the Board
It is 
noted that 
during 2023 
and following 
NomCos’ recommendations 
for the 
recomposition of 
the HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 
29.09.2023, Mr. John Arthur Hollows to replace 
Ms. Efthymia Deli (taking 
also into consideration that her role as representative of the HFSF would cease after the disposal of 
HFSF’s participation). 
BRC Meetings
The BRC meets 
at least on 
a monthly basis 
and the Chairperson 
updates the BoD 
members on the 
material matters covered 
by the Committee during the previous period (if any) at the quarterly meetings of the BoD. 
Apart from the BRC members, the AC’s members may also attend BRC sessions when common issues are discussed (i.e. 
on operational 
risk matters, 
on IT 
security and 
cyber risks).
The Chairperson 
of the 
BRC may 
also invite 
to the 
meetings 
other executives of the Group or external advisors or experts, as deemed appropriate. 
7
 
HoldCo/Bank’s BRCs’ Terms of Reference may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
Quorum in the BRC Meetings 
Quorum requires the majority of members (half plus one) to be present or represented, provided that no less than three (3) 
Committee members, including the Chairperson or the Vice Chairperson, are 
present.
Each member of the Committee may 
validly 
represent only 
one 
of 
the 
other Committee 
members. 
Representation 
in 
the 
Committee may 
not be 
entrusted 
to 
persons other than 
the members thereof.
In determining the 
number of members 
for the quorum, 
fractions, if any, 
will not 
be counted. 
BRC Decisions 
The BRC 
resolutions require 
a majority 
vote of 
the members 
who are 
present or 
represented. In 
case of 
a tie, 
the Chairperson 
and in case of 
his/her absence the Vice 
Chairperson has the casting vote. 
In case of non-unanimous 
decisions, the views 
of the minority are also minuted. The Board is informed of the BRC’s minutes. 
Attendance to the BRC Meetings 
During 2023, attendance details for the Board Risk Committee were as follows, 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
12 
10 
100% 
95%
Bank 
13 
14 
100% 
97% 
It is noted that in 2022, 
Directors provided representation proxies for all 
missed meetings in HoldCo/Bank’s BRCs, 
leading 
their overall attendance rates (physical and under representation) at 100% in BRC. 
BRC Secretary and Minutes 
The BRC appoints its 
Secretary, who reports to the Group Company 
Secretariat and cooperates with 
the Chairperson of the 
Committee 
and 
the 
Group 
Chief 
Risk 
Officer 
(“GCRO”). 
The 
Secretary 
is 
responsible 
to 
minute 
the 
proceedings 
and 
resolutions of 
all BRC meetings, 
including the names 
of those present 
and in 
attendance and the 
action plans 
and follow 
ups for assignments, as well 
as for issuance of extracts. 
Decisions, actions and follow ups 
are disseminated to the 
Bank’s 
responsible Units, as required. 
 
BRC Terms of Reference (ToR) 
BRC’s ToR 
are reviewed at least annually and revised, if necessary, unless significant changes in the role, responsibilities, 
organization and/or regulatory requirements necessitate earlier revision. The ToR are approved by the Board. 
BRC’s Performance Evaluation 
BRC’s performance is 
evaluated annually according 
to the provisions 
of the Board 
and Board Committees 
Evaluation Policy. 
The 
self-evaluation 
conducted by 
the 
BRC indicates 
overall satisfaction 
among 
its 
members 
regarding the 
Committee's 
leadership and effectiveness. 
Members 
of 
the 
BRC 
expressed 
satisfaction 
with 
the 
leadership 
provided 
by 
the 
Chairperson 
of 
the 
Committee. 
The 
Chairperson is reported to be well-prepared for meetings and encourages critical discussions, ensuring that every member 
can freely express their 
views. Additionally, members of the BRC 
are also well-prepared for 
meetings, leading to a 
high level 
of participation in important discussions and maintaining an adequate level of challenge within the Committee. 
However, the evaluation also highlighted areas for improvement. Specifically, the BRC's oversight of local market risks and 
its focus on risks 
related to cybersecurity, data protection, and 
geopolitics were identified as 
areas that should be 
enhanced. 
This 
recognition underscores 
the 
importance 
of 
continuously 
evolving 
risk 
management 
strategies 
to 
address 
emerging 
threats and challenges in these areas effectively. 
BRC’s Activity in 2023 
For 2023, the BRC has, amongst others: 
Eurobank Holdings 
Bank 
●
 
monitored 
the 
Group’s 
overall 
actual 
and 
future 
risk 
appetite 
and 
strategy, 
taking 
into 
account 
all 
types 
of 
risks 
to ensure 
that they 
are in 
line 
with 
the business 
strategy, objectives, corporate culture and values 
of the 
Group 
●
 
approved, 
among others, 
the following 
regulatory and 
other reports, including risk policies and frameworks: 
-
 
Internal Capital & 
Liquidity Adequacy Assessment 
processes ICAAP/ILAAP 
-
 
Capital 
Adequacy 
Statements, 
Liquidity 
Adequacy Statements 
-
 
Risk Identification and Materiality Process (RIMA) 
Report 
-
 
Group Recovery Plan 
●
 
monitored 
Eurobank’s 
overall 
actual 
and 
future 
risk 
appetite 
and 
strategy, 
taking 
into 
account 
all 
types 
of 
risks 
to 
ensure that 
they 
are in 
line 
with the 
business 
strategy, objectives, corporate culture and values of 
the 
institution 
●
 
monitored qualitative and quantitative aspects of 
credit, 
market, liquidity and operational risks, 
●
 
reviewed Information 
and Communication 
Technology 
(ICT) Risk and Security (incl. Cyber Security), 
Physical 
Security and Fraud detection 
●
 
reviewed General 
Data Protection 
Regulation (GDPR) 
and Payment Services Directive 2 (PSD2) status 
●
 
approved, 
among others, 
the following 
regulatory and 
other reports, including risk policies and frameworks 

 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
94
|
Page 
●
 
approved the GCRO Annual Report 
●
 
approved the Group 
Risk and Capital 
Strategy and Risk 
Appetite 
Framework 
as 
well 
as 
Risk 
Appetite 
Statements incl. RAS dashboard 
-
 
Single 
Resolution 
Board’s 
(SRB’s) 
Working 
Priorities 
and 
Eurobank’s 
Resolvability 
Work 
Programme (Bail in playbook, etc.) 
-
 
Minimum 
Requirement 
for 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL) 
Issuance 
plan 
& 
Targets 
-
 
Non-performing Exposures (NPE) 
Reduction Plan 
2023-2025: 
Summary 
report, 
impairments 
and 
key risk metrics 
­
 
EBA Dashboard 
●
 
reviewed and/or approved: 
­
 
Early Warning Framework 
­
 
Forbearance reporting 
­
 
Risk Parameters monitoring 
­
 
Outsourcing 
reports 
incl. 
OSI 
regarding 
IT 
Outsourcing 
­
 
SRT Securitisations performance updates 
­
 
ALM tool governance framework guideline 
●
 
approved several policies 
incl. market risk, 
counterparty 
risk, liquidity, credit, collection etc. 
●
 
EBA Stress Test 
Exercise 2023 
●
 
Climate Related and Environmental Risk Disclosures 
3.3
 
Remuneration Committee
8
 
The HoldCo/Bank’s 
Boards have 
delegated to 
the respective 
RemCos the 
responsibilities (a) 
to provide 
specialized and 
independent advice for matters 
relating to remuneration policy and 
its implementation at HoldCo/Bank Group 
level and for 
the 
incentives 
created 
while managing 
risks, capital 
and 
liquidity, 
(b) 
to 
safeguard 
the 
proper 
exercise 
of 
its duties 
and 
responsibilities, 
the 
efficient 
alignment 
of 
the 
personnel’s 
remuneration 
with 
the 
risks 
the 
HoldCo/Bank 
undertakes 
and 
manages and the required alignment between the HoldCo/Bank and the Group, and (c) to approve or propose for approval 
all exposures of Key Management Personnel
9
 
and their relatives (spouses, children, siblings).
The Non-Executive Directors 
of HoldCo/Bank have the responsibility to approve and periodically review HoldCo/Bank’s remuneration policy and oversee 
its implementation both at Bank and Group level. 
 
The implementation 
of the 
HoldCo/Bank remuneration 
policy is 
in line 
with the 
provisions of 
Laws 3864/2010, 
4261/2014 
and Bank of Greece Governor’s Act 2650/2012. 
The HoldCo/Bank RemCo is also responsible to: 
●
 
determine the 
remuneration system 
for the 
members of 
the Board 
of Directors 
and the 
senior executives 
and to 
make 
a 
relevant 
recommendation 
on 
them 
to 
the 
Board 
of 
Directors, 
which 
decides 
on 
them 
or 
to 
make 
recommendations to the General Meeting, where required, 
●
 
propose 
to 
the 
Non-Executive Directors 
of 
the 
HoldCo/Bank’s 
BoD 
for 
their 
approval 
the 
goals 
and 
objectives 
relevant 
to the 
HoldCo/Bank’s 
CEO remuneration 
and evaluate 
his/her performance 
in light 
of these 
goals and 
objectives, 
●
 
guide and monitor the external remuneration consultant (if hired) and ensure that it 
receives appropriate reporting 
from 
him/her. 
In 
addition, 
HoldCo/Bank 
RemCo 
ensures 
that 
the 
external 
consultant 
is 
referred 
in 
the 
HoldCo/Bank’s 
annual report 
of the 
year hired 
and/or completed 
his/her work, 
together with 
a statement 
of any 
possible 
relationship 
between 
him/her 
and 
the 
HoldCo/Bank 
or 
with 
members 
of 
the 
HoldCo/Bank’s 
Board 
individually. 
RemCo Membership/Composition 
The RemCo members are appointed by the Board. 
In 
the 
event 
that 
the 
Chairperson 
of 
the 
Bank’s 
Board 
is 
a 
member 
of 
the 
RemCo, 
she/he 
cannot 
participate 
in 
the 
determination of his/her remuneration. 
The tenure 
of the 
RemCo members 
coincides with 
the tenure 
of the 
HoldCo/Bank’s Board, 
with the 
option to 
renew their 
appointment, but in any case, the service in RemCos should not be more than nine (9) years in total. 
 
8
HoldCo/Bank’s Remuneration Committees’ Terms 
of Reference may be found at the 
HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 
9
Key Management Personnel includes: Bank’s Executive and Non-Executive 
BoD members, Executive Board (ExBo) members, 
General 
Managers non-members of the ExBo and the Heads 
of Group Internal Audit, Group Compliance, 
Group Risk Management.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
The 
RemCos 
consists 
of 
four 
(4) 
non- 
executive 
Directors 
three 
(3) 
of 
whom 
are 
independent 
Directors, 
including 
the 
Chairperson and the Vice-Chairperson. In particular, the HoldCo/Bank RemCo composition is outlined below: 
RemCo Chairperson:
Cinzia Basile, 
Non-executive Independent Director of the Board
RemCo Vice-Chairperson: 
Jawaid Mirza, 
Non-Executive Independent Director of the Board
Members: 
George Chryssikos,
 
Non-Executive Director of the Board
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
Compared to the previous RemCo’s composition, the number of RemCo members decreased from five (5) to four (4) since 
Ms. Efthymia Deli submitted her 
resignation on 27 October 2023, effective 
as of 7 November 2023, 
from the HoldCo/Bank 
BoDs, ACs and Remuneration Committees that was member at that time. 
RemCo meetings 
HoldCo/Bank’s RemCo meets at least twice a year and minutes are kept. 
Quorum in RemCo meetings 
HoldCo/Bank’s RemCo 
is in 
quorum and meets 
validly when half 
of its 
members plus one 
(1) are 
present or 
represented 
(fractions, if 
any, 
are not 
counted), provided 
that no 
less than 
three (3) 
members, including 
the Chairperson 
or the 
Vice 
Chairperson 
are 
present.
Each 
member 
of 
RemCo 
may 
validly 
represent 
only 
one 
of 
the 
other 
RemCo 
members. 
Representation in RemCo may not be entrusted to persons other than the members thereof. 
RemCo Decisions 
RemCo’s resolutions are 
validly taken by an absolute 
majority of the members who 
are present or represented. 
In case of 
a tie, the Chairperson and 
in case of his/her absence 
the Vice Chairperson of 
RemCo shall have the casting 
vote. In case 
of non-unanimous 
decisions, the 
views of 
the minority 
should also 
be minuted. 
The Board 
shall be 
informed whenever 
a 
decision of the Committee is not reached unanimously. 
Attendance to the RemCo meetings 
During 2023 the attendance details for the Remuneration Committees were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
12 
6 
97% 
100%
Bank 
12 
8 
98% 
100% 
The Directors’ individual attendance rates at the RemCo meetings in 2023 were the following: 
Eurobank Holdings’ RemCo 
Eurobank RemCo 
Eligible to attend 
Attended in person 
(# and %) 
Eligible to 
attend 
Attended in person 
(# and %) 
Cinzia Basile, 
RemCo Chairperson
12 
12
100% 
12 
12 
100% 
Jawaid Mirza,
 
RemCo Vice-Chairperson
12 
12 
100% 
12 
12 
100% 
George Chryssikos, 
RemCo member
12 
11 
92% 
12 
11 
92% 
Alice Gregoriadi,
 
RemCo member 
12 
12 
100% 
12 
12 
100% 
Efthymia Deli, 
RemCo member until 7.11.2023
10 
9 
90% 
10 
10 
100% 
It is noted that 
in 2023, Mr. 
George Chryssikos provided representation 
proxies for his missed meetings 
in HoldCo/Bank’s 
RemCos, leading his overall attendance rate (physical and under representation) at 100% in RemCo. 
RemCo Secretary and Minutes 
RemCo 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company Secretariat 
and 
cooperates 
with 
the 
Chairperson of 
RemCo and the 
Group Human 
Resources Deputy 
General Manager. The 
Secretary is 
responsible to 
minute the 
proceedings 
and resolutions of all RemCo’s meetings, including the names of those present and in attendance and the action plans and 
follow ups for 
assignments, as well 
as for issuance 
of extracts. Decisions, 
actions and follow 
ups are disseminated 
to the 
Bank’s responsible Units, as required. 
RemCo Terms of Reference (ToR) 
RemCo’s 
ToR 
are 
reviewed 
annually 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, 
organization and/or regulatory requirements necessitate earlier revision. 
The ToR 
are approved by the Board. 
 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
RemCo’s Performance Evaluation 
RemCo’s performance 
is evaluated 
annually according 
to the 
provisions of 
the Board 
and Board 
Committees Evaluation 
Policy. 
The self-evaluation conducted 
by RemCo members 
reflects overall satisfaction 
with the Committee's 
effectiveness 
and leadership. 
According to the evaluation, RemCo members 
believe that the Committee utilizes its 
time effectively and has good planning 
and scheduling of meetings. The material for 
meetings is provided in advance, allowing both 
the Chairperson and members 
to be well prepared. The discussions within RemCo 
are described as open and sufficiently thorough, with 
members actively 
engaged, possessing high levels of knowledge, and acting independently to ensure an adequate level of challenge. 
However, the evaluation also emphasized the need 
to maintain a focus 
on remuneration matters. While improvements 
have 
been made in 
this area, it 
is suggested that 
remuneration should continue 
to be regularly 
assessed against relevant 
local 
and 
international 
benchmarking. 
This 
ongoing 
assessment ensures 
that 
remuneration practices 
remain 
competitive 
and 
aligned with industry standards. 
RemCos' Activity in 2023 
For 2023, RemCo has amongst others: 
Eurobank Holdings 
Bank 
●
proposed to the 
BoD for approval the 
revised RemCo 
Terms 
of Reference 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for approval the Remuneration Policy of the HoldCo 
●
reviewed and 
proposed to 
the Board 
and the 
Annual 
General 
Meeting 
(AGM) 
for 
approval 
the 
Remuneration Policy for Directors 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for 
approval 
the 
Remuneration 
Framework 
of 
the 
HoldCo 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for 
approval 
the 
Variable 
Remuneration 
- 
Key 
Performance Indicators & Key Risk Indicators and 
the 
Group Variable Remuneration Pool 
●
Reviewed and approved the Material Risk Takers’ List 
●
discussed 
the remuneration 
policy 
implementation 
at 
Group level 
●
discussed 
the Remuneration 
Policy 
Review 
– 
Follow 
up (for the Year 2021), conducted by 
the Internal Audit 
Group 
●
proposed 
to 
the 
Board 
and 
Annual 
General 
Meeting 
(AGM) for approval the Board and Board Committees’ 
Fees 
for 
Non-Executive 
Directors 
of 
the 
HoldCo
(Actual Fees 2022 & Estimated Fees 2023) 
●
proposed to the Board for 
approval the Remuneration 
Report for the financial year 2022 
●
proposed to 
the Non-Executive 
Directors of 
the Bank 
for 
approval 
the 
CEO’s 
Performance 
Evaluation 
for 
2022 & CEO’s Financial and Non-Financial 
objectives 
for 2023 
●
approved the Remuneration Disclosures for 2022 
●
reviewed the 
implementation of 
the Board 
and Board 
Committees’ attendance policy 
●
approved the Remuneration Disclosures for 2022 
●
proposed to the 
Non-Executive Directors for 
approval 
a Voluntary Exit Scheme (VES) 
●
proposed to the BoD for approval the 8
th
 
Stock Option 
Plan Implementation for 2023 
●
depending on 
the case, 
approved or 
proposed to 
the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration issues and borrowing requests 
●
discussed 
the 
Supervisory 
Review 
and 
Evaluation 
Process (SREP) findings 
regarding Human Resources 
matters 
●
proposed to the 
Non-Executive Directors for 
approval 
the Separation Policy 
●
approved the revised benefits Policy 
●
approved 
the 
proposal 
to 
assign 
to 
External 
Consultants 
to 
conduct 
a 
benchmarking 
exercise 
for 
Top 
Management Remuneration 
●
proposed to the 
BoD for approval the 
revised RemCo 
Terms 
of Reference 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for approval the Remuneration Policy of the Bank 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for approval the Remuneration 
Framework of the Bank 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for 
approval 
the 
Variable 
Remuneration 
- 
Key 
Performance Indicators & Key Risk Indicators and 
the 
Group Variable Remuneration Pool 
●
Reviewed and approved the Material Risk Takers’ List 
●
discussed 
the remuneration 
policy 
implementation 
at 
Bank and Group level 
●
discussed 
the Remuneration 
Policy 
Review 
– 
Follow 
up (for the Year 2021), conducted by 
the Internal Audit 
Group 
●
proposed 
to 
the 
Board 
and 
Annual 
General 
Meeting 
(AGM) for approval the Board and Board Committees’ 
Fees for Non-Executive 
Directors of the 
Bank
(Actual 
Fees 2022 & Estimated Fees 2023) 
●
proposed to 
the Non-Executive 
Directors of 
the Bank 
for 
approval 
the 
CEO’s 
Performance 
Evaluation 
for 
2022 & CEO’s Financial and Non-Financial 
objectives 
for 2023 
●
reviewed the 
implementation of 
the Board 
and Board 
Committees’ attendance policy 
●
discussed 
and 
further 
submitted 
to 
the 
Board 
for 
information 
the 
implementation 
of 
the 
Group 
Subsidiary 
Board 
Remuneration 
Policy 
through 
the 
Group during 2022 
●
approved the Remuneration Disclosures for 2022 
●
proposed to the 
Non-Executive Directors for 
approval 
aVoluntary Exit Scheme (VES) 
●
depending on 
the case, 
approved or 
proposed to 
the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration 
issues 
of 
the 
international 
subsidiaries 
(remuneration 
framework, 
performance 
related 
variable remuneration, remuneration increases etc) 
●
depending on 
the case, 
approved or 
proposed to 
the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration 
issues, 
borrowing 
requests 
and 
incentive schemes 
●
received 
and 
reviewed 
the 
annual 
updates 
of 
the 
RemCo Chairpersons of Group’s banking subsidiaries 
●
approved 
the appointment 
of RemCo 
Chairperson 
in 
Eurobank Direktna Serbia and Eurobank Cyprus 
●
. 
●
discussed 
the 
Supervisory 
Review 
and 
Evaluation 
Process (SREP) findings 
regarding Human Resources 
matters 

 
 
 
 
 
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●
discussed the Annual RemCo Plan for 2024. 
●
proposed to the 
Non-Executive Directors for 
approval 
the Separation Policy 
●
approved the revised benefits Policy 
●
approved 
the 
proposal 
to 
assign 
to 
External 
Consultants to conduct 
a benchmarking exercise 
Top 
Management Remuneration 
●
discussed the Annual RemCo Plan for 2024. 
3.4
 
Nomination and Corporate Governance Committee
10
 
Eurobank Holdings 
and the 
Bank’s Boards 
have delegated 
to the 
NomCos the 
responsibilities (a) 
to lead 
the process 
for 
Board and Board Committees appointments, including the identification, nomination and recommendation of candidates for 
appointment 
to 
the Board, 
(b) to 
consider 
matters related 
to the 
Board’s 
adequacy, 
efficiency 
and effectiveness
and (c)
r
eview 
the 
Group’s 
corporate 
governance 
policies, 
procedures 
and 
arrangements. 
The 
Committees 
were 
renamed 
Nomination and Corporate Governance Committees in order to accurately reflect their expanded purpose. 
The NomCo, in carrying out its duties, is accountable to the Board. 
In particular, among others, the NomCo is responsible: 
●
 
at least annually and in accordance with Board and Board 
Committees Evaluation Policy, to 
assess the structure, 
size, composition and performance of the BoD and make recommendations to 
the BoD with regard to the need for 
its renewal and/or any other changes it considers appropriate, 
●
 
at least annually 
and in accordance 
with Board and 
Board Committees Evaluation 
Policy, to assess the knowledge, 
skills, experience and contribution of 
individual Board members and of 
the Board collectively and report 
to the BoD 
accordingly, 
●
 
in 
the 
context 
of 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
implementation, 
to 
determine 
the 
evaluation 
parameters based 
on best 
practices and 
ensure the 
effectiveness 
of the 
evaluation of 
the Board, 
the individual 
evaluation 
of Non-Executive 
Directors, 
including 
the Chair, 
the 
succession plan 
of the 
Chief Executive 
and the 
members of 
the Board, 
the targeted 
composition of 
the Board 
of Directors 
in relation 
to the 
strategy and 
Board 
Nomination Policy, 
●
 
to play 
a leading 
role in 
the nomination 
process and 
the design 
of the 
succession plan 
for the 
members of 
the 
Board and senior management, 
●
 
to review at least once every two years and recommend for the approval of the BoD the BoD Nomination Policy, 
●
 
to 
ensure 
that 
the 
nomination 
process, 
as 
this 
is 
defined 
in 
the 
BoD 
Nomination 
Policy, 
is 
clearly 
defined 
and 
applied in a transparent manner and in a way that ensures its effectiveness, 
●
 
to 
ensure 
that 
there 
is 
adequate, 
step-wise 
succession 
planning 
for 
Board 
members 
so 
as 
to 
maintain 
an 
appropriate level of continuity 
and organizational memory 
at Board level, especially 
when dealing with sudden 
or 
unexpected absences or departures of Board members, 
●
 
to monitor the Board succession planning 
in order to ensure the smooth succession 
of the members of the Board 
with their gradual replacement in order to avoid the lack of management, 
●
 
to ensure that the succession framework 
takes into account the findings of 
the evaluation of the Board in order 
to 
achieve the necessary changes in composition or skills and 
to maximise the effectiveness and collective suitability 
of the Board, 
●
 
to 
review 
at 
least 
annually 
and 
always 
before 
the 
initiation 
of 
the 
CEO 
succession 
process 
the 
qualifications 
required for the 
position of the CEO, 
to ensure that 
there is a 
viable pool of 
internal and external 
candidates and 
also to ensure that the CEO is involved 
in all the areas of CEO Succession Plan, including 
the assessment of the 
nominees for his/her position, as he deems appropriate, 
●
 
to ensure that the 
CEO is involved in the 
succession planning process of the 
senior executives at the level 
of the 
CEO minus one, including the assessment of nominees for the said positions. 
As 
far 
as 
NomCos 
of 
subsidiaries 
are 
concerned, 
neither 
the 
HoldCo 
NomCo 
nor 
the 
Eurobank 
NomCo 
replace 
them. 
However, 
the Eurobank 
NomCo has the 
overall responsibility to 
oversee that 
the NomCos 
of subsidiaries 
comply with 
its 
standards, modus operandi and governance framework. 
NomCo Membership/Composition 
NomCo members are appointed by the Board. The tenure of NomCo members coincides with the tenure of the Board, with 
the option to renew 
their appointment, but in 
any case, the service 
in NomCo should not 
be more than nine 
(9) years in total. 
 
10
HoldCo/Bank’s NomCos’ Terms of Reference may be found at the HoldCo/Bank websites 
(
www.eurobankholdings.gr
 
& 
www.eurobank.gr
)

 
 
 
 
 
 
 
 
 
 
 
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The NomCo 
as of 
the date 
of approval 
of the 
here-in Statement, 
consists of 
five (5) 
non-executive Directors, 
four (4) 
of 
whom are 
independent Directors, 
including the 
Chairperson who 
may not 
serve as 
the Chairperson 
of the 
Remuneration 
Committee. 
The NomCo composition is outlined below: 
NomCo Chairperson:
Irene Rouvitha Panou, 
Non-Executive Independent Director of the Board
NomCo Vice-Chairperson: 
Jawaid Mirza,
 
Non-Executive Independent Director of the Board
Members: 
Burkhard Eckes, 
Non-Executive Independent Director of the Board
Rajeev Kakar, 
Non-Executive Independent Director of the Board
Bradley Paul L. Martin, 
Non-Executive Director of the Board
It is 
noted that 
during 2023 
and following 
NomCos’ recommendations 
for the 
recomposition of 
the HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 29.09.2023: 
●
 
to appoint Mr. Burkhard Eckes as new NomCo member, 
in replacement of Ms. Efthymia Deli Deli (taking also into 
consideration that her role as representative of the HFSF would cease after the disposal of 
HFSF’s participation). 
●
 
Mr. Jawaid Mirza to swap 
his NomCo status with 
that of Mr. Bradley Paul 
Martin, i.e. Mr. Jawaid Mirza 
to undertake 
the position of NomCo’s 
Vice Chair (previously held 
the position of NomCo’s 
member) whereas Mr. 
Bradley Paul 
Martin to undertake the position of NomCo’s member (previously held the position of NomCo’s Vice Chair) 
NomCo Meetings 
NomCo meets at least twice a year and minutes are kept. 
Quorum in the NomCo Meetings 
NomCo is in quorum and meets validly 
when half of its members plus one 
(1) are present or represented (fractions, if any, 
are 
not counted), 
provided 
that no 
less than 
three (3) 
members, 
including the 
Chairperson 
or the 
Vice 
Chairperson are 
present. 
Each member 
of 
NomCo may 
validly 
represent only 
one 
of 
the other 
NomCo members. 
Representation 
in 
the 
NomCo may not be entrusted to persons other than the members thereof.
 
NomCo Decisions 
NomCo’s resolutions are 
validly taken by an absolute 
majority of the members who 
are present or represented. 
In case of 
a tie, the Chairperson and 
in case of his/her absence 
the Vice Chairperson of 
NomCo shall have the casting 
vote.
In case 
of non-unanimous 
decisions, the 
views of 
the minority 
should also 
be minuted. 
The Board 
shall be 
informed whenever 
a 
decision of the Committee is not reached unanimously. 
Attendance to the NomCo meetings 
During 2023 the attendance details for the NomCo were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
20212022 
HoldCo 
11 
6 
100% 
97% 
Bank 
11 
7 
100% 
98% 
It is noted that in 
2022, representation proxies were provided 
for all missed meetings in 
HoldCo/Bank NomCo, leading the 
overall attendance rate (physical and under representation) at 100% in HoldCo/Bank NomCo. 
NomCo Secretary and Minutes 
NomCo 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company Secretariat 
and 
cooperates 
with 
the 
Chairperson of 
NomCo. The 
Secretary is 
responsible to 
minute the 
proceedings and 
resolutions of 
all NomCo’s 
meetings, including 
the 
names of those present 
and in attendance and the 
action plans and follow ups 
for assignments, as well 
as for issuance of 
extracts. Decisions, actions and follow ups are disseminated to the responsible parties, as required. 
NomCo Terms of Reference (ToR) 
NomCo’s 
ToR 
are 
reviewed 
annually 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, 
organization and/or regulatory requirements necessitate earlier revision. The ToR 
are approved by the Board. 
NomCo’s Performance Evaluation 
NomCo’s performance 
is evaluated 
annually according 
to the 
provisions of 
the Board 
and Board 
Committees Evaluation 
Policy. 
The self-evaluation conducted by 
the NomCo indicates overall satisfaction 
among its members regarding the 
Committee's 
effectiveness and leadership. 
NomCo members believe that the Committee 
utilizes its time effectively and demonstrates good 
planning and scheduling of 
meetings. The Chairperson of NomCo is reported to 
be well prepared for meetings, facilitating effective navigation 
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the agenda, encouraging critical discussion, and ensuring that all members 
can freely express their views. The members of 
the 
NomCo 
are 
also 
well-prepared, 
leading 
to 
a 
high 
level 
of 
participation 
in 
important 
discussions 
and 
maintaining 
an 
adequate level of challenge within the Committee. 
However, 
the 
evaluation 
also 
highlighted 
areas 
for 
improvement, 
particularly 
focusing 
on 
succession 
planning. 
The 
Committee 
believes that 
more attention 
should be 
given to 
succession 
planning 
efforts, which 
should 
include 
additional 
training and career planning 
for potential successors. This 
emphasis on succession 
planning is crucial for 
ensuring the long-
term sustainability and effectiveness of leadership within the organization. 
NomCo’s Activity in 2023 
For 2023, NomCo has amongst others: 
Eurobank Holdings 
Bank 
●
 
Proposed to 
the BoD 
for approval 
the revised 
NomCo 
Terms 
of Reference 
●
 
reviewed for further update of 
the Board, the Board and 
Board 
Committees 
2022 
self-evaluation 
and 
the 
Board’s overall effectiveness assessment 
●
 
discussed and 
proposed to 
the Board 
for approval 
the 
new 
composition 
of 
the 
Board 
Committees 
and 
other 
Board and Board Committees’ matters 
●
 
proposed 
to the 
Board and 
the AGM 
for 
approval the 
new BoD and AC members 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
External Engagements Policy and 
the Board and Board 
Committees 
Evaluation 
Policy. 
In 
addition, 
reviewed 
and 
proposed 
to 
the 
BoD 
and 
AGM 
for 
approval 
the 
Board Nomination Policy 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
revised HoldCo Group Organizational Chart 
●
 
proposed 
to 
the 
Board 
for 
approval 
the 
Internal 
Governance Control Manual 
●
 
reviewed and proposed to the 
Audit Committee and the 
Board 
for 
approval 
the 
2022 
Corporate 
Governance 
Statement 
●
 
proposed 
to 
the 
Non-Executive 
Directors 
for 
approval 
the appointment of a Senior Executive 
●
 
discussed the 
handling of potential 
conflicts of interest 
following the resignation of an Executive BoD member, 
effective as of 31.12.2023 
●
 
reviewed and 
updated 
the Board on 
Senior Executives 
succession plan
●
 
approved external engagements for Board members 
●
 
reviewed 
the 
independence 
of 
the 
Independent 
Non-
Executive directors 
●
 
reviewed the attendance 
of Directors to 
the Board and 
Board Committees 
●
 
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
2023 Action 
Plan including recommendations 
from the 
BoD and BoD Committees Self-Assessment 2022 
●
 
discussed the NomCo Annual Plan for 2024 
●
 
discussed 
and 
submitted 
a 
proposal 
to 
the 
BoD 
regarding the 
term of 
office of 
the Non-Executive 
BoD 
member/HFSF 
representative 
following 
the 
HFSF’s 
share buyback. 
●
 
Proposed to 
the BoD 
for approval 
the revised 
NomCo 
Terms 
of Reference 
●
 
reviewed for further update of 
the Board, the Board and 
Board 
Committees 
2022 
self-evaluation 
and 
the 
Board’s overall effectiveness assessment 
●
 
discussed and 
proposed to 
the Board 
for approval 
the 
new 
composition 
of 
the 
Board 
Committees 
and 
other 
Board and Board Committees’ matters 
●
 
proposed 
to the 
Board and 
the AGM 
for 
approval 
the 
new BoD and AC members 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
External 
Engagements 
Policy, 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
and 
the 
Board 
Nomination Policy 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
revised Eurobank Group Organizational Chart 
●
 
proposed 
to 
the 
Board 
for 
approval 
the 
Internal 
Governance Control Manual 
●
 
approved 
the 
selection 
of 
candidates 
as 
members 
of 
the 
Board 
of 
Directors 
and/or 
CEOs 
of 
Group’s 
significant subsidiaries 
●
 
approved the NomCo Chairperson of Eurobank Cyprus 
●
 
proposed 
to 
the 
Non-Executive Directors 
for 
approval 
the appointment of a Senior Executive 
●
 
discussed the 
handling of potential 
conflicts of interest 
following the resignation of an Executive BoD member, 
effective as of 31.12.2023 
●
 
received 
and 
reviewed 
the 
annual 
updates 
of 
the 
NomCo Chairpersons of Group’s banking subsidiaries 
●
 
reviewed and updated the Board 
on Senior Executives 
succession plan 
●
 
approved 
external 
engagements 
for 
Board 
Members 
and 
General 
Managers 
/ 
Executive 
Board 
(ExBo) 
members that are not Board Members 
●
 
reviewed 
the 
independence 
of 
the 
Independent 
Non-
Executive directors 
●
 
reviewed the attendance 
of Directors to 
the Board and 
its Committees 
●
 
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
2023 Action 
Plan including recommendations 
from the 
BoD and BoD Committees Self-Assessment 2022 
●
 
discussed 
the 
talent 
development 
and 
mobilization 
practices in Eurobank 
●
 
discussed the NomCo Annual Plan for 2024 
●
 
discussed 
and 
submitted 
a 
proposal 
to 
the 
BoD 
regarding the 
term of 
office of 
the Non-Executive 
BoD 
member/HFSF 
representative 
following 
the 
HFSF’s 
share buyback. 
 

 
 
 
 
 
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Board of Directors Diversity Policy 
The HoldCo/Bank Board of 
Directors Diversity Policy outlines 
the organization's commitment 
to diversity on the 
Board in line 
with international best practices and applicable legal requirements. 
According 
to 
the 
Policy, 
the Board's 
diversity 
encompasses 
various 
factors 
such 
as 
skills, 
educational 
and 
professional 
background, 
geographical 
origin, 
gender, 
age, 
and 
other 
relevant 
qualities 
of 
Directors. 
The 
NomCo 
is 
responsible 
for 
considering diversity when assessing the composition and structure of the Board. 
During the review process of the 
Board collective suitability, NomCo members discuss and agree on measurable objectives 
for 
achieving 
diversity 
on 
the 
Board. 
These 
objectives 
are 
also 
considered 
during 
the 
(re)appointment 
and 
succession 
planning of individual Board members, in accordance with the Board and Board Committees Evaluation Policy. 
One of the specific targets outlined in the Policy is related to gender diversity. 
NomCo aims for at least 25% representation 
of the less represented gender 
on the Board, calculated based 
on the total Board size. 
This target is set for 
the next three 
years, with the 
intention to maintain 
the actual percentage 
above the minimum 
target at all 
times, considering industry 
trends 
and best practices. 
As of 31.12.2023, the representation of the female gender on the 
Board met the provisions of Greek Law, which requires at 
least 25% representation. If there is 
a fractional result, the percentage is 
rounded to the previous integer. This indicates that 
the HoldCo/Bank is meeting its diversity objectives, particularly concerning gender representation on the Board. 
Senior Management Diversity 
The Bank/HoldCo has taken 
significant steps to enhance 
gender diversity and support 
career growth for women 
executives. 
These 
efforts 
are 
aimed 
at 
creating 
a 
pipeline 
of 
eligible 
female 
professionals 
who 
can 
potentially 
join 
the 
Executive 
Committee and/or Board. 
One key 
initiative is 
the annual Succession 
Planning exercise, which 
identifies potential 
successors and has 
seen a 27% 
increase 
in 
the 
participation 
of 
women 
successors 
in 
the 
pool. 
This 
demonstrates 
a 
commitment 
to 
promoting 
gender 
diversity at senior levels within the organization. 
Additionally, the Bank is 
actively involved 
in initiatives like 
"the Boardroom" initiative 
in Greece, which 
supports senior female 
leaders aiming to become Board members in 
major organizations. By sponsoring such initiatives, the Bank 
encourages its 
employees and clients to seize opportunities for leadership roles. 
In the 
long term, 
the Bank 
has launched 
the "Women 
In Banking" 
program, a 
Women Leadership 
Acceleration program. 
This program focuses on supporting the career growth 
of high-potential women in middle management roles, with the goal 
of preparing them for transition to top executive roles in the future. 
Furthermore, 
the 
Bank's 
Human 
Resources department 
is continuously 
examining additional 
actions 
to 
further 
enhance 
diversity at the senior and senior management levels within the Bank/HoldCo. These efforts reflect a strong commitment to 
promoting gender diversity and supporting the professional growth of women within the organization. 
Board Nomination Policy 
The HoldCo/Banks’ Board Nomination Policy sets out the guidelines and formal process for the identification, selection and 
nomination of candidates for the Board. The Policy ensures that such appointments are made: (a) in accordance with legal 
and 
regulatory 
requirements; (b) 
with 
due 
regard 
to 
the expectations 
of 
the major 
shareholders 
and 
(c) 
on 
the 
basis of 
individual merit and ability, following a best practice process. 
The primary objectives of the Policy are to: 
●
 
define the general 
principles which guide the 
NomCo as it discharges 
its role across 
all stages of the 
nomination 
process, 
●
 
devise the specific criteria and requirements for Board nominees, 
●
 
establish a transparent, efficient and fit-for-purpose nomination process, 
●
 
ensure that the 
structure of 
the Board (including 
the succession 
planning) meets 
high ethical 
standards, has optimal 
balance of knowledge, skills and experience and is aligned with the current regulatory requirements. 
The Board supported by NomCo shall nominate candidates who meet the following nomination criteria: 
●
Reputation along with honesty, integrity and trust 
a)
 
Reputation: Sufficiently 
good repute, 
high social 
esteem and 
adherence to 
the reputation, 
honesty, 
and integrity 
criteria of the applicable regulatory framework 
b)
 
Honesty, 
integrity 
and 
trust: 
Demonstration 
of 
the 
highest 
standards 
of 
ethics, 
honesty, 
integrity, 
fairness, 
and 
personal discipline, through personal history, professional track record or other public commitments 
 

 
 
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●
Knowledge, skills, experience (KSE) and other general suitability requirements 
a)
 
Understanding of the HoldCo/Bank: Sufficient KSE for the development of a 
proper and up-to-date understanding 
of the 
business, culture, group 
structure, governance arrangements, 
supervisory and 
regulatory context, product 
and geographic markets of operations, stakeholders and risks of the HoldCo and its subsidiaries 
b)
 
Seniority: Several 
years of 
experience in a 
generally recognised position 
of leadership 
in the candidate’s 
field of 
endeavour 
c)
 
Independent mind-set and ability to challenge: Ability of 
forming and expressing an independent judgement on all 
matters that reach the Board 
and candour to challenge 
proposals and views on these 
matters by management and 
other candidates 
d)
 
Collegiality, 
team skills 
and leadership: 
Ability to 
contribute constructively 
and productively 
to Board 
discussions 
and decision making along with ability of leading such discussions as 
chair or vice-chair of specific committees or 
the Board as a whole 
e)
 
Additional 
criteria 
for 
the 
nomination 
of 
Executive 
Directors: 
Proven, 
through 
current 
and 
previous 
executive 
positions, 
knowledge, 
skills, 
experience 
and 
character 
to 
lead 
the 
HoldCo/Bank 
and 
its 
subsidiaries 
in 
the 
achievement of strategic 
objectives, along with 
willingness to enter 
into full time 
employment with the 
HoldCo/Bank. 
●
Conflicts of interest and independence of mind 
NomCo 
examines 
the 
personal, 
professional, 
financial, 
political 
and 
any 
other 
possible 
interests 
and 
affiliations 
of 
candidates, ensuring that the candidates do not have actual, potential or perceived conflicts of interest which cannot be 
prevented, adequately mitigated 
or managed under 
the written policies 
of the HoldCo/Bank, 
that would impair 
their ability 
to represent the 
interests of all 
shareholders of the 
HoldCo/Bank, fulfil 
their responsibilities as 
Directors and make 
sound, 
objective and independent decisions (act with independence of mind). 
In 
particular, 
NomCo 
shall 
also 
examine 
relevant 
direct 
and indirect 
monetary 
interests 
and 
non-monetary 
interests, 
including those arising from affiliations with and membership in other organisations. 
●
Time commitment 
NomCo ensures that 
all nominees are 
able to commit 
the time 
necessary to effectively 
discharge their responsibilities 
as Directors, including regularly attending and participating in meetings of the Board and its Committees. 
●
Collective suitability
 
The 
Board 
should 
collectively 
be 
able 
to 
understand 
the 
institution's 
activities, 
including 
the 
main 
risks, 
and 
to 
take 
appropriate 
decisions 
considering 
the 
business 
model, 
risk 
appetite, 
strategy 
and 
markets 
in 
which 
the 
institution 
operates, i.e.: 
●
 
the composition of the management body should reflect 
the knowledge, skills and experience necessary to fulfil 
its 
responsibilities. This 
includes that 
the management 
body collectively 
has an 
appropriate understanding 
of those 
areas for 
which the 
members are 
collectively accountable, 
and the 
skills to 
effectively manage 
and oversee 
the 
institution, including the following aspects: 
●
 
the business of the institution and main risks related to it, 
●
 
each of the material activities of the HoldCo/Bank, 
●
 
relevant 
areas 
of 
sectoral/financial 
competence, 
including 
financial 
and 
capital 
markets, 
solvency 
and 
models, 
environmental, governance and social risks and risk factors, 
●
 
financial accounting and reporting, 
●
 
risk management, compliance, including AML/CFT, and internal audit, 
●
 
information/digital technology and security, 
●
 
local, regional and global markets, where applicable, 
●
 
the legal and regulatory environment, 
●
 
managerial skills and experience, 
●
 
the ability to plan strategically, 
●
 
the management of (inter)national groups and risks related to group structures, where applicable, 
●
 
corporate governance, 
●
 
ESG issues, 
●
 
gender representation, as per the Board of Directors Diversity Policy. 
Among others, in overseeing the 
nomination process, the NomCo shall 
ensure that there is 
adequate, step-wise succession 
planning for Board members so as to maintain an appropriate level of continuity and organizational memory at Board level, 
especially when dealing with sudden or unexpected 
absences or departures of Board members. 
In this respect, the NomCo 
shall: 
●
 
monitor 
the 
tenures of 
Board members 
and make 
its nomination 
proposals in 
such 
a 
manner as 
to 
encourage 
staggered 
appointments/retirements 
on 
the 
Board, 
wherever 
possible. 
The 
reappointment 
of 
current 
Board 
members shall be based on continuing adherence to the criteria established in this Policy, 
●
 
ensure that there is an appropriate level of 
presence of relevant KSEs on the Board, without 
undue reliance on the 
expertise of a few Directors, 
●
 
review whether 
there are 
sufficient 
Board members 
who are 
capable of 
serving as 
Board Chair 
and Committee 
Chairs, if necessary, 
●
 
periodically monitor as required the availability 
of candidates who could address the 
Board’s succession planning 
needs, 

 
 
 
 
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●
 
take into account account 
a) the objectives and targets 
defined in the HoldCo/Bank Board 
Diversity Policy and b)
the findings of the HoldCo and Bank BoD 
evaluations in order to achieve the necessary 
changes in composition or 
skills and to maximise the effectiveness and collective suitability of the HoldCo and Bank BoD. 
The Board Nomination 
Policy is reviewed at 
least annually by 
the NomCo and approved 
by the Board/General Meeting 
of 
Shareholders as necessary, unless material changes, regulatory or other, 
necessitate earlier revision. 
CEO Succession Planning 
The 
HoldCo/Bank's 
CEO 
Succession 
Planning 
Policy 
(Policy) 
plays 
a 
crucial 
role 
in 
ensuring 
a 
smooth 
transition 
in 
leadership. The key elements of the Policy are outlined below: 
●
 
Qualifications for CEO 
Position: The NomCo, 
in collaboration with 
the current CEO, 
defines the 
qualifications required 
for the position of the CEO. This ensures that the successor 
possesses the necessary skills, experience, and attributes 
to lead the organization effectively. 
●
 
Viable Pool 
of Candidates: 
NomCo ensures that 
there is a 
viable pool of 
candidates who meet 
the required profile 
for 
the 
CEO 
position. 
This 
may 
involve 
identifying 
internal 
candidates 
within 
the 
organization 
or 
considering 
external 
candidates as well. 
●
 
Annual 
Review: 
NomCo reviews 
the 
qualifications 
required for 
the 
CEO position 
and 
the pool 
of candidates 
at 
least 
annually. This continuous review ensures that the succession planning process remains up-to-date and aligned with the 
evolving needs of the organization. 
●
 
Selection 
Process: 
NomCo 
leads 
the 
selection 
process 
for 
the 
CEO 
successor. 
This 
involves 
evaluating 
candidates 
based 
on 
their qualifications, 
experience, 
leadership 
capabilities, 
and 
fit 
with 
the 
organization's 
culture 
and 
strategic 
goals. 
●
 
Tailored 
Induction Program: 
Upon the 
selection of 
the new 
CEO, NomCo 
approves a 
tailored induction 
program. This 
program 
is 
designed 
to 
facilitate 
a 
smooth 
transition 
and 
ensure 
that 
the 
new 
CEO 
is 
equipped 
with 
the 
necessary 
knowledge, resources, and support to succeed in the role. 
Overall, the CEO Succession 
Planning Policy ensures that 
the organization is well-prepared 
for leadership transitions and 
can maintain continuity and effectiveness in its leadership team. 
3.5
 
Board Digital & Transformation Committee
11
The Bank’s Board 
Digital & Transformation 
Committee (BDTC) is a consultative 
body that reviews proposals 
and gives its 
strategic advice and 
guidance on such 
proposals related to 
the Group’s digital, 
innovation, transformation and 
cybersecurity, 
in 
order 
to 
contribute 
in 
achieving 
the 
vision 
and 
strategic 
goals 
of 
the 
Bank. 
The 
BDTC, 
in 
carrying 
out 
its 
duties, 
is 
accountable to the Bank Board. 
BDTC Membership / Chairmanship 
The BDTC members are appointed by the Board. 
The tenure of the BDTC members coincides with 
the tenure of the Bank’s 
Board, with 
the option to 
renew their appointment, 
but in any 
case the service 
in BDTC should 
not be more 
than nine 
(9) 
years in total. 
The 
BDTC 
consists 
of 
five 
(5) 
Directors 
of 
whom 
one 
(1) 
executive 
and 
(4) 
independent 
non-executives. 
The 
BDTC 
composition is outlined below: 
BDTC Chairperson:
 
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
BDTC Vice-Chairperson: 
 
Rajeev Kakar, 
Non-executive Independent Director of the Board
Members: 
 
Jawaid Mirza, 
Non-executive Independent Director of the Board
 
John Arthur Hollows, 
Non-executive Independent Director of the Board
 
Stavros Ioannou, 
Executive Director of the Board / Deputy Chief Executive Officer, Group 
Chief Operating Officer (COO) & International Activities 
It is 
noted that 
during 2023 
and following 
NomCos’ recommendations 
for the 
recomposition of 
the HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 
29.09.2023, Mr. John Arthur Hollows to replace 
Ms. Efthymia Deli (taking 
also into consideration that her role as representative of the HFSF would cease after the disposal of HFSF’s participation). 
In addition, 
on 31 
October 2023, 
Mr. 
Andreas Athanasopoulos, 
Deputy CEO 
and Executive 
Member of 
the HoldCo/Bank 
BoD and member of the Bank BDTC submitted his resignation from these roles, with effect from December 31st, 2023. 
 
