The first steps
The Greek Postal Savings Bank was founded in Crete in 1900, at a time when Crete had not yet been annexed to Greece. The Greek Postal Savings Bank in Crete operated through the Cretan post office network from 1902 until 1915.
In 1913 Crete was annexed to the Greek state and the Greek Postal Savings Bank expanded to mainland Greece. All accounts that had been created in Crete were transferred to the Greek Postal Savings Bank in Athens and the Bank in Crete was decommissioned.
As soon as the Greek Postal Savings Bank commenced its operations, it was placed under the newly-formed Ministry of Transport. It gradually developed into an independent, prestigious and reliable public sector company:
- It earned the trust of Greek people in urban and rural areas.
- It collected a large portion of the people’s savings.
In the beginning of the 20th century the Greek Postal Savings Bank had already grown into a powerful banking corporation. It expanded its operations and managed to:
- Remain a bank with a social identity.
- Attract small investors and savers.
- Acquire considerable liquidity.