213800KGF4EFNUQKAT69 2025-01-01 2025-12-31 213800KGF4EFNUQKAT69 2024-12-31 213800KGF4EFNUQKAT69 2025-12-31 213800KGF4EFNUQKAT69 2024-01-01 2024-12-31 213800KGF4EFNUQKAT69 2023-12-31 213800KGF4EFNUQKAT69 2023-12-31 ifrs-full:IssuedCapitalMember 213800KGF4EFNUQKAT69 2023-12-31 ifrs-full:SharePremiumMember 213800KGF4EFNUQKAT69 2023-12-31 ERB:ReservesAndRetainedEarningsMember 213800KGF4EFNUQKAT69 2023-12-31 ifrs-full:OtherEquityInterestMember 213800KGF4EFNUQKAT69 2023-12-31 ifrs-full:NoncontrollingInterestsMember 213800KGF4EFNUQKAT69 2024-01-01 2024-12-31 ifrs-full:IssuedCapitalMember 213800KGF4EFNUQKAT69 2024-12-31 ifrs-full:IssuedCapitalMember 213800KGF4EFNUQKAT69 2024-01-01 2024-12-31 ifrs-full:SharePremiumMember 213800KGF4EFNUQKAT69 2024-12-31 ifrs-full:SharePremiumMember 213800KGF4EFNUQKAT69 2024-01-01 2024-12-31 ERB:ReservesAndRetainedEarningsMember 213800KGF4EFNUQKAT69 2024-12-31 ERB:ReservesAndRetainedEarningsMember 213800KGF4EFNUQKAT69 2024-01-01 2024-12-31 ifrs-full:OtherEquityInterestMember 213800KGF4EFNUQKAT69 2024-12-31 ifrs-full:OtherEquityInterestMember 213800KGF4EFNUQKAT69 2024-01-01 2024-12-31 ifrs-full:NoncontrollingInterestsMember 213800KGF4EFNUQKAT69 2024-12-31 ifrs-full:NoncontrollingInterestsMember 213800KGF4EFNUQKAT69 2025-01-01 2025-12-31 ifrs-full:IssuedCapitalMember 213800KGF4EFNUQKAT69 2025-12-31 ifrs-full:IssuedCapitalMember 213800KGF4EFNUQKAT69 2025-01-01 2025-12-31 ifrs-full:SharePremiumMember 213800KGF4EFNUQKAT69 2025-12-31 ifrs-full:SharePremiumMember 213800KGF4EFNUQKAT69 2025-01-01 2025-12-31 ERB:ReservesAndRetainedEarningsMember 213800KGF4EFNUQKAT69 2025-12-31 ERB:ReservesAndRetainedEarningsMember 213800KGF4EFNUQKAT69 2025-01-01 2025-12-31 ifrs-full:OtherEquityInterestMember 213800KGF4EFNUQKAT69 2025-12-31 ifrs-full:OtherEquityInterestMember 213800KGF4EFNUQKAT69 2025-01-01 2025-12-31 ifrs-full:NoncontrollingInterestsMember 213800KGF4EFNUQKAT69 2025-12-31 ifrs-full:NoncontrollingInterestsMember iso4217:EUR iso4217:EUR xbrli:shares
ANNUAL FINANCIAL
REPORT
FOR THE YEAR
ENDED
31 DECEMBER
2025
According to
Article 4 of the Law 3556/2007
Table of Contents
Index to the
Annual Financial
Report
Page
A.
Statements of members of the Board of Directors
3
B.
Report of the Directors for the year ended 31 December 2025
4
Attachments to the Report of the Directors
I.
Corporate Governance Statement
30
II.
Sustainability Statement
114
III.
Additional information related to sustainability
336
C.
Audit Committee Activity Report
340
D.
Financial Statements for the year ended 31 December 2025
I.
Consolidated Financial Statements of the Bank
351
II.
Financial Statements οf the Bank
535
E.
Auditor’s reports
I.
Ιndependent Auditor’s Report
680
II.
Independent Auditor’s Limited Assurance Report on
Sustainability Statement
691
F.
Information of Eurobank S.Α. group for the year ended 31
December
2025
pursuant to article 6 of l. 4374/2016
695
Statements of Members of the Board of Directors
(according to the article 4 par. 2 of the Law 3556/2007)
We declare that to the best of
our knowledge:
●
the annual financial
statements for
the fiscal
year ended
31 December 2025,
which have been
prepared in accordance with the
applicable set of accounting standards,
honestly and accurately
reflect the assets and liabilities,
the equity and the annual results of operations of Eurobank S.A.,
as well as
the companies included in the consolidation considered as a whole, and
●
the report
of the
Board of
Directors fairly
reflects
the development
and performance
of the
business and the position of Eurobank S.A., as well as the companies included
in the consolidation
considered as a whole, along with a description of the main risks and uncertainties they face. The
sustainability statement
attached to
the report of
the Board of
Directors has
been prepared in
accordance with the
sustainability reporting standards referred to
in Article 154A of
Law 4548/2018
and with
the specifications
approved pursuant
to paragraph
4 of
Article 8
of Regulation
(EU)
2020/852 of the European Parliament and
of the Council of
18 June 2020, establishing a framework
to facilitate sustainable
investments and amending Regulation
(EU) 2019/2088.
Athens, 5 March 2026
Georgios P. Zanias
I.D. No A 02555306
CHAIRMAN
OF THE BOARD
OF
DIRECTORS
Fokion C. Karavias
I.D. No Α 02555309
CHIEF EXECUTIVE OFFICER
Stavros E. Ioannou
I.D. No A 00546500
DEPUTY
CHIEF EXECUTIVE OFFICER
REPORT OF THE DIRECTORS
4
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m = million
bn = billion
1
The Directors present their report together with the financial statements
for the year ended 31 December 2025.
1. General information
In December 2025, the merger by absorption of
“Eurobank Ergasias Services and Holdings S.A.” (Eurobank Holdings or the Company)
by “Eurobank S.A.”
(Eurobank or the Bank) was
completed and Eurobank S.A. became
the ultimate parent company of
the Group
(further information is provided in section
8 below). The Bank along
with its subsidiaries (the Group) are active
in retail and corporate
banking, asset management
and private banking,
treasury and capital
markets, investment
property and insurance services,
and
operate mainly in
Greece, Bulgaria,
Cyprus and Luxembourg. The Bank is
incorporated in Greece, and
its shares are listed
on the
Athens Stock Exchange and the Cyprus Stock Exchange.
2. Financial Results Review and Outlook
2.1 Financial Review
In 2025, the
macroeconomic backdrop remained positive
across the Group’s three core
markets - Greece, Cyprus and
Bulgaria-
despite
prevailing global risks and a volatile international environment. The
Group further expanded its business footprint, including
through
the acquisition of CNP Cyprus Insurance, and continued to deliver solid
performance across most areas. It demonstrated strong core
profitability, increased its loan and deposit portfolios, and maintained resilient capital adequacy, a strong liquidity position, and high
asset quality, while
also rewarding its
shareholders and contributing to local economies and society.
As at 31 December 2025, the Group’s total assets increased
by €6.8bn to €108bn (Dec. 2024: €101.2bn), with gross customer loans
amounting to €56bn (Dec. 2024:
€52.3bn) and investment securities reaching
€24.9bn (Dec. 2024: €22.2bn). Out
of the total loan
portfolio, €33.4bn has
been originated from
Greek operations (Dec. 2024:
€30.5bn), €18.6bn from
international operations (Dec.
2024: €17.4bn) and
€4bn refer to notes from
securitizations of loans originated by
the Group (Dec.
2024: €4.4bn). Business (wholesale
and small
business) loans
stood at
€34.3bn (Dec.
2024: €30.9bn) and
accounted for
61% of
total Group
loans, while
loans to
households reached €17.7bn (Dec. 2024: €17bn),
of which 73% is the
mortgage portfolio and the rest
are consumer loans. Group
deposits stood at €82.7bn (Dec. 2024: €78.6bn)
with those from Greek operations amounting to €45.2bn
(Dec. 2024: €43.3bn), while
international operations contributed with €37.5bn (Dec. 2024: €35.3bn).
As a result, the (net) loan
–to–deposit (L/D) ratio stood at
66.1% for the Group (Dec. 2024: 64.8%) and at 80.3% for
Greek operations (Dec. 2024: 77.8%).
During the year,
as part of the
medium-term strategy
to ensure ongoing compliance with the Minimum
Requirements for Eligible
Own Funds and
Eligible Liabilities
(MREL) as well
as capital adequacy requirements,
in January 2025
the Company issued
€0.6bn
subordinated Tier 2 notes, including
€189m issued pursuant to the exchange offer for the outstanding Tier
2 notes of former Hellenic
Bank (currently Eurobank Limited).
In February 2025 the
Bank issued €350m senior preferred
notes through a private
placement,
while in the third quarter 2025, it
proceeded with a €700m issuance
of senior preferred notes, including an
additional issue of €200m
through private placement. In September 2025, the Group proceeded with the early redemption of the Tier 2 capital instruments of
€950m issued to Hellenic Republic in 2018. More recently, in January 2026, the Bank completed the issue of a €400m
subordinated
Tier II debt instrument (note 4 and 33 to
the consolidated financial statements).
In parallel, in line with Group’s strategy
to further
optimize its capital structure and enhance its capacity to support future strategic initiatives, Eurobank Holdings proceeded with the
issuance of €500m
and €600m
fixed rate
reset Additional
Tier 1
perpetual contingent
temporary write-down
notes in June
and
November 2025, respectively (note
4 and 40
to the consolidated
financial statements).
The Group Liquidity Coverage Ratio
(LCR)
stood at 172.2% (31 December 2024: 188.2%). The Bank’s
LCR reached 187.8% (31 December 2024: 180.5%).
Pre-provision Income (PPI) amounted
to €2,145m or €2,114m
excluding the €58m gain on acquisition
of former CNP Cyprus subgroup
(currently
ERB Cyprus Insurance Holdings Ltd and its subsidiaries)
and the €27m estimated cost for contribution to the Greek State’s
infrastructure projects primarily related to the school renovation program (2024: €2,242m or €2,170m excluding a) the €99.5m gain
on acquisition of an additional shareholding in Hellenic
Bank and b) the €27m estimated
cost for contribution mainly to the school
renovations program), while
core pre-provision income (Core PPI) slightly decreased by 1.9% year-on-year
to €2,034m or €2,061m
excluding the €27m contribution as above
(2024: €2,074m or 2,101m excluding
the €27m contribution
as above). Net interest income
(NII) increased
slightly by
1.7% to
€2,549m (2024: €2,507m),
primarily attributable to
the consolidation of
former Hellenic Bank
(currently Eurobank Limited)
from the third quarter of
2024 and supported by
loan growth and increased
positions in investment
bonds, partially offset by the lower average
interest rates. Net
interest margin (NIM) stood at 2.48% (2024: 2.73%)
with the fourth
quarter
reaching 2.45%.
Fees and
commissions
expanded by
15.7%
to
€770m (2024:
€666m),
of which
a)
banking fees
and
commissions by 12.5% to €631m (2024: €561m), mainly due to the consolidation of Hellenic Bank, as above, and the increased fees
from asset
management, capital
markets activity and credit/debit
cards business, b)
net insurance income
of €44m
(2024: €8m)
attributed to the
consolidation of the
insurance entities of
Hellenic Bank from
the third quarter
of 2024 and
former CNP
Cyprus
1
Definitions of the selected financial ratios and the source of the financial data are provided in the Appendix.
REPORT OF THE DIRECTORS
5
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bn = billion
subgroup as
of the
second quarter
of 2025
and c)
rental income
from real
estate properties
of €95m
(2024: €97m).
Fees and
commissions over assets accounted for 75bps (2024: 73bps) with the fourth quarter reaching 81bps. Operating expenses, excluding
the €27m contribution as above, increased by 17.4% to €1,258m (2024: €1,071m) due to the impact of
Hellenic Bank consolidation
from
the third
quarter
of 2024,
the
higher staff
costs,
the
inflationary pressures
and
the higher
IT
investments. Costs
from
international operations amounted to €544m (2024: €408m), while in Greece increased by 7.7% to €714m (2024: €663m). The cost
to income (C/I) ratio for the Group reached 37.3%, excluding the €58m
gain on acquisition and the €27m contribution, as mentioned
above (2024: 33%, excluding the
€99.5m gain on acquisition and the
€27m contribution, as mentioned
above), while the international
operations C/I
ratio stood
at
35.9% (2024:
32.4%). The
cost to
core income
ratio, excluding
the contribution
to Greek
State’s
infrastructure projects, for the Group stood at 37.9% (2024: 33.8%).
Trading and other activities recorded
net income of €111m
(2024: €168m net income)
of which a) €70m gains on
investment securities
(2024: €13m gains) (note 9 to the consolidated financial statements),
b) €28m loss from derivative financial instruments within net
trading income (2024: €84m gain) (note 9 to the consolidated financial statements), and c) €67m net other income (2024: €61m net
other income, of which
€99.5m gain on acquisition
stated above), including inter
alia i) the €58m gain on
acquisition of the
CNP Cyprus
Insurance Holdings Ltd
, ii) the €34m fair value gains
on investment property, iii) the €30m derecognition loss
on loans measured at
amortized cost,
iv) the €26m claimed amount related to the Special Defence Contribution (SDC) that had been withheld and paid in
Cyprus by Hellenic Bank, and v) the €10m buy-back loss for the Hellenic Bank subordinated
Tier 2 notes (note 10 to the consolidated
financial statements)
During the year, the Group’s
NPE formation was positive by €147m (31 December 2024: €222m positive). In total, the Group’s
NPE
stock stood at €1.4bn (31
December 2024: €1.5bn,
excluding the €0.2bn NPE
of Hellenic Bank covered
by the Asset Protection
Scheme
(APS)) with the NPE
ratio standing at 2.6%
(31 December 2024: 2.9%). In
December 2025, in the context
of the NPE
deleveraging
strategy, the Group initiated the disposal process
for a secured retail NPE portfolio of €126m (note 20 to the consolidated financial
statements). The loan
provisions (charge), excluding the €71m impairments for
held for sale loans-related projects reached €308m
and corresponded to 0.59% of average
net loans (2024: €319m which corresponded to 0.69% of
average net loans), while
the NPE
coverage ratio
improved to
95.2% (31 December
2024: 88.4%). As
a result, “net”
NPEs amounted to
€69m (31
December 2024:
€177m).
The Group recognized in 2025 restructuring costs and other
impairments amounting to €97m (2024: €228m, including €161m VES-
related), of which €38m for
Voluntary Exit Schemes
(VES) and related
costs, mainly referring to the scheme
that was launched
by
Hellenic Bank in February 2025
for employees of the bank and its
insurance subsidiaries, while €18m related to the
Group’s corporate
reorganization and integration of its business
operations in Cyprus (note 12 to the consolidated financial statements).
Moreover, it
recognized a loss of €13m (€9m net
of tax) in relation to
the sale of a Bank’s former subsidiary, previously
presented as a discontinued
operation, pursuant to specific indemnity clauses included
in the relevant Sale Purchase Agreement (2024: €7m loss
net of tax) (note
30 to the
consolidated financial statements).
The Group’s share
of results from
associates/JVs
amounted to €47m income (2024:
€161m income) (note 24
to the consolidated
financial statements), while the special tax levy
applicable to the Group’s banking
entities
in Cyprus stood at
€35m (2024: €22m).
In accordance with the Pillar
Two legislation,
the Group has also recognized
a current tax
expense of €17m (2024: €22m)
related to the top up tax
applicable on the profits earned for its
operations in Bulgaria
and Cyprus
(note 13 to the consolidated financial statements).
Profit or Loss
Overall, in 2025, the net profit attributable to equity holders of
the parent company amounted to €1,362m (2024: €1,448m profit),
as set out in the consolidated income statement, while
the Bank’s net profit amounted to €675m (2024: €669m).
The adjusted net
profit, which excludes a) the €55m restructuring costs (after tax), mainly related to VES, b) the €58m
gain on acquisition of the CNP
Cyprus subgroup, c) the €50m
impairment (after tax) for the HFS loans-related projects, d)
the €19m estimated cost (after tax) for the
contribution to
Greek State’s infrastructure projects primarily related to the school
renovation program, e) the €25m income related
to recognition of deferred tax asset
on previous years temporary differences, and f)
the €9m net loss (after
tax) from discontinued
operations, amounted to €1,412m
(2024: €1,484m). The contribution
of international operations to the
adjusted net profit amounted
to €741m (2024: €709m profit).
Based on the Group’s profits for
2025, the Basic Earnings per Share (EPS) reached
€0.37 (2024: €0.40)
and the Return
(adjusted profit)
on Tangible Book Value
(RoTBV) amounted to 16%
(2024: 18.5%).
Capital adequacy
As at 31 December 2025, the
Group’s Total
Regulatory Capital amounted to €10.4bn (31 December
2024: €9.1bn), including, inter
alia, the impact of (a) the accrual for profit payout (subject
to regulatory and AGM approvals in relation to 2025 financial
year) and
(b) the issuance of €500m and €600m of AT1 Capital instruments in June and November
2025, respectively and accounted for 19.5%
REPORT OF THE DIRECTORS
6
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2
(total CAD) of Risk Weighted
Assets (RWA)
(Dec. 2024: 18.2%), compared to the CAD Overall Capital Requirements
(OCR
) ratio of
15.28%. Respectively, the Common Equity Tier 1 (CET1) stood at 15.2% of RWA (Dec. 2024: 15.4%) compared to the CET1 OCR ratio
of 10.53% or 10.98%, including
the Tier 2 capital shortfall. Pro-forma for the completion
of the project “Sun (ex-Solar)”and the “Wave
III” upsize, the total CAD and CET1 ratios would be 20% and 15.6%, respectively (note
4 to the consolidated financial statements). At
the same date, the total CAD and CET1 ratios of the Bank stood at 19.8% (Dec.
2024: 19.8%) compared to CAD OCR ratio of 11.94%
and 13.9% (Dec.2024: 16.3%) compared to CET1 OCR ratio of 8.44%,
respectively.
As at 31 December 2025, the Bank’s MREL ratio at consolidated level stands at 29.39% of RWAs,
after deducting the payout accrual
(Dec. 2024: 27.36%). Pro-forma with the completion of the project “Sun (ex-Solar)” and the “Wave III” upsize, the Bank’s MREL ratio
at consolidated level stands at
30.17% of RWAs
(note 4 to the consolidated financial statements).
Pursuant to the Regulation (EU) No 575/2013 (CRR), the
deferred tax assets (DTAs) that rely on
future profitability and exceed certain
limits shall be deducted in the calculation of the CET1 capital. This deduction
should be applied gradually by 2025. The enactment of
the article 27A of Law 4172/2013,
as in force, provided for the Greek
credit institutions that the eligible DTAs are accounted on a) the
losses from the Private Sector Involvement
(PSI) and the Greek State Debt Buyback Program and
b) on the sum of (i) the unamortized
part of the crystallized loan losses from write-offs and
disposals, (ii) the accounting
debt write-offs and (iii) the
remaining accumulated
provisions and other losses in general due to credit risk recorded up to 30 June 2015 and can be converted into directly enforceable
claims (tax credits) against the Greek State, provided that
the Bank’s after tax accounting result
for the period is a loss. This legislative
provision enabled the Greek credit institutions, including the Bank, not to
deduct the eligible DTAs from CET1 capital but recognise
them as a 100% risk-weighted asset, with a positive effect on the capital position. A potential change in the regulatory treatment of
eligible DTAs
as tax credits may
have an adverse effect in the
Group’s capital position.
As of 31 December 2025,
in line with the Bank's initiative to
enhance the quality of
its regulatory capital, the amortisation of Deferred
tax credits (DTC)
against the Greek State
amounting to €2,832m
at the end of
the year
(31 December 2024: €3,022m),
has been
accelerated for regulatory purposes. As a result, as at 31 December 2025, the DTC included in the calculation of
the Group’s capital
ratios stand at €2,624m representing
32.3% of CET 1 capital.
Law 5264/25 for loans denominated in CHF
On 19 December 2025, Law 5264/25 was voted by the Greek
parliament, giving the option to performing retail borrowers to convert
their lending exposures denominated in CHF to Euro,
under favorable terms that vary
based on the borrowers’ financial
profile.
In
particular, the
lending exposures will
be converted to
Euro at a
preferential exchange
rate (ie.
a discount to
the current market
exchange rate will be applied that ranges between 15%-50%), whereas following the conversion
into Euro, the loans will bear a fixed
interest rate that ranges between 2.3%-2.9%. In addition, upon borrowers' request, the repayment of the converted loan exposures
may be extended by 5yrs. The Law is immediately effective for borrowers eligible for a 15%
discount in exchange rate and 2.9% fixed
interest rate, whereas
for the remaining categories
it is enacted in February 2026.
As at 31
December 2025, the
gross carrying amount
of the Group’s
retail loans
denominated in CHF
that may receive
the Law’s
beneficial terms amounted to ca. €1,580m with provisions coverage in Greece reaching
19%. Further information is provided in note
20 to the consolidated financial statements.
2.2. Financial Outlook and Objectives
Going forward, the Group pursues its key financial objectives outlined in the
business plan for the period 2026-2028, including
the
delivery of a sustainable RoTBV of at least 16% and
17% in 2028 and
the generation of sufficient organic capital to
a) support business
growth, b) maintain adequate capital buffers and improve capital quality through accelerated DTC
amortization, c) further enhance
shareholders reward with
a payout ratio
above 50% over
the next years,
subject to regulatory approval,
and d)
finance strategic
initiatives in banking, insurance
and asset management.
These financial objectives will
be achieved mainly
through the following
initiatives and actions:
a)
Maintain high NII mainly driven by the organic loan growth in all three core markets and across segments (households and
business) and by utilizing excess liquidity through
investment in
high quality debt securities, which
may offset the pressures
from the increasing competition for good quality corporate
customers and the issuance of MREL eligible senior and Tier 2
notes,
b)
Strengthening core markets presence
and increasing earnings and volumes contribution by international
activities, which
will be further supported
by the full realization of synergies arising from the
Hellenic Bank - Eurobank
Cyprus and the Cypriot
insurance companies’ mergers over the coming
years (see section 4),
2
The ‘Overall capital requirement (OCR) is the sum of the total SREP capital requirement (TSCR) and the combined buffer requirement
(CBR).
REPORT OF THE DIRECTORS
7
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c)
Growth of fee
and commission income
in a number of fee
business segments and mainly
asset management,
insurance,
bancassurance and wealth management activities, which will be enhanced
through the 100% acquisition and consolidation
of Eurolife FFH
life Insurance,
d)
Discipline to
operating expenses’
targets mainly
expressed in
the form
of cost
to
income through
initiatives for
cost
containment of “run the bank” activities, and further
simplification and digitalization in Greece and abroad,
and despite the
higher staff costs
including the talent retention cost, the inflationary
pressures, and the “grow
the bank” needs including
higher IT investments,
e)
Maintaining low NPE ratios across all core markets in which the Group has a presence, which may be challenged mainly by
the behavior of legacy portfolio,
f)
Major transformation initiatives introduced in the context of the Group’s transformation plan “Eurobank 2030” (see below
section 3),
The geopolitical and macroeconomic risks set
a number of challenges to the achievement of the Group’s
2026-2028 Business Plan.
These challenges mainly related to economic growth resilience in Greece post RRF, lending margins, deposit rates, asset quality and
operating costs. The headwinds coming
from the geopolitical upheaval and
the macroeconomic
environment are likely to
be mitigated
by:
a)
The growth of GDP
in Group’s core markets at levels higher
than EU average, supported
by the positive
impact of the efficient
mobilization of EU funding from
sources other than the RRF,
b)
The further decrease of the
unemployment rate in Greece in 2026, which
is expected to reach close
to historical lows as well
as its continued low levels in
both Bulgaria and Cyprus,
c)
The positive developments in the tourism sector and the strong investment inflows
in Greece and Cyprus,
d)
The fiscal discipline in Greece and the ongoing reduction in debt to
GDP ratio, both of which support a solid fiscal
outlook
for the coming years,
e)
The
investment
grade
rating
of
the
Greek
sovereign
by
the
five
Eurosystem-approved
External
Credit
Assessment
Institutions,
f)
The euro adoption in Bulgaria and the related investment
upside, macroeconomic improvement and financial stability,
g)
The enhanced role of Cyprus in the context of recent geopolitical developments in the region.
(see also further information in the section
7 “Macroeconomic Outlook and Risks”)
Agreement with Fairfax
for the acquisition of Eurolife FFH
Life Insurance and the partial disposal of
ERB Asfalistiki
Ltd
On 13 October
2025, Eurobank Holdings
and the Bank,
announced that Eurobank
Holdings has signed
a term sheet
with Fairfax
Financial Holdings Limited
(“Fairfax”) pursuant to which Eurobank shall
acquire 80% of the life
insurance business (“Eurolife
Life”)
(the Transaction) for a cash consideration of
€813m. Following this acquisition, Eurobank
will hold 100% of Eurolife Life and
will retain
its 20% interest in Eurolife
Holdings’ general insurance business
(“Eurolife General Insurance”). Eurolife Life stands
as a leading life
insurer in Greece, holding a market share
of c. 21%, while for 2025, it
is projected to achieve gross
written premiums of c.
€600m.
The Transaction will
enable Eurobank to enhance its profitability base
by fully consolidating Eurolife Life’s
financial results, further
diversify its revenue streams through increased fees
and commissions, and maximize
the potential of its bancassurance platform.
In addition to the
aforementioned Transaction, Fairfax
shall procure that certain affiliates
of Fairfax will
acquire 45% of the share
capital of ERB Asfalistiki (“ERBA”),
the non-life (property and casualty) insurance company of Eurobank Limited in Cyprus, for a cash
consideration of €59m.
Fairfax will
also have the right to
acquire the remaining
55% of the share capital
of ERBA
over time. This
strategic
partnership
will
allow
both companies
to
combine
their
strengths
in
underwriting, risk
management,
and
product
development, driving greater operational efficiency and unlocking new market opportunities in Greece and Cyprus.
The above transactions are expected to increase Eurobank Group’s
fees and commissions by c. 12%, driving the contribution
of asset
management and insurance to total fees,
in excess of 30%.
The signing of both share purchase
agreements is expected within the first quarter
of 2026, whilst their completion within
the second
quarter of 2026 subject to the required approvals from the relevant authorities and the process for related
party transactions.
Further information is available
in the relevant announcement on the Bank’s website.
3. Group’s transformation plan “Eurobank 2030”
The “Eurobank 2030” Transformation Program was established to pivot focus towards business growth,
capitalize on the anticipated
Greek economic recovery and the Bank’s strengths in its core
market, and address the major opportunities and challenges faced by
banks globally to enhance Eurobank’s competitive position.
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Having completed the first 3-year cycle of the program, the Bank concluded
a strategic review (Transformation 2.0) and continues its
transformation, focusing
on developing
its digital
offering to
serve customers
and deepen relationships,
build new business
via
ecosystem partnerships,
deploy AI
and GenAI
solutions to
drive efficiency
and effectiveness,
optimize the
operating model
to
accelerate time to market,
and modernize its core IT systems.
2025 was the first
full year of Transformation
2.0, with strong momentum across
key strategic
initiatives. Major accomplishments
include:
a)
Establishment of the Digital Leader Incubator, enabling accelerated release cycles and delivery of market-leading digital
features
b)
Formation of a dedicated Embedded Banking unit, with
partnerships and commercial collaborations underway
c)
Initial steps in CIB international
expansion and exploration of new models for cross-border growth
d)
Set up of AI Factory and hub & spoke model, and launch of the EVA customer
digital assistant
e)
Approval of core architecture modernization strategy and vendor selection for next generation platforms
f)
Establishment of initial “value streams” implementing a new operating model in selected business areas, and design of a
revamped CIB service model.
In parallel, key initiatives
from the first transformation
cycle were completed, including the launch of several
new digital
offerings
(e.g., new mobile application for under-18s, Personal Financial Management platform, virtual debit card, mass-segment investment
offering via
the Everyday
Invest product),
technology enhancements
in internal
processes (e.g.
new mortgage
loan origination
platform), and completion of the planned migration
to cloud for in-scope IT applications.
A structured governance framework
is in place to
manage the Transformation
program implementation, coordinated by a
central
Transformation Office. The Chief Transformation Officer reports directly to the CEO, who is actively leading efforts and sets the tone
to the entire organization.
In parallel, transformative
initiatives are underway in Luxemburg, Cyprus and Bulgaria:
a)
In Luxemburg, Salamis is a front-to-back business transformation program to replace
legacy IT systems with new state-of-
the-art banking applications that will allow the Bank to achieve
its business objectives. The new platform went live in 2025,
and post Salamis
go-live optimizations are
now underway.
b)
In Cyprus, following the legal mergers between Hellenic Bank and Eurobank Cyprus and between the insurance companies
of Hellenic Bank and CNP (section 4 below),
operational merger implementation is
currently underway to provide unified
platforms to the new entities.
c)
In Bulgaria, Postbank completed successfully the migration to the euro and has launched a digital transformation program
to empower customers with innovative, fully integrated
digital financial
solutions.
4. International Operations
The Group has a significant
presence in three countries apart from Greece. In Cyprus, Eurobank Ltd (see below)
operates in total a
network of 71 branches
and business centres. Eurobank
Ltd offers a comprehensive suite of
financial products and
services, leveraging
diverse expertise and capabilities. The
financial offerings are designed to address
both corporate
and retail client needs, ensuring that
both individuals and businesses have
access to comprehensive and
tailored solutions, covering everyday
banking requirements as
well as advanced investment
management strategies.
In Luxembourg, Eurobank Private
Bank Luxembourg S.A. in
parallel to its operations in
Luxembourg, also maintains a branch
in London
and in Athens. The bank offers
an extensive range of products and services in
Private Banking, Wealth
Management & Investment
Fund Services, as well
as selected Corporate Banking services. In Bulgaria,
Eurobank Bulgaria AD (Postbank), is a
fully fledged multi
service bank,
with an
extensive branch
network, advanced
digital service
channels and
a substantial
client
base of
individuals,
businesses and institutions. Postbank holds strong positions in retail and wholesale banking, offering
a broad spectrum of products
and services, through its network of 196 branches and business centres.
The
Eurobank’s
subsidiaries operate
with
the
highest
standards
of
transparency
and
credibility,
underpinned by
robust
and
contemporary corporate
governance
frameworks. Driven
by
a
customer-centric
philosophy,
they
are
dedicated to
delivering
exceptional products and
services that support both individual and
business clients, while simultaneously
contributing to broader
economic advancement. Their commitment to continuous improvement ensures that they remain agile and responsive, proactively
embracing the challenges of
a dynamic environment by accelerating digital
transformation and promoting the green transition, all
with a clear focus on sustainable
and responsible growth.
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International operations are strategically positioned at the forefront of technological innovation, leveraging state-of-the-art systems
and pioneering digital solutions to address the evolving needs of clients
and set new benchmarks in customer experience.
International operations are not only
a cornerstone of the Group’s
competitive edge but also serve as
key pillar supporting
Group
profitability. Their strategic vision is founded on the principles of adaptability, growth, and long-term profitability, all while fostering
sustainable prosperity within local communities and generating value for clients, employees,
shareholders, and society as a whole.
In response to the
gradual eastward shift
of global trade and economic activity,
the Group is selectively monitoring and
assessing
developments across the Eastern Mediterranean,
Middle East and South Asia, as part
of its overall strategy for international activities.
The aim is to expand
to strategic markets intending to unlock
new growth opportunities by
attracting new clients and further diversify
its geographic footprint.
Hellenic Bank Public Company Ltd, Cyprus (“Hellenic Bank”)
Hellenic Bank group,
which was accounted for as a Group’s
associate under the equity method from April 2023 until 30 June 2024,
was included in the Eurobank Holdings’ consolidated financial statements from the beginning of the third quarter of 2024 (detailed
information is provided in note 23.2 of the consolidated financial statements
for the year ended 31 December 2024).
On 11 February 2025, after the receipt of the relevant regulatory approvals, the acquisition of a total 37.51% stake in Hellenic
Bank
was completed resulting in
the Bank’s total holding in Hellenic
Bank at 93.47%.
Following that and
pursuant to the
provisions of the
Takeover Bids
Law in Cyprus,
the Bank also
announced the submission
of a
Mandatory Takeover
Bid to
the shareholders
of Hellenic
Bank for the
acquisition of up
to 100%
of its issued
share capital
for a
consideration of € 4.843 per share. The acceptance period of the Takeover Bid commenced on 11 March 2025 and ended on 9 April
2025.
On 25 April
2025, the Bank announced
that the total percentage
of acceptance of the
Takeover Bid
reached 4.525%, as the
valid
Acceptance and Transfer
Forms submitted were
for 18,678,262 shares resulting in the Bank’s
total participation of 97.994% in the
issued share capital of Hellenic Bank. Moreover,
on 28 April
2025, the Bank
applied to the Cyprus
Securities and Exchange Commission
for the exercise of the Squeeze Out right provided by Article 36 of the Takeover Bids Law, for the acquisition of the remaining shares
of Hellenic Bank.
On 11 June 2025, the Bank announced the completion of the Squeeze Out procedure. It acquired the remaining 8,279,967 shares of
Hellenic Bank, representing 2.006% of its
issued share capital, at the price of € 4.843
per share. Following this transaction,
the Bank’s
holding in the company’s share capital reached 100%.
Detailed information about the corporate actions in relation
to Hellenic Bank
is provided in note 23.3 to the consolidated financial
statements.
Acquisition of CNP Cyprus Insurance Holdings Limited
On 16 April 2025,
Hellenic Bank announced that
following the receipt of all relevant
regulatory approvals, the
acquisition of the entire
share capital of
CNP Cyprus Insurance Holdings
Limited from CNP Assurances
(the “Transaction”) was
completed, for a total
cash
consideration of €182m. As of May 2025, the acquired entity has been renamed ERB
Cyprus Insurance Holdings Limited.
The Transaction
is in
line with
Eurobank’s strategic
objective to
expand in
the Cypriot
insurance market.