11
BDTC ToR may be found at the Bank’s website (www.eurobank.gr). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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BDTC Meetings
BDTC meets at least twice a year and as each time required, also considering that the annually held Strategy Away Day is 
a 
forum 
in 
which 
relevant 
digital and 
transformation 
strategic matters 
are 
also 
discussed, 
while minutes 
are kept 
for 
all 
meetings. 
Quorum in BDTC 
BDTC is in 
quorum and meets 
validly when half 
of its members 
plus one (1) 
are present or 
represented (fractions, if 
any, 
are not counted), provided that no less than three (3) members, 
including the Chairperson or the Vice Chairperson and one 
non
‐
executive director are present.
At all times, the Chairperson or the Vice 
Chairperson are present and the total number 
of non
‐
executive (incl. independent nonexecutive) directors should be the majority of the members present or represented. 
Each member 
may 
validly 
represent only 
one of 
the 
other BDTC 
members 
and 
representation may 
not be 
entrusted to 
persons other than the Committee members.
 
BDTC Decisions 
BDTC’s resolutions are validly taken by 
an absolute majority of the members who 
are present or represented. In case of 
a 
tie, the Chairperson 
and in case 
of his/her absence 
the Vice Chairperson 
of BDTC shall 
have the casting 
vote. 
In case of 
non-unanimous 
decisions, 
the 
views 
of 
the 
minority 
should 
also 
be 
minuted. 
The 
Board 
shall 
be 
informed 
whenever 
a 
decision of the BDTC is not reached unanimously. 
BDTC Attendance Rate
During 2023, BDTC held two (3) meetings and the ratio of attendance was 94% (vs. 100% in 2022).
The Directors’ individual attendance rates at the BDTC meetings in 2023 were the following: 
Eurobank ‘s BDTC 
Eligible to attend 
Attended in person 
(# and %) 
Alice Gregoriadi, 
BDTC Chairperson
3 
3
100% 
Rajeev Kakar,
 
BDTC Vice-Chairperson
3 
3 
100% 
Jawaid Mirza, 
BDTC member
3 
3 
100% 
John Arthur Hollows,
 
BDTC member since 20.7.2023 
1 
1 
100% 
Stavros Ioannou, 
BDTC member
3 
3 
100% 
Efthymia Deli, 
BDTC member until 7.11.2023
2 
2 
100% 
Andreas Athanasopoulos, BDTC member until 31.12.2023 
3 
2 
67% 
It is noted 
that in 2023, 
Mr. Andreas Athanasopoulos provided 
representation proxy for 
his missed meeting 
in BDTC, leading 
the overall attendance rate (physical and under representation) at 100% in BDTC. 
BDTC Secretary and Minutes 
BDTC appoints its 
Secretary, who reports to the 
Group Company Secretariat 
and cooperates with 
the Chairperson of 
BDTC. 
The Secretary 
is responsible 
to minute 
the proceedings 
and resolutions 
of all 
BDTC’s meetings, 
including the 
names of 
those present and 
in attendance and 
the action plans 
and follow ups 
for assignments, as 
well as for 
issuance of extracts. 
Decisions, actions and follow ups are disseminated to the Bank’s responsible Units, as required. 
BDTC Terms of Reference (ToR) 
The BDTC ToR 
are reviewed at least once 
every two (2) years and 
revised if necessary, 
unless significant changes in 
the 
role, responsibilities, organization and/or regulatory requirements 
necessitate earlier revision. The ToR are approved by the 
Board. 
BDTC Performance Evaluation 
BDTC’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According to 
the self-evaluation 
conducted by 
the BDTC, 
its members 
expressed satisfaction 
with the 
effectiveness 
and 
leadership of 
the Committee. 
They are 
of the 
opinion that 
the BDTC 
utilizes its 
time efficiently 
and engages 
in thorough 
planning and scheduling of meetings. The Chairperson of the BDTC is consistently well-prepared for meetings and adeptly 
guides the Committee through its agenda, fostering critical discussions and ensuring that all 
members have the opportunity 
to freely 
express their 
views. Furthermore, 
members are 
adequately prepared 
for discussions, 
leading to 
a high 
level of 
participation, which indicates a satisfactory level of challenge within the Committee. 
The 
evaluation also 
brought 
attention 
to areas 
for potential 
improvement 
within 
the BDTC, 
particularly 
in enhancing 
the 
planning and scheduling of future meetings. The suggestion is to incorporate more benchmarking and best practices items 
into the agenda, shifting focus away from matters solely related to the current state of the Bank. 

 
 
 
 
 
 
 
 
 
 
 
 
 
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BDTC’s Activity
For 2023 BDTC has discussed updates of the 
Eurobank 2030 Transformation and its 2024 big 
rocks, including deep dives 
in various areas. The Committee reviewed among others the IT Architecture Model and 
strategy to support transformation, 
the digital maturity 
and was also 
updated on innovation 
benchmarking, walked 
through the Eurobank’s 
Innovation Center 
and noted the progress of innovation initiatives. 
4. 
Management Committees 
Given that there is no relevant regulatory requirement neither a business 
need, the CEO has not established committees at 
HoldCo 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 the Executive 
Board, the Strategic 
Planning 
Committee, the Management 
Risk Committee, the 
Group Asset and 
Liability Committee, the 
Central Credit Committees (I 
& 
II), 
the 
Troubled 
Assets 
Committee, 
the 
Products 
and 
Services 
Committee 
(PSC) 
and 
the 
Environmental, 
Social 
& 
Governance (ESG) Management Committee.
 
Executive Board
The Composition of the Executive Board and short biographical details of its members are summarized below: 
Fokion Karavias 
Chief Executive Officer (CEO) 
Year of birth: 1964 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 269.495
Mr. Karavias joined Eurobank in 1997 and served, inter alia, as 
Senior General 
Manager, 
Group Corporate 
& Investment 
Banking, Capital 
Markets & 
Wealth 
Management 
(2014-2015) 
and 
Executive 
Committee 
Member 
(2014-2015), 
General 
Manager 
and 
Executive 
Committee 
Member 
(2005-2013), 
Deputy 
General 
Manager 
and 
Treasurer 
(2002-2005), 
Head 
of 
fixed 
income 
and 
derivative product trading (1997). 
In the past, 
Mr. Karavias 
had also the 
following significant posts: 
Treasurer of 
Telesis Investment Bank (2000), Head of 
fixed income products 
and derivatives 
in Greece 
of Citibank, Athens 
(1994) and has 
also worked in 
the Market 
Risk 
Management Division of JPMorgan NY (1991). 
He holds a PhD 
in Chemical Engineering from the 
University of Pennsylvania, 
Philadelphia, 
USA 
and 
an 
MA 
in 
Chemical 
Engineering 
from 
the 
same 
university, 
as 
well 
as 
a 
Diploma 
in 
Chemical 
Engineering 
from 
the 
National 
Technical 
University of 
Athens. He 
has published 
articles on 
topics related 
to 
his academic research. 
Stavros Ioannou 
Deputy Chief Executive Officer (CEO), Group Chief 
Operating Officer (COO) & International Activities 
Membership in Board Committees: 
Board Digital and Transformation Committee - Member 
Year of birth: 1961 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 133.154 
Mr. Ioannou holds several other posts 
in the Eurobank Group 
as member of the 
BoD 
of 
Eurobank 
Bulgaria 
AD 
(since 
October 
2015), 
Vice-Chairman 
in 
Eurobank Cyprus Ltd 
(since November 2022) and 
is also the 
Chairman of the 
BoD, BE-Business 
Exchanges SA 
(since January 2014).
Group Private Banking 
is also in 
the area of 
his responsibilities 
since 2019 while 
he has been 
appointed 
as 
the 
responsible 
BoD 
member 
of 
Eurobank 
Holdings 
and 
Eurobank 
for 
climate-related and environmental risks and for the outsourcing 
function 
He 
is 
currently 
Non-Executive 
Board 
member 
of 
Grivalia 
Management 
Company S.A. (since September 2019). 
In the 
past, Mr. 
Ioannou had 
also the 
following significant 
posts: Chairman 
of 
the 
Executive 
Committee 
in 
the 
Hellenic 
Banking 
Association 
(2020-2022)
where he had been member since 2013, Vice Chairman at 
Cardlink SA (2013-
2015), Member of 
the BoD in 
Millennium Bank, responsible 
for Retail, 
Private 
Banking 
and 
Business 
Banking 
(2003), 
Head 
at 
Barclays 
Bank 
PLC, 
responsible for Retail Banking, Private Banking and Operations 
(1990-1997). 
He holds an MA in Banking and Finance from the 
University of Wales, UK and 
a Bachelor Degree in Business Administration from 
the University of Piraeus. 
Kostas Vassiliou 
Deputy Chief Executive Officer 
(CEO), Head of Corporate 
& Investment Banking 
Year of birth: 1972 
Nationality: Hellenic 
Mr. Vassiliou 
holds several other posts in the Eurobank Group as 
Chairman of 
the 
BoD 
of 
Eurobank 
Factors 
Single 
Member 
SA 
(since 
December 
2018), 
Member 
of 
the 
BoD 
of 
Eurobank 
Equities 
Single 
Member 
SA 
(since 
March 
2015), Vice-Chairman of 
the BoD of Eurolife 
FFH Insurance Group 
Holdings SA 
(since January 2021), Eurolife 
FFH Life Insurance SA 
(since December 2020) 
and Eurolife FFH General Insurance SA (since December 
2020). 

 
 
 
 
 
 
 
 
 
 
 
 
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Number of shares in Eurobank Holdings: 131.626 
In 
the 
past, 
Mr. 
Vassiliou 
had 
also 
the 
following 
significant 
posts: 
Country 
Manager for Greece, Cyprus and the Balkans, 
Mitsubishi UFJ Financial Group, 
London 
(2000-2005) 
and 
Senior 
Relationship 
Manager, 
Mitsubishi 
UFJ 
Financial Group, London (1998-2000). 
He 
holds 
an 
MΒΑ 
from 
Boston 
University, 
USA 
and 
a 
BA 
in 
Business 
Administration from the Athens University of Economics 
and Business. 
Christos Adam 
General Manager, Group Risk Management, Group 
Chief 
Risk Officer (Group CRO), Eurobank SA 
Year of birth: 1958 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 120.365 
Mr. Adam has 
been Group 
CRO since 
November 2013 
and he 
has served 
within 
the Eurobank Group as Deputy General Manager (2005-2013), Head of Group 
Credit 
Control 
Sector 
(1998-2013) 
and 
Senior 
Account 
Officer 
& 
Senior 
Manager, Corporate Division (1990-1997). 
In the past Mr. Adam worked 
in ANZ 
Grindlays 
Greek 
Branch, 
he 
had 
the 
position 
of 
Account 
Manager 
in 
the 
Corporate Division. 
He holds an MBA in Finance from the University of Michigan, Ann Arbor, USA, 
with full scholarship from the Fulbright Foundation and a Degree in Economics 
with Honors 
from the 
School of 
Economics & 
Political Sciences, 
University of 
Athens. 
Thanasis Athanasopoulos 
General Manager – 
Head of Group 
Compliance General 
Division of Eurobank SA 
Year of birth: 1973 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 103.888 
In 
the 
past, Mr. 
Athanasopoulos has 
served as 
Chief Audit 
Executive of 
the 
Alpha 
Bank 
Group 
and 
Vice 
President 
- 
Audit 
& 
Risk 
Review 
of 
the 
Mellon 
Financial Corporation. 
He 
holds 
a 
BSc, 
Business 
Administration 
from 
the 
Athens 
University 
of 
Economics and 
Business, a 
MSc, Banking 
from the 
University of 
Reading, a 
MSc, Economic 
History from 
the London 
School of 
Economics and 
he is 
certified 
as a Fellow 
Chartered Accountant of ICAEW 
and a Certified Director 
(IDP) by 
INSEAD. 
Iakovos Giannaklis 
Deputy Chief 
Executive Officer, 
Head of 
Retail & 
Digital 
Banking of Eurobank SA 
Year of birth: 1971 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 82.421 
He is 
also the 
Vice-President in 
the Board 
of Directors 
of Worldline 
Merchant 
Acquiring Greece S.A. 
In 
the 
past, 
Mr. 
Giannaklis 
held 
BoD 
positions 
in 
the 
following 
entities 
of 
Eurobank 
Group: 
Eurobank 
FPS 
Loans 
and 
Credits 
Claim 
Management 
SA 
(2018-2019), 
Eurobank 
Household 
Lending 
Services 
SA 
(2016-2018), 
Eurobank 
Asset 
Management 
MFMC 
(2014-2017) 
and 
Eurobank 
Business 
Services (2009-2017). 
He also 
held the 
following posts 
in Eurobank: 
Head of 
Retail Banking General Division 
(2016-2023), Head of Branch 
Network General 
Division 
(2014-2016), 
Head 
of 
Branch 
Network 
Commercial 
Development 
Sector (2014), and Head of Branch Network Sector (2009-2014). 
He 
has 
also 
been 
a 
member 
of 
the 
BoDs 
of 
Eurolife 
FFH 
Group 
Holdings, 
General Insurance and Life Insurance (2021-2023). Mr 
Giannaklis also served 
as 
Group 
Deputy 
General 
Manager, 
Retail 
and 
Digital, 
Growth 
and 
Transformation in Bank Muscat, Oman (2023) 
He holds an 
MBA from the 
University of Indianapolis, 
USA and a 
BA in Business 
Administration, from the City University of Seattle, 
USA. 
Tasos Ioannidis 
General 
Manager 
Markets 
& 
Asset 
Management, 
Eurobank SA 
Year of birth: 1968 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 101.962 
In 
the 
past 
Mr. 
Ioannidis 
has 
served 
as 
General 
Manager, 
Head 
of 
Global 
Markets & Treasury (April 2015 
- July 2019), Deputy 
General Manager, Head of 
Global 
Markets 
& 
Treasury 
(October 
2013 
- 
March 
2015), 
Deputy 
General 
Manager, 
Group 
Treasurer 
(April 
2009 
- 
October 
2013), 
Deputy 
General 
Manager, Group Head 
of Trading (March 
2007 - 
April 2009). 
He has 
also served 
as 
Member 
of 
the 
BoD, 
Eurobank 
Asset 
Management 
MFMC 
(May 
2015 
- 
September 
2017), 
Chairman 
of 
the 
BoD, 
Eurobank 
ERB 
MFMC, 
former 
TT 
ELTA 
MFMC (February 2014 
- September 2015), Member 
of the BoD, 
Global 
Asset Management SA 
(June 2006 - 
December 2009), and 
Member of the 
BoD, 
Portfolio Investment SA (June 2002 - April 2003). 
He holds 
a MSc in 
Shipping, Trade 
and Finance from 
Cass Business School, 
London, UK 
and a 
BSc, School 
of Mechanical 
Engineering from 
the National 
Technical University of Athens. 
Apostolos Kazakos 
General Manager, Group Strategy, Eurobank SA 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 104.417 
Mr. 
Kazakos 
has 
also 
served 
as 
Deputy 
CEO, 
Eurobank 
Equities, 
the 
investment banking and 
brokerage arm of 
Eurobank Group (May 
2010 – August 
2013), 
Assistant 
General 
Manager, 
Head 
of 
Group 
Strategy 
& 
Investment 
Relations, 
National 
Bank 
of 
Greece 
(August 
2014 
– 
March 
2015), 
General 
Manager 
and 
Head 
of 
the 
Investment 
Banking, 
Restructuring 
& 
Capital 
Investment 
Division, 
General 
Bank, 
Piraeus 
Group 
(September 
2013 
– 
July 
2014),
Senior 
Executive 
and 
eventually 
Head 
of 
the 
Investment 
Banking 
Division, Eurobank Equities and Telesis Bank (January 1998 – May 2010). 
He 
holds 
an 
MSc 
in 
International 
Securities, 
Investment 
and 
Banking, 
International 
Securities 
Market 
Association 
(ISMA) 
from 
the 
University 
of 
Reading, UK and a Degree in Accounting, Faculty of Administration & Finance 

 
 
 
 
 
 
 
 
 
 
 
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from 
the 
International 
University 
of 
Greece 
(ex-Technological 
Educational 
Institute of Central Macedonia). 
Harris Kokologiannis 
General Manager, Group Finance, Group Chief Financial 
Officer (Group CFO), Eurobank SA 
Year of birth: 1967 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 119.788 
Mr. Kokologiannis joined Eurobank in January 2008 as Head of Group 
Finance 
and Control until his appointment as Group CFO 
in July 2013. 
He 
has 
served 
as 
Audit 
Supervisor, 
Deloitte 
(Tax, 
Audit, 
Management 
Consultant), 
Group 
CFO 
(Lafarge 
Cement 
- 
Heracles 
General 
Cement 
Company), Director 
of Finance 
and Control 
(L’Oreal 
Hellas), Group 
Financial 
Manager (PLIAS Group). 
He 
is 
a 
Chartered 
Accountant 
in 
UK, 
member 
of 
the 
Chartered 
Institute 
of 
Management Accountant (C.I.M.A.), UK. He holds an MBA from the 
University 
of Warwick (UK) and a BA in Business 
Management and Organization from the 
School of Economics and Business Science (ASOEE). 
Michalis Louis 
Head of International Activities & Group Private 
Banking 
Year of birth: 1962 
Nationality: Cypriot 
Number of shares
in Eurobank Holdings: - 
Mr. Louis 
also serves as CEO, 
Eurobank Cyprus Ltd (since 
2007), Member of 
the 
BoD, 
Eurobank 
Private 
Bank 
Luxembourg 
SA 
and 
Member 
of 
the 
Supervisory Board (SB) of Eurobank Bulgaria AD. 
He holds a MSc in Corporate Finance & 
Accounting from the London School of 
Economics and Political Sciences, UK and a Degree in Accounting 
from Ealing 
College, UK. 
Natassa Paschali 
General 
Manager, 
Head 
of 
Group 
Human 
Resources 
General Division, (Group CHRO), Eurobank SA 
Year of birth: 1972 
Nationality: Greek 
Number of shares
in Eurobank Holdings: 47.968 
Mrs. Paschali is the Group Chief Resources 
Officer (Group CHRO), since June 
2018 In the past she has served within 
the Eurobank Group as Head of People 
Engagement (January 2017 – June 
2018), Head of HR, Eurobank 
Private Bank 
Luxembourg SA 
(parallel assignment), 
Luxembourg (May 
2014 – 
May 2017), 
Head of HR Line Management, Wholesale Banking 
(2008-2016). 
She 
also held positions in Citigroup- 
Citibank International Plc 
as Head of HR – 
Vice 
President, Global Corporate and Investment 
Banking Group, (July 2006 – June 
2008) 
and 
Head 
of 
Training 
& 
Development 
– 
Assistant 
Vice 
President, 
Consumer Banking Group, (February 2004 – July 2006) 
She holds a 
MSc in Industrial 
Relations and Personnel Management 
from the 
London School 
of Economics 
and Political 
Science (1995-1996) 
and a 
BA in 
English 
Language 
and 
Literature 
from 
the 
University 
of 
Athens, 
School 
of 
Philosophy (1991-1995). 
Ioannis Serafeimidis 
General 
Manager, 
Retail 
Banking 
Channels, 
Eurobank 
SA 
Year of birth: 1973 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 44.523 
Mr Serafimidis 
is also 
a Non-Executive 
member of 
the BoDs 
in, Eurolife 
FFH 
Insurance Group 
Holdings SA (since 
July 2023), 
Eurolife FFH 
Life Insurance 
SA 
(since July 2023) and Eurolife FFH General 
Insurance SA (since July 2023). 
In 
the 
past 
Mr. 
Serafeimidis 
has 
served 
as 
General 
Manager 
and 
Head 
of 
Branch Network, Eurobank, Athens (2019-2023), Executive Director and Head 
of 
Retail 
Banking, 
Postbank, 
Sofia 
(2014-2019), 
Head 
of 
Branch 
Network, 
Postbank, 
Sofia 
(2011-2014), 
Senior 
Executive Manager 
and 
Head of 
Small 
Business 
Banking, 
Bancpost, 
Bucharest 
(2008-2011), 
as 
well 
as 
other 
significant posts in Eurobank’s Branch Network, 
which he joined in 2002 after 
a 
4 year incumbency in KPMG Management Consulting 
in Athens. 
He holds an MSc 
in International Relations from London School 
of Economics 
(UK) and a BSc in Economics from the University 
College London (UK). 
Mrs. Veronique Karalis, Deputy Group Company Secretary, 
serves as the Secretary of the ExBo. 
The ExBo 
manages the 
implementation of 
Group’s strategy 
in line 
with the 
Board’s guidance. 
The functioning 
of ExBo 
is 
subject to the 
provisions of the 
TRFA. 
The ExBo is 
established by the 
CEO and its 
members are appointed 
by the CEO. 
The ExBo meets on a weekly basis or ad hoc when necessary. Other executives of the Group, depending on the subject to 
be discussed, may be invited to attend. 
The ExBo is in quorum and meets validly when half of its members plus one are present or represented. In 
determining the 
number of 
members for 
the quorum, fractions, 
if any, 
shall not 
be counted. 
The ExBo 
resolutions require a 
majority vote. 
The ExBo appoints 
its Secretary, 
who reports to 
the Group Company 
Secretariat and cooperates 
with the Chairperson 
of 
the Committee. The Secretary is responsible to minute the proceedings and resolutions of all ExBo meetings, including the 
names of those present 
and in attendance and the 
action plans and follow ups 
for assignments, as well as 
for issuance of 
extracts. Decisions, actions and follow ups are disseminated to the Bank’s responsible Units, as required. 
The ExBo Terms 
of Reference (ToR) are 
approved by the CEO and revised as appropriate. 
The ExBo’s key tasks and responsibilities are to: 
●
 
manage the implementation of the Group’s strategy as developed by the SPC, in line with the BoD’s guidance, 
●
 
draw up the annual budget and the business plan. 
The SPC reviews the key objectives and the 
goals contained therein, 
as well as the major business initiatives, and submits them to the Board for approval, 

 
 
 
 
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●
 
approve issues concerning the Group’s strategic choices (e.g. partnerships, share capital increase, issuing convertibles 
and/or launching debt issuance programs, 
mergers, acquisitions or disposals, the 
formation of joint ventures, 
creation or 
dissolution of special purpose vehicles, dividend distribution and all other investments or 
non-material disinvestments
12
by the Group etc.), ensuring these being in line with the approved Group’s strategy, if the issue under discussion is less 
than or equal to €40 million. In case though: 
a)
 
the issue under discussion exceeds € 40 million, 
b)
 
a decision of the Board is obligatory by Law or by the Bank’s contractual commitments, 
c)
 
it is 
deemed necessary 
by the 
SPC, taking 
into account 
the complexity 
and nature 
of the 
strategic choices 
under 
discussion, 
the issues concerning the 
Group’s strategic choices are 
approved by the Board 
following a relevant proposal 
by the SPC 
(as per its Terms of 
Reference), 
●
 
monitor the performance of each business unit 
and country against budget and 
ensure corrective measures are in place 
wherever required, 
●
 
decide on all 
major Group’s initiatives 
aiming at transforming 
the business and 
operating model, enhancing 
the operating 
efficiency and cost rationalization, improving organizational and business structure, 
●
 
ensure that adequate systems of internal controls are properly maintained, 
●
 
review and 
approve Bank’s Policies 
(other than 
Credit Policies 
that are approved 
by Management 
Risk Committee 
and/or 
Troubled 
Assets Committee 
and/or BRC) 
that are 
related to 
its responsibilities 
and/or are of 
critical importance 
to the 
Bank, including but not limited to those requiring BoD approval as per the TRFA, 
●
 
review the 
performance of 
any Committee 
and /or 
individuals to 
whom it 
has delegated 
part of 
its responsibilities, 
as 
approved, 
●
 
ensure adequacy of Resolution Planning governance, processes and systems, 
●
 
hire and retain external consulting firms 
and approve their compensation and terms of 
engagement in accordance with 
Bank’s policies and procedures, 
●
 
hire and retain investment banking advisors, and approve their compensation and terms of engagement, in accordance 
with Bank’s policies and procedures, where applicable, 
●
 
To 
review the quarterly report of 
Group Operational Risk Sector 
(GORS) before submission to 
the BRC since it entails 
group wide operational risk issues. 
ExBo’s performance 
is evaluated 
annually according 
to the provisions 
of Bank’s 
Management Committees’ 
Policy and its 
Terms 
of Reference. For 2023, 
ExBo performed its 
self-evaluation. According to this 
evaluation, it was determined 
that its 
overall performance 
remained strong 
in 
all areas 
with a 
slight 
decrease vs. 
last year. 
Members 
of ExBo 
discussed the 
following considerations: i) 
number of items 
in the agendas 
being excessive, ii) 
Meetings’ agenda being 
more focused on 
regulatory 
and 
operational 
and 
less 
strategic 
and 
business 
oriented 
and 
iii) 
supporting 
material 
being 
lengthy 
and 
the 
necessity of an executive summary. 
Strategic Planning Committee
13
The purpose of the SPC is to: 
a)
 
assist Management in planning, developing and implementing the Bank Group’s Strategy and 
b)
 
recommend to the Board certain initiatives in relation to the Bank Group’s Strategy. 
The key tasks and responsibilities of the SPC are: 
●
 
within the framework of which the 
Executive Board draws up the annual 
budget and the business plan, 
to review the key 
objectives and goals contained therein and review major business initiatives, 
before their submission for approval to the 
Board, 
●
 
to 
review, 
analyze 
and deliberate 
issues 
concerning the 
Bank Group’s 
strategic choices 
(e.g. strategic 
partnerships, 
share capital increase, issuing convertibles and/or launching debt issuance programs, mergers/demergers, 
acquisitions 
or disposals, the formation of 
joint ventures, creation or dissolution 
of special purpose vehicles, dividend 
distribution and 
all other major 
investments or disinvestments 
by the Bank 
Group etc.), ensuring 
these being in 
line with the 
approved 
Bank Group’s strategy.
The SPC shall formulate relevant proposals to the Board, if: 
a)
 
the issue under discussion exceeds € 40 million, while for lower amounts approval will be provided by the Executive 
Board, 
b)
 
a decision of the Board is obligatory by Law or by the Bank’s contractual commitments, 
c)
 
it is 
deemed necessary 
by the 
SPC, taking 
into account 
the complexity 
and nature 
of the 
strategic choices 
under 
discussion, 
●
 
to submit to 
the Board 
for approval 
proposals relating 
to the 
strategy and 
the budget 
of the 
Property Portfolio 
as described 
in the Service Level Agreement between Eurobank and Grivalia Management Company, 
●
 
to submit to the 
Board for approval proposals for 
the acquisition and disposal of 
assets other than repossessed assets 
(as these are 
defined in the 
Service Level Agreement 
between Eurobank and 
Grivalia Management Company) 
with book 
value above € 10 million, 
●
to submit to the Board 
for approval proposals for the disposal of repossessed 
assets (as these are defined 
in the Service 
Level Agreement between Eurobank and Grivalia Management Company) with gross book value above € 20 million,
12
 
As specified in the Divestment Policy 
13
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
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●
 
to maintain 
and take 
all necessary 
actions on 
regulatory and 
internal capital 
required to 
cover all 
types of 
risks (incl. 
strategic and reputational risks, as well as other non-quantifiable risks) and 
to ensure that capital requirements are met 
at all times, 
●
 
to review and evaluate all major Bank Group’s initiatives aiming at transforming the business and operating model, 
●
 
to monitor on 
a regular 
basis the 
strategic and the 
key performance 
indicators of the 
Bank Group, 
including the 
segmental 
view, 
●
 
to review and, as needed, make proposals to the Board on all other issues of strategic importance to the Bank Group. 
The SPC is composed of the following members with voting rights: 
- The Chief Executive Officer (CEO) 
- The Deputy CEOs 
- The Group Chief Risk Officer 
- The Group Chief Financial Officer 
The Chairman 
of the 
Board, the 
Vice-Chairman of 
the Board 
and the 
General Manager 
Group Strategy 
participate in 
the 
SPC as a permanent attendees with no voting rights. 
The SPC is chaired by the 
CEO and in case of absence 
or impediment of the CEO, by the 
longest serving Deputy CEO in 
attendance. 
The SPC meets on a weekly basis or ad hoc, when necessary, and keeps minutes of its meetings. 
The SPC is in quorum and meets validly when a) half of its members plus one are present (fractions are excluded from the 
computation), provided 
that at 
least three 
members are 
present and 
b) SPC’s 
Chairperson or the 
longest serving 
Deputy 
CEO in attendance, entitled to chair the Committee, is present. 
The resolutions 
of the 
SPC require 
a majority 
vote. In 
case of 
a tie 
of votes, 
SPC’s Chairperson 
has the 
casting vote. 
If 
SPC’s Chairperson is 
absent, the 
longest serving 
Deputy CEO 
in attendance, 
entitled to 
chair the 
Committee, has 
the casting 
vote. 
In the context 
of providing support 
to the Chairperson 
for ensuring the 
smooth and proper 
operation of the 
SPC, the SPC 
appoints 
its 
Secretary 
who 
reports 
to 
the 
Group 
Company 
Secretariat 
and 
cooperates 
with 
the 
Chairperson 
of 
the 
Committee. 
The Secretary is responsible to maintain an annual calendar of the scheduled meetings, which may be revisited depending 
on 
unforeseen 
circumstances, following 
the 
approval 
of 
SPC’s 
Chairperson. 
In 
addition, 
the 
Secretary is 
responsible 
to 
organize meeting details 
(including venues), record 
the attendance of 
members and other 
attendees/invitees, ensure that 
quorum requirements are 
met, minute the 
proceedings and resolutions 
of all Committee 
meetings, issue true 
copies/extracts 
of the 
SPC’s minutes 
and notify 
the responsible 
managers regarding 
any issue 
discussed by 
the SPC 
and is 
relevant to 
them or on which they need to take action. 
The SPC Terms 
of Reference (ToR) are approved by the 
CEO and revised as appropriate. 
SPC’s performance 
is evaluated annually 
according to the 
provisions of Bank’s 
Managements Committees’ Policy 
and its 
Terms of Reference. According to SPC’s self-evaluation for 2023, it was determined that its overall performance and all the 
specific 
areas 
of 
evaluation 
i.e. the 
profile 
and 
composition, 
the 
organization 
and 
administration 
and 
the 
key 
tasks 
and 
responsibilities, are strong. 
Management Risk Committee
14
The main responsibility of Management Risk Committee (MRC) is to oversee the risk management framework of the Bank. 
The MRC ensures that material risks are identified and promptly escalated to the 
BRC and that the necessary policies and 
procedures are in place to prudently manage risk and to comply with regulatory requirements. 
As part of its responsibility, the MRC, facilitates reporting to the BRC on the range of risk-related topics under its purview. 
As part of its mandate, the MRC: 
●
 
reviews 
the 
Group’s 
risk 
profile 
vis-à-vis 
its 
declared 
risk 
appetite, 
examines 
any 
proposed 
modifications 
to 
the 
risk 
appetite, 
●
 
reviews and approves the stress testing programme results, 
●
 
determines 
appropriate 
management 
actions 
which 
are 
discussed 
and 
presented 
to 
the 
ExBo 
for 
information 
and 
submitted to the BRC for approval. 
The MRC maintains at all times a pro-active approach to Management. 
The MRC understands 
and evaluates risks, 
addresses escalated issues, 
provides oversight 
of the Group’s 
risk management 
framework – including the 
implementation of risk policies 
– and informs the 
BRC of the Group’s 
risk profile. The 
Group CRO 
14
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 

 
 
 
 
 
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updates the ExBo on material risks and 
issues on a periodical basis. Furthermore, the 
MRC assists the BRC in defining risk 
management 
principles 
and 
methodologies 
thereby 
ensuring 
that 
the 
Group’s 
Risk 
Management 
Framework 
contains 
processes for 
identifying, measuring, 
monitoring, mitigating 
and reporting 
the current 
risk profile 
against its 
risk appetite, 
limits, and performance targets. Specific responsibilities performed by the MRC are described below: 
●
 
revises and presents 
to the BRC 
for approval the 
risk strategy and 
the risk appetite, 
the risk limits 
and the measures 
for monitoring both 
financial and non-financial 
risks, in conjunction 
with the Board’s 
approval of the 
annual business 
plan / strategy, 
●
 
monitors : 
a) current risk exposures 
at a Group level, 
b) company-wide compliance with 
the risk limits, c) 
Bank’s 
overall risk assessment processes and d) Bank's capability to identify and manage new risk types as they emerge 
●
 
performs risk escalation and remediation 
by reviewing and reporting 
on any material breaches 
of risk limits and 
the 
adequacy of proposed specific actions to address them, 
●
 
reviews the Stress Testing 
Programme with regards to: 
o
 
its effectiveness and robustness, 
o
 
material risks developed in the risk identification process 
and scenarios developed in the scenario design 
process, 
o
 
key modelling assumptions and the stress testing results before the submission to the BRC 
●
 
reviews at least on an annual basis the following reports: 
o
 
the Group ICAAP and ILAAP, 
o
 
the Group Recovery Plan 
in compliance with the regulatory requirements and guidelines before final submission to the BRC, 
●
 
Regarding the 
Resolution Planning, 
the MRC 
reviews and 
approves the 
Bank’s resolution 
planning initiatives 
to 
enhance its resolvability material/documents requested by the Resolution Authorities (SRB). 
The MRC does not conflict with the GCRO or the Risk Management General Division’s responsibilities for 
Risk governance 
as prescribed under the Bank of Greece’s 
Governor Act no. 2577/2006. They have responsibility to 
escalate material risks 
and issues to the 
BRC and to update ExBo on material risks and issues on a periodical basis. 
The MRC which meets on a monthly basis prior 
to the BRC meeting or more frequently on 
an ad-hoc basis, if required, is in 
quorum and meets 
validly when 
half of 
its members, including 
the Chairperson 
or the 
Vice-Chairperson, plus 
one are present 
or represented. Selected attendees can 
be invited to the 
MRC meetings, when the 
topics for discussion fall 
under their remit 
or they have the requisite expertise to constructively participate. The finalized minutes are distributed to the BRC, SPC 
and 
ExBo 
members, 
as 
prepared 
by 
the 
committee’s 
secretary 
and 
approved 
by 
its 
Chairperson. 
Abstracts 
of 
resolutions 
reached and actions to be taken are provided to Management, SPC and/or ExBo members, as necessary. 
Resolutions of the 
MRC are decided 
based on 
a simple 
majority and in 
case of a 
tie vote, 
the Chairman or 
the Vice-Chairman 
in the 
case of 
Chairman’s absence, 
has the 
casting vote. 
The opinion 
of the 
minority is 
recorded in 
the meeting 
minutes 
whenever a decision of the MRC is not reached unanimously, and the BRC is informed accordingly. 
Changes to 
the ToR 
of the 
MRC are 
reviewed by 
the MRC 
at least 
every two 
(2) years 
and revised 
if necessary, 
unless 
significant changes 
in the 
composition, role, 
responsibilities, organization 
and / 
or regulatory 
requirements necessitate 
earlier 
revision and are approved by the CEO. The ToR 
of MRC are also submitted to the BRC for information purposes. 
The MRC’s performance 
is evaluated annually according 
to the provisions of 
Bank’s Management Committees Policy 
and 
its Terms of Reference. For 2023, it was determined that its overall performance and all the specific areas of evaluation i.e. 
the profile and composition, 
the organization and 
administration and the key 
tasks and responsibilities, are 
strong. Members 
reviewed key points raised by the self-assessment 
exercise, noting that the main issues concern 
members’ attendance and 
participation, the length of the meeting and the 
agenda as well as the timely submissions. 
Members exchanged opinions on 
how to 
improve the committee 
and agreed 
on the 
need to 
educate the 
presenters to 
be short and 
concise so 
as to 
allow 
more time for questions/discussion. 
Group Asset and Liability Committee (G-ALCO)
15
G-ALCO’s primary mandate is to: 
a)
 
formulate, propose, approve, implement 
and monitor – as 
the case may be 
- the Group’s i) 
liquidity position and 
risk profile 
and its 
funding strategies 
and policies 
ii) interest 
rate guidelines 
and interest 
rate risk 
profile and 
policies 
iii) Capital 
investments - 
as well 
as FX 
exposure and 
hedging - 
strategy iv) 
Group’s business 
initiatives and/or 
investments that affect the bank’s capital, market and liquidity risk profile. Further, to approve at a first stage, and 
recommend to BRC 
for final approval 
the respective country 
limits and the 
relevant policy/methodology (special 
attention is given for the approval/monitoring of the limits for countries where Eurobank has a local presence). 
15
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(
www.eurobank.gr
). 

