It was the start of 1990 when the Latsis household determined to be energetic within the Greek monetary system and based the Euroinvestment Financial institution.
In keeping with the preliminary design of the enterprise, its goal is to offer primarily funding banking and personal banking companies.
A number of years later, nevertheless, the liberalization of retail banking in Greece led to a change in its strategic plan.
For the reason that mid-90s, below the administration of Nikos Nanopoulos, it has adopted an upward path by means of dynamic natural progress, however primarily by means of acquisitions and mergers, which spotlight it as a systemic participant not solely in our nation, but in addition within the wider area of SE Europe.
The previous managing director of Eurobank Nikos Nanopoulos
The primary main acquisition was accomplished in 1996 with the acquisition of Dimitris Kontominas’ Interbank, to be adopted a 12 months later by the absorption of the Credit score Lyonnais community.
It’s the time when the renaming of Euroinvestment to EFG Eurobank is set.
In 1999, after the acquisition of the Financial institution of Crete and the merger with the Financial institution of Athens, the group entered the Inventory Change.
The take off
The take-off of the group, nevertheless, comes a number of months later, with the acquisition of the profitable bride of the time, attributable to its specialised workers within the financing of small and medium enterprises and its giant clientele. The Labor Financial institution.
The golden interval for the banking trade follows, with Eurobank strengthening its figures within the home market and efficiently implementing its plan to “conquer” the Balkans.
On this context, in 2000 it entered the share capital of Banc Submit Romania, in 2002 in Submit Financial institution Bulgaria, in 2003 in Submit Banka Serbia and in 2005 in HC Istanbul Inventory Change in Turkey. That is adopted in 2006 by the entry into the Polish market, with the creation from scratch of Polbank EFG.
In 2007 it acquires 70% of Tekfenbank Turkey, 99.3% of Common Financial institution Ukraine and 100% of Prospera Securities in Serbia. On the identical time, natural progress begins in Cyprus.
The departure
Nobody might have imagined then what would comply with. After the chapter of the Greek authorities, every thing is turned the other way up.
The necessity for funds to cope with the disaster and the obligatory transformation plans, imposed by the troika because of the state assist it receives, result in withdrawal from most international markets.
Within the first recapitalization of 2013 and after the merger plan with the Nationwide Financial institution is deserted, the Latsis household leaves the financial institution for good.
The whole capital improve is roofed by the federal government and Eurobank takes full management of the HFSF. Nonetheless, it doesn’t stay in state arms for a very long time.
The Indo-Canadian investor Prem Watsa decides to wager on the nation’s turnaround after the restructuring of the general public debt and turns into its important shareholder.
Indo-Canadian investor Prem Wacha
The one reminder right now of the previous days is the well-known “lotsosimo” that is still within the group’s brand.
After leaving Eurobank, Spyros Latsis continues to be energetic within the monetary sector, by means of the Swiss EFG Worldwide.
The financial institution has been within the heart of curiosity in latest days, after a report by the Reuters company that the Latsis aspect was in discussions with the additionally Swiss Julius Baer for the sale of its stake.
Primarily based on the knowledge launched nevertheless, these discussions have stalled.
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