The acquired
entity
’s
subsidiaries hold a
leading position
in Cyprus in
the insurance sector
and offer
life and
general insurance products
and services
through a large network of
independent agents. The
Transaction is expected to further
expand and strengthen Hellenic Bank’s existing
position in the insurance market, increasing significantly
its market shares in
the life and general insurance
sectors.
Detailed
information in
relation to
the
acquisition of
CNP Cyprus
Insurance Holdings
Limited is
provided
in note
23.4 to
the
consolidated financial statements.
Merger of Hellenic Bank Public Company Limited and Eurobank Cyprus Ltd, Cyprus
On 29
August 2025,
the Bank
announced the
receipt of
all required
regulatory approvals
for the
merger of
its wholly
owned
subsidiaries in Cyprus,
i.e. Hellenic
Bank and Eurobank
Cyprus. Effective
1 September
2025, and in
accordance with the
Cyprio
t
Transfer of Banking
Business and Collateral Law
of 1997, all assets
and liabilities of Eurobank Cyprus were
transferred to Hellenic
Bank. The transaction was executed through the issuance of new
common shares by Hellenic Bank to Eurobank Cyprus,
representing
36.15% of its share capital,
while the remaining 63.85% was
held by Eurobank S.A. Following the transaction, Eurobank Cyprus Ltd
was renamed to ERB
Cyprus Holdings Ltd and Hellenic Bank Public Company Limited was
renamed to Eurobank Limited.
On 3 December 2025, the merger of the two organizations was completed. On the same date, the share capital of Eurobank Limited
was reduced by €116.8m corresponding to
the shares held by ERB
Cyprus Holdings, which were cancelled and b) increased by
the
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same amount through
the issuance of an
equivalent number of shares
allocated to Eurobank
S.A.. As a
result of these
corporate
actions, Eurobank S.A. became the sole shareholder of Eurobank Limited and ERB
Cyprus Holdings Ltd was dissolved.
The merger of the two
organizations is in line
with the Bank’s strategy
to create a
single, strong and modern financial
institution,
which will
be able to
provide upgraded banking
and insurance services
to its customers,
contributing to the
development of
the
Cypriot economy.
Merger of Group’s Cypriot insurance companies
In October 2025, the merger of the Group’s Cypriot insurance companies was completed. This involved the transfer of
all insurance
portfolios, assets, and liabilities of Hellenic Life
Insurance Company Ltd and Pancyprian Insurance Ltd to ERB Cyprialife Ltd
and ERB
Asfalistiki
Ltd, respectively.
5. Risk management
The Group acknowledges that taking risks is an integral part of
its operations in order to achieve its
business objectives. Therefore,
the Group’s management sets adequate mechanisms to identify those risks at an early stage and assesses
their potential impact on
the achievement of these objectives.
Due to the fact that economic, industry, regulatory and operating conditions will continue to change, risk management mechanisms
are set in a manner that enable the Group to identify and deal with the risks associated
with those changes. The Group’s structure,
internal processes and existing control
mechanisms ensure both the
independence principle
and the exercise of
sufficient supervision.
The Group's Management considers effective
risk management as a top priority, as
well as a
major competitive advantage, for the
organization.
As such,
the Group
has
allocated significant
resources for
upgrading and
maintaining
its policies,
methods and
infrastructure up to date, in order to ensure compliance with the requirements of
the European Central Bank (ECB) and of the Single
Resolution Board (SRB), the guidelines of the European Banking
Authority (EBA) and the Basel Committee for Banking Supervision as
well as the best international banking
practices. The Group implements a well-structured credit
approval process, independent
credit
reviews and
effective risk
management policies for
all material
risks it is
exposed to,
both in
Greece and
in each
country of
its
international operations. The risk management policies
implemented by the Group are reviewed on a regular basis.
Risk culture is a foundational element of the Group’s
operations, encompassing the norms, attitudes, and behaviors that guide risk
awareness, risk-taking, and risk management. The Group is committed to
fostering a robust risk culture that prioritizes the proactive
identification, assessment,
management and
mitigation
of all
financial and
non-financial risks.
The Risk
Management function
provides a comprehensive framework, procedures,
and guidance to enable
all employees to proactively
identify, manage and monitor
the risks in
their own areas,
and improve the
control and coordination
of risk-taking across
their business. This includes
ongoing
education
and
focused
training
throughout
the
organisation
on
risk
management
principles, communication
and
awareness
initiatives, taking place via dedicated learning programs, monthly meetings, and
the sharing of best practices. A strong risk culture is
reinforced by the
Group’s Board of Directors
and Senior Management, who set
the appropriate “Tone from
the Top”
to align risk
practices with strategic
objectives.
Risk culture is also embedded in the Group’s product governance. A dedicated policy is in place to address risks associated
with the
introduction, significant modifications,
and periodic monitoring of products and services. The Group operates a robust governance
framework throughout the product and service
lifecycle, where material financial and non-financial risks are assessed by
the relevant
Group Risk Management units and other Second Line of Defence functions.
The amount of risk which the Group is willing to
assume in the pursuit
of its strategic objectives is articulated via a set of quantitative
and qualitative statements for risks assessed as material, that are described in the Group’s Risk Appetite Framework. The objectives
are to support the Group’s business growth, balance
a strong capital position with higher
returns on equity and to ensure
the Group’s
adherence to regulatory requirements. The
Risk Appetite that is clearly communicated throughout
the Group determines risk culture
and forms the basis on which risk policies and risk limits are established at Group and regional level. Aiming to identify relevant and
material risks the Bank maintains a well-defined Risk Identification and
Materiality Assessment (RIMA) Framework. The
identification
and the assessment of all risks is the cornerstone for
the effective Risk Management. The Group
aiming to ensure a collective view
on the risks linked to the execution of its strategy, acknowledges the new developments at an early stage and assesses the potential
impact.
The Board Risk Committee (BRC) is a committee of
the Board of Directors
(BoD) and its task is to
advise and support
the BoD regarding
the monitoring of Group’s overall actual
and future risk appetite and
strategy, taking into account all types of risks
to ensure that they
are in line with the
business strategy, objectives, corporate culture and
values of the institution.
The BRC assists the BoD in overseeing
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the implementation of Group’s risk strategy
and the corresponding limits set. It also oversees the implementation of the strategies
for capital and liquidity risk management as well as for all material risks,including financial and non-financial risks, indicatively credit
risk, market risk, interest rate risk and credit spread risk in the
banking book, counterparty risk, operational risk, climate risk, country
risk, reputational risks, conduct risk, risks stemming from strategic projects, in
order to assess their adequacy against
the approved
risk appetite limits. The BRC consists of five (5) non-executive directors, meets at least 10
times per year and reports to the BoD on a
quarterly basis and on ad hoc instances if it is
needed.
The Management Risk Committee (MRC) is a management committee established by the Chief Executive Officer (CEO) and its main
responsibility is to oversee the risk management framework of the Bank. As part of its responsibilities, the MRC facilitates reporting
to the BRC on the range
of risk-related topics under its purview. The MRC
proactively supports the Group Chief
Risk Officer, Chairman
of the
MRC, to
identify material
risks,
in addition
to those
identified
independently by
the
Group
CRO
and the
Group
Risk
Management, and to
promptly escalate
them to the
BRC and assists
the Group CRO
in ensuring that
the necessary policies
and
procedures are in place to prudently manage risk and to comply with regulatory requirements.
The Group’s Risk Management
which is headed by the Group Chief Risk Officer
(GCRO), operates independently from the business
units and is responsible for the identification, assessment, monitoring, measurement and management of the
risks that the Group is
exposed to. It
comprises the Group
Credit (GC), the
Group Credit Control
(GCC), the Group
Credit Risk Capital Adequacy
Contro
l
(GCRCAC), the Group
Market and Counterparty Risk
(GMCR), the Group Operational
and Non-Financial
Risks (GONFR),
the Group
Model and Data
Validation (GMDV),
the Group Risk
Management Strategy &
Oversight (GRMS&O),
the Group Sustainability Risk
(GSR), the Supervisory Relations
and Resolution Planning (SRRP),
and the Risk Analytics (RA)
Units.
The Group applies the
elements of the Three Lines of
Defense model for the effective
management of all
types of risk. The Three
Lines of Defense Model enhances risk
management and control by clarifying roles and
responsibilities within the organization. Under
the oversight and direction of the Management Body, the responsibilities
of each of these lines of defense
are:
Line 1 - Own and manage risk and controls.
The front line business and operations are accountable for this responsibility
as they own
the rewards and are the primary risk takers,
Line 2
- Monitor
risk and
controls in
support of Executive
Management, providing oversight,
challenge, advice
and group-wide
direction. These mainly include the Risk and Compliance Units,
Line 3 - Provide
independent assurance to the Board
and Executive Management concerning the effectiveness
of risk and control
management. This refers
to Internal Audit.
Furthermore, the Group continues
the process of aligning the former Hellenic Bank
(currently Eurobank
Ltd) risk management policies
and practices with those of the Group across key risk types, following the acquisition of control in the third quarter of 2024
and the
completion of the Take Over Bid process in the first half of 2025 which resulted in the acquisition
of 100% of the entity’s shares. This
is in line
with the policies alignment
process that takes place
with all international subsidiaries
and includes harmonizing key
risk
policies, standardizing regulatory as
well as internal
risk reporting, and aligning risk methodologies.
The most important types of risk that are addressed
by the risk management functions of the Group are:
Credit Risk
Credit risk is the risk that
a counterparty will be unable to
fulfil its payment obligations in full when due.
Credit risk is also related with
country risk and settlement risk. Credit risk arises principally from the wholesale and retail lending activities of the Group, as well as
from credit enhancements provided, such
as financial guarantees and letters of credit. The Group
is also exposed to credit risk arising
from other activities such as
investments in debt securities, trading, capital
markets and settlement activities.
Taking into account
that credit risk is the
primary risk the
Group is exposed to, it is very closely
managed and monitored by
specialised risk units, reporting
to the GCRO.
The credit review and approval processes
are centralized both in
Greece and in the International
operations following the “four-eyes”
principle and specific guidelines
stipulated in the Credit Policy Manual and the Risk Appetite Framework.
The segregation of duties
ensures independence among executives
responsible for the customer relationship,
the approval process and the
loan disbursement,
as well as
monitoring of the loan
during its
lifecycle. The credit
approval process in Corporate
Banking is centralized
through the
establishment of Credit Committees with escalating
Credit Approval Levels,
which assess and limit
to the extent
possible the corporate
credit risk. Rating models are used in order to calculate the
credit rating of corporate customers, reflecting the underlying credit risk.
The most significant ones are the
MRA (Moody’s Risk Analyst) applied for companies -mostly-
with industrial and commercial activity,
the RiskCalc
(international rating
model) used
for assessing
the creditworthiness of
international
lending -
primarily companies
located and operating abroad
-
and the slotting rating models, used for
specialised lending portfolios (shipping,
real estate and project
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finance) with ring-fenced transactions. Credit risk assessment is performed by Group Credit (GC), which assesses the credit
requests
submitted by the Business
Units, a procedure including the evaluation of the operational and financial
profile of the customer,
the
validation of the borrower’s rating and the identification
of potential risk factors for the Bank.
The credit review and approval processes
for loans to Small Businesses (turnover up
to €5m which will be increased to €10m
in 2026)
are also centralised
following specific guidelines
and applying the ‘four-eyes’
principle. The assessment
is primarily based
on the
analysis of the borrower's operational characteristics and financial position. The same applies for Individual Banking (consumer and
mortgage loans), where the credit risk assessment is based on
criteria related to the characteristics of the
retail portfolio, such as the
financial position of the
borrower, the payment behaviour, the existence of
real estate property and the
type and quality of securities.
The ongoing monitoring of the portfolio quality and of any deviations that may arise, lead to an immediate adjustment of the credit
policy and procedures,
when deemed necessary. The
quality of the Group’s
loan portfolios (business, consumer and
mortgage in
Greece and abroad)
is monitored and
assessed by the
Group Credit Control
(GCC) via field,
desktop, thematic reviews
as well as
statistical
analysis in
order to
timely identify
emerging risks,
vulnerabilities, compliance
to
credit policies
and consistency
in
underwriting. Furthermore, the
GCC assumes
oversight and supervisory responsibilities
for proper operation of
credit rating
and
impairment models in co-operation with GCRCAC. Moreover, GCC regularly reviews the adequacy of provisions of
all loan portfolios.
The Unit also formulates
Group’s credit policies, reviews
policies developed by other units and participates
in the development of
new loan products. In addition,
GCC contributes to the overall
credit risk management strategy of the Group,
ensuring alignment with
business objectives and regulatory requirements. It also
prepares and submits regular reports to
senior management and relevant
committees,
providing
insights
on
portfolio
quality,
emerging
risks
and
policy
effectiveness.
Finally,
it
monitors
regulatory
developments, emerging trends and
best practices proposing relevant
policy updates or product enhancements
when necessary. GCC
operates independently from all the business units of the Bank and reports directly to the GCRO.
The measurement, monitoring
and periodic reporting of the
Group’s exposure
to counterparty risk (issuer
risk and market
driven
counterparty risk), which is the risk of loss due
to the customer’s failure to meet its contractual obligations in the context
of treasury
positions, such as debt securities, derivatives, repos, reverse repos, interbank placings, etc. are performed by the Group Market and
Counterparty Risk (GMCR). The Group sets limits on the level of counterparty
risk that are based mainly on the counterparty’s credit
rating, as provided by international rating agencies, the product
type and the maturity of the transaction (e.g. control limits
on net
open derivative positions by both amount and term, sovereign
bonds exposure, corporate securities, asset
backed securities, etc.).
GMCR maintains and updates the limits’ monitoring systems and ensures the correctness and compliance of all financial institutions
limits with the Bank’s policies as approved by the Group’s
relevant bodies. The utilization of the abovementioned limits, any excess
of them, as well
as the aggregate
exposure per Group’s entity,
counterparty and product type are
monitored by GMCR on
a daily
basis. The Group applies the regulatory framework for the counterparty risk from derivatives Standardised Approach for measuring
counterparty credit risk (SA-CCR).
Market Risk
The Group has exposure
to market risk, which
is the risk of potential
financial loss due to
an adverse change in market
variables.
Changes in
interest rates,
foreign exchange
rates, credit
spreads, equity
prices and
other relevant
factors, such
as the
implied
volatilities, can affect the Group’s income or the fair value of its financial instruments. The market risks,
the Group is exposed to, are
monitored, controlled and estimated by GMCR. GMCR is responsible for the measurement, monitoring, control and reporting of the
exposure on market risks including the
Interest Rate Risk and the Credit Spread
Risk in the Banking Book
(IRRBB/CSRBB) of the Group.
The GMCR reports to the GCRO. The exposures and the utilisation of the limits are reported to the Board Risk Committee and to the
BoD.
Market risk
in Greece
and International
Subsidiaries is
managed and monitored
mainly using
Value at
Risk (VaR)
methodology,
sensitivity and stress test analysis. VaR is a methodology used
in measuring financial risk by estimating the potential negative change
in the market value of a portfolio at a given confidence level and over a specified time horizon. The VaR that the Group measures
is
an estimate based upon a 99% confidence
level and a holding period of 1 day and the methodology
used for the calculation is Monte
Carlo simulation (full re-pricing of the
positions is performed). Since VaR constitutes
an integral part of
the Group's market risk
control
regime, VaR
limits have been established
for all portfolios (trading
and investment) measured at fair
value and actual exposure is
monitored daily by management. However, the use of
this approach does not prevent losses outside of these limits
in the event of
extraordinary market movements. For
that reason, the Group uses
additional monitoring metrics such as:
Stressed VaR,
Expected
Shortfall and
Stress Tests.
Finally,
the Group
already monitors
the impact
from the
new regulatory
framework for
market risk
(Fundamental Review of the Trading Book-FRTB) and monitors
the evolution
of the relevant capital charges until
its official application
(2027) based on a set of established
systems and procedures.
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Interest Rate Risk
in the Banking Book (IRRBB)
The IRRBB is defined as the current and the prospective risk of a negative impact to the institution’s economic value of equity,
or to
the institution’s net interest income, taking market value changes into account
as appropriate, which arise from adverse movements
in interest rates affecting
interest rate sensitive
instruments, including gap risk, basis
risk and option risk.
GMCR is the unit
responsible for the monitoring,
control, reporting and estimation
of IRRBB on a
group level. Both the Economic
Value of Equity (EVE) and NII sensitivity to a
number of stresses on interest rates are estimated on a periodic
basis and are compared
with the approved BoD Risk Appetite Statements
(RAS) thresholds. IRRBB analysis currently uses the established Asset and Liability
Management (ALM) tools within each entity. The plan is to expand
the use of the ALM tool applied on a solo level (in
Greece) for the
future Group-level IRRBB
analysis. The CSRBB analysis is
conducted on a Group level by a centralized tool. Furthermore, the Group
already applies a set of extra stress test analysis for specific parts
of its Banking Book
for the assessment to the exposure on Mark-to-
Market (MTM) volatility on
both OCI and Amortised Cost
portfolios of investment securities
and for the assessment
of the CSRBB
(Credit Spread Risk in
the Banking Book). The
policy for the
management of IRRBB
as approved by BRC and BoD
provides a clear
description of the methodologies, the governance, the limits that are
used for the management of IRRBB
& CSRBB.
Liquidity Risk
The Group is exposed on a daily basis to liquidity risk due to deposits withdrawals, maturity of medium or long term
notes, maturity
of secured or unsecured
funding (interbank repos and
money market takings), collateral revaluation as a result
of market movements,
loan draw-downs and forfeiture of guarantees. The Board Risk Committee and the BoD sets
in the RAS Framework the liquidity risk
thresholds to ensure that sufficient funds are
available to meet all of these contingencies
under any scenario. The Group monitors on
a continuous basis the level of liquidity risk using regulatory and internal metrics and methodologies (Liquidity Coverage Ratio/LCR,
Net Stable Funding Ratio/NSFR,
Liquidity Buffer analysis, cash
flow analysis, short-term
and medium-term stress
test etc.).
BRC’s role
is to approve
all strategic
liquidity risk management
decisions and monitor the quantitative
and qualitative aspects
of
liquidity risk. Group Assets
and Liabilities Committee
(G-ALCO) has the mandate
to form and implement
the liquidity policies and
guidelines in conformity with Group's risk appetite, and to review at least monthly the overall liquidity position of the Group. Group
Treasury is responsible for the implementation of the
Group's liquidity strategy, the daily management of
the Group’s liquidity and
for the preparation and monitoring
of the Group’s liquidity budget, while GMCR
is responsible for measuring, control,
monitoring and
reporting the liquidity of the Group to the G-ALCO, BRC, BoD and to the regulatory bodies.
Operational & Non-Financial Risks
(NFRs)
Non-Financial Risks
include operational risks
as well
as specific additional
risks such
as business, strategic
and reputational
risk.
Operational risk is defined by Basel III as the
risk of loss resulting from inadequate or
failed internal processes, people and systems or
from external events.
Governance responsibility for Non-Financial Risks management stems
from the Board of
Directors (BoD), through
the Executive Board
and Senior Management, and passes down to the Heads and staff of every business unit. The BoD establishes the mechanisms used
by the Group to manage NFRs, sets the tone
and expectations, and
delegates relevant responsibilities. The Board Risk Committee and
the Audit Committee monitor the NFR levels
and profile, including relevant events.
NFR management comprises risk identification, assessment, and mitigation while employing independent
oversight and an effective
risk culture to ensure that
business objectives are met within
the NFR appetite that is reflected in
the Group’s Policies and Guidelines.
The Heads
of each
business unit
(the risk
owners) are
primarily responsible
for the
day-to-day
management of
NFRs and
the
adherence to relevant
controls. Each Business
Unit appoints an
Operational Risk Partner (OpRisk
Partner) or an
Operational Ri
sk
Management Unit
(ORMU) depending
on the
size of
the business
unit, which
is responsible
for coordinating
the internal
risk
management efforts
of the business unit while forming
the link between Line 1 and Line 2.
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Eurobank has
adopted a
Themes-based risk taxonomy,
developed along
the lines
of the industry
reference taxonomies,
for risk
management and reporting purposes. Each Risk Themes is overseen
by Theme Coordinators (Second Line of Defense Units). The
Risk
Themes which fall
within the scope of NFR are
the following:
Group Operational and Non-Financial Risks Unit (GONFR) is
responsible for establishing an
effective operational and non-financial risk
management framework for the Group, aligned with best practices,
and for overseeing its implementation across the Group. GONFR
acts as an overlaying framework coordinator for all Non-Financial Risks (NFRs). GONFR’s overlaying responsibilities aim to harmonize
the Second Line of Defense Units’ activities across the
Group and to
holistically ensure the effective, consistent application of the Risk
Appetite Framework. The 2LoD Units maintain
their responsibilities for specific
Risk Theme(s)
owned.
The Group has fully implemented the
Risk Appetite Framework across the Group
to cover NFRs. The Group’s
Risk Appetite Framework
addresses NFRs
by defining acceptable risk limits
and ensuring the risk profile stays within
those boundaries.
Additionally, GONFR,
as the owner of
the Products & Services
Governance Policy,
is responsible for overseeing
and ensuring the
effective implementation of the governance framework for
all products and services throughout
their lifecycle across the Group. This
framework supports
the
comprehensive assessment
of both
financial and
nonfinancial risks,
while also
incorporating financial
performance considerations. The Policy sets
out the review process for
products and services, including the evaluation of
climate-
related and environmental risks, as well
as their alignment with
the Bank’s Sustainable
Finance Framework (SFF).
Sustainability risks
Sustainability risks are
neither new nor stand-alone
risks, rather they are
transverse risks, manifesting
through existing risk types.
Overall, they comprise: (i) climate
-related and environmental risks, (ii) social
risks, and (iii) governance risks.
As sustainability risks
interact with other risks and result in direct distributional impacts and
indirect macroeconomic impacts, the Group understands that
careful consideration of the cross-cutting nature thereof is necessary to ensure the
optimal implementation of adaptation activities.
Specifically, sustainability
risks are defined as potential losses
arising from any negative
financial impact for the Group,
stemming
from
current
or
prospective
impacts
of
any
climate-related
&
environmental,
social
or
governance
factors
on
the
Group’s
counterparties or invested assets.
The Group
is adopting
a
strategic
approach towards
sustainability and
climate
related
risk management,
signifying the
great
importance that is given in the risks and opportunities arising from the transitioning to a low-carbon and more circular economy.
In
this context, the Bank has approved and implements its Financed
Impact Strategy,
which focuses on:
a)
Client engagement and awareness – Helping clients transition to more sustainable business models
by raising awareness of
climate change challenges
and opportunities.
b)
Supporting clients
in transition
– Facilitating
the transition of
clients towards
sustainable practices
by offering
eligible
financing solutions under the Bank’s SFF.
c)
Enablers and tools for sustainable financing – Providing frameworks, tools, and products
to underpin sustainable financing.
d)
Assessment and management of sustainability-related risks –
Identifying and managing the
sustainability-related risks within
its loan and investment portfolios, including assessing
exposure to transition and physical risks linked to climate
change.
The Group
has developed
a
Sustainable Finance
Framework (SFF)
to define
eligible green
and social
assets as
well as
classify
sustainable lending solutions. Additionally, its
Sustainable Investment Framework
(SIF) sets
out sustainable investment strat
egies,
selection criteria and monitoring practices aligned
with international market practices.
Furthermore, the Group maintains its Sustainability Governance structure with clearly defined roles
and responsibilities supporting
the
roll-out of
the
Sustainability Strategy
and
the
integration
of sustainability
risks,
through the
involvement of
various
key
stakeholders
(i.e.
Business &
Risk
Units,
Committees,
etc.).
The
Group
applies
an
established
model
of defined
roles
and
responsibilities regarding the management
of Sustainability risks and aspects
across the 3 Lines of Defense.
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The Group also maintains a Sustainability Risk Management Policy which aims at fostering a holistic understanding of the effects
of
sustainability risks on its business model,
as well as support
decision-making regarding these matters and
provide a robust
governance
under its Risk Management Framework. The purpose
of the Policy is to provide
an overview and a common understanding of
Group’s
main governance arrangements, as well as roles & responsibilities undertaken by the Group Sustainability Risk (GSR), in the context
of the Group’s overall Sustainability
risks management activities.
The GSR
has the
overall
responsibility for
overseeing, monitoring,
and managing
sustainability risks.
More specifically,
the GSR
prepares and maintains the Group’s sustainability risk management policies, processes and methodologies,
in collaboration with
the
Group Sustainability
Unit,
and the
Business and
Risk Units.
In addition,
it
leads the
development
and implementation
of the
sustainability risk related framework, policies and processes as well as acts, monitors and reports to the Group Senior Sustainability
Officer (GSSO) the progress of the implementation of the
Climate Risk action plan and reports the progress of the implementation of
the developed climate risk action plan, and
reports to the Board for Sustainability Risk matters. The GSR monitors and challenges the
involved stakeholders in setting Net Zero targets and the Financed Impact Strategy, and reports
financing targets and KPIs. The GSR
also leads the 2nd line of
defense independent sustainable lending re-assessment
process against the Sustainable
Finance criteria,
including the
classification of
Retail Portfolio
products as
sustainable. Additionally,
the Unit
reviews and
confirms the
ESG
Risk
Assessment and challenges
the mitigation
actions. Furthermore, the GSR
develops and maintains
the Climate Risk
Stress Testing
(CRST)
Framework, as
well
as
the
Scenario Analysis
and Stress
Testing
methodologies, and
coordinates
the
performance of
sustainability risk scenario analysis
and relevant stress test
exercises at Group level.
Further information on the Group’s
financial risk management
objectives and policies, including the policy for hedging each major
type of transaction for which hedge accounting is used is set
out in the notes 2, 5 and 19
to the consolidated financial statements for
the year ended
31 December 2025 and
as regards sustainability
risks is provided in
the Group’s Sustainability
Statement as at
31
December 2025. Information on insurance
risks and the risk management governance
of the Group insurance
entities is set out in the
note 35.2 to the consolidated financial statements
for the year ended 31 December 2025.
6. Non Performing Exposures (NPE) management
The
Bank realizes
the
NPE Strategy
Plan through
its
implementation
by
doValue
Greece
for
the
assigned portfolio
and
the
securitization transactions.
Troubled Assets Committee
The Troubled
Assets Committee (TAC)
is established
according to the
regulatory provisions
and its
main purpose is
to act
as an
independent body, closely monitoring the Bank’s troubled assets portfolio and the execution of its
NPE Management Strategy.
Remedial and Servicing Strategy
(RSS)
The Remedial Servicing
and Strategy (RSS)
is responsible for:
a) the management of the non-performing and early arrears loans
of Eurobank and the relevant communication with the regulator
b) structured
transactions which
create capital
(such as
Synthetic SRT
STS
securitizations) and/or
offer credit
protection and
c)
cooperation with the other
units of Group Strategy
for other transactions initiatives
and (d) communication cooperation with
the
regulators on all
relevant matters
always in conjunction
with the other relevant
units of
the Bank such as
Group Risk
and Group
Finance.
RSS is closely monitoring the overall performance of the NPE portfolio as well
as the relationship of the Bank with doValue Greece.
Furthermore, following Eurobank’s
commitments to
preserve significant
risk transfer (SRT)
through the monitoring
of regulatory
requirements pertaining to
Bank’s concluded transactions,
RSS has a
pivotal role in
ensuring that relevant
process is
performed
smoothly and in a timely manner
and that any shortcomings are
appropriately resolved, while providing any required clarifications or
additional material required by the regulatory authorities. The Head
of RSS reports to the General
Manager of Group Strategy.
In this context, RSS has
been assigned inter alia with
the following responsibilities:
a)
Sourcing new transactions and performing the execution
of any transaction processes, by also
establishing negotiation of
Commercial / Legal
Terms as
well monitoring of these transactions,
b)
Develop and actively monitor the NPE targets and reduction plan,
c)
Set the strategic
principles, priorities, policy framework and KPIs under which doValue Greece is
servicing the portfolio,
d)
Closely monitor the execution of
the approved strategies, as well as all contractual provisions
under the
relevant contractual
agreements for Eurobank’s portfolio assigned
to doValue Greece including the securitized portfolio of
ERB Recovery DAC,
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e)
Monitoring of the performance of the senior notes
of the securitizations in collaboration with
Group Risk so as to ensure
compliance to significant risk
transfer (SRT)
and to the Hellenic Asset Protection Scheme
(HAPS),
f)
Budget and monitor the Bank’s expenses and revenues associated
with the assigned portfolio,
g)
Cooperate closely with doValue Greece on a daily basis
in achieving the Group’s objectives,
h)
Maintain supervisory dialogue
Project Sun (ex - Solar)
In the context
of its NPE
management strategy,
the Group had participated,
since 2018, in a
joint initiative with
the other Greek
systemic banks,
to structure
an NPE
securitization transaction (project
‘Solar’) under the
provisions of
Hellenic Asset Protection
Scheme (HAPS), that was finally abandoned in the first half of 2025. As Management remained committed to its plan to recover the
carrying amount of the respective loan portfolio through its disposal, the Group
retained the classification of the underlying loans as
held for sale. In December 2025, the
negotiations with potential investors regarding the sale of the portfolio were
concluded and the
sale and legal
transfer is expected to be completed within
the first half of 2026.
At 31 December 2025, the carrying amount of the
“Sun” loan portfolio reached €18 m.
Project Moon
In December 2025, the Group, as part of
its ongoing NPE deleveraging strategy,
initiated a structured process for the disposal
of a
portfolio of secured
non-performing retail
exposures of gross
carrying amount of
ca. €126m. As
at the
reporting date, given
the
Management’s commitment to the abovementioned portfolio’s disposal
plan that is expected to be completed by the end of 2026,
the Group classified
the respective loans as held for sale.
At 31 December 2025, the carrying amount of the “Moon” loan portfolio
reached €61m.
Project Leon
With regard to project “Leon”, in December 2023, the Group, in the context of its NPE reduction plan, initiated the sale process of a
mixed NPE loan portfolio that was concluded on 13 September
2024 via a securitization structure (SPV-LEON CAPITAL FINANCE DAC)
under
the
requirements
of
Hellenic
Asset
Protection
Scheme
law.
Accordingly,
as
of
the
aforementioned
date,
the
Group
derecognized the underlying loan portfolio and recognized the retained notes on its balance
sheet, i.e. 100% of the senior and 5% of
the mezzanine and junior notes of Leon
securitization, at fair
value, which as at 31
December 2025 stood at €274m (31 December
2024: €276m). In April 2025, the Group
obtained the HAPS approval for the
senior note and in June 2025 the
confirmation by EC
B
regarding the significant
risk transfer (SRT)
recognition for the “Leon” loan portfolio.
Other loans held for sale
As of 31 December 2025, the Group classified its loan exposure
to the Avramar Group,
of €68m carrying amount, as held for sale, on
the grounds that it considers
the sale highly probable
given the existence of an active
disposal plan, jointly undertaken
by all syndicate
lenders, and the ongoing negotiations with potential investors. The sale transaction is expected to be completed within the first half
of 2026.
Eurobank Limited agreement with
KEDIPES
In April 2025, Eurobank Limited
(former Hellenic Bank)
announced that it has signed a pre-settlement
agreement with the Cyprus
Asset Management Company Limited
(“KEDIPES”) for
the buyback by KEDIPES
of a portfolio
of non-performing
exposures of net
carrying amount
€192m (with
reference date
30 September
2024) at
a
consideration of
€180m, the
termination of
the Asset
Protection Scheme (“APS”) which was granted in 2018 as part of the acquisition of a
loan portfolio of the former Cyprus Cooperative
Bank (“CCB”) for an amount of €17.5m payable to Eurobank
Limited, and the settlement of disputes arising from the agreement to
acquire certain assets and liabilities of CCB for an amount of €10 m
payable to Eurobank Limited (the “Transaction”). In September
2025, the respective Transaction agreements between Eurobank Limited and KEDIPES were signed, following the approvals granted
by the Ministry of
Finance and the Directorate-General for Competition.
The Transaction was subject to customary
approvals including
the
Cyprus Commission
for
the Protection
of Competition.
Since
30 September
2025, the
loan portfolio
under sale
and
the
corresponding indemnification asset arising from the APS in
total, were classified as held for sale. At 31 December 2025, the carrying
amount of the
loan portfolio
reached €108m.
On 30 January
2026, following
the receipt of
the remaining customary
regulatory
approvals,
the
Transaction
between
KEDIPES
and
Eurobank
Limited
was
completed
resulting
in
the
non-performing
loans’
derecognition and the termination of APS scheme.
Further information regarding the aforementioned
loan-related initiatives and transactions is provided
in note 20 to the consolidated
financial statements.
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7. Macroeconomic Outlook and Risks
Global economic environment in 2025
In a volatile international environment in 2025, macroeconomic conditions remained supportive in the Group’s three core markets.
In the first
three quarters of 2025 the
economies of Greece, Bulgaria
and Cyprus exhibited remarkable resilience,
sustaining their
expansionary momentum and overperforming compared to most of their European Union (EU) peers.
Global growth held up despite
restrictive elevated geopolitical risk and
renewed trade frictions. The United States remained the main
anchor of global activity, supported by robust household balance sheets, fiscal support and
a surge in AI-related capital expenditure,
even as job growth slowed and
inflation proved sticky. Europe
experienced uneven but
improving momentum, with domestic demand
gradually strengthening
against
a backdrop
of easing
inflation and
monetary relaxation
(ECB cut
its
deposit facility
rate
by an
additional 100 basis points), while
structural and fiscal constraints
continued to cap upside in some economies. China remained an
important component of global growth but was beset by structural
challenges: weak property markets, subdued domestic demand
and deflationary pressures
were only
partially offset by
strong exports and
industrial competitiveness. Across
regions, 2025
was
marked by a gradual shift away from synchronized global cycles toward greater divergence, with AI investment, fiscal
policy choices
and trade dynamics increasingly determining relative
economic performance.