 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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b)
 
approve or propose – as the case 
may be - changes to these policies 
that conform to the Bank’s risk appetite and 
levels of exposure as determined by 
the Board Risk Committee (and BoD 
as the case may be) and 
Management, 
while complying with the framework established by regulatory/supervisory authorities. 
G- ALCO 
responsibility is 
to also 
review the 
overall liquidity 
positions and 
developments of 
the Group 
on a 
country-by-
country 
level. 
In 
this 
context, 
international 
subsidiaries’ 
ALCOs 
should 
report 
on 
monthly 
basis 
material 
country 
developments and 
decisions (reflected 
in respective 
country ALCO 
minutes) to 
G-ALCO, based 
on the 
above principles 
and their respective regulatory/supervisory authorities’ instructions and guidelines. 
The key tasks and responsibilities of G-ALCO involve the following broad areas: 
●
Approval 
of 
general 
policies 
and 
guidelines, 
compliance 
with 
regulatory 
requirements, 
review 
of 
activities/investments, risks & exposures 
●
Liquidity Risk 
●
Interest Rate Risk in the Banking Book (IRRBB) and Credit Spread Risk in the Banking Book (CSRBB) 
Key reports reviewed by G-ALCO: 
●
Deposit rates evolution (per business unit) and market share evolution (Greece) 
●
LCR & NSFR evolution on a monthly basis (at a Solo and Group level) 
●
Liquidity buffer analysis (Solo, Group, and per country). 
●
Liquidity stress tests 
●
Liquidity risk analysis/sensitivities 
●
Market risk analytics reports (PV01 in FVOCI and AC, VaR analysis, historical simulation results and reporting of 
the relevant KRIs for MTM exposure in OCI & AC, evolution of RWAs for market risk, reports on the level of KRIs 
related to market risk. 
●
IRRBB reports: sensitivity of NII and sensitivity of EVE per regulatory framework (EBA IRRBB guideline) & per 
internal framework 
●
International subsidiaries’ liquidity buffers and regulatory ratios. 
G-ALCO convenes once a month and/or whenever required. 
Required 
quorum for 
G-ALCO meetings 
to be 
effective 
is six 
members. In 
order to 
have a 
quorum the 
presence of 
its 
Chairperson and 
a minimum 
of three 
(3) SPC members 
is required. 
Decisions on issues 
are to 
be taken 
by majority; in 
case of 
a tie 
vote, the 
issue under 
discussion is 
escalated to 
ExBo
.
 
Additionally, under exceptional 
circumstances, decisions 
may be taken 
by circulation, which is 
equal to a 
decision of the 
G-ALCO, even if 
no meeting has taken 
place. A relevant 
approval memo is then issued by the Secretary. 
G-ALCO’s performance is evaluated annually according 
to the provisions of 
Management Committees’ Policy and its 
Terms 
of Reference. 
G ALCO’s 
self-evaluation for 
2023 is 
in progress, 
while according 
to G-ALCO’s 
self-evaluation for 
2022, it 
was determined 
that: i) 
its members’ 
engagement is 
well appropriate, ii) 
the G-ALCO 
continues to 
function effectively 
in 
relation to 
its mandate 
and responsibilities, 
with members 
engaging in 
critical discussions 
during meetings 
on key 
risk issues, 
iii) 
in 
light 
of 
the 
increasing 
complexity 
and 
importance 
of 
issues 
arising, 
the 
evolution 
of the 
regulatory 
framework and 
emergence 
of 
additional 
risk 
considerations, 
G-ALCO 
should 
improve 
its 
organizational 
and 
operational 
efficiency 
with 
increasing frequency and/or length of meetings as may be required to remain as effective. 
Central Credit Committees 
Central Credit Committee I 
The main objective of Central 
Credit Committee I (CCCI) is 
to ensure the objective credit 
underwriting of relevant exposures 
of Greek 
corporate performing 
and private 
banking clients, 
in accordance 
to the 
Risk Appetite 
Framework and 
the Credit 
Policy Manual of the Bank and in a way that balances credit risk and return on equity. 
The CCCI is chaired by 
an independent to Business 
and Risk Professional, convenes 
at least once a week 
and all meetings 
are 
minuted. 
Decisions 
are 
taken 
unanimously. 
If 
unanimity 
is 
not 
achieved, 
the 
credit 
request 
is 
escalated 
by 
the 
Chairperson to the next (higher) approval level 
requiring a unanimous decision. In case of non-unanimity 
the final decision 
lies with the Management Risk Committee (MRC), by majority voting. 
The main 
duty and 
responsibility of 
the CCCI is 
to assess 
and approve 
all credit 
requests for clients 
in the 
Greek related 
corporate 
performing 
and 
private 
banking 
portfolio 
of 
a 
total 
exposure 
above 
€50mio 
and 
unsecured 
exposure 
above 
€35mio. 
For 
total 
exposure 
exceeding 
€75mio 
and 
unsecured 
exposure 
exceeding 
€50mio, 
additional 
approval 
by 
the 
GCRO is 
required, while 
for total 
exposure exceeding 
€150mio and 
unsecured exposure 
exceeding €100mio, 
additional 
approval by 
the CEO 
is required. 
Furthermore, for 
exposures higher 
than 10% 
(or 20% 
for selected 
borrowers where 
no 
single 
risk exists) 
of 
the Bank’s 
regulatory capital 
the additional 
approval 
of the 
Management Risk 
Committee (MRC) 
is 
required. Subsequently, the final approval is granted by the Board Risk Committee (BRC). 
 

 
 
 
 
 
 
 
 
 
 
 
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Central Credit Committee II 
The main objective of the Central Credit Committee II (CCCII) is the same as for the CCCI for lower levels of exposure. 
The CCCII convenes at least 
once a week and all 
meetings are minuted. Decisions are 
taken unanimously. 
If unanimity is 
not achieved, the request is escalated by the Chairperson to the next approval level. 
The 
main 
duty 
and 
responsibility 
of 
CCCII 
is 
to 
assess 
and 
approve 
all 
credit 
requests 
for 
clients 
in 
the 
Greek 
related 
corporate performing 
and private banking 
portfolio for total 
exposure from 
€20mio up to 
€50mio and unsecured 
exposure 
from €10mio up to €35mio and retail exposures for total limits above €3mio. 
Central Credit 
Committees’ performance 
is evaluated 
annually according 
to the 
provisions of 
Managements Committees’ 
Policy and its Terms 
of Reference. The Central Credit Committee’s self-evaluation for 2023 is currently in progress. 
Troubled Assets Committee
16
The Troubled 
Assets Committee (TAC) 
is established according 
to the regulatory provisions. 
The main purpose 
of TAC 
is 
to act 
as an 
independent oversight 
body, 
closely monitoring 
the Bank’s 
troubled assets 
portfolio and 
the execution 
of its 
NPE Management Strategy. 
The 
Committee 
meets 
at 
least 
once 
per 
month 
and/or 
whenever 
required 
if 
the 
majority 
of 
the 
members, 
including 
the 
Chairperson, are present. Decisions are taken by majority, are minuted and circulated as appropriate. The Chairman has a 
casting 
vote. 
TAC 
cooperates 
with 
Group 
Risk 
Management 
Division 
to 
reach 
a 
mutual 
understanding 
and 
develop 
an 
appropriate methodology for the evaluation of the risks inherent in the portfolio management. TAC’s propositions regarding 
NPE policy updates are submitted to the Board Risk Committee. 
TAC’s main responsibilities: 
●
 
review internal reports regarding troubled assets management under the regulatory provisions, 
●
 
approve 
the 
available 
forbearance, 
resolution 
and 
closure 
solutions 
by 
loan 
sub-portfolio, 
and 
monitor 
their 
performance through Key Performance Indicators (KPIs), 
●
 
define the criteria to assess the 
sustainability of credit and collateral workout 
solutions through the design and 
use of 
“decision trees”, 
●
 
approve, monitor and assess pilot modification programmes and 
●
 
supervise 
and 
provide 
guidance 
and 
know-how 
to 
the 
respective 
troubled 
assets 
units 
of 
Eurobank’s 
subsidiaries 
abroad. 
In compliance with the 
provisions of the Management 
Committees’ Policy and its 
Terms of Reference, TAC is in the process 
of conducting the self-evaluation for 2023, while for 2022, 
the evaluation concluded that the committee operates effectively,
in 
the 
areas 
of 
Profile 
and 
Composition, 
Organization 
& 
Administration 
as 
well 
as 
regarding 
the 
Key 
Tasks 
and 
Responsibilities. However, the 
evaluation also identified that while the 
overall quality and quantity of information 
submitted 
related 
to 
the 
proposals 
for 
assessment 
by 
the 
TAC 
members 
is 
adequate, 
there 
is 
room 
for 
further 
enhancement 
on 
providing 
more 
details 
on 
the quantification 
of 
the 
impact 
of 
the 
proposed 
for 
approval 
actions. 
Such enhancement 
will 
benefit TAC members to make more informed decisions. 
Products & Services Committee (PSC)
17
 
Products 
& 
Services 
Committee 
(PSC) 
is 
responsible 
for 
creating 
and 
supervising 
the 
governance 
framework 
for 
the 
products and services offered to Eurobank’s clients in Greece through the physical 
and alternative channels, in accordance 
with the supervisory and regulatory requirements. A governance framework assessing financial and non-financial risks is in 
place. The PSC approves all new products 
& services as well as significant modifications in 
existing ones. The Committee 
also implements a periodic review of all 
products and services, according to their risk 
profile to determine their continuation, 
modification or discontinuation. The products and services of Remedial & Servicing Sector are excluded and are under 
the 
responsibility of TAC (Troubled Assets Committee). 
PSC convenes 
once a 
month and/or 
whenever required. 
Other executives 
or managers 
of the 
Group, depending 
on the 
subject to be discussed, may be invited to attend as required. 
The PSC is in quorum and meets validly when half of its members plus one are present (fractions are excluded from the 
computation). For quorum, the Chairperson should be also present. 
Decisions require, as a minimum, a majority vote of 50%+1 of the members present in the meeting and are recorded in the 
meeting’s minutes. 
In case of a tie vote, the 
Chairperson has the casting vote. All 
members of the PSC have equal voting 
16
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 
17
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
 
 
 
 
 
 
 
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rights. In case 
of no reaching 
a decision due 
to disagreement of 
Members, the issue 
under discussion is 
escalated to the 
Executive Board (ExBo). 
Additionally, 
decisions may be taken 
by circulation, which is 
equal to a 
decision of the Committee, 
even if no meeting 
has 
preceded.
No resolution 
can be 
deemed for 
high risks 
products/services by 
circulation. They 
will be 
submitted to 
a PSC 
Meeting for discussion and approval or rejection. 
The Committee’s performance is evaluated annually according to the provisions of the Management 
Committees’ Policy of 
the 
Group 
and its 
Terms 
of 
Reference. 
Committee’s 
2023 
self-evaluation 
is 
still 
in 
progress, 
while 
according 
to 
the 
Committee’s 2022 
self-evaluation, its 
performance was 
assessed as very 
strong, it 
was determined 
that the 
Committee’s 
operation 
is continuously 
improving and 
that 
it 
functions very 
effectively, 
especially 
in 
the 
areas 
of 
leadership 
and 
PSC 
Chairperson’s contribution in organizing/coordinating meetings and encouraging critical discussions in meetings. 
Environmental, Social & Governance (ESG) Management Committee - ESG ManCo
18
The primary mandate of 
the ESG ManCo is 
to i) provide strategic 
direction on ESG initiatives, 
ii) review the ESG 
Strategy 
prior to approval, 
iii) integrate the 
elements of the 
ESG strategy into 
the Bank’s business 
model & operations, 
iv) approve 
eligible 
assets 
of 
Green 
Bond 
Frameworks, 
v) 
regularly 
measure 
and 
analyze 
the 
progress 
of 
the 
ESG 
goals 
and 
performance targets, and vi) ensure the proper implementation of ESG related policies and procedures, in accordance with 
supervisory requirements and voluntary commitments. 
ESG ManCo convenes four times a year and/or ad hoc when necessary. Other Bank employees, depending on the subject 
to be discussed, may be invited as deemed appropriate. 
Required quorum for ESG ManCo meetings to 
be effective is seven members. In order 
to have a quorum, the presence of 
its Chairperson and 
a minimum of six 
(6) members is required. 
Decisions on issues are 
taken by majority. 
In case of a 
tie 
vote, the 
Chairperson has 
the casting 
vote. Whenever 
a decision 
of the 
ESG ManCo 
is not 
reached unanimously, 
this is 
recorded in the minutes along with 
the opinion of the minority. 
All meetings and decisions are minuted 
by the Committee’s 
Secretary and distributed to ESG ManCo members. 
The Terms 
of Reference of the ESG 
ManCo will be reviewed at 
least every two (2) years 
and revised if necessary, 
unless 
significant changes 
in the 
composition, role, 
responsibilities, organization 
and / 
or regulatory 
requirements necessitate 
earlier 
revision. 
ESG ManCo’s 
performance is evaluated 
annually according to 
the provisions of 
the Management Committees 
Policy and 
Its Terms of Reference. According 
to the Committee’s 
self-evaluation for 2023, 
it was determined 
that it continues 
to function 
efficiently and effectively, especially in areas such 
as ESG ManCo Chairperson 
encouraging critical discussions 
in meetings 
and ensuring constructive dialogue, reviewing ESG Rating results and Secretary duties. 
The evaluation highlighted 
the need 
to further improve 
the level of 
awareness in the 
Bank as 
well as to 
increase the 
meetings 
cadence. 
Ethics Co
19
 
The task of the Ethics Committee is to ensure that the Bank’s Code of Ethics is observed, to 
interpret and constantly enrich 
it, as 
well as 
to contribute, 
generally, 
to the 
formulation of 
a code 
of values 
with which 
the behaviour 
of the 
officers and 
personnel of the Bank, as well as that of third persons that 
regularly collaborate with the Bank, must comply. 
Adherence to 
the rules 
of ethics 
contributes, on 
the one 
hand, to 
the protection 
of dignity 
and personality 
of the 
personnel, and 
on the 
other hand, to the good reputation and the protection of the interests of the Bank. 
The Ethics 
Committee convenes 
once a 
month, if 
there are 
issues to 
be discussed 
or, 
exceptionally, 
more frequently, 
in 
case of an 
emergency, 
in a place 
and time that 
are stated in 
the agenda. The 
Ethics Committee may 
convene either with 
the physical presence of its members, or by electronic means. The Committee shall act unanimously. 
The Ethics Committee’s performance is evaluated 
annually according to the 
provisions of Management Committees’ Policy. 
Ethics Committee’s performance was evaluated for the first time in 2022 and it was determined that it continues to function 
effectively, especially in the areas of Profile & Composition as well as 
Organization & Administration. The Ethics Committee 
encourages critical discussion and a healthy challenging culture. 
 
18
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).
19
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
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5. 
Key Control Functions 
As part 
of its 
overall system 
of internal 
controls, HoldCo/Bank 
have established 
a number 
of dedicated 
control functions 
whose 
main 
responsibility 
is 
to 
act 
as 
independent 
control 
mechanisms 
thus 
reinforcing 
the 
control 
structure 
of 
the 
HoldCo/Bank. The most important functions and their key responsibilities are described below.
5.1
 
Internal Audit 
Eurobank Holdings 
Internal Audit (“IA”) is an independent, objective assurance and consulting function designed to add value and improve the 
operations of 
Eurobank Holdings. 
IA has 
adequate organisation structure 
and appropriate resources 
to ensure 
that it can 
fulfil its roles and responsibilities. 
 
Eurobank’s 
IAG maintains 
a quality 
assurance and 
improvement programme 
to ensure 
that the 
methodology is 
applied 
consistently and the objectives and responsibilities of IAG 
are met. Under the framework of co-operation between 
IAU and 
IAG, IA assigns the assessment of the effectiveness of internal audit activities and conformance with IIA Standards to IAG. 
In order to safeguard its independence, IA reports functionally to the 
Audit Committee and administratively to the CEO. The 
Board has delegated 
the responsibility 
for monitoring the 
activity of the 
IA to 
the Audit Committee 
of the 
HoldCo. IA 
is headed 
by the Chief 
Internal Auditor 
(CIA) who 
is appointed by 
the Audit 
Committee. The 
latter also 
assesses the 
CIA’s performance. 
The mission of 
IA is to 
enhance and protect organisational 
value by providing 
risk-based and objective assurance, 
advice 
and insight. The key assurance and consulting responsibilities of IA are to: 
●
 
provide 
reasonable 
assurance, 
in 
the 
form 
of 
an 
independent 
opinion, 
as 
to 
the 
adequacy 
and 
effectiveness 
of 
the 
internal control framework of the HoldCo, 
●
 
assist Management 
on the 
prevention and detection 
of fraud or 
defalcation or unethical 
practices and undertake 
such 
special projects as required, 
●
 
assist 
Management 
in 
enhancing 
the 
system 
of 
internal 
control 
including 
improvement 
of 
existing 
policies 
and 
procedures. 
●
 
follow-up to ascertain that appropriate action is taken on reported audit findings within agreed deadlines, 
●
 
carry 
out 
specific 
responsibilities 
required 
by 
Regulatory 
Authorities 
and/or 
participate 
in 
HoldCo’s 
projects 
in 
an 
assurance or consulting capacity. 
Eurobank 
Internal 
Audit Group 
(“IAG”) is 
an 
independent, 
objective assurance 
and consulting 
function designed 
to add 
value 
and 
improve the 
operations of 
Eurobank and 
its subsidiaries. 
IAG has 
adequate organisation 
structure and 
appropriate resources 
to ensure that it can fulfil its roles and responsibilities. 
IAG comprises the “Internal Audit Sector”, the “Forensic Audit Division”, the “International Audit Division” and 
the “Business 
Monitoring 
and 
Organisational 
Support 
Division”. 
IAG 
also 
has 
a 
Quality 
Assurance 
function 
(QAF), 
to 
assess 
the 
effectiveness 
of 
the 
Group’s 
internal 
audit 
activities 
and 
conformance 
with 
IIA 
Standards. 
QAF 
operates 
as 
Centre 
of 
Excellence 
for 
Audit 
Standards 
& 
Methodology, 
acting 
as 
an 
advisor 
to 
IAG 
Management 
in 
topics 
related 
to 
quality 
improvement and methodology. In addition, the Data Analytics Centre of Excellence 
(DAnCoE) unit of IAG aims to 
enhance 
people 
skills 
towards 
data 
analytics, 
enable 
the 
generation 
of 
data-driven 
insights 
and provide 
valuable 
perspectives 
to 
Management of the Group. 
In order 
to safeguard 
its independence, 
IAG reports 
functionally to 
the Audit 
Committee and 
administratively to 
the CEO. 
The Board has delegated the responsibility for monitoring the activity of the IAG to the Audit Committee of the Bank. IAG is 
headed by the Group 
Chief Audit Executive (CAE) who 
is appointed by the 
Audit Committee. The latter 
also assesses the 
CAE’s performance. 
The key assurance and consulting responsibilities of IAG are to: 
●
 
provide 
reasonable 
assurance, 
in 
the 
form 
of 
an 
independent 
opinion, 
as 
to 
the 
adequacy 
and 
effectiveness 
of 
the 
internal control framework of the Bank and its subsidiaries. 
In order to form an opinion, IAG establishes and carries out 
a programme of audit work (based on the risk assessment of the audit universe), 
●
 
assist 
and 
advise 
Management 
on 
the 
prevention 
and 
detection 
of 
fraud 
or 
defalcation 
or 
unethical 
practices 
and 
undertake such special projects as required, 
●
 
assist 
Management 
in 
enhancing 
the 
system 
of 
internal 
control 
including 
improvement 
of 
existing 
policies 
and 
procedures, 
●
 
follow-up to ascertain that appropriate action is taken on reported audit findings within agreed deadlines, 
●
 
carry out any other specific duties required by the Regulatory Authorities, 
●
 
participate in Bank projects in an assurance or consulting capacity, 
●
 
assess the performance of the Group’s internal audit functions, which have a direct reporting line to IAG. 
 

 
 
 
 
 
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5.2
 
Risk Management 
Eurobank Holdings 
As part of its overall system of internal controls HoldCo has engaged in a Service Level Agreement (SLA) with Eurobank in 
order to receive supporting 
and advisory services in all 
areas of risk management 
(credit, market, liquidity and operational 
risks) undertaken 
by the 
Group. The 
most important 
services provided 
through the 
above-mentioned SLA 
are described 
below: 
●
 
Provision of advice on: 
-
 
Identification, evaluation and monitoring of credit risk, 
-
 
Ensuring policy and instructions (strategy and products) recommended by business owners and Servicers are 
aligned to applicable credit policy manual and regulatory guidelines, 
-
 
Standardization of procedures and guidelines, 
-
 
Update and maintenance of the risk strategic framework master document, 
-
 
Participation in systemic bank consultation committees, 
-
 
Review new remedial products and initiatives prior submission to TAC or approval 
●
 
Coordination of NPE related regulatory reporting, 
●
 
Provision of input for SSM submission and 3-year business plan, monthly MIS actual data (including Greek and 
International subsidiaries), 
●
 
Advising on identification, support/advise, recording and evaluation of liquidity risks and financial monitoring, 
●
 
Advising in the identification, assessment, recording and monitoring of operational risks (e.g. RCSA, events capture, 
outsourcing etc.), 
●
 
Advising in the identification, assessment, recording and monitoring of climate risk. 
Eurobank 
The Group Risk Management, which is headed by the Group Chief Risk Officer (GCRO), is independent from the business 
units and has full responsibility for monitoring the 
material risks, as identified through the Risk Identification and Materiality 
Assessment (RIMA) 
process and listed 
in the relevant 
RIMA report. Material 
risk types include 
financial and non-financial 
risks, indicatively credit 
risk, market 
risk, liquidity risk, 
interest rate risk 
and credit spread 
risk in 
the banking book, 
operational 
risk, climate risk, country risk, reputational risks, conduct risk, risks stemming from strategic projects. 
It comprises the Group Credit, 
the Group Credit Control, the 
Group Credit Risk Capital Adequacy 
Control, the Group Market 
& Counterparty Risk, the Group 
Operational and Non-financial Risks, the Group 
Model Validation & Governance, the Group 
Risk 
Management 
Strategy 
Planning 
Operations 
& 
Climate 
Risk, 
the 
Risk 
Analytics 
and 
the 
Supervisory 
Relations 
& 
Resolution Planning
20
 
Units. 
The GCRO serves 
as a pivotal 
point for the 
risk management functions. 
Centralization ensures that 
business targets and 
related growth are combined with a risk conscious perspective, thus ensuring that the approved risk appetite is adhered to. 
The GCRO develops and formalises the Risk Appetite Framework (RAF), defines the Risk Appetite 
Statements (RAS), and 
submits them to 
the Board Risk 
Committee for approval. 
The GCRO oversees 
the implementation of 
the frameworks and 
policies for the identification, measurement and management of risks. 
The 
GCRO 
reviews 
and 
approves 
the 
risk 
policies 
before 
their 
submission 
for 
approval 
to 
the 
BRC 
or 
to 
the 
BoD 
and 
oversees their implementation thereafter. The 
GCRO reports to 
the BRC deviations from 
the risk policies 
or potential conflict 
with the approved risk strategy and risk appetite. 
The GCRO 
is responsible 
to provide 
to the 
BRC adequate 
information, so 
that the 
Committee can 
properly assess 
and 
advise the BoD 
on the 
Group’s risk 
exposures / profile 
and risk strategy. 
The GCRO oversees 
compliance with approved 
Risk Appetite 
Limits and 
reports to 
the BRC 
the compliance 
status and 
any deviations, 
as stipulated 
in the 
Risk Appetite 
Framework (RAF). 
Eurobank 
has 
a 
well-established 
strategy 
and 
clear 
risk 
management 
objectives 
that 
has 
to 
deliver 
through 
core 
risk 
management processes and methodologies. At a strategic level, the risk management objectives are to: 
●
 
Identify the new risks relevant to the Group and assess their materiality, 
●
 
Assess the current and emerging risks as an integral part of the strategic planning process, 
●
 
Provide opinion for the Group Business Plan regarding the risk 
perspective on the overall outcome and reliability of the 
Plan, 
●
 
Ensure that business plan is consistent with Eurobank’s risk appetite, 
●
 
Participate actively in decision-making processes to ensure that risk considerations are considered appropriately, 
●
 
Optimize 
risk/return 
decisions 
by 
taking 
them 
as 
closely 
as 
possible 
to 
the 
business, 
while 
establishing 
strong 
and 
independent review, 
●
 
Ensure that business growth plans are properly supported by effective risk infrastructure, 
●
 
Manage risk 
profile to 
ensure that 
specific financial 
deliverables remain 
possible under 
a range 
of adverse 
business 
conditions, 
20
 
The Supervisory Relations & Resolution Planning Unit 
has a dual reporting line to both the GCRO 
& the Group Chief Financial Officer 

 
 
 
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●
 
Assist senior executives to improve the control and co-ordination of risk taking across their businesses, 
●
 
Cultivate a robust risk 
culture throughout the Bank, 
encouraging a positive attitude 
towards risk management, regulatory 
compliance and the internal control framework, through strong 
risk awareness and ownership, where all staff members 
consider risk management as an integral part of their everyday responsibilities, 
●
 
Provide the framework, 
procedures and guidance 
to enable all 
employees to manage 
risk in their 
own areas and 
improve 
the control and co-ordination of risk taking across the Bank, 
●
 
Advise and 
support Eurobank 
Holdings in 
risk management 
according to 
the agreed 
Service Level 
Agreement (SLA) 
between Eurobank Holdings and Eurobank. 
Risk 
Management 
along 
with 
Compliance 
and 
other 
Units 
are 
involved 
in 
the 
assessment 
of 
all 
products 
and 
services 
throughout their lifecycle. 
The 
Group 
applies 
the 
elements of 
the 
Three Lines 
of 
Defence 
Model 
for 
the 
management 
of 
risk. 
The 
Three Lines 
of 
Defence Model enhances 
risk management and 
control by clarifying 
roles and responsibilities 
within the organization. 
Under 
the 
oversight 
and 
direction 
of 
the 
Management 
Body, 
three 
separate 
lines 
of 
defence 
are 
necessary 
for 
effective 
risk 
management. In particular: 
Line 1 - 
Own and manage 
risk and controls. 
The front-line business 
and operations are 
accountable for this 
responsibility 
as they own the rewards and are the primary risk generators. 
Line 2 - 
Monitor risk and 
controls in support 
of Executive Management, 
providing oversight, challenge, 
advice and group-
wide direction. These include the Risk Management and Compliance Units, among others. 
Line 3 - Provide independent assurance to the 
Board and Executive Management concerning the effectiveness of 
risk and 
control management. This refers to Internal Audit. 
5.3
 
Compliance 
Eurobank Holdings 
Eurobank 
Holdings 
Compliance 
is 
established 
with 
the 
approval 
of 
the 
Board 
of 
Directors 
and 
the 
Audit 
Committee 
of 
Eurobank Holdings. It is 
a permanent function and 
independent from Eurobank Holdings’ 
business activities so that 
conflicts 
of interests are avoided. In order to safeguard its independence, Eurobank Holdings Compliance reports functionally to the 
Audit Committee 
of Eurobank Holdings 
and for 
administrative purposes to 
the CEO.
The Audit Committee 
in consultation 
with the 
NomCo, proposes to 
the Board for 
approval the appointment, 
replacement or dismissal 
of the Head 
of Eurobank 
Holdings Compliance. The performance of the Head of Eurobank Holdings 
Compliance is assessed on an annual basis by 
the 
AC.
The 
Head 
of 
Compliance 
attends 
all 
AC 
meetings 
and 
submits 
quarterly 
and 
annually 
reports 
(per 
regulatory 
requirements) summarising Compliance’s activity and highlighting the main compliance issues.
Its 
mission 
is 
to 
promote, 
within 
Eurobank 
Holdings, 
an 
organizational 
culture 
that 
encourages 
ethical 
conduct, 
and 
a 
commitment to compliance with laws and regulations as well as global governance standards. 
The main 
objective of 
Eurobank Holdings 
Compliance is 
to ensure 
that Eurobank 
Holdings has 
established an 
adequate 
system of 
internal controls 
that allows 
it to 
operate in 
accordance with 
the ethical 
set of 
values contained 
in its 
"Code of 
Conduct 
and 
Ethics" and 
in compliance 
with applicable 
laws, regulations 
and internal 
policies. More 
specifically, 
for 
the 
regulatory topics within its scope of responsibilities, Eurobank Holdings Compliance is mandated to:
●
 
raise compliance awareness in Eurobank Holdings, 
●
 
provide advice the Board of Directors and Senior Management on Eurobank Holdings compliance with applicable laws, 
rules and standards and keeping them informed of related developments, 
●
 
issue, 
as 
necessary, 
policies 
and 
other 
documents, 
in 
order 
to 
provide 
guidance 
to 
staff 
on 
the 
appropriate 
implementation 
of 
applicable 
laws, 
rules 
and 
standards 
as 
well 
as 
to 
assist 
the 
business to 
develop 
and implement 
regulatory compliant policies and procedures, 
●
 
review new activities and advise on potential compliance risks, 
●
 
ensure that staff is adequately trained about compliance issues, 
●
 
provide support and challenge, if 
required, the business line management regarding 
the effectiveness of the compliance 
risk management activities, 
●
 
monitor 
whether 
staff 
applies 
effectively 
the 
internal 
processes 
and 
procedures 
aimed 
at 
achieving 
regulatory 
compliance, 
●
 
monitor through appropriate procedures 
staff adherence to 
internal policies and the "Code 
of Conduct and Ethics" 
and 
identify fraudulent activity, 
●
 
monitor timely submission of reports to Competent Authorities and report any delays 
and fines for any alleged breaches 
of regulations to the AC, 
●
 
fulfil any statutory responsibilities and liaise with regulators and external bodies on compliance issues. 
 

 
 
 
 
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Eurobank 
Group Compliance is established 
with the approval of 
the Board of Directors 
and the Audit Committee 
of Eurobank. It is 
a 
permanent function and independent 
from the Bank’s business 
activities so that conflicts of 
interests are avoided. In 
order 
to safeguard its 
independence, Group Compliance 
reports functionally 
to the 
the Board 
of Directors through 
Audit Committee 
of the Bank and 
for administrative purposes
21
 
to the CEO.
The Audit Committee in consultation 
with the NomCo proposes 
to the Board for approval 
the appointment, replacement or dismissal of 
the Group Chief Compliance Officer 
(Group CCO). 
The 
performance 
of 
the 
Group 
CCO 
is 
assessed 
on 
an 
annual 
basis 
by 
the 
AC.
The 
Group 
CCO 
attends 
all 
Audit 
Committee’s 
meetings 
and 
submits 
quarterly 
and 
annual 
reports 
(per 
regulatory 
requirements) 
summarising 
Group 
Compliance’s activity and highlighting the main compliance issues.
Its mission is to promote, within Eurobank and its subsidiaries (Eurobank group), an organizational culture that encourages 
ethical conduct 
through integrity 
and a 
commitment to 
compliance with 
laws and 
regulations as 
well as 
the application 
of 
international governance standards. 
The 
main objective 
of 
Group Compliance 
is to 
ensure 
that the 
Eurobank group 
has established 
an 
adequate system 
of 
internal controls that allows it to operate in accordance 
with the ethical set of values contained in its “Code of 
Conduct and 
Ethics” and in compliance 
with applicable laws, regulations 
and internal policies, as 
well as international best 
practices. In 
brief, for the regulatory topics within its scope of responsibilities, Group Compliance is mandated to:
●
 
raise compliance awareness throughout the Eurobank group, 
●
 
provide 
advice 
to 
the 
Board 
of 
Directors 
and 
Senior 
Management 
on 
compliance 
with 
applicable 
laws, 
rules 
and 
standards and keep them informed of related developments, 
●
 
issue policies, procedures 
and other documents 
such as compliance 
manuals, internal codes 
of conduct & 
ethics and 
practice guidelines in order to provide guidance to staff on the appropriate implementation of applicable laws, rules and 
standards as well as to assist the business to develop and implement regulatory compliant policies and procedures, 
●
 
review new activities and advise on potential compliance risks, 
●
 
ensure that staff is adequately trained 
and frequently updated about compliance issues by designing 
training programs 
and co-operating with HR for their implementation, 
●
 
ensure 
the 
development 
of 
a 
robust 
compliance 
risk 
identification 
and 
assessment 
framework, 
provide 
support 
and 
challenge, if 
required, the business 
line management 
regarding the 
effectiveness of 
the compliance 
risk management 
activities, 
●
 
coordinate compliance risk management actions performed by other business units, 
●
 
monitor and test 
whether staff applies 
effectively the internal 
processes and procedures 
aimed at achieving 
regulatory 
compliance and report 
to the relevant 
Business Units any 
potential breaches in 
order for the 
latter to proceed 
with the 
required improvements, 
●
 
monitor staff 
adherence to 
internal policies 
and the 
"Code of 
Conduct and 
Ethics" and 
identify potential 
breaches or 
fraudulent activity, 
●
 
monitor timely submission of reports to Competent Authorities and report any delays 
and fines for any alleged breaches 
of regulations to the AC, 
●
 
fulfil any statutory responsibilities and liaise with regulators and external bodies on compliance issues, 
●
 
supervise, monitor, coordinate and 
evaluate the activities 
of the Compliance 
Officers of the 
Bank’s local and 
international 
subsidiaries in order to ensure compliance with Eurobank group standards. 
The scope of activities of Group Compliance covers the following core regulatory topics: 
●
 
Financial 
Crime 
including 
laws 
and 
regulations 
on 
Anti 
Money 
Laundering 
(AML) 
and 
Countering 
the 
Financing 
of 
Terrorism (CFT) and legislation aimed at 
combatting Tax evasion such as FATCA and CRS (tax 
compliance). The scope 
includes the 
provision of 
timely and 
accurate responses 
to requests 
arising from 
regulatory and 
judicial authorities 
for 
the lifting of banking 
secrecy or freezing of assets 
and co-operation with them. 
Financial Crime also includes 
anti-bribery 
and anti-corruption 
legislation. The 
Eurobank Audit 
Committee in 
consultation with 
the Eurobank 
NomCo proposes 
to 
the Board 
for approval 
the appointment, 
replacement, or 
dismissal of 
the Anti-Money 
Laundering Reporting 
Officer of 
Eurobank, who may be the same person as the Group CCO, and his/her Deputy 
●
 
Conduct related regulations, including: 
o
 
market Conduct related regulation regarding the provision of investment products and services to clients including 
laws and regulations on Market Manipulation, 
Insider Trading, Unlawful disclosure 
of inside information and other 
financial crimes, 
o
 
internal conduct & Ethics 
rules including Conflict of 
interest regulatory provisions, 
internal codes of conduct, 
Insider 
Dealing, 
o
 
consumer conduct laws 
and regulations (including, 
inter alia, dormant accounts 
legislation, BoG’s Code of 
Conduct 
for loans, the Payment Services Directive and the Deposit Guarantee scheme). 
Group 
Compliance 
has 
an 
overlay 
role 
over 
the 
regulatory 
framework 
concerning 
personal 
data 
protection, 
corporate 
governance, prudential regulation (credit 
market, liquidity and operational 
risk), information & IT 
security, cyber security risk, 
outsourcing 
and 
ESG. 
In 
this 
context 
Group 
Compliance 
performs 
a 
high-level 
monitoring 
through 
compliance 
risk 
assessments of the alignment of the Bank’s activities with regulatory requirements. 
21
The administrative reporting line to the CEO does 
not entail any form of oversight over 
GC. It is rather intended to facilitate the smooth 
day to day administrative processes.

 
 
 
 
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The scope of activities can be expanded with the approval of the AC. 
Personal Data Protection 
Eurobank Holdings 
In the context of Personal Data Protection, Eurobank Holdings has entrusted the following functions to the Bank’s Personal 
Data Protection Unit with the support of Legal where needed: 
●
 
consultation 
and 
advice 
regarding 
the 
drafting 
of 
privacy 
notices 
for 
the 
customers, 
employees, 
shareholders 
of 
the 
HoldCo and/ or persons with voting rights and their representatives in the HoldCo meetings and committees, 
●
 
provision of drafts of privacy policies, cookies policies and cookies management tool for the HoldCo's website, 
●
 
provision of advice in handling requests and complaints of data subjects, 
●
 
provision of advice for incident and data breach management and notifications to the competent authority, if required, 
●
 
provision of advice on GDPR policies and related guidelines. 
Eurobank 
Personal Data Protection Unit assists the Data 
Protection Officer (DPO) in performing his duties 
in an independent manner. 
Key tasks include: 
●
 
issues relevant guidelines on GDPR requirements and provides relevant advice to involved Units, 
●
 
provides 
advice, 
where 
requested, 
for 
the 
appropriate 
technical 
and 
organizational 
measures 
to 
be 
implemented 
to 
ensure compliance with the principles of privacy by design and privacy by default, 
●
 
provides advice regarding the content of privacy notices, 
●
 
provides advice on the appropriate handling of the GDPR requests and/or complaints, 
●
 
upon request, provides 
advice regarding the 
categorization of the 
third parties, in 
accordance with the 
GDPR and any 
other applicable data 
protection legislation 
(controller/ joint 
controller/processor/ sub-processor), and 
the relevant 
privacy 
terms to be signed, 
●
 
provides 
advice 
to 
the 
Incident 
Management 
Team 
on 
whether 
the 
incident 
must 
be 
reported to 
the 
data 
protection 
authority, 
●
 
provides advice, where requested, as regards the performance of Data Protection Impact Assessments, 
●
 
provides advice where requested as regards the maintenance of the Register of Processing Activity. 
6. 
System of Internal Controls 
Principles of Internal Controls 
The Group 
has established 
a robust 
System of 
Internal Controls 
that aligns 
with international 
best practices 
and utilizes 
COSO terminology. 
This system is 
designed to provide 
reasonable assurance regarding 
the achievement of 
objectives in 
key categories: 
●
 
Efficient and 
Effective Operations: 
The Group's 
internal controls ensure 
that operations are 
conducted efficiently 
and 
effectively, promoting productivity and optimal resource utilization. 
●
 
Reliability and 
Completeness of 
Financial and 
Management Information: 
Internal controls 
are in 
place to 
ensure that 
financial and management information 
is reliable, accurate, and 
complete. This helps in 
making informed decisions and 
maintaining transparency. 
●
 
Compliance 
with 
Applicable 
Laws 
and 
Regulations: 
The 
Group 
emphasizes 
compliance 
with 
all 
relevant 
laws, 
regulations, 
and 
industry 
standards. 
Internal 
controls 
are 
designed 
to 
ensure 
adherence 
to 
legal 
requirements 
and 
mitigate regulatory risks. 
The key principles that underpin the Group’s System of Internal Controls are as follows: 
●
 
Control Environment: The control environment serves as the foundation 
for all internal control components. It includes 
factors such as 
management's integrity and 
ethical values, recruitment 
and training policies, 
organizational structure, 
and delegation of authority. These elements contribute to a strong control consciousness among employees. 
●
 
Risk 
Management: 
The 
Group 
recognizes 
the 
importance 
of 
risk 
management 
in 
its 
operations. 
It 
implements 
mechanisms 
to 
identify, 
assess, 
and 
manage 
risks 
that 
may 
impact 
the 
achievement 
of 
objectives. 
The 
risk 
management framework is dynamic and evolves to address new and emerging risks. 

 
 
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●
 
Control Activities: Internal control activities are 
documented in policies and procedures that 
ensure safe operations and 
accurate record-keeping. 
Segregation of duties 
is a 
crucial organizational 
measure to 
enhance control 
effectiveness, 
ensuring that key functions such as approval, dealing, administration, and controlling are separated. 
●
 
Information 
and 
Communication: 
Effective 
information 
and 
communication 
channels 
are 
established 
to 
ensure 
that 
relevant information is 
identified, captured, 
and communicated in 
a timely manner. This 
includes internal communication 
within the organization 
and external 
communication with 
stakeholders such 
as regulators, 
shareholders, and 
customers. 
●
 
Monitoring: 
The 
Group 
conducts 
ongoing 
monitoring 
of 
activities 
as 
part 
of 
its 
operations. 
This 
includes 
regular 
management 
and supervisory 
activities, 
internal audits, 
and independent 
evaluations of 
the internal 
control system. 
Internal control deficiencies are reported and escalated 
as necessary, 
with major issues reported to top management, 
the Audit Committee, and the Board. 
Additionally, 
the 
efficiency 
of 
the 
internal 
control 
system 
is 
independently 
evaluated 
every 
three 
years 
by 
a 
third-party 
auditing firm, in accordance with 
regulatory requirements. The evaluation 
report is assessed by 
competent bodies within the 
Group and submitted to regulatory authorities for review and acknowledgment. 
Characteristics of the System of Internal Controls (SIC) 
HoldCo and Eurobank have 
established key characteristics of 
their System of Internal 
Controls (SIC), which are 
indicative 
and not restrictive. These characteristics include: 
●
 
Code of Conduct: There is a defined Code of Conduct along with processes for monitoring its implementation to ensure 
ethical conduct and adherence to standards. 
●
 
Organizational 
Chart: 
An 
approved 
organizational 
chart 
is 
in 
place, 
depicting 
the 
hierarchy 
and 
functions 
of 
each 
sector/department clearly defined to ensure effective management. 
●
 
Audit Committee: The 
composition and function 
of the Audit 
Committee are outlined 
to oversee financial 
reporting and 
compliance. 
●
 
Strategic Planning: 
A description 
of strategic 
planning processes 
is provided, 
including development, 
implementation, 
and periodic evaluation of strategic objectives. 
●
 
Action Plans: 
Long-term and 
short-term action 
plans for 
important activities 
are established, 
with periodic 
reports and 
identification of deviations along with justifications. 
●
 
Articles of Association: The Articles of Association are complete and 
up-to-date, reflecting the objectives and operations 
of the entity. 
●
 
Directorates and Departments: Tasks 
of directorates, departments, and job descriptions are defined 
to ensure clarity in 
roles and responsibilities. 
●
 
Policies and Procedures: 
Policies and procedures for 
important operations are documented, 
including internal controls 
for risk management. 
●
 
Compliance 
Processes: 
Processes 
for 
compliance 
with 
legal 
and 
regulatory 
frameworks 
are 
established 
to 
ensure 
adherence to laws and regulations. 
●
 
Risk Assessment 
and Management: 
Processes for 
risk assessment 
and management 
are in 
place to 
identify and 
mitigate 
risks effectively. 
●
 
Financial 
Information Integrity: 
Processes ensure 
the integrity 
and reliability 
of financial 
information through 
accurate 
reporting and controls. 
●
 
Executive Performance Evaluation: 
Processes for 
recruitment, training, 
delegation, targeting, 
and evaluation 
of executive 
performance are outlined. 
●
 
Information 
Systems 
Security: 
Processes 
for 
the 
security, 
adequacy, 
and 
reliability 
of 
information 
systems 
are 
established to safeguard data. 
●
 
Personnel 
and 
Asset 
Protection: 
Processes 
are 
in 
place 
to 
safeguard 
personnel 
and 
assets, 
ensuring 
security 
and 
protection. 
●
 
Reporting and 
Communication: Reporting 
lines and 
communication channels 
within and 
outside the 
organization are 
described for effective information flow. 

