Early 20th century
Until 1936, the Greek Postal Savings Bank was only a small department reporting to the General Directorate for Posts and Telegraphs of the Greek Ministry of Transport. It was managed by a special Supervisory Board.
Due to its heavy workload and duties, it was deemed necessary for it to become administratively autonomous. It gradually became an independent directorate, which was managed by a Board of Directors that reported directly to the Minister of Transport.
Its turnover kept increasing considerably. In 1938 it got upgraded into a financially independent, decentralised civil service. It operated as a General Directorate of the Ministry of Transport. As a special credit institution it was managed by the Chairman of the Board of Directors, who was either the Governor or the Deputy Governor of the Bank of Greece.
World War IIThe aftermath of WWII and the German occupation (1941-1956) brought on recession which affected the Greek Postal Savings Bank. Its independence was severely undermined as it had to be subsidised by the state.
Incorporation in the Code of Civil Servants
In 1951 it was incorporated in the Greek Code of Civil Servants. Being accountable to many ministries weakened the authority of the Board of Directors.
However, in 1956 the Greek Postal Savings Bank entered a promising new era. It was ushered in by a new policy aiming to stabilise and increase deposit interest rates.
Increase of deposit market shareDuring the 1960s and 1970s the Greek Postal Savings Bank increased its deposit market share. It financed the Greek state and supported the national effort to restructure the Greek economy with own capital resources.
Despite its robustness, the Greek Postal Savings Bank failed to keep pace with the modernisation of other Greek banks that had already built up a strong lead in the banking market.
The efforts to restructure and update it continued until the late 1990s.
The new millennium
In 2002 it expanded its operations and became an SA corporation. However, it continued to maintain its social identity.
In 2013 it merged with Eurobank Ergasias SA as the New TT Hellenic Postbank. It maintained its network of branches and now operates as the New TT Branch Network.