Greece
According to Hellenic Statistical Authority (ELSTAT)
provisional estimates, the real GDP
of Greece grew by 2.0% on an annual basis in
the first three quarters
of 2025 –versus 1.5% in
the euro area (Eurostat)–
driven by household consumption (+2.5% year-on-year,
contributing 1.8 percentage points to the
GDP growth rate) and net exports (-16.6% year-on-year, contributing 1.4 percentage points
to the GDP growth rate). The average annual inflation rate based on the Harmonized Index of Consumer Prices (HICP) stood at 2.9%
in 2025, broadly unchanged from
3.0% in 2024.
The average unemployment rate
declined to a 17-year
low of 8.8% in
2025, from
10.1% in 2024.
In its Autumn Economic Forecasts (November 2025), the European Commission (EC) expects a real GDP growth of 2.1% in 2025 and
2.2% in 2026 (2024: 2.1%). In 2026, inflation is expected to
decelerate to 2.3%, and the unemployment rate to
decline to 8.6%. On
the fiscal front, the EC
forecasts a primary surplus of 4.3%
of GDP in 2025 and
3.4% in 2026, from 4.7% of GDP in
2024. The gross
public debt-to-GDP ratio, following
a sizeable increase in nominal
GDP due to the combination of real GDP growth and inflation,
is
expected to decline to 147.6% in 2025 and 142.1% in 2026, from 154.2% in
2024 (Table 1).
Table 1
2024A
2025E
2026E
GDP growth (real, %)
2.1
2.1
2.2
Inflation (HICP, avg
% change)
3.0
2.9*
2.3
Unemployment (% labor force, avg)
10.1
9.3
8.6
General Govt Primary Balance (%GDP)
4.7
4.3
3.4
Gross Public Debt (%GDP)
154.2
147.6
142.1
*actual.
Sources: Eurostat, European Commission (European Economic
Forecasts, Autumn 2025)
According to Bank of Greece (BoG) data,
the stock of credit to the non-financial private sector amounted to €119.8bn at the end of
2025, up from €113.3bn a year earlier, marking a gross annual increase of 5.7%. Adjusted for write-offs, reclassifications and foreign
exchange fluctuations, the annual growth rate of domestic credit to the non-financial sector stood at 8.0%. On the other side of the
ledger, domestic non-financial private sector deposits were up by 4.9% year-on-year, standing at
€209.2bn at the end of 2025, from
€199.4bn at the end of 2024.
On real estate market
developments, BoG data shows that
residential real estate prices
recorded
an
annual increase of 7.5% in the first three quarters of 2025, and commercial real estate prices an annual increase of
5.2% in the first
half of 2025.
Growth in Greece as well as in Bulgaria and Cyprus
is expected to receive a significant boost from EU-funded
investment projects and
reforms. Greece is to receive €36bn (€18.2bn in grants and
€17.7bn in loans) up to 2026 through the
Recovery and Resilience Facility
(RRF), Next
Generation EU’s (NGEU)
largest instrument, out of which €23.4bn
(€12.0bn in grants
and €11.4bn in loans)
had been
disbursed by the EU as of end-January 2026. A further
€40bn is due through EU’s long-term budget (MFF), out of
which €20.9bn is to
fund the National Strategic
Reference Frameworks
(ESPA 2021–2027).
In 2025, the Greek government raised €7.7bn from the international financial markets through
the Public Debt Management Agency
(PDMA) by issuing a
new 10-year bond at a yield of 3.637% --that
subsequently reopened twice–
and reopening three outstanding
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issues with maturities
ranging from 5 to 30
years. At the
end of 2025, the
cash reserves of the
Greek government stood close
to
€39bn. Following a series
of sovereign rating upgrades
between 2023 and 2025, the
Greek government long-term debt
securities
were
rated as investment grade by
all five Eurosystem-accepted External Credit
Assessment Institutions as of end-January
2026: DBRS
(BBB, stable outlook); Fitch (BBB, stable outlook);
Moody’s (Βaa3, stable outlook);
Scope (BBB, positive outlook); and
S&P (BBB, stable
outlook).
Bulgaria
Political uncertainty
re-intensified in
late 2025,
following the resignation
of the
government on
11 December
amid widespread
protests against
the proposed 2026 budget,
paving the way
for another parliamentary
election. This development did
not affect
Bulgaria’s euro area accession on 1
January 2026.Parliamentary elections are most likely to
be held in the second
half of March or the
first half of April.
Real economic growth remained
resilient through the first three quarters of 2025,
reaching 3.4%, compared with
3% in
the
previous year.
GDP growth
was driven
primarily
by domestic
demand. Household
consumption expanded
by 8.2%,
supported by an exceptionally tight
labour market, with the unemployment
rate declining to 3.5%—the lowest
level in at least
23
years. Gross capital
formation increased by 9%,
underpinned by strong credit growth,
with lending to non-financial
corporates up
5.5% and housing credit rising by 26.8% in January–September. By contrast, net exports weighed on growth,
as imports increased by
3.5% while exports contracted
by 4.6%. According to
the European Commission’s Autumn Economic
Forecast, GDP growth is expected
to decelerate to 3% in 2025 and 2.7% in 2026, from
3.4% in 2024. Private consumption growth is projected to moderate, reflecting
slower growth in wages and social
transfers. In contrast, private investment
is expected to remain supportive of economic activity,
driven by improving business confidence in the context of euro adoption and by the acceleration in EU funds absorption that began
in the fourth quarter of 2025. Export
growth is forecast to resume toward the end of 2025 and continue
into 2026; however, imports
are also expected to rise, reflecting strong domestic demand and higher defence-related
spending under the EU Security Action for
Europe (SAFE) programme.
In December, Scope Ratings
affirmed Bulgaria’s
sovereign rating at A-,
maintaining a stable
outlook.
Adoption of the euro in Bulgaria in 2026
Following the approval on
8 July 2025 by
the Economic and Financial
Affairs Council of three legislative
acts confirming Bulgaria’s
accession to the
single currency, the
country became the 21st
member of the euro
area on 1
January 2026. Ahead of
the formal
approval of euro area entry, headline inflation began to accelerate moderately from May 2025, reaching
3.4% in July, up from 2.8%
in April. In
response, amendments to the
euro adoption law were
passed in early August,
introducing enhanced price-monitoring
measures through July 2026. Notably, the revised framework granted the Council of Ministers the authority
to implement additional
anti-speculation measures targeting essential goods and services, if necessary, without requiring parliamentary approval. Following
the full implementation
of the anti-speculation measures
in October, inflation entered a mild
decelerating trend in fourth
quarter
2025, easing to 3.5% in
December. Furthermore, in the first month
after the euro adoption, inflation decelerated
to 2.3%, a 13-month
low, according to the flash estimate.
The slowdown in January is mainly due to energy deflation, by 1.8%, versus a mild inflationary
trend in the fourth
quarter of 2025 (+2.0%),
and food disinflation (4.7% vs. 6.2%
in the fourth quarter). Provided
that the January
inflation is sustained in the following months or weakens further, in combination with the 12.6% increase in the minimum wage and
the decided by the ministerial council 5% raise in
civil servants salaries from January
1, 2026, it will support
household real disposable
income.
Table 2
2024A
2025E
2026E
GDP growth (real, %)
3.4
3.0
2.7
Inflation (HICP, avg
% change)
2.6
3.5*
2.9
Unemployment (% labor force, avg)
4.2
3.5
3.7
General Govt Primary Balance (%GDP)
-2.5
-2.1
-1.6
Gross Public Debt (%GDP)
23.8
28.5
30.6
*actual.
Sources: Eurostat, European Commission (European Economic
Forecasts, Autumn 2025)
Cyprus
In Cyprus, according to real GDP data
for the first
nine months of 2025 by the country’s Statistical
Service, the annual GDP growth
stood at 3.5%, mildly below the 4% pace in the same period of 2024. Growth
was primarily driven by higher exports, which rose by
5%, and a significant household
consumption increase, by 3.5%,
as employment grew also by 3.5%
in the same period and
wages rose
by 4.5%. Despite an increase in imports
of the same magnitude with that in
exports, the external balance marginally improved. Gross
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fixed
capital formation
expanded by
6.5%, however
due
to a
smaller share
to GDP
than exports
and household
spending, its
contribution to GDP growth was smaller.
In its Autumn Economic Forecasts (November 2025), the EC forecast a deceleration of the
GDP increase
in
2025 and
2026 relative
to 2024,
to
3.4% and
2.6% respectively,
down
from 3.9%
in the
latter
year.
Private
consumption is expected to remain the
main driver of growth, though its
momentum is set to ease as real income
growth moderates,
and the inflow of foreign workers whose relocation typically supports household spending, slows. This moderation
is expected to be
partially offset by stronger investment,
supported by the implementation of the RRF
by 2026, and sustained inflows of inward
FDI,
especially in real estate activities, where the volume of sales rose by 13.8% in January-November 2025, resulting in an 18-year
high
already since this month. Exports are also set to remain strong thanks to a solid tourist outlook, with tourist arrivals rising by 12% in
January-November, leading to a new all
-time high already from October onwards, and buoyant ICT activity. On the
other hand, the
global trade slowdown due to higher tariffs, is already having a
negative impact on the outlook for the shipping sector,
expected to
be sustained in 2026. Headline inflation stood at 0.8% in 2025 from 2.3% in 2024, before
rising to 1.5% by 2026, as the impact of the
VAT reduction
in April
2025 fades. Scope
Ratings affirmed
in October Cyprus’s
sovereign rating
to A-
and revised the
outlook to
positive. In November,
Standard & Poor’s
also affirmed
Cyprus’s sovereign rating
at A-
and upgraded the
outlook from stable
to
positive.
Table 3
2024A
2025E
2026E
GDP growth (real, %)
3.9
3.4
2.6
Inflation (HICP, avg
% change)
2.3
0.8*
1.5
Unemployment (% labor force, avg)
4.9
4.7
4.5
General Govt Primary Balance (%GDP)
5.4
4.6
4.3
Gross Public Debt (%GDP)
62.8
56.4
51.0
*actual.
Sources: Eurostat, European Commission (European Economic
Forecasts, Autumn 2025)
Macroeconomic risks for 2026
Regarding the
outlook for
the next
12 months,
the major
macroeconomic risks
and uncertainties in
Greece and
our region
are
associated with: (a) the geopolitical tensions caused by the
war in Ukraine and the fragile situation in the Middle East, especially due
to the
war between
Iran and
USA/Israel in
the region.
The latter
development has
drastically raised
geopolitical and
economic
uncertainty globally,
but
particularly in
nearby countries
caused disruptions
in maritime
trade through
major Middle
Eastern
waterways, especially
of energy goods, and amplified
financial volatility; if
prolonged, the ensuing supply bottlenecks are likely
to
exert inflationary pressures globally, and, in an adverse
scenario, even disrupt the deflationary trend of the past two years
in many
economies; (b) the elevated geopolitical
and economic uncertainty stemming from US
foreign and trade policy decisions, and their
repercussions, immediate
(e.g., increased
financial volatility
in
equity
and fixed
income
markets) and
subsequent ones
(e.g.,
retaliatory tariffs
by US trading partners,
weaker US demand
for EU
goods and services);
(c) the timeline
of the monetary
policy
decisions by the
ECB and
the Federal Reserve
Bank, especially
in the light
of the protectionist
trade policies
adopted by the
US
government and
the upcoming changes
in the
Fed leadership; (d)
the persistently
above-target inflation
driven primarily by
the
services sector,
and its impact
on household budgets, firms’
production costs, competitiveness and external trade,
as well as
any
potential social
and/or political
ramifications this
may entail;
(e) the
capacity to
absorb NGEU
and MFF
funds and
attract new
investments in the countries of presence given delays in certain RRF-funded projects and slower-than-planned disbursement of RRF
loans in
Greece, with
the deadline
to meet
RRF milestones
and targets
expiring in
August
2026; (f)
the effective
and
timely
implementation of the reform agenda required to meet the
RRF milestones and targets and boost productivity, competitiveness, and
resilience; (g) the risk of Greece’s and Bulgaria’s
major trade partners, primarily the euro area, remaining stagnant or even facing a
downturn, reducing external demand
for goods and services,
(h) the persistently large
current account deficit that
seems to have
become once again a structural feature of the Greek economic growth model, and (i) the exacerbation of natural disasters linked to
climate change and their effect
on GDP, employment, fiscal
balance and sustainable development in the long run.
Materialization of the above risks would have potentially adverse effects on the fiscal planning of the Greek government, as it could
decelerate the pace of expected growth and on the liquidity, asset quality, solvency and profitability of the Greek banking sector.
In
this context, the Group’s Management
and Board are continuously monitoring the developments on the macroeconomic, financial
and geopolitical fronts as
well as the evolution of
the Group’s asset
quality and liquidity KPIs and
have maintained a
high level of
readiness, so as to accommodate decisions, initiatives and policies
to protect the Group’s capital, asset quality and liquidity standing
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as well as the fulfilment, to the maximum possible degree,
of its strategic and business goals in accordance
with the business plan for
2026 - 2028.
8. Merger between Eurobank Ergasias Services and Holdings S.A. and Eurobank S.A
On 19 December 2024, Eurobank Holdings announced
that, at its meeting held on 18 December
2024, its Board of Directors resolved
to initiate the process
for the merger by
absorption of Eurobank
Holdings by the Bank,
with a view to achieving
operational efficiencies
and a leaner group structure.
On 30 April 2025, the Boards of
Directors of both companies approved the draft merger agreement. On
19 May 2025, the companies
announced the completion
of the publicity
formalities relating
to the Draft Merger
Agreement, pursuant to
which Eurobank S.A.
would absorb Eurobank Holdings, in accordance with
the provisions of the applicable laws.
Further information is provided in note
23.1 of the consolidated financial statements
for the year ended 31 December 2025.
General Meeting decisions
On 22 October 2025, the Extraordinary General Meeting (EGM) of the shareholders of
the Bank approved:
●
The merger of “Eurobank
S.A.” with “Eurobank Ergasias Services and Holdings S.A.”
by absorption
of the latter by
the former,
in accordance with the provisions of Articles 6–21, 30–34 and 140 of Law 4601/2019, Article 16 of Law 2515/1997 and the
applicable provisions of Law 4548/2018, as in force, as well as the Draft Merger Agreement and the remaining documents
relating to the Merger.
●
The amendment of Article 5 of the Bank’s Articles of Association
to reflect the following changes to the Bank’s share capital
as a result of the merger:
(i)
the
increase
of
the
Bank’s
share
capital
by
€
798,932,376.22 through
the
issuance
of
3,631,510,801 ordinary,
dematerialized, registered
voting shares, each having a nominal value
of € 0.22; and
(ii) the decrease of the Bank’s share capital by € 3,941,071,968.10 through the cancellation of 3,683,244,830 shares of the
Bank, each having a nominal value of €
1.07.
Following the above, the
share capital of the Bank
amounts to € 798,932,376.22,
divided into 3,631,510,801 ordinary, dematerialized,
registered voting shares, each having a
nominal value of € 0.22.
●
The continuation
of the
implementation of
the share
buyback programme
originally established
by Eurobank
Holdings
(section 10),
subject to
the relevant
approval by
the European
Central Bank,
following completion
of the
merger
by
absorption of
Eurobank Holdings
by
the Bank
and the
commencement of
trading of
the Bank’s
shares on
the Athens
Exchange. The total cost
of the Programme will
not exceed € 122,919,881.27, corresponding to the remaining
amount of
the existing Programme.
●
The continuation of
the stock options
plan originally established
by Eurobank Holdings
pursuant to the
resolution of its
Annual General Meeting dated 28 July 2020 (see
section 9).
On 3 December 2025, the Extraordinary General Meeting (EGM) of the shareholders of Eurobank Holdings
approved the merger of
“Eurobank S.A.” with “Eurobank Ergasias Services and Holdings S.A.” by
absorption of the
latter by the former, in accordance with the
provisions of the relevant articles of the applicable
laws, as
in force, as mentioned above, as well
as the merger documentation.
Completion of the Merger
On 12 December
2025, following the approvals granted
by the Extraordinary
General Meetings of the shareholders
of both Companies
(as referred to above) and the receipt of all necessary permits and approvals from
the competent authorities, Eurobank announced
that the merger had
been completed and that
the following effects
occurred automatically and simultaneously, both
as between
Eurobank and the Company and vis-à-vis third parties:
●
Pursuant to Article 16 of Law 2515/1997 and
Article 18(2) of Law 4601/2019, as
in force, Eurobank succeeded, by operation
of law and through universal succession, to the
entirety of the assets and liabilities of Eurobank
Holdings, as reflected in the
transformation balance
sheet dated
31.12.2024 and
as subsequently evolved
until the
completion of
the merger.
Any
pending litigation
involving Eurobank
Holdings continues
automatically in
the name
of Eurobank,
without any
further
procedural formalities, in accordance with Article
16 of Law 2515/1997 and Article 18(3)
of Law 4601/2019, as
in force.
●
Eurobank Holdings was dissolved
without liquidation and ceased to exist, and its shares
were delisted from the
ATHEX.
●
The shareholders
of Eurobank
Holdings became
shareholders of
Eurobank on
the basis
of the
agreed exchange
ratio,
whereby for each existing common registered share with voting
rights of Eurobank Holdings, with a nominal
value of € 0.22,
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its holder received one new common registered dematerialized share with voting rights of Eurobank, with a nominal value
of €
0.22, in the
share capital
of Eurobank as
formed in
the context
of the Merger.
Accordingly, following
the Merger,
shareholders retained the same number of shares
as they held prior to the Merger.
The 3,631,510,801 new common registered shares of Eurobank issued
in the context of the Merger commenced trading
on the Main
Market of the ATHEX on 15 December 2025 and on the Cyprus Stock Exchange (CSE) on 19 December 2025.
The parallel listing of the Bank’s shares on the CSE forms part of its long-term
strategic planning to consolidate its regional presence,
further strengthen its
position in the
Cypriot economy and
support the interconnection
of the Greek
and Cypriot markets
in an
environment of enhanced convergence of regional
economic interests. In particular, following
the completion of the acquisition of
100% of Hellenic Bank and the delisting of its shares from the CSE,
the parallel listing of Eurobank’s shares on
the CSE confirms the
latter’s strategic
commitment to the Cypriot economy
and its support for
the development and strengthening of
the local capital
market.
9. Share Capital
As at 31 December 2025:
a)
The total share capital of the Bank amounted to € 798,932,376.22, divided into 3,631,510,801 common voting shares with
a nominal value of €
0.22 each. All shares are
registered, listed on the Athens
Stock Exchange and
the Cyprus
Stock Exchange,
and incorporate all rights and obligations provided for under Greek and Cypriot legislation.
b)
The number of the Bank’s shares held by the Bank pursuant to the Share
Buyback Programme was 3,546,449.
c)
The number of the Bank’s
shares held by the Group’s
subsidiaries in the ordinary
course of their business was
3,869,292
(see note 37 to the consolidated financial statements).
Share options
Under the
five-year share
award plan
approved in
2020 and
initiated in
2021, originally
established by
Eurobank Holdings
and
subsequently continued by Eurobank (see section 8), Eurobank grants share option rights to its employees and to the employees of
its
affiliated companies, with new shares being issued and a corresponding share capital increase
effected upon the exercise of
the
options. The maximum number of rights that may be granted was set
at 55,637,000, each corresponding to one new share with an
exercise price of € 0.23. The final terms and the implementation of the share options plan are defined and approved
annually by the
Board of Directors in accordance with the applicable legal
and regulatory framework and the Group’s policies.
The options are exercisable annually in series during a
period from one to five years. Each series may be
exercised in whole or in part
and converted into shares at
the employees’ discretion, provided that they
remain employed by the Group until the
first available
exercise date. Each series is treated as a separate award, with a distinct vesting
period and fair value. Corporate actions affecting the
number and price of shares result in corresponding adjustments to the share options.
Events prior to or at the merger
a)
Share capital increase
of Eurobank Holdings
Following the exercise of share options granted to Group
executives under the aforementioned share options plan and pursuant to
the decision of the Board of Directors of Eurobank Holdings dated 29 August 2025, the share capital of Eurobank Holdings increased
by € 1,980,630.52 through the
issuance of 9,002,866 new common voting shares
with a nominal value of €
0.22 per share and an
exercise price of € 0.23 per share. The total
amount of the difference above par, net of
expenses directly attributable to the equity
transaction, amounted to
€ 71 thousand and
was recorded in the “Share premium”
account. The new
shares were listed on the
Athens
Exchange on 11 September 2025.
b)
Cancellation of own shares
Pursuant to Article 18(5)(b)
of Greek Law 4601/2019, any
own shares held by
the Absorbed Company are not
exchanged for new
shares in the
Absorbing Company and are
automatically cancelled upon completion
of the Merger.
Accordingly, on 12
December
2025, being the date of completion of the Merger, 54,228,394 ordinary shares of Eurobank Holdings, each with a nominal value of €
0.22, were automatically cancelled,
resulting in a reduction of the Company’s share capital
by € 11,930,246.68.
Further information is provided in note 37 to the consolidated financial statements.
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10. Shareholders’ remuneration
Dividends
On 29 April 2025, Eurobank Holdings received approval from the European Central Bank (ECB) to remunerate its shareholders in the
total amount of € 674m for the financial year 2024, through a combination
of cash distribution and share buyback, corresponding to
a 50% payout ratio of the Group’s net profit for 2024, excluding the gain of € 99.5m arising from the acquisition of a shareholding in
Hellenic Bank.
Following the
above, on 30
April 2025, the Annual
General Meeting (AGM)
of the shareholders of
Eurobank Holdings, inter
alia,
approved:
●
The distribution of
a cash
dividend of €
386,057,314.55 from the
“Special Reserves” account,
corresponding to a
gross
dividend of € 0.105 per share.
●
A share buyback programme (“Programme”),
as described below.
●
The distribution of € 437 thousand to
executives and employees of the Company from
the “Special Reserves”
account.
In
addition, it was noted at the AGM that
the respective amount approved for distribution to executives and
employees of the
Bank amounted to € 31m.
In May 2025, the Bank, further to the distribution
of € 240m in December 2024, proceeded with the distribution of an additional
€
405m from its non-mandatory reserves, as part
of the Bank’s overall contribution to its sole shareholder, Eurobank
Holdings, in order
to enable the latter to remunerate its
shareholders on the basis of the profits for the financial
year 2024.
In October 2025, the Board of Directors of Eurobank Holdings approved, in accordance with the provisions of paragraph 3 of Article
162 of Law 4548/2018 and in line with its shareholders’ remuneration policy, the distribution of an
interim cash dividend of €170m
for the financial year 2025 from
its non-mandatory reserves. Eurobank Holdings obtained
the necessary approval from the
ECB in late
October and proceeded with the payment of the interim dividend to its shareholders on 12 November 2025.
Based on the Group’s financial performance for the financial year 2025, the
Bank intends to remunerate its shareholders with a total
amount of € 717m, of
which €170m has already
been distributed in the
form of an interim dividend,
as noted above. This corresponds
to a 55% payout ratio of the Group’s net profit for 2025 less the €
58m gain on acquisition of the CNP Cyprus subgroup
and is subject
to approval of the Annual
General Meeting of its shareholders and
the regulatory authorities.
The final remuneration will be delivered
through a combination of a cash dividend and a share buyback programme.
Share Buyback - Own shares
On 7 May 2025, Eurobank
Holdings announced the commencement of the
implementation of the share buyback
programme (the
“Programme”), as approved by the
Annual General Meeting of its
shareholders held on 30
April 2025. The
Programme was conducted
in accordance with Article 49 of Law 4548/2018
and under the following terms: (i) the total cost of
the Programme would not exceed
€ 287,942,685.45 and, in any event, the own shares to be acquired would not exceed 10% of the Company’s paid-in share capital in
accordance with the applicable legislation; (ii) the duration of the Programme would
not exceed twelve months, i.e. it would remain
in force until
29 April 2026; and
(iii) the minimum
and maximum acquisition price per
share under the
Programme would be the
nominal value of the share (€ 0.22)
and € 10, respectively.
The buyback of own shares by Eurobank Holdings would be suspended
prior to the convocation of the General Meeting of Eurobank
Holdings’ shareholders for the approval of the Merger (section 8) of Eurobank Holdings with the Bank (“Phase A”). The Bank, as the
universal successor of Eurobank
Holdings, would continue the
implementation of the Programme following completion
of the Merger.
The own shares acquired by the Company during Phase A would be cancelled with a corresponding reduction of share capital.
On 23 October 2025, Eurobank Holdings announced
that the share buyback Programme had been suspended as of
21 October 2025.
Up to that date, Eurobank Holdings had acquired 54,228,394 shares at a
total cost of € 165m.
On 15 December 2025,
following the completion of
the merger with
Eurobank Holdings and
in accordance with the
terms of the
Programme referred
to above,
the Bank commenced
the continuation of
the implementation
of the Share
Buyback Programme
originally established by Eurobank Holdings (section 8).
The Bank intends to
use the own shares
it acquires following the completion of
the Merger in order to
reduce its share capital
in
accordance
with
Article
49
of Law
4548/2018 and/or
for
distribution
to
the
Company’s
employees and/or
members
of its
management and/or its
affiliated companies,
and/or for any other purposes permitted under applicable law.
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11. Major Shareholders
Based on the most recent notifications that
Eurobank has received from
shareholders holding 5% or more
of Eurobank’s voting rights,
the significant shareholder is the following:
“Fairfax Financial Holdings Limited” (“Fairfax”), which holds 32.67% of
Eurobank’s total voting rights,
corresponding to 1,186,363,895
voting rights of the
Eurobank’s ordinary shares
(effective as
of 12 December 2025).
Specifically, on 19
December 2025, Eurobank
announced, following the relevant notification received from
Fairfax, that upon completion of
the Merger the previously disclosed
holdings of Fairfax
and its subsidiaries in Eurobank
Holdings had become holdings in
Eurobank and that the
percentage of voting
rights in Eurobank
held directly and
indirectly by
Fairfax as
at 12 December 2025
remained unchanged, amounting to
32.67% of
Eurobank’s total voting rights, with no change in the relevant
percentage.
12. Sundry information required under Law 3556/2007 (article 4, par.7)
According to the Articles of Association:
a) there are no restrictions on the transfer
of Eurobank’s shares;
b) there are no Eurobank shares carrying special control or voting rights;
c) there are no restrictions on voting rights;
d) the rules governing the appointment and
replacement of directors, as well
as the amendment of the Articles
of Association,
are in accordance with the applicable provisions of company law.
Eurobank is not aware of any shareholders’ agreements resulting in restrictions in the transfer of
its shares or in the exercise of the
shares’ voting rights.
There are no significant agreements that enter into
force, are amended or
expire if there is change
in the control
of Eurobank following a public offer. There are no agreements between Eurobank and the Directors or the staff for compensation in
the event of departure as a result of a public offer.
13. Board of Directors
The Board of Directors (BoD) was elected by the Annual
General Meeting of the Shareholders (AGM) held on 23
July 2024 for a three
- year term of office that will expire on 23 July
2027, prolonged until the end of the period the
AGM for the year 2027 will take place.
Furthermore, on
18 June
2025, Mr.
Jawaid Mirza,
Non-Executive Independent Member
of the
Boards of
Directors of
Eurobank
Holdings and Eurobank, submitted his
resignation, effective as of 27 June 2025, as he
no longer fulfilled the independence criteria set
out in Article 9
of Law 4706/2020, having
cumulatively served nine (9) years
as a member of
the Boards of Directors
of Eurobank
Holdings and the Bank.
The composition of the
BoD of Eurobank is
presented in note 48
to the consolidated financial
statements. Personal details
of the
Directors are available on Eurobank’s website
(
www.eurobank.gr
).
14. Information required under Law 4548/2018 (article 97, par.1 (b))
According to article 97 par. 1 (b) of Law 4548/2018 the BoD members owe to disclose in a timely and adequate manner to the other
members of the BoD their own interests,
which may arise from the company's transactions, which fall within their duties, as well as
any conflict of their interests with those
of the company or
its related companies. In such case and
in line with the
provisions of article
97 par 3 of the same law, the member of the BoD is not entitled to vote on issues in which there is a
conflict of interest with his own
company or persons with whom he is a related
party. In these cases, decisions
are taken by the other BoD members.
For the year 2025, the following cases
were identified in which a
conflict of interest with Eurobank arose:
For the purposes of
(a) the approval of the
distribution of net
profits to senior management and
employees and (b) approvals pursuant
to Article 86 of Law 4261/2014, the Chief Executive Officer,
Mr. Karavias,
and the Deputy Chief Executive Officers, Messrs. Ioannou
and Vassiliou
,
did not participate in the
voting, in accordance
with Article 97 paragraph
3 of
Law 4548/2018, due to
a conflict of
interest.
In relation to decisions concerning the
remuneration adjustment of the Chief Executive Officer, Mr. Karavias did not participate in
the
voting, in accordance with Article 97 paragraph 3 of
Law 4548/2018, due to a conflict of interest.
15. Related party transactions
As at 31 December 2025, the Group’s outstanding balances of the transactions and the relating net income / expense for 2025 with
(a) the key management personnel (KMP) and the entities
controlled or jointly controlled by KMP are: receivables €6.3m, liabilities
€26.4m, net expense
€0.1m (b) the
Fairfax group
(excluding Eurolife
FFH Insurance Group
Holdings S.A., which is
also a Group’s
associate) are: receivables
€146.9m, liabilities €44.6m, guarantees issued €2m, net income €11.9m
and (c) the associates and joint
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3
€ million
Assets
Liabilities
Income
Expenses
Guarantees
(Net)
A. SUBSIDIARIES
Eurobank Equities S.A.
372
144
12
(0)
3
Eurobank Asset Management Mutual Fund Mngt Company S.A.
2
14
17
(5)
Eurobank Factors S.A.
824
7
35
0
Eurobank Bulgaria
A.D.
835
465
60
(47)
2
Eurobank Fund Mngt Co.
(Lux) S.A.
5
0
31
0
ERB New Europe Holding
B.V.
-
-
6
-
Eurobank Private
Bank Luxembourg S.A.
1,479
251
54
(22)
381
Piraeus Port
Plaza 3
35
15
1
(2)
Tenberco
Real Estate Single Member S.A.
-
7
1
-
Eurobank Leasing
Single Member S.A.
298
0
8
(1)
Eurobank Limited (ex
Hellenic Bank)
271
2,203
235
(116)
1
Severdor Ltd
-
-
14
-
Insignio Single Member S.A.
41
2
2
(0)
B. ASSOCIATES
Eurolife FFH Insurance
Group Holdings
S.A. (consolidated)
13
71
24
(28)
Avramar Aquaculture Group
67
1
0
34
doValue Greece
Loans and Credits Claim
Management S.A.
82
50
2
(53)
ventures and the Eurobank Group’s personnel
occupational insurance fund
are: receivables €166.3m, liabilities €127.2m, net expense
€32.2m.
Key management personnel are entitled to compensation in the form of short-term employee benefits amounting to €11.9m (2024:
€11.8m) including €2.1m in upfront variable remuneration awarded
as profit sharing, and long-term employee benefits
amounting
to €5m (2024: €5.3m) including €2.8m in
deferred variable remuneration awarded as profit sharing and payable in equal instalments
over the next 4-5 years
(2024: €3.2m). In addition, KMP have been granted
€4.9m in variable remuneration through
share options
(2024: €5.5m), €2.9m of which relates
to options exercisable in equal portions over the next 4-5
years (2024: €3.3m). The
variable
remuneration was awarded following
the Annual General Meetings of the shareholders
of Eurobank Holdings and the Bank
taken
place on 30 April 2025, in accordance with the Eurobank Holdings’ and the Bank’s remuneration
policy.
At the same date, the Bank’s outstanding balances of the transactions
and the relating net income/expense for 2025 with (a) the key
management personnel (KMP) and the entities controlled or jointly controlled
by KMP are: receivables €6.3m, liabilities €15.1m, net
expense €0.1m, (b) the Fairfax
group (excluding Eurolife FFH
Insurance Group Holdings S.A., which is also a
Group’s associate)
are:
receivables €146.9m, liabilities €10m, guarantees issued €2m, net income
€11.9m, (c) the associates and joint
ventures the Eurobank
Group’s personnel occupational insurance fund
are: receivables €166.3m, liabilities €123.9m, net expense €21.4m,
guarantees issued
€0.5m (d) the Eurobank Holdings
S.A.: net expense €124.2m and (e)
the subsidiaries are: receivables €4,200m,
liabilities €3,145m,
guarantees issued €386m, net income
€284m.
Key management personnel of the Bank are entitled to compensation in
the form of short-term employee benefits of €10.9m (2024:
€10.4m) including €2m (2024: €1.9m) in upfront variable remuneration awarded as profit sharing, and long-term employee benefits
amounting to €4.6m (2024:
€4.7m) including €2.6m in deferred variable
remuneration awarded as profit sharing and
payable in equal
instalments over the next
4-5 years (2024: €
2.8m). In addition, KMP have
been granted €4.6m
in variable remuneration
through
share options (2024: €5.5m), €2.7m of which relates to options exercisable in equal portions over the next 4-5 years (2024: €3.3m).
The major balances
of the Bank’s transactions with
(a) its subsidiaries
and (b) its associates
are presented in the below table:
All transactions with related
parties are entered
into the normal course
of business and
are conducted on an
arm's length basis.
Further information is provided in the note
46 to the consolidated financial statements and note 44
to the financial statements of the
Bank.
3
Exceeding an amount of €100m in assets/liabilities or €1m in income/expenses for the Bank’s transactions with its subsidiaries and
associates.
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bn = billion
16. External Auditors
The Annual General
Meeting of Eurobank’s
shareholders held on
30 April 2025 approved
the appointment of
KPMG as statutory
auditor for the separate and consolidated financial
statements for the year ending 31
December 2025.
During 2025, the Audit Committee reviewed
KPMG’s independence and effectiveness, as well as its annual audit
plan. In addition,
the
Audit Committee ensured,
on a quarterly basis,
that (a) any non-audit services
assigned to KPMG were reviewed
and approved as
required,
and (b) an appropriate balance was
maintained between the audit and non-audit fees
paid to KPMG, in accordance with
the relevant provisions of the Group’s Policy on External Auditors’ Independence (note 47 to the consolidated financial statements).