 
 
 
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●
 
Monitoring and Evaluation: 
Mechanisms are established 
for monitoring and 
evaluating the efficiency 
and effectiveness 
of processes regularly. 
●
 
Independent 
Evaluation: There 
is a 
process 
for 
periodic 
evaluation of 
the 
adequacy and 
efficiency 
of 
the 
SIC by 
an 
independent auditor to ensure objectivity. 
●
 
Environmental 
Policies: 
Policies 
for 
environmental 
management 
and 
other 
ESG 
factors 
are 
recorded 
to 
address 
sustainability and social responsibility. 
These policies and procedures are part of 
the corporate governance system's assessment and are 
regularly reviewed and 
updated to align with best practices and regulatory requirements. 
Evaluation of the System of Internal Controls 
The Bank's AC 
is responsible for 
annually reviewing and 
evaluating the adequacy 
of the Internal 
Control System (ICS) 
of 
both the Bank 
and its subsidiaries. 
This evaluation is 
based on data 
and information provided 
by the Internal 
Audit Group 
(IAG) of the Bank, external auditors' 
findings and remarks, as well as 
feedback from supervisory authorities. The AC 
utilizes 
oversight 
and 
reporting 
mechanisms 
established 
with 
the 
Audit 
Committees 
of 
the 
Bank's 
Subsidiaries 
to 
ensure 
a 
comprehensive assessment. 
Similarly, the HoldCo's AC is tasked with reviewing and evaluating the adequacy of 
the Internal Control System (ICS) of the 
HoldCo itself. This 
evaluation is conducted 
based on relevant 
data and information 
from the Internal 
Audit (IA) of 
the HoldCo, 
findings 
and 
remarks 
from 
external 
auditors, 
and 
feedback 
from 
supervisory 
authorities. 
The 
AC 
ensures 
a 
thorough 
assessment of the HoldCo's ICS to uphold standards of governance and compliance. 
Independent Evaluation of the HoldCo/Bank System of Internal Controls
In March 2024, Grant Thornton presented the scope, findings, and methodology of their 
Independent triennial Evaluation of 
the HoldCo/Bank System of Internal Controls 
(SIC) to the AC 
members, as per the Bank 
of Greece Act 2577/9.3.2006 (BoG 
Act). 
Based 
on 
the 
procedures 
conducted 
and 
the 
evidence 
gathered, 
there 
were 
no 
indications 
that 
the 
SIC, 
at 
the 
time 
of 
assessment, was not compliant in all material aspects with the requirements of the BoG Act. 
Grant Thornton identified 21 observations during their assessment, categorized as 16 
low-risk observations and 5 medium-
risk observation related to 
the IT issues in 
Eurobank Equities, and 7 recommendations 
for improvement. Management will 
take appropriate actions in response to these observations. 
7. 
Sustainability 
Sustainability Approach 
Eurobank places more 
importance on sustainability than 
ever before. The 
Bank’s approach to 
sustainability is attached 
to 
its ambitious 
vision to 
reimagine its 
business and its 
operations in 
a transformative 
journey to 
the next 
decade towards a 
lower carbon 
future, an 
innovative 
digital environment 
that enhances 
the potential 
of its 
clients, 
a diverse, 
inclusive and 
equitable society, 
and a 
governance environment 
that builds 
trust in 
the market. 
The Bank’s 
ambition for 
sustainability is 
expressed through quantified objectives, such as its detailed action plan to align its 
operations, portfolio and investments to 
become Net Zero by 2050. 
Eurobank has expressed 
the Environmental, Social, 
Governance (ESG) aspect 
of its business 
through the lens 
of Impact 
generation. The Sustainability Strategy has been defined in a holistic approach across two pillars of impact: 
the operational 
impact arising 
from its 
own activities 
and the 
financed impact 
resulting from 
the Bank’s 
lending and 
investing activities 
to 
specific sectors 
and clients. 
These two 
pillars of 
impact aim 
to capture 
the essence 
of the 
Bank’s business 
effect on 
the 
climate, the protection of the natural environment, its contribution 
to addressing societal challenges at large, the prosperity 
of its 
own people, 
its contribution 
to raising 
business capacity 
in the 
markets where 
the Bank 
operates, and 
the internal 
processes that build and secure the confidence of its stakeholders. 
Eurobank has designed, approved and currently implements the Sustainability Strategy including targets and commitments 
along the two key pillars: 
A.
 
Operational Impact Strategy 
The Operational Impact Strategy sets 
targets and commitments addressing the impact 
arising from the Bank’s 
operational 
activities 
and 
footprint 
and 
are 
based 
on 
three 
strategic 
axes, 
each 
of 
which 
is 
supported 
by 
a 
specific 
objective, 
commitments and targets: 
•
 
Environmental impact: Operational net zero, paperless banking, circular economy. 
•
 
Employer’s impact: Diversity and inclusion, wellbeing culture, innovative environment. 
•
 
Social and business impact: Sustainable procurement, socio-economic effect, transparency. 

 
 
 
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B. Financed Impact Strategy 
The Bank’s Financed Impact Strategy sets targets and commitments addressing the impact arising from the 
Bank’s lending 
and investing activities to specific sectors and clients and focuses on: 
•
 
Clients’ engagement and awareness to adapt their business so as to address climate change challenges. 
•
 
Actions for supporting clients in their transition efforts towards a more ESG-friendly economic environment. 
•
 
Enablers and tools such as frameworks and products to underpin Sustainable Financing. 
•
 
The assessment and management of climate-related material exposures. 
Sustainability Policies & Frameworks 
Eurobank has taken action 
towards updating its Sustainability 
Policy Framework, to outline 
the approach for adherence to 
applicable regulatory 
requirements and voluntary 
initiatives as well 
as adopted 
standards and guidelines, 
thus enabling a 
contemporary 
and 
continuously 
updated 
approach 
to 
Sustainability, 
in 
line 
with 
international 
best 
practices. 
The 
Sustainability 
Policy 
Framework 
sets 
the 
foundation 
towards 
integration 
of 
ESG 
into 
Eurobank’s 
business 
model 
and 
operations. 
Focusing 
on 
the 
social 
aspect 
of 
ESG, 
Eurobank 
has 
taken 
actions 
that 
outline 
its 
corporate 
values, 
principles 
and 
commitments by issuing 
the Human Rights 
Statement, the Diversity, Equity 
and Inclusion Policy 
as well as 
the Policy against 
Harassment 
and 
Violence 
in 
Workplace. 
In 
order 
to 
further 
enhance 
its 
efforts 
against 
Harassment 
and 
Violence 
in 
Workplace, 
the Bank 
has introduced 
a relevant 
focused training 
program to 
all employees. 
This approach 
outlines zero-
tolerance for various 
types of violation 
and discrimination as 
well as for 
the equal opportunities 
with fairness and 
meritocracy 
and 
irrespective 
of 
gender, 
nationality, 
age 
or 
other 
traits 
throughout 
the 
entire 
employee 
life cycle 
(i.e recruitment 
and 
selection, learning, performance, talent and career development, reward management). 
Moreover, 
Eurobank 
has 
developed 
and 
implements 
three 
guiding 
frameworks, 
defining 
the 
approach 
and 
criteria 
for 
classifying its financing and investing activities as sustainable: 
●
 
its 
Sustainable 
Finance 
Framework 
(SFF), 
which 
supports 
the 
identification 
of 
sustainable/green 
financing 
opportunities (finance the transition of Bank’s clients), 
●
 
its Green Bond Framework. The Framework, which has 
been externally reviewed by an established second-party 
opinion provider, 
facilitates the 
financing of 
projects that 
will deliver 
environmental benefits 
to the 
economy and 
support Bank’s business strategy and vision, 
●
 
its Sustainable Investment 
Framework, which specifies 
the respective criteria 
that are utilized 
in the Bank’s 
banking 
books investment strategy, along with the selection process of eligible sustainable investments. 
The above-mentioned frameworks enable Bank to pursue economic growth in line with ESG criteria. 
These 
frameworks 
are 
complemented 
by 
the 
adopted 
Environmental 
Policy, 
Energy 
Management 
Policy 
and 
Water 
Management Policy, 
aiming to protect the environment in 
all aspects of its operations. 
In line with these policies, 
the Bank 
applies certified management systems, in accordance with 
international standards, such as an Environmental 
Management 
System (ISO 14001, EMAS) and an Energy Management System (ISO 50001).
Stakeholders engagement and materiality analysis 
An integral 
part of 
Eurobank's approach 
to Sustainability 
is to 
foster strong 
relationships of 
trust, cooperation 
and mutual 
benefit with all stakeholders affected by its activities, directly or indirectly. Eurobank promotes two-way communication and 
develops ongoing dialogue with 
stakeholders, to be able 
to actively meet the expectations, 
concerns and issues raised 
by 
all its stakeholders. A more detailed presentation of the cooperation framework, expectations 
and means of communication 
and response for each stakeholder group is included in the Annual Report 2021 – Business & Sustainability. 
Eurobank’s 
materiality 
analysis 
is 
the 
key 
process 
used 
to 
define 
the 
Annual 
Report 
2022 
– 
Business 
& 
Sustainability 
contents. Adopting 
the new 
GRI Standards 
(2021) methodology, 
Eurobank identified, 
assessed, prioritised 
and validated 
the 
positive 
and 
negative 
impacts 
that 
the 
Bank 
creates 
or 
may 
create 
on 
the 
environment, 
people 
and 
the 
economy. 
Prioritising 
the 
identified 
impacts 
contributed 
to 
determining 
the 
Bank’s 
sustainable 
development 
materiality 
topics. 
The 
methodology was carried out along 4 phases, namely i. Understanding the organization’s context, ii. Identifying impacts, iii. 
Assessing impacts, and 
iv. 
Prioritising and validating 
impacts. As per 
the final stage 
of the materiality 
analysis process, a 
list of topics 
was prioritised as 
material, which formed 
the basis for 
determining the contents 
of the Annual 
Report 2022 – 
Business & Sustainability, 
as well as 
the disclosures of 
relevant key performance 
indicators. Further details 
regarding the 
aforementioned process and its results are embedded in the Annual Report 2022 – Business & Sustainability. 
Furthermore, as part of 
the Financed Impact Strategy, 
in order to facilitate the 
green transition of its clients, 
Eurobank has 
developed a dedicated approach to increase clients’ engagement and awareness regarding environmental risks. 
Governance
Sustainability at Eurobank 
is deployed across 
an ESG governance 
structure that addresses 
both regulatory requirements 
and voluntary commitments. 
BoD oversight with 
respect to Sustainability 
Strategy is addressed 
through the inclusion 
of ESG 
items in the Board Meetings agenda, as per international 
best practice. The Group has updated its governance 
structure by 
introducing and 
defining the 
roles and 
responsibilities in 
relation to 
ESG and 
climate related 
and environmental 
(CR&E) 
risks, embedding 
regulatory guidelines 
and market 
practices involving 
various key 
stakeholders (i.e. 
Business functions, 
Units and Committees). 
The updated governance 
structure aims to 
further enhance effective 
oversight of ESG 
matters at 
Management / BoD level, support the roll out of its Sustainability Strategy and the 
integration of ESG and C&E risks. In that 
context,
the 
Group 
Risk 
Management 
Strategy 
Planning 
Operations 
and 
Climate 
Risk 
(GRMSPO&CR) 
has 
the 
overall 
responsibility for 
overseeing, monitoring, 
and managing 
CR&E risks. 
Specifically, 
the Unit 
operates as 
the Project 
office 

 
 
 
 
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responsible 
for 
the implementation 
of 
the climate 
related 
and 
environmental 
risks 
roadmap 
(“Programme 
Field”), 
with a 
coordinating and supervisory role on all related project 
streams to ensure alignment with the Bank’s business 
strategy and 
the 
regulatory 
authorities’ 
expectations. 
Moreover, 
the 
HoldCo/Bank 
BoD 
has 
assigned 
an 
executive 
member 
as 
the 
responsible 
BoD member 
for climate 
-related and 
environmental 
risks, ensuring 
that material 
ESG 
issues 
are 
taken 
into 
account in the decision-making process. As part of 
his duties, the member responsible updates the Board Risk 
Committee 
(BRC) (in alignment with the BRC Terms 
of Reference) and the Board of Directors of HoldCo and 
Bank on climate change 
and environmental related risks at least on a semi - annually basis. 
A dedicated ESG 
Management Committee complements 
the ESG governance 
model and is 
chaired by the 
BoD member 
responsible for climate-related and 
environmental risks. The purpose of 
the ESG Management Committee, 
established by 
the 
Bank 
CEO 
who 
appoints 
its 
members, 
is 
to 
provide 
strategic 
direction 
on 
ESG 
initiatives, 
review 
the 
Sustainability 
Strategy 
prior 
to 
approval, 
integrate 
the 
elements 
of 
the 
Sustainability 
Strategy 
into 
the 
Bank’s 
business 
model 
and 
operations, approve 
eligible assets 
of Green 
Bond Frameworks, 
regularly measure 
and analyze 
the progress of 
the ESG 
goals and performance 
targets, ensure the 
proper implementation of 
ESG related policies and 
procedures and to 
validate 
the prioritized ESG impacts / Material Issues reported in the Annual 
Report - Business & Sustainability, 
in accordance with 
supervisory requirements and voluntary commitments. 
A dedicated ESG Unit 
is responsible for the 
design and monitoring of 
the implementation of the 
Operational Impact Strategy 
(OIS), the 
monitoring of 
the Operational 
ESG performance 
and coordination 
of ESG 
linked operational 
activities that 
enhance 
the Bank’s Impact. The Unit 
reports to Deputy CEO, 
Group COO and International 
Activities and acts as 
a custodian of ESG 
principles & 
culture and 
as a 
cross functional 
coordinator in 
order to 
ensure alignment 
in ESG 
issues. The 
Head of 
ESG 
acts as secretary to the ESG Management Committee. 
Further 
details 
regarding 
the 
Bank’s 
ESG 
governance 
model 
are 
embedded 
in 
the 
Annual 
Report 
2022 
– 
Business 
& 
Sustainability. 
Reporting and Transparency 
HoldCo/Bank 
issues 
its 
Annual 
Report 
– 
Business 
& 
Sustainability 
with 
a 
view 
to 
fully 
inform 
its 
stakeholders 
about 
its 
performance 
in 
the 
sustainable 
development 
pillars 
(economy, 
society, 
environment). 
The 
publication 
is 
prepared 
in 
accordance with the 
Global Reporting 
Initiative (GRI) 
Standards (2021), 
applying the reporting 
principles (accuracy, balance, 
clarity, 
comparability, 
completeness, 
sustainability 
context, 
timeliness, 
verifiability). 
This 
reporting 
approach 
aims 
at 
providing comprehensive and transparent information to stakeholders, relates to Eurobank’s response to their expectations 
and interests, and 
invests in continuously 
promoting open dialogue 
with them. Through 
the Report, Euroban/HoldCo 
provide 
full 
disclosure 
on 
sustainability 
impacts 
such 
as 
environmental 
performance, 
energy 
and 
emissions, 
social 
impact 
and 
corporate governance, information 
regarding the 
Bank’s initiatives, while 
addressing all 
material stakeholder 
interests across 
the ESG 
spectrum. The 
Annual Report 
- Business 
& Sustainability 
is accessible 
to all 
interested parties 
through the 
corporate 
website. Additionally, besides the sustainability reporting frameworks 
of the GRI sectoral supplement 
on Financial Services, 
the SASB Commercial Banks 
Standard, as well as 
the Athens Stock Exchange 
(ATHEX) ESG Reporting Guide (2022) have 
been considered. This report also incorporates the 10 Principles of the United Nations Global Compact (UNGC), as well as 
the Accountability AA1000 2018 Principles. The sustainability-related disclosures in the report are assured 
by a competent 
assurance provider 
in accordance 
with the 
AA1000 Assurance 
Standard (version 
3) and 
related Principles 
for inclusivity, 
materiality, 
responsiveness and impact, 
as per the 
independent auditor’s Limited 
Assurance Report which 
is disclosed as 
part of the 
Annual Report – Business 
& Sustainability. 
In addition, the 
Holdco/Bank reports disclosures 
as required by the 
EU Taxonomy 
(Regulation (EU) 2020/852 of the 
European Parliament and of the 
Council). Specifically, 
upon reviewing its 
business activities, to align 
taxonomy reporting with its 
core activities, provides the 
key performance indicators (KPIs) 
and 
other disclosure requirements 
related to its dominant 
financial undertakings as 
laid down in Article 
10 of the Art. 
8 Delegated 
Act. Furthermore, 
in the 
context of 
Pillar III 
disclosures on 
ESG risks, 
Holdco/Bank discloses 
ESG risk 
information on 
a 
semi-annual 
basis. 
Moreover, 
the 
first 
Task 
Force 
on 
Climate-related 
Financial 
Disclosures 
(TCFD) 
Climate 
- 
related & 
Environmental 
Risk Report 
as well 
as the 
first Climate 
- related 
& Environmental 
Risk Report 
were published. 
Also, the 
Bank's GHG financed emissions for loans, bonds and shares positions, following the PCAF methodology, were disclosed. 
Furthermore, 
the 
Bank’s 
environmental 
and 
energy 
management 
performance, 
with 
respect 
to 
the 
improvement 
of 
its 
operational footprint, 
is monitored 
through specific 
indicators and 
associated targets 
disclosed also 
in the 
Environmental 
Report 
(EMAS). 
This 
constitutes 
an 
environment 
and 
energy 
monitoring 
and 
self-improvement 
tool, 
in 
line 
with 
commitments, regulated 
by applicable 
standards, audited 
& verified 
by independent 
third party. 
Within the 
EMAS Report 
framework, the Bank 
discloses the Green 
House Gas emissions 
record in line 
with the ISO14064 standard, 
as verified by 
external independent party and in line with the provisions of the national Climate Law. 
Moreover, 
Holdco/Bank 
actively 
participates 
in 
internationally 
recognized 
ESG 
ratings 
to 
highlight 
the 
continuous 
improvement 
in 
its 
environmental, 
social 
and 
governance 
performance, 
upgrade 
the 
relevant 
disclosures, 
and 
further 
enhance investor confidence in its practices. 
8. 
Shareholders’ General Meeting 
The 
Shareholders’ 
General 
Meeting 
(General 
Meeting), 
serves 
as 
the 
highest 
authority 
within 
the 
HoldCo/Bank 
and 
is 
convened by 
the respective 
Board to 
address all 
matters concerning 
the entity. 
It holds 
exclusive jurisdiction 
over issues 
outlined in Article 117 
of Company Law 4548/2018, such as amendments to the 
Articles of Association. Every shareholder 
has the right to participate and vote at the General Meeting either in person or through their 
legal representatives, following 
the prescribed legal procedures. 
For 
the 
General 
Meeting 
to 
be 
considered 
in 
quorum 
and 
valid, 
shareholders 
present 
or 
represented 
must 
collectively 
represent 
at 
least 
20% 
(1/5) 
of 
the 
paid-in 
share 
capital 
associated 
with 
voting 
shares. 
Resolutions 
are 
passed 
by 
an 

 
 
 
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absolute majority and 
are binding on 
both absent and 
dissenting shareholders. However, 
for certain significant 
decisions, 
such as 
those related 
to share capital 
changes or mergers, 
a higher quorum 
of at least 
50.00% (1/2) of 
the paid-in share 
capital is required, and resolutions must be approved by a two-thirds (2/3) majority. 
According to article 
119 
par. 1 
of l. 4548/2018, 
the Annual General 
Meeting is held 
annually no later 
than the tenth 
(10th) 
calendar day 
of the 
ninth month 
after the 
end of 
the business 
year, while an 
Extraordinary General 
Meeting may 
be convened 
by the Board as deemed necessary or required by law. 
Minutes 
of 
the 
General 
Meeting 
are 
authenticated 
by 
the 
Chairperson 
and 
the 
Secretary 
of 
the 
General 
Meeting, 
and 
standard minority rights outlined in Company Law 4548/2018 are applicable. 
Information about the Eurobank Holdings General Meetings 
Requirements for calling and convening the General Meetings 
All 
persons appearing 
as shareholders 
of ordinary 
shares of 
the HoldCo 
in the 
registry of 
the Dematerialized 
Securities 
System (DSS) managed by Hellenic 
Central Securities Depository S.A. on the 
Record Date, namely at the start 
of the fifth 
day before the General Meeting, 
have the right to participate and vote in the HoldCo General Meeting.
The aforementioned 
record date is applicable for the Repeat Meeting as well. The shareholders are informed on time about the agenda of each 
General Meeting and new technologies are used to help them participate. 
At 
least 
20 
days 
before 
the 
General 
Meeting 
date, 
the 
shareholders 
are 
informed 
and 
given 
access 
to 
all 
necessary 
information, in compliance with the Greek Law. The Notice of General Meeting includes: 
●
Date, time and place of the Meeting 
●
Items on the agenda 
●
Participation and voting rights with the relevant procedures 
●
Minority shareholder rights 
●
Relevant documents available 
All resolutions and information about each General Meeting are posted under Investor Relations on the Eurobank Holdings 
website. 
Participation and proxies 
Shareholders are assisted to participate in HoldCo General Meetings. All 
Eurobank Holdings shareholders have the right to 
participate in person or appoint a proxy. Proxies must be appointed at least 48 hours before the General Meeting date. 
To 
the extent that shareholders' questions on items 
on the agenda are not answered during 
General Meeting, HoldCo has 
a process for submitting the relevant answers. 
Annual General Meeting (AGM) of the shareholders 
In the 
Annual General 
Meeting of 
the HoldCo’s 
shareholders, held 
on July 
20, 2023, 
remotely via 
teleconference in 
real 
time, participated shareholders representing 2,754,969,489 
shares out of 3,710,677,508 shares, 
corresponding to 74.24% 
of the paid up share capital with voting rights on the items of the agenda. In respect of the 
items on the agenda, as referred 
to on the invitation dated 27.06.2023, the General Meeting: 
1.
 
Approved, 
with 
a 
majority 
exceeding 
the 
minimum 
required 
by 
the 
law, 
the 
Annual 
and 
Consolidated 
Financial 
Statements for the financial year 2022, as well as the Directors’ and Auditors’ Reports.
2.
 
Approved, with a 
majority exceeding the 
minimum required by 
the law, 
the overall management 
for the financial 
year 
2022 as well as the discharge of the Auditors for the financial year 2022. 
3.
 
Approved, with a majority 
exceeding the minimum required by 
the law: a) the appointment 
of the firm KPMG 
Certified 
Auditors S.A. (KPMG) 
as statutory auditor 
for the Annual 
and Consolidated Financial 
Statements of the 
Company for 
the financial year 2023; 
and b) KPMG’s relevant 
fees for the audit 
of the Annual 
and Consolidated Financial Statements 
of the Company for the financial year 2023 to amount to €0.2 m. 
4.
 
Approved, with a majority 
exceeding the minimum 
required by the law, the 
acquisition of own 
shares in accordance with 
article 49 of 
Law 4548/2018, and 
in particular the 
acquisition of all 
of the Company’s shares 
which the Hellenic 
Financial 
Stability Fund (“Fund”) owns, under the following conditions: (α) 
Maximum number of shares to be acquired: According 
to article 49 
of Law 4548/2018, 
the maximum number 
of shares that 
the Company may 
acquire, added together 
with 
the 
shares 
belonging to 
the 
Company from 
time 
to 
time, 
cannot exceed 
10% 
of the 
Company's 
paid 
share 
capital. 
Specifically, in 
this transaction, the number of shares 
to be purchased will be the 
total of its issued shares held 
by the 
Fund, i.e. 52,080,673 shares, 
which correspond to approximately 
1.4% of its 
share capital. (b) The 
duration for which 
the approval is granted is set at 6 months from the day of 
the General Meeting. (c) The maximum purchase price is set 
at €1.90 per share 
and the minimum purchase 
price is set at €1.10 
per share. (d) To 
authorize the Board of 
Directors 
to 
determine 
the 
specific 
conditions 
and 
relevant 
details 
for 
the 
acquisition, 
taking 
into 
account 
the 
supervisory 
approvals. 
5.
 
Approved with a majority exceeding 
the minimum required by the 
law, the amendment 
of the Remuneration Policy for 
Directors of the Company. 
6.
 
Approved, with a 
majority exceeding the 
minimum required by 
the law,
the remuneration paid 
for the financial 
year 2022 
as well as the advance payment 
of remuneration for the financial year of 
2023 to the non-executive Board members 
for 
the execution of their duties as Board Members and as members of the Board Committees. 
7.
 
Casted a positive vote on the Remuneration Report for the financial year 2022. 
8.
 
Approved, with a majority exceeding the minimum required by the law, pursuant tο the provisions and following the 
procedure of article 86 of l. 4261/2014, a higher than 100% maximum level of the ratio between the fixed and variable 

 
 
 
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components of remuneration for the Chief Executive Officer (CEO), the three (3) Deputy CEOs, the Group Chief Risk 
Officer, Group Chief Financial Officer and the General Manager Group Strategy. 
Approved, with a majority 
exceeding the minimum required by the law, the amendment of the Nomination Policy of the Directors of the Board. 
9.
 
Approved, with a majority exceeding the minimum required by the law the appointment of Mr. Burkhard Eckes and Mr. 
John Arthur Hollows as new independent non-executive members of the Company’s Board of Directors. The term of 
office of the aforementioned new members expires concurrently with the term of office of the other members of the 
Board (with a membership of fifteen from now onwards) and more specifically on 23.07.2024, prolonged until the end 
of the period the Annual General Meeting for the year 2024 will take place. 
10.
 
Approved, with a 
majority exceeding the 
minimum required 
by the 
law: a) 
The Audit 
Committee to 
function as 
Committee 
of the Board of Directors (“BoD”) consisting of members of the BoD. b) The Audit Committee to consist of five (5) non-
executive members of the BoD of which at least four 
(4) shall be independent. c) The term of office 
of the members of 
the Audit 
Committee that 
will be 
appointed by 
the BoD 
in accordance 
with article 
44, par. 
1c of 
L. 4449/2017, 
as in 
force, to coincide 
with their term 
of office as 
members of the 
BoD, i.e. the 
term of office 
of the Audit 
Committee members 
will expire on 23.07.2024, prolonged until the end of the period the Annual General Meeting for the year 2024 will take 
place. 
12. 
Approved, with a majority exceeding the minimum required by 
the law, the amendment of Article 
11 of the 
Company’s 
Articles 
of 
Association 
by 
updating 
paragraph 
1 
aiming 
to 
the 
option 
the 
appointment 
and 
revocation 
of 
the 
representative and the relevant notification to the 
Company may take place via electronic 
means, and more specifically 
via electronic mail 
(email) at the 
email address referred 
to in the 
Invitation of the 
General Meeting and/or 
other electronic 
means referred to therein. 
13. 
Was informed
on the Annual Activity Report of the Audit Committee for the financial year 2022. 
14. 
Was informed on the Independent Non-Executive Directors’ Report. 
All 
information 
on 
the 
AGM 
can 
be 
found 
at 
Eurobank 
Holding’s 
website 
(https://www.eurobankholdings.gr/en/investor-
relations/shareholders/general-meetings-pages/annual-general-meeting-of-shareholders-on-20-07-23). 
Information about the Eurobank General Meetings 
The HoldCo, following 
the demerger, constitutes the Eurobank’s 
sole shareholder, who represents 
100% of its 
share capital.
According to 
article 121 
par. 5 
of Law 
4548/2018, an 
invitation to 
convene a 
general meeting is 
not required 
in the 
event 
that the meeting is attended or represented 
by shareholders representing the entire capital and none 
of them objects to its 
holding and decision-making. In this context the following general meetings of Eurobank were held.
Annual General Meeting (AGM) of the shareholders 
In the 
Annual General 
Meeting of 
Eurobank’s shareholders, 
held on 
July 20, 
2023 in 
Athens, at 
“Bodossakis Foundation 
Building” 
(“John 
S. Latsis” 
Hall), 20 
Amalias 
Avenue, 
participated 
the sole 
shareholder Eurobank 
Holdings representing 
3,683,244,830 shares, corresponding to 100% of the paid up share capital with voting rights on the items of the agenda. In 
respect of the items on the agenda, the General Meeting: 
1. Approved 
the Annual 
and Consolidated 
Financial Statements 
for the 
financial year 
2022 as 
well as 
the Directors’ 
and 
Auditors’ Reports. Profit sharing. 
2. Approved the overall management for the financial year 2022 and discharge of the Auditors for the financial year 2022. 
3. Appointed “KPMG Certified Auditors S.A.” as Auditors for the financial year 2023. 
4. Approved 
the remuneration 
for the 
financial year 
2022 and 
of the 
advance payment 
of the 
remuneration for 
the 
non-
executive Board Directors for the financial year 2023. 
5. Approved, 
pursuant tο 
the provisions 
and following 
the procedure 
of article 
86 of 
Law 4261/2014, 
a higher 
than 100% 
maximum level of the ratio between the fixed and variable components of remuneration for seven (7) executives. 
6. Approved the appointment of Messrs. Burkhard Eckes and John Arthur Hollows 
as new members of the Bank’s BoD and 
their designation as Independent Non-Executive Directors, whose term of office expires concurrently with the term of office 
of the 
other members 
of the 
BoD (with 
a membership 
of fifteen 
from now 
onwards) and 
more specifically 
on 23.07.2024, 
prolonged until the end of the period the Annual General Meeting for the year 2024 will take place. 
7. Approved the recomposition of the Audit Committee. 
8
.
Approved the 
Amendment of article 11 of the Bank’s Articles of Association aiming to its update. 
6. Approved the Annual Activity Report of the Audit Committee for the financial year 2022. 
Extraordinary General Meeting of the Shareholders 
In 
the 
Extraordinary 
General 
Meeting 
of 
Eurobank’s 
shareholders, 
held 
on 
July 
31, 
2023, 
in 
Athens, 
at 
“Bodossakis 
Foundation 
Building” 
(“John 
S. 
Latsis” 
Hall), 
20 
Amalias 
Avenue, 
participated 
the 
sole 
shareholder 
Eurobank 
Holdings 
representing 3,683,244,830 
shares, corresponding to 
100% of 
the paid up 
share capital with 
voting rights on 
the items of 
the agenda. In respect of the sole item on the agenda, the General Meeting
resolved on the: 
Approval of subscribing the bonds of the issuance of 
a common bond loan (the “Loan”) which Eurobank Holdings will 
issue, 
for 
partially financing 
the buy 
back 
from the 
Hellenic Financial 
Stability Fund 
of 52,080,673 
registered shares 
issued 
by 
Eurobank Holdings. 
9. 
Other information required by Directive 2004/25/EU 
The elements 
c), d), 
f), h), 
i) of 
paragraph 1 
of article 
10 of 
Directive 2004/25/EC 
of the 
European Parliament 
and of 
the 
Council, are incorporated into elements c), d), e), g), h) of article 4 par. 
7 of Law 3556/2007, and are referred to the Report 
of the Directors, part of which is the present Corporate Governance Statement. 

 
 
 
 
 
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APPENDIX AUDIT COMMITTEE ACTIVITY REPORT FOR THE YEAR 2023 
Purpose 
1. 
In 
accordance 
with 
the 
Law 
4449/2017 
as 
amended, 
the 
Audit 
Committee 
(AC) 
of 
Eurobank 
Ergasias 
Services and Holdings S.A. (Eurobank Holdings or HoldCo or Company) should submit an annual report to 
the Shareholders’ Annual General 
Meeting on the issues 
dealt with by 
the AC during the 
previous year, also 
including therein a description of the sustainability policy 
followed by the entity. 
2. 
The current 2023 AC Activity 
Report of Eurobank Holdings which 
is also part of the 2023 Annual 
Financial 
Report, refers to 
the AC activity 
during 2023 and 
the issues addressed. 
In addition, it 
describes Eurobank 
Holdings’ sustainability policy. 
3. 
No deviations from the AC’s Terms 
of Reference (ToR) 
have been identified. 
AC Composition / Membership 
4.
 
It 
is 
noted 
that 
in 
line 
with 
the 
provisions 
of 
article 
44 
of 
law 
4449/2017, 
as 
in 
force, 
and 
further 
to 
the 
decision 
of 
the 
HoldCo’s 
Annual 
General 
Meeting 
of 
Shareholders 
as 
of 
20.7.2023 
regarding 
the 
recomposition 
of 
the 
Audit 
Committee 
and 
more 
specifically 
regarding 
its 
type, 
composition 
and 
term 
of 
office; and 
the BoD’s 
decision of 
23.06.2023 (in 
combination 
with 27.06.2023) 
and 20.07.2023 
regarding 
the nomination and appointment of a new member to the AC respectively, and in particular of Mr. Burkhard 
Eckes, 
following 
relevant 
recommendations 
by 
the 
NomCos 
of 
22.06.2023, 
the 
AC 
decided 
on 
its 
constitution and on the appointment of its Chairman. 
 
5.
 
In addition, following the 
Hellenic Financial Stability Fund’s (HFSF) 
divestment from HoldCo, and 
taking into 
consideration 
that 
HoldCo 
is 
no 
longer 
subject 
to 
law 
3864/2010 
and 
to 
the 
special 
rights 
of 
the 
HFSF 
provided for in such 
law, including HFSF’s right to appoint its 
representative in the HoldCo Board 
and Board 
Committees, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli 
in 
the 
HoldCo 
Board 
and 
Board 
Committees, 
submitted her resignation from HoldCo’s BoD and 
HoldCo’s Audit and Remuneration Committees (that was 
present at that time) on 26 October 2023, effective 
as of 7 November 2023. 
6.
 
Following 
the 
above, 
the 
AC 
consists 
exclusively 
of 
BoD 
members, 
four 
(4) 
in 
total, 
all 
of 
which 
are 
independent non-executive Directors, according to the 
provisions of article 9 of L. 4706/2020. In particular, 
the 
AC 
consists 
of 
the 
following 
members: 
1. 
Jawaid 
Mirza 
(Chairperson 
of 
the 
Audit 
Committee, 
independent 
non-executive 
BoD 
member), 
2. 
Burkhard 
Eckes 
(Vice-Chairperson 
of 
the 
Audit 
Committee, 
independent 
non-executive 
BoD 
member), 
3. Irene 
Rouvitha-Panou 
(Audit 
Committee 
member, independent non-executive BoD member), and 4. Rajeev Kakar 
(Audit Committee member, 
independent non-executive BoD member).
 
7.
 
All AC 
members 
have sufficient 
knowledge 
in the 
field 
of HoldCo 
activities 
and 
the necessary 
skills and 
experience to carry out their 
duties and meet the requirement 
of established knowledge and 
experience in 
auditing and/or accounting. 
8. 
Information regarding current 
AC composition and short 
biographical details of its 
members may be found 
at the HoldCo’s website (www.eurobankholdings.gr). 
Meetings Held During the Period & Attendance 
9. 
During 2023, the Audit Committee held seventeen (17) meetings, including 
four (4) meetings by circulation, 
while during 2022, the Audit Committee held fourteen (14) 
meetings. 
10. 
The average ratio of attendance at the meetings by the 
AC members stood at 100% (2022: 100%). 
11. 
The quarterly meetings were attended 
in person and the rest 
were held via conference 
calls. This practice 
is allowed by the AC ToR 
and is consistent across all HoldCo’s BoD 
Committees. 
12. 
The 
submissions 
for 
the 
AC 
meetings 
have 
become 
available 
to 
all 
BoD 
members 
through 
the 
Diligent 
platform. 
13. 
The 
BoD 
Chair 
has 
regularly 
attended 
the 
AC 
meetings. 
In 
addition, 
all 
meetings 
were 
attended 
by 
the 
Internal Audit (IA), while 
the General Manager of 
Group Compliance was attending the 
meetings depending 
on the subject under discussion. 

 
 
 
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14. 
The External Auditor of 2023 
financial statements (i.e. 
KPMG) has been invited and 
attended meetings as 
required. 
15. 
The AC Chair updated the Board members, at the quarterly meetings of the Board, on the material matters 
covered during the AC meetings. 
16. 
In 2023, 
the members 
of the 
AC have 
been invited 
and participated 
in the 
Board Risk 
Committee (BRC) 
meetings and similarly the members of the BRC have been invited and participated in the Audit Committee 
meetings (joint Audit Committee 
and Board Risk 
Committee meetings) for the 
discussion / approval of 
items 
that fall under the responsibility of both Committees. 
Highlights of Issues of Importance during 2023 
Internal Controls System and Risk Management 
17. 
The AC, in accordance with its Terms 
of Reference
, reviews the adequacy of the Internal Control and Risk 
Management systems and the compliance with rules 
and regulations of the monitoring process. 
18. 
Throughout the year 2023: 
●
 
the AC Members 
received update by 
IA and Compliance, 
covering matters of 
the System of 
Internal 
Controls, Risk Management, Compliance with rules and 
regulations and legal issues. 
●
 
significant weaknesses in internal 
controls and the progress of 
actions taken to address them, 
were 
presented 
in 
the 
Internal 
Audit 
Activity 
Report 
and 
several 
pending 
issues 
(including 
External 
Auditors’ Management Letter) were discussed with Management and the AC ensured that the time 
plans and deadlines will be followed up. 
●
 
the 
AC 
acknowledged 
the 
annual 
Internal 
Audit 
Evaluation 
Report 
of 
the 
System 
of 
Internal 
Controls, a 
requirement of 
the Bank 
of Greece 
Act 2577/9.3.2006. 
The said 
report along 
with the 
AC’s own assessment of the evaluation was 
further submitted to the BoD and 
subsequently to BoG 
in June 2023. 
●
 
in the context 
of the independent 
triennial Evaluation 
of the System 
of Internal 
Controls (SIC) 
per 
BoG 
Act 
2577/9.3.2006, 
the 
AC 
approved 
the 
proposed 
scope 
of 
the 
assignment 
and 
the 
appointment of the firm. 
●
 
in accordance with the provisions of Law 2533/1997, 
the AC reviewed reports on substantial stock 
transactions performed by the Company’s Directors and General Managers in listed securities and 
notified the Board. 
Internal Audit (IA) 
19. 
The Internal 
Audit (IA) 
function of 
HoldCo is 
independent (Internal 
Audit has 
a functional 
reporting line 
to 
the 
AC 
and 
a 
dotted 
reporting 
line 
for 
administrative 
matters 
to 
the 
CEO), 
adequately 
organized, 
has 
unrestricted access to any 
pertinent information and operates 
efficiently and effectively 
in compliance with 
the Standards of the Institute of Internal Auditors. 
20. 
During 2023, the AC: 
●
 
approved the revised Internal Audit Mandate and Terms 
of Reference (ToR). 
●
 
received confirmation from the Chief Internal Auditor (CIA) 
regarding IA’s 
independence for 2022. 
●
 
discussed the performance of the IA Annual Plan for 2022. 
●
 
approved and further submitted to the BoD for information 
the IA Annual Plan for 2024. 
●
 
monitored the progress of the IA Audit Plan for 2023 through the 
Activity Reports. 
●
 
at the Quarterly AC meetings, discussed the key highlights of the IA 
Activity Reports (including the 
follow-up of the external auditors’ Management Letter 
points). 
●
 
discussed 
the 
progress 
of 
the 
actions 
for 
resolution 
of 
a 
Very 
High 
risk 
finding 
identified 
in 
the 
beginning of 2022 (doValue 
Suspense Accounts). 
●
 
Carried out the assessment of the Internal Auditor’s performance for 2022. 

