In response to a report that has been circulating in recent days, and following references made on a television channel, National Bank of Greece considers itself obliged to make the following statement.
On 16 May 2019, National Bank of Greece presented to the investor community a strategic transformation program to be implemented over the four years 2019-2022. This program aims at creating a healthy, profitable bank that is modern and simple, and provides innovative services for its customers and a friendly working environment for its people, able to serve once more as an engine for growth of the Greek economy.
The program is already generating results, and these are particularly positive as regards the operational efficiency and effectiveness of the bank, which has been recognized by our customers, our people, and the market. The program has also enhanced the bank’s profitability, which exceeded €200 million in the first half of 2019 as compared with losses in 2018. These results look to vindicate management’s target of attaining return on equity of over 10% in 2022.
Hundreds of NBG employees are involved in the implementation of this ambitious modernization program. For the design of the overall architecture and support in implementing the program, NBG has chosen to work alongside expert consulting firms. With regards to the cost of designing and implementing the program, NBG announces that the press reports bear no relation to reality. The cost of the program is significantly lower than the unsubstantiated amounts that have been circulated, and is fully competitive with similar programs in Greece and internationally, while it is monitored continuously by the relevant bodies of the bank.
The bank’s management, under the leadership of the CEO and with the support of the Board of Directors, is responsible for the design, implementation and results of this demanding program. The management team operates with full transparency and meritocracy, with the sole mission of serving the interests of NBG’s people, customers and shareholders.