17. Corporate Governance Statement
Eurobank has
adopted the
Hellenic Corporate
Governance Code
issued by the
Hellenic Corporate
Governance Council, which
is
available on its
website (
www.eurobank.gr
). The Corporate Governance
Statement for the
year 2025, attached
hereto, forms
an
integral part of the Directors’ Report.
18. Sustainability Statement
Pursuant to Directive (EU) 2022/2464 and Commission Delegated Directive (EU) 2023/2775, as in force, which were transposed into
Greek legislation by Law
5164/2024, as in force, the Sustainability
Statement for the year 2025, attached hereto, forms
an integral
part of
the Directors’
Report and
provides
the
necessary information
to understand
the
impact of
the
Group’s
activities on
sustainability, as
well as
the impact
of sustainability
matters
on the
Group’s
progress, performance
and position.
Furthermore,
Eurobank activities and initiatives for 2025 in
the areas of (a) supplier relations and sustainable procurement
and (b) corporate social
responsibility, are outlined in the attached report titled ‘Additional
Information Related to Sustainability’.
Georgios Zanias
Fokion Karavias
Chairman
Chief Executive Officer
5 March 2026
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€ = Euro
m = million
bn = billion
APPENDIX
Definition of
Alternative Performance
Measures (APMs)
in accordance
with European
Securities and
Markets Authority (ESMA)
guidelines, which are included in the Report of Directors/Financial
Statements:
a)
Loans to Deposits
ratio:
Loans and advances to
customers at
amortised cost divided
by due to
customers at the
end of the
reported period,
b)
Pre-Provision Income (PPI):
Operating income minus operating expenses as
disclosed in the financial
statements for the reported
period,
c)
Core income:
The total of net interest income, net banking fee and commission income and income from non banking services
for the reported period,
d)
Core Pre-provision Income (Core PPI):
The core income minus the operating expenses of the reported period,
e)
Net Interest Margin (NIM):
The net interest income of the reported period, annualised and divided by
the average balance of
continued operations’ total assets (the
arithmetic average of total
assets, excluding those related to discontinued operations’,
at the end of the reported period, at the end of interim quarters and at the end of the previous period),
f)
Fees and
commissions:
The total
of net banking
fee and
commission income and
income from
non banking services
of the
reported period,
g)
Fees and
commissions over assets
ratio:
The Fees and
commissions of the
reported period,
annualised and divided
by the
average balance
of continued
operations’
total assets
(the arithmetic
average
of total
assets,
excluding those
related
to
discontinued operations’, at the end of
the reported period, at the
end of interim quarters and
at the end of the
previous period),
h)
Income from trading and other activities
: The total of
net trading income, gains less losses from investment securities and other
income/ (expenses) of the reported period,
i)
Cost to Income ratio:
Total operating expenses
divided by total operating income,
j)
Cost to core income ratio:
Total operating expenses
divided by total core income,
k)
Adjusted net profit:
Net profit/loss attributable to equity holders οf the
parent company excluding restructuring costs, goodwill
impairment/ gain
on acquisition, gains/losses
related to the
transformation and
NPE reduction plans,
contribution to Greek
State’s infrastructure
projects, net loss from discontinued operations and income tax adjustments,
l)
Non-performing exposures (NPE):
NPE (in compliance with EBA Guidelines) are the
Group’s material exposures which are more
than 90 days past-due or
for which the debtor is
assessed as
unlikely to pay its credit obligations in full
without realization of
collateral, regardless of the existence of any past
due amount or the number
of days past due. The
NPE, as reported herein, refer
to the gross loans at amortised
cost except for those that have been classified
as held for sale,
m)
NPE ratio:
NPE divided by gross loans and advances to customers at
amortised cost at the end of the reported period,
n)
NPE formation:
Net increase/decrease
of NPE
in the
reported period
excluding the
impact of
write offs,
sales and
other
movements,
o)
NPE Coverage ratio:
Impairment allowance for loans
and advances to customers and impairment
allowance for credit related
commitments (off
balance sheet items),
divided by NPE at the end of the reported period,
p)
Provisions (charge) to average net loans
ratio (Cost of Risk):
Impairment losses relating to loans
and advances charged in the
reported period, excluding the amount associated with loans and advances to customers at
amortized cost classified as held for
sale, annualised and divided
by the average balance
of loans and advances
to customers at amortised
cost (the arithmetic average
of loans and advances to customers at amortised cost, at the end of the reported
period, at the end of interim quarters and at
the end of the previous period),
q)
Return on tangible book value (RoTBV):
Adjusted net profit, post coupon payment to
AT1 capital holders, divided by
average
tangible book
value. Tangible
book value
is the
total equity
excluding preference
shares, AT1
capital instruments
and non
controlling interests minus intangible
assets.
Definition of capital
and other
selected ratios in
accordance with the
regulatory framework, which
are included in
the Report of
Directors/Financial Statements:
a)
Total Capital Adequacy ratio:
In accordance with the Regulation (EU) No 575/2013, as in force, Total regulatory capital
divided
by total Risk Weighted Assets (RWA).
The
RWA
are the Group’s assets and off-balance-sheet exposures, weighted according to
risk factors based on Regulation
(EU) No 575/2013, taking into
account credit, market and operational risk,
REPORT OF THE DIRECTORS
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€ = Euro
m = million
bn = billion
b)
Common Equity Tier 1
(CET1) ratio:
In accordance with the
Regulation (EU)
No 575/2013, as in force,
Common Equity Tier
I
regulatory capital divided by total Risk Weighted
Assets (RWA),
c)
Total Tier 1
Capital ratio (Tier
1) ratio:
Ιn accordance with the
Regulation (EU)
No 575/2013, as in force,
Total Tier 1
Capital
divided by total Risk Weighted Assets
(RWA),
d)
Liquidity Coverage Ratio (LCR):
The total amount of high quality liquid assets divided by the net liquidity outflows for
a 30-day
stress period,
e)
Minimum Requirements for Eligible Own Funds and
Eligible Liabilities (MREL) ratio:
The sum of i) total
regulatory capital (at
Eurobank S.A. consolidated level) as defined by Regulation (EU) No 575/2013 as in force, based on the transitional rules for the
reported period ii) part of any Tier
2 instruments to the extent that it does
not qualify as Tier 2 capital
(amortized part counts
towards MREL), and iii)
liabilities issued
by Eurobank S.A. that meet the MREL-eligibility
criteria set out in Regulation
(EU) No
575/2013 as in force, divided by RWA.
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€ = Euro
m = million
bn = billion
The following
table
presents the
components of
the calculation
of
the above
APMs, which
are
derived from
the
Eurobank’s
consolidated financial statements for the year ended 31 December 2025 and Eurobank
Holdings’ consolidated financial statements
for the year ended 31 December 2024:
Components of Alternative Performance Measures
€ million
FY 2025
FY 2024
Net Interest Income ⁽¹⁾
2,549
2,507
Fees and commissions⁽¹⁾
770
666
Total Operating
income
3,430
3,341
Total Operating
income, excluding the gain on (i)
acquisition of CNP Cyprus subgroup in
2025, (ii) investment in
Hellenic Bank in 2024⁽²⁾
3,372
3,242
Total Core income
3,319
3,173
Total Operating
expenses
(1,285)
(1,099)
Total Operating
expenses excluding the contribution to Greek State’s infrastructure
projects ⁽³⁾
(1,258)
(1,071)
Pre-provision income (PPI)
2,145
2,242
Pre-provision income (PPI), excluding the contribution to Greek State’s
infrastructure
projects and the gain on (i) acquisition of CNP Cyprus subgroup in 2025, (ii) investment
in
Hellenic Bank in 2024
2,114
2,170
Core Pre-provision income (Core PPI)
2,034
2,074
Core Pre-provision income (Core PPI) excluding the contribution to Greek State’s
infrastructure projects
2,061
2,101
Net profit attributable to equity holders οf the parent company
1,362
1,448
Restructuring costs, before tax
(62)
(168)
Restructuring costs, after tax
(55)
(121)
Gain on (i) acquisition of CNP Cyprus subgroup in 2025 (ii) investment
in Hellenic Bank in
2024
58
100
Contribution to Greek State’s infrastructure
projects, before tax
(27)
(27)
Contribution to Greek State’s infrastructure
projects, after tax
(19)
(19)
Impairment (loss)/reversal
for the HFS loans
related projects, before tax
(71)
16
Impairment (loss)/reversal
for the HFS loans
related projects, after tax
(50)
11
Adjustment to deferred tax
25
-
Net loss from discontinued operations
(9)
(7)
Adjusted net profit
1,412
1,484
Coupon payment to AT1 capital holders, after
tax
(12)
-
Impairment losses relating
to loans and advances
(379)
(303)
Impairment losses relating
to loans and advances, excluding the amount associated with
HFS loans
(308)
(319)
NPE formation⁽⁴⁾
147
222
Non performing exposures (NPE)
1,434
1,719
NPE excluding Hellenic Bank NPEs
covered by Asset Protection Scheme (APS) in 2024⁽⁴⁾
-
1,530
Due to customers
82,704
78,593
Gross Loans and advances to customers at
amortized cost
55,977
52,245
Impairment allowance for loans
and advances to customers
(1,309)
(1,309)
Impairment allowance for credit
related commitments
(56)
(63)
Impairment allowance for NPE
of Hellenic Bank covered by APS in 2024
-
(19)
Due to customers (Greek operations)
45,164
43,287
Gross Loans and advances to customers at
amortized cost (Greek operations)
37,261
34,682
Impairment allowance for loans
and advances to customers (Greek operations)
(992)
(998)
Average balance of continued operations’ total assets
⁽⁵⁾
102,950
91,721
Average balance of loans and advances to customers
at amortized cost
⁽⁶⁾
52,490
46,237
Average balance of tangible
book value ⁽⁷⁾
8,776
8,024
REPORT OF THE DIRECTORS
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€ = Euro
m = million
bn = billion
(1)
4Q25: Net interest income (NIM) of the fourth quarter 2025 (€647m) & 4Q25 Fees and commissions (€213m)
annualised, divided by the average
balance
of continued operations’ total assets (€105,473m). The average balance
of continued operations’ total assets has been calculated as the
arithmetic average of their balances at the end of the
reporting period (31 December 2025: €107,976m)
and at the end of the previous reporting
period (30
September 2025:
€102,969m).
(2)
International Operations: Operating
income: €1,514m
(2024: €1,260m).
Greek operations:
Operating income:
€1,858m
(2024: €1,982m).
(3)
International
Operations: Operating
expenses: €544m
(2024: €408m).
Greek operations:
Operating expenses:
€714m
(2024: €663m).
(4)
NPEs formation has been calculated
as the decrease
of NPE in 2025, €(97)m,
after deducting
the impact of
write-offs €177m, classifications
as held
for sale / sales €200m
and other
movements €(133)m.
(5)
The average balance
of continued
operations’ total
assets, has
been calculated
as the
arithmetic average
of their balances
at the end
of the reporting
period (31
December 2025: €107,976m), at the end of interim quarters (30 September 2025:
€102,969m), (30 June 2025: €102,228m), (31 March
2025: €100,426m) and at the end of
the previous period (31
December 2024: €101,150m).
The respective figures
for 31 December 2024:
€101,150m,
30 September 2024: €99,593m, 30
June 2024: €98,725m, 31 March
2024: €79,356m and 31 December
2023: €79,781m.
(6)
The average balance of
loans and advances to customers measured at amortized cost, has been calculated as the
arithmetic average of their
balances at the end of the reporting period
(31 December
2025: €54,668m), at
the end of interim quarters
(30 September 2025: €52,875m),
(30 June
2025: €52,253m), (31 March 2025: €51,718m), and at the end of
the previous period (31 December
2024: €50,936m).
The respective figures for
31
December 2024: €50,936m, 30 September
2024: €49,095m,
30 June 2024: €48,093m,
31 March 2024: €41,546m
and 31 December
2023: €41,515m.
(7)
The average balance of tangible book value,
has been calculated as the arithmetic
average of the total equity
minus AT1 capital instruments, the
intangible assets and non controlling interests at the end of the reporting period (31 December 2025: €9,022m), at the end of interim quarters
30
September 2025: €8,929m, 30 June 2025: €8,681m, 31
March 2025: €8,764m and
at the end of the previous period (31
December 2024: €8,484m).
The respective figures
for 31 December
2024: €8,484m
and 31
December 2023:
€7,565m.
Source of financial Information
The Directors’ Report includes financial data and measures as derived from the Eurobank’s consolidated
financial statements for the
year ended 31 December
2025,
and Eurobank Holdings’
consolidated financial statements
for the year ended 31 December 2024,
which have been prepared in accordance with International Financial Reporting Standards (IFRS). In addition,
it includes information
as
derived from
internal information
systems,
consistent with
the Group’s
accounting policies,
such
as the
selected financial
information for the Group’s two main reportable segments a) Greek Operations, which incorporate
the business activities originated
from, the Bank and the Greek subsidiaries and b) International Operations,
which incorporate the business activities originated from
the banks and the other
local subsidiaries operating in Bulgaria, Cyprus
and Luxembourg (as described
at the relevant section on page
8).
EUROBANK S.A.
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CORPORATE GOVERNANCE STATEMENT
2025
Table of Contents......................................................................................................................................................................
Page
1.
Introduction ....................................................................................................................................................................... 32
2.
Adoption of the Hellenic Corporate Governance Code .................................................................................................... 32
3.
Corporate Governance and Key Policies ........................................................................................................................... 32
3.1
Internal Governance Control Manual
3.2
Board Nomination Policy
3.3
CEO Succession Planning
3.4
Board Evaluation Policy
3.5
Board of Directors Diversity Policy
3.6
Remuneration Policy
3.7
Board and Board Committees’ Attendance Policy
3.8
Directors’ Induction and Continuous Professional Development Process
3.9
Group Governance Policy
3.10
Conflicts of interest Policy
3.11
Responsible Artificial
Intelligence
3.12
Other Key Policies
4.
Shareholders’ General Meeting......................................................................................................................................... 40
4.1
Information about the Eurobank General Meetings
4.2
Information about the Eurobank Holdings General Meetings
5.
Board of Directors .............................................................................................................................................................. 44
5.1
General
5.2
Composition of the Board
5.3
CVs of Board Board members
and Secretary
5.4
Diversity Profile of the Board
5.5
Re-election, Cessation, and Independence of Board Members
5.6
Division of responsibilities
5.7
Operation of the Board
5.8
Attendance of Board members in the Board
and Board Committees
5.9
Directorships of Board members
5.10
Board Role and Responsibilities
5.11
Main issues the Board dealt with
during 2024
5.12
Board and Board Committees overall effectiveness
assessment
5.13
Directors’ Induction and Continuous Professional Development
6.
Board Committees ............................................................................................................................................................. 69
6.1
Governance and Operations of Board Committees
6.2
Audit Committee
6.3
Board Risk Committee
6.4
Remuneration Committee
6.5
Nomination and Corporate Governance Committee
6.6
Board Digital & Transformation
Committee
7.
Management Committees ................................................................................................................................................. 87
7.1
Management Committees’ Policy
7.2
Executive Board (ExBo)
7.3
Strategic Planning Committee
7.4
Management Risk Committee
7.5
Group Asset and Liability Committee (G
-ALCO)
7.6
Central Credit Committees
7.7
Troubled Assets Committee
7.8
Products & Services Committee (PSC)
7.9
Sustainability Management Committee
(SMC)
7.10
Ethics Co
8.
Key Control Functions ........................................................................................................................................................ 98
8.1
Internal Audit
8.2
Risk Management
8.3
Compliance
8.4
Personal Data Protection
9.
System of Internal Controls ............................................................................................................................................. 106
9.1
Principles of Internal Controls
9.2
Characteristics of the System
of Internal Controls (SIC)
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9.3
Evaluation of the System of
Internal Controls
9.4
Independent Evaluation of the HoldCo/Bank System of Internal
Controls
9.5
Corporate Governance System Assessment
in accordance with article 4 par.
1 of Law 4706/2020
10.
Sustainability.................................................................................................................................................................... 108
10.1
Sustainability Approach
10.2
Sustainability Policies &
Frameworks
10.3
Stakeholders engagement and double materiality
assessment
10.4
Reporting and Transparency
11.
Other information required by Directive 2004/25/EU ................................................................................................... 113
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1.
Introduction
Pursuant to Article 152(1) and Article 153(3) of Law
4548/2018, Law 4706/2020, and the Hellenic Corporate Governance Code (the
“Code”), the Report of
the Board of Directors
of Eurobank S.A. (“Eurobank”
or the “Bank”) includes
the present Corporate
Governance
Statement.
The Corporate Governance Statement addresses, inter alia,
the following key areas:
●
Adoption of the Hellenic Corporate Governance Code
●
Corporate Governance and Key Policies
●
Shareholders’ General Meeting
●
Board of Directors
●
Board of Directors’ Committees
●
Management Committees
●
Key Control Functions
●
System of Internal Controls
●
Sustainability
●
Additional Disclosures Required by Directive 2004/25/EU
Furthermore, taking into account that:
a) the merger of Eurobank with Eurobank Ergasias
Services and Holdings S.A. (the “Company”, “Eurobank Holdings”, “Holdings”,
or
“HoldCo”) by
absorption of the
latter by
the former,
as well as
the subsequent listing
of the Bank’s
shares on
the Athens Stock
Exchange, were completed
on 12
December 2025, following
the approvals of
the General Meetings
of the shareholders
of both
entities and the receipt of all necessary
permits and approvals from the competent authorities; and
b) until the completion of the
merger and in accordance with
Article 152(1) and Article 153(3) of
Law 4548/2018, Law 4706/2020,
and the Code, the Report of the Board
of Directors of Eurobank Holdings was required to include a
Corporate Governance Statement
covering the areas described above,
the present Corporate Governance Statement sets out the manner in which the principles of the Code were
implemented:
●
by Eurobank, for the entire financial year 2025; and
●
by Eurobank Holdings, for the period from 1 January 2025 until 12 December 2025.
2.
Adoption of the Hellenic Corporate Governance Code
In compliance with Article 17 of Law
4706/2020, which requires listed companies to adopt and implement
a corporate governance
code issued by a recognized and reputable body, Eurobank Holdings adopted the Hellenic Corporate Governance Code (the “Code”)
in September 2021 and applied it until 12 December 2025.
The Board of Directors of Eurobank has also approved the adoption of the Code on September 2021 and continues to apply it.
The Code is available on Eurobank’s website
(https://www.eurobank.gr).
3.
Corporate Governance and Key Policies
The corporate
governance framework
of the
Bank and
its subsidiaries
(“Group”), aligned
with
applicable legal
and regulatory
requirements and
international best
practices,
ensures that
the Group
operates
with
credibility,
responsibility,
fairness,
and
transparency, safeguarding the interests
of shareholders and all other stakeholders.
In this context, the Bank has established a comprehensive
set of policies and procedures, which are regularly
reviewed and approved
by the Board of Directors (“BoD”) and/or the competent Board Committees,
as required.
During its period of operation until 12 December 2025, Eurobank Holdings applied the same
corporate governance framework and
corresponding policies and procedures, which
were likewise subject to regular review and approval by its BoD
and/or the competent
Board Committees.
The Key Policies governing the Bank (for 2025) and HoldCo (from
1 January 2025 until 12 December 2025) are outlined below.
EUROBANK S.A.
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3.1
Internal Governance Control Manual
The policies and controls
outlined in the Bank
IGCM are designed to
minimize the risk of errors or
financial losses, protect the interests
of shareholders and depositors, and ensure full compliance with regulatory requirements
at all times.
The Bank IGCM
provides a high-level
overview of control
policies, while more
detailed operating
procedures are documented in
individual procedures and
manuals maintained by their respective
units. Subsidiaries are required
to establish their own IGCMs
and/or
procedures manuals and to adopt the
Group’s policies where applicable.
The principles outlined in the IGCM apply across
all units
and subsidiaries, except where local
circumstances or regulations necessitate
deviations.
The IGCM includes a high-level organizational
chart and a brief description of the key responsibilities of the main
control functions
within
Eurobank. It
is supplemented
by
the
procedural manuals
of individual
units and
subsidiaries, which
provide a
written
description of the uppermost levels of the Group’s System
of Internal Controls.
Throughout its period of
operation until 12
December 2025, Eurobank Holdings
had developed and maintained
its own IGCM,
in
compliance with applicable legal
requirements and aligned with its
internal governance framework.
3.2
Board Nomination Policy
The Banks’ Board
Nomination Policy
- that was
also applicable
to Eurobank Holdings
during the period of
its operation,
until 12
December 2025 - sets out the guidelines and formal
process for identifying, selecting, and nominating candidates
for the Board.
It ensures that appointments are made:
(a) in compliance with
legal and regulatory requirements,
(b) with due regard to the expectations of
major shareholders, and
(c) based on individual merit and ability,
following best practices.
Primary Objectives of the Policy
The primary objectives of this Policy are to:
•
Define the general principles that guide
the Nomination and Corporate Governance Committee (NomCo) in
all stages of the
nomination process,
•
Establish specific criteria
and requirements for Board nominees,
•
Ensure a transparent, efficient, and fit
-for-purpose nomination process, and
•
Maintain a Board structure—including
succession planning—that meets high ethical standards,
achieves an optimal balance
of knowledge, skills, and experience, and aligns
with current regulatory requirements.
Nomination Criteria
The Board, supported by NomCo, shall nominate candidates who meet the following
criteria:
1. Reputation, Honesty, Integrity,
and Trust
•
Reputation: Candidates must have a strong reputation and high social esteem, demonstrating good repute in line with the
applicable regulatory framework’s
standards for honesty and integrity.
•
Honesty, Integrity, and Trust:
Candidates should exemplify the highest standards of ethics, honesty, fairness, and personal
discipline, as evidenced by their professional track record, personal history, and public commitments.
2. Knowledge, Skills, Experience (KSE),
and General Suitability
•
Understanding
of the
Bank: Candidates
must possess
sufficient knowledge,
skills, and
experience (KSE)
to develop
a
thorough
and
up-to-date
understanding
of
the
business,
governance
structures,
regulatory
environment,
markets,
stakeholders, and risks associated with
the Bank and its subsidiaries.
•
Seniority: A
candidate must
have several
years of
experience in
a
recognized leadership
position within
their field
of
expertise.
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•
Independent Mindset and Ability to
Challenge: Candidates should demonstrate the ability
to form and express independent
judgments on all matters
before the Board, along
with the candor to
challenge management and other
Board members
when necessary.
•
Collegiality, Teamwork, and Leadership: Candidates should contribute constructively and productively to Board discussions
and decision-making, with the capability to lead
discussions as a Committee
Chair, Vice-Chair,
or Board Chair.
•
Additional Criteria for Executive Directors: Candidates for Executive Director positions must have demonstrated leadership
capabilities through current or previous executive roles, along with the necessary expertise to guide the Bank in achieving
its strategic
objectives. They must also be willing
to enter into full-time employment with
the Bank.
3. Conflicts of Interest
and Independence of Mind
NomCo shall assess
candidates' personal, professional, financial,
and political affiliations
to ensure that
they do not have
actual,
potential, or perceived conflicts of interest that cannot be prevented, adequately mitigated,
or managed under the Bank’s policies.
Candidates must be
able to represent
the interests
of all shareholders,
fulfill their responsibilities
as Directors, and
make
sound,
objective, and independent decisions.
NomCo shall also examine
candidates’ direct and indirect monetary and non-monetary interests, including their affiliations
with or
membership in other organizations.
4. Time Commitment
NomCo shall ensure that all nominees
can dedicate the time required to effectively
discharge their responsibilities as
Directors.
This includes their ability to attend and actively participate
in Board and Committee meetings
on a regular basis.
5. Collective Suitability
*The Board, as a whole,
must have the ability
to understand the institution’s activities, assess the associated
risks, and make informed
decisions aligned with the institution’s
business model, risk appetite, strategy,
and market operations.
The composition of the Board should reflect the necessary knowledge, skills,
and experience required to fulfill its responsibilities.
The Board should collectively possess expertise in:
•
The institution’s core business and its
associated risks,
•
All material
activities of the Bank,
•
Sector-specific
and
financial
competencies,
including
financial
and
capital
markets,
solvency,
risk
modeling,
and
environmental, social, and governance (ESG)
risks,
•
Financial accounting and reporting,
•
Risk management, compliance
(including AML/CFT), and internal audit,
•
Information and digital technology, including cybersecurity,
•
Local, regional, and global markets,
where applicable,
•
The legal and regulatory framework,
•
Strategic planning and managerial
experience,
•
Oversight of (inter)national group structures and risks
related to group governance,
•
Corporate governance,
•
ESG issues,
and
•
Gender representation, in accordance with the Board Diversity Policy.
Succession Planning
As part
of its
oversight of
the nomination
process, NomCo
shall ensure
the implementation
of structured,
stepwise succession
planning to maintain continuity and institutional knowledge at the Board level.
This is particularly critical
in managing sudden or unexpected absences or departures of Board members.
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To this end, NomCo shall:
•
Monitor
Board
members’
tenures
and
ensure
staggered
appointments
and
retirements
whenever
feasible.
The
reappointment of existing Board members shall be based on their
continued adherence to the criteria set out in this Policy.
•
Ensure an appropriate distribution of relevant KSEs across the Board,
preventing undue reliance on the expertise of a few
Directors.
•
Assess whether
a sufficient
number of
Board members
are capable
of assuming
leadership roles, including
Board and
Committee Chair positions.
•
Periodically evaluate the availability
of suitable candidates to address the Board’s
future succession planning needs.
•
Consider both:
a) the objectives and targets defined in
the Bank Board Diversity Policy, and
b) the findings
of the Bank
Board Evaluations, ensuring
necessary changes in
composition or
skills to enhance
effectiveness and
collective suitability.
The CEO Succession Planning Policy, which is
supplementary to this Policy, sets out the framework
for CEO succession planning.
3.3
CEO Succession Planning
The Bank’s
CEO Succession
Planning Policy (the
Policy) -
that was
also applicable
to Eurobank Holdings
during the period
of its
operation, until 12 December 2025 - plays a crucial role
in ensuring a seamless
leadership transition.
Key Elements of
the Policy
The key elements of the Policy are as
follows:
●
Qualifications for the CEO Position: The Nomination and Corporate Governance Committee (NomCo), in collaboration with the
current CEO, defines the qualifications required for the CEO role. This ensures that the successor possesses the necessary skills,
experience, and leadership attributes to guide the organization effectively.
●
Viable Pool of
Candidates: NomCo ensures that
a strong pipeline of
candidates meets the
CEO position’s
requirements. This
includes evaluating internal candidates within
the organization while also
considering external candidates when appropriate.
●
Annual Review: NomCo reviews the qualifications
and candidate pool at least annually to ensure that
the succession planning
process remains aligned with
the organization’s evolving needs, regulatory expectations, and strategic
direction.
●
Selection Process:
NomCo leads
the CEO
selection process,
evaluating candidates
based on
their qualifications,
leadership
capabilities, experience, and alignment
with the organization’s
culture and strategic objectives.
●
Tailored Induction Program: Once a new CEO is selected, NomCo approves a customized induction program to ensure a
smooth
transition. This program provides
the new CEO with the
necessary knowledge, resources, and
support to succeed in
the role from
the outset.
Overall, the CEO
Succession Planning Policy ensures
that the organization is
well-prepared for leadership transitions, maintaining
continuity, stability, and effectiveness
at the highest level of management.
3.4
Board Evaluation Policy
The Board and Board Committees Evaluation Policy of Eurobank - that was also applicable to
Eurobank Holdings during the period of
its operation,
until 12
December 2025
- establishes
the
principles, framework,
and process
for the
annual assessment
of the
effectiveness of the Board of Directors and its
Committees at the Bank.
The Policy aspires to align with best European banking practices while fully complying with Greek
and European legal and regulatory
requirements.
Responsibilities
of NomCo
Under this Policy, the Nomination and Corporate Governance Committee (NomCo) holds the overall
responsibility for:
•
Assessing the structure, size,
composition, and performance of the Board and its Committees,
•
Recommending to the Board any necessary changes to
enhance effectiveness,
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•
Evaluating the collective suitability of the Board as a whole, as well as
the suitability and contributions of individual Board
members, and
•
Reporting its findings and recommendations
to the Board accordingly.
3.5
Board of Directors Diversity Policy
The Bank Board of Directors Diversity Policy - that was also applicable to Eurobank Holdings during the period of its operation, until
12 December 2025 - reflects the organization’s commitment to diversity in line with international best practices and applicable legal
requirements.
Scope of Board Diversity
According to the Policy, Board diversity encompasses multiple
factors, including:
•
Skills and expertise,
•
Educational and professional background,
•
Geographical provenance (nationality),
•
Gender,
•
Age, and
•
Other relevant attributes that contribute to a well-balanced and effective
Board.
The Nomination and Corporate Governance Committee
is committed to fostering a diverse Board, recognizing that diversity includes
a wide range of characteristics, such as gender,
race, colour, ethnic or social origin, genetic features, religion or
belief, membership
of a national minority, property, birth, disability, age, sexual
orientation, skills, educational background, professional background or
geographical provenance (nationality).
During the review of the
Board’s collective suitability,
as outlined in the Nomination Policy,
and in the process of
(re)appointment
and succession planning of Board members, the Committee will consider all
aspects of diversity to ensure a balanced and inclusive
leadership structure.
Gender Representation Target
While the Board values diversity in all
its forms, a specific
and measurable objective is set for
gender representation.
The Committee
ensures that
at least
25% (rounded
to the
previous integer)
of the
Board is
composed of
members of the
less
represented gender, with a target to increase this
representation to a minimum of 33% (rounded to the nearest integer) as soon as
practicable, and in any case no later than mid
2026.
This target aligns with legal and regulatory requirements and industry best practices and shall be maintained at
all times, reflecting
evolving legal frameworks
and market trends.
Additionally, if the Board includes three (3) or more executive members,
at least one (1) executive member of the less represented
gender must be included in the aforementioned 33% percentage.
Compliance with this requirement is expected upon the first, after mid 2026, expiration of a term or of the next term in case of
one
renewal or upon a replacement of an already serving executive member
of the Board of Directors for any reason after
mid 2026.
3.6
Remuneration Policy
Eurobank established a Board of Directors’ Remuneration Policy (Remuneration Policy) in accordance with the requirements of Law
4548/2018 (the Law) in 2025.
The Remuneration Policy was approved by the Bank’s Annual General Meeting of Shareholders on 25 September 2025
and has been
designed to comply with the specific provisions of Articles
110 and 111 of the Law.
It is noted
that, prior to
the merger of
Eurobank and Eurobank Holdings,
effected by
the absorption of
the latter by
the former,
Eurobank Holdings had established a Board of
Directors’ Remuneration Policy, as Eurobank Holdings—and not the Bank—was legally
responsible for establishing such policy.
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Purpose and Principles
The Remuneration Policy sets out the fundamental principles
and structure governing the remuneration of Board members.
Its primary objective is to ensure that remuneration is:
•
Reasonable and aligned with
market standards,
•
Gender-neutral, promoting equal treatment, and
•
Sufficiently competitive to
attract and
retain Directors
with the necessary
skills and experience
to implement
Eurobank
Holdings’ business strategy
effectively.
Additionally, the Policy safeguards the long-term interests and
sustainability of the organization by
discouraging excessive risk-taking.
This is achieved through continuous monitoring of market trends and best practices at
both domestic and global levels.
The Policy is informed
by external and independent
benchmarking analyses of remuneration in
the financial and banking sectors,
both in Greece and
internationally. This benchmarking ensures that
the remuneration framework for Board
members remains aligned
with industry best practices.
The development and implementation of the Remuneration Policy are
characterized by:
•
Objectivity and transparency throughout the process, and
•
Independent judgment and discretion by the Board when approving
or recommending remuneration, ensuring alignment
with both individual and Company performance.
Remuneration Report
In compliance with Article 112(3) of Law 4548/2018,
Eurobank publishes
an annual Remuneration Report,
detailing the remuneration
and financial benefits granted to each
Executive and Non-Executive Director during the financial year.
Prior to the merger of Eurobank and Eurobank Holdings, effected
by the absorption of the latter by the former,
Eurobank Holdings
had the legal responsibility to publish an annual Remuneration
Report.
In this
context, the
Eurobank Holdings
Remuneration Report
for 2025
(https://www.eurobank.gr) was
approved by
the Annual
General Meeting of Eurobank Holdings on 30 April 2025 (before
the completion of the merger).
The report
provides
comprehensive and
transparent disclosure
of Board
remuneration, ensuring
efficient communication
with
shareholders and stakeholders.
Remuneration Structure
Non-Executive Directors
•
Fixed Remuneration Only: Non-Executive Directors receive
fixed remuneration, which is annually approved by the
Annual
General Meeting. They are not eligible
for variable remuneration.
•
Board Fees: Their fixed remuneration consists of
Board Fees, determined based on
their roles on
the Board and
Committees,
their expected contribution, and the additional time and effort required for their responsibilities.
Executive Directors
•
Employment Contracts:
Executive
Directors are
employed by
the
Bank under
permanent, indefinite
contracts. These
contracts require a three-month notice period in case of resignation.
•
Remuneration Structure:
-
Executive
Directors receive
remuneration under
their employment
contracts
and
do
not
receive additional
compensation for their role as Board members.
-
Variable Remuneration: Any variable
remuneration awarded follows
the provisions of the Bank’s
Remuneration
Policy and is subject to approval by the Shareholders' General Meeting.
The 2025 Board
and key
management remuneration disclosure
is included in
the relevant
note of the
consolidated accounts of
Eurobank.
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To ensure market transparency regarding remuneration structures and associated risks,
this information is publicly available on the
Eurobank website (www.eurobank.gr).
3.7
Board and Board Committees’ Attendance Policy
In accordance with the Board and Board
Committees’ Attendance Policy of Eurobank – that was also applicable to
Eurobank Holdings
during the
period of
its operation,
until 12
December 2025
- Board
members are
expected to
attend all
Board and
Committee
meetings to which they are appointed.
However,
it
is
recognized
that, on
occasion, Board
members may
be
unable
to
attend
certain meetings
due
to
conflicting
commitments or unforeseen circumstances.