 
 
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Compliance 
21. 
The 
Compliance 
of 
HoldCo 
is 
a 
permanent 
and 
independent 
function 
(the 
Head 
of 
Compliance 
reports 
functionally to the 
AC and for administrative 
purposes to the 
CEO of Holdings) 
adequately organized, has 
unrestricted access to any pertinent information and operates efficiently 
and effectively. 
22. 
During 2023, the AC: 
●
 
approved the revised Compliance Mandate. 
●
 
approved and further submitted to the BoD for information the 
2024 Compliance Annual Plan. 
●
 
at the Quarterly AC meetings, discussed the key highlights 
of the Compliance Activity Reports. 
●
 
reviewed and depending 
on the case, 
approved or approved 
and further submitted 
to the BoD 
for 
approval / 
information a) 
the revised 
Code of 
Conduct and Ethics, 
b) the 
revised Policy for 
Reporting 
Illegal 
or 
Unethical 
Conduct 
and 
the 
appointment 
of 
Report 
Receiving 
& 
Monitoring 
Officer 
in 
Greece, c) the revised Group Antitrust Compliance Policy, d) the revised Compliance Policy, e) the 
revised Conflict of Interest 
Group Policy, f) the revised Anti-bribery and 
Corruption Policy and g) 
the 
revised Insider Dealing Guideline. 
●
 
In line with the BoG requirements, 
received the Annual Group 
Compliance Report as per 
BoG Act 
2577/9.3.2006 (including MiFID report) for acknowledgement. 
The said report along with the AC’s 
assessment was further submitted to the BoD and subsequently 
to the BoG in June 2022. 
●
 
Carried out the assessment of the performance of the Head of Compliance 
for 2022. 
Financial reporting 
23. 
The AC, in 
accordance with 
its Terms 
of Reference, 
monitors the financial 
reporting process 
and submits 
recommendations and proposals to ensure its integrity. In addition, it supervises and assesses whether the 
internal 
controls 
related 
to 
financial 
reporting 
are 
adequate 
and 
effective 
and 
that 
these 
controls 
are 
adjusted to reflect any major changes in the risk profile 
of Holdings. 
24. 
During the AC meetings in 2023: 
●
 
the 
AC, 
among 
others, 
reviewed 
and 
approved 
the 
quarterly 
results, 
semi-annual 
and 
annual 
Accounts 
and 
Financial 
Statements, 
Annual 
General 
Meeting 
(AGM) 
matters 
and 
matters 
of the 
External 
auditors. 
In 
addition, 
the 
AC 
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
Consolidated Pillar III report. 
●
 
Group 
Finance 
made 
presentations 
on 
issues 
such 
as 
accounting 
policies, 
critical 
accounting 
estimates, significant 
one-off items 
impacting the 
Financial Statements, 
major variations 
between 
periods, 
important 
disclosures, 
significant 
issues 
with 
tax 
authorities, 
as 
well 
as 
Group 
Control 
issues. 
●
 
IA performed a 
high level review 
of material submitted 
to the AC 
for the clearance 
of the financial 
results and reported significant items to the AC Chairman for 
his attention. 
●
 
with regards 
to the monitoring 
of the Actual 
vs Budget 
Report, the AC 
received quarterly 
updates 
by Group Finance which were subsequently presented to the 
BoD. 
External Auditors 
25. 
The 
AC, 
in 
accordance 
with 
its 
Terms 
of 
Reference, 
is 
responsible 
for 
the 
selection, 
performance 
and 
independence 
of the 
External 
Auditors, 
KPMG. 
In 
addition, 
the 
AC reviews 
the 
scope 
of 
audit 
work 
and 
audit approach 
and assesses 
the process 
for identifying 
and responding 
to key 
audit and 
internal control 
risks. 
 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
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26. 
During the AC meetings in 2023: 
●
 
KPMG presented its 2023 Audit Plan to the AC. The AC has also, in line with its ToR, reviewed the 
Engagement letter for the 2023 Statutory Audit of the 
Company. 
●
 
KPMG 
presented 
and 
discussed 
with 
the 
AC 
members 
a 
summary 
of 
audit 
work 
done, 
major 
findings, including a summary of unadjusted differences, 
and other issues of importance. 
27. 
The AC has 
received the 2022 
KPMG Management 
Letter (ML) and 
has discussed the 
issues raised with 
KPMG and Management. 
28. 
The annual assessment of the External Auditors for the 2022 audit was discussed by the AC members and 
Management. At the same 
AC meeting, the AC 
decided to propose to 
the BoD for approval 
and subsequent 
recommendation to the Annual General Meeting of shareholders 
for approval, the reappointment of KPMG 
as statutory auditors for 
the separate and consolidated 
Financial Statements of Eurobank 
Holdings for the 
financial year of 2023.
29. 
The AC has discussed and approved the Global Group Audit 
and assurance Fees of 2023. 
30. 
The 
AC 
has 
received 
the 
External 
Auditors’ 
Independence 
written 
confirmation, 
while 
it 
monitored 
the 
independence 
of 
the 
External 
Auditors 
through 
the 
Auditors 
independence 
monitoring 
tool 
submitted 
quarterly by 
Group Finance, 
depicting the 
value of 
non-audit services 
provided as 
compared to 
the limits 
set by 
the Group 
External Auditor’s 
Independence Policy 
that was 
also updated 
during 2023. 
In line 
with 
the Group 
External 
Auditor’s Independence 
Policy, 
the AC 
in 2023 
reviewed 
and approved 
all non-audit 
services including the audit assurance 
related work re Fairfax Financial 
Holdings (FFH) annual requirement 
on the reconciliation of IFRS consolidated Total Equity and Profit & Loss to U.S. GAAP, 
for the year ending 
31.12.2022, ensuring that the independence limits are 
complied with. 
31. 
The AC met with the External Auditors (with and without Management present) to discuss issues related to 
the audit, in addition to any significant issues related to 
the External Auditors’ audit plan. 
32. 
The AC reviewed the External Auditor’s Report and the Report on 
Key Audit Issues. 
33.
 
The AC approved the updated External Auditors Tendering 
Policy and Procedure, as well as the Key Audit 
Partner (KAP) selection/rotation policy as an addendum 
to it, based on market practices. 
34.
 
The AC discussed a 5-yr 
(2024-28) plan on the 
eligibility of audit firms for 
the statutory audit of 
the Group, 
including potential conflict 
of interest situations 
with eligible audit 
firms, based on 
Greek Law 4449/17 
and 
EU Reg 537/14, 
and requirements 
of the 
International Code 
of Ethics for 
Professional Accountants 
of the 
International Ethics Standards Board for Accountants (IESBA) 
AC’s Evaluation 
35.
 
The 
AC’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
HoldCo’s 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According 
to 
the 
AC’s 
2023 
self-evaluation, 
the 
AC 
members 
expressed 
satisfaction with 
the committee’s 
effectiveness and 
leadership. They 
commented the 
AC’s efficient 
use of 
time, well-planned 
meetings, and 
timely scheduling. The 
Chairperson of 
the AC was 
noted for being 
well-
prepared and skilled in guiding discussions through the agenda, fostering critical dialogue, and ensuring all 
members could express their views 
freely. Participants were also acknowledged for their preparedness and 
active engagement in vital discussions, demonstrating a commendable 
level of challenge. 
36.
 
However, 
the 
evaluation 
identified 
areas 
for 
improvement, 
notably 
the 
need 
for 
enhanced 
oversight 
on 
critical 
audit 
and 
compliance 
issues 
within 
major 
subsidiaries. 
There 
was 
also 
a 
call 
for 
strengthening 
cybersecurity 
mechanisms 
and 
Anti-Money 
Laundering 
(AML) 
controls 
and 
measures. 
Additionally, 
the 
evaluation emphasized the 
importance of providing 
training in new 
areas to enhance 
the skills of 
the Internal 
Audit 
Team. 
These 
areas 
of 
improvement 
were 
highlighted 
to 
further 
enhance 
the 
effectiveness 
and 
capabilities of the AC in fulfilling its responsibilities. 
 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
Other AC Matters 
37.
 
The AC 
has 
approved 
and 
notified the 
Board 
for further 
submission 
to the 
Annual 
General 
Meeting, 
the 
annual Activity Report for 2022. 
38.
 
The AC has discussed its annual Plan for 2024. 
Sustainability Overview 
39. 
The 
Group 
supports 
the 
sustainable 
transition 
of 
the 
economy 
and 
considers 
sustainability 
and 
climate 
change 
as an 
opportunity. 
A key 
strategic objective 
is 
to adapt 
its 
business 
and 
operation 
in 
a way 
that 
addresses climate change 
challenges, accommodate social 
needs within its banking 
business model, and 
safeguard 
prudent 
governance 
for itself 
and 
its counterparties, 
in accordance 
with 
supervisory 
initiatives 
and following international standards/ best practices. 
40. 
Committed 
to 
actively 
contributing 
to 
the 
achievement 
of 
the 
United 
Nations 
Sustainable 
Development 
Goals (SDGs) and the 2030 Agenda goals, Eurobank is a signatory of the UN Global Compact since 2008. 
In September 2019 
Eurobank signed the 
UNEP FI Principles 
for Responsible Banking 
(PRB), affirming 
its 
commitment to play an active role in implementing the SDGs and 
the Paris Agreement on Climate Change. 
In full 
compliance with 
its obligations 
relating to 
implementing the 
Principles, Eurobank 
has issued 
its 3
rd
 
PRB Progress Report as part of the Annual Report 2022 
– Business & Sustainability. 
41. 
Eurobank has expressed the Environmental, Social, Governance 
(ESG) aspect of its business through the 
lens of 
Impact generation. 
The Sustainability 
Strategy has 
been defined 
across two 
pillars of 
impact: the 
operational impact arising from its own activities 
and the financed impact resulting from the 
Bank’s lending 
and investing activities. 
42. 
Eurobank has 
designed, approved 
and currently 
implements the 
Sustainability 
Strategy including 
targets 
and commitments along the two key pillars. 
43. 
The Operational Impact Strategy comprises of 3 strategic 
pillars, namely: 
i. Environmental 
impact 
with 
the objective 
to 
minimize 
negative impact 
across 
the Bank’s 
value 
chain 
to 
promote environmental stewardship. The aim is to 
minimize Scope 1 and 2 
emissions, become a paperless 
banking network and extend circular economy practices. 
ii. Employer’s 
impact 
with 
the 
objective 
to 
empower 
people 
to 
perform 
at their 
best 
through 
an 
inclusive 
environment, 
promoting 
ethics 
and 
integrity. 
The 
aim 
is 
to 
embed 
a 
diverse 
and 
inclusive 
environment, 
encompass a wellbeing culture, along with stimulating 
an innovative environment. 
iii. 
Social 
and 
business 
impact 
with 
the 
objective 
to 
drive 
positive 
change 
for 
entrepreneurs 
and 
wider 
communities 
to 
foster 
sustainable 
development 
and 
ensure 
social 
prosperity. 
The 
aim 
is 
to 
intensify 
sustainability in 
procurement practices, 
rationalize Socio 
-Economic Impact 
as well 
as boost 
transparency 
and ESG capacity. 
44. 
The Financed Impact Strategy, 
applicable to lending and 
investment portfolios, leverages 
on the identified 
ESG 
and 
climate 
related 
opportunities 
and 
by 
assessing 
relevant 
risks 
aims 
to 
mitigate 
ESG 
& 
climate 
related risks for the Group’s portfolios. 
45. 
The 
Financed 
Impact 
Strategy 
is 
also 
directed 
on 
clients’ 
engagement 
and 
awareness 
to 
adapt 
their 
business in a 
way to address climate 
change challenges, actions for supporting 
customers in their transition 
efforts towards 
a more 
ESG-friendly economic 
environment, enablers 
and tools 
such as 
frameworks and 
products to underpin Sustainable 
Financing, as well as 
the assessment and management 
of climate-related 
material exposures. 
46. 
Climate Risk – 
The Group has 
recognized climate change 
as a material 
risk and based 
on its supervisory 
guidelines, is 
adapting 
its policies 
and methodologies 
for identifying 
and monitoring 
the relevant 
risks. In 
this context, 
a dedicated 
Climate-Related 
& 
Environmental 
Risks 
Materiality 
Assessment 
document 
was 
created,
outlining 
the 
Climate-Related 
and 
Environmental 
(CR&E) 
Risks’ 
Materiality 
Assessment 
of 
Eurobank Group. 
47.
 
Adopting a strategic approach for the management of risks and the identification of opportunities in relation 
to sustainability and climate change, the Bank follows, 
and accelerates where possible, a detailed roadmap 
prioritizing 
actions 
for 
the 
effective 
management 
of 
climate-related 
& 
environmental 
(CR&E) 
risk 
in 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
129
|
Page 
alignment 
with 
the 
supervisory 
expectations 
included 
at 
the 
ECB 
Guide 
on 
Climate
-Related 
and 
Environmental Risks. 
Also, the IA 
is informed and 
follows up 
the Climate 
Risk Roadmap, 
which has 
been 
agreed with the 
supervisor. 
The respective developments 
are considered in 
IA risk-based audit 
approach. 
With regard to the 
banking activity of 
HoldCo (i.e. Eurobank 
S.A. or the Bank), 
the Internal Audit 
Group of 
the Bank issued in 2023 one consulting report in the area (Pillar 
III disclosures on ESG risk). 
48. 
The Group has updated 
its governance structure 
by introducing and 
defining the roles and 
responsibilities 
in relation to 
ESG and climate 
related and environmental 
risks, embedding regulatory guidelines 
and market 
practices 
(both 
for 
transition 
risk 
and 
physical 
risk) 
within 
the 
3 
Lines 
of 
Defense. 
Moreover, 
the 
HoldCo/Bank BoD has assigned an executive member as the responsible 
BoD member for climate-related 
and 
environmental 
risks. 
The 
same 
member 
chairs 
the 
Eurobank 
ESG 
Management 
Committee, 
established by 
the Eurobank 
CEO.As part 
of his 
duties, the 
member responsible 
updates the 
Board Risk 
Committee (BRC) 
(in alignment 
with the 
BRC Terms 
of Reference) 
and the 
Board of 
Directors of 
HoldCo 
and Bank on climate change and environmental related risks 
at least on a semi-annually basis. 
49. 
Committed 
to 
being 
transparent 
and 
further 
enhancing 
its 
ESG 
approach 
as 
well 
as 
to 
ensure 
that 
the 
decision-making 
is 
in 
line 
with 
environmental 
protection 
and 
sustainability, 
Eurobank 
has 
established 
a 
monitoring dashboard with appropriate 
CR&E risks KPIs/ KRIs 
that are reported 
to the Senior 
Management, 
Management Body, as well as at Board level on a periodic basis, in order to 
safeguard efficient oversight of 
CR&E risks. 
The Group also 
developed and 
approved its 
CR&E Risks 
Management Policy 
which aims 
at 
fostering a 
holistic understanding 
of the 
effects 
of CR&E 
risks 
on its 
business 
model, as 
well as 
support 
decision-making 
regarding 
these 
matters 
and 
provide 
a 
robust 
governance 
under 
its 
Risk 
Management 
Framework. 
Moreover, 
the 
ESG 
Risk 
Assessment 
supports 
Eurobank’s 
business 
strategy 
and 
ESG 
risk 
awareness and ensures adherence to the Group’s 
risk appetite and credit policies. 
Jawaid Mirza 
AC Chairman 
March 20, 2024 

 
 
 
 
 
 
KPMG Certified Auditors S.A.
44 Syngrou Avenue
117 42 Athens, Greece
Telephone: 
+30 210 60 62 100
Fax: 
+30 210 60 62 111
Email: 
info@kpmg.gr
KPMG Certified Auditors S.A., a Greek Societe Anonyme and a member 
firm of the KPMG global organization of independent member firms affiliated 
with KPMG International Limited, a private English company limited by 
guarantee.All rights reserved.
Certified Auditors
GCR 001352601000
Independent Auditors’ 
Report
To 
the Shareholders of 
Eurobank Ergasias Services and Holdings S.A.
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We 
have 
audited 
the 
accompanying 
Separate 
and 
Consolidated 
Financial 
Statements 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(the 
“Company”) 
which 
comprise 
the 
Separate 
and 
Consolidated 
Balance 
Sheet 
as 
at 
31 December 
2023, 
the 
Consolidated 
Income 
Statement, 
the 
Separate 
and 
Consolidated Statements of Comprehensive Income, 
Changes in Equity and Cash Flow for the year 
then 
ended, and notes, comprising material accounting policies 
and other explanatory information.
In our 
opinion, the 
accompanying 
Separate and 
Consolidated 
Financial 
Statements present 
fairly, 
in all 
material 
respects, 
the 
separate 
and 
consolidated 
financial 
position 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings S.A. 
and its 
subsidiaries (the 
“Group”) as 
at 31 December 
2023, its 
separate and 
consolidated 
financial performance and 
its separate and 
consolidated cash flows 
for the 
year then ended, 
in accordance 
with International Financial Reporting Standards as adopted 
by the European Union.
Basis for Opinion
We conducted our 
audit in accordance with 
International Standards on Auditing 
(ISA), as incorporated in 
Greek 
legislation. 
Our 
responsibilities 
under 
those 
standards 
are 
further 
described 
in 
the 
Auditors’ 
Responsibilities for the Audit of 
the Separate and Consolidated Financial 
Statements section of our 
report. 
We are independent of the 
Company and the Group in 
accordance with the International Ethics 
Standards 
Board for Accountants 
International Code of Ethics 
for Professional Accountants, as 
incorporated in Greek 
legislation, and with 
the ethical requirements 
that are relevant 
to the audit 
of the separate 
and consolidated 
financial statements 
in Greece 
and we 
have fulfilled 
our other 
ethical responsibilities 
in accordance 
with 
the 
requirements 
of 
the 
applicable 
legislation. 
We 
believe 
that 
the 
audit 
evidence 
we 
have 
obtained 
is 
sufficient and appropriate to provide a basis for our 
opinion.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Audit Matters
Key audit 
matters are 
those matters, 
that, in 
our professional 
judgment, were 
of most 
significance 
in our audit of the Separate 
and Consolidated Financial 
Statements of the current period. 
These 
matters and the relevant significant assessed risks of material misstatement were addressed in 
the context of our audit of the 
Separate and Consolidated Financial 
Statements as a whole, and 
in forming our opinion thereon, and we do not provide a separate 
opinion on these matters.
Impairment allowance on loans and advances at amortised cost
See 
Notes 2.2.13
, 
3.1
, 
20
 
and
 
21
 
to the Consolidated Financial Statements.
The key audit matter
How the matter was addressed in our audit
Loans 
and 
advances 
to 
customers 
at 
amortized 
cost 
for 
the 
Group 
amounted 
to 
EUR 42 
773 million 
as at 
31 December 2023 
(2022: 
EUR 
43 
450 
million) 
and 
impairment 
allowance 
for 
expected 
credit 
losses 
(“ECL”) 
for the Group amounted to 
EUR 1 258 million 
as at 31 
December 2023 
(2022: 1 626 
million). 
The 
estimation 
of 
expected 
credit 
losses 
on 
loans 
and 
advances 
at 
amortised 
cost 
involves 
significant 
judgment 
and 
estimates. 
The 
key 
areas 
where 
we 
identified 
greater 
levels 
of 
management 
judgement 
and 
therefore, increased 
levels of 
audit focus 
in the 
Group’s estimation of ECL are:
●
 
Significant Increase 
in Credit Risk 
(“SICR”) 
– The identification of qualitative 
indicators 
for 
identifying 
a 
significant 
increase 
in 
credit 
risk 
for 
staging 
classification 
is 
judgmental 
taking 
also 
into 
account 
the 
current 
macroeconomic 
and 
geopolitical 
uncertainty. 
●
 
Model estimations – Inherently judgmental 
modelling 
and 
assumptions 
are 
used 
to 
estimate 
ECL 
which 
involves 
determining 
Probabilities of Default 
(“PD”), Loss Given 
Default (“LGD”), and Exposures 
at Default 
(“EAD”). 
ECL 
may 
be 
inappropriate 
if 
certain models or underlying assumptions, 
Our audit procedures included, among others:
Controls testing:
We 
tested 
relevant 
manual, 
general 
IT 
and 
automated 
controls 
over 
key 
systems 
used 
in 
the ECL process.
Main 
aspects 
of 
our 
controls 
testing 
involved 
evaluating the design and testing the operating 
effectiveness of the key controls over the: 
●
 
Completeness 
and 
accuracy 
of 
the 
key 
inputs into the IFRS 9 impairment models. 
●
 
Application of the staging criteria. 
●
 
Model validation. 
●
 
Management adjustments. 
Test 
of details:
Key 
aspects 
of 
our 
testing 
included, 
among 
others:
●
 
We performed substantive procedures 
on a 
sample 
basis 
in 
order 
to 
assess the 
SICR 
assessment 
for 
both 
corporate 
and 
retail 
portfolios. 
●
 
We 
assessed 
the 
appropriateness 
of 
management 
adjustments 
to 
the 
model 
driven 
ECL 
results, 
by 
considering 
the 
assumptions, 
reviewing 
calculations 
and 

 
 
 
 
 
their 
application 
or 
data 
used 
do 
not 
accurately 
predict 
defaults 
or 
recoveries 
over 
time 
or 
fail 
to 
reflect 
the 
estimated 
credit 
losses 
of 
loans 
and 
advances 
to 
customers. 
As 
a 
result, 
certain 
IFRS 
9 
models, model assumptions and 
data, are 
the 
key 
drivers 
of 
complexity 
and 
subjectivity in 
the Group’s 
calculation of 
the 
ECL estimate. 
●
 
Management 
adjustments 
– 
Adjustments 
to the model-driven ECL results are raised 
by 
management 
to 
address 
any 
known 
limitations 
or 
emerging 
trends 
as 
well 
as 
risks 
not 
captured 
by 
models. 
These 
adjustments 
are 
inherently 
uncertain 
and 
significant 
management 
judgement 
is 
involved especially 
in relation 
to the 
current 
macroeconomic 
and 
geopolitical 
environment. 
●
 
Macroeconomic 
Forward 
Looking 
Information 
scenarios 
– 
IFRS 
9 
requires 
the Group 
to measure 
ECL on 
an unbiased 
forward-looking basis reflecting a 
range of 
future 
economic 
conditions. 
Significant 
management 
judgement 
is 
applied 
in 
determining the 
forward-looking economic 
scenarios used, 
the probability 
weightings 
associated 
with 
the 
scenarios 
and 
the 
complexity 
of 
models 
used 
to 
derive 
the 
probability 
weightings 
applied 
to 
them, 
especially 
when 
considering 
the 
current 
macroeconomic 
and 
geopolitical 
environment. 
●
 
Individually 
assessed 
loans 
–The 
estimation of 
future cash 
flows, valuation 
of 
collateral 
and 
probability 
weighting 
of 
scenarios constitute 
assumptions with 
high 
estimation uncertainty. 
Disclosures 
in 
the 
Consolidated 
Financial 
Statements.
The 
disclosures 
regarding 
the 
Group’s 
application 
of 
IFRS 
9 
are 
key 
for 
the 
understanding 
of 
the 
significant 
judgements 
and material inputs to the 
IFRS 9 ECL results, 
as 
well 
as, 
to 
provide 
transparency 
of 
the 
credit risk exposures of the Group.
data 
used 
and 
inspecting 
the 
governance 
around these adjustments. 
●
 
We 
assessed 
the 
reasonableness 
and 
appropriateness 
of 
the 
macroeconomic 
variables’ 
forecasts, 
scenarios, 
weights, 
and models 
applied, with 
the support 
from 
our 
specialists. 
Our 
testing 
included 
benchmarking against external sources. 
●
 
We 
performed 
substantive 
procedures 
to 
assess 
the 
completeness and 
accuracy of 
critical data input used in the ECL models. 
●
 
We 
reperformed 
ECL 
calculations 
for 
lending 
exposures 
in 
all 
stages, 
with 
the 
support 
from 
our 
financial 
risk 
specialists 
and on a sample basis. 
●
 
We 
performed 
substantive 
procedures 
to 
assess 
the 
reasonableness 
of 
significant 
assumptions 
used 
in 
the 
measurement 
of 
impairment 
of 
individually 
assessed 
credit 
impaired 
exposures, 
including 
the 
assumptions 
used 
to 
estimate 
discounted 
future 
cash 
flows 
and 
the 
valuation 
of 
collaterals for 
which we 
have engaged 
our 
real estate valuation specialists. 
Our financial risk specialists assisted with the:
●
 
Assessment 
of 
the 
Group’s 
impairment 
methodologies conceptual soundness. 
●
 
Assessment 
of 
the 
Group’s 
impairment 
methodologies 
implementation 
by 
evaluating the risk 
parameter models used 
as 
well 
as, 
reperforming the 
calculation 
of 
certain risk parameters, on a sample basis. 
Assessing disclosures:
●
 
We 
evaluated 
the 
adequacy 
and 
appropriateness 
of 
the 
disclosures 
in 
the 
Financial 
Statements 
that 
address 
the 
uncertainty which 
exists when 
determining 
the ECL. In addition, we assessed whether 
the 
disclosure 
of 
the 
key 
judgements 
and 
assumptions 
was 
sufficiently 
clear 
and 
explanatory. 

 
 
 
 
 
 
 
 
 
 
 
Recognition of deferred tax assets
See 
Notes 2.2.16
, 
3.5
 
and
 
13
 
to the Consolidated Financial Statements.
The key audit matter
How the matter was addressed in our audit
The 
Group 
has 
recognized 
deferred 
tax 
assets 
of 
EUR 
3 
991 
million 
as 
at 
31 December 2023 (2022: 4 161 million).
The 
recognition 
and 
measurement 
of 
deferred 
tax 
assets 
is 
considered 
a 
key 
audit matter as 
it depends on 
estimates of 
future 
profitability, 
which 
requires 
significant 
judgement 
and 
includes 
the 
risk of management bias.
Significant 
judgement 
and 
especially 
complex assumptions 
and method, 
due to 
inherent 
uncertainties 
relate 
to 
the 
following:
●
The 
extent 
that 
there 
are 
probable 
future taxable profits that will 
allow the 
deferred 
tax 
asset 
amount 
to 
be 
recovered in the foreseeable future.
●
Forecast of future taxable 
profit, which 
is mainly impacted by macroeconomic 
forward-looking information.
Disclosures in the Consolidated Financial 
Statements
The 
disclosures 
regarding 
the 
Group’s 
application 
of 
the 
Standards 
in 
this 
area 
are 
key for 
the 
understanding of 
the 
key 
judgements 
surrounding 
the 
recoverability of deferred tax assets.
Our 
audit 
procedures, 
included, 
among 
others 
the 
following:
●
We assessed the design and implementation of 
controls 
relevant 
to 
the 
recognition 
and 
recoverability 
of 
deferred 
tax 
assets 
including 
the 
approval 
of 
three-year 
business 
plan 
and 
monitoring of actual results against budgeted. 
●
We 
evaluated 
the 
appropriateness 
of 
the 
assumptions 
used 
by 
management 
in 
the 
approved 
three-year 
business 
plan 
by 
comparing the 
revenue and 
growth projections 
to industry 
trends and 
ensuring consistency 
with 
strategic 
plans. 
We 
also 
evaluated 
the 
appropriateness 
of 
the 
assumptions 
used 
and 
the reasonableness of projections 
for the period 
that 
lies 
beyond 
the 
approved 
three-year 
business plan. 
●
We assessed the accuracy of 
forecasted future 
taxable 
profits 
by 
evaluating 
the 
accuracy 
of 
management’s 
projections 
of 
prior 
year 
by 
comparing them to actual results. 
●
We 
tested 
the 
accuracy 
of 
the 
relevant 
underlying 
data 
of 
the 
estimate, 
including 
the 
conversion 
of 
future 
accounting 
profits 
to 
taxable profits. 
●
Our 
tax 
specialists 
assisted 
to 
confirm 
the 
completeness and 
accuracy of 
the relevant 
tax 
adjustments that produce the taxable results. 
Assessing disclosures:
We evaluated the adequacy 
and appropriateness of 
the 
disclosures 
in 
the 
Consolidated 
Financial 
Statements 
that 
address 
the 
deferred 
tax 
asset 
recoverability. In addition, we assessed whether the 
disclosures of 
the key 
judgements and 
assumption 
were sufficiently clear and explanatory.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Use of IT systems relevant to the financial information
The key audit matter
How the matter was addressed in our audit
The Group’s 
financial reporting 
processes 
are 
dependent 
to 
a 
large 
extent 
on 
information 
produced 
by 
the 
Group’s 
Information 
Technology 
(IT) 
systems, 
and/or automated processes 
and controls 
(i.e. 
calculations, 
reconciliations) 
implemented in these systems.
The 
above 
is 
a 
key 
audit 
matter 
as 
the 
Group’s 
financial 
reporting 
systems 
rely 
heavily 
on 
complex 
information 
systems 
that 
process 
very 
large 
number 
of 
transactions. 
These 
IT 
systems 
function 
based 
on 
the 
operating 
effectiveness 
of 
internal 
controls 
in 
place 
to 
assure 
the 
completeness 
and 
accuracy 
as 
well 
as 
the 
security 
of 
the 
information 
of 
the 
Group 
that 
produce 
eventually 
the 
financial information to be included 
in the 
Consolidated Financial Statements.
We have evaluated 
in collaboration 
with our IT 
Audit 
specialists the general controls 
over the IT systems, 
databases 
and 
applications 
that 
support 
the 
financial reporting process of the Group.
For 
this 
purpose, 
we 
performed 
procedures 
as 
follows:
●
We 
evaluated 
the 
information 
security 
resilience of 
the Group 
by evaluating 
the design 
of key IT processes and 
controls over financial 
reporting. 
●
We 
evaluated 
the 
design 
of 
the 
relevant 
preventative and 
detective general 
IT 
controls 
over administration of 
access to programs 
and 
data for the systems in 
scope of our audit and, 
we tested 
the operating 
effectiveness of 
these 
relevant controls. 
●
We evaluated 
the design 
of the 
relevant general 
IT 
controls 
of 
the 
Group 
over 
program 
development, 
program 
change 
management 
and 
computer 
operations 
for 
the 
systems 
in 
scope of our audit and, we 
tested the operating 
effectiveness of these relevant controls. 
Other Information
The Board of Directors is responsible 
for the other information. The other 
information comprises 
the 
information included 
in the 
Board of 
Directors’ Report, 
for 
which reference 
is made 
in the 
“Report on Other Legal and Regulatory Requirements” and the Declarations of the Members of 
the Board of 
Directors but 
does not 
include the 
Separate and 
Consolidated Financial 
Statements 
and our Auditors’ Report thereon.
Our opinion 
on the 
Separate and 
Consolidated Financial Statements 
does not 
cover the 
other 
information and we do not express any form of assurance 
conclusion thereon.
In 
connection 
with 
our 
audit 
of 
the 
Separate 
and 
Consolidated 
Financial 
Statements, 
our 
responsibility 
is 
to 
read 
the 
other 
information 
and, 
in 
doing 
so, 
consider 
whether 
the 
other 
information is materially inconsistent with 
the Separate and Consolidated Financial 
Statements 

 
 
 
 
 
 
 
 
or our 
knowledge obtained 
in the 
audit, or 
otherwise appears 
to be 
materially misstated. 
If, based 
on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in 
this regard.
Responsibilities 
of 
the 
Board 
of 
Directors 
and 
Those 
Charged 
with 
Governance 
for the Separate and Consolidated Financial Statements
The Board 
of Directors is 
responsible for the 
preparation and fair 
presentation of the 
Separate 
and 
Consolidated 
Financial 
Statements 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
as 
adopted 
by 
the 
European 
Union, 
and 
for 
such 
internal 
control 
as 
the 
Board 
of 
Directors 
determines 
is 
necessary 
to 
enable 
the 
preparation 
of 
separate 
and 
consolidated 
financial statements that are free from material misstatement, 
whether due to fraud or error.
In 
preparing 
the 
Separate 
and 
Consolidated 
Financial 
Statements, 
the 
Board 
of 
Directors 
is 
responsible for assessing 
the Company’s and 
the Group’s ability 
to continue as 
a going concern, 
disclosing, as applicable, matters related 
to going concern and using the 
going concern basis of 
accounting unless the Board of 
Directors either intends to 
liquidate the Company and 
the Group 
or to cease operations, or has no realistic alternative but to do 
so. 
The 
Audit 
Committee 
of 
the 
Company 
is 
responsible 
for 
overseeing 
the 
Company’s 
and 
the 
Group’s financial reporting process.
Auditor’s 
Responsibilities 
for 
the 
Audit 
of 
the 
Separate 
and 
Consolidated 
Financial Statements
Our 
objectives 
are 
to 
obtain 
reasonable 
assurance 
about 
whether 
the 
Separate 
and 
Consolidated Financial 
Statements as 
a whole 
are free 
from material 
misstatement, whether 
due 
to fraud 
or error, 
and to 
issue an 
auditors’ report 
that includes 
our opinion. 
Reasonable assurance 
is a high 
level of assurance, but 
is not a 
guarantee that an audit 
conducted in accordance with 
ISAs 
which 
have 
been 
incorporated 
in 
Greek 
legislation 
will 
always 
detect 
a 
material 
misstatement 
when 
it 
exists. Misstatements 
can arise 
from 
fraud 
or 
error and 
are 
considered 
material if, individually 
or in 
the aggregate, they 
could reasonably be 
expected to influence the 
economic decisions of 
users taken on 
the basis of 
these Separate and 
Consolidated Financial 
Statements.
As part of an audit in accordance with ISAs, which have 
been incorporated in Greek legislation, 
we exercise 
professional judgment 
and maintain professional 
skepticism throughout the 
audit. 
We also:
●
 
Identify 
and 
assess 
the 
risks 
of 
material 
misstatement 
of 
the 
separate 
and 
consolidated 
financial statements, 
whether due 
to fraud 
or error, 
design and 
perform audit 
procedures 
responsive 
to 
those 
risks, 
and 
obtain 
audit 
evidence 
that 
is 
sufficient 
and 
appropriate 
to 
provide a basis 
for our opinion. The 
risk of not 
detecting a material misstatement resulting 
from fraud 
is higher 
than for 
one resulting 
from error, as 
fraud may 
involve collusion, 
forgery, 
intentional omissions, misrepresentations, or the override of internal control. 
●
 
Obtain 
an 
understanding of 
internal 
control 
relevant 
to 
the 
audit 
in 
order 
to 
design 
audit 

 
 
 
procedures that are appropriate in 
the circumstances, but not 
for the purpose of expressing 
an opinion on the effectiveness of the Company’s and the Group’s internal control. 
●
 
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting estimates and related disclosures made by the Board of Directors. 
●
 
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis 
of 
accounting and, 
based on 
the audit 
evidence obtained, 
whether a 
material uncertainty 
exists related to events or conditions 
that may cast significant doubt on 
the Company’s and 
the Group’s ability 
to continue 
as a going 
concern. If we 
conclude that 
a material 
uncertainty 
exists, we are required to draw attention in our auditors’ report to the related disclosures in 
the Separate 
and Consolidated 
Financial Statements 
or, if such disclosures 
are inadequate, 
to modify our opinion. Our conclusions are based on the 
audit evidence obtained up to the 
date of our auditors’ report. However, 
future events or conditions may cause the Company 
or the Group to cease to continue as a going concern. 
●
 
Evaluate the overall presentation, structure, and content of the Separate and Consolidated 
Financial Statements, 
including the 
disclosures, and 
whether the 
separate and 
consolidated 
financial 
statements 
represent 
the 
underlying 
transactions 
and 
events 
in 
a 
manner 
that 
achieves fair presentation. 
●
 
Obtain sufficient 
appropriate audit 
evidence regarding 
the financial 
information of 
the entities 
or 
business 
activities 
within 
the 
Group 
to 
express 
an 
opinion 
on 
these 
Consolidated 
Financial Statements. 
We are 
responsible for 
the direction, 
supervision, and 
performance 
of the group audit. We remain solely responsible for our audit opinion. 
We 
communicate 
with 
those 
charged 
with 
governance 
regarding, 
among 
other 
matters, 
the 
planned 
scope 
and 
timing 
of 
the 
audit 
and 
significant 
audit 
findings, 
including any 
significant 
deficiencies in internal control that we identify during our audit.
We also 
provide those 
charged with 
governance with 
a statement 
that we 
have complied 
with 
relevant 
ethical 
requirements 
regarding 
independence 
and 
communicate 
with 
them 
all 
relationships and 
other matters 
that may 
reasonably be 
thought to 
bear on 
our independence, 
and where applicable, related safeguards.
From 
the 
matters 
communicated 
with 
those 
charged 
with 
governance, 
we 
determine 
those 
matters that 
were of most 
significance in the 
audit of the 
Separate and Consolidated 
Financial 
Statements 
of 
the 
current 
period 
and 
are 
therefore the 
key 
audit 
matters. We 
describe 
these 
matters 
in 
our 
auditors’ 
report 
unless 
law 
or 
regulation 
precludes 
public 
disclosure 
about 
the 
matter 
or 
when, 
in 
extremely 
rare 
circumstances, 
we 
determine 
that 
a 
matter 
should 
not 
be 
communicated in our report 
because the adverse consequences of 
doing so would reasonably 
be expected to outweigh the public interest benefits of such 
communication.
Report on Other Legal and Regulatory Requirements
1 
Board of Directors’ Report
The Board of Directors is responsible for the preparation of the Board of Directors’ Report and 
the Corporate 
Governance Statement 
that is 
included in 
this report. 
Our opinion 
on the 
financial 

 
 
 
 
 
 
 
 
 
 
 
 
statements 
does 
not 
cover 
the 
Board 
of 
Directors’ 
Report 
and 
we 
do 
not 
express 
an 
audit 
opinion thereon. Our 
responsibility is to 
read the 
Board of 
Directors’ Report and, 
in doing 
so, 
consider 
whether, 
based 
on 
our 
financial 
statements 
audit 
work, 
the 
information 
therein 
is 
materially misstated 
or inconsistent 
with the 
financial statements 
or our 
audit knowledge. 
Based 
solely 
on 
that 
work 
pursuant 
to 
the 
provisions 
of 
paragraph 5 
of 
Article 2 
of 
L. 4336/2015 
(part B), we note that:
a)
 
The 
Board 
of 
Directors’ 
Report 
includes 
a 
Corporate 
Governance 
Statement 
which 
provides the information set by Article 152 of L. 4548/2018. 
b)
 
In our 
opinion, the Board 
of Directors’ Report 
has been prepared 
in accordance with 
the 
applicable legal requirements of Articles 150-151 and 153-154 and of paragraph 
1 (cases 
c and d) of 
article 152 of L. 4548/2018 
and its contents 
correspond with the 
accompanying 
Separate and Consolidated Financial Statements for the year ended 
31 December 2023. 
c)
 
Based on 
the knowledge 
acquired during 
our audit, 
relating to 
Eurobank Ergasias 
Services 
and Holdings S.A. and 
its environment, we have 
not identified any material 
misstatements 
in the Board of Directors’ Report. 
2 
Additional Report to the audit Committee 
Our audit 
opinion on 
the Separate 
and Consolidated 
Financial Statements 
is consistent 
with 
the Additional Report to the Audit Committee of the Company dated 29 
March 2024, pursuant 
to the requirements of article 11 of the Regulation 537/2014 of the European Union (EU).
3 
Provision of non Audit Services 
We have 
not provided to 
the Company and 
its subsidiaries any 
prohibited non-audit services 
referred to in article 5 of Regulation (EU) 537/2014.
The permissible non-audit services that 
we have provided to the Company 
and its subsidiaries 
during 
the 
year 
ended 
31 December 
2023 
are 
disclosed 
in 
Notes 
20 
and 
46 
of 
the 
accompanying Separate and Consolidated Financial Statements, 
respectively.
4 
Appointment of Auditors 
We were 
appointed for 
the first 
time as 
Certified Auditors 
of the 
Company based 
on the 
decision 
of 
the 
Annual 
General 
Shareholders’ 
Meeting 
dated 
10 
July 
2018. 
From 
then 
onwards 
our 
appointment 
has 
been 
renewed 
uninterruptedly 
for 
a 
total 
period 
of 
six 
years 
based 
on 
the 
annual decisions of the General Shareholders’ Meeting.
5 
Operations Regulation 

 
 
 
The Company 
has an 
Operations Regulation 
in accordance 
with the 
content provided 
by the 
provisions of the article 14 of L. 4706/2020.
6 
Assurance Report on the European Single Electronic Reporting Format 
We examined the 
digital files of 
the company Eurobank Ergasias 
Services and Holdings 
S.A. 
(the Company 
or/and Group), 
which were 
prepared in 
accordance with 
the European 
Single 
Electronic 
Format 
(ESEF) 
that 
is 
determined 
by 
the 
Commission 
Delegated 
Regulation 
(EU) 2019/815, 
as 
amended 
by 
the 
Regulation (EU) 2020/1989 
(the 
ESEF 
Regulation) 
that 
include the 
Separate and Consolidated 
Financial Statements of 
the Company and 
the Group 
for the year ended as at 31 December 2023 in XHTML format (JEUVK5RWVJEN8W0C9M24-
2023-12-31-en.xhtml), 
and 
also 
the 
file 
XBRL 
(JEUVK5RWVJEN8W0C9M24-2023-12-31-
en.zip) with the 
appropriate mark-up of 
the those consolidated 
financial statements, including 
of the Notes to the Consolidated Financial Statements. 
Regulatory framework
The digital files of the European Single Electronic Format are prepared in accordance with the 
ESEF Regulation and the 2020/C 
379/01 Commission Interpretative Communication 
issued on 
10 November 2020, 
as required 
by the 
L. 3556/2007 and 
the relevant 
announcements of 
the 
Hellenic Capital Markets Commission and the 
Athens Stock Exchange (the “ESEF Regulatory 
Framework”).
This Framework includes in summary, among others, the following requirements:
●
 
All the annual financial reports must be prepared in XHTML format. 
●
 
With 
respects 
to 
the 
consolidated 
financial 
statements 
based 
on 
International Financial 
Reporting Standards (IFRS), the financial information that is included in the Consolidated 
Balance 
Sheet, 
Consolidated 
Statements 
of 
Income 
and 
Comprehensive 
Income, 
Changes in Equity 
and Cash Flow, 
as well as 
in the Notes 
to the Consolidated 
Financial 
Statements, must be 
marked up with 
XBRL tags, in 
accordance with 
the ESEF Taxonomy, 
as in force. 
The technical 
requirements for the 
ESEF, including the relevant taxonomy, are 
included 
in 
the 
ESEF 
Regulatory 
Technical 
Standards, 
including 
of 
the 
Notes 
to 
the 
Consolidated Financial Statements. 
The requirements 
as defined 
in the 
ESEF Regulatory 
Framework as 
in force 
are appropriate 
criteria in order to express a reasonable assurance conclusion.
Responsibilities of the Board of Directors and those charged with governance
The 
Board 
of 
Directors 
is 
responsible 
for 
the 
preparation 
and 
filing 
of 
the 
Separate 
and 
Consolidated Financial 
Statements of 
the Company 
and the 
Group, for 
the year 
ended as 
at 
31 December 2023, in accordance with the requirements determined by 
the ESEF Regulatory 
Framework, and for such internal control as the Board 
of Directors determines is necessary to 
enable the preparation of 
digital files that are 
free from material misstatement, whether 
due to 
fraud or error.
Auditors’ Responsibilities
Our 
responsibility 
is 
the 
planning 
and 
the 
execution 
of 
this 
assurance 
engagement 
in 

accordance 
with 
the 
214/4/11-02-2022 
Decision 
of 
the 
Hellenic 
Accounting 
and 
Auditing 
Standards Oversight 
Board and 
the 
Guidelines for 
the 
assurance engagement 
and report 
of 
Certified Auditors on the 
European Single Electronic Reporting Format 
(ESEF) of issuers with 
shares listed in a 
regulated market in 
Greece”, as these 
were issued by 
the Institute of 
Certified 
Public Accountants of Greece on 14 February 2022 (the 
“ESEF Guidelines”), in order to obtain 
reasonable 
assurance 
that 
the 
Separate 
and 
Consolidated 
Financial 
Statements 
of 
the 
Company and 
the Group 
that are 
prepared by 
the the 
Board of 
Directors of 
the Company 
in 
accordance with 
the ESEF 
comply in 
all material 
respects with 
the ESEF 
Regulatory Framework 
as in force.
Our 
work 
was 
performed 
in 
accordance 
with 
the 
International 
Ethics 
Standards 
Board 
for 
Accountants’ 
Code 
of 
Ethics 
for 
Professional 
Accountants, 
as 
it 
has 
been 
incorporated 
into 
Greek legislation 
and we 
have also 
fulfilled our 
independence requirements, 
in accordance 
with 
the L. 4449/2017 and the Regulation (EU) 537/2014.
The 
assurance work 
that 
we 
carried out 
refers exclusively 
to 
the 
ESEF Guidelines 
and 
was 
conducted in 
accordance with 
the International 
Standard on 
Assurance Engagements 
3000, 
“Assurance 
Engagements 
other 
than 
Audits 
or 
Reviews 
of 
Historical 
Financial 
Information”. 
Reasonable 
assurance 
is 
a 
high 
level 
of 
assurance 
but 
is 
not 
a 
guarantee 
that 
such 
an 
assurance engagement will always detect 
a material misstatement regarding non-compliance 
with the requirements of the ESEF Regulation.
Conclusion
Based 
on 
the 
procedures performed 
and the 
evidence obtained, 
we 
express the 
conclusion 
that the 
Separate and Consolidated 
Financial Statements of 
the Company and 
the Group 
for 
the 
year 
ended 
as 
of 
31 December 
2023 
in 
XHTML 
format 
(JEUVK5RWVJEN8W0C9M24-
2023-12-31-en.xhtml), 
and 
the 
XBRL 
file 
(JEUVK5RWVJEN8W0C9M24-2023-12-31-en.zip) 
marked up with respects to 
the Consolidated Financial Statements, including the Notes to 
the 
Consolidated Financial 
Statements, have 
been prepared, 
in all 
material respects, 
in accordance 
with the requirements of the ESEF Regulatory Framework.
Athens, 29 March 2024
KPMG Certified Auditors S.A. 
AM SOEL 114 
Harry Sirounis, Certified Auditor 
AM SOEL 19071

CONSOLIDATED 
FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 
31 DECEMBER 2023 
8 Othonos Str, Athens 
105 57, 
Greece 
eurobankholdings.gr, 
Tel.: (+30) 214 40 61000 
General Commercial 
Registry No: 000223001000

 
 
.
 
