NBG » Topics » Introduction

This excerpt taken from the NBG 6-K filed Aug 31, 2009.

Introduction

 

We have reviewed the accompanying condensed company and consolidated statement of financial position of “NATIONAL BANK OF GREECE S.A.” (the “Bank”) and its subsidiaries (together “the Group”), the related statements of income, comprehensive income, changes in equity and cash flows for the six-month period then ended, and selective explanatory notes which comprise the interim condensed financial information, which represents an integral part of the half year financial report of L3556/2007. Management is responsible for the preparation and fair presentation of this interim condensed financial information in accordance with International Financial Reporting Standards as adopted by the European Union and applicable to interim financial reporting (“IAS 34”). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.

 

This excerpt taken from the NBG 20-F filed Jul 15, 2009.

Introduction

        We are the largest financial institution in Greece by market capitalization, holding a significant position in Greece's retail banking sector, with more than 10 million deposit accounts, more than one million lending accounts, 579 branches and 1,446 ATMs as at December 31, 2008. Our core focus outside of Greece is in Turkey and SEE, where we currently operate in Bulgaria, Serbia, Romania, Albania, Cyprus and FYROM. Altogether, we have a presence in eleven countries outside Greece. We offer our customers a wide range of integrated financial services, including:

    corporate and investment banking;

    retail banking (including mortgage lending);

    leasing;

    stock brokerage, asset management and venture capital;

    insurance; and

    real estate and consulting services.

        In addition, we are involved in various other businesses, including hotel and property management, real estate and IT consulting.

        The Bank is our principal operating company, representing 70.8% of our total assets as at December 31, 2008. The Bank's liabilities represent 76.3% of our total liabilities as at December 31, 2008. While the Bank conducts most of our banking activities, it is supported by eight non-Greek

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banking subsidiaries: Finansbank A.S., United Bulgarian Bank AD–Sofia ("UBB"), Vojvodjanska, Banca Romaneasca S.A. ("Banca Romaneasca"), Stopanska Banka A.D.–Skopje ("Stopanska Banka"), the National Bank of Greece (Cyprus) Ltd. ("NBG Cyprus"), South African Bank of Athens Ltd. ("SABA") and Finansbank (Malta) Ltd. We intend to continue to expand our operations in SEE and the Southeastern Mediterranean region.

        We hold leading positions in many financial services products in Greece. As at December 31, 2008, we had the largest market share of deposits and mortgage loans in Greece, with 31.0% in core deposits and 23.8% in mortgage lending, respectively, according to our internal analysis of published information of the Bank of Greece and other Greek banks; moreover, we were first in life and non-life insurance with market shares of 21.2% and 13.4%, respectively according to data published by the Greek Private Insurance Supervisory Committee. We are also strongly positioned in consumer and credit card lending, According to our internal analysis of published information by the Bank of Greece, we are second with a market share of 17.8% as at December 31, 2008 and first in fund management with a market share of 26.6% as at the same date. We believe that our leadership in financial services in Greece provides a strong platform upon which we will be able to successfully and prudently grow our business.

This excerpt taken from the NBG 6-K filed Aug 29, 2008.

Introduction

 

We have reviewed the accompanying condensed balance sheet of National Bank of Greece S.A. (the “Bank”) and the condensed consolidated balance sheet of the Bank and its subsidiaries (the “Group”) as of 30 June 2008 and the related condensed statements of income, changes in equity and cash flows of the Bank and the Group for the six-month period then ended, as well as the selected explanatory notes, which comprise the interim financial information, which is an integral part of the six-month financial report provided by article 5 of Law 3556/2007. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Financial Reporting Standards as adopted by the European Union and apply to interim financial reporting (“IAS 34”). Our responsibility is to express a conclusion on this interim financial information based on our review.

 

This excerpt taken from the NBG 6-K filed Mar 27, 2008.

INTRODUCTION

 

At its meeting of 18 March 2008, the Board of Directors decided to propose to the General Meeting of Shareholders of the National Bank of Greece (“the Bank”) a share capital increase of the Bank by up to the equivalent of € 1.5 billion through the issuance of redeemable preferred shares pursuant to article 17b of the Companies’ Act 2190/1920 (the “Companies Act”), and the waiver of existing ordinary shareholders’ preemptive rights. The proposed share capital increase is deemed by the Board of Directors to be for the benefit of the Bank and its shareholders, given that an issue of redeemable preferred shares, made possible by provisions introduced in law 3604/2007, will strengthen the Bank’s regulatory capital, enabling the Bank to achieve further growth, in a cost-effective format whilst diversifying the Bank’s investor base.

 

The Bank shall ensure that the redemption option is provided for under its Articles of Association before the redeemable shares are offered for subscription in accordance with the requirements of par. 3a , article 17b of the Companies Act.

 

This excerpt taken from the NBG 6-K filed Aug 30, 2007.

Introduction

We have reviewed the accompanying condensed balance sheet of the National Bank of Greece S.A. (the “Bank”) and the condensed consolidated balance sheet of the Bank and its subsidiaries (the “Group”) as of June 30, 2007 and the related condensed statements of income, changes in equity and cash flows of the Bank and the Group for the six-month period then ended, as well as the selected explanatory notes. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Financial Reporting Standards as adopted by the European Union and apply to interim financial reporting (IAS 34). Our responsibility is to express a conclusion on this interim financial information based on our review.

This excerpt taken from the NBG 6-K filed Apr 6, 2006.

INTRODUCTION

 

At its meeting of 3 April 2006, the board decided to propose to NBG’s General Meeting of Shareholders an increase by up to €3 billion in the Bank’s share capital through payment in cash and with pre-emptive rights. The funds raised will be used to finance part of the acquisition of a majority interest in the Turkish banking corporation Finansbank A.S. The board considers the merger to be in the interests of NBG and its shareholders, given that:

 

      Turkey, with a population of over 70 million and GDP of €367 billion, is the largest growing economy in Southeast Europe.

 

      In recent years, the Turkish economy has entered a phase of stability and growth with the implementation of reforms proposed by the IMF.

 

      Macroeconomic stability and prospects of entry into the EU favour the growth of the banking sector and the penetration of international banking capital into the country.

 

      Finansbank presents a particularly interesting story, due to its substantial market share, sound organisational structure, top quality management and anticipated synergies.

 

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These excerpts taken from the NBG 6-K filed Dec 23, 2005.

1                 Introduction

 

In accordance with the resolutions of NBG’s Board of Directors of May 13th 2005 and May 26th 2005, we have performed the following:

 

1                 Introduction

 

In accordance with the resolutions of NBG’s Board of Directors of May 13th 2005 and May 26th 2005, we have performed the following:

 

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