To ensure active participation, each member must maintain a minimum attendance rate of
85% over the
course of the calendar year.
Representation
Where a meeting is to be held with the notified absence of a Board member, the absentee has
the option to be validly represented
by another Board member respectively, noting that each Member of the Board or Board Committee may validly represent only one
of the other Board or Board Committee members.
Representation in the Board and Board Committees
may not be entrusted to persons other than the members thereof.
Resignation due to Unjustified
Absence
Additionally, in
accordance with Law
4706/2020, if a
Board member
is unjustifiably absent
from at
least two
consecutive Board
meetings, they shall be considered resigned.
This resignation is formally established through
a Board decision, which
subsequently initiates the replacement process
in accordance
with the applicable legal
framework.
3.8
Directors’ Induction and Continuous Professional Development Process
All new Board members undergo
a comprehensive Induction
Program, designed to ensure a smooth
and effective transition into their
roles.
Objectives of the Induction Program
The program aims to:
•
Communicate the vision and corporate culture of Eurobank,
•
Introduce practical and procedural responsibilities to facilitate
a seamless
onboarding process,
•
Accelerate productivity by reducing the time needed to familiarize
new members with their roles,
•
Integrate new Directors as
valued members of the Board,
•
Provide insight into the organizational structure of the Bank, and
•
Offer a comprehensive understanding of the business,
strategy, market dynamics, key relationships, and leadership
team of
the Bank.
Upon appointment, new Board members also receive a Manual of Obligations, which
outlines their core responsibilities towards the
Supervisory Authorities and the Bank. This manual includes guidance on local regulatory requirements and Board procedures.
Additionally, newly appointed Directors participate in meetings and presentations with key executives to
gain a holistic overview of
the organization.
Recognizing the importance of continuous professional development, Eurobank provides ongoing learning resources to support the
knowledge and skill enhancement of all Board members.
The above processes were applicable to Eurobank Holdings during the period of its operation, until 12 December 2025.
3.9
Group Governance Policy
In compliance with the regulatory framework, the Group Governance Policy of Eurobank
(and Eurobank Holdings until 12.12.2025),
establishes general
governance principles
for the
Group entities,
sets common
governance standards,
and defines
authorities,
responsibilities, and expectations, ensuring the Group operates as
a unified entity with a cohesive strategic
direction.
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Scope of the Policy
The policy integrates internal governance by clarifying the
distinct roles of the parent company and
its subsidiaries, while also setting
principles related to:
•
Board composition,
•
Roles and responsibilities,
•
Chairmanship,
•
Board committees,
•
Nomination processes,
•
Board diversity,
•
CEO succession planning,
•
Board evaluations,
•
Professional development,
•
Management committees,
•
Governance manuals, and
•
Corporate governance codes.
By harmonizing governance
practices across the Group,
the policy promotes
accountability, transparency, and
effective decision-
making at all levels.
3.10
Conflicts of interest Policy
Eurobank (and Eurobank Holdings
until 12.12.2025) have implemented a
Conflicts of Interest Policy,
approved by their respective
Boards of Directors, to establish a comprehensive
framework for identifying, preventing,
and managing actual, potential, or
perceived
conflicts of interest arising
from the Group’s business activities.
This policy includes
a structured set of policies, procedures,
systems, and controls to uphold ethical standards
and ensure transparent
decision-making.
Procedural Safeguards
To prevent conflicts of duties, the Group has implemented
procedural safeguards that:
•
Segregate
executive
and non-executive
responsibilities at
the
Board level,
ensuring
a
clear
distinction between
the
Chairperson of the Board and the CEO’s executive functions,
•
Prevent incompatible roles and conflicts of interest
among Board members, Management,
and Executives, and
•
Mitigate the misuse
of inside information or corporate assets.
Duties of Board Members
Board members are expected to:
•
Adhere to high ethical standards and comply with the principles set
out in the Conflicts of Interest Policy,
•
Act independently, making sound, objective, and impartial decisions,
•
Disclose any personal interests that may
conflict with the interests of
Eurobank or the Group,
•
Maintain confidentiality of non-public information
and avoid any conduct that
could constitute market abuse or
create a
conflict of interest.
Board members are required to disclose:
•
All external engagements,
directorships, or affiliations outside the Group,
•
Any new or ongoing circumstances that could affect
their independence of mind or create a conflict of interest.
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Management of Conflicts
All actual or potential conflicts of
interest at the Board level must
be:
•
Communicated, documented, and discussed,
•
Decided upon and managed by the Group,
•
Mitigated through specific measures
for unexpected conflicts, while persistent conflicts
are managed through continuous
oversight.
Board members
must abstain
from voting
on matters
where they
have an identified
conflict of
interest, ensuring
transparency,
impartiality, and effective
governance.
3.11
Responsible Artificial Intelligence
In line with article
10 par. 3 of
Law 4961/2022, which provides that companies
preparing a corporate governance statement must
include information
on the
data ethics
policy they
apply in
relation to
artificial intelligence
systems, Eurobank
declares that
it
strategically embraces
Artificial Intelligence (AI)
to drive innovation, operational excellence, and
improve customer experience.
In
doing so, the Bank remains firmly committed to upholding the highest standards of ethical conduct, regulatory compliance, and risk
governance. In accordance with its Responsible Artificial Intelligence Framework, all AI systems are developed
and used in a manner
that is transparent, fair and secure. Eurobank
ensures that AI enabled processes
incorporate appropriate human oversight, safeguard
customer rights, and adhere
to robust controls
for data
quality, privacy and
model governance including measures to
detect and
mitigate bias
and to support explainability.
The Bank continuously reviews
and enhances these practices
to reflect
evolving risks,
technologies, and supervisory expectations.
3.12
Other Key Policies
In addition to the above policies, Eurobank
has established, among others, the following policies, which form
an integral part of their
corporate governance framework:
•
the Code of Conduct and Ethics,
•
the Anti-Bribery and Corruption Policy, and
•
the Policy for Reporting Illegal
or Unethical Conduct or Violations of European Union Law.
These policies were also
applicable to Eurobank Holdings during the period of its operation, until 12 December 2025.
4.
Shareholders’ General Meeting
The Shareholders’ General Meeting (General Meeting) serves as the
highest authority within Eurobank – and until 12.12.2025
within
Eurobank Holdings - and is
convened by the Board of Directors to address all matters
concerning the entity.
Competence and Authority
It holds exclusive jurisdiction over matters specified in Article 117
of Company Law 4548/2018, including amendments to
the Articles
of Association.
Every shareholder has the right to participate and vote at the General Meeting, either
in person or through a legal representative, in
accordance with the prescribed legal procedures.
Quorum and Majority Requirements
For the General Meeting to reach a quorum and be considered valid, shareholders present or represented must
collectively hold at
least 20% (1/5)
of the paid-in share capital
associated with voting shares.
Resolutions are passed by an absolute majority
and are binding on both absent and dissenting shareholders.
However, for significant
decisions such as share capital
changes or mergers:
•
a higher quorum of at least 50%
(1/2) of the paid-in share
capital is required, and
•
resolutions must be approved by a two-thirds (2/3) majority.
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Annual and Extraordinary General Meetings
According to Article 119(1) of Law 4548/2018, the Annual General Meeting must be held no
later than the tenth (10th) calendar day
of the ninth month following the end of the business year.
Additionally, an Extraordinary General Meeting may be convened by the Board of Directors when deemed necessary or required by
law.
Minutes and Minority Rights
Minutes of the General Meeting are authenticated
by the Chairperson and the Secretary of the meeting.
The standard minority rights outlined in Company Law 4548/2018 apply.
4.1
Information about the Eurobank General Meetings
Taking into account that, until the completion of the merger on 12
December 2025, Eurobank Holdings was the sole shareholder of
Eurobank, holding 100% of its share capital and
in accordance with Article 121(5) of Law 4548/2018,
a formal invitation to convene a
General Meeting was not required, provided that
the meeting was attended or represented by shareholders holding
the entire share
capital and none objected to its convening or decision-making.
In this context, the following General
Meetings of Eurobank were held.
4.1.1
Annual General Meeting (AGM) of the shareholders
The Annual General
Meeting of
Eurobank’s shareholders was
held on April
30, 2025, in
Athens, at
Eurobank’s Headquarters,
12
Stadiou Street & 2 Omirou Street.
The sole shareholder,
Eurobank Holdings, participated, representing
3,683,244,830 shares, corresponding to
100% of the
paid-up
share capital with voting rights
on the agenda items.
The Annual General Meeting:
1.
Approved the Annual Separate and Consolidated Financial Statements for the financial year 2024, along
with the Directors’
and Auditors’ Reports.
2.
Approved the overall management for the financial
year 2024 and the discharge of the Auditors for the same
period.
3.
Appointed KPMG Certified Auditors S.A. as Auditors for the financial
year 2025.
4.
Approved the dividend distribution to the sole
shareholder, amounting to €405 m, from the “Special Reserves” account
and
authorized the Board of Directors
to do everything necessary or appropriate in the
context of the implementation of
this
decision of the AGM.
5.
Approved the distribution of net profits to executives and employees of the Bank.
6.
Approved, pursuant to
Article 86 of
Law 4261/2014, a
higher than 100% maximum
level of the ratio
between fixed and
variable remuneration for eight executives.
7.
Approved the remuneration for the financial year 2024 and the advance
payment of remuneration for the Directors for the
financial year 2025.
8.
Was informed on the Annual Activity Report of the Audit Committee
for the financial year 2024.
4.1.2
Extraordinary General Meeting (EGM) of the shareholders, September 25, 2025
An
Extraordinary
General
Meeting
of
Eurobank’s
shareholders
was
held
on
September
25,
2025,
in
Athens, at
Eurobank’s
Headquarters, 12 Stadiou Street & 2
Omirou Street, following the decision of
the Board of Directors dated September 24th,
2025 and
pursuant to article 121, par. 5 of L.
4548/2018, as in force.
The sole shareholder,
Eurobank Holdings, participated, representing
3,683,244,830 shares, corresponding to
100% of the
paid-up
share capital with voting rights
on the agenda items.
The Extraordinary General Meeting:
1.
Approved the listing
for trading of total
shares of the Bank on
the Regulated Market
(Main Market) of the
Athens Stock
Exchange and the
Cyprus Stock Exchange,
authorized senior executives
of the Bank
to represent Eurobank
and take
all
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necessary actions and approved
the appointment of
“Eurobank Equities Single
Member Investment Firm S.A.”
as Listing
Advisor.
2.
Approved the amendment of the Nomination Policy of the Directors.
3.
Approved the Remuneration Policy for Directors.
4.
Approved the amendment of
the Articles of Association
of the Bank,
with amendment, addition and
renumbering of its
articles, in order to
comply with the legal
provisions regarding listed companies; and authorized
senior executives of the
Bank to sign any related documentation and to proceed with any relevant, necessary or deliberate
action to complete the
amendment of the Bank’s Articles
of Association.
4.1.3
Extraordinary General Meeting (EGM) of the shareholders, October 22, 2025
An Extraordinary General Meeting of Eurobank’s shareholders
was held on October 22, 2025, in
Athens, at Eurobank’s Headquarters,
12 Stadiou Street &
2 Omirou Street, following
the decision of the Board
of Directors dated
October 22nd, 2025 and
pursuant to
article 121, par. 5 of
L. 4548/2018, as in force.
The sole shareholder,
Eurobank Holdings, participated, representing
3,683,244,830 shares, corresponding to
100% of the
paid-up
share capital with voting rights
on the agenda items.
The Extraordinary General Meeting, unanimously:
1.
Approved a) the Draft Merger
Agreement with its annexes
(including the transformation balance sheets
of the Absorbed
Company and the Absorbing Company with reference date 31 December 2024), the amendment to Clause 1.6. and (b) the
Merger of “Eurobank S.A.” with “Eurobank Ergasias Services and Holdings S.A.” by absorption
of the latter by the former, in
accordance with the provisions of Articles
6–21, 30–34 and 140 of Law
4601/2019, Article 16 of Law 2515/1997, and
the
applicable provisions of Law 4548/2018, as in
force, and under the specific terms and conditions
set out in the Draft Merger
Agreement and the rest of the documents, as
submitted to the General Meeting.
2.
Approved the amendment of Article 5
of the Bank’s Articles of
Association, following increase
and reduction of the share
capital
of the
Bank,
as
a
result
of the
Merger,
and
authorized
senior
executives
of
the
Bank, to
sign
any
related
documentation and to proceed with any relevant, necessary
or deliberate action to complete the amendment of
the Bank’s
Articles of Association.
3.
Approved the share buyback programme (as a continuation of the programme of
“Eurobank Ergasias Services and Holdings
S.A.”) and authorized the Board of Directors
to determine at its
discretion any other detail and take all necessary actions,
delegating the relevant authorities to the appropriate individuals for
the implementation of the Programme.
4.
Approved the Stock Options Plan (as
a continuation of the Stock Options Plan established
by “Eurobank Ergasias Services
and Holdings S.A.”).
4.2
Information about the Eurobank Holdings General Meetings
Requirements for
calling and convening the General Meetings
Until the completion of the
merger on 12 December
2025, when Eurobank Holdings was
absorbed by Eurobank and ceased to
be
listed while Eurobank became the listed entity, all persons registered as shareholders of ordinary shares of Eurobank
Holdings in the
Dematerialized Securities System (DSS), managed by Hellenic Central Securities Depository S.A., on the Record Date—specifically, at
the start of the fifth day before the General
Meetings were entitled to participate
and vote in the HoldCo General Meetings.
This Record Date also applied to any Repeat
Meetings.
Shareholders were informed in advance about the agenda of each General Meeting, and new
technologies were utilized to facilitate
their participation.
At least 20 days before
the meetings, shareholders were provided with access
to all necessary information, in full
compliance with
Greek law.
The Notice of each General
Meeting included:
•
The date, time, and place of the meeting,
•
The agenda items, presented in clarity,
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•
Participation and voting rights, along with the relevant
procedures,
•
The rights of minority shareholder, and
•
The documents and information made available
to shareholders.
All resolutions
and related
information from each
General Meeting were
published under
the Investor
Relations section
of the
Eurobank Holdings website.
Participation and proxies
Eurobank Holdings facilitated
shareholder participation in General Meetings.
All shareholders had the right
to attend in person or appoint a
proxy, provided that the proxy was designated at least 48 hours
before
the meeting.
If
shareholders' questions
regarding agenda
items were
not
addressed during
the General
Meeting, Eurobank
Holdings had
a
structured process in place to provide the relevant responses.
4.2.1
Annual General Meeting (AGM) of the shareholders
The Annual General Meeting of Eurobank Holdings’ shareholders
was held on April 30, 2025, at 10 a.m., remotely via teleconference
in real-time.
Shareholders representing 2,895,478,195 shares out of 3,676,736,329 shares, corresponding to 78.75% of the paid-up share capital
with voting rights.
The Annual General Meeting:
1.
Approved, with
a
majority exceeding
the minimum
required
by law,
the Annual
Separate and
Consolidated Financial
Statements for the financial
year 2024, along with the Directors’ and Auditors’ Reports.
2.
Approved, with a majority exceeding the minimum required by law, the overall management for the financial year 2024,
as
well as the discharge
of the Auditors for the same period.
3.
Approved, with a majority exceeding the minimum
required by law:
(a)
The appointment of the firm KPMG
Certified Auditors S.A. (KPMG) as the statutory auditor
of the Annual Separate
and Consolidated Financial
Statements of the Company
for the financial
year 2025 as well
as for the audit
and
assurance of
the submission
of the
Sustainability Statement,
according to
the provisions
of article
154C of
l.
4548/2018, for the financial year 2025; and
(b)
KPMG’s fees for the statutory audit of
the Annual Separate and Consolidated
Financial Statements of the Company
for the financial year 2025 to amount to €0.3 m. and to €0.3
m. for the audit and assurance of the submission of
the Sustainability Statement, according to the
provisions of article 154C
of l. 4548/2018, for
the financial year 2025.
4.
Approved, with a majority exceeding the minimum
required by law, the dividend distribution to shareholders, amounting
to €386 million,
from the
“Special Reserves” account, and
authorized the Board of
Directors to undertake
all necessary
actions for its implementation.
5.
Approved, with
a majority
exceeding the
minimum required
by law,
the distribution
of a
total amount
of €437,670
to
executives and employees of the Company from the “Special
Reserves” account.
6.
Approved, with a majority exceeding the minimum
required by law:
a) a share buyback programme (“Programme”), in accordance with the terms and conditions provided by Article 49 of Law
4548/2018, under the following terms:
(i)
the total cost of the Programme
that will not exceed the
amount of € 287,942,685.45, and in any
case, the
own shares that will be acquired will not
exceed 10% of the Company’s paid-in Share Capital, in
accordance
with the legislation in
force;
(ii)
the duration of the Programme,
which will not exceed 12 months, starting
from the day of receipt of
ECB’s
decision granting supervisory permission of the Programme; and
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(iii)
the proposed range for the acquisition of the shares under
the Programme, which sets as minimum price, the
nominal value of the share i.e. €0.22 and as
maximum price the €10; and
b) authorized the Board of Directors
to determine at its discretion any
other detail and take all necessary actions, delegating
the relevant authorities to the appropriate individuals, for the implementation of
the Programme.
7.
Approved, with a majority
exceeding the minimum required by
law, in accordance with Article 86 of
Law 4261/2014, a higher
than 100% maximum
level of the ratio
between fixed
and variable
remuneration for
the CEO,
Deputy CEO Group Chief
Οperating Οfficer &
International Activities, Deputy CEO
Head of Corporate &
Investment Banking, Deputy CEO
Head of
Retail &
Digital Banking,
General Manager
Group Risk
Management, the General
Manager Group Finance,
the General
Manager Group Strategy and the General
Manager Markets.
8.
Approved, with
a
majority exceeding
the minimum
required
by law,
the amendment
of the
Remuneration Policy
for
Directors of the Company.
9.
Approved, with
a majority
exceeding the
minimum required by
law, the
remuneration paid to
Board members
for the
financial year
2024,
for their
duties as
Board members
and Board
Committees members,
and
the
payment of
the
remuneration for the financial year 2025.
10.
Casted a positive vote on the Remuneration Report for the financial
year 2024.
11.
Approved, with a majority exceeding the minimum required
by law, the amendment of Article 12 of the Company’s Articles
of Association by updating paragraph 2 of article
12.
12.
Was informed on the Annual Activity Report of the Audit Committee
for the financial year 2024.
13.
Was informed on the Independent Non-Executive Directors’ Report.
All information regarding
the AGM of Eurobank Holdings can be found on the Eurobank website.
4.2.2
Extraordinary General Meeting (EGM) of the shareholders, December 3, 2025
The Extraordinary General Meeting of
Eurobank Holdings’ shareholders
was held on December
3, 2025, at 10
a.m. in a hybrid manner,
namely, with the physical presence of Shareholders in the Conference Hall of Nea Ionia, at 8 Iolkou Street, Building H, Nea Ionia, GR
14234, and with the participation of Shareholders remotely, in
real time, via teleconference.
Shareholders representing 2,891,575,831 shares
out of 3,631,510,801 corresponding
to 79.62% of
the paid-up share
capital with
voting rights.
The Extraordinary General Meeting:
1.
Approved the Draft Merger Agreement with its annexes (including
the transformation balance sheets of “Eurobank
Ergasias
Services and Holdings S.A.” and “Eurobank S.A.”,
with reference date 31 December 2024), with the
amendment to Clause
1.6.
2.
Approved the Merger
of the Bank
with the
Company by absorption of
the latter by
the former,
in accordance with
the
provisions of Articles 6–21, 30–34 and 140
of Law 4601/2019, Article 16 of Law 2515/1997,
and the applicable provisions of
Law 4548/2018, as in force, and
under the specific terms and
conditions set out
in the Draft Merger Agreement, as approved
above, and the rest of the documents, as submitted to the General
Meeting.
3.
Authorized senior executives to
appear before a notary
public and, on
behalf of the Absorbed
Company, execute the notarial
deed of merger of the Bank with the Company by absorption of the latter by the former, determining the specific terms of
the notarial merger deed within the framework of
the approved Draft Merger Agreement, and to sign any other document,
application, declaration, or certificate etc. as
may be required for the completion of the Merger.
4.
Authorized the Board
of Directors to
resolve any matter
that may
arise in connection
with the approved
Merger, at
its
absolute discretion.
5.
Board of Directors
5.1
General
The Bank is managed by the Board of
Directors (Board or BoD), which bears collective responsibility
for its long-term success.
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The Board exercises its
duties in compliance with Greek legislation,
international best practices, its Articles of
Association, and the
legitimate decisions
of the shareholders’ General Meetings.
The Board’s role is to provide entrepreneurial
leadership to the Group within a
framework of prudent and
effective controls, enabling
the identification, assessment,
and management of risks.
It establishes the Group's strategic objectives, ensures the availability
of financial and human resources necessary to achieve these
objectives, and evaluates management
performance.
Additionally, the Board defines the Group’s
values and standards, ensuring that its responsibilities
towards shareholders and other
stakeholders are recognized and fulfilled.
All Board members are
required to act in the best interests of the Group, in full
alignment with their legal
duties.
The same principles were also applied
to Eurobank Holdings and its Board
of Directors throughout their period of operation, up to 12
December 2025.
5.2
Composition of the Board
The members of
the Eurobank
Board are
elected by
the General
Meeting of
Eurobank, which determines
the exact
number of
directors and their term of office, in accordance with
legal provisions and the Articles of
Association of both entities.
The General Meeting also designates
the independent non-executive directors.
The above principles were also applicable to HoldCo and its
Board throughout their period of operation, up to 12 December 2025.
For efficiency reasons, the composition of HoldCo’s BoD was identical to that of Eurobank’s BoD throughout its period of operation,
up to 12 December 2025.
Election and Term
The Boards of HoldCo and Eurobank were
elected by the AGMs of HoldCo and Eurobank respectively on July 23,
2024, for a three-
year term, extending until the AGMs of 2027.
The AGMs also designated
the independent non-executive members of the Boards.
The
new
BoDs,
in
accordance
with
the
BoD
decisions
dated
May
30,
2024,
and
June
28,
2024,
following
the
NomCos'
recommendations on May 28, 2024, and June 26, 2024, comprised:
•
twelve (12) re-elected previous Board members,
and
•
one (1) newly elected member,
Mr. Evangelos Kotsovinos.
In accordance with the above AGM decisions and the NomCos’ recommendations dated May 28, 2024, and June 26, 2024, the new
BoDs, in their meeting of July 23, 2024, decided on:
•
their constitution,
•
the appointment of the Chief Executive Officer (CEO)
and Deputy Chief Executive Officers (DCEOs), and
•
the designation of executive and non-executive directors.
Resignation of Independent Director
On 18
June 2025,
Mr.
Jawaid Mirza, Non-Executive
Independent Member of
the Boards
of Directors
of Eurobank Holdings
and
Eurobank, submitted his resignation, effective
as of 27 June 2025.
The resignation was due to no
longer fulfilling the independence criteria of
Article 9 of Law 4706/2020,
as he had cumulatively served
nine (9) years as a
member of the Company’s and the Bank’s BoDs.
Composition as at 12 December 2025
Following these developments:
•
as of the completion of the merger on 12 December 2025, the HoldCo BoD; and
•
as of the date of approval of this
Statement, the Bank Board,
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consisted of twelve (12) directors,
categorized as follows:
•
Three (3) executive directors – representing 25%
of the Board,
•
Two (2) non-executive directors –
representing 17% of the Board, and
•
Seven (7) independent non-executive directors – representing 58% of the Board.
Name
Position
Eurobank Holdings
Eurobank
First
appointment
End of
operations
due to merger
First
appointment
End
of
Term
Georgios P.
Zanias
Chairperson, Non-Executive Director
Mar. 2019
12 December
2025
Mar. 2020
2027
Fokion C. Karavias
Chief Executive Officer
Jun. 2014
12 December
2025
Mar. 2020
2027
Stavros E. Ioannou
Deputy Chief Executive Officer
Apr. 2015
12 December
2025
Mar. 2020
2027
Konstantinos V. Vasileiou
Deputy Chief Executive Officer
July 2018
12 December
2025
Mar. 2020
2027
Bradley Paul L. Martin
Non-Executive Director
Jun. 2014
12 December
2025
Mar. 2020
2027
Rajeev Kakar
Non-Executive Independent Director
July 2018
12 December
2025
Mar. 2020
2027
Alice K. Gregoriadi
Non-Executive Independent Director
Apr. 2020
12 December
2025
Apr. 2020
2027
Irene Rouvitha Panou
Non-Executive Independent Director
Apr. 2020
12 December
2025
Apr. 2020
2027
Cinzia V. Basile
Non-Executive Independent Director
Dec. 2020
12 December
2025
Dec. 2020
2027
Burkhard Eckes
Non-Executive Independent Director
Jul. 2023
12 December
2025
Jul. 2023
2027
John Arthur Hollows
Non-Executive Independent Director
Jul. 2023
12 December
2025
Jul. 2023
2027
Evangelos Kotsovinos
Non-Executive Independent Director
Jul. 2024
12 December
2025
Jul. 2024
2027
The average tenure of BoD members
stands at (6.5) years.
5.3
CVs of Board Board members and Secretary
The
short
CVs
of
Eurobank Board
members, summarized
below
(the
CVs
of
the
Board may
be
found
at
the Bank
website
https://www.eurobank.gr/en/group/about-eurobank/corporate-governance/board-of-directors/the-bod-members
),
demonstrate
that the Board’s composition aligns with the knowledge, skills, and experience necessary for the effective
execution of their duties.
This is in accordance with the Board Nomination
Policy and the business model and strategy of Eurobank.
Additionally, the directorships held by Eurobank Board members as of December 31, 2025, are outlined in Section "Directorships of
Board Members".
Georgios Zanias - Chairperson, Non-Executive Director
-
Membership in Board Committees: Nomination and Corporate Governance Committee
– Member
-
Year of birth: 1955
-
Nationality: Hellenic
-
Number of shares in Eurobank: None
Mr. Zanias
joined Eurobank as the Chairman of the Board of Directors in 2019. He
is also a Professor
Emeritus of Economics at
the
Athens University of
Economics and Business,
Chairman of the
Hellenic Bank Association (HBA)
,Board Member of
the European
Banking Federation (EBF)
and a Member of the Board of IOBE.
In the past, Mr Zanias has served
as the Minister of Finance
(2012), Chairman of the
Board of Directors of
the National Bank of Greece
(2012-2015), Chairman of the Board of the Hellenic Banking Association
(2012-2015), Member of the
Board of the European Banking
Federation (2012-2015), Member of the Board of the American-Greek Chamber of
Commerce ( 2019-2022), Chairman of the Council
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of Economic Advisors at the Ministry
of Finance (2009-2012), General Secretary of the
Ministry of Economy and Finance (2001-2004),
Chairman and Scientific Director of the National
Economic Institute (KEPE) (1998-2001).
He has also served as
a Director on the Boards of Hellenic
Exchanges (2000-2001), Public Debt Management
Office (PDMA) (2009-
2012), General Bank (1997-1998), CHIPITA SA (2015-2019), the
European Financial Stability
Mechanism (EFSF/ESM) (2010-2012). Also:
Member of the Board of Governors of the Black Sea Trade and Development Bank (2003-2004), Alternate
Governor of the Board of
Governors of
EBRD (2002-2004),
Member of the
European Securities
Committee (2001-2002),
Member of
the Monetary
Policy
Committee of the Bank of Greece (May-July 2012), Chairman of the Board of Directors of Piraeus Real Estate SA and Picar SA (2017-
2019), Vice Chairman of the Board of ETVA
Industrial Zone SA (2018-2019).
He holds
a Doctorate
from Oxford
University, an
M.Sc. for
the University of
Reading and a
B.Sc. from
the Athens
University of
Economics and Business.
Fokion Karavias-Chief Executive Officer
(CEO)
-
Membership in Board Committees: None
-
Year of birth: 1964
-
Nationality: Hellenic
-
Number of shares in Eurobank: 1,311,488
Mr. Karavias has served as Chief Executive Officer of Eurobank since February 2015 and has been an
Executive Member of the Board
of Directors since 2014. He joined Eurobank in 1997, initially leading fixed income and derivative product trading.
Over the years, he
held various key positions,
including Deputy General Manager and
Treasurer (2002-2005), General Manager and Executive
Committee
Member (2005-2013), and Senior General Manager overseeing
Group Corporate & Investment Banking, Capital Markets,
and Wealth
Management (2014-2015).
Previously, Mr. Karavias held several key
positions including Treasurer at Telesis Investment Bank in 2000 and Head of Fixed Income
Products and Derivatives for Citibank in Athens from 1994 to 1997. He
began his banking career in 1991 at JP Morgan in New York,
working in the Market Risk Management Division.
He is currently a Member of the Board of Directors at the Hellenic
Bank Association (HBA), a Member of the General Council of the
Hellenic Federation of Enterprises
(SEV), and an Honorary Member of The
Greek Tourism Confederation
(SETE). His
previous roles
include serving on the Board of
Directors of Eurobank Private Bank Luxembourg SA from 2012 to
2022 and as a Member of the Board
of Directors at the Athens Stock Exchange from
2013 to 2015.
He holds a PhD in Chemical Engineering from the University of Pennsylvania,
Philadelphia, USA and an MA in Chemical Engineering
from the same university,
as well as
a Diploma in Chemical Engineering
from the National Technical
University of Athens.
Stavros Ioannou-Deputy Chief Executive Officer (CEO), Group Chief Operating Officer (COO) & International Activities
-
Membership in Board Committees: Board Digital
and Transformation Committee
- Member
-
Year of birth: 1961
-
Nationality: Hellenic
-
Number of shares in Eurobank: 236,529
Mr. Ioannou holds several other posts
in the Eurobank Group as Head of International Activities & Group Private Banking, Member
of the BoD of Eurobank Private Bank Luxembourg S.A (since October 2024), Member of the Supervisory Board of Eurobank Bulgaria
AD (since October 2015), Member of the BoD of
Eurobank Limited (since October 2025) and is also
the Chairman of the BoD inBE-
Business Exchanges SA
(since January 2014). He has been appointed as the responsible BoD member
Eurobank for climate-related
and environmental risks and for the outsourcing function.
He is currently Non-Executive Board member of
Grivalia Management Company S.A.
(since September 2019).
In the past, Mr. Ioannou had also the following significant posts: he was appointed Chief Executive Officer at Eurobank A.D. Beograd
(2005-2008), Chairman of the
Executive Committee in the
Hellenic Banking Association
(2020-2022) where he
had been member
since 2013, Vice Chairman
at Cardlink SA (2013-2015), Member of
the BoD in
Millennium Bank, responsible for
Retail, Private Banking
and Business Banking (2003), Head at Barclays Bank PLC,
responsible for Retail Banking, Private Banking and
Operations (1990-1997).
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He holds an MA in Banking and Finance from the University
of Wales, UK and a Bachelor Degree in Business Administration from the
University of Piraeus.
Kostas Vassiliou-Deputy Chief Executive
Officer (CEO), Head of Corporate & Investment Banking
-
Membership in Board Committees: None
-
Year of birth: 1972
-
Nationality: Hellenic
-
Number of shares in Eurobank: 235,001
Mr.
Vassiliou currently
holds several
key positions
within the
Eurobank Group,
including Chairman of
the Board of
Directors of
Eurobank Factors Single
Member SA since December 2018.
Additionally, he serves as Vice-Chairman of the Board of Directors of Eurolife FFH Insurance Group Holdings SA (since January
2021),
Eurolife FFH
Life Insurance SA (since
December 2020), and Eurolife FFH
General Insurance SA (since
December 2020). He is also a
Non-Executive Director of Marketing Greece S.A..
Previously, Mr. Vassiliou served as a Non-Executive Director of Hellenic Exchanges – Athens Stock Exchange S.A. and as a Member of
the Board of Directors of Eurobank Equities Single Member
S.A. His earlier career includes significant roles at
Mitsubishi UFJ Financial
Group in London, where he
was Country Manager for Greece, Cyprus,
and the Balkans (2000-2005), and Senior Relationship Manager
(1998-2000).
He holds an MBA
from Boston University,
USA and a
BA in Business
Administration from the Athens University
of Economics and
Business.
Alice Gregoriadi-Independent Non-Executive Director
-
Membership in Board Committees: a) Audit Committee –
Member, b) Remuneration Committee – Member, c) Board Digital
and Transformation Committee
– Chairwoman
-
Year of birth: 1968
-
Nationality: Hellenic
-
Number of shares in Eurobank: None
Mrs. Gregoriadi also serves
as an Affiliate Partner
– Management Consultant at True North Partners LLP,
London, UK and is a Non-
Executive Board Director at CGI Greece - Climate Governance Initiative Greece and as a Non-Executive Director / Founding Member
at Hellenic Blockchain Hub.
In the past, Mrs. Gregoriadi had also the following significant posts: Hellenic Corporation of Assets & Participations (HCAP), Greece,
Non-Executive Board member,
Audit Committee member,
Corporate Governance and Nominations Committee
member (February
2017 – February 2021), JPMorgan, London,
UK, various posts as Managing Director (February
2010 – May 2015), IBOS Board Director
(April 2010 – August 2014), ABN Amro Bank, Amsterdam, Netherlands &
London, UK, various posts as Managing / Executive Director
(November 2001 – December 2009),
Citibank NA, London, UK,
various Senior Executive Director
posts (February 1994 – August 2001),
Clearing House Automated Payments System
(CHAPS), UK, Board Director (June 1997
– July 2000).
She holds an MBA from
the Manchester Business School, UK (1991-1993),
including an MBA international exchange program
from
the E.J.Cox School of Management, Texas, USA – (1992), an Executive Certification
on Blockchain for business from University
College
London (2019), an Executive Certification on eCommerce from the Darden School of Business, Virginia University, USA (2000) and
a
BSc in Business
Administration from the The American
College, Athens, (1987-1990).