.
 
Index to the Consolidated Financial Statements ................................................................................................ 
................................ Page 
Consolidated Balance Sheet ................................................................................................................................ 
..................................... 
1 
Consolidated Income Statement ................................................................................................ 
.............................................................. 
2 
Consolidated Statement of Comprehensive 
Income ................................................................................................................................ 
3 
Consolidated Statement of Changes in Equity .......................................................................................................................................... 
4 
Consolidated Cash Flow Statement .......................................................................................................................................................... 5 
Notes to the Consolidated Financial Statements 
1. 
General information ................................................................................................ 
........................................................................ 
6 
2. 
Basis of preparation and material accounting 
policies 
.................................................................................................................... 6 
2.1 
Basis of preparation ......................................................................................................................................................................... 
6 
2.2 
Material accounting policies .......................................................................................................................................................... 
11 
2.3 
Impact of IFRS 17 adoption by a Group’s 
associate 
....................................................................................................................... 39 
3. 
Critical accounting estimates and judgments 
in applying accounting policies .............................................................................. 
40 
4. 
Capital Management ................................................................................................................................ 
..................................... 
49 
5. 
Financial risk management and fair value ................................................................................................ 
..................................... 
52 
5.2.1 Credit Risk ...................................................................................................................................................................................... 
54 
5.2.2 Market risk 
................................................................................................................................................................ 
..................... 
87 
5.2.3 Liquidity risk 
................................................................................................................................................................ 
................... 
92 
5.2.4 Interest Rate Benchmark reform 
-IBOR reform .............................................................................................................................. 
95 
5.2.5 Climate-related and environmental 
risks ...................................................................................................................................... 95 
5.3 
Fair value of financial assets and liabilities .................................................................................................................................... 
96 
6. 
Net interest income ..................................................................................................................................................................... 100 
7. 
Net banking fee and commission income .................................................................................................................................... 
101 
8. 
Income from non banking services .............................................................................................................................................. 
102 
9. 
Net trading income and gains less losses from investment 
securities ........................................................................................ 102 
10. 
Other income/ (expenses) ........................................................................................................................................................... 103 
11. 
Operating expenses ..................................................................................................................................................................... 103 
12. 
Other impairments, risk provisions and restructuring costs ........................................................................................................ 
105 
13. 
Income tax ................................................................................................................................................................................... 105 
14. 
Earnings per share ................................................................................................................................................................ 
....... 
109 
15. 
Cash and balances with central banks ......................................................................................................................................... 
110 
16. 
Cash and cash equivalents and other information 
on cash flow statement 
................................................................................ 
111 
17. 
Due from credit institutions 
......................................................................................................................................................... 111 
18. 
Securities held for trading................................................................ 
............................................................................................ 
112 
19. 
Derivative financial instruments and hedge 
accounting.............................................................................................................. 112 
20. 
Loans and advances to customers ............................................................................................................................................... 116 

 
 
.
 
.
 
21. 
Impairment allowance for loans and advances to 
customers ..................................................................................................... 
120 
22. 
Investment securities 
................................................................................................................................................................ 
... 
122 
23. 
Group composition ...................................................................................................................................................................... 
125 
23.1. Shares in subsidiaries 
................................................................................................................................................................ 
... 
125 
23.2. Acquisition of BNP Paribas Personal Finance Bulgaria 
by Eurobank Bulgaria A.D. ...................................................................... 
129 
24. 
Investments in associates and joint 
ventures 
.............................................................................................................................. 130 
25. 
Structured Entities ....................................................................................................................................................................... 
134 
26. 
Property and equipment ................................................................................................ 
............................................................. 
137 
27. 
Investment property .................................................................................................................................................................... 
138 
28. 
Intangible assets .......................................................................................................................................................................... 140 
29. 
Other assets 
................................................................................................................................................................ 
................. 
140 
30. 
Disposal groups classified as held for sale and discontinued 
operations .................................................................................... 
141 
31. 
Due to central banks .................................................................................................................................................................... 
143 
32. 
Due to credit institutions ............................................................................................................................................................. 
143 
33. 
Due to customers 
................................................................................................................................................................ 
......... 
143 
34. 
Debt securities in issue ................................................................................................................................................................ 
143 
35. 
Other liabilities ................................................................................................................................ 
............................................ 
145 
36. 
Standard legal staff retirement 
indemnity obligations and termination benefits ....................................................................... 
146 
37. 
Share capital, share premium and treasury shares ................................ 
..................................................................................... 
148 
38. 
Reserves and retained earnings 
................................................................................................................................................... 149 
39. 
Share options 
................................................................................................................................................................ 
............... 
150 
40. 
Transfers 
of financial assets 
......................................................................................................................................................... 151 
41. 
Leases ................................................................................................................................................................ 
.......................... 
152 
42. 
Contingent liabilities and other commitments ............................................................................................................................ 154 
43. 
Operating segment information .................................................................................................................................................. 155 
44. 
Post balance sheet events ................................................................................................................................ 
........................... 
159 
45. 
Related parties 
................................................................................................................................................................ 
............. 
159 
46. 
External Auditors ................................................................................................................................................................ 
......... 
161 
47. 
Board of Directors 
................................................................................................................................................................ 
........ 
162 
APPENDIX – Disclosures under Law 4261/2014 ................................................................ 
................................................................... 
163

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheet 
.
1
|
Page
 
31 December 2023 Consolidated Financial Statements 
31 December 
2023 
2022 
Restated ⁽¹⁾ 
Note 
€ million 
€ million 
ASSETS 
Cash and balances with central banks 
15 
10,943
14,994
Due from credit institutions 
17 
2,354
1,329
Securities held for trading 
18 
379
134
Derivative financial instruments 
19 
881
1,185
Loans and advances to customers 
20 
41,545
41,677
Investment securities 
22 
14,710
13,261
Investments in associates and joint ventures 
24 
541
187
Property and equipment 
26 
773
775
Investment property 
27 
1,357
1,410
Intangible assets 
28 
334
297
Deferred tax assets 
13 
3,991
4,161
Other assets 
29 
1,767
1,980
Assets of disposal groups classified as held for sale 
30 
206
84
Total assets 
79,781
81,474
LIABILITIES 
Due to central banks 
31 
3,771
8,774
Due to credit institutions 
32 
3,078
1,814
Derivative financial instruments 
19 
1,450
1,661
Due to customers 
33 
57,442
57,239
Debt securities in issue 
34 
4,756
3,552
Other liabilities 
35 
1,385
1,702
Total liabilities 
71,882
74,742
EQUITY 
Share capital 
37 
818
816
Share premium 
37 
1,161
1,161
Reserves and retained earnings 
38 
5,920
4,660
Equity attributable to shareholders of the Company 
7,899
6,637
Non controlling interests 
0
95
Total equity 
7,899
6,732
Total equity and liabilities 
79,781
81,474
 
(1)
 
The comparative 
information has 
been restated 
due to 
the retrospective 
application of 
IFRS 17 
by the 
Group's associate 
Eurolife FFH 
Insurance 
Group Holdings S.A. (note 2.3).
 
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Income Statement
 
.
2
|
Page
 
31 December 2023 Consolidated Financial Statements 
Year ended 31 December 
2023 
2022 
Restated⁽¹⁾ 
Note 
€ million 
€ million 
Interest income 
4,454
2,226
Interest expense 
(2,280)
(746)
Net interest income 
6 
2,174
1,480
Banking fee and commission income 
570
554
Banking fee and commission expense 
(123)
(127)
Net banking fee and commission income 
7 
447
427
Income from non banking services 
8 
97
95
Net trading income/(loss) 
9 
71
725
Gains less losses from investment securities 
9 
57
(9)
Other income/(expenses) 
10 
68
323
Operating income 
2,914
3,041
Operating expenses 
11 
(915)
(857)
Profit from operations before impairments, 
risk provisions and restructuring costs 
1,999
2,184
Impairment losses relating to loans and 
advances to customers 
21 
(412)
(276)
Other impairments, risk provisions and related costs 
12 
(96)
(103)
Restructuring costs 
12 
(37)
(89)
Share of results of associates and joint ventures 
24 
88
35
Profit before tax from continuing operations 
1,542
1,751
Income tax 
13 
(261)
(406)
Net profit from continuing operations 
1,281
1,345
Net profit/(loss) from discontinued operations 
30 
(153)
2
Net profit 
1,128
1,347
Net profit/(loss) attributable to non controlling interests 
(12)
0
Net profit attributable to shareholders 
1,140
1,347
€ 
€ 
Earnings per share 
-Basic and diluted earnings per share 
14 
0.31
0.36
Earnings per share from continuing operations 
-Basic and diluted earnings per share 
14 
0.34
0.36
(1)
The comparative information has been adjusted 
due to a) the retrospective application 
of IFRS 17 by the Group’s 
associate Eurolife FFH Insurance 
Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna a.d. disposal group as discontinued (note 30).
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statement of Comprehensive Income 
.
3
|
Page
 
31 December 2023 Consolidated Financial Statements 
Year ended 31 December 
2023 
2022 
Restated⁽¹⁾ 
€ million 
€ million 
Net profit 
1,128
1,347
Other comprehensive income: 
Items that are or may be reclassified subsequently to 
profit or loss: 
Cash flow hedges 
- changes in fair value, net of tax 
19
5
- transfer to net profit, net of tax 
(21)
(2)
(5)
(0)
Debt securities at FVOCI 
- changes in fair value, net of tax (note 22) 
188
(547)
- transfer to net profit, net of tax (note 22) 
(104)
84
222
(325)
Foreign currency translation 
- foreign operations' translation differences 
1
1
- transfer to net profit on the sale/liquidation of 
foreign subsidiaries (note 23.1) 
122
123
76
77
Associates and joint ventures 
- changes in the share of other comprehensive 
income, net of tax (note 24) 
(4)
(4)
(2)
(2)
201
(250)
Items that will not be reclassified to profit or loss: 
- Gains/(losses) from equity securities at 
FVOCI, net of tax 
18
24
- Actuarial gains/(losses) on post employment 
benefit obligations, net of tax 
(2)
4
16
28
Other comprehensive income 
217
(222)
 
Total comprehensive 
income attributable to: 
Shareholders 
- from continuing operations 
1,371
1,127
- from discontinued operations 
(15)
(1)
Non controlling interests 
- from continuing operations 
0
0
- from discontinued operations 
(11)
(1)
1,345
1,125
(1)
 
The comparative information has been adjusted 
due to a) the retrospective application of IFRS 
17 by the Group’s 
associate Eurolife FFH Insurance 
Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna a.d. disposal group as discontinued (note 30).
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity 
.
4
|
Page
 
31 December 2023 Consolidated Financial Statements 
Share 
capital 
Share 
premium 
Reserves and 
retained 
earnings 
Non 
controlling 
interests 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 2022 
816
8,056
(3,333)
96
5,635
Restatement due to adoption of IFRS 17 by a Group's associate 
(note 2.3) 
-
 
-
 
(33)
-
 
(33)
Balance at 1 January 2022, as restated 
816
8,056
(3,366)
96
5,602
Net profit (restated, note 2.3) 
-
 
-
 
1,347
0
1,347
Other comprehensive income (restated note 2.3) 
-
 
-
 
(221)
(1)
(222)
Total comprehensive income for 
the 
year ended 31 December 2022 
-
 
-
 
1,126
(1)
1,125
Offsetting of equity accounts 
-
 
(6,895)
6,895
-
 
-
 
Share options plan 
0
0
4
-
 
4
Purchase/sale of treasury shares 
-
 
-
 
1
-
 
1
0
(6,895)
6,900
-
 
5
Balance at 31 December 2022 (as restated) 
816
1,161
4,660
95
6,732
Balance at 1 January 2023 
816
1,161
4,660
95
6,732
Net profit 
-
 
-
 
1,140
(12)
1,128
Other comprehensive income 
-
 
-
 
216
1
217
Total comprehensive income for 
the year ended 31 December 2023 
-
 
-
 
1,356
(11)
1,345
Changes in participating interests in subsidiary undertakings 
-
 
-
 
-
 
(83)
(83)
Share options plan (note 39) 
1
0
7
-
 
8
Purchase/sale of treasury 
shares (notes 37 and 38) 
-
 
-
 
(100)
-
 
(100)
Other 
-
 
-
 
(3)
-
 
(3)
1
0
(96)
(83)
(178)
Balance at 31 December 2023⁽¹⁾ 
818
1,161
5,920
0
7,899
Note 37 
Note 37 
Note 38 
(1)
 
The changes in equity for the year ended 31 December 2023 do not sum to the totals provided due to rounding.
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated 
Cash Flow Statement 
.
5
|
Page
 
31 December 2023 Consolidated Financial Statements 
Year ended 31 December 
2023 
2022 
restated⁽¹⁾ 
Note 
€ million 
€ million 
Cash flows from continuing operating activities 
Profit before income tax from continuing operations 
1,542
1,751
Adjustments for : 
Impairment losses relating to loans and advances to customers 
21 
412
276
Other impairments, risk provisions and restructuring costs 
12 
133
192
Depreciation and amortisation 
11 
120
117
Other (income)/losses οn investment securities 
16 
 
(70)
 
(15)
Valuation of investment property 
10 
 
(6)
 
(34)
Other adjustments 
16 
 
(153)
 
(260)
1,978
2,027
Changes in operating assets and liabilities 
Net (increase)/decrease in cash and balances with central banks 
104
 
(246)
Net (increase)/decrease in securities held for trading 
 
(260)
0
Net (increase)/decrease in due from credit institutions 
 
(447)
1,048
Net (increase)/decrease in loans and advances to customers 
 
(1,517)
 
(3,124)
Net (increase)/decrease in derivative financial instruments 
 
(62)
868
Net (increase)/decrease in other assets 
158
247
Net increase/(decrease) in due to central banks and 
credit institutions 
 
(3,637)
 
(2,073)
Net increase/(decrease) in due to customers 
1,730
3,925
Net increase/(decrease) in other liabilities 
 
(313)
155
 
(4,244)
800
Income tax paid 
 
(64)
 
(45)
Net cash from/(used in) continuing operating activities 
 
(2,330)
2,782
Cash flows from continuing investing activities 
Acquisition of fixed and intangible assets 
26,27,28 
 
(140)
 
(153)
Proceeds from sale of fixed and intangible assets 
26,27 
33
121
(Purchases)/sales and redemptions of investment securities 
 
(1,287)
 
(2,950)
Acquisition of subsidiaries, net of cash acquired 
23 
 
(440)
-
 
Acquisition of holdings in associates and joint ventures, participations in capital increases 
24 
 
(73)
-
 
Disposal of subsidiaries and merchant acquiring business, net of cash disposed 
10,23,30 
 
(425)
281
Disposal/liquidation of holdings in associates and joint ventures 
24 
3
26
Dividends from investment securities, associates and 
joint ventures 
16,24 
15
21
Net cash from/(used in) continuing investing activities 
 
(2,314)
 
(2,654)
Cash flows from continuing financing activities 
(Repayments)/proceeds from debt securities in issue 
16 
1,048
1,059
Repayment of lease liabilities 
41 
 
(40)
 
(37)
(Purchase)/sale of treasury shares 
and exercise of share options 
37 
 
(99)
1
Net cash from/(used in) continuing financing activities 
909
1,023
Net increase/(decrease) in cash and cash equivalents from continuing operations 
 
(3,735)
1,151
Net cash flows from discontinued operating activities 
148
93
Net cash flows from discontinued investing activities 
44
 
(3)
Net cash flows from discontinued financing activities 
 
(1)
 
(3)
Effect of exchange rate 
changes on cash and cash equivalents 
1
1
Net increase/(decrease) in cash and cash equivalents from discontinued operations 
192
88
Cash and cash equivalents at beginning of year 
16 
14,388
13,149
Cash and cash equivalents at end of year 
16 
10,845
14,388
(1)
 
The comparative information has been adjusted 
due to a) the retrospective application of IFRS 
17 by the Group’s 
associate Eurolife FFH Insurance 
Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna a.d. disposal group as discontinued (note 30).
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements.

 
 
Notes to the Consolidated Financial Statements 
.
6
|
Page
 
31 December 2023 Consolidated Financial Statements
1. 
General information
Eurobank Ergasias Services and Holdings S.A.
 
(the Company 
or Eurobank 
Holdings), which 
is the 
parent 
company of 
Eurobank S.A. 
(the 
Bank) 
and 
its 
subsidiaries 
(the 
Group), 
consisting 
mainly 
of 
Eurobank 
S.A. 
Group, 
are active in retail, corporate and private 
banking, asset management, treasury, capital markets and other services.
The Group operates mainly in Greece and in Central and 
Southeastern Europe.
The Company is incorporated in Greece
, with 
its registered 
office at 
Othonos Street, Athens 105 57
 
and its 
shares are listed on the Athens Stock Exchange.
These consolidated 
financial statements, 
which include the 
Appendix, were 
approved by 
the Board 
of Directors 
on 28 March 
2024. 
The Independent Auditor’s Report of the Financial Statements 
is included in the section B.I of the Annual Financial Report.
The website 
address, 
where the 
annual 
financial statements 
of the 
consolidated 
non-listed 
Company’s 
subsidiaries are 
uploaded, 
along with the independent Auditors’ reports and the Board 
of Directors’ Reports for these entities 
is: www.eurobankholdings.gr.
2. 
Basis of preparation and material accounting policies
The consolidated financial statements of the Group have been prepared on a 
going concern basis and in 
accordance with the material 
accounting policies set out below:
2.1 
Basis of preparation
The 
consolidated 
financial 
statements 
of 
the 
Group 
have 
been 
prepared 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
(IFRS) issued 
by the 
International 
Accounting 
Standards 
Board 
(IASB), as 
endorsed by 
the European 
Union (EU), 
and in 
particular with those standards and interpretations, issued and 
effective or issued and early adopted as 
at the time of 
preparing these 
consolidated financial statements.
The consolidated 
financial statements 
are prepared 
under the 
historical 
cost basis 
except 
for the 
financial assets 
measured at 
fair 
value through 
other comprehensive 
income, financial 
assets and 
financial liabilities 
(including derivative 
instruments) measured 
at 
fair-value-through-profit-or-loss 
and investment property measured 
at fair value.
The accounting policies for 
the preparation of 
the consolidated financial 
statements of the 
Group have been 
consistently applied to 
the years 
2023 and 
2022, after 
taking into 
account the 
amendments in 
IFRSs as 
described in 
section 2.1.1 
(a) “New 
and amended 
standards 
adopted 
by 
the 
Group 
as 
of 
1 
January 
2023”. 
In 
addition, 
as 
presented 
in 
notes 
2.1.1 
(a) 
and 
2.3, 
the 
comparative 
information has 
been restated 
due to 
the retrospective 
application of 
IFRS 17- Insurance 
Contracts.
 
Where necessary, 
comparative 
figures have been adjusted to conform 
to changes in presentation in the current year. 
The preparation of financial 
statements in accordance with IFRS 
requires the use of 
estimates and judgements that affect the 
reported 
amounts of assets 
and liabilities and 
disclosure of 
contingent liabilities 
at the date 
of the consolidated 
financial statements, 
as well 
as 
the 
reported 
amounts 
of 
revenues 
and 
expenses 
during 
the 
reporting 
period. 
Although 
these 
estimates 
are 
based 
on 
management's best knowledge of current events 
and conditions, actual results ultimately may differ 
from those estimates.
The Group’s presentation 
currency is the Euro (€) being the functional currency of the parent company. Except 
as indicated, financial 
information presented in Euro 
has been rounded to the nearest million. The figures 
presented in the notes may not sum precisely to 
the totals provided due to rounding.
 
 
Going concern considerations
The annual financial 
statements have been prepared on 
a going 
concern basis, as 
the Board of 
the Directors considered as 
appropriate, 
taking into consideration the following:
Despite the 
fragile international 
environment, 
the economies of 
Greece, Bulgaria 
and Cyprus remained 
in expansionary 
territory in 
2023, overperforming 
their European 
Union (EU) 
peers. 
More specifically, 
according 
to provisional 
data by 
the Hellenic 
Statistical 
Authority (ELSTAT), 
the Greek economy 
expanded by 
2% on an 
annual basis in 
2023 (2022: 5.6%), 
driven by 
increases in exports 
of 
goods and services, household 
consumption, and fixed 
investment. According 
to its Winter 
Economic Forecast 
(February 2024), the 
European Commission (EC) expects a GDP growth rate 
of 2.3% in 2024 and 2025. 
Amid strong base effects and easing energy prices, 
the inflation rate, as measured by the annual change in the Harmonized Index of Consumer Prices (HICP) decelerated to 4.2% in 2023 
from 9.3% in 
2022 according to 
ELSTAT, 
with the EC forecasting 
further de-escalation to 
2.7% in 2024, and 
2% in 2025. The 
average 

Notes to the Consolidated Financial Statements 
.
7
|
Page
 
31 December 2023 Consolidated Financial Statements
 
 
 
quarterly unemployment rate decreased to 
11.1% from 12.4% in 2022, with the International Monetary 
Fund forecasts for 2024 and 
2025 standing 
at 9.2% 
and 8.5% 
in 2024 
and 2025 
respectively, 
according to 
its January 
2024 Art. 
IV Country 
Report. On 
the fiscal 
front, according 
to the 
2024 State 
Budget, the 
general government 
primary balance 
is expected 
to post 
primary surpluses 
of 1.1% 
and 2.1% 
of GDP in 
2023 and 2024 
respectively, 
up from 
0.1% of GDP 
in 2022. The 
gross public debt 
-to-GDP ratio, 
having declined 
significantly to 172.6% in 2022 due to the strong 
economic recovery and the effect 
of the high inflation on nominal GDP, 
is expected 
to decline further to 160.3% in 2023 and 152.3% in 2024.
According to EC’s winter 
economic forecasts (February 2024), the real 
GDP in Bulgaria is expected to grow 
by 1.9% and 2.5% in 2024 
and 2025, respectively 
(2023: 2%), while 
the HICP is forecast 
to decrease to 
3.4% in 2024 and 
2.9% in 2025 (2023: 
8.6%). In Cyprus, 
the real GDP 
growth is forecast 
at 2.8% and 
3% in 2024 
and 2025, respectively 
(2023: 2.5%), while 
the HICP is 
estimated at 
2.4% in 
2024 and 2.1% in 2025 (2023: 3.9%). 
Growth in Greece as well as in Bulgaria and Cyprus is expected to receive a significant boost from EU-funded investment projects and 
reforms. 
Greece shall 
receive € 
36 billion 
(€ 18.2 
billion in 
grants and 
€ 17.7 
billion in 
loans) up 
to 2026 
through the 
Recovery and 
Resilience Facility (RRF), Next Generation 
EU (NGEU)’s largest instrument, 
out of which € 14.7 billion (€ 7.4 billion in grants and € 7.3 
billion in loans) has already been disbursed by the EU. A further € 40 
billion is due through EU’s long-term budget (MFF), out of which 
€20.9 billion 
is to 
fund the 
National Strategic 
Reference 
Frameworks 
(ESPA 
2021–2027). Moreover, 
following the 
September 2023 
floods in the Thessaly region, Greece could benefit from 
EU support of up to € 2.65 billion, according to the EC President.
On the 
monetary policy 
front, the 
Governing Council 
of the 
ECB, in 
line with 
its strong 
commitment to 
its price 
stability 
mandate, 
proceeded with ten rounds of interest rate 
hikes in 2022 and in 2023 (the most recent one in September 2023), raising 
the three key 
ECB 
interest 
rates 
by 
450 
basis 
points 
on 
aggregate. 
Furthermore, 
although 
net 
bond 
purchases 
under 
the 
temporary 
Pandemic 
Emergency Purchase Programme (PEPP) ended in 
March 2022, as scheduled, 
the ECB will continue 
to reinvest principal from maturing 
securities 
at 
least 
until 
the 
end 
of 
2024, 
including 
purchases 
of 
Greek 
Government 
Bonds 
(GGBs) 
over 
and 
above 
rollovers 
of 
redemptions. 
In 2023, the Greek government issued or re 
-opened twelve bonds of various maturities (from 
5 to 19 years) through the Public Debt 
Management Agency (PDMA), raising 
a total of € 11.45 billion 
from the international financial 
markets. In February 
2024, the PDMA 
raised 
an 
additional 
€ 
4.4 
billion 
through 
a 
new 
10-year 
bond 
issue 
and 
the 
reopening 
of 
two 
past 
issues. 
Following 
a 
series 
of 
sovereign 
rating 
upgrades 
in the 
second 
half of 
2023, Greek 
government’s 
long-term 
debt securities 
were 
considered 
investment 
grade by four 
out of the five 
Eurosystem-approved 
External Credit Assessment 
Institutions (Fitch, Scope, 
S&P: BBB-, stable 
outlook; 
DBRS: BBB(low), stable outlook), 
and one notch below investment 
grade by the fifth one, Moody’s 
(Βa1, stable outlook) as of March 
2024.
Regarding 
the 
outlook 
for 
the 
next 
12 
months, 
the 
major 
macroeconomic 
risks 
and 
uncertainties 
in 
Greece 
and 
our 
region 
are 
associated with: (a) the open war fronts in Ukraine and the Middle East, 
their implications regarding regional and global sta 
bility and 
security, 
and their 
repercussions on 
the global 
and the 
European economy, 
including the 
disruption in 
global trade 
caused by 
the 
recent 
attacks 
on trading 
vessels in 
the 
Red 
Sea, (b) 
a potential 
prolongation 
of the 
ongoing inflationary 
wave 
and its 
impact 
on 
economic growth, employment, public finances, household budgets, firms’ production 
costs, external trade and banks’ asset quality, 
as well as any potential 
social and/or political ramifications 
these may entail, (c) 
the timeline of the anticipated 
interest rate 
cuts by 
the ECB and 
the Federal Reserve 
Bank, as persistence 
on high rates 
for longer may 
keep exerting 
pressure on sovereign 
and private 
borrowing costs 
and certain financial institutions’ 
balance sheets, but early 
rate cuts entail 
the risk of a 
rebound in inflation, 
(d) the 
prospect of 
Greece’s 
and Bulgaria’s 
major trade 
partners, primarily 
the euro 
area, remaining 
stagnant 
or even 
facing a 
temporary 
downturn, (e) the persistently large current account deficits that have started to become once again a structural feature of the Greek 
economy, (f) the absorption capacity of the NGEU and MFF funds and the attraction of new investments in the countries of presence, 
especially in 
Greece, 
(g) the 
effective 
and timely 
implementation 
of the 
reform 
agenda required 
to meet 
the RRF 
milestones 
and 
targets 
and to 
boost productivity, 
competitiveness, 
and resilience 
and (h) 
the exacerbation 
of natural 
disasters 
due to 
the climate 
change and their effect on GDP, 
employment, fiscal balance and sustainable development 
in the long run.
Materialization of the above risks, would 
have potentially adverse effects 
on the fiscal planning of the Greek government, as 
it could 
decelerate the pace of 
expected growth 
and on the liquidity, 
asset quality, 
solvency and profitability of 
the Greek banking sector. 
In 
this context, 
the Group’s 
Management and 
Board are 
continuously monitoring 
the developments 
on the macroeconomic, 
financial 
and 
geopolitical 
fronts 
as 
well 
as 
the 
evolution 
of 
the 
Group’s 
asset 
quality 
and 
liquidity 
KPIs 
and 
have 
increased 
their 
level 
of 
readiness, so as to accommodate decisions, initiatives 
and policies to protect the Group’s 
capital, asset quality and liquidity standing 

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
as well as the fulfilment, to the maximum possible degree, of its strategic and business goals in accordance with the business plan for 
2024 - 2026.
For the year ended 
31 December 2023, 
the net profit attributable to shareholders amounted 
to € 1,140 
million (2022: € 
1,347 million). 
The adjusted 
net profit, 
excluding 
the € 
111 million 
gain 
arising from 
the acquisition 
of the 
29.2% shareholding 
of Hellenic 
Bank, 
accounted for as an associate (note 
24), € 141 
million net loss from 
discontinued operations (note 30), € 48 
million net loss on 
projects 
‘Solar’ and 
‘Leon' related 
to the 
NPE reduction 
plan (note 
20), € 
10 million 
provision 
(after tax) 
for 
the Bank’s 
contribution to 
the 
restoration initiatives 
after natural disasters 
(note 11), and € 29 million restructuring costs 
(after tax) (note 12) amounted 
to € 1,256 
million (2022: € 1,178 million), of which € 468 million profit was related 
to the international operations (2022: € 211 million profit). 
As at 31 
December 2023, the 
Group’s 
Total 
Adequacy Ratio (total 
CAD) and Common 
Equity Tier 1 
(CET1) ratios 
stood at 19.4% 
(31 
December 2022: 19.2%) and 16.9% 
(31 December 2022: 16%) 
respectively and carried the effect of the ending 
of the 5-year transition 
period for the recognition of the 
IFRS 9 impact on the 
regulatory capital and the reversion to the standardized approach as of 1 
March 
2023. Pro 
-forma 
with the 
completion of 
projects 
“Solar” and 
“Leon” and 
the issuance 
of Subordinated 
Tier II 
debt instruments 
in 
January 2024, 
the total 
CAD and CET1 
ratios would 
be 20.2% and 
17% respectively 
(note 4). The 
Group completed 
successfully the 
2023 EU-wide stress test 
(ST), which was coordinated 
by the European Banking Authority (EBA) 
in cooperation with the ECB 
and the 
European Systemic 
Risk Board 
(ESRB (note 
4). On 
9 October 
2023, the 
Company completed 
the buy 
back of 
all of 
its issued 
shares 
held 
by 
HFSF. 
Accordingly, 
the Company 
and the 
Bank 
are 
no longer 
subject to 
Law 
3864/2010 and 
to the 
special rights 
of 
HFSF 
provided for in the law (note 37). 
With regard 
to asset 
quality, 
the Group’s 
NPE formation 
was positive 
by € 
138 million 
during the 
year, 
out of 
which € 
119 million 
referring to 
a single corporate 
customer, 
(fourth quarter 
2023: € 29 million 
negative), (2022: € 
40 million positive 
excluding
Serbian 
operations). In total, the Group’s 
NPE stock stood at € 1.5 billion, following the 
classification of the loan portfolio of project ‘Leon’ as 
held for sale, the sale of Eurobank Direktna 
a.d. disposal group, and the write-offs during 
the year (31 December 2022: € 2.3 billion), 
driving the NPE ratio 
to 3.5% (31 
December 2022: 5.2%), while 
the NPE coverage ratio improved to 86.4% 
(31 December 2022: 
74.6%). 
Net NPEs, i.e. gross NPEs minus accumulated stock of loan provisions, 
amounted to € 0.2 billion. 
In terms 
of liquidity, 
as at 
31 December 
2023, following 
the completion 
of the 
sale of 
Eurobank Direktna 
a.d. disposal 
group, the 
Group deposits 
stood at 
€ 57.4 billion 
(31 December 2022: 
€ 57.2 billion), 
leading the Group’s 
(net) loans 
to deposits 
(L/D) ratio 
to 
72.3% (31 December 
2022: 73.1%), while 
the funding from 
the ECB refinancing 
operations amounted 
to € 3.8 
billion (31 December 
2022: € 8.8 billion) 
(note 31). During 
the year, 
the Bank proceeded 
with the issuance 
of two preferred 
senior notes of 
€ 500 million 
each (note 
4). More 
recently, 
in January 
2024, the 
Company 
completed 
the issuance 
of a 
€ 300 
million Subordinated 
Tier II 
debt 
instrument (note 
34). As at 
31 December 2023, 
the Bank’s 
MREL ratio 
at consolidated 
level stands 
at 24.91% of 
RWAs, higher 
than 
the interim non-binding MREL target 
of 23.23% from 1 January 2024. 
The Group Liquidity Coverage 
ratio (LCR) has 
been maintained 
at high level reaching 
178.6% (31 December 2022: 173%). 
In the context of 
the 2024 ILAAP (Internal 
Liquidity Adequacy Assessment 
Process), the 
liquidity stress 
tests results 
indicate that 
the Bank 
has adequate 
liquidity buffer 
to cover 
the potential 
outflows 
that 
could occur in all scenarios regarding 
the short term (1 month), the 
3-month and the medium-term horizon 
(1 year). Information on 
the interest rate 
and liquidity risk exposures of the Group is included in notes 5.2.2 and 5.2.3.
Going concern assessment
The Board of 
Directors, acknowledging 
the geopolitical, macroeconomic 
and financial risks 
to the economy 
and the banking 
system 
and taking into account the above 
factors relating to 
(a) the idiosyncratic growth 
opportunities in Greece and the region for 
this and 
the next years, also underpinned by the mobilisation of the 
already approved EU funding mainly through the RRF, and (b) the Group’s 
pre-provision income 
generating capacity, 
asset quality, 
capital adequacy and liquidity 
position, has been satisfied 
that the financial 
statements of the Group can be prepared 
on a going concern basis.

 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
2.1.1 
New and amended standards and interpretations
(a) New and amended standards adopted by the Group as of 
1 January 2023
The following standards 
and amendments to existing 
standards as issued 
by the IASB and endorsed 
by the EU, apply as 
of 1 January 
2023: 
IFRS 17, Insurance Contracts 
IFRS 17, 
which supersedes 
IFRS 4 
“Insurance Contracts” 
provides a 
comprehensive 
and consistent 
accounting model 
for insurance 
contracts. 
It applies 
to 
all types 
of 
insurance 
contracts 
as 
well as 
certain 
guarantees 
and financial 
instruments 
with discre 
tionary 
participating features. Financial guarantee contracts are allowed to 
be within the 
scope of IFRS 
17, if the 
entity has previously asserted 
that it regarded them as insurance contracts.
According to 
IFRS 17 core 
general model, 
the groups 
of insurance contracts 
which are managed 
together and 
are subject to 
similar 
risks, are 
measured based 
on building 
blocks of 
discounted, probability 
-weighted estimates 
of future 
cash flows, 
a risk 
adjustment 
and 
a 
contractual 
service 
margin 
(“CSM”) 
representing 
the 
unearned 
profit 
of 
the 
contracts. 
Under 
the 
model, 
estimates 
are 
remeasured at 
each reporting period. 
A simplified measurement 
approach may 
be used if 
it is expected 
that doing 
so a reasonable 
approximation of the general model is produced, 
or if the contracts are of short duration.
Revenue is allocated 
to periods in 
proportion to the 
value of expected 
coverage and 
other services that 
the insurer provides 
during 
the period, 
claims are 
presented 
when incurred 
and any 
investment 
components 
i.e. amounts 
repaid to 
policyholders 
even if 
the 
insured event 
does not occur, 
are not included 
in revenue 
and claims. Insurance 
services results are 
presented separately 
from the 
insurance finance income or expense.
In June 2020, the IASB issued Amendments to IFRS 17 to 
assist entities in its implementation. 
The amendments aim to assist entities 
to transition in order 
to implement the 
standard more easily, while they deferred the 
effective date, so that entities 
would be required 
to apply IFRS 17 for annual periods beginning on or after 
1 January 2023. 
In December 2021, the IASB issued a narrow 
-scope amendment to the transition requirements 
of IFRS 17 for entities that 
first apply 
IFRS 17 and IFRS 9 “Financial Instruments” at the same time. 
The 
Group 
has 
not 
issued 
contracts 
within 
the 
scope 
of 
IFRS 
17; 
therefore, 
the 
adoption 
of 
the 
standard 
had 
no 
impact 
to 
the 
consolidated financial statements, other than through the Group’s share on the results of its associate ‘’Eurolife FFH Insurance Group 
Holdings S.A.’’ 
(note2.3). 
IAS 8, Amendments, Definition of Accounting Estimates 
The amendments in IAS 8 “Accounting 
Policies, Changes in Accounting Estimates 
and Errors” introduced the definition 
of accounting 
estimates and 
include other 
amendments to 
IAS 8 which 
are intended 
to help 
entities distinguish 
changes in 
accounting estimat 
es 
from changes in accounting policies.
The 
amendments 
clarify how 
accounting 
policies and 
accounting 
estimates 
relate 
to 
each other 
by 
(i) explaining 
that 
accounting 
estimates are developed 
if the application of 
accounting policies requires 
items in the financial statements 
to be measured in 
a way 
that involves 
a measurement uncertainty 
and (ii) replacing 
the definition of 
a change in 
accounting estimates 
with the definition 
of 
accounting 
estimates, 
where 
accounting 
estimates 
are 
defined 
as 
“monetary 
amounts 
in 
financial statements 
that 
are 
subject to 
measurement uncertainty”. In addition, the amendments clarify that selecting an estimation or valuation technique and choosing 
the 
inputs to be used constitutes 
development of an accounting 
estimate and that the effects 
of a change in an input 
or technique used 
to 
develop 
an accounting 
estimate 
are 
changes in 
accounting 
estimates, 
if they 
do not 
result 
from 
the 
correction 
of prior 
period 
errors.
The adoption of the amendments had no impact on the consolidated financial statements.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Amendments to IAS 1 Presentation of Financial Statements 
and IFRS Practice Statement 2: Disclosure 
of Accounting policies 
IASB issued 
amendments to 
IAS 1 “Presentation 
of Financial Statements” 
that require 
entities to 
disclose their 
material accounting 
policies rather than their significant accounting policies. 
According 
to 
IASB, 
accounting 
policy 
information 
is 
material 
if, 
when 
considered 
together 
with 
other 
information 
included 
in 
an 
entity’s financial statements, it can reasonably be expected to influence decisions that the primary users 
of general purpose financial 
statements make on the 
basis of those financial statements.
Furthermore, 
the amendments 
clarify how 
an entity 
can identify 
material 
accounting policy 
information 
and provide 
examples 
of 
when accounting policy 
information is 
likely to 
be material. The 
amendments to 
IAS 1 also clarify 
that immaterial 
accounting policy 
information does not 
need to be disclosed. 
However, 
if it is disclosed, 
it should not obscure 
material accounting policy 
information. 
To support the IAS 1 amendments, the Board 
has also developed guidance and examples to explain and demonstrate 
the application 
of 
the 
“four-step 
materiality 
process”, 
as 
described 
in 
IFRS 
Practice 
Statement 
2 “Making 
Materiality 
Judgements” 
to 
accounting 
policy disclosures.
The 
adoption 
of 
the 
amendments 
had 
no 
impact 
on 
the 
consolidated 
financial 
statements. 
The 
Group 
took 
into 
account 
the 
amendments in disclosing its material accounting policies (note 2.2).
IAS 12, Amendments, Deferred Tax 
related to Assets and Liabilities arising from a Single Transaction 
The amendments 
clarify that 
the exemption 
on initial 
recognition set 
out in 
IAS 12 
‘Income Taxes’ 
does not 
apply for 
transactions 
such 
as 
leases and 
decommissioning 
obligations 
that, 
on initial 
recognition, 
give 
rise to 
equal amounts 
of taxable 
and deductible 
temporary differences. Accordingly, for such transactions an entity is required to recognise the 
related deferred tax asset and liability, 
with 
the 
recognition 
of 
any 
deferred 
tax 
asset 
being 
subject 
to 
the 
recoverability 
criteria 
in 
IAS 
12. 
The 
amendments 
apply 
to 
transactions that occur on or after the beginning of the earliest 
comparative period presented.
The adoption of the amendments had no impact on the consolidated financial statements.
IAS 12, Amendment, International Tax 
Reform – Pillar Two Model Rules 
The amendments introduce 
a mandatory temporary 
exception (
relief
) from the 
recognition and 
disclosure of deferred 
taxes arising 
from 
the implementation 
of the 
Organisation 
for 
Economic 
Co-operation 
and Development’s 
(OECD) 
Pillar Two 
model rules 
(“the 
Pillar Two Income taxes”) 
that are applicable as of 1 January 2024. 
Additionally, the amendments require an entity to disclose that it has applied the above 
exception related to Pillar Two income taxes, 
while in the periods in which the legislation is (substantively) enacted but not yet effective, an entity is required 
to disclose of known 
or reasonably estimable information that helps users of financial statements understand the entity’s exposure arising from Pillar Two 
income taxes. Subsequently, in the periods when the legislation is effective it is 
required to separately disclose its current tax expense 
(income) related to Pillar Two 
income taxes.
The 
Group 
has 
adopted 
the 
amendments 
and 
the 
temporary 
exception 
retrospectively, 
upon 
their 
endorsement 
by 
the 
EU 
in 
November 2023. The adoption of the amendments
had no impact on the consolidated financial statements.
Detailed information in respect of the 
Group’s exposure 
to Pillar Two income taxes 
is provided in note 13.
(b) New and amended standards not yet adopted by the Group 
A number of amendments 
to existing standards 
are effective 
after 2023, as 
they have not 
yet been endorsed 
by the EU or 
have not 
been early applied by the Group. Those that may be relevant 
to the Group are set out below: 
IAS 1, Amendments, Classification of Liabilities as Current or Non-Current 
(effective 1 January 2024)
The 
amendments, 
published 
in 
January 
2020, 
introduce 
a 
definition 
of 
settlement 
of 
a 
liability, 
while 
they 
make 
clear 
that 
the 
classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. 
In addition, it is clarified that the 
assessment for liabilities classification made at the end of the reporting period is 
not affected by the 
expectations 
about 
whether 
an 
entity 
will 
exercise 
its 
right 
to 
defer 
settlement 
of 
a 
liability. 
The 
Board 
also 
clarified 
that 
when 
classifying liabilities as current or non-current, an entity can 
ignore only those conversion options that 
are classified as equity. 
In October 2022, 
the IASB issued
 
