The history of Emporiki Bank

The life of Emporiki Bank essentially begins in 1886, the year in which its founder, Grigorios Empedoklis, established the "Gr. Empedoklis" Banking Office. Since then, the Bank went through many changes to reach its present status as one of the largest banking institutions in Greece, with a continuous, constructive and energetic participation in the development of the Greek economy and in the modernisation of the country's banking market.

• 1886, Establishment of the "Gr. Empedoklis" Banking Office
• 1896, Establishment of the "Gr. Empedoklis Bank"
• 1907, Establishment of the Commercial Bank of Greece under Gr. Empedoklis, after the "Gr. Empedoklis Bank" Limited Partnership changes its status to that of a Société Anonyme (S.A.) company with the business name "Commercial Bank of Greece S.A.". The new company is listed on the Athens Stock Exchange.
• 1923, Establishment of the Commercial Bank of the Near East in London. Branch offices are opened in London and Istanbul.
• 1941, Gr. Empedoklis relocates to South Africa after Greece is occupied by the Germans. Ch. Moulakis and P. Vafiadis are deputising for him.
• 1941-1943, Distribution of meals and granting of loans and emergency financial aid to staff for dealing with the plight of occupation. Major investments in real estate and company shares. A majority stake in the Phoenix Insurance Company is acquired in 1942.
• 1948, First profitable post-war year.
• 1951, Gr. Empedoklis passes away in South Africa.
• 1952, Professor Stratis Andreadis joins the Bank and takes over its Management.
• 1957, 50th anniversary of the Commercial Bank, marked by continuing and rapid growth of its financial figures. Acquisition of the Ionian and Popular Bank.
• 1958, Acquisition of the "Ionian" insurance company.
• 1958, Establishment of the Institute of Banking Training, as a tool for in-house personnel training. In 1992, the Institute was succeeded by the "Banking, Development & Research - Institute of Liberal Studies SA" - STEP, which functioned until 2005.
• 1962, Acquisition of Piraeus Bank and of the "General Insurances" insurance company.
• 1963, Establishment of the Investment Bank.
• 1964, Acquisition of Attica Bank.
• 1957-1965, Building of the Commercial Bank Group with the acquisition, in addition to Banking and Insurance firms, of industrial enterprises, hotel and shipping companies (Phosphoric Fertilizers Industry, Juices and Cannery, Ionian Hotel, Elefsina Shipyards, etc.)
• 1971, Subsidiary Banks are established in Paris and Frankfurt
• 1975, The Bank comes under the control of the Greek State. A Government Trustee is appointed and Stratis Andreadis is removed from his post.
• 1976, Through a Share Capital increase, the majority of shares come under the ownership of State-controlled organisations, and Stratis Andreadis becomes a minority shareholder.
• 1991-2, Seven subsidiaries are sold (Piraeus Bank, Elefsina Shipyards etc.)
• 1995, Agreement with the European Bank for Reconstruction and Development (EBRD) for the establishment of subsidiaries in East European countries. Acquisition of 51% of the Metrolife insurance company.
• 1997, Transfer of the majority of shares in the Bank of Attica.
• 1990-1999, Establishment of new, primarily financial companies belonging to the Emporiki Bank Group of (Leasing, Factoring, Venture Capital etc.).
• 1993-1999, Establishment of branch offices and expansion of operations in Cyprus.
• 1999, The Ionian Bank is sold to Alpha Bank.
• 2000, The French Bank Crédit Agricole participates in the share capital of Emporiki Bank with a 6.7% stake.
• 2001, Emporiki Bank of Greece (Cyprus) Ltd., a subsidiary of Emporiki Bank, opens in Cyprus.
• 2002, Crédit Agricole increases its participation in the share capital of Emporiki Bank to 8,74%
• 2004, the Bank absorbs ten subsidiaries as part of the Group’s restructuring plan.
• 2005, Selling of own shares equal to 5,2% of the bank's share capital
• 2006, Crédit Agricole S.A. increased its participation in the share capital of the Bank to 71.97%.
• 2008, Crédit Agricole S.A. increased its participation in the share capital of the Bank to 82.47%
• 2010, Crédit Agricole S.A. increased its participation in the share capital of the Bank to 91,00%
• 2013, Completion of the transfer of Emporiki Bank’s entire share capital to Alpha Bank