8 March 2013

 

PRESS RELEASE

Launch of Integration Steering Committee

Following the successful completion of the voluntary tender offer and the acquisition by NBG of 84.35% of the share capital of Eurobank Ergasias (“Eurobank”), the two banks—united in a shared vision—will forthwith move ahead with preparations for the integration of the two organizations and their subsidiaries in Greece and abroad.

 

The strategic decision to unite the forces of National Bank of Greece and Eurobank aims at laying the foundations for the combined entity to achieve effective and rapid recapitalization, enhance its liquidity, streamline operating costs, contain loan impairments and realize significant synergies worth approx. €3 billion in terms of net present value.

 

The coordination of this important task is assigned to the Integration Steering Committee and the Group Integration Management Office.

 

 

Integration Steering Committee

The Integration Steering Committee will lead the integration project. It shall define the primary objectives and strategies for integrating the two organizations, monitor the progress of relevant tasks, and take key decisions. The Committee is composed of high-ranking officers from both NBG and Eurobank, and each of its members shall be responsible for overseeing integration of specific areas of operations. Committee membership is as follows:

                                                                                                        

-        Alexandros Tourkolias (Chair)

-        Petros Christodoulou

-        Michael Kolakidis

-        Dimitris Dimopoulos

-        Stavros Ioannou

-        Fokion Karavias

-        Paul Mylonas

-        Damianos Charalambidis

-        Paula Hadjisotiriou

 

The Committee's meetings will also be attended by the representatives of the Hellenic Financial Stability Fund and the monitoring trustee, Mr. Charalambos Makkas and Mr. Vasilis Kazas respectively.

 

Group Integration Management Office

The Group Integration Management Office will be supporting the work of the Steering Committee and coordinating integration activities, on a daily basis. It is responsible for monitoring the progress of work carried out by the Integration Teams in each sector, handling issues that require cooperation among two or more Teams and highlighting any issues that require consultation and decision by the Steering Committee.

 

The Group Integration Management Office will be supported by two Coordination Teams for domestic and international activities headed, respectively, by NBG (Domestic Coordinator) and Eurobank (International Coordinator).

 

Consulting Companies

The integration project will be assisted with the input of international consultants who possess global know-how and experience gained from similar undertakings:

- McKinsey & Company: Strategic planning for integrating domestic activities

- The Boston Consulting Group (BCG): Strategic planning for integrating international activities

- Accenture: Planning the integration of operating procedures and IT systems

 

NBG and Eurobank have opened up a new era for banking in Greece. By combining experience and prestige with innovation and an extrovert business culture, they are joining forces to create the largest banking group in Greece and one of the top financial groups in Europe. Moving forward together dynamically, they are backed by a shared vision and strategy, offering solutions that support growth, progress and society.