Rajeev Kakar-Independent Non-Executive Director
-
Membership in Board Committees: a) Audit Committee – Member, b) Board Risk Committee – Chairman, c) Nomination &
Corporate Governance Committee – Member
-
Year of birth: 1963
-
Nationality: Indian
-
Number of shares in Eurobank: None
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Mr. Kakar is a senior international banker with 37 years of financial services
experience, and currently also serves
as a board member
of several Financial Institutions-
including Gulf International Bank Group
Board (Bahrain), Gulf International Bank (Saudi
Arabia)
and
a Board Member at
Pan-IIM, Indian Institutes of
Management. In the past Mr.
Kakar has also
served as board member on several
international financial institutions/bank boards - eg.,
as Board Member of Commercial
International Bank (CIB) (2019 –
2025), as a
Global Advisory Board
member at
the University of
Chicago’s
Booth School of
Business, as
Board Member of
Visa International
CEEMEA
(United
Kingdom 2004-2006),
Global
Management Board
member
of
Fullerton Financial
Holdings (Singapore
2006-
2018),
Board member of UTI AMC
in India (2019-2024), Chairman
of the BoD, Fullerton Securities
& Wealth Advisors (New
Delhi,
India 2008-2017), board Member
of Fullerton India Credit
Company (India 2009-2017), Member
of the Board of
Commissioners, Adira
Dinamika Multi Finance Tbk, subsidiary of Bank Danamon (Indonesia 2010-2013), etc.
Between 2006-2018,
Mr.
Kakar served
as the
Global Co-Founder
of Fullerton
Financial Holdings
(Singapore) -
a wholly
owned
subsidiary of Temasek Holdings, Singapore. In this role, he also concurrently served as Fullerton’s Global CEO of Consumer Banking,
Regional CEO for
Central Europe,
Middle East and
Africa, and also
as the Founder,
Managing Director
and CEO of Dunia
Finance
(Fullerton’s UAE subsidiary). Prior to 2016, he was at
Citibank for 20 years working across various countries and held various
senior
management positions, including, his most recent Citibank
assignment where he served as the Regional CEO & Division
Executive for
Citibank-Turkey, Middle East and Africa
until Jan 2006.
Mr. Kakar
holds an MBA,
Finance &
Marketing from the
Indian Institute of
Management, Ahmedabad (India)
and a Bachelor
of
Technology, Mechanical Engineering from
the Indian Institute of Technology (India).
Bradley Paul Martin-Non-Executive Director
-
Membership in Board Committees: None
-
Year of birth: 1959
-
Nationality: Canadian
-
Number of shares in Eurobank Holdings: 122,500
In the
past Mr.
Martin has
also served
as: Vice
President of
Fairfax Financial
Holdings (1998
- 2024),
Vice President,
Strategic
Investments of Fairfax
Financial Holdings (2012
- 2024), Member of the BoD, Bank of
Ireland (2013-2017), Chief Operating Officer
(COO), Fairfax
Financial Holdings (2006-2012)
and Partner, Torys LLP law
firm (before 1998).
Mr. Martin also
serves as Non-Executive
Director, of
AGT Food and Ingredients Inc.,
of Blue Ant Media
Corporation, of G.S.
Dunn
Limited and of Universal Matter
Inc..
He holds a ΒΑ from
Harvard University, USA
and an LLB from the University of Toronto,
Canada.
Irene Rouvitha Panou-Independent Non-Executive Director
-
Membership in Board Committees: a) Nomination &
Corporate Governance Committee – Chairwoman, b)
Audit Committee
– Member, c) Remuneration
Committee - Member
-
Year of birth: 1958
-
Nationality: Cyprus
-
Number of shares in Eurobank: None
Mrs. Rouvitha
Panou
is a
highly accomplished
international leader
with over
three decades
of cross-border
financial services
experience in strategy,
governance, organizational & digital
transformation, audit and compliance. Throughout her career
she has
consistently attained
sustainable corporate
growth
by
initiating and
implementing key
strategic
initiatives, driving
corporate
turnarounds, enhancing governance frameworks
and fostering innovation. She
has contributed to
the drastic upgrade
and digital
evolution of critical services in Cyprus, a country of
strategic importance to Eurobank. Her work spans across Cyprus, Greece,
Central
Europe,
the
UK, the
USA
and
Australia,
providing
her
with
broad
international exposure
in
banking,
financial services
and
telecommunications.
She served as Chair of
the Board of Cyta
(Cyprus’ leading integrated electronic communications provider)
for two consecutive tenures
(July 2016-July 2021) and
Chair of the Management Committee of
the Pensions &
Grants Fund of the
Personnel of Cyta (January 2019-
July 2021). Her leadership at Cyta focused on driving major M&A and pivotal digital transformation initiatives, which contributed to
the modernization of Cyprus’
telecommunications and digital
infrastructure. These include the early rollout of
5G & Fiber-
To
-The-
Home (FTTH)
technologies, innovative smart city activities and significant
forward-looking ESG projects.
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Previously, she had been Chair of the Board of the Cyprus
Development Bank following its privatization (September 2008-April 2014)
and Board Member of the
Cyprus Employers and Industrialists Federation (May 2020-July
2021). She was Independent
Non-Executive
Director and Chair or Member of Board Committees
at the Cyprus Asset Management
Company KEDIPES (March 2023-June 2024),
Alpha Bank subsidiaries in Romania, Cyprus
and Greece (November 2014-April 2020) and
Vassiliko Cement public company (February
2012-October 2014). She was Managing Director
of Laiki Bank Hellas SA (April 2002-November 2006) and
Group General Manager of
Cyprus Popular Bank (HSBC associate bank) (January
2000-November 2006), also serving
as Group Board Director and
Member of the
Group’s banking
subsidiary Boards in Greece
and Australia. Between
June 1984 and
September 1991 she worked
in Boston
USA,
where she held senior positions in the field of management
and financial services consulting.
Apart from her
engagement with Eurobank, Mrs.
Rouvitha Panou is currently
Non-Executive Board Director
of the Aik Group (CY)
Limited in the field of banking and
financial services. She is
also a committed Board Member in academic,
social and philanthropic
organisations internationally,
serving as
Trustee of
the UK-based
Stelios Philanthropic
Foundation, Member of
the International
Advisory Committee
of Komvos
Global Hellenism
Network and Member
of the
Advisory Council
of the
School of
Economics &
Management at the University of Cyprus.
She graduated
from the
London School
of Economics,
UK (B.Sc.
Economics, Metcalfe
Scholar) with
postgraduate studies
at the
University of Cambridge, UK (M.Phil. Economics) and the Massachusetts Institute of Technology, USA (M.Sc. Management, Fulbright
Scholar).
Cinzia Basile-Independent Non-Executive Director
-
Membership in Board
Committees: a) Board Risk
Committee –
Member, b) Remuneration
Committee –
Chairwoman, c)
Board Digital and Transformation
Committee – Member
-
Year of birth: 1971
-
Nationality: Italian / British
-
Number of shares in Eurobank: None
Mrs Basile is
the Chairperson of Amova Asset Management
Europe, one of
Asia’s largest
asset managers;
she also Chairs the
HR
Advisory Committee and is a member of the Risk
& Stewardship Committee.
Mrs Basile is
a highly accomplished financial
leader with deep
expertise in the
financial sector,
asset management,
and strategic
growth. In addition, she is a Non-Executive Director at
Amova Global Umbrella
Fund and Zenith Global S. p.A..
In the past, Mrs. Basile
had also the following significant
posts: she set up and ran Credit Suisse AG’s
Investment Bank multi-asset
investment management business
(Custom Markets) in
the UK, Ireland
and Luxembourg, Non-Executive
Member of the BoD
and
Chair of the Operating
and Risk Committee
of Credit Suisse Custom Markets,
a sponsored management company of
Credit Suisse
located Luxembourg (August 2011 – August 2017), Non-Executive Member
of the BoD and Chair of
the Operating of Custom Markets
plc and Custom Markets QIAF,
sponsored management companies of Credit Suisse located in Ireland (August 2011 –
August 2017),
Non-Executive Member of the BoD and Chair
of the Operating and Risk
Committee of Custom Markets QIAF
a subsidiary of Credit
Suisse located in Ireland (August
2011 – August 2017).
She is a fellow at the CSaP's Dowling Policy
Fellowship, Cambridge University. The fellowship's mission is to help public policy-making
address the major challenges of the 21st century by drawing more effectively on the best research, evidence, and expertise. Fellows
share a common interest in advancing
policies that support science, innovation, and entrepreneurship in the public interest.
She holds a Juris
Doctor Degree from the
University of Rome “La Sapienza”, Italy and she was awarded a
Thesis Scholarship (derivative
instruments), London School of Economics, UK.
John Arthur Hollows-Independent, Non-Executive Director
-
Membership in
Board Committees:
a)
Board Risk
Committee –
Vice
Chairman, b)
Board Digital
and
Transformation
Committee – Member, c)
Remuneration Committee -
Member
-
Year of birth: 1956
-
Nationality: British
-
Number of shares in Eurobank: None
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Mr. Hollows served for 26 years in
the KBC Group as Member of the Boards of Directors, KBC Bank and KBC Insurance (2009-2022),
Member of the Executive Committee, KBC Group (2009-2022), Chair of the Board of Directors of Československá obchodní banka, a.
s. (ČSOB) and CEO (2014-2022),
Member of the Board
of Directors of KBC
Group N.V.,
Group Chief Risk Officer
(2010-2014), CEO,
Central and Eastern
Europe and Russia
(2009-2010), Senior General Manager,
Banking, Central Europe Business
Unit, KBC Group,
Brussels
(2006-2009), CEO, Kereskedelmi es Hitelbank Rt., Hungary (2003-2006), General Manager, Asia Pacific,
KBC Bank N.V. (1999-
2003), General Manager, Shanghai Branch, KBC
Bank N.V. (1997-1999) and Commercial Banking
Head, Hong Kong
Branch, Kredietbank
N.V (1996).
In the
past. Mr.
Hollows served at
Barclays Bank
PLC as
Chief Manager,
Taipei Branch
(1991-1995), Head of
International Trade
Services, London (1989-1991),
Manager,
Export Finance
Department, London
(1986-1989), Corporate Manager,
Watford Branch
(1984-1986), Assistant Manager, Cost Control Unit, General Manager’s Office (1982-1984) and
Graduate Trainee (1978-1982). He has
also served as Chair, European Council of Commerce
and Trade (1994-1995) and Deputy Chair,
British Exporters Association (1989-
1991).
He holds a Master of Arts,
Sidney Sussex College, Cambridge (law
and economics).
Burkhard Eckes - Independent, Non-Executive Director
-
Membership in Board Committees: a) Audit Committee – Chairman, b) Nomination and Corporate Governance Committee
– Member, c) Board Risk
Committee - Member
-
Year of birth: 1960
-
Nationality: German
-
Number of shares in Eurobank: None
Mr. Eckes served for more than 30 years at PwC.
He was Senior Advisor, of PwC Germany
and EMEA (Europe, Middle East and
Africa)
(2022 - 2023)
in Banking & Capital
Markets (BCM), Global
BCM ESG
Leader and member of the
Global Financial Services
(FS) ESG
Leadership Team (2019 - 2022), responsible for
BCM activities in ESG consulting globally,
EMEA BCM Leader and
member of the EMEA
FS Leadership Team (2017 - 2022), responsible for BCM
client relationships, projects and
strategy in consulting and assurance
services,
including development and implementation
of banking strategies,
business models, supervisory and regulatory requirements
and
practices, governance, risk management, accounting and reporting best practices, ESG, bank restructuring and bank transformation
advice, Member of the Global BCM Leadership Team (2009 - 2022), German BCM Leader and member of the German FS Leadership
Team (2009
- 2018), responsible for consulting
and assurance services,
including HR, people development and
statutory audits of
large German banks, Chair of the Global
Banking International Accounting Group (2002 - 2023) and Partner (1996 -
2022).
Mr. Eckes also serves as Member of the Board of
Directors and Chair of the Audit
Committee of Commercial International Bank, Cairo
(since June 2025),
Member of the Supervisory
Board and Chair of the Audit Committee
of Bayerische Landesbank,Munich (since May
2024), as Member of the
Supervisory Board and Chair of the Audit
Committee of Bank Pictet & Cie
(Europe) AG, Frankfurt (since June
2023) and as Member of the Supervisory
Board and Chair of the Risk and Audit Committee of Solaris SE, Berlin (since April
2023
until
March 2025).
In the past, Mr.
Eckes has served as Chair of the Banks
Working Party of Accountancy Europe (former
FEE - Fédération
des Experts
Comptables Européens) (2015 -
2022), Chair of the
Banking Committee (Bankenfachausschuss – BFA) of the German
Institute of Public
Auditors (Institut
der Wirtschaftsprüfer
- IDW)
(2017 -
2022) and
member of
the BFA
(2008 -
2022), Member of
the European
Parlamentary Financial Services
Forum - EPFSF (2012
- 2023) and Member of the Steering Committee Sustainability of IDW (2020 -
2022).
He holds an MBA from the University of Saarland, Saarbrücken (1986) and is a Certified Public Auditor (German Wirtschaftsfprüfer)
(1996).
Evan Kotsovinos-Independent, Non-Executive Director
-
Membership in Board Committees: a) Board Risk Committee – Member, b) Board Digital and Transformation
Committee –
Member
-
Year of birth: 1979
-
Nationality: Greek / UK
-
Number of shares in Eurobank: None
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Mr. Kotsovinos also serves as Vice
President of Engineering and General Manager,
Google, New York (since
November 2022).
In the past. Mr. Kotsovinos served at American Express, New York as Senior Vice President and Global Head of Infrastructure, (2019-
2022). He also held senior management positions at
Morgan Stanley: Asia Chief Information Officer, Hong Kong
(2018-2019), Head of
Asia Infrastructure, China CIO, Hong Kong and Shanghai (2014-2018), Head
of Infrastructure Hungary, Executive Director,
Budapest
(2013-2014), EMEA CTO of Infrastructure, Global
CTO of Cloud, Executive Director (2012-2014).
He holds a Masters in Finance
(2010-2012), London Business School,
a PhD in
Computer Science (2001-2004), University of Cambridge
and a BSc in Computer Science (1997-2001),
University of Crete.
The Board is served by a competent and experienced company secretary, the short CV of whom is
outlined below:
Ioannis Chadolias-Secretary to the BoD, Head of Group Company Secretariat
-
Secretary
to the
following Board
Committees: a)
Remuneration Committee,
b) Nomination
&
Corporate Governance
Committee, c) Board Digital
and Transformation Committee
-
Year of birth: 1970
-
Nationality: Hellenic
-
Number of shares in Eurobank: 30,000
Mr. Chadolias is
responsible to lead the Group Company Secretariat
unit and provide effective company secretarial
support to the
Board and Board Committees of Eurobank
and Eurobank Holdings as well as to their most important
Executive Committees, ensuring
compliance with corporate law and regulations
and maintaining effective
corporate governance and internal policy framework.
With nearly three decades of experience
in corporate governance, compliance, and financial services, he
previously served as Deputy
Company Secretary of Eurobank
and Eurobank Holdings (2016–2021) and led
the Group Corporate Governance
Division (2009–2016).
Earlier roles
at
Eurobank include
Subsidiaries Control
and Compliance
Manager (2006–2009).
Before joining
the Bank,
he held
managerial positions, among others, at Megatrust
(a stockbroker
company-member of Interamerican group) and Cosmote
(the largest
telecommunications group in Greece), while
he began his career as an
auditor and business consultant at PwC.
He holds an MSc in
Project Analysis, Finance, and Investment
from the University of York
and a Bachelor's
in Economics from the
Athens University of Economics and Business
and several professional qualifications.
5.4
Diversity Profile of the Board
As at 31 December 2025,
the Bank Board
consists of twelve (12)
members, of whom three (3)
are women, corresponding to 25%
representation of the less represented gender.
Apart from the gender dimension, the diversity
characteristics of the Board, assessed
in the context of the Diversity Policy
(please
refer to the relevant section) and the annual collective suitability
review, are summarized
below.
Geographical origin and international experience
The Board demonstrates a strong international profile. Half of the Board members are non-Greek nationals and/or have substantial
professional experience outside Greece, contributing international perspectives and cross-border expertise to Board
deliberations.
Age distribution
The age profile of the
Board reflects a balance between long-standing senior
experience and active
executive engagement, supporting
continuity and effective challenge. Board members
are distributed across the following
age ranges:
●
40–50 years: 8.3%
●
51–60 years: 25.0%
●
61–70 years: 66.7%
Educational and professional background
The Board comprises members with diverse
educational and professional backgrounds,
including economics, business administration
and finance, engineering
and other STEM
disciplines, as well
as legal
studies. All Board
members hold
postgraduate or doctoral
qualifications, reinforcing the Board’s
collective analytical capability and technical depth.
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Skills and expertise
Based on
NomCo’s assessment,
the Board collectively
covers the key
areas of knowledge,
skills and
experience required for
the
effective governance of the Group,
including banking and financial services,
corporate and investment banking,
risk management
and
regulatory matters, audit and accounting,
capital markets and treasury, digital transformation and technology,
ESG and sustainability,
as well as
international and cross-border operations.
Taking into consideration that the Bank and HoldCo BoDs
had an identical composition, the above diversity profile
also applies to the
HoldCo’s BoD as at 12 December 2025.
5.5
Re-election, Cessation and Independence of Board Members
There are no limitations on the re-election or
cessation of Directors in the Articles
of Association of Eurobank. In
cases where a Board
member’s term has expired, the Board retains the authority to continue managing
and representing the Bank without immediately
replacing the expired members, provided that the remaining members constitute more
than half of the original number
of members
before the lapse event and, in any case, are
not fewer than three (3).
As stipulated in the Articles of Association of
Eurobank, and in compliance with Law 4548/2018,
the Board may consist of three (3) to
fifteen (15)
members. Additionally,
in
accordance with
Law 4706/2020
on
corporate
governance,
independent non-executive
directors are appointed by the General Meeting and must constitute at least one-third (1/3) of the total number of Board members
(rounded to the nearest integer), with
a minimum of two
(2) independent non-executive directors.
The above principles were also applicable
to Eurobank Holdings during the period of its operation, until 12 December 2025.
For the year 2025, the Nominations and Corporate Governance Committees of Eurobank and HoldCo, in their
meetings held on May
27, 2025, and November 24, 2025,
reviewed the independence criteria in accordance with
Law 4706/2020, European Commission
Recommendation 2005/162/EC, and the Executive Committee
Act of the Bank of Greece No. 224/21.12.2023 (BoG
ECA 224/2023),
which incorporated the Joint ESMA and EBA Guidelines on the Assessment
of the Suitability of Members of the Management Body
and
Key
Function
Holders.
The
Committees
concluded
that
the
Independent
Non-Executive
Directors
meet
the
applicable
independence criteria.
5.6
Division of responsibilities
At the
top level of
Eurobank, there is
a clear separation
of responsibilities between governance and
executive management.
The
Chairperson oversees the governance functions, while
the Chief Executive Officer (CEO)
and Deputy CEOs manage the operational
and managerial aspects of the organization. Importantly, the roles of Chairperson
and CEO are held by different individuals, ensuring
a balanced and effective leadership structure.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.6.1
Chairperson
The Chairperson of the Eurobank
Board is a Non-Executive Director
and does not concurrently serve as
Chairperson of the Risk or
Audit Committees. Elected by
all Board members, including Independent
Non-Executive Directors, in accordance with
Law 4548/2018
and the Articles of Association, the Chairperson presides over Board meetings, ensuring their effective
organization and operation.
The Chairperson’s responsibilities include:
●
Organizing and coordinating the work of the Board.
●
Setting the Board’s
agenda and ensuring adequate time for discussions,
particularly on strategic matters.
●
Promoting a culture of open-mindedness and constructive dialogue.
●
Facilitating
and promoting good relationships among Board members
and ensuring the effective
contribution of all Non-
Executive Directors.
●
Ensuring that
Directors receive
accurate, timely,
and clear information
and that their
developmental needs are
met to
enhance Board effectiveness.
●
Maintaining continuous communication
with representatives of the Ministry
of Finance, the Bank
of Greece (BoG), and other
public authorities.
●
Ensuring that the Board as a whole
has a satisfactory
understanding of shareholder views.
●
Ensuring effective communication with all shareholders, promoting
fair and equitable treatment, and
fostering constructive
dialogue to understand their perspectives.
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●
Working closely with the CEO and the Corporate Secretary to prepare Board meetings and ensure that Board members are
fully informed.
It is noted that the Board has not appointed a Senior Independent Director (SID).
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.6.2
CEO
The CEO of Eurobank is responsible
for the development and execution of
strategy in alignment with the Group's vision.
As the leader
of the
organization, the
CEO is
accountable for driving
the achievement of
the Group’s
goals and
objectives, ensuring effective
implementation of strategic
initiatives and operational excellence.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.6.3
Executive Directors
The Executive
Directors of Eurobank,
including the CEO
and Deputy
CEOs, are
responsible for
the day-to-day
management and
oversight of the Group, as well
as for executing its
strategy, as
defined by the Board. Their responsibilities include:
●
Regularly consulting with Non-Executive Directors to
assess the appropriateness of the implemented
strategy.
●
Providing updates to the
Board, in collaboration with
senior managers, regarding market conditions
and other
developments
affecting HoldCo and Eurobank.
●
Promptly
informing the
Board, either
jointly
or individually
in
writing, by
submitting a
report with
assessments
and
proposals, in the
event of crisis situations or anticipated risks
that may impact the financial position
of HoldCo and
Eurobank.
The CEO and
Deputy CEOs of
Euobank fulfill
their duties in
accordance with the
Internal Governance
Control Manual (IGCM)
of
Eurobank, which are endorsed
by their respective Boards.
These IGCMs provide a
comprehensive framework for
the governance,
direction,
and supervision of Eurobank, ensuring compliance with legal and regulatory corporate governance standards.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.6.4
Non-Executive Directors
The Non-Executive
Directors are
responsible for
promoting and
safeguarding
the interests
of Eurobank
as a
whole. Their
key
responsibilities include:
●
Monitoring and evaluating the strategy and its execution, as
well as assessing
the achievement of objectives.
●
Ensuring effective oversight of executive
members, including monitoring and evaluating their performance.
●
Reviewing and providing feedback on proposals submitted by the Executive Directors, based on available
information.
●
Approving, revising, and overseeing the implementation of the Group-level remuneration
policy.
The Non-Executive Directors have the authority to
request, in accordance with Eurobank’s internal procedures,
direct engagement
with senior management. This
is facilitated
through regular presentations by department heads and service leaders.
The Non-Executive Directors convene at least once a year,
or as deemed appropriate, without the presence of executive members,
to evaluate their
performance. These meetings
do not constitute a
formal Board body
or committee. In 2025,
the Non-Executive
Directors of Eurobank held meetings on May 7, 2025.
Eurobank encourage Non-Executive Directors to remain well-informed
on all matters handled by the respective Board.
The Independent Non-Executive Directors are required to submit their own reports, either individually or collectively, to the Annual
or Extraordinary General Meeting of Shareholders, in addition to the reports presented by the Board.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.7
Operation of the Board
The operation of the Board, including its meeting protocols, decision-making processes, and procedural guidelines, is defined in the
Internal Governance Control Manual (IGCM)
of Eurobank. This manual, endorsed by
the Board, is designed
to adhere to legal
and
regulatory corporate governance standards, while also incorporating the relevant provisions of Eurobank’s Articles
of Association.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
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5.7.1
Board Meetings
The Board convenes regularly on a quarterly basis and on an ad hoc basis whenever required by law or the needs of Eurobank. Each
year, within
the third quarter of the
preceding year, the Board
establishes an annual calendar of
Board and Committee meeting
s,
along with an annual action plan. This plan is adjusted as necessary to ensure the timely, comprehensive, and effective execution of
responsibilities and the thorough review of all matters requiring decisions. Any updates or modifications to the annual calendar are
promptly communicated to all Board and Committee
members to facilitate
their planning.
Board meetings are convened with
a notice period of at least
two (2) business days or five
(5) business days if
the meeting is
held
outside the registered office of Eurobank, in accordance with Company Law 4548/2018.
The invitation must clearly state the agenda
items. If the agenda
is not explicitly
stated, decisions may only
be made if
all Board members
are present or represented
and no
objections are raised
regarding the meeting’s
convocation and decision-making.
Documents submitted to the
Board are typically
circulated along with the agenda.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.7.2
Dissemination of Information
The Bank Board
utilizes technological tools
with necessary security
specifications to facilitate
real-time information sharing
and
connectivity for Board members.
The CEO and senior management are responsible for
ensuring that Board members have
access to all necessary information required
for the performance of their duties at any time.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.7.3
Quorum in the Board Meetings
The Bank Board is considered
to have quorum and
may conduct valid meetings when at least half plus one
of its members are present
or represented.
The number
of present or
represented members may
not fall
below three (3),
and any
resulting fraction when
determining quorum is disregarded.
Board decisions are made by an absolute
majority of the Directors present or represented. In the event
of a tie vote, the Chairperson
does not have a casting vote.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.7.4
Board Decisions and Minutes
Ban Board decisions
are made following
discussions that fully
address the
agenda items, ensuring
that all members
present are
satisfied with
the deliberations.
Bank Board meeting minutes are kept
by the Company
Secretary, approved at subsequent Board
meetings, and signed by all members
present. Additionally, the drafting and signing of minutes by all Board members or their representatives is
considered equivalent to
a formal Board decision, even in the absence
of a preceding physical meeting.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.7.5
Company Secretary
The Board of Eurobank is supported by a
capable, skilled, and experienced Company Secretary, who ensures adherence to internal
procedures and
policies, as
well as
compliance with relevant
laws and
regulations, thereby
enabling the
effective and
efficient
operation of the Boards.
The
Company
Secretary
holds
a
senior
management
position
and
is
appointed
or
dismissed
by
the
Board,
based
on
the
recommendation of the Chairperson.
Serving as the head
of the Group Company Secretariat,
a unit within Eurobank, the
Company Secretary, in
collaboration with the
Chairperson, is responsible for:
●
Ensuring prompt, transparent, and comprehensive communication with the Board and its Committees.
●
Managing the integration of new
Board and Committee members.
●
Organizing General
Meetings of Shareholders.
●
Facilitating
communication between shareholders and the Board.
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●
Facilitating
communication between the Board and senior management.
Additionally,
the Company
Secretary provides
advice to
the Board,
through the
Chairperson, on
governance
matters, ensuring
adherence to Board procedures.
All Board members have the right to access the advice and services
of the Company Secretary, who is also responsible for facilitating
their orientation and supporting their professional development.
The above principles also applied to Eurobank Holdings during the period of its operation, until 12 December 2025.
5.8
Attendance of Board members in the Board and Board Committees
In accordance with the Bank Board and Board Committees Attendance Policy (that was also applicable to Eurobank Holdings during
the period of its operation, until 12 December 2025 - please refer to the relevant section in this report), and within the scope of the
Nomination and Corporate Governance Committee’s
(NomCo) responsibility to regularly monitor Board
members attendance and
assess whether escalation to the Board is necessary
in cases of inadequate participation, the NomCo
conducted reviews of Directors'
attendance on June 25, 2025 (for the Bank and HoldCo), and December 16, 2025 (for the Bank).
Furthermore, in 2025, the average attendance
rate of Directors of
Eurobank and HoldCo at Board
and Board Committee meetings
was as follows:
Company
Meetings
Average
ratio
of
Directors’ attendance
2025
2024
2025
2024
Bank
18
25
98.2%
98.5%
HoldCo
15
20
96.8%
98.1%
During 2025, at individual level, the attendance of the Directors to the Board, stood above
the 85% threshold. In addition, it is noted
that all Directors with missed Board attendances, provided
representation proxies, leading to an attendance rate (physical and under
representation) of 100%.
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In particular, the Directors’ attendance rates
at the Board meetings in
2025 were the following:
Name
Eurobank Holdings Board
Eurobank Board
Eligible to
attend
Attended in person
(# and %)
Eligible to
attend
Attended in person
(# and %)
Georgios Zanias,
Chairperson, Non-Executive Director
15
15
100%
18
18
100%
Fokion Karavias,
Chief Executive Officer
15
15
100%
18
18
100%
Stavros Ioannou,
Deputy Chief Executive Officer
15
15
100%
18
18
100%
Konstantinos Vassiliou,
Deputy Chief Executive Officer
15
14
93%
18
18
100%
Bradley Paul Martin,
Non-Executive Director
15
14
93%
17
17
94%
Rajeev Kakar,
Non-Executive Independent Director
15
15
100%
18
18
100%
Jawaid Mirza,
Non-Executive Independent Director
1
9
9
100%
8
8
100%
Alice Gregoriadi,
Non-Executive Independent Director
15
15
100%
18
18
100%
Irene
Rouvitha
Panou,
Non-Executive
Independent
Director
15
14
93%
18
17
100%
Cinzia Basile,
Non-Executive Independent Director
15
15
100%
18
18
100%
Burkhard Eckes,
Non-Executive Independent Director
15
15
100%
18
18
100%
John
Arthur
Hollows,
Non-Executive
Independent
Director
15
13
87%
18
17
94%
Evangelos
Kotsovinos,
Non-Executive
Independent
Director
15
14
93%
18
17
94%
1
On 18 June
2025, Mr. Jawaid
Mirza, Non-Executive
Independent Member of the
Boards of Directors of
Eurobank Holdings and
Eurobank, submitted his
resignation, effective as of 27
June 2025, due to no longer fulfilling the
independence criteria of Article 9 of Law
4706/2020, as he has cumulatively served
nine (9) years as a member of the Company’s and the Bank’s BoDs
The average Director’s attendance rates to Eurobank’s
and HoldCo’s Board Committees, along with the individual attendance rates
per Board Committee are presented separately, under the subsection of the present Corporate Governance Statement, referring to
the Board Committees.
5.9
Directorships of Board members
The
directorships
held
by
Board
members,
including
significant
non-executive
commitments
to
companies
and
non-profit
organizations, are notified prior to appointment to
the Chairperson of the Nomination &
Corporate Governance Committee (NomCo)
and/or NomCo, in accordance with
the Bank External Engagements
Policy (that, until the merger,
was also applicable
to Eurobank
Holdings). Additionally, Board members
must notify the Bank Group Company
Secretariat of any changes
to their directorships as
soon as they occur.
The number of
directorships a
Board member may
hold simultaneously is regulated
by Article 83
of Law 4261/2014.
Under this
provision, a Director may not hold more than one of the following combinations of directorships at
the same time:
●
One (1) executive directorship with two (2)
non-executive directorships, or
●
Four (4) non-executive directorships.
This restriction does not apply
to directorships within the Group. Additionally, the Bank of Greece (BoG), as the
competent authority,
may permit a Board member
to hold one (1) additional non-executive directorship.
Furthermore, directorships in organizations that do not pursue predominantly commercial objectives are not counted for regulatory
purposes.
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As part of the Board’s overall effectiveness assessment, through which NomCo annually evaluates the knowledge, skills, experience,
and contribution of both individual Board members and the Board collectively, the
directorships of Board members were reviewed
for 2025. This review confirmed that all Board members of Eurobank and Eurobank Holdings (until 12 December 2025) comply with
the provisions of the Law.
5.9.1
HoldCo and Eurobank Board Members’ Directorships (including Directorships within
Eurobank Group) as at 31.12.2024
Georgios Zanias
– Chairperson, Non-Executive Director
●
Foundation for Economic and Industrial Research (IOBE)
– Board Member¹
●
Hellenic Bank Association –
Chairman¹
●
European Banking Federation – Board Member¹
Fokion Karavias – Chief Executive Officer
●
Hellenic Bank Association (HBA)
– Member¹
Stavros Ioannou – Deputy Chief Executive Officer
●
Grivalia Management Company S.A.
– Non-Executive Director
●
Be-Business Exchanges
S.A. of Business Exchanges
Networks and Accounting and Tax Services
– Chairman²
●
Eurobank Limited – Non-Executive Director
●
Eurobank Private Bank Luxembourg S.A. – Non-Executive Director²
●
Eurobank Bulgaria AD – Non-Executive Director,
Supervisory Board²
Konstantinos Vasileiou – Deputy Chief Executive Officer
●
Marketing Greece S.A. – Non-Executive Director¹
●
Eurolife FFH
General Insurance Single Member S.A.
– Vice Chairman, Non-Executive Director³
●
Eurolife FFH
Life Insurance Single Member S.A.
– Vice Chairman, Non-Executive Director³
●
Eurolife FFH
Insurance Group Holdings S.A. – Vice
Chairman, Non-Executive Director³
●
Eurobank Factors Single
Member S.A. – Chairman²
Bradley Paul Martin – Non-Executive Director
●
Blue Ant Media Corporation. – Non-Executive Director
●
AGT Food and Ingredients Inc. – Non-Executive Director
●
G.S. Dunn Limited–
Non-Executive Director
●
Universal Matter Inc–
Non-Executive Director
6
Rajeev Kakar – Non-Executive Independent Director
●
Gulf International Bank, Bahrain
– Non-Executive Director⁴
●
Gulf International Bank, Kingdom of Saudi
Arabia – Non-Executive Director⁴
Alice Gregoriadi – Non-Executive Independent Director
●
Hellenic Blockchain Hub – Non-Executive Director¹
●
CGI Greece – “Climate
Governance Initiative Greece” – Non-Executive Director
Cinzia Basile
– Non-Executive Independent Director
●
Zenith Global S.p.A. – Non-Executive Director
●
Amova Asset Management
– Chairperson, Non-Executive Director⁵
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●
Amova Global Umbrella
Fund – Non-Executive Director⁵
Irene Rouvitha Panou – Non-Executive Independent Director
●
Aik Group (CY) Limited – Non-Executive Director
●
Stelios Philanthropic Foundation – Trustee¹
Burkhard Eckes – Non-Executive Independent Director
●
Bank Pictet & Cie (Europe) AG –
Non-Executive Member of the Supervisory Board
●
Bayerische Landesbank (BayernLB)–
Non-Executive Member of the Supervisory Board
●
Commercial International Bank (CIB)
– Non-Executive Director
John Hollows – Non-Executive Independent Director
●
None
Evangelos Kotsovinos – Non-Executive Independent Director
●
None
Explanatory Notes
¹ Organization that does not pursue predominantly commercial
objectives.