Non-current Liabilities with 
Covenants (Amendments to 
IAS 1)
 
with respect to 
liabilities for which 
an 
entity’s 
right to 
defer 
settlement 
for 
at 
least 
12 months 
is subject 
to 
the entity 
complying with 
conditions 
after 
the reporting 

Notes to the Consolidated Financial Statements 
.
11
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31 December 2023 Consolidated Financial Statements
 
 
period. The amendments specify that 
covenants to be complied 
with after the reporting 
date do not affect 
the classification of debt 
as current 
or non-current 
at the 
reporting 
date. Instead, 
the amendments 
require 
a company 
to disclose 
information 
about these 
covenants in the notes to the financial statements.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
IFRS 16, Amendment, Lease Liability in a Sale and Leaseback (effective 1 January 2024 )
The amendment requires a seller-lessee 
to subsequently measure lease liabilities arising in a sale and 
leaseback transaction in a way 
that it does not recognise any amount of the gain or loss that relates to the right of use it retains. Any 
gains and losses relating to the 
full or partial termination of a lease continue to be recognised when they occur. The amendment does not change the accounting for 
leases unrelated to sale and leaseback transactions.
The adoption of the amendment is not expected to impact the consolidated 
financial statements.
IAS 21, Amendments, Lack of Exchangeability (effective 
1 January 2025, not yet endorsed by EU)
The 
amendments 
to 
IAS 21” 
The 
Effects 
of 
Changes 
in 
Foreign 
Exchange 
Rates”, 
specify how 
an 
entity 
can 
determine 
whether 
a 
currency 
is 
exchangeable 
into 
another 
currency 
at 
the 
measurement 
date, 
and 
the 
spot 
exchange 
rate 
to 
use 
when 
it 
is 
not. 
In 
addition, 
when 
a 
currency 
is 
not 
exchangeable 
an 
entity 
should 
disclose 
information 
that 
would 
enable 
users 
of 
its 
financial 
statements to understand 
the related effects and risks as well as the 
estimated rates and techniques used.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
 
.
2.2 
Material accounting policies
2.2.1 
Consolidation
 
(i) Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed, or 
has rights to, variable returns 
from 
its 
involvement 
with 
the 
entity, 
and 
has 
the 
ability 
to 
affect 
those 
returns 
through 
its 
power 
over 
the 
entity. 
The 
Group 
consolidates an entity only when all the above three elements 
of control are present. 
Power over 
the entity may 
arise from voting rights 
granted by equity 
instruments such as shares 
or, 
in other cases, may 
result from 
contractual arrangements. 
Where voting 
rights are 
relevant, 
the Group 
is deemed 
to have 
control 
where it 
holds, directly 
or indirectly, 
more than 
half of 
the 
voting rights over 
an entity, 
unless there is evidence 
that another investor 
has the practical 
ability to unilaterally 
direct the relevant 
activities.
The 
Group 
may 
have 
power, 
even 
when 
it 
holds 
less 
than 
a 
majority 
of 
the 
voting 
rights 
of 
the 
entity, 
through 
a 
contractual 
arrangement 
with 
other 
vote 
holders, 
rights 
arising 
from 
other 
contractual 
arrangements, 
substantive 
potential 
voting 
rights, 
ownership of the largest 
block of voting rights in a situation 
where the remaining rights are 
widely dispersed (‘de 
facto power’), or a 
combination 
of 
the 
above. 
In assessing 
whether 
the 
Group 
has 
de 
facto 
power, 
it 
considers 
all 
relevant 
facts 
and 
circumstances 
including 
the 
relative 
size 
of 
the 
Group’s 
holding 
of 
voting 
rights 
and dispersions 
of 
holdings of 
other 
vote 
holders 
to 
determine 
whether the Group has the practical ability to direct 
the relevant activities. 
In assessing whether the 
Group has the ability 
to use its power 
to affect 
the amount of returns 
from its involvement 
with an entity, 
the Group determines whether in 
exercising its decision-making rights, 
it is acting as an agent or 
as a principal. The Group acts as 
an 
agent when it is engaged 
to act on behalf and for 
the benefit of another party, 
and as a result does not 
control an entity. 
Therefore, 
in 
such 
cases, 
the 
Group 
does not 
consolidate 
the 
entity. 
In making 
the 
above 
assessment, 
the 
Group 
considers 
the scope 
of 
its 
decision-making authority over the 
entity, the 
rights held by other 
parties, the remuneration 
to which the Group 
is entitled from its 
involvement, and its exposure to 
variability of returns from other interests 
in that entity. 
The Group 
has interests 
in certain 
entities which 
are structured 
so that 
voting rights 
are not 
the dominant 
factor 
in deciding 
who 
controls the entity, such as when any voting rights 
relate to administrative tasks only and the relevant activities are 
directed by means 
of contractual rights. In determining whether the Group 
has control over such structured entities, it considers 
the following factors:

Notes to the Consolidated Financial Statements 
.
12
|
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31 December 2023 Consolidated Financial Statements
 
 
-
The purpose and design of the entity;
-
Whether the Group has certain rights that 
give it the ability to direct the relevant 
activities of the entity unilaterally, 
as a result 
of existing contractual arrangements 
that give it the power to govern the entity 
and direct its activities;
-
In case another 
entity is granted 
decision making rights, 
the Group assesses 
whether this entity 
acts as an agent 
of the Group 
or another investor;
-
The existence of any special relationships 
with the entity; and
-
The extent 
of the Group’s 
exposure to 
variability of returns 
from its involvement 
with the entity, 
including its exposure 
in the 
most subordinated securitized 
notes issued by the entity as well as subordinated 
loans or other credit enhancements that may 
be granted to the entity, 
and if the Group has the power to affect such variability.
Information about the Group’s 
structured entities is set out in note 25.
The Group reassesses whether it 
controls an entity if facts 
and circumstances indicate that there are 
changes to one or 
more elements 
of 
control. 
This 
includes 
circumstances 
in 
which 
the 
rights 
held 
by 
the 
Group 
and 
intended 
to 
be 
protective 
in 
nature 
become 
substantive upon 
a breach of 
a covenant 
or default on 
payments in a 
borrowing arrangement, 
and lead to 
the Group having 
power 
over the investee.
Subsidiaries are 
fully consolidated 
from the 
date on 
which control 
is transferred 
to the Group 
and are 
no longer consolidated 
from 
the 
date 
that 
control 
ceases. 
Total 
comprehensive 
income 
is 
attributed 
to 
the 
owners 
of 
the 
parent 
and 
to 
the 
non-controlling 
interests even if this results 
in the non-controlling interests having 
a deficit balance. 
In determining the proportion of profit or loss and changes in equity allocated 
to the Group and non-controlling interests, 
the Group 
takes 
into 
account 
current 
ownership 
interests, 
also 
including 
in-substance 
current 
ownership 
interests, 
after 
considering 
the 
eventual exercise 
of any potential 
voting rights 
and other derivatives 
that currently 
give the Group 
access to the returns 
associated 
with an ownership interest. 
Changes in the 
Group's ownership 
interest in 
subsidiaries that do 
not result in 
a loss of control 
are recorded 
as equity transactions. 
Any difference between the consideration 
and the share of the new net assets acquired is recorded directly in equity. Gains or losses 
arising from disposals of 
ownership interests that 
do not result in a 
loss of control 
by the Group are 
also recorded directly 
in equity. 
For disposals of ownership interests 
that result in a loss of control, the Group derecognizes 
the assets and liabilities of the subsidiary 
and any related 
non-controlling interest 
and other components 
of equity and 
recognizes gains 
and losses in 
the income statement. 
When 
the 
Group 
ceases to 
have 
control, 
any 
retained 
interest 
in 
the former 
subsidiary 
is re-measured 
to 
its 
fair 
value, 
with 
any 
changes in 
the carrying 
amount recognized 
in the 
income statement. 
The Group 
considers 
the eventual 
exercise 
of any 
potential 
voting 
rights 
and 
other 
derivatives 
and 
whether 
they 
currently 
give 
the 
Group 
access 
to 
the 
returns 
associated 
with 
a 
retained 
ownership interest, in determining 
whether that ownership interest should 
be derecognised or not.
Intercompany transactions, 
balances and intragroup 
gains on transactions between 
Group entities are eliminated; 
intragroup losses 
are also eliminated unless the transaction provides 
evidence of impairment of the asset transferred.
 
(ii) Business combinations
The purchase method of accounting is used to account for the acquisition of subsidiaries by the 
Group. The consideration transferred 
for an acquisition is measured at the fair value of the assets given, equity instruments 
issued or exchanged and liabilities undertaken 
at 
the 
date 
of 
acquisition, 
including 
the 
fair 
value 
of 
assets 
or 
liabilities 
resulting 
from 
a 
contingent 
consideration 
arrangement. 
Acquisition related 
costs are expensed 
as incurred. Identifiable 
assets acquired and 
liabilities and contingent 
liabilities assumed in a 
business combination are measured initially at 
their fair values at the 
acquisition date irrespective of the 
extent of any non-controlling 
interest. Any previously held interest in 
the acquiree is 
remeasured to fair value 
at the acquisition 
date with any gain 
or loss recognized 
in the 
income statement. 
The Group 
recognizes 
on an 
acquisition-by-acquisition basis 
any non-controlling 
interest 
in the 
acquiree 
either at fair value or at the non-controlling 
interest's proportionate share 
of the acquiree's net assets.
The excess of the consideration 
transferred, the 
amount of any non-controlling 
interest in the acquiree and 
the acquisition-date fair 
value of 
any previous 
equity interest 
in the 
acquiree over 
the fair 
value of 
the identifiable 
net assets 
of the 
subsidiary acquired, 
is 
recorded as 
goodwill. If 
this is 
less than 
the fair 
value of 
the net 
assets of 
the acquiree, 
the difference 
is recognized 
directly in 
the 
income statement. 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
If the 
initial accounting 
for a 
business combination 
is incomplete 
by the 
end of 
the reporting 
period in 
which it 
occurs, the 
Group 
reports 
provisional 
amounts 
for 
the 
items 
for 
which 
the 
accounting 
is 
incomplete. 
Those 
provisional 
amounts 
are 
adjusted 
retrospectively 
during 
the 
measurement 
period 
to 
reflect 
the 
new 
information 
obtained 
about 
the 
facts 
and 
circumstances 
that 
existed at 
the acquisition 
date that, 
if known, 
would have 
affected the 
amounts recognized 
at that 
date. The 
measurement period 
adjustments, as 
mentioned above, 
affect accordingly 
the amount 
of goodwill 
that was 
initially recognized, 
while the 
measurement 
period cannot exceed one year from 
the acquisition date.
Commitments to 
purchase non-controlling 
interests 
through derivative 
financial instruments 
with the 
non-controlling 
interests, 
as 
part of 
a business 
combination 
are 
accounted 
for 
as a 
financial liability, 
with no 
non-controlling 
interest 
recognized 
for 
reporting 
purposes. 
The 
financial 
liability 
is 
measured 
at 
fair 
value, 
using 
valuation 
techniques 
based 
on 
best 
estimates 
available 
to 
Management. Any difference between 
the fair value of the financial liability upon initial recognition and the nominal non-controlling 
interest's share of net assets is recognized as part of goodwill. Subsequent revisions to the valuation of the 
derivatives are recognized 
in the income statement.
Forward contracts 
to buy/sell an entity 
that will result in a business 
combination at a future date, 
which do not exceed the 
normally 
necessary period 
to 
complete the 
transaction, 
including obtaining 
the required 
approvals, 
are not 
accounted 
for 
by the 
Group 
as 
derivatives but as executory 
contracts.
For 
acquisitions 
of 
subsidiaries 
not 
meeting 
the 
definition 
of 
a 
business, 
the 
Group 
allocates 
the 
consideration 
to 
the 
individual 
identifiable assets and liabilities based 
on their relative fair 
values at the date of 
acquisition. Such transactions or events 
do not give 
rise to goodwill. 
A listing of the Bank’s subsidiaries is set 
out in note 23.
(iii) Business combinations involving entities under common control
Pursuant to 
IAS 8 ‘Accounting 
Policies, Changes 
in Accounting 
Estimates and 
Errors’, 
since business 
combinations between 
entities 
under common 
control 
are excluded 
from the 
scope of 
IFRS 3 
‘Business Combinations’, 
such transactions 
are accounted 
for in 
the 
Group’s financial statements by using the pooling of interests method (also known as merger accounting), with reference to the most 
recent pronouncements of other standard-setting bodies that use a similar conceptual framework and comply with the IFRSs general 
principles, as well as accepted industry practices.
Under the 
pooling 
of interests 
method, the 
Group 
incorporates 
the assets 
and liabilities 
of the 
acquiree 
at their 
pre-combination 
carrying amounts from the highest level of 
common control, without any 
fair value adjustments. Any difference 
between the cost 
of 
the transaction and the carrying amount of the net assets acquired 
is recorded in Group's equity.
The Group accounts for the cost of such business combinations at the fair value of the consideration 
given, being the amount of cash 
or shares issued or if that cannot be reliably measured, the consideration 
received.
Formation of a new Group entity to effect a business combination
Common control transactions that involve the formation of a new Group entity to effect a business combination by bringing together 
two or more previously uncombined 
businesses under the new Group entity 
are also accounted for 
by using the pooling of interests 
method. 
Other common control 
transactions that involve 
the acquisition of a single existing 
Group entity or a single 
group of businesses by 
a 
new entity formed 
for this purpose 
are accounted 
for as capital 
reorganizations, 
on the basis that 
there is no business 
combination 
and no substantive 
economic change in 
the Group. Under 
a capital reorganization, 
the acquiring entity 
incorporates the 
assets and 
liabilities of the acquired 
entity at their carrying 
amounts, as presented 
in the books of 
that acquired entity, 
rather than those 
from 
the highest level 
of common control. 
Any difference 
between the cost 
of the transaction 
and the carrying amount 
of the net assets 
acquired is 
recognized 
in the 
equity of 
the new 
entity. 
Capital reorganization 
transactions do 
not have 
any impact 
on the 
Group’s 
consolidated financial statements.
 
(iv) Associates
Investments 
in associates are 
accounted for 
using the equity 
method of 
accounting in the 
consolidated financial 
statements. These 
are undertakings over which the Group exercises 
significant influence but which are not controlled.

Notes to the Consolidated Financial Statements 
.
14
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31 December 2023 Consolidated Financial Statements
 
 
 
Equity accounting 
involves recognizing 
in the income 
statement 
the Group's 
share of 
the associate's profit 
or loss for 
the year. 
The 
Group's interest in the associate is carried 
on the balance sheet at an amount that reflects its share of the net assets of the associate 
and any 
goodwill identified 
on acquisition 
net of any 
accumulated impairment 
losses. If the 
Group's share 
of losses of 
an associate 
equals or 
exceeds its 
interest 
in the associate, 
the Group 
discontinues recognizing 
its share 
of further 
losses, unless 
it has incurred 
obligations or made payments on behalf of the associate. 
When the Group obtains 
or ceases to have 
significant influence, any 
previously held or retained 
interest in the 
entity is remeasured 
to its fair value, with any change in the carrying amount recognized in the income statement, 
except in cases where an investment in 
associate becomes 
an investment 
in a joint 
venture where 
no remeasurement 
of the interest 
retained is 
performed and 
use of the 
equity method continues to apply.
(v) Joint arrangements
A 
joint 
arrangement 
is 
an 
arrangement 
under 
which 
the 
Group 
has 
joint 
control 
with 
one 
or 
more 
parties. 
Joint 
control 
is 
the 
contractually agreed sharing of control and exists only when decisions about relevant activities require the unanimous consent of the 
parties sharing control. The Group evaluates 
the contractual terms of joint arrangements 
to determine whether a joint arrangement 
is a joint operation or a joint venture. 
All joint arrangements in which the Group has an interest 
are joint ventures.
As 
investments 
in 
associates, 
the 
Group's 
interest 
in 
joint 
ventures 
is 
accounted 
for 
by 
using 
the 
equity 
method 
of 
accounting. 
Therefore, the accounting policy described 
in note 2.2.1 (iv) applies also for joint ventures. 
A listing of the Group's associates and joint ventures 
is set out in note 24.
2.2.2 Foreign currencies
(i) Translation of foreign subsidiaries
Assets and liabilities of foreign 
subsidiaries are translated 
into the Group’s 
presentation currency at 
the exchange rates 
prevailing at 
each reporting 
date whereas 
income and expenses 
are translated 
at the average 
exchange rates 
for the 
period reported. 
Exchange 
differences 
arising from 
the translation 
of the 
net investment 
in a 
foreign 
subsidiary, 
including exchange 
differences 
of monetary 
items receivable or payable to the foreign 
subsidiary for which settlement is neither planned nor likely 
to occur that form part of the 
net investment in the foreign 
subsidiaries, are recognized in other comprehensive 
income. 
Exchange 
differences 
from 
the 
Group’s 
foreign 
subsidiaries 
are 
released 
to 
the 
income 
statement 
on 
the 
disposal 
of 
the 
foreign 
subsidiary while for monetary items that form part of the net investment in the foreign subsidiary, on repayment or when settlement 
is expected to occur.
(ii) Transactions in foreign currency
Foreign 
currency 
transactions 
are 
translated 
into 
the 
functional 
currency 
using 
the 
exchange 
rates 
prevailing 
at 
the 
dates 
of 
the 
transactions. 
Foreign 
exchange 
gains 
and 
losses 
resulting 
from 
the 
settlement 
of 
such 
transactions 
are 
recognized 
in 
the 
income 
statement.
Monetary assets 
and liabilities denominated 
in foreign 
currencies are translated 
into the 
functional currency 
at the 
exchange rates 
prevailing at each reporting 
date and exchange 
differences are recognized 
in the income statement, 
except when deferred 
in equity 
as qualifying cash flow or net investment hedges. 
Non-monetary assets and liabilities are 
translated into the 
functional currency at the exchange 
rates prevailing 
at initial recognition, 
except for non-monetary items denominated 
in foreign currencies that are measured at fair value 
which are translated at the rate of 
exchange at the date the fair value 
is determined. The exchange differences 
relating to these items are treated 
as part of the change 
in fair 
value and 
are recognized 
in the 
income statement 
or recorded 
directly in 
equity depending 
on the 
classification of 
the non-
monetary item.

Notes to the Consolidated Financial Statements 
.
15
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
2.2.3 Derivative financial instruments and hedging
Derivative financial instruments that mainly include foreign exchange 
contracts, forward currency agreements, currency 
and interest 
rate options (both written and purchased), as well as currency and interest 
rate swaps are initially recognized in the balance 
sheet at 
fair value, 
on the date 
on which the 
derivative contracts 
are entered 
into, and 
subsequently are 
re-measured at 
their fair value. 
All 
derivatives are carried as assets when fair 
value is positive and as liabilities when fair value is negative.
The principles 
for the 
fair value 
measurement 
of financial 
instruments, 
including derivative 
financial instruments, 
are described 
in 
notes 3.2 and 5.3.
Embedded derivatives
Embedded derivatives 
are components 
of hybrid 
contracts 
that also 
include non-derivative 
hosts with 
the effect 
that some 
of the 
cash flows of the combined instruments vary 
in a way similar to stand-alone derivatives. 
Financial 
assets 
that 
contain 
embedded 
derivatives 
are 
recognised 
in 
the 
balance 
sheet 
in 
their 
entirety 
in 
the 
appropriate 
classification category, 
following the instruments’ 
assessment of their contractual 
cash flows and 
their business model as 
described 
in note 2.2.9. 
On the other 
hand, derivatives embedded in 
financial liabilities, such 
as bonds issued 
by the Group, are 
treated as separate derivatives 
when their risks 
and characteristics are 
assessed not to 
be closely related 
to those of 
the host contract 
and the host 
contract is not 
carried at 
fair value 
through profit 
or loss. These 
embedded derivatives 
are separated 
in the balance 
sheet and 
treated similarly 
to 
stand-alone derivatives measured at fair 
value with changes in fair value recognized 
in the income statement.
Derivatives held for hedge accounting
The use of derivative financial instruments is inherent 
in the Group’s activities and aims principally at 
managing risks effectively. 
Accordingly, 
the Group, 
as part of 
its risk management 
strategy, 
may enter 
into transactions 
with external 
counterparties to 
hedge 
partially or fully exposure to interest rates, 
foreign currency rates, equity prices and other market 
factors that are generated 
from its 
activities. 
The objectives of hedging with derivative financial instruments 
include:
•
Reduce interest rate 
exposure that is in excess of the Group’s 
appetite; 
•
Manage efficiently interest 
rate risk and achieve optimization 
and normalization of the evolution of 
net interest margin and 
net 
interest income by tracking the evolution of 
interest rates and spreads and hedging the 
changes to movements of the 
benchmark 
interest rates represented 
by the prevailing reference rates; 
●
Reduce variability arising from the fair value 
changes of derivatives embedded in financial assets; 
•
Manage future variable cash flows; 
•
Reduce foreign currency risk or inflation 
risk; 
•
Reduce variability in the Group’s 
equity arising from translating a foreign net 
investment at different 
exchange rates. 
Hedge accounting
The Group has elected, 
as a policy choice permitted 
under IFRS 9, to 
continue to apply 
hedge accounting in accordance 
with IAS 39, 
as endorsed by the European Union (IAS 39 “carve out'’). In 2023, 
the Group introduced a new risk management strategy which is the 
fair value hedging 
of the core 
deposits held in Greece 
and Cyprus from 
both retail and 
wholesale portfolios. Accordingly, 
the Group 
applied for 
the first 
time the 
provisions 
of IAS 
39 carve-out 
that 
enables entities 
to designate 
core 
deposits as 
hedged 
items in 
a 
portfolio 
hedge of 
interest 
rate 
risk, as 
further described 
in the 
sections below. 
Under the 
EU carve-out 
version 
of IAS 
39, certain 
requirements related 
to hedge accounting 
were removed, 
in order to 
facilitate (a) 
the application of 
fair value hedge 
accounting to 
the macro-hedges 
used for 
structural hedges 
including demand deposits 
and (b) the 
hedge effectiveness 
assessment by 
permitting 
the use of bottom layer approach for 
the determination of the fair value of hedged item, 
attributable to interest rate 
risk.
For 
hedge 
accounting 
purposes, 
the 
Group 
forms 
a 
hedging 
relationship 
between 
a 
hedging 
instrument 
or 
group 
of 
hedging 
instruments and a 
related item or 
group of items 
to be hedged. 
A hedging instrument 
is a 
designated derivative or group 
of derivatives, 
or a designated non-derivative financial asset or financial liability whose fair value or cash flows are expected to offset changes in the 
fair value 
or cash flows 
of a designated 
hedged item 
or group of 
items. Specifically, 
the Group designates 
certain derivatives 
as: (a) 
hedges of the 
exposure to 
changes in fair 
value of recognized 
assets or liabilities 
on a single 
or portfolio 
basis or unrecognized 
firm 

Notes to the Consolidated Financial Statements 
.
16
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31 December 2023 Consolidated Financial Statements
 
 
 
commitments (fair 
value hedging), 
(b) hedges of 
the exposure to 
variability in 
cash flows of 
recognized assets 
or liabilities or 
highly 
probable forecasted 
transactions (cash flow 
hedging) or, 
(c) hedges of the exposure 
to variability in the 
value of a net 
investment in 
a foreign 
operation 
which is 
associated with 
the translation 
of the 
investment's 
net assets 
in the 
Group's functional 
currency (net 
investment hedging).
In 
order 
to 
apply 
hedge 
accounting, 
specified 
criteria 
should 
be 
met. 
Accordingly, 
at 
the 
inception 
of 
the 
hedge 
accounting 
relationship, the Group documents the 
relationship between hedging instruments 
and hedged items, as well as its risk management 
objective 
and 
strategy 
for 
undertaking 
various 
hedge 
transactions, 
together 
with 
the 
method 
that 
will 
be 
used 
to 
assess 
the 
effectiveness of the hedging 
relationship. The Group also 
documents its assessment, both 
at inception of 
the hedge and 
on an ongoing 
basis, of whether the 
derivatives that 
are used in the 
hedging transactions are 
highly effective in 
offsetting changes 
in fair values 
or 
cash flows 
of hedged 
items and 
whether the actual 
results of 
each hedge 
are within 
a range 
of 80-125%. 
If a relationship 
does not 
meet 
the 
abovementioned 
hedge 
effectiveness 
criteria, 
the 
Group 
discontinues 
hedge 
accounting 
prospectively. 
Similarly, 
if 
the 
hedging 
derivative 
expires 
or 
is 
sold, 
terminated 
or 
exercised, 
or 
the 
hedge 
designation 
is 
revoked, 
then 
hedge 
accounting 
is 
discontinued prospectively. In addition, the Group uses other 
derivatives, not designated in qualifying 
hedge relationships, to manage 
its exposure 
primarily to 
interest 
rate 
and foreign 
currency risks. 
Non qualifying 
hedges are 
derivatives 
entered 
into 
as economic 
hedges of 
assets and 
liabilities for 
which hedge 
accounting is 
not applied. 
The said 
derivative instruments 
are classified 
along with 
those held for trading purposes.
Furthermore, the Group may 
designate groups of items 
as hedged items 
by aggregating recognized assets 
or liabilities or 
unrecognized 
but highly probable transactions of 
similar risk characteristics that share the 
exposure for which they are hedged. 
Although the overall 
risk exposures may be different for 
the individual items in the group, the specific risk being hedged is inherent in each of the items in 
the group.
The Group applied 
the Phase 1 and 
Phase 2 IBOR reform 
amendments to IFRS 
9, IAS 39 and 
IFRS 7, that 
provided temporary 
reliefs 
on hedging relationships during the period before the replacement of the existing interest rate 
benchmarks with alternative risk-free 
rates 
(RFRs), assumed 
no change 
at 
its hedging 
relationship 
as a 
result 
of the 
IBOR reform, 
and amended 
accordingly 
its hedging 
documentation . 
The 
Group 
has 
implemented 
its IBOR 
reform 
transition 
program, 
on 
the 
outstanding 
exposures 
that 
referenced 
the 
above 
rates, 
mainly referring to loans to customers 
and derivatives and therefore, 
the relative reliefs ceased to 
apply. 
(i) Fair value hedging
The Group applies 
fair value hedging 
to hedge exposures 
primarily to changes 
in the fair value 
attributable to 
interest rate 
risk with 
respect to the applicable benchmark rate 
and currency risk.
Hedged items
The items that qualify for fair value hedge accounting 
include financial assets and liabilities such as: 
•
fixed rate investment 
securities measured at AC or FVOCI, 
•
fixed rate term deposits and debt 
securities in issue measured at amortized cost; 
•
portfolios of floating-rate 
loans and investment securities with embedded interest 
rate options (such as purchased interest 
rate floors) measured at AC; 
•
portfolios of fixed rate amortizing loans (macro hedging) including securitized notes issued and held by 
the Group measured 
at AC. 
●
portfolios of liabilities (macro hedging) and more specifically demand deposits with interest 
rates determined by the Group 
and 
announced 
on 
its 
pricing 
list 
(sight/savings 
deposit 
rate) 
that 
are 
identified 
as 
interest 
rate-insensitive 
liabilities 
measured at 
AC. More 
specifically, 
demand deposits 
(sight or 
savings) are 
liabilities with 
no contractual 
maturity that 
the 
customers have the flexibility 
to withdraw at any time. Despite their 
contractual terms, and due to their 
nature, part of the 
demand 
deposits
behaves 
as 
a 
portfolio 
of 
longer-term 
fixed 
rate 
liabilities, 
as 
they 
remain 
insensitive 
to 
interest 
rate 
movements. This part of demand deposits represents the core 
deposits. 
Hedge effectiveness assessment
The 
Group 
uses 
the 
dollar-offset 
method 
at 
inception 
(prospective 
measurement) 
and 
on 
an 
ongoing 
basis 
(retrospective 
measurement), in 
order to 
assess the effectiveness 
of fair 
value hedges 
on a single 
or portfolio 
basis. This is 
a quantitative 
method 

Notes to the Consolidated Financial Statements 
.
17
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31 December 2023 Consolidated Financial Statements
 
 
 
that involves the comparison of the change in the fair value of 
the hedging instrument with the change in the fair value of 
the hedged 
item attributable to the hedged risk. The above comparison constitutes 
the dollar-offset ratio and 
should be within the range of 80% 
-125% for the hedge to be highly effective. 
The Group 
may also 
use the 
hypothetical 
derivative 
method, an 
approach to 
the dollar 
offset method, 
mainly applied 
in portfolio 
hedges that 
carry embedded 
derivatives, 
where the 
hedged risk 
is modelled 
through hypothetical 
derivatives, 
which replicate 
the 
embedded derivative. 
The fair value 
of the hypothetical 
derivative is used 
as a proxy 
for the net present 
value of the hedged 
future 
cash 
flows 
against 
which 
changes 
in 
value 
of 
the 
actual 
hedging 
instrument 
are 
compared 
to 
assess 
effectiveness 
and 
measure 
ineffectiveness. 
Hedge ineffectiveness 
may arise in 
case of potential 
differences in 
the critical 
terms between 
the hedged 
item and 
the hedging instrument such as maturity, 
interest rate reset 
frequency and discount curves as well as differences 
between expected 
and actual cash flows.
In addition, for hedging relationships 
where the critical terms 
of the hedged item match 
the ones of the hedging instrument 
such as 
coupon, maturity, 
and payment frequency, 
it is presumed that by construction, effectiveness 
is expected to be highly effective. 
The Group has identified the following sources of ineffectiveness:
•
Differences in the repricing frequency 
of the hedged items and hedging instruments 
•
The use of different interest 
rate curves applied to discount the hedged items 
and hedging instruments. 
Fair value hedging adjustments and discontinuation of hedge 
accounting 
Changes in the fair value of derivatives that are designated and qualify as 
fair value hedges are recorded in the income statement line 
“net trading income/(loss)” 
together with the changes 
in the fair value 
of the hedged assets 
or liabilities that are 
attributable to the 
hedged risk 
(fair value 
hedging adjustments). 
Fair value 
hedging adjustments 
to the 
hedged items 
measured at 
amortised cost 
are 
recorded as 
part of their 
carrying value in 
the balance sheet, 
with the exception 
of hedging adjustments 
for portfolios 
of fixed 
rate 
assets in the context of macro-hedging (see below).
The Group 
discontinues hedge 
accounting prospectively 
in case the 
hedging instrument 
expires or 
is sold, terminated 
or exercised, 
the hedge no 
longer meets the 
qualifying criteria for 
hedge accounting, or 
designation is revoked. 
In such cases, 
any adjustment 
to 
the carrying amount of 
the hedged item, for which 
the effective interest method is applied, is 
amortized to profit or loss in 
the income 
statement 
line 
“interest 
income” 
over 
the 
remaining 
period 
to 
maturity 
with 
amortization 
commencing 
no 
later 
than 
when 
the 
hedged 
item 
ceases 
to 
be 
adjusted 
for 
changes 
in 
its 
fair 
value 
attributable 
to 
the 
risk 
being 
hedged. 
If 
the 
hedged 
item 
is 
derecognised, the unamortised fair value adjustment 
is recognised immediately in the income statement
. 
Portfolio hedging of interest rate risk (macro 
-hedging)
With 
reference 
to 
portfolio 
hedging 
of 
interest 
rate 
risk, 
a 
dynamic 
hedging 
strategy 
is 
applied 
according 
to 
which 
the 
Group 
voluntarily designates and de-designates 
the hedge relationship on a monthly basis. 
For portfolios of financial assets, the Group determines the designated hedged amount by 
identifying portfolios of homogenous fixed 
rate assets based on their contractual interest rates, maturity and other risk characteristics. Assets within the identified portfolios are 
allocated into 
repricing time periods 
based on their 
repricing/maturity dates or 
interest payment 
dates with assumptions 
made for 
expected prepayments 
and capital repayments. 
The hedging instruments 
are groups 
of interest 
rate swaps 
replicating in 
aggregate 
the amortization 
profile of 
the assets 
and designated 
appropriately to 
their repricing 
time periods. 
Following the 
above allocation 
into time buckets, the designated 
hedged principal and the resulting percentage 
of the asset portfolio hedged (hedge ratio) 
for each 
time bucket are determined. 
For 
the core 
deposits’ portfolios, 
the Group 
determines 
their aggregated 
balances and 
allocation 
into 
time buckets 
by applying 
a 
modelled approach that is based 
on regulatory standards.
More specifically, the portfolio of core deposits to be 
hedged is determined 
by an internal 
designated behavioral 
model that utilizes 
a number of 
assumptions regarding 
the behavior and 
evolution of demand 
deposits balances, which are assessed, 
monitored and documented in accordance with the 
Group’s risk management framework. The 
approach 
involves 
the 
allocation 
of 
demand 
deposits 
in 
sub-categories 
considering 
their 
nature, 
i.e. 
retail 
and 
wholesale, 
their 
idiosyncratic behavioral analysis per portfolio, 
their sensitivity on interest rates and their withdrawal patterns 
and expected maturity 
profile 
analyzed 
in time 
buckets 
for 
a maximum 
period of 
ten years. 
Furthermore, the 
model performs 
a capacity 
check per 
time 
bucket to ensure that there is sufficient hedge capacity on the hedged item amortizing profile, compared to the 
hedging instruments’ 
profile in order to ensure that there is no 
over hedge.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Against 
this 
modelled 
interest 
rate 
exposure, 
the 
Group 
then 
uses 
groups 
of 
interest 
rate 
swaps 
with 
maturity 
up 
to 
ten 
years, 
designated as hedging 
instruments, that receive fixed 
interest rate and pay floating 
interest rate based on 
the benchmark rate 
hedged. 
The groups 
of swaps 
are staggered 
to cover 
different 
periods in time 
replicating in 
aggregate the 
estimated amortization 
profile of 
the hedged core deposits 
per time bucket. Additionally, their volume is 
re-assessed on a monthly 
basis. Following the above 
allocation 
into time buckets, 
the designated hedged principal 
and the resulting percentage 
of the portfolio hedged 
(hedge ratio) for 
each time 
bucket are determined.
For 
hedge 
effectiveness 
assessment 
purposes, 
the dollar-offset 
method 
also applies 
to 
portfolio 
hedging 
of interest 
rate 
risk and 
hedge effectiveness 
is measured on 
a monthly basis. For 
prospective effectiveness 
measurement, the dollar-offset 
method involves 
a comparison of the sensitivity of 
fair value to a change of 1 
basis point in interest rates (Dollar Value of a basis point - DV01) 
between 
the hedging instruments 
and the hedged assets 
or liabilities. A 
DV01 offset 
within the threshold 
of 80% to 
125% demonstrates 
that 
the 
hedge 
is 
expected 
to 
be 
highly 
effective. 
Retrospective 
effectiveness 
is 
measured 
by 
comparing 
fair 
value 
changes 
of 
the 
designated portion of the portfolio of assets or liabilities attributable to the hedged risk, estimated as the present value of the future 
cash flows 
using discount 
factors based 
on the 
applicable benchmark 
interest rate 
at the 
inception and 
reporting date, 
against the 
fair value changes of the derivatives, 
to ensure that they are within an 80% to 125% range.
Fair 
Value 
hedging 
adjustments 
do 
not 
affect 
the 
carrying 
amount 
of 
the 
hedged 
assets 
or 
liabilities 
pool, 
but 
instead 
they 
are 
presented 
as a 
separate 
line item 
within balance 
sheet lines 
loans and 
advances to 
customers 
and due 
to customers 
respectively. 
Considering the designation and de-designation process
for a portfolio hedging of interest 
rate risk is performed on a monthly basis, 
the hedging adjustments are recorded in the income 
statement line “net trading income/(loss)” and begin amortization on the 
month 
they occur over the expiration of the designate 
d 
time periods on a straight line basis.
Furthermore, the pool of hedging instruments is managed 
dynamically and therefore when 
new derivatives are added in the pool 
of 
hedging instruments, they are included in the 
next period’s hedge assessment and consequently the change in 
fair value in the month 
of their inception affects the P&L. Similarly, 
when existing swaps are de-designated, 
either to improve expected hedge 
effectiveness 
or to be liquidated, the respective change in fair value from de-designation up to the next designation 
or liquidation date, affects the 
P&L.
(ii) Cash flow hedging
The Group applies cash flow hedging to hedge exposures to variability in cash flows primarily attributable to the interest rate risk and 
currency risk associated with a recognized asset 
or liability or a highly probable forecast transaction.
The items that qualify for cash flow hedging include recognized assets and liabilities such as variable rate deposits 
or loans measured 
at amortized cost, variable rate debt 
securities in issue and foreign currency variable rate loans. The interest 
rate risk with respect to 
the applicable benchmark rate may 
be hedged using interest 
rate swaps and cross 
currency swaps. The foreign 
currency risk may be 
hedged using currency forwards and currency 
swaps.
Furthermore, cash 
flow hedging is 
used for 
hedging highly probable 
forecast transactions 
such as the 
anticipated future 
rollover of 
short-term 
deposits 
or 
repos 
measured 
at 
amortized 
cost. 
Specifically, 
the 
forecast 
variable 
interest 
payments 
of 
a 
series 
of 
anticipated 
rollovers 
of these 
financial liabilities 
are aggregated 
and hedged 
as a 
group with 
respect to 
changes in 
the benchmark 
interest rates, eliminating cash flow variability. 
In addition, cash flow hedging applies to 
hedges of currency risk arising from probable 
forecasted sales of financial assets or 
settlement of financial liabilities in foreign currency.
If the 
hedged item 
is documented 
as a 
forecast 
transaction, the 
Group 
assesses and 
verifies that 
there is 
a high 
probability of 
the 
transaction occurring. 
In order to assess the effectiveness 
of cash flow hedges of interest 
rate risk, the Group 
uses regression analysis which demonstrates 
that there is high 
historical and expected future correlation between 
the interest rate risk designated as 
being hedged and the 
interest 
rate risk 
of the hedging 
instrument. For 
assessing the effectiveness 
of cash flow 
hedges of currency 
risk, the Group 
uses the dollar-
offset method as it is described in section (i) above. 
The effective 
portion of changes 
in the fair 
value of derivatives 
that are designated 
and qualify as cash 
flow hedges is recognized 
in 
other comprehensive income whereas the ineffective portion is recognized in the income statement 
line “net trading income/(loss)”.
Amounts accumulated 
in equity 
are recycled 
to the 
income statement 
in the 
periods in which 
the hedged 
item will 
affect profit 
or 
loss (for example, when the forecast 
sale that is hedged takes place).

