EFG Eurobank was selected, for the fourth time, as the “Bank of the Year 2005” for Greece by the internationally renowned magazine The Banker, which belongs to the Financial Times Press Group.
EFG Eurobank was selected, for the fourth time, as the “Bank of the Year 2005” for Greece by the internationally renowned magazine The Banker, which belongs to the Financial Times Press Group.
The magazine has launched the annual “Bank of the Year” awards in order to select the most successful and best performing banking institution in each country.
During a special ceremony in London (Tuesday, 6 September 2005), the Deputy Chief Executive Officer of the Bank, Mr. Byron Ballis, received the award on behalf of EFG Eurobank.
The distinction awarded to EFG Eurobank comes with the citation that: ”In the past year, EFG Eurobank continued its successful operation, implementing its tested corporate model. This model consists of a client-oriented approach, added-value services, flexible and effective infrastructure and information technology as well as building on and motivating its human resources characterized by excellent skills and dedication.
The announcement of The Banker award is accompanied by a statement of EFG Eurobank’s Managing Director, Mr. Nicholas Nanopoulos, who notes that: “EFG Eurobank continues to develop its activities in those Greek market sectors with the highest profit margins, while expanding its operations in the rapidly developing South and East European markets whose economies are presently going through structural reforms. We are steadily increasing our market shares in these countries as well as our profitability. In 2004, the Group’s net profits rose by 35% and our share was among those with the best returns among European bank shares. Our goal is to ensure the highest quality criteria for our activities and services and to offer constant value to our shareholders, remaining the Bank of first choice for our clients”.
The Magazine also underlines the fact that last year EFG Eurobank was the only Greek bank, which committed to specific financial targets. At the end of 2004, it attained all the objectives it had set for the year. Revenues rose by 22%, profits per share by 33%, the costs to revenue ratio was limited to 49.1% and return on equity (ROE) increased at 19.7%. These figures exceeded the Bank’s original targets, as well as market expectations. As a result, EFG Eurobank was the bank with top share performance among European banks in 2004.
It should be noted that the evaluation criteria used by The Banker’s special committee include, inter alia, results, growth rates, performance, capital adequacy and assets quality. In addition, the bank’s overall activity during the period under evaluation is also taken into consideration based on its performance and the quality of its operations.