² Company that belongs to Eurobank Group and, along with directorships in other Eurobank Group companies, is considered one (1)
directorship for regulatory purposes.
³ Company that belongs to Eurolife FFH Group and, along with
directorships in other Eurolife FFH Group companies, is considered one
(1) directorship for regulatory purposes.
⁴ Company
that belongs to
Gulf International Bank
Group and,
along with
directorships in other
Gulf International Bank
Group
companies, is considered
one (1) directorship for regulatory purposes.
⁵ Company that belongs to Amova
Asset Management Group and, along
with directorships in other Amova
Asset Management Group
companies, is considered
one (1) directorship for regulatory purposes.
⁶ Via ECB decision notification dated 9.9.2025, it
has been notified that European Central Bank has
decided to grant the authorization
for Mr. Martin to hold a 5th non-executive
directorship, as a member
of the board of Universal Matter Inc..
5.10
Board Duties and Responsibilities
The principal duties and responsibilities
of the Bank’s Board mainly
described in paragraphs 14 to 21
of the Bank of
Greece (BoG)
Executive Committee Act 243/2/07.07.2025, encompass a
wide range of strategic,
oversight, and governance functions:
●
review, guide, and approve the strategy and the key policies, major plans
of action, risk policy and risk
culture, business and
restructuring plans, and set performance objectives taking into account long-term financial
interests and solvency,
●
monitor performance and
oversee major
capital expenditures, acquisitions, divestitures,
and formation of
new entities,
including special purpose vehicles and set targets
for the liquidity management,
●
ensure the availability of necessary financial
and human resources, as well as
an internal control system,
●
approve the annual budget and monitor its implementation quarterly,
●
approve the three-year business plan and monitor its implementation,
●
review and approve at least annually the risk strategy and
risk appetite, ensuring alignment with overall business strategy
and other plans,
●
receive and discuss comprehensive risk reports on a quarterly basis,
●
develop and deliver objectives in agreed restructuring plans under applicable laws,
●
provide oversight to senior management and approve corporate governance practices and values,
●
set standards shaping corporate culture and integrate
desired culture into systems, policies,
and behaviors,
●
approve risk and capital strategy
and monitor CEO and Executive Board implementation,
●
approve organization chart and related policies
as required by law or internal processes,
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●
approve material on &
off balance sheet credit transactions including restructuring
and write-offs
with related parties as
defined as defined under legal and regulatory framework and as provided for in the Related Parties Credit Approval Policy,
●
ensure rigorous processes for monitoring organizational
compliance with strategy,
risk appetite, laws, and regulations,
●
select, compensate, monitor, and replace
key executives as needed and oversee succession planning,
●
align executive and board remuneration with long-term interests
of Group and shareholders,
●
facilitate formal and transparent board nomination and election processes, as well as the key
function holders in line with
the applicable and regulatory framework
●
monitor and manage potential conflicts of
interest among management,
board, and shareholders,
●
ensure integrity of accounting and financial reporting systems,
●
review and monitor Non-Performing Loans (NPL)
and Non-Performing Exposures (NPE) performance against
set targets,
●
ensure an adequate
level of risk data quality
and governance within
the Group, in line with
the provisions and
responsibilities
prescribed in the Group’s “BCBS 239 Overarching Framework”,
●
ensure the implementation of policies and processes for Risk
Data Aggregation & Risk
Reporting (RDARR)
at Group level,
●
oversee disclosure and communication processes,
●
determine appropriate level of remuneration for Board and Committees’
members pending ratification,
●
address matters related
to new technologies and environmental issues,
●
identify and engage with important stakeholders,
understanding their interests and interactions with Group strategy,
●
facilitate open
dialogue with
stakeholders
and utilize
various
communication channels
for effective
engagement
and
understanding,
●
ensures the
implementation of
an adequate
and effective
internal governance
and internal
control framework,
which
includes the implementation of a
clear organisational structure and well-functioning
independent internal
risk management,
compliance and audit
functions that have sufficient authority, stature
and resources to perform their functions,
●
ensures compliance with
applicable regulatory
requirements in
the context of
the prevention of money
laundering and
terrorism financing,
●
the amounts, types and
distribution of both internal capital and
regulatory capital to adequately
cover the risks of Eurobank,
●
approve and
oversee the
implementation of
the remuneration
policy in
line with
the applicable
legal
and regulatory
framework.
These duties collectively contribute to the effective governance,
strategic direction, risk management, and sustainable growth of the
Bank and its operations.
Throughout its period of operation
until 12 December 2025, Eurobank
Holdings had the same
duties and responsibilities as those
described above.
5.11
Main issues the Board dealt with during 2025
In 2025, the Board
of Eurobank, and during
the period from 1
January until 12 December
2025, the Board of
Eurobank Holdings,
conducted a comprehensive review of the corporate strategy, the principal business risks to the business, and the system of internal
controls.
In more detail, the main issues
addressed by the Boards of Directors of Eurobank Holdings and Eurobank included the following:
5.11.1
Bank Board activities in 2025
a) Governance
●
Approved the constitution of the BoD – Appointment of the
Chief Executive Officer and the Deputy Chief Executive Officers
– Determination of executive and non-executive members.
●
Approved the new composition of Board Committees and their revised Terms
of Reference.
●
Was updated on the on-going
Board nomination process for the
appointment of a new female
candidate to the Board of
Directors.
●
Reviewed an annual progress report on BoD gender representation.
●
Received a wrap-up for the Nomination and
Corporate Governance Committee workings during
2025 concerning the C-level
Succession Planning and Diversity.
●
Approved the assessment of the Corporate Governance System
(L.4706/2020 requirement)
●
Convened the Shareholders’ General Meetings.
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●
Discussed the 2024 annual evaluation of the Board and Board Committees
and reviewed/acknowledged the Action Plan.
●
Reviewed the attendance of Directors at
Board and Board Committee meetings.
●
Non-Executive Directors approved the CEO’s performance evaluation for
2024 and his financial and non-financial objectives
for 2025.
●
Approved key governance policies, including:
o
CEO Succession Planning Policy
o
Board of Directors Diversity Policy
o
Board Nomination Policy (also submitted
to the Annual General Meeting (AGM)
for approval)
o
Board and Board Committees Evaluation
Policy
o
Group Governance Policy
o
Related Party
Transactions
Policy
o
Key Function Holders Selection and Appointment Policy
o
Compliance Policy
o
Anti-Bribery and Corruption Policy
o
External Engagements Policy
o
Insider Dealing Guideline
o
Conflict of Interest Policy
o
C-Level Succession Planning Policy
o
Senior Management Selection and Appointment Policy
o
AML/CFT and Sanctions Policy
o
Board and Board Committees attendance policy
o
Shareholders' Remuneration Policy (prior Dividend Distribution policy)
o
Policy for Reporting Illegal
or Unethical Conduct or Violations of European Union Law
o
Group Subsidiaries’ Dividend Distribution Policy
●
Non-Executive Directors approved the
Board of Directors Remuneration Policy
(post merger), the Group Greece
Annual Base
Salary Framework, the evaluation of
Group KPIs and KRIs
for FY2024 and the Performance (related
remuneration pool of
the Group and its allocation among Countries)
as well as the setting of Group KPIs
& KRIs for FY2025 variable remuneration.
●
Approved the Board and Board Committees'
fees for Non-Executive Directors, which
were subsequently submitted to the
AGM for approval.
●
Approved the distribution of net profits to senior management and employees and granted approvals according to
Article
86 of Law 4261/2014, which were
subsequently submitted to the AGM for approval.
●
Non-Executive Directors approved the Implementation of the Group Separation Policy at Group level.
●
Non-Executive Directors approved the Group
Subsidiary Board Remuneration Policy and reviewed
the implementation of
this Policy during 2024.
●
Approved the Bank’s Internal Governance Control Manual.
●
Received regular updates on Board Committee matters.
●
Approved the Board and Board Committees’ calendar for 2026.
●
Addressed remuneration matters,
including variable
remuneration and
remuneration increases for
senior executives
of
international subsidiaries.
●
Approved and submitted to the AGM for approval the appointment of auditors for the financial
year 2025.
●
In the
context of
the External Auditor’s
tendering, approved the
recommended audit firm
for the
new Group
External
Auditors for 2027-2031.
●
Received updates from the Board Chairpersons of the international banking subsidiaries.
●
Approved credit facilities to related
parties and other related parties’ transactions.
●
Received the Group Company Secretary’s Report 2024.
b) Strategic Issues, Corporate and Other Actions
●
Received CEO’s quarterly report and discussed various strategy
matters.
●
Approved the updated Group Investment and Group Divestment Policies.
●
Approved the
issuance by
Eurobank of
Additional Tier
1 instruments
in the
form
of common,
unsecured, perpetual,
subordinated notes
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●
Approved Eurobank’s dividend distribution
to Eurobank Holdings (the sole
shareholder of the Bank at
that time) and the
amendment of the Dividend Policy.
●
Discussed the Geopolitical and Business
Planning Implications of the New
US Tariff
Policy.
●
Approved the Corporate Investment Banking (CIB) International Expansion strategy
●
In the context of the merger for the absorption of Eurobank Holdings by Eurobank (Project Square):
a) approved the Transformation Balance
Sheet, Draft Merger Agreement and Explanatory Report to Shareholders.
b) approved the listing of Eurobank shares on Athens and Cyprus Stock Exchange (subsequent parallel listing).
c) approved and further proposed to the General Meeting for approval the merger of the Bank with Eurobank Holdings by
absorption of latter by the former in accordance with the applicable legislation.
d) approved and further proposed to the General
Meeting for approval the increase and reduction of the
share capital of
the Bank, as a result of the Merger,
with amendment of article 5
of the Articles of Association of
the Bank.
e) for the Share Buyback Program: approved and further proposed to the
General Meeting for approval the continuation of
the program of Eurobank Holdings and approved
the specific terms for the continuation of the program’s implementation.
f) approved
and further
proposed to
the General
Meeting for
approval the
continuation of
the Stock
Options Plan
of
Eurobank Holdings.
g) approved the ovedraft facility from Eurobank to Eurobank Holdings.
h) approved the Interim
Consolidated Financial Statements
of Eurobank for the nine-month period ended 30
September
2025
i) approved the certification of the payment of share capital increase as a result
of the merger of Eurobank with Eurobank
Holdings.
●
Approved the Hellenic Bank integration plan.
●
Approved the establishment of category 4 branch in Abu Dhabi.
●
Approved a Pre-Settlement Agreement between the Hellenic Bank Public Company Ltd and the Cypriot Asset Management
Company KEDIPES.
●
Approved Arbitration Agreements and authorizations.
●
Approved the Project Sun, the outright sale of Eurobank’s corporate exposures previously included in Project Solar.
●
Approved Project Shell, entering into a term sheet
with Fairfax
to fully acquire Eurolife FFH
Life Insurance
●
Reviewed presentations concerning the Retail
Banking business (for 2024) and Revolut.
●
Discussed the Postbank Bulgaria Retail
Portfolio.
●
Discussed the 2024 payout ratio & capital headroom for large
ECB-supervised banks.
●
Approved the Cards Monoissuer Request for Proposal (RFP) Process
●
Approved the financing of the "Marietta Giannakou" school renovation program.
c) Capital Adequacy
●
Approved the 2025 Internal Capital & Liquidity Adequacy Statements (CAS & LAS) as part of the Internal Capital & Liquidity
Adequacy Assessment Process (ICAAP & ILAAP 2025).
●
Approved the exercise of the call option for Wave
I securitization.
●
Approved the Wave III Upsize
(Synthetic Securitization of Shipping Loans)
●
Approved the updated Minimum Requirement for Own Funds and Eligible Liabilities (MREL) Plan 2025-2027 and the MREL
Plan 2026-2028.
d) Business Monitoring
●
Approved the 2024 annual consolidated financial statements
and the 2025 interim consolidated financial statements.
●
Approved the Annual Budget 2025 and the Three-Year
Business Plan (2025-2026),
including an adverse scenario.
●
Discussed the Annual Budget 2026
and the Three-Year
Business Plan (2026-2028), including
assumptions for the adverse
scenario.
●
Discussed 2025 performance versus budget.
●
Received updates from the CEOs of the international
banking subsidiaries.
●
Approved the update of Group accounting policies.
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e) Risk Management and Internal Control
●
Approved the appointment of the new Group Chief Risk Officer.
●
Acknowledged the annual regulatory report of Group Internal Audit on the System of Internal Controls (SIC).
●
Received updates on significant internal
audit issues, Group Internal Audit Priorities and Plans for
2025 and beyond.
●
Discussed the Annual Group Compliance
report on Anti-Money Laundering
(AML) and the Annual Group
Compliance Report
(including MiFID report).
●
Reviewed compliance updates, including the Anti-Money Laundering (AML) Business Risk Assessment and the Compliance
Risk Assessment
for Greece and International Subsidiaries.
●
Approved the appointment of the new Money Laundering Reporting Officer (MLRO)
●
Approved the renewal of terms for
the Report Receiving & Monitoring Officer (RRMO)
and the assistant RRMO.
●
Reviewed the Anti-Bribery and Corruption Annual Report and the Ethics Hotline Reports received during 2024.
●
Received updates on significant legal
and regulatory matters.
●
Discussed the Risk Appetite
Dashboard for the Level 1 Key Risk Indicators (KRIs) and
approved the Risk Appetite
Statements.
●
Approved the Risk Identification and Materiality Assessment
(RIMA) Reports.
●
Approved the Data Governance Deployment
Plan for Eurobank Limited, in the
context of the ongoing actions for
compliance
with the Basel Committee on Banking
Supervision principles for
effective risk data aggregation and
risk reporting (BCBS 239).
●
Approved the consolidated Pillar 3 Report (capital
and risk management disclosures)
for 2024.
●
Received updates on credit and NPE-related issues.
●
Received updates on Securitizations Performance.
●
Received Dashboards for Liquidity, IRRBB/CSRBB
and Market Developments.
●
Received the Annual Outsourcing Risk Review.
●
Approved the updated thresholds for the Recovery Plan Indicators.
●
Reviewed significant
risk issues, including the Group Chief Risk Officer’s
Annual Report for 2024.
●
Reviewed the 2024 Annual Activity Report of the Audit Committee before
submission to the AGM.
●
Approved new and revised risk policies, including:
o
Risk Culture policy
o
Group Liquidity Risk Policy
o
Market & Counterparty Risk Policy
o
Interest Rate Risk
in the Banking Book (IRRBB)
& Credit Spread Risk in the Banking Book (CSRBB)
Policy
o
Grouping and Degrouping policy
●
Approved the IT & Security Risk Management Framework
(including Information Security Policy)
●
Reviewed presentations of various large
groups included to Eurobank’s 25 Largest Performing Exposures.
●
Received update regarding the Low Start
portfolio Deep Dive from SSM
●
Received updates by the responsible BoD member for climate
-related and environmental risks
●
Discussed the Operational Act regarding Macro Hedging
Unwinding
●
Discussed the findings from the On-Site
Investigation (OSI)
in the areas of IRRBB/CSRBB
and Funding Risk.
f) Transformation Project
●
Received regular updates on the transformation project.
5.11.2
Eurobank Holdings’ Board activities during the period
from 1 January until 12 December 2025
a) Governance
●
Approved the constitution of the BoD – Appointment of the
Chief Executive Officer and the Deputy Chief Executive Officers
– Determination of executive and non-executive members
●
Approved the new composition of Board Committees and their revised Terms
of Reference.
●
Reviewed an annual progress report on BoD gender representation.
●
Approved the assessment of the Corporate Governance System
(L.4706/2020 requirement)
●
Convened the Shareholders’ General Meetings.
●
Discussed the 2024 annual evaluation of the Board and Board Committees
and reviewed/acknowledged the Action Plan.
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●
Reviewed the attendance of Directors at
Board and Board Committee meetings.
●
Non-Executive Directors approved the CEO’s performance evaluation for
2024 and his financial and non-financial objectives
for 2025.
●
Approved key governance policies, including:
o
CEO Succession Planning Policy
o
Board of Directors Diversity Policy
o
Group Governance Policy
o
Related Party
Transactions
Policy
o
Key Function Holders Selection and Appointment Policy
o
Compliance Policy
o
Anti-Bribery and Corruption Policy
o
Insider Dealing Guideline
o
Conflict of Interest Policy
o
Shareholders’ Remuneration Policy
o
Policy for Reporting Illegal
or Unethical Conduct or Violations of European Union Law
●
Addressed remuneration matters, including:
o
Non-Executive Directors approved the Group Greece Annual Base Salary Framework, the
evaluation of Group KPIs
& KRIs
for FY2024
and the
Performance
(related remuneration
pool
of the
Group and
its
allocation among
Countries) as well as
the setting of Group KPIs and KRIs for
FY2025 variable remuneration.
o
Non-Executive Directors approved the Remuneration adjustment for the CEO.
o
Proposed to the AGM for
approval of the
Board and Board Committees' fees for Non-Executive Directors,
the Board
of Directors’ Remuneration Policy, the Remuneration
Report for 2024.
o
Approved the Stock Options exercise of the 8th Stock Option Plan.
●
Non-Executive Directors approved the Implementation of the Group Separation Policy at Group level.
●
Received regular updates on Board Committee matters.
●
Approved and submitted to the AGM for approval the appointment of auditors for the financial
year 2025.
●
In the
context of
the External Auditor’s
tendering, approved the
recommended audit firm
for the
new Group
External
Auditors for 2027-2031.
●
Discussed the
2024 Supervisory
Review and
Evaluation Process
(SREP)aggregated
results, the
Supervisory Review
and
Evaluation Process (SREP)
preliminary assessment 2025 and received update on SREP
2025 final decision.
●
Approved related parties’ transactions.
●
Received the Group Company Secretary’s Report 2024.
b) Strategic Issues, Corporate and Other Actions
●
Received the CEO’s quarterly reports and discussed various strategy
matters.
●
Approved the
exchange offer
of subordinated
instruments issued by
Eurobank Holdings with
dated subordinated
notes
issued by Hellenic Bank Plc.
●
Approved a share
capital increase following
the exercise of
stock option rights
and amended Article
5 of the Articles
of
Association in accordance with Article 113(3)
of Law 4548/2018.
●
Discussed the Geopolitical and Business
Planning Implications of the New
US Tariff
Policy.
●
Approved (subject to AGM approval) the Shareholders’ Remuneration in
cash and share buyback.
●
Approved specific terms for the Share
Buy-back.
●
In the context of the merger for the absorption of Eurobank Holdings by Eurobank (Project Square):
o
Approved the Transformation Balance Sheet, the draft Merger Agreement and
the Explanatory Report
to Shareholders.
o
Approved the merger of Eurobank
with Eurobank Holdings by absorption of
latter by the former in accordance
with the
provisions of Articles 6–21,
30–34 and 140
of Law 4601/2019, Article 16
of Law 2515/1997,
and the applicable provisions
of Law 4548/2018
●
Approved the interim dividend distribution.
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●
Approved the issuance of Additional Tier 1 Instruments in the form of common,
unsecured perpetual, subordinated notes
by Eurobank Holdings.
●
Discussed the 2024 payout ratio & capital headroom for large
ECB-supervised banks.
c) Capital Adequacy
●
Approved the 2025 Internal Capital & Liquidity Adequacy Statements (CAS & LAS) as part of the Internal Capital & Liquidity
Adequacy Assessment Process (ICAAP & ILAAP 2025).
●
Approved the updated Minimum Requirement for Own Funds and Eligible
Liabilities (MREL)
Plan 2025-2027.
d) Business Monitoring
●
Approved the 2024 annual financial statements
and the 2025 interim financial statements.
●
Approved the final Annual Budget 2025 and the Three-Year
Business Plan (2025-2027), including
an adverse scenario.
●
Approved the updated thresholds for the Recovery Plan Indicators and the Group Recovery Plan.
●
Reviewed 2025 performance versus budget.
●
Reviewed the Segmental
performance analysis.
●
Approved the Business and Capital Plan Policy and discussed
the top-down Business and Capital Plan 2025-2027.
●
Approved the update of Group accounting policies.
e) Risk Management and Internal Control
●
Approved the appointment of the Group Chief Risk Officer.
●
Acknowledged the annual
regulatory reports
of Group
Compliance and Group
Internal Audit on
the System
of Internal
Controls (SIC).
●
Discussed the Annual Group Compliance Report (including MiFID report).
●
Approved the renewal of terms for
the Report Receiving & Monitoring Officer (RRMO)
and the assistant RRMO.
●
Reviewed the Anti-Bribery and Corruption Annual Report and the Ethics Hotline Reports received during 2024.
●
Received updates on significant internal
audit and compliance issues.
●
Discussed the Risk Appetite
Dashboard for the Level
1 Key Risk Indicators (KRIs)
and approved
the Risk Appetite Statements.
●
Approved the Risk Identification and Materiality Assessment
(RIMA) Reports.
●
Approved the consolidated Pillar 3 Reports (capital and risk management
disclosures) for2024, Q1 2025, Q2 2025, and Q3
2025.
●
Received Dashboards for Liquidity, IRRBB/CSRBB
and Market Developments.
●
Received the Annual Outsourcing Risk Review.
●
Received updates on significant risk issues,
including the Group Chief Risk Officer’s
Annual Report for 2024.
●
Reviewed the 2024 Annual Activity Report of the Audit Committee before
submission to the AGM.
●
Approved new and revised risk policies and plans, including:
o
Risk Culture policy
o
Group Liquidity Risk Policy
o
Market & Counterparty Risk Policy
o
Interest Rate Risk
in the Banking Book (IRRBB)
& Credit Spread Risk in the Banking Book (CSRBB)
Policy
o
Grouping and Degrouping policy revision
o
Consolidated Pillar 3 disclosures policy
●
Approved the IT & Security Risk Management Framework
(including Information Security Policy)
●
Received updates by the responsible BoD member for climate
-related and environmental risks
●
Discussed the Operational Act regarding Macro Hedging
Unwinding
●
Discussed the findings from the On-Site
Investigation (OSI)
in the areas of IRRBB/CSRBB
and Funding Risk.
f) Transformation Project
●
Received regular updates on the transformation project.
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5.11.3
Board Strategy Day
In addition to the formal
meetings focused on Eurobank’s annual budget
and three-year business plan, the Board holds
an annual
strategy meeting, known as the Board
Strategy Day.
This meeting is
separate from the regular Board
of Directors’ meetings and is
conducted in an informal setting,
without the recording of formal minutes.
The purpose of
the Board Strategy
Day is to
allow Board
members the time and
flexibility to engage
in in-depth discussions
and
deliberations on the top strategic initiatives
that are critical to Eurobank’s growth and competitive
positioning among its peers.
During the most recent Board Strategy
Day, held on September 25 and 26, 2025
various strategic issues
were discussed. Following
the meeting, a memorandum was
issued summarizing
the key discussions.
5.12
Board and Board Committees overall effectiveness assessment
5.12.1
Board and Board Committees Evaluation
In accordance with
the Bank Board
and Board Committees
Evaluation Policy (Section B4)
– that
was also applicable
to Eurobank
Holdings until 12 December 2025 - the Nomination and
Corporate Governance Committee (NomCo) is responsible
for evaluating the
structure, size, composition, and performance
of the Board and its
Committees and making recommendations for necessary
changes.
The NomCo oversees the annual self-evaluation of the Board’s and Committees' effectiveness (Internal Evaluation), typically using a
self-assessment
questionnaire as the primary tool.
For
the
2025
Internal
Evaluation,
all
twelve
(12)
Board
members
participated
by
completing
anonymous
self-assessment
questionnaires, which
were administered via
Diligent’s secure
web-based platform.
These questionnaires covered
various areas,
including:
●
Strategy oversight
●
Engagement with management
●
Risk management
●
Board composition and dynamics
●
Chairperson’s role
●
Secretarial support
●
Effectiveness of Board
Committees
Key Findings of the Internal Evaluation
The results indicated that in 2025, the Board of Eurobank, and until 12 December 2025, the Board of HoldCo, continued to function
effectively, maintaining
a high level of performance consistent
with the 2024 evaluation.
Strategy Oversight
●
Board members
expressed
a
positive impression
of the
Board’s role
in strategy,
particularly regarding
the improved
integration of strategic, financial and ESG-related information, which
has enhanced the
Board’s ability to effectively monitor
execution.
Relationship with Management
●
The Board maintained a strong relationship with management, characterized by high levels of trust, open communication,
and effective follow-up, which supported and reinforced the Board’s
oversight role.
Strategic HR
and Remuneration
●
The Board
demonstrated strong oversight
of banking culture,
leadership capability and alignment
of remuneration with
strategy and risk appetite, with oversight
of banking and risk culture remaining a clear strength.
Risk Governance and Internal Control
●
The Board maintained high standards
in risk governance and internal control.
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●
Oversight of internal
controls, Internal Audit and Compliance is
particularly strong, reinforcing confidence
in the Group’s
control environment and ethical framework.
Board Profile and Composition
●
The Board was recognized for
its adequate knowledge, skills, experience, and diversity.
●
Financial and international experience continue
to represent clear
strengths, reinforcing the
Board’s ability to
oversee a
complex, multi-jurisdictional banking group.
Board Functioning and Dynamics
●
The Board demonstrated robust annual agenda planning, with well
-established and consistent procedures.
●
Board discussions included constructive reviews and challenges, fostering
effective decision-making.
Board Chairperson's Role
●
The Chairperson’s leadership was recognized
as a key factor in the Board’s
overall effectiveness and success.
Board Secretarial Support
●
Board members
highlighted the effectiveness
of operational support
and recognized for
professionalism,
reliability and
quality, particularly in the materials
submitted by management and the preparation of meeting
minutes.
Opportunities for further enhancement
While the evaluation was
overwhelmingly positive, some areas for
enhancement were identified:
●
Further sharpening
the
Board’s
medium- to
long-term strategic
focus, particularly
in
light of
the
Group’s
expanding
international footprint, with more structured and recurring discussions on growth platforms
and geographic priorities.
●
Strengthening the Board’s focus
on innovation, digital leadership and competitive positioning.
●
Improving the monitoring of subsidiary performance, ensuring more strategic
and in depth discussions.
The main conclusions of
the Internal Evaluation regarding Board
Committees have been integrated into
the relevant sections detailing
their functioning and operations.
5.12.2
Assessment of the knowledge, skills and experience (KSE) of the
Board collectively as well as the KSE and contribution of
individual Board members.
In accordance with the Bank Board and Board Committees
Evaluation Policy (see the relevant section in this
Statement)
- that was
also applicable to Eurobank Holdings
until 12 December 2025
- the NomCo is responsible
for assessing
the knowledge, skills, and
experience (KSE) of
the Board collectively, as
well as the KSE
and contribution of individual Board
members, and reporting to
the
Board accordingly.
5.12.3
Individual Evaluations
The individual evaluations (assessment of the Board Chairperson, Non-Executive Directors (NEDs), and Executive Directors) consider
the status
of the member
(executive, non-executive,
independent), participation in
committees, specific
responsibilities/projects
undertaken, time commitment, behavior,
and the application of knowledge and experience.
A. Assessment
of the Board Chairperson
The Board Chairperson’s evaluation is part
of the Internal Evaluation and is conducted by
all other Board members through
the Board
and Board Committees’ Self-Evaluation
Questionnaire.
The evaluation of the
Board Chairperson in 2025 for
the Bank and until 12
December 2025 for the HoldCo
remained very strong,
consistent with the 2024 evaluation.
B. Assessment
of the Non-Executive Directors’
(NEDs) Contribution to the Board (Excluding the
Chairperson)
The Board Chairperson is responsible for
conducting the assessment of NEDs' contributions and
presenting the results to
the NomCo.
The assessment process follows
these steps:
●
NomCo approves the NEDs’ self-evaluation questionnaire.
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●
The questionnaire
is distributed
to the
NEDs, and
responses remain
strictly confidential,
accessible only
to the
Board
Chairperson or designated individuals.
●
The Board Chairperson conducts confidential one-on-one
interviews with each NED, using the
self-evaluation questionnaire
as a reference.
●
The Board Chairperson presents an overall report on the findings to the NomCo.
●
The Board
Chairperson’s views
on NEDs’
performance, knowledge, skills,
and experience
are discussed
in the
NomCo,
particularly during the (re)appointment and succession planning of Board members.
For the
2025
annual assessment,
the Board
Chairperson led
the evaluation
of the
NEDs'
contribution using
a self-evaluation
questionnaire consisting of 10 questions focused on five key areas:
●
Contribution to overall Board profile and skillset
●
Board participation and quality of contributions to deliberations
●
Punctuality and attendance
●
Team spirit
and demeanor
●
Independent thinking and constructive challenge
The 2025 annual assessment for the Bank
and until 12 December 2025
for the HoldCo, demonstrated that the NEDs adequately meet
expectations, effectively fulfilling
their roles as Directors of HoldCo/Bank.
C. Executive Directors’ Performance Evaluation
The evaluation of Executive
Directors in 2025 for
the Bank until 12 December 2025 for
the HoldCo, including the CEO
and Deputy
CEOs, follows a
structured process involving the
CEO, the
NomCo, and the Board Remuneration
Committee (RemCo). This
annual
evaluation is based on qualitative and quantitative Key Performance
Indicators (KPIs) approved by the Non-Executive Directors.
For the CEO’s
evaluation, the RemCo proposes
KPIs related to CEO remuneration,
which are then submitted to the
Non-Executive
Directors for approval. The CEO's performance is assessed
based on these approved KPIs, and the results are communicated to the
CEO and considered in determining remuneration.
5.12.4
Collective Suitability Assessment
In 2025, alongside the Board of Directors’ performance evaluation,
an assessment of the Board’s collective suitability was conducted
in accordance with the Joint ESMA/EBA Guidelines on
the assessment of the
suitability of members of the management
body and key
function holders (EBA/GL/2021/06). This
assessment was
supported by the NomCo.
The evaluation examined whether the Bank Board in 2025 and the
HoldCo Board until 12 December 2025, collectively possessed the
necessary knowledge, skills, and experience to understand the business model, strategy, risks, and governance-related matters. The
assessment confirmed that
the Board was collectively suitable
to effectively address these areas.
The evaluation also identified potential areas for improvement in specific Bank
business lines and products, various geographies and
subsidiaries, and risk management, particularly regarding cybersecurity and outsourcing risks. It was suggested that initiatives could
be considered to address these observations and ensure alignment with Bank
strategic goals.
To enhance
understanding in these
areas, presentations
at the
Board and Board
Committees level,
along with targeted
external
training and internal sessions, will
continue to play a central role in strengthening the Bank Board’s
expertise.
5.13
Directors’ Induction and Continuous Professional Development
In accordance with the Directors’ Induction and Continuous Professional Development
Process of the Bank - that was also applicable
to Eurobank
Holdings during the
period of
its operation,
until 12
December 2025 -
all directors
who join
the Board, undergo
a
comprehensive Induction Program designed to achieve several key objectives, as outlined in Section B8.
Mr. Evangelos Kotsovinos, who was
the last director who joined the Bank/HoldCo Board in 2024, upon his appointment:
●
Received a Manual of Obligations detailing his main responsibilities towards the Supervisory Authorities and HoldCo/Bank,
including local regulations and Board procedures.
●
Attended meetings
and presentations
by Key
Executives of
HoldCo/Bank, providing
a comprehensive
overview of
the
organization.
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As part of the continuous professional development framework, in
2025, Board members participated in formal training sessions on:
●
Artificial Intelligence
and Algorithmic Risk Governance
●
Cybersecurity Awareness Session (incl.
Digital Operational Resilience
Act (DORA))
●
Risk Data Aggregation
and Risk Reporting (RDARR)
for decision making
Additionally, Board members
engaged in in-house
meetings and discussions on
Strategy, Business
Planning, and Budgeting. They
received
regular
updates,
reports,
and
presentations
from
senior
management
on
operational and
strategic
targets, market
developments, and updates on risk, audit, compliance, financial, human resources, legal,
and regulatory matters.
Board members also received regular and ad-hoc research and economic bulletins from Eurobank's Economic Analysis and Financial
Markets Research.
6.
Board Committees
The Board of Eurobank is assisted in
carrying out its duties by Board Committees, to which it
delegates specific
responsibilities.
The Bank Board Committees include:
●
Audit Committee (AC)
●
Board Risk Committee (BRC)
●
Remuneration Committee (RemCo)
●
Nomination and Corporate Governance Committee (NomCo)
●
Bank Board Digital & Transformation
Committee (BDTC)
It is noted that,
throughout its period of operation until
12 December 2025, the HoldCo Board was
assisted in the discharge
of its
duties by Board Committees, to
which it delegated specific
responsibilities. The HoldCo Board Committees comprised the AC, BRC,
RemCo and NomCo and had responsibilities similar
to those of the respective Board Committees of the Bank.
6.1
Governance and Operations of Board Committees
The governance
and operational
arrangements applicable
to the
Bank Board
Committees are
set
out below.
It is
noted that,
throughout their period of operation until 12 December 2025, the
HoldCo Board Committees operated in accordance with the same
governance
and operational arrangements as those applicable
to the Bank Board Committees.
6.1.1
Board Committees’ members
The members
of Bank
Board Committees
are
appointed by
the Board,
following a
recommendation from
the NomCo
and in
accordance with the applicable legal
and regulatory framework.
The tenure of Committee members
coincides with the tenure of the Board, with the option for
renewal. However,
total service on
the Committees must not exceed nine (9)
years.
6.1.2
Board Committees’ Terms of Reference (ToR)
The ToR of each Board
Committee outlines its purpose, responsibilities, and modus operandi. It is
reviewed annually and revised if
necessary unless significant changes require an
earlier revision. The ToR is approved by the Board and made publicly
available on the
Bank website.
6.1.3
Board Committees’ meetings
The minimum number of annual meetings
for each Board Committee is
defined in its ToR.
Only Committee members
have the right
to attend meetings,
though other individuals, such as
Management members, external
auditors, and external advisors,
may be invited when appropriate
and necessary. The number
of invitees is
kept to a
minimum to
preserve the efficiency and effectiveness of
the meeting.
