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
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
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
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
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
1975, The Bank comes under the control of the Greek
State. A Government Trustee is appointed and Stratis Andreadis is removed from
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
1997, Transfer of the majority of shares in the Bank of
1990-1999, Establishment of new, primarily financial
companies belonging to the Emporiki Bank Group of (Leasing, Factoring, Venture
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
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