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
When a 
hedging instrument 
expires or 
is sold, 
or when 
a hedge no 
longer meets 
the criteria 
for hedge 
accounting, the 
cumulative 
gain or loss existing in equity at that time remains 
in equity until the hedged cash flows affect 
the income statement.
When a forecast 
transaction is 
no longer 
expected to 
occur, 
the cumulative 
gain or 
loss that was 
reported in 
equity is immediately 
transferred to the income 
statement.
(iii) Net investment hedging
The Group 
applies net 
investment 
hedging to 
hedge exposures 
to variability 
in the 
value of 
a net 
investment 
in foreign 
operation 
(including monetary items that form part of the net investment), 
such as foreign subsidiaries, associates or other foreign 
operations, 
associated 
with 
the 
translation 
of 
the 
net 
investment’s 
carrying 
amount 
into 
the 
Group’s 
presentation 
currency. 
Any 
exchange 
differences deriving from the translation 
are deferred in OCI until the net investment 
is disposed of or liquidated, at which time they 
are recognized in the profit or loss.
The 
foreign 
currency 
exposure 
that 
arises 
from 
the 
fluctuation 
in 
spot 
exchange 
rates 
between 
the 
net 
investment’s 
functional 
currency and the Group’s presentation currency may be 
hedged using currency swaps, currency 
forward contracts and their economic 
equivalents, as well as cash instruments. 
The effectiveness of net investment 
hedges is assessed with the Dollar-Offset Method 
as described above for fair value hedge.
Hedges of 
net investments 
in foreign 
operations 
are accounted 
for 
similarly to 
cash flow 
hedges. Any 
gain or 
loss on 
the hedging 
instrument relating to 
the effective portion of the 
hedge is recognized in equity; 
the gain or loss relating 
to the ineffective portion 
is 
recognized in the income statement. 
Gains and losses accumulated in equity are included in the income statement 
when the foreign 
operation is disposed of as part of the gain or loss on the disposal.
(iv) Derivatives not designated as hedging instruments for hedge accounting 
purposes
Changes 
in the 
fair 
value 
of derivative 
financial instruments 
that 
are 
entered 
into 
for 
trading purposes 
or as 
economic hedges 
of 
assets, liabilities or 
net positions in 
accordance with the Group’s hedging 
objectives and risk 
management policies that may 
not qualify 
for hedge accounting are recognized 
in the income statement. 
The fair 
values of 
derivative instruments 
held for 
trading, including 
those entered 
into as 
economic hedges, 
and hedge 
accounting 
purposes are disclosed in note 19.
2.2.4 Offsetting financial instruments
Financial 
assets 
and 
liabilities 
are 
offset 
and 
the net 
amount 
is presented 
in 
the balance 
sheet when, 
and only 
when, 
the Group 
currently 
has a 
legally enforceable 
right to 
set off 
the recognized 
amounts 
and intends 
either to 
settle them 
on a 
net basis, 
or to 
realize the asset and settle the liability simultaneously.
2.2.5 Income statement
 
(i) Interest income and expense
Interest income and expense are recognized in the 
income statement for all interest bearing financial instruments on an 
accrual basis, 
using 
the effective 
interest 
rate 
(EIR) 
method. The 
effective 
interest 
rate 
is the 
rate 
that 
exactly 
discounts 
estimated 
future 
cash 
payments or receipts through the 
expected life of the financial 
instrument or, when appropriate, a shorter period to 
the gross carrying 
amount of the financial asset or to the amortized 
cost of a financial liability. When 
calculating the EIR for financial instruments 
other 
than purchased or originated credit-impaired, the Group estimates future cash flows considering all contractual terms of the financial 
instrument 
but does 
not 
consider 
expected 
credit 
losses. 
For 
purchased 
or originated 
credit 
impaired 
(POCI) financial 
assets, 
the 
Group 
calculates 
the 
credit-adjusted 
EIR, 
which 
is 
the 
interest 
rate 
that 
upon 
the 
original 
recognition 
of 
the 
POCI 
financial 
asset 
discounts the estimated future cash flows 
(including expected credit losses) to the fair 
value of the POCI asset. 
The 
amortized 
cost 
of 
a 
financial asset 
or 
liability 
is 
the 
amount 
at 
which 
it 
is 
measured 
upon 
initial 
recognition 
minus 
principal 
repayments, plus 
or minus cumulative 
amortization using 
the EIR (as 
described above) 
and for 
financial assets it 
is adjusted 
for the 
expected credit loss allowance. The gross carrying amount of a 
financial asset is its amortized cost before adjusting for ECL allowance.
The EIR calculation includes fees and points paid 
or received that are an integral part 
of the effective interest rate, 
transaction costs, 
and other premiums or discounts. Transaction costs include incremental costs that are directly attributable to the acquisition or issue 
of a financial asset or liability.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
The Group calculates interest 
income and expense by applying the EIR to 
the gross carrying amount of non 
-impaired financial assets 
(exposures in Stage 1 and 2) and to the amortized 
cost of financial liabilities respectively. 
For financial assets 
that have 
become credit-impaired 
subsequent to 
initial recognition (exposures 
in Stage 3), 
the Group calculates 
interest income by applying the effective interest rate to the amortized cost of the financial asset (i.e. gross carrying amount adjusted 
for the 
expected credit 
loss allowance). 
If the 
asset is no 
longer credit-impaired, 
then the EIR 
is applied 
again to 
the gross 
carrying 
amount with the exception of POCI assets for 
which interest income does not revert 
to gross basis calculation. 
For inflation-linked 
instruments the 
Group recognizes 
interest 
income and 
expense by 
adjusting the 
effective interest 
rate on 
each 
reporting period due 
to changes in 
expected future cash 
flows, incorporating 
changes in inflation 
expectations over 
the term of the 
instruments. 
The adjusted 
effective 
interest 
rate 
is applied 
in order 
to calculate 
the new 
gross carrying 
amount on 
each reporting 
period. 
The changes to 
the basis for 
determining the 
financial instruments’ 
contractual cash 
flows, required 
in the context 
of IBOR reform, 
are accounted for as an update to 
the instruments’ EIR.
Interest income 
and expense are 
presented separately 
in the income statement 
for all interest 
bearing financial instruments 
within 
net interest income.
(ii) Fees and commissions
Fee and commission received 
or paid that are 
integral to the effective interest rate on a 
financial asset or 
financial liability are included 
in the effective interest 
rate.
Other 
fee 
and 
commission 
income 
such 
as 
account 
servicing 
and 
asset 
management 
fees 
(including 
performance 
based 
fees) 
is 
recognised 
over 
time 
as 
the 
related 
services 
are 
being 
provided 
to 
the 
customer, 
to 
the 
extent 
that 
it 
is 
highly 
probable 
that 
a 
significant reversal 
of the revenue 
amount recognized 
will not occur. 
Transaction-based 
fees such as 
foreign exchange 
transactions, 
imports-exports, remittances, 
bank charges and 
brokerage 
activities are recognised 
at the point 
in time when the 
transaction takes 
place. Other 
fee 
and 
commission 
expenses 
relate 
mainly 
to 
transaction 
and service 
fees, 
which 
are 
expensed 
as 
the 
services are 
received.
In the case of a contract 
with a customer that results 
in the recognition of a financial 
instrument in the Group’s 
financial statements 
which may 
be partially 
in the 
scope of 
IFRS 9 
and partially 
in the 
scope of 
IFRS 15, 
the Group 
first 
applies IFRS 
9 to 
separate 
and 
measure the part of the contract that is in the scope of 
IFRS 9 and subsequently applies IFRS 15 to the residual part.
2.2.6 Property, equipment and Investment 
property
(i) Property and equipment
Property and equipment are measured at cost 
less accumulated depreciation and any accumulated impairment 
losses. Cost includes 
expenditure that 
is directly attributable 
to the acquisition 
of the asset. Subsequent 
expenditure is recognized 
in the asset's 
carrying 
amount only 
when it 
is probable 
that 
future economic 
benefits will 
flow to 
the Group 
and the 
cost of 
the asset 
can be 
measured 
reliably. All other repair 
and maintenance costs are recognized in 
the income statement as incurred.
Depreciation is calculated 
using the straight-line method 
to write down the cost 
of property and equipment, 
to their residual values 
over their estimated useful life as follows:
-
Land: no depreciation;
-
Freehold buildings: 40-50 years and up to 70 years 
(for specific strategic properties constructed 
or heavily renovated according 
to the best practices and guidelines of sustainable construction 
and renovation, using resilient materials 
and designs);
-
Leasehold improvements: over the lease term or 
the useful life of the asset if shorter;
-
Computer hardware and related 
integral software: 4-10 years;
-
Other furniture and equipment: 4-20 years; and
-
Motor vehicles: 5-7 years.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
(ii) Investment property
Property 
held 
for 
rental 
yields and/or 
capital 
appreciation 
that 
is not 
occupied by 
the 
Group’s 
entities 
is classified 
as 
investment 
property. 
Investment 
property 
is 
measured 
initially 
at 
its 
cost, 
including 
related 
transaction 
costs, 
and 
subsequently 
at 
fair 
value 
with 
any 
change therein recognized 
in income statement 
line ‘’other 
income / (expenses)’’. 
Subsequent expenditure 
is charged to the asset’s 
carrying amount only when it is probable that 
future economic benefits associated with the 
item will flow to the Group and the cost 
of the 
item can 
be measured 
reliably. 
Such expenditure 
includes enhancements 
that increase 
the value 
of the 
asset and 
its future 
income-earning 
potential, 
as well 
as costs 
to 
comply with 
environmental 
and other 
legal requirements. 
Repairs 
and maintenance 
costs are recognized to 
the income statement during the financial period in which they are 
incurred. 
Any gain 
or loss 
on disposal 
(calculated as 
the difference 
between the 
net proceeds 
from disposal 
and the 
carrying amount 
of the 
asset) is recognized in income statement.
If an 
investment 
property 
becomes 
owner-occupied, 
it is 
reclassified 
as 
property 
and equipment 
and its 
fair 
value 
at 
the date 
of 
reclassification becomes its deemed cost. If an item of property and equipment becomes an investment property because its use has 
changed, any resulting 
decrease between the 
carrying amount and the 
fair value of this 
item at the date 
of transfer 
is recognized in 
income statement 
while any resulting 
increase, to the extent 
that the increase 
reverses previous 
impairment loss for 
that property, 
is 
recognized 
in 
income 
statement 
while 
any 
remaining 
part 
of 
the 
increase 
is 
recognized 
in 
other 
comprehensive 
income 
and 
increases the revaluation surplus within equity.
If a 
repossessed asset 
becomes investment 
property, 
any difference 
between the 
fair value 
of the 
property at 
the date 
of transfer 
and its previous carrying amount is recognized 
in income statement. 
Reclassifications among own used, repossessed assets and 
investment properties may occur when there is 
a change in the 
use of such 
properties. Additionally, 
an investment property 
may be reclassified to ‘non-current 
assets held for sale’ category 
to the extent that 
the criteria described in note 2.2.25 are met.
2.2.7 Intangible assets
(i) Goodwill
Goodwill 
arising on 
business 
combinations 
is included 
in ‘intangible 
assets’ 
and is 
measured at 
cost less 
accumulated 
impairment 
losses. 
Goodwill arising on acquisitions of associates and jointly controlled entities is neither disclosed nor tested separately for impairment, 
but instead is included in ‘investments 
in associates’ and ‘investments in jointly 
controlled entities’. 
(ii) Computer software
Costs 
associated 
with 
the 
maintenance 
of 
existing 
computer 
software 
programs 
are 
expensed 
as 
incurred. 
Development 
costs 
associated 
with 
the 
production 
of 
identifiable 
assets 
controlled 
by 
the 
Group 
are 
recognized 
as 
intangible 
assets 
when 
they 
are 
expected to generate economic benefits and can be measured reliably. Internally 
generated computer software assets are amortized 
using the straight-line method over 4 years, 
except for core systems 
whose useful life may extend up to 
20 years. 
(iii) Other intangible assets
Other 
intangible 
assets 
are 
assets that 
are 
separable 
or arise 
from 
contractual 
or other 
legal 
rights 
and are 
amortized 
over their 
estimated useful lives. These include intangible 
assets acquired in business combinations.
Intangible assets that have an indefinite 
useful life are not subject to amortization 
and are tested annually for impairment.
 
2.2.8 Impairment of non-financial assets
(i) Goodwill
Goodwill is tested 
for impairment annually 
or more frequently 
if there are 
any indications that 
impairment may have 
occurred. The 
Group considers 
external information 
such as prevailing 
economic conditions, persistent 
slowdown in financial markets, 
volatility in 
markets and changes in levels of market and exchange risk, an unexpected decline in an asset’s market value or market capitalization 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
being below the book value of equity, together 
with a deterioration in internal performance 
indicators, in assessing whether there is 
any indication of impairment.
For the purpose of impairment testing, 
goodwill acquired in a business combination 
is allocated to each Cash 
Generating Unit (CGU) 
or groups 
of CGUs 
that are 
expected to 
benefit from 
the synergies 
of the 
combination. The 
Group monitors 
goodwill either 
at the 
separate legal entity level or 
group of legal entities consistent with the 
internal monitoring of operating segments.
The Group impairment model compares the carrying 
value of a CGU or 
group of CGUs with its 
recoverable amount. The carrying value 
of a CGU 
is based on 
the assets and 
liabilities of each 
CGU. The 
recoverable 
amount is 
determined on 
the basis of 
the value-in-use 
which is the present value of the future cash flows expected to be derived from the 
CGU or group of CGUs. The estimated future cash 
flows are discounted 
to their present 
value using a pre 
-tax discount 
rate that reflects 
current market 
assessments of the time 
value 
of money and the risks specific to the asset or CGU and the countries where 
the CGUs operate.
An impairment loss arises if the carrying amount of an asset or CGU 
exceeds its recoverable 
amount and is recognized in the 
income 
statement. 
Impairment 
losses 
are 
not 
subsequently 
reversed. 
Gains 
and 
losses 
on 
the 
disposal 
of 
an 
entity 
include 
the 
carrying 
amount of goodwill relating to the entity sold.
Goodwill arising in a business combination is not tested for impairment during the one-year period from the acquisition date allowed 
for the 
completion of 
the purchase 
accounting and 
allocation of 
goodwill, unless 
there has 
been a triggering 
event suggesting 
that 
the acquired goodwill might be impaired, even if the 
allocation process is not complete.
(ii) Other non-financial assets
Other non-financial assets, including property and equipment and other intangible assets, are assessed for indications of impairment 
at each reporting date 
by considering both external 
and internal sources of information 
such as a significant reduction 
in the asset’s 
value 
and 
evidence 
that 
the 
economic 
performance 
of 
the 
asset 
is 
or 
will 
be 
worse 
than 
expected. 
When 
events 
or 
changes 
in 
circumstances indicate 
that the carrying amount may 
not be recoverable, 
an impairment loss is recognized 
for the amount by which 
the asset’s carrying 
amount exceeds its recoverable 
amount. The recoverable 
amount is the higher of 
an asset’s fair 
value less costs 
to 
sell 
and 
value 
in 
use. 
For 
the 
purposes 
of 
assessing 
impairment, 
assets 
are 
grouped 
at 
the 
lowest 
levels 
for 
which 
there 
are 
separately 
identifiable 
cash 
flows, 
where 
applicable. 
Non-financial 
assets, 
other than 
goodwill, for 
which an 
impairment 
loss was 
recognized in prior reporting periods, are reviewed 
for possible reversal of such impairment at 
each reporting date.
Impairment losses arising from the Group’s 
associates and joint ventures are determined 
in accordance with this accounting policy.
 
2.2.9 Financial assets
Financial assets - Classification and measurement
The 
Group 
classifies 
financial 
assets 
based 
on 
the 
business 
model 
for 
managing 
those 
assets 
and 
their 
contractual 
cash 
flow 
characteristics. 
Accordingly, 
financial assets 
on initial 
recognition 
are classified 
into one 
of the 
following 
measurement categories: 
amortized cost, fair value 
through other comprehensive income or fair value 
through profit or loss.
Purchases and 
sales of 
financial assets 
are recognized 
on trade 
date, which 
is the 
date the 
Group commits 
to purchase 
or sell 
the 
assets. Loans originated by the Group are recognized 
when cash is advanced to the borrowers. 
Financial Assets measured at Amortized Cost (‘AC’)
The Group classifies and measures 
a financial asset at AC only 
if both of the following conditions 
are met and is not designated 
as at 
FVTPL:
(a) The 
financial asset 
is held within 
a business model 
whose objective 
is to 
collect contractual 
cash flows 
(hold-to-collect business 
model) and
(b) The 
contractual 
terms of 
the financial 
asset give 
rise on 
specified dates 
to cash 
flows that 
are solely 
payments of 
principal and 
interest on the principal amount outstanding 
(SPPI).
These financial 
assets are 
recognized initially 
at fair 
value plus 
or minus direct 
and incremental 
transaction costs 
and fees 
received 
that are attributable to the acquisition of these assets, and are subsequently measured at amortized cost, using the effective interest 
rate (EIR) method (as described in note 2.2.5 above).

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Interest 
income, realized 
gains and 
losses on derecognition, 
and changes 
in expected 
credit losses 
from assets 
classified at 
AC, are 
included in the income statement.
Financial Assets measured at Fair Value through Other 
Comprehensive Income (‘FVOCI’)
The Group classifies and measures a financial asset at FVOCI only if both of the following conditions are 
met and is not designated as 
at FVTPL:
(a) The financial asset 
is held within a 
business model whose objective 
is achieved by both collecting 
contractual cash flows and selling 
financial assets (hold-to-collect-and-sell business 
model) and
(b) The contractual terms of the financial asset give rise on specified dates 
to cash flows that are SPPI. 
Financial 
assets 
that 
meet 
these 
criteria 
are 
debt 
instruments 
and 
are 
measured 
initially 
at 
fair 
value, 
plus 
or 
minus 
direct 
and 
incremental transaction costs that 
are attributable to the acquisition of these assets. 
Subsequent 
to 
initial recognition, 
FVOCI 
debt 
instruments 
are 
re-measured 
at 
fair 
value 
through 
OCI, except 
for 
interest 
income, 
related foreign exchange gains 
or losses and expected credit losses, which are recognized in the income statement. 
Cumulative gains 
and losses previously recognized in OCI are transferred from OCI to the income statement when the debt instrument is 
derecognised. 
Equity Instruments designated at FVOCI
The Group may make an irrevocable election to 
designate an equity instrument at FVOCI. 
This designation, if elected, is 
made at initial 
recognition 
and on 
an 
instrument 
by 
instrument 
basis. 
Gains and 
losses 
on these 
instruments, 
including when 
derecognized, 
are 
recorded 
in 
OCI 
and 
are 
not 
subsequently 
reclassified 
to 
the 
income 
statement. 
Dividends 
received 
are 
recorded 
in 
the 
income 
statement.
Financial Assets measured at Fair Value through Profit 
and Loss (“FVTPL”)
The 
Group 
classifies 
and 
measures 
all 
other 
financial 
assets 
that 
are 
not 
classified 
at 
AC 
or 
FVOCI, 
at 
FVTPL. 
Derivative 
financial 
instruments 
are measured 
at FVTPL 
with changes 
in fair 
value recognized 
in the 
income statement, 
unless they 
are designated 
as 
effective hedging instruments, where 
hedge accounting requirements under IAS 39 apply (as described 
in note 2.2.3 above).
Furthermore, a financial asset that meets the above conditions 
to be classified at AC or FVOCI, may be irrevocably 
designated by the 
Group at 
FVTPL at 
initial recognition, 
if doing 
so eliminates, 
or significantly 
reduces an 
accounting mismatch 
that would 
otherwise 
arise.
Financial assets measured at FVTPL are initially recorded at fair value 
and any unrealized gains or losses arising due to changes in fair 
value are included in the income statement.
Business model and contractual characteristics assessment
The business model assessment 
determines how the 
Group manages a 
group of assets 
to generate cash 
flows. That is, 
whether the 
Group's objective 
is solely 
to collect 
contractual 
cash flows 
from the 
asset, to 
realize cash 
flows from 
the sale 
of assets, 
or both to 
collect contractual cash flows and cash flows 
from the sale of assets. In addition, the business model is determined after aggregating 
the financial assets into groups (business lines) which are managed 
similarly rather than at an individual instrument’s 
level. 
The business 
model is 
determined 
by the 
Group’s 
key 
management personnel 
consistently 
with the 
operating 
model, considering 
how financial assets are managed 
in order to generate cash flows, the objectives 
and how performance of each 
portfolio is monitored 
and reported and any available information 
on past sales and on future sales’ strategy, 
where applicable. 
Accordingly, 
in making 
the above 
assessment, the 
Group 
will consider 
a number 
of factors 
including the 
risks associated 
with the 
performance of 
the business model 
and how those 
risks are evaluated 
and managed, the 
related personnel 
compensation, and the 
frequency, volume 
and reasons of past sales, as well as expectations about future 
sales activity.
Types of business models
The Group’s business 
models fall into three categories, which 
are indicative of the key strategies 
used to generate returns.
The 
hold-to-collect 
(HTC) 
business model 
has the 
objective 
to 
hold 
the financial 
assets in 
order 
to 
collect contractual 
cash flows. 
Financial 
assets 
classified 
within 
this 
business 
model 
include 
investment 
securities, 
due 
from 
banks 
and 
loans 
and 
advances 
to 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
customers including securitized notes issued by special purpose entities established by 
the Group and recognized in its balance sheet, 
which are 
measured at 
amortized cost. 
Sales within 
this model 
are monitored 
per financial 
asset class 
and may 
be performed 
for 
reasons which are not inconsistent with this business model. More specifically, sales of financial assets due to credit deterioration, as 
well as sales close to the maturity are considered consistent with the objective of hold-to-collect contractual 
cash flows regardless of 
value and frequency. Sales for other reasons may be consistent with the HTC model such as liquidity needs in 
any stress case scenario 
or sales made to manage high concentration 
level of credit risk. Such sales are monitored and assessed depending 
on frequency and 
value to conclude whether they are consistent 
with the HTC model. 
The 
hold-to-collect-and-sell 
business 
model 
(HTC&S) 
has 
the 
objective 
both 
to 
collect 
contractual 
cash 
flows 
and 
sell 
the 
assets. 
Activities such as liquidity management, interest 
yield and duration are consistent with this 
business model, while sales of assets are 
integral to 
achieving the objectives 
of this business 
model. Financial assets 
classified within this 
business model include 
investment 
securities which are measured at FVOCI, subject to meeting the SPPI assessment 
criteria.
Other business models 
include financial assets 
which are managed 
and evaluated 
on a fair 
value basis as 
well as portfolios 
that are 
held for trading. This is a residual category for financial assets not meeting the criteria of the business models of 
HTC or HTC&S, while 
the collection of contractual cash flows may 
be incidental to achieving the business models’ objective.
The Group’s 
business models 
are 
reassessed 
at 
least 
annually or 
earlier, 
if there 
is a 
sales’ assessment 
trigger or 
if there 
are 
any 
changes in the Bank’s strategy 
and main activities, as evidenced by the Bank’s 
business plan, budget and NPE strategy. 
Cash flow characteristics assessment
For a 
financial asset 
to be 
measured at 
AC or 
FVOCI, its 
contractual 
terms must 
give rise 
on specified 
dates to 
cash flows 
that 
are 
solely payments of principal 
and interest (SPPI) 
on the principal amount outstanding. 
For the purpose of this 
assessment principal is 
defined as the 
fair value of 
the asset at 
initial recognition and 
interest as 
the consideration 
for the time 
value of money, 
credit risk, 
other basic lending risks and a profit margin. 
More 
specifically, 
at 
initial 
recognition 
of 
a financial 
asset, 
an 
assessment 
is performed 
of whether 
the 
financial 
asset 
contains 
a 
contractual term that 
could change the amount or timing 
of contractual cash flows 
in a way that it would 
not be consistent with the 
above 
condition. 
The 
Group 
considers 
the 
existence 
of 
various 
features, 
including 
among 
others, 
contractually 
linked 
terms, 
prepayment 
terms, 
deferred 
interest-free 
payments, 
extension 
and 
equity 
conversion 
options, 
terms 
that 
introduce 
leverage 
including index linked payments, as well 
as environmental, social and governance linked features (ESG) 
where the contractual interest 
rate 
is 
adjusted 
if 
the 
borrower 
meets, 
or 
fail 
to 
meet 
specific 
sustainability 
performance 
targets. 
Where 
the 
contractual 
terms 
introduce exposure to risk or volatility that are 
inconsistent with a basic lending 
arrangement, the related financial asset is considered 
to have failed the SPPI assessment and will be measured 
at FVTPL.
In addition, if a contractual feature could have an effect that is de-minimis on the contractual cash flows of the financial asset, it does 
not affect 
its classification. Moreover, 
a contractual 
feature is considered 
as not genuine by 
the Group, if 
it affects the 
instrument’s 
contractual cash flows 
only on the occurrence of an event 
that is extremely rare, 
highly abnormal and very unlikely 
to occur. 
In such 
a case, it does not affect the instrument’s 
classification.
Moreover, 
for the 
securitized 
notes issued 
by special 
purpose entities 
and held 
by the 
Group, the 
cash flow 
characteristics 
of the 
notes and the 
underlying pool of financial 
assets as well 
as the credit 
risk inherent in 
each securitization’s 
tranche compared 
to the 
credit risk of all of the underlying pool of financial assets, are considered.
In case of 
special lending arrangements such 
as non-recourse loans, 
in its assessment 
of the SPPI 
criterion, the Group considers 
various 
factors 
such 
as 
the 
nature 
of 
the 
borrower 
and 
its 
business, 
the 
pricing 
of 
the 
loans, 
whether 
it 
participates 
in 
the 
economic 
performance of the 
underlying asset and 
the extent to 
which the collateral 
represents all 
or a substantial 
portion of the borrower’s 
assets. Moreover, 
for non-recourse 
loans, the Group 
takes into 
consideration the 
borrower’s adequacy 
of loss absorbing 
capital by 
assessing jointly the criteria of equity 
sufficiency, Loan to 
Value ratio (LTV), 
the Average Debt Service Coverage 
ratio (ADSCR) as well 
as the existence of corporate 
and personal guarantees. 
In certain cases when 
the time value of 
money element is modified 
in that the financial 
asset’s interest 
rate is periodically 
reset but 
the reset frequency 
does not match 
the tenor of 
the interest 
rate or when 
a financial asset’s 
interest rate 
is periodically reset 
to an 
average of particular short-term and long-term 
interest rates, a quantitative assessment is 
performed (the “Benchmark Test”) in order 
to determine whether the contractual cash 
flows are SPPI.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
In particular, 
the Group 
assesses the contractual 
cash flows 
of the “real 
instrument”, 
whose interest 
rate is 
reset with 
a frequency 
that does not match 
the tenor of the 
interest rate, and those of 
the “benchmark instrument”, which are identical in 
all respects except 
that the tenor of the 
interest rate 
matches exactly the 
interest period. 
If the undiscounted cash 
flows of the former 
are significantly 
different 
from the 
benchmark cash 
flows due 
to the 
modified time value 
of money 
element, the 
financial asset 
does not 
meet the 
SPPI criterion. In its assessment, the Group considers 
both the effect of the modified time value of money element 
in each reporting 
period 
and 
cumulatively 
over 
the 
life 
of 
the 
instrument. 
This 
is 
done, 
as 
far 
as 
the 
lifetime 
of 
the 
instrument 
is 
concerned, 
by 
comparing 
the 
cumulative 
projected 
undiscounted 
cash 
flows 
of 
the 
real 
and the 
benchmark 
instrument, 
and 
for 
each 
quarterly 
reporting period, 
by comparing 
the projected 
undiscounted 
cash flows 
of the 
two instruments 
for that 
quarterly reporting 
period, 
based on predefined thresholds.
The Group performs the SPPI assessment for its 
lending exposures on a product basis for the 
retail and part of the wholesale portfolio 
where contracts are of standardized form, whereas for the remaining wholesale portfolio, securitized notes issued by special purpose 
entities, either established by the Group or third parties, 
and held by the Group, and debt securities the assessment is performed 
on 
an individual basis. 
 
Derecognition of financial assets
The 
Group 
derecognizes 
a 
financial 
asset 
when 
its 
contractual 
cash 
flows 
expire, 
or 
the 
rights 
to 
receive 
those 
cash 
flows 
are 
transferred in an outright sale in which substantially all risks and rewards of ownership have 
been transferred. In addition, a financial 
asset is derecognized 
even if rights 
to receive cash 
flows are retained 
but at the same 
time the Group 
assumes an obligation 
to pay 
the received cash flows without a material delay (pass through agreement) or when substantially all 
the risks and rewards are neither 
transferred 
nor retained 
but the Group 
has transferred 
control of 
the asset. Control 
is transferred 
if, and 
only if, 
the transferee 
has 
the practical ability to sell 
the asset in its entirety to 
unrelated third party and is able to 
exercise that ability unilaterally 
and without 
imposing additional restrictions on the transfer.
The main transactions that are subject to the above de-recognition 
rules are securitization transactions, repurchase 
agreements and 
stock lending 
transactions. In 
the case of 
securitization transactions, 
in order 
to assess the 
application of 
the above 
mentioned de-
recognition 
principles, 
the 
Group 
considers 
the 
structure 
of 
each 
securitization 
transaction 
including 
its 
exposure 
to 
the 
more 
subordinated 
tranches 
of 
the 
notes 
issued 
and/or 
credit 
enhancements 
provided 
to 
the 
special 
purpose 
entities, 
as 
well 
as 
the 
securitization’s contractual 
terms that may indicate that the Group retains control of the underlying assets. In the case of repurchase 
transactions and stock lending, the assets transferred 
are not derecognised since the terms of the transaction 
entail the retention of 
all their risks and rewards. 
On derecognition of 
a financial asset, 
the difference 
between the carrying 
amount of the 
asset and the sum 
of (i) the consideration 
received 
(including 
any 
new 
asset 
obtained 
less 
any 
new 
liability 
assumed) 
and 
(ii) 
any 
cumulative 
gain 
or 
loss 
that 
had 
been 
recognized 
in OCI 
for 
financial assets 
at FVOCI, 
is recognized 
in income 
statement, 
except 
for 
cumulative 
gains or 
losses of 
FVOCI 
equity instruments which are not reclassified from OCI to 
income statement at the date of 
derecognition.
Modification of financial assets that may result in derecognition
In addition, 
derecognition of 
financial asset 
arises when 
its contractual 
cash flows 
are modified 
and the 
modification is 
considered 
substantial 
enough 
so 
that 
the 
original 
asset 
is derecognized 
and 
a new 
one 
is 
recognised. 
Substantial 
modifications 
resulting 
in 
derecognition 
may include 
among others 
change in 
borrower, 
change in 
the asset’s 
denomination 
currency, 
debt consolidation 
of 
unsecured exposure into a single new secured asset. The Group records the modified asset as a ‘new’ financial asset at fair value plus 
any eligible transaction costs and the difference 
with the carrying amount of the existing one is recorded in the income statement 
as 
derecognition gain or loss. 
The Group may 
modify the contractual 
terms of a lending exposure 
either as a concession granted 
to a client facing 
or that is about 
to 
face 
financial 
difficulties 
or 
due 
to 
other 
commercial 
reasons 
such 
as 
changes 
in 
market 
conditions, 
competition 
or 
customer 
retention. 
In addition, 
the Group 
may occasionally 
enter, 
in the 
context 
of loans’ 
modifications, into 
debt-for-equity 
transactions. 
These are 
transactions where the terms of a lending exposure 
are renegotiated and as a result, 
the borrower issues equity instruments (voting 
or no 
voting) in 
order to 
extinguish part 
or all 
of its 
financial liability 
to the 
Group. Such 
transactions 
may include 
also exercise 
of 
conversion rights embedded into 
convertible or exchangeable bonds 
and enforcement of shares held as collateral.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
In debt-for-equity transactions, the 
modified loan is derecognized while the 
equity instruments received in 
exchange are recognized 
at their fair value, with any resulting gain 
or loss recognized in the Group’s 
income statement.
2.2.10 Reclassifications of financial assets
The Group reclassifies a financial 
asset only when it changes its business 
model for managing financial assets. Generally, 
a change in 
the business model is expected to be rare and occurs when the Group either begins or ceases to perform an activity that is significant 
to its operations; for 
example, when a business 
line is acquired, disposed of or 
terminated. In the rare 
event when there is 
a change 
to the existing business 
models, the updated assessment 
is approved by the Group’s 
competent Committees and 
the amendment is 
reflected appropriately in the Group’s 
budget and business plan. 
Changes 
in intention 
related 
to particular 
financial assets 
(even in 
circumstances 
of significant 
changes in 
market 
conditions), the 
temporary disappearance of 
a particular market for 
financial assets or a transfer 
of financial assets between parts of the 
Group with 
different business models, are not 
considered by the Group changes in business model.
The reclassification 
is applied 
prospectively 
from the 
reclassification 
date, 
therefore 
previously 
recognized 
gains, 
losses (including 
impairment losses) or interest are not restated.
 
2.2.11 Financial liabilities
Financial liabilities - Classification and measurement
The Group 
classifies its 
financial liabilities 
in the 
following 
categories: financial 
liabilities measured 
at amortized 
cost and 
financial 
liabilities measured at fair-value-through 
-profit-or-loss (FVTPL). 
Financial liabilities at FVTPL comprise two sub categories: financial 
liabilities held for trading and financial liabilities designated at fair-
value-through-profit-or-loss upon 
initial recognition.
Financial liabilities 
held for 
trading, which 
include short positions 
of debt 
securities (sold but 
not yet 
purchased), are 
liabilities that 
the Group 
incurs principally 
for 
the purpose 
of repurchasing 
in the 
near term 
for 
short term 
profit 
or in 
the context 
of economic 
hedging strategies of groups of assets 
and/or liabilities or net positions for which hedge accounting 
is not applied. 
The Group 
may, 
at initial 
recognition, 
irrevocably 
designate financial 
liabilities at 
fair-value-through-profit-or-loss 
when one 
of the 
following criteria is met:
●
the designation eliminates or significantly 
reduces an accounting mismatch 
which would otherwise arise from measuring assets 
or 
liabilities or recognising the gains and losses on them on different 
bases; or
●
a group of financial liabilities 
or financial assets and financial liabilities 
is managed and its performance 
is evaluated on 
a fair value 
basis in accordance with a documented risk management or 
investment strategy; or
●
the financial liability contains one or more embedded derivatives as components of a 
hybrid contract which significantly modify the 
cash flows that otherwise would be required by the 
contract.
Financial liabilities held for trading or designated at FVTPL are initially recognized at fair value. Changes in fair value are recognized 
in 
the income statement, except 
for changes in the fair value of liabilities designated 
at fair-value-through-profit 
-or-loss attributable to 
changes in the 
Group’s 
own credit risk, 
which are recognised 
in OCI and 
are not subsequently 
reclassified to 
the income statement 
upon derecognition of the 
liabilities. However, if such treatment creates or 
enlarges an accounting mismatch 
in the income 
statement, 
all gains or losses of this financial liability, 
including the effects of changes in the credit risk, are recognized 
in the income statement.
Derecognition of financial liabilities
A 
financial 
liability 
is 
derecognized 
when 
the 
obligation 
under 
the 
liability 
is 
discharged, 
cancelled 
or 
expires. 
When 
an 
existing 
financial liability of the Group is replaced by another from the same counterparty on substantially different 
terms, or the terms of an 
existing liability are 
substantially modified, 
such an exchange 
or modification is 
treated as 
an extinguishment of 
the original liability 
and the recognition of a new liability and any difference 
arising is recognized in the income statement.
The Group considers 
the terms to be 
substantially different, 
if the discounted present 
value of the cash 
flows under the new 
terms, 
including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from 
the discounted present value of the remaining 
cash flows of the original financial liability.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
If an 
exchange 
of debt 
instruments 
or modification 
of terms 
is accounted 
for as 
an extinguishment, 
any costs 
or fees 
incurred are 
recognized as part of 
the gain or 
loss on 
the extinguishment. If 
the exchange or modification 
is not 
accounted for as an 
extinguishment, 
any 
costs 
or fees 
incurred 
adjust the 
carrying amount 
of the 
liability and 
are amortized 
over the 
remaining 
term 
of the 
modified 
liability.
Similarly, 
when 
the 
Group 
repurchases 
any 
debt 
instruments 
issued 
by 
the 
Group, 
it 
accounts 
for 
such 
transactions 
as 
an 
extinguishment of debt.
2.2.12 Fair value measurement of financial instruments
Fair 
value 
of 
financial 
instruments 
is the 
price 
that 
would 
be received 
to 
sell 
an 
asset 
or paid 
to 
transfer 
a liability 
in 
an 
orderly 
transaction between market participants at the measurement date under 
current market conditions in the principal 
or, in its absence, 
the most advantageous 
market to 
which the Group 
has access at 
that date. 
The fair value 
of a liability 
reflects its non-performance 
risk.
When available, the 
Group measures the fair 
value of an instrument 
using the quoted price 
in an active market 
for that instrument. 
A market 
is regarded 
as active 
if transactions 
for 
the asset 
or liability 
take 
place with 
sufficient 
frequency and 
volume to 
provide 
pricing 
information 
on 
an 
ongoing 
basis. 
If 
there 
is 
no 
quoted 
price 
in 
an 
active 
market, 
then 
the 
Group 
uses 
other 
valuation 
techniques that maximize 
the use of relevant 
observable inputs and minimize 
the use of unobservable 
inputs. The chosen valuation 
technique incorporates all of the factors 
that market participants would take 
into account in pricing a transaction.
The Group has elected to use mid-market pricing as 
a practical expedient for fair 
value measurements within a bid-ask spread.
The best evidence 
of the fair value 
of a financial instrument 
at initial recognition 
is normally the transaction 
price, i.e. the fair 
value 
of the consideration given 
or received unless 
the Group determines 
that the fair 
value at initial 
recognition differs from the transaction 
price. In this case, 
if the fair value is evidenced 
by a quoted price in 
an active market for an identical asset or 
liability (i.e. Level 1 input) 
or based on 
a valuation 
technique that 
uses only data 
from observable 
markets, a 
day one 
gain or 
loss is recognized 
in the 
income 
statement. 
On the 
other hand, 
if the 
fair value 
is evidenced 
by a 
valuation 
technique that 
uses unobservable 
inputs, the 
financial 
instrument 
is initially 
measured at 
fair value, 
adjusted to 
defer the 
difference 
between the 
fair value 
at initial 
recognition and 
the 
transaction price (day 
one gain or 
loss). Subsequently the 
deferred gain 
or loss is amortized 
on an appropriate 
basis over the 
life of 
the instrument or released 
earlier if a quoted 
price in an active market 
or observable market 
data become available 
or the financial 
instrument is closed out.
All assets and liabilities for 
which fair value is measured 
or disclosed in the financial statements 
are categorized 
within the fair value 
hierarchy based on the lowest level 
input that is significant to the fair value 
measurement as a whole.
For assets and 
liabilities that are 
measured at fair 
value on a 
recurring basis, the 
Group recognizes 
transfers 
into and out 
of the fair 
value hierarchy levels at 
the beginning of the quarter in which a financial instrument's transfer 
was effected.
 
2.2.13 Impairment of financial assets
The 
Group 
recognizes 
allowance 
for 
expected 
credit 
losses 
(ECL) 
that 
reflect 
changes 
in 
credit 
quality 
since initial 
recognition 
to 
financial assets that 
are measured at 
AC and FVOCI, including 
loans, securitized notes 
issued by special purpose 
entities established 
by the Group, lease 
receivables, debt securities, as well 
as 
financial guarantee contracts and loan 
commitments. ECL are a probability-
weighted average estimate of credit losses that reflects the time value of money. Upon initial recognition of the financial instruments 
in scope of the impairment policy, 
the Group records a 
loss allowance equal to 12-month ECL, 
being the ECL that result from default 
events 
that 
are 
possible 
within 
the 
next 
twelve 
months. 
Subsequently, 
for 
those 
financial 
instruments 
that 
have 
experienced 
a 
significant 
increase 
in 
credit 
risk 
(SICR) since 
initial 
recognition, 
a loss 
allowance 
equal 
to 
lifetime 
ECL 
is recognized, 
arising 
from 
default 
events 
that are 
possible over 
the expected 
life 
of the 
instrument. 
If upon 
initial recognition, 
the financial 
asset meets 
the 
definition of purchased or originated credit 
impaired (POCI), the loss allowance is based on the change in 
the ECL over the life of the 
asset.
Loss allowances for 
trade receivables 
are always 
measured at an 
amount equal to 
lifetime ECL. For 
all other financial assets 
subject 
to impairment, the general three-stage 
approach applies.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Accordingly, 
ECL are recognized using a three-stage 
approach based on the extent of credit deterioration 
since origination:
•
Stage 1 – When 
there is no 
significant increase in 
credit risk since initial 
recognition of a 
financial instrument, an amount 
equal 
to 12-month ECL is recorded. 
The 12 – month ECL represent 
a portion of lifetime losses, that result from 
default events that are 
possible 
within the 
next 
12 months 
after 
the reporting 
date 
and 
is equal 
to 
the 
expected 
cash 
shortfalls 
over 
the 
life 
of 
the 
instrument or group of instruments, due to loss events probable within the next 12 months. 
Not credit-impaired financial assets 
that are either newly originated or purchased, as well as assets recognized following 
a substantial modification accounted for as 
a derecognition, are classified initially in Stage 1. 
•
Stage 2 – 
When a financial 
instrument experiences a 
SICR subsequent to 
origination but is 
not considered to 
be in default, 
it is 
included 
in 
Stage 
2. 
Lifetime 
ECL 
represent 
the 
expected 
credit 
losses 
that 
result 
from 
all 
possible 
default 
events 
over 
the 
expected life of the financial instrument. 
•
Stage 3 – Financial 
instruments that 
are considered to 
be in default 
are included in this 
stage. Similar to 
Stage 2, the allowance 
for credit losses captures the lifetime expected 
credit losses. 
•
POCI - Purchased 
or originated 
credit impaired 
(POCI) assets are 
financial assets that 
are credit impaired 
on initial recognition. 
They are 
not subject 
to stage 
allocation and 
are always 
measured on 
the basis 
of lifetime 
expected credit 
losses. Accordingly, 
ECL 
are 
only 
recognized 
to 
the 
extent 
that 
there 
is 
a 
subsequent 
change 
in 
the 
assets’ 
lifetime 
expected 
credit 
losses. 
Any 
subsequent favorable change to 
their expected cash flows is recognized as impairment gain 
in the income statement even if the 
resulting expected 
cash flows exceed 
the estimated 
cash flows at 
initial recognition. Apart 
from purchased assets 
directly from 
the 
market 
or 
through 
a business 
combination, 
POCI 
assets 
may 
also 
include 
financial 
instruments 
that 
are 
considered 
new 
assets, following a substantial modification 
accounted for as a derecognition (see section 
2.2.9). 
Definition of default
To determine the risk of default, the 
Group applies a 
default definition for accounting purposes, which 
is consistent with the 
European 
Banking Authority 
(EBA) definition 
for non-performing 
exposure 
and regulatory 
definition of 
default 
as applied 
by the 
Group on 
1 
January 2021 (refer 
to note 
5.2.1.2 (a)). The 
accounting definition 
of default 
is also consistent 
with the 
one used for 
internal credit 
risk management purposes. 
A financial asset 
is credit-impaired 
when one or 
more events 
that have 
a detrimental 
impact on the 
estimated future 
cash flows 
of 
that exposure have occurred: 
•
The borrower faces a significant difficulty 
in meeting his financial obligations. 
•
There has been a breach of contract, such as a default or unpaid amounts, above specified materiality thresholds, for 
more than 
90 consecutive days. 
•
The Group, 
for 
economic or 
contractual 
reasons 
relating 
to the 
borrower’s 
financial difficulty, 
has granted 
to the 
borrower 
a 
concession(s) that the Group would not otherwise consider. 
•
There is a probability that the borrower 
will enter bankruptcy or other financial re-organization. 
•
For 
POCI 
financial 
assets, 
a 
purchase 
or 
origination 
at 
a 
deep 
discount 
that 
reflects 
incurred 
credit 
losses 
is 
considered 
a 
detrimental 
event. 
The 
Group 
assesses 
the 
deep 
discount 
criterion 
following 
a 
principle 
-based 
approach 
with 
the 
aim 
to 
incorporate all reasonable and supportable 
information which reflects market conditions that 
exist at the 
time of the 
assessment. 
For debt securities, the Group determines the risk of default using an internal credit rating scale. The Group considers debt securities 
as credit impaired if the internal rating of the issuer/counterparty 
corresponds to a rating equivalent to "C" (Moody's 
rating scale) or 
the external rating of the issuer/counterparty at 
the reporting date is equivalent to “C” (Moody’s rating scale) and the internal rating 
is not available.
Significant increase in credit risk (SICR) and staging allocation
Determining whether a loss 
allowance should be based 
on 12-month expected credit losses 
or lifetime expected credit losses 
depends 
on whether 
there has been 
a significant 
increase in credit 
risk (SICR) of 
the financial assets, 
issued loan commitments 
and financial 
guarantee contracts, 
since initial recognition. 
At each reporting date, the Group performs an assessment as to whether 
the risk of a default occurring over the remaining expected 
lifetime of the exposure has increased significantly from the expected 
risk of a default estimated at origination for 
that point in time. 
The 
assessment 
for 
SICR 
is 
performed 
using 
both 
qualitative 
and 
quantitative 
criteria 
based 
on 
reasonable 
and 
supportable 
information 
that is 
available 
without undue 
cost or 
effort 
including forward 
looking information 
and macroeconomic 
scenarios as 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 