Members may attend meetings remotely via video or audio conference. A mandatory minimum attendance requirement applies, as
set out in the Board and Board Committees’ Attendance
Policy (please refer to the relevant
section in this Statement).
6.1.4 Quorum in the Board Committees’ Meetings
A quorum is established
when more than half of the Committee members
are present or represented, provided that at least three
(3) members are
present, including the Chairperson or, in the case of BRC,
the Vice Chairperson.
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4
Each Committee member may validly represent
only one
other Committee member. Representation cannot be
assigned to individuals
outside the Committee.
6.1.5 Board Committees’ Decisions
Resolutions are validly adopted by an absolute majority of the members
present or represented.
In the event
of a tie,
the Chairperson or
in his/her absence,
the Vice Chairperson
for BRC or
the most senior
Independent Non-
Executive Director present (based on tenure), has the casting vote.
The Board is informed whenever a decision is
not reached unanimously.
Minutes may be drawn up
and signed by circulation by all
Committee members, which is
equivalent to a valid decision, even if
no
formal meeting takes
place.
6.1.6 Board Committees’ Secretary and Minutes
Each Bank
Board Committee
appoints its
Secretary, who
reports to
the Group
Company Secretariat
and collaborates
with the
Committee Chairperson and other relevant parties.
The Secretary is responsible for:
●
Recording the proceedings and decisions of the Committee meetings.
●
Listing the names of attendees
and documenting action plans and follow-ups.
●
Issuing extracts of minutes
as required.
●
Disseminating decisions, actions,
and follow-ups to the relevant parties.
6.1.7
Board Committees’ Performance Evaluation
The performance of Board Committees is evaluated annually, in line with the Board and Board
Committees Evaluation Policy (please
refer to the relevant section in this Statement).
6.2 Audit Committee
The primary function of the Bank Audit Committee (AC) is to
assist the respective Board in discharging its oversight responsibilities
primarily relating to:
●
the review
of the
adequacy of
the Internal
Control and
Risk Management systems
and the
compliance with rules
and
regulations monitoring process including on issues of sustainability,
●
the review of the financial reporting
process and satisfaction as to the
integrity of the Bank’s Statutory
Financial Statements,
Information, including Sustainability Reporting,
●
the External Auditors’
/ Independent Assurance
Providers’ for the
audit and assurance
of sustainability
reporting (IASP)
selection, performance and independence,
●
the effectiveness and performance of the Group Internal Audit (Group IA)
and of the Compliance function.
In addition, in the context of
AC’s responsibility to safeguard External Auditors’ independence,
the AC ensures that the nature
of non-
audit services, prior to their being undertaken by the External Auditors, has been reviewed and approved as
required and that there
is proper balance between audit and non-audit work in accordance with the policy on External Auditors’ Independence.
Throughout its operation, until 12 December 2025, HoldCo AC carried out responsibilities similar
to those described above.
6.2.1
AC Membership/Composition
The Bank’s AC
is consisted exclusively
by Board members
and its composition has
been approved by the
General Meeting of
the
Shareholders (as
per the
legal framework),
following the
recommendation of the
NomCo to
the Board. The
Chairperson of
the
Committee is appointed by the members of the Committee.
All AC members have sufficient knowledge in the field of Bank’s
activities and the necessary skills and experience to carry out their
duties and meet the requirement of established knowledge
and experience in auditing and/or accounting.
4
Bank ACs’ Terms of Reference
may be found at the Bank website
(www.eurobank.gr).
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The AC consists of four
(4) independent non-executive Directors of
the Board. In particular,
the Bank’s AC composition
is outlined
below:
AC Chairperson:
Burkhard Eckes,
Non-Executive Independent Director of the Board
AC Members:
Irene Rouvitha Panou,
Non-executive Independent Director of the
Board
Rajeev Kakar
,
Non-Executive Independent Director of the Board
Alice Gregoriadi,
Non-Executive Independent Director of the Board
Following Mr. Jawaid Mirza’s
resignation dated 18.06.2025 from the position of member of the Bank BoD and member of the Bank
BoD Committees he
served, effective as
of 27.06.2025 and
the Bank Nomination
& Corporate Governance
Committee’s relevant
recommendation, the Bank BoD of 27.06.2025 decided the Bank AC to continue its operation with the remaining independent non-
executive directors.
Throughout the period of its operation, until 12 December 2025, the
composition of the HoldCo AC was identical to that of the Bank
AC.
6.2.2
AC Meetings
The AC meets at least eight (8) times per year or more frequently, as circumstances require, reports on its activities to the Board on
a quarterly basis and submits the minutes of
its meetings and the annual Activity Reports (before
its submission to the Shareholders’
Annual General Meeting) to the Board.
Apart from the AC members, the BRC’s members may also attend
AC sessions when common issues are discussed (e.g. compliance
risk assessment).
The Chairperson of the AC may also invite
to the meetings other executives of
the Group or external advisors
or
experts, as deemed appropriate.
6.2.3
Attendance to the AC Meetings
During 2025
the attendance details for the Audit Committee
were as follows:
Company
Meetings
Average
ratio
of
Directors’ attendance
2025
2024
2025
2024
HoldCo
14
15
98%
97%
Bank
17
14
100%
98%
The Directors’ individual attendance rates at the AC meetings
in 2025
were the following:
Name
Eurobank Holdings AC
Eurobank AC
Eligible to attend
Attended in person
(# and %)
Eligible to
attend
Attended in person
(# and %)
Burkhard Eckes,
AC Chairperson
14
14
100%
17
17
100%
Jawaid Mirza,
AC member until 27.6.2025
8
8
100%
9
9
100%
Irene Rouvitha Panou,
AC member
14
14
100%
17
17
100%
Rajeev Kakar,
AC member
14
13
93%
17
17
100%
Alice Gregoriadi,
AC member
14
14
100%
17
17
100%
It is noted that in 2025,
Mr. Rajeev Kakar provided
representation proxy for his missed
meeting in HoldCo’s AC, leading
his overall
attendance rate (physical and under representation) at 100%
in HoldCo’s AC.
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6.2.4
AC’s Performance Evaluation
The AC’s 2025 evaluation by BoD members that are not members of the AC confirmed the Committee’s enhanced ability to support
the Board and
to communicate
its work clearly
and effectively.
The improvements
noted reflect strengthened
reporting, clearer
articulation of key issues and robust oversight across
financial reporting, internal control and audit matters.
Similarly,
the AC’s 2025 evaluation
by its members
confirms a very
high level of
effectiveness. The results
reflect a mature,
well-
functioning Committee with strong leadership, disciplined
processes and comprehensive mandate coverage, while
also pointing to
limited areas where
further fine-tuning could enhance effectiveness.
In this context, the AC members identified a focused
set of priority areas for further enhancement.
These priorities largely reflect the
growing
complexity of
the Group,
the
expansion
of international
activities, and
the increasing
regulatory,
technological
and
supervisory demands placed on the Audit Committee.
6.2.5
ACs’ Activity in 2025
ACs have amongst others:
Eurobank for 2025
●
Decided on its constitution/reconstitution and the appointment of its Chairman.
●
Reviewed and approved the revised Compliance Mandate.
●
Jointly with the BRC, discussed and
further submitted to the
BoD for discussion the Business Risk Assessment Exercise (AML,
CFT, Sanctions)
and the Compliance Risk Assessment
for the Bank and international subsidiaries.
●
Approved and further submitted to the
BoD for information the annual and triennial Plans
of Internal Audit and Compliance
and monitored their progress.
●
Reviewed and discussed regular and ad hoc reports with information relating to the System
of Internal Controls, including
quarterly reports from Group Internal Audit, Group Compliance, the Operational Risk Sector,
Clients Relations Office,
etc.
●
Received updates on various legal and regulatory issues.
●
Discussed extensively
AML issues,
including the
legal and
regulatory framework
for the
EU’s
Anti-Money Laundering
Authority (AMLA) along with the respective implementation timeline
for Eurobank.
●
Discussed various Group Compliance issues.
●
In line with the
BoG Act 2577/2006 (that
was in force
in that time),
ensured that an annual evaluation
of the System
of
Internal Controls for the year 2024 was performed and
documented by the Internal Audit
Group. This report, along with the
AC’s assessmen
t, was further submitted to the BoD and subsequently to the BoG as
required.
●
In line with
the BoG Governors
Act 2577/2006 (that
was in force
in that
time), reviewed the
annual Group
Compliance
Sector’s reports on AML and compliance
activities of the Bank for
the year 2024. These reports, along
with the AC’s own
assessment, were
further submitted to the Board and the BoG.
●
Reviewed and submitted to the BoD for approval the revised Related
Party Transactions Policy.
●
Reviewed and, depending on the case, approved or approved and further submitted to the BoD for
approval/information:
a) the Compliance Policy, b) the Policy governing marketing communications of
MiFID II investment products-services
c) the
Inducements Policy, d) the new
European Market Infrastructure Regulation
(EMIR) Policy, e)
the Policy on Safekeeping of
Clients’ Financial Instruments and Funds, f) the Appropriateness Assessment Policy, g) the Suitability Assessment Policy, h)
the Insider Dealing Guideline, i) the Group Anti-trust Compliance Policy, j)
the Client/Investor Categorization Policy, k) the
Conflict of Interest
Policy, l)
the Anti-Bribery and
Corruption Policy, m)
the Order Execution
Policy, n)
the Policy for
the
Prevention and Detection of
Market Abuse, o) the Policy for
Reporting Illegal or Unethical Conduct
or Violations of European
Union Law, p) the AML/CFT and Sanctions Policy, q) the Code of Conduct and Ethics,
r) the Policy for governance of MiFID II
financial products (MiFID II Product Governance).
●
In the context
of the Policy
for Reporting Illegal
or Unethical Conduct or
Violations of European
Union Law
(mentioned
above), approved and further submitted
to the BoD for approval the Report Receiving &
Monitoring Officer (RRMO) and the
Assistant RRMO.
●
In joint session with the BRC and the Board Digital Transformation
Committee (BDTCo), approved the Policy regarding the
Responsible AI Framework.
●
in the presence of NomCo members for consultation, proposed to the BoD for approval the appointment of
a new Money
Laundering Reporting Officer (MLRO), with effective
date February 1st, 2025, pursuant to the provisions of article 38 of L.
4557/2018 and the Decision 281/17.3.2009 of the Banking and Credit Matters Committee of
Bank of Greece.
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●
Discussed with
Management,
Internal Audit,
and
External Auditors
issues relating
to the
financial
results, including
accounting policies.
●
Discussed/approved (depending on
the case) various Group Internal
Audit issues, including its staffing, strategy, budget, and
training.
●
Strengthened its monitoring of the effectiveness
of the IA functions of subsidiaries (in
Greece and abroad).
●
Reviewed and cleared the consolidated financial
statements.
●
Discussed with Management the implementation of corrective actions to recommendations made by Internal and External
Auditors and Regulatory Authorities.
●
Assessed the effectiveness, objectivity, and independence
of the External Auditors for the
financial year 2024, discussed the
results of their evaluation with Management and Internal Audit, and communicated the
final results to the Board and the
External Auditors.
●
Approved the External Auditors’ Bank Group Audit and Assurance Fees for
2025.
●
Proposed to the
Board and the
Annual General
Meeting of Shareholders
for approval
the appointment of
the External
Auditors for the financial year 2025.
●
Approved the External Auditors’
Independence Policy
and monitored, in line
with this Policy, the non-audit services
provided
by the External Auditor in 2025.
●
Assessed the performance of the Chief Audit Executive and the
General Manager Head of
Group Compliance/Anti-Money
Laundering Reporting Officer.
●
Monitored the memberships and the
modus operandi of the Audit Committees of the
banking subsidiaries, as required,
and
reviewed their Activity Reports.
●
Approved AC Chair of Eurobank Bulgaria.
●
Discussed key Audit Committee issues with
the Chairpersons of banking subsidiaries.
●
In
accordance
with
the
provisions
of
Law
2533/1997,
the
Audit
Committee
reviewed
reports
on
substantial
stock
transactions of the Bank’s Directors
and General Managers that met the
criteria set in Law
2533/1997 and notified
the Board.
●
With the assistance
of Group Finance, maintained
oversight of the
merger of Eurobank with
Eurobank Holdings (Project
Square) and received regular updates
on the project’s progress. In this context, the AC reviewed
the final prospectus for the
submission to
Hellenic Capital
Markets Committee
(HCMC) and
subsequently each
of the
BoD members
signed
the
endorsement letter, which was
signed following the AC’s
clearance of the final prospectus.
●
Approved and notified the Board for
further submission to the Annual General
Meeting the annual AC Activity Report for
2024.
●
Discussed the Annual AC Plan for 2026.
●
At the
BRC meetings
that the
AC members
participated in,
among others
various issues
including accounting
policies,
progress reports for the Corporate Sustainability Report Directive (CSRD) Program Implementation, risk related issues such
as the
operational
and non-financial
risks, Group
Top ten
non-financial risks
report, Semi-annual
COO/CIO report,
Risk
Culture policy, the Information and Communication Technology
risk (ICT risk) and security (incl. Cyber Security and Digital
Operational Resilience Act (DORA)), the climate-related and environmental risks, the
Minimum Requirement for Own Funds
and Eligible Liabilities
(MREL) plan, the Resolvability Progress Report, the Outsourcing report the Environmental and Social
Governance (ESG)
and the
General Data Protection Regulation (GDPR)
have been discussed
Eurobank Holdings (from 1 January until 12 December 2025)
●
Decided on their constitution/reconstitution and the appointment of their Chairman.
●
Reviewed and approved the Compliance Mandate.
●
Monitored the progress of Internal Audit and Compliance annual plans.
●
Reviewed and discussed
reports related to
Internal Audit and
Compliance, including quarterly
reports from the Internal
Audit and Compliance functions.
●
Discussed the progress of actions taken to resolve Internal
Audit findings.
●
Received updates on various internal control, legal, and regulatory issues.
●
Ensured that an annual
evaluation of the
System of Internal
Controls (SIC) for 2024
was performed and
documented by
Internal Audit. This
report, along
with the AC’s
assessment, was
further submitted to the
Board of
Directors (BoD) and
subsequently to the Bank of Greece (BoG) as
required.
●
In line with the BoG Governors Act 2577/2006
(that was in force at that time), acknowledged the annual Group Compliance
report on compliance activities for 2024.
This report, along with the AC’s assessment, was further submitted to
the BoD and
subsequently to BoG as required.
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5
●
Reviewed and submitted to the BoD for approval the revised Related
Party Transactions Policy.
●
Reviewed and, depending on the case, ratified, approved,
or approved and submitted to the BoD for approval/information:
a) the
Compliance Policy,
b) the Insider
Dealing Guideline,
c) the
Group Anti-trust Compliance
Policy,
d) Policy
for the
Prevention and Detection of Market Abuse,
e) Policy for Reporting Illegal
or Unethical Conduct or Violations of European
Union Law, f)
Conflict of Interest Policy, g)
Anti-Bribery and Corruption Policy.
●
In joint session with the BRC,
approved the Policy regarding the Responsible AI Framework.
●
In the context of the Policy for Reporting
Illegal or Unethical Conduct or Violations of European Union Law,
approved and
submitted to the BoD for approval the appointment of the
Report Receiving & Monitoring Officer (RRMO) and the assistant
RRMO.
●
Discussed financial results with
Management, Internal Audit, and External Auditors.
●
Reviewed and cleared the financial
statements and other financial reports and trading
updates prior to their release.
●
Discussed with Management the implementation of corrective actions to recommendations made by Internal and External
Auditors and Regulatory Authorities.
●
Assessed the effectiveness, objectivity, and independence
of the External Auditors for the
financial year 2024, discussed the
results of their evaluation with Management and Internal Audit, and communicated the
final results to the Board and the
External Auditors.
●
Proposed to the Board and the Annual General Meeting (AGM) the
appointment of the External Auditors for the financial
year 2025.
●
Discussed and approved the Global Group Audit and Assurance Fees for 2025.
●
Approved the External Auditors’
Independence Policy
and monitored, in line
with this policy, the non-audit services
provided
by the External Auditor in 2025.
●
Worked with Group Finance to complete the External
Auditor’s tendering process for the Group
statutory audit of 2027 and
subseuently made a recommendation to the BoD for the selection of the new
Group External Auditors for 2027.
●
discussed various
issues regarding
the Corporate
Sustainability Reporting
Directive (CSRD),
including the
Sustainability
reporting process, the Sustainability IT Platform and the Group Internal Audit Report on CSRD, and received update on the
status of CSRD outlining key milestones
and highlights of the 2025 Sustainability
Statement
●
Assessed the performance of the Internal
Auditor and the Head of
Compliance/Anti-Money Laundering Reporting Officer
for 2024.
●
Received updates on the progress of the Annual Budget.
●
In accordance
with the
provisions
of Law
2533/1997, reviewed
reports
on substantial
stock transactions
by HoldCo’s
Directors and General Managers that meet
the criteria set in Law
2533/1997 and notified the Board.
●
Approved and submitted to the Board for further submission to the AGM the annual
AC Activity Report for 2024.
●
Discussed the Annual AC Plan for 2026.
●
Participated in Board Risk Committee
(BRC) meetings,
during which discussions included:
o
Accounting policies, including hedge accounting policy.
o
Progress reports on the Corporate Sustainability Report Directive (CSRD) Program
Implementation.
o
Various risks, including non-financial risks, climate-related and environmental risks, and the Environmental and Social
Governance (ESG) Strategy.
It is noted that in
accordance with the Law 4449/2017
as in force, the Bank
AC submits an annual activity
report to their Shareholders’
Annual General Meeting on the issues dealt with
by the AC during the previous year, also including a description of
the sustainability
policy followed by the entity.
The 2025 Bank AC
Activity Report, which forms part
of the 2025 Annual Financial Report, provides
a detailed account of
the Bank AC’s
activities for 2025 and, for completeness
purposes, also includes reference to the HoldCo AC’s activities
for 2025.
6.3
Board Risk Committee
The purpose of the Bank’s Board Risk Committee
(BRC) is
to assist the Board in the following
risk-related issues:
●
To
advise
and
support
Eurobank’s
BoD
regarding
Eurobank’s
capital
management,
the
monitoring
of
the
overall
actual/present and future risk strategy and risk appetite, taking into account all types
of risks to ensure that they are in line
5
HoldCo/Bank BRCs’ Terms of Reference may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
&
www.eurobank.gr
).
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with the business strategy, objectives, corporate culture,
corporate values and the availability of the Bank’s and the Bank’s
Group resources;
●
To provide Eurobank’s BoD with recommendations on necessary adjustments to the risk strategy resulting from, inter alia,
changes in the
business model of
Eurobank, market
developments or recommendations made
by the
risk management
function;
●
To
assist
Eurobank’s
BoD
in
overseeing
the
implementation
of
Eurobank’s
risk
strategy
and
the
corresponding
limits/thresholds set;
●
To oversee the
implementation of the
capital and liquidity management
strategies as
well as for all
material risks of the
Group, as identified through
the Risk Identification and Materiality
Assessment (RIMA) process and listed
in the relevant
RIMA report, in
order to
assess their adequacy against
the approved risk
strategy and risk
appetite. Material risk
types
include financial and non-financial risks, indicatively credit
risk, market risk, liquidity risk,
interest rate risk and credit spread
risk in the banking book, counterparty risk, operational risk (including legal
and IT, fundamental rights, discrimination and
ICT risks), outsourcing risk, climate risk, country risk, reputational risk, conduct risk, risk stemming from strategic
projects;
●
To oversee
the progress of
the Bank to
enhance its resolvability in
accordance with the requirements
of the Resolution
Authorities;
●
To review a number of possible scenarios, including
stressed scenarios, to assess how Eurobank’s risk profile would
react to
external and internal events;
●
To oversee the alignment between all material financial products
and services offered to
clients and the business
model and
risk strategy of Eurobank. The BRC
should assess the risks associated
with the financial products and services offered and
take into account the alignment between the prices set
for them and the profits derived from them;
●
To provide
advice on the
appointment of external
consultants that Eurobank’s
BoD may decide
to engage for
advice or
support on matters within its
competence;
●
To
assess the
recommendations of
internal or
external auditors
and follow
up on
the appropriate
implementation of
measures taken on matters
within its competence;
●
To ensure the development of
an internal risk management framework and
its integration into the business
decision-making
process (e.g. decisions concerning new products and services introduction, risk adjusted pricing for products and services,
risk related performance measurement and capital
allocation) across the full
range of Eurobank’s activities
or operations
and the Group;
●
To
define the
principles that
must
govern
risk management
regarding
the identification,
forecasting, measurement,
monitoring, control, and mitigation of risks, in line with the applicable business strategy and the adequacy of the available
resources;
●
To receive and evaluate the reports submitted at
least quarterly by the
risk management function/GCRO, inform Eurobank’s
BoD about the most significant risks
undertaken by the Bank and document their effective management.
●
To
formulate
proposals
and
recommend
corrective
actions
to
the
Board
in
case
it
identifies
weaknesses
in
the
implementation of the Bank's risk
management strategy
or deviations in its implementation.
●
To set, approve and oversee the implementation of the Bank’s core values and expectations regarding all material risks and
propose to the BoD the approval of the Bank’s risk culture.
Throughout its operation, until
12 December 2025,
HoldCo BRC carried
out responsibilities and
duties similar
to those described
above.
6.3.1
BRC Membership/Composition
The BRCs consist
of five (5)
independent non-executive Directors.
The Chairperson qualifies
as independent member with a
solid
experience in commercial banking and preferably risk and/or Non-Performing Exposures management and is familiar with the Greek
and
international regulatory framework.
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The BRCs’ composition is outlined below:
BRC Chairperson:
Rajeev Kakar,
Non-Executive Independent Director of the Board
BRC Vice-Chairperson:
John Arthur Hollows,
Non-executive Independent Director of the
Board
BRC Members:
Cinzia Basile,
Non-Executive Independent Director of the Board
Burkhard Eckes,
Non-Executive Independent Director of the Board
Evangelos Kotsovinos
, Non-executive Independent Director of the
Board
It is noted that during 2025 no changes occurred in the composition of the Committee, as no such need arose.
6.3.2
BRC Meetings
The BRC meets at least ten (10) times per year
and the Chairperson updates the BoD members on the material matters
covered by
the Committee during the previous period (if any) at the quarterly meetings
of the BoD.
Apart from the BRC members, the
AC’s members may also attend BRC sessions
when common
issues are discussed (i.e.
on operational
risk matters, on IT security and
cyber risks). The Chairperson of the
BRC may also invite to the meetings other
executives of the Group
or external advisors or experts, as deemed appropriate.
6.3.3
Attendance to the BRC Meetings
During 2025, attendance details for the Board Risk
Committee were as
follows,
Company
Meetings
Average ratio of
Directors’ attendance
2025
2024
2025
2024
HoldCo
11
12
93%
95%
Bank
13
12
95%
95%
The Directors’ individual attendance rates at the BRC
meetings in 2025
were the following:
Name
Eurobank Holdings
BRC until 12
December 2025
Eurobank BRC
Eligible to attend
Attended in person
(# and %)
Eligible to
attend
Attended in
person
(# and %)
Rajeev Kakar,
BRC
Chairperson
11
11
100%
13
13
100%
John Arthur Hollows,
BRC Vice-Chairperson
11
11
100%
13
13
100%
Cinzia Basile,
BRC member
11
10
91%
13
12
92%
Burkhard Eckes,
BRC member
11
10
91%
13
12
92%
Evangelos Kotsovinos,
BRC member
11
9
82%
13
12
92%
It is noted that in 2025, Ms.
Cinzia Basile, Mr. Burkhard Eckes and Mr. Evangelos Kotsovinos provided representation proxies for their
missed meetings
in HoldCo/Bank’s
BRCs, leading
their overall
attendance rate
(physical and
under representation)
at 100%
in
HoldCo/Bank’s BRCs.
6.3.4
BRCs’ Performance Evaluation
The 2025self-evaluation conducted by the HoldCo/Bank BRCs indicates
that the Committee remains substantively strong, with high
levels of expertise, challenge and
regulatory alignment, while also
highlighting persistent pressures around
time management, agenda
density and balance of participation.
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The evaluation also highlighted
a clear set of
priorities centred on strengthening Group-wide
risk integration, enhancing
forward-
looking and
independent risk
judgement, improving
time management
and agenda
discipline, and
deepening coverage
of non-
financial and emerging
risks. The
feedback also places
strong emphasis
on regulatory credibility
and alignment
with supervisory
expectations.
6.3.5
BRCs’ Activity in 2025
The BRCs have, amongst
others:
Eurobank in 2025
●
Monitored Eurobank’s overall actual and future risk appetite and strategy, ensuring that all types of risks were aligned with
the institution’s business strategy,
objectives, corporate culture, and values.
●
Oversaw both qualitative and quantitative aspects of
credit, market, liquidity, and operational and non-inancial risks.
●
Reviewed Information and Communication Technology (ICT)
Risk and Security, including Cyber Security,
Physical Security,
and Fraud Detection.
●
Approved various regulatory and other reports, risk policies, and frameworks, including:
o
Liquidity Report.
o
Counterparty and Issuer Risk Report.
o
Interest Rate Risk
in the Banking Book / Credit Spread Risk in the Banking
Book.
o
Market Risk Developments Report.
o
Group Operational and Non-Financial Risk
Report.
o
Asset Quality Monthly and Quarterly Update.
o
Impairment Results: Quarterly Update.
o
New Disbursements Performance Report.
o
Forbearance Report.
o
Quarterly NPE & Early Remedial
update.
o
Quarterly Securitizations Performance Update Report.
o
Risk Appetite Dashboard.
o
Bank’s Macro Hedging Strategy
Updates.
o
BCBS239 Project implementation progress
update
o
CIB international expansion strategy
o
OSI findings updates (Postbank for Credit Counterparty)
o
CHF loans update
o
SREP 2025 update
o
Country limits
o
IFRS9 risk parameters
update and models validation report
o
Varius Policies
reviews incl.,
Sensitive Borrowers
Policy,
Related parties
credit approval
policy,
CPMs, Market
and
Counterparty Risk Policy, Liquidity Risk Policy, IRRBB
& CSRRB, write
off policy, Country limits framework etc.
o
International Subsidiaries Monitoring, including
key risk indicators, the BRC Chairman’s Annual Activity Report, and
the
approval of BRC Chairs appointed during 2024.
●
BRC meetings where
AC members were also
invited, discussing and approving the following issues:
o
Resolvability Progress Report.
o
Corporate Sustainability Report Directive (CSRD)
program implementation
o
Climate and Environmental
Risk issues incl. Collateral
Valuation Policy enhancements
to incorporate CR&E
aspects,
climate
and
Environmental
Risks Dashboard,
Semiannual update
of
responsible BoD
person,
Climate
related
&
Environmental Risks Materiality Assessment; Group Climate Risk Stress Test Framework; Omnibus key implications for
the Bank
o
Quarterly Outsourcing report
o
Quarterly Group Operational and Non-Financial Risk Report
o
Group top 10 NFR annual risk review,
semiannual actions update
o
ICT & Security Risk Management framework
and regular updates
o
OSI Low Start Deep dive, Low Start
portfolio updates and FRC model review
o
EBA Guidelines on management
of ESG Risks
progress updates
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6
o
GDPR status updates
o
Notification for breaches of Risk
Appetite Statements (RAS)
thresholds
o
MREL plan
o
Various Accounting Policies (e.g.
Classification & Measurement of
financial assets)
o
Risk Culture Policy
Eurobank Holdings (for the period from 1.1.2025 until
12.12.2025)
●
Monitored the Group’s overall actual and future risk appetite and strategy,
ensuring alignment with the business strategy,
objectives, corporate culture, and values of the Group, while considering all types of risks.
●
Approved various regulatory and risk-related reports, policies, and frameworks,
including:
o
Internal Capital & Liquidity Adequacy Assessment Processes (ICAAP/ILAAP)
o
Capital Adequacy Statements (CAS)
and Liquidity Adequacy Statements (LAS)
o
Risk Identification and Materiality Process
(RIMA) Report
o
Group Recovery Plan
●
Approved the Group Chief Risk Officer (GCRO)
Annual Report.
●
Approved the Group Risk and Capital Strategy, the Risk Appetite Framework (RAF), and the
Risk Appetite Statements (RAS),
including the RAS dashboard.
6.4
Remuneration Committee
The Bank’s Boards has delegated to RemCo the
responsibilities (a) to provide specialized and independent
advice for matters relating
to remuneration policy and its implementation at Bank Group level and for the incentives created while managing
risks, capital and
liquidity, (b) to safeguard the proper
exercise of its duties and
responsibilities, the efficient alignment of
the personnel’s remuneration
with the risks the Bank undertakes and manages and the
required alignment between the Bank and the Group,
and (c) to approve or
propose for approval all exposures of Key Management Personnel
and their relatives (spouses, children,
siblings). The Non-Executive
Directors
of
Bank
have
the
responsibility
to
approve
and
periodically
review
Bank’s
remuneration
policy
and
oversee
its
implementation both at Bank and Group level.
The implementation of the Bank remuneration policy is in line with the
provisions of Law 4261/2014 and Bank of Greece Executive
Committee’s Act 231/2024.
The Bank RemCo is also
responsible to:
●
determine the remuneration system
for the members of the Board
of Directors and the senior executives
and to make a
relevant recommendation on them to the Board of Directors, which decides on them or to make
recommendations to the
General Meeting, where required,
●
propose to the Non-Executive Directors of
the HoldCo/Bank’s BoD for their approval
the goals and objectives
relevant to the
Bank’s CEO remuneration and evaluate his/her
performance in light of these goals
and objectives,
●
guide and monitor the external remuneration
consultant (if hired) and ensure that it receives
appropriate reporting from
him/her. In addition, Bank RemCo ensures
that the external consultant is referred in the
Bank’s annual report of the year
hired and/or completed his/her work,
together with a statement of any
possible relationship between him/her and
the Bank
or with members of the Bank’s
Board individually.
The above responsibilities and duties also applied to HoldCo RemCo
until the date of the merger,
12 December 2025.
6.4.1
RemCo’s Membership/Composition
The Bank RemCo consists of four (4)
independent non-
executive Directors.
In the event that the Chairperson of the Bank’s Board is a member of the RemCo, she/he cannot participate in the determination of
his/her remuneration.
6
HoldCo/Bank RemCos’ Terms of Reference may be found at the HoldCo/Bank websites
(
www.eurobankholdings.gr
&
www.eurobank.gr
).
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The Bank RemCo’s composition is
outlined below:
RemCo Chairperson:
Cinzia Basile,
Non-executive Independent Director of the
Board
Members:
Alice Gregoriadi,
Non-Executive Independent Director of the Board
Irene Rouvitha Panou,
Non-Executive Independent Director of the Board
John Arthur Hollows,
Non-Executive Independent Director of the Board
Following Mr. Jawaid Mirza’s
resignation dated 18.06.2025 from the position of member of the Bank BoD and member of the Bank
BoD Committees he
served, effective as
of 27.06.2025 and
the Bank Nomination
& Corporate Governance
Committee’s relevant
recommendation, the Bank BoD of 27.06.2025 decided the Bank RemCo
to continue its operation with the remaining
independent
non-executive directors.
Throughout the period of its operation, until 12 December 2025, the composition of the HoldCo RemCo was identical to that of
the
Bank RemCo.
6.4.2
RemCo’s meetings
RemCo meet at least
twice a year.
6.4.3
Attendance to the RemCo meetings
During 2025 the attendance details for the Remuneration Committees
were as follows:
Company
Meetings
Average ratio of
Directors’ attendance
2025
2024
2025
2024
HoldCo
10
11
100%
100%
Bank
11
11
100%
100%
6.4.4
RemCo’s Performance Evaluation
The 2025
self-evaluation conducted
by
RemCos’ members
reflects a
clear
improvement in
overall
effectiveness. This
positive
development indicates
strengthened leadership,
improved meeting
discipline, and
more consistent
engagement by
Committee
members, while also
confirming that the RemCo has responded constructively to areas for
enhancement identified in the previous
year.
in addition
the evaluation
by non-members
highlighted heightened
expectations regarding
the Committee’s
visibility,
clarity of
outcomes and
communication to
the Board,
particularly in
the context
of ongoing
pressure on
remuneration competitiveness,
regulatory constraints and talent retention considerations.
6.4.5
RemCos' Activity in 2025
For 2025, RemCos have amongst
others:
Eurobank for 2025
●
Proposed to the Board of Directors (BoD) for approval the revised RemCo
Terms of Reference.
●
Received
the
Board and
Board
Committees evaluation
2024
outcome for
RemCo
and discussed
an action
plan and
suggestions for improvement.
●
Reviewed and proposed to the BoD and
the General Meeting for approval the Board of
Directors Remuneration Policy (post
merger).
●
Reviewed and proposed to the Non-Executive Directors for approval the Group Greece Annual Base
Salary Framework.
●
Reviewed and
proposed to
the
Non-Executive Directors
for approval
the
Variable
Remuneration
-
Key
Performance
Indicators (KPIs) & Key Risk Indicators
(KRIs) and the Group Variable
Remuneration Pool.
●
Reviewed and approved the Material Risk Takers’
List and the Remuneration Disclosures for
2024.
●
Discussed the remuneration policy implementation at both the Bank and Group levels.
●
Discussed the Remuneration Policy Review
– Follow-up (for the year
2024), conducted by the Internal Audit Group.
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●
Proposed to the Board and
Annual General Meeting (AGM)
for approval the Board and Board Committees’ Fees
for Non-
Executive Directors of the Bank (Actual Fees
2024 & Estimated Fees
2025).
●
Proposed to the Board and AGM for approval:
o
The distribution of net profits to senior management and employees.
o
Approvals in accordance with Article 86 of Law
4261/2014.
●
Proposed to the Non-Executive Directors of the
Bank for approval the CEO’s Performance Evaluation for 2024
and the CEO’s
Financial and Non-Financial
Objectives for2025.
●
Reviewed the implementation of
the Board and Board Committees’ Attendance Policy.
●
Discussed and further
submitted to the Board for
approval the implementation of the
Group Subsidiary Board
Remuneration
Policy across the Group.
●
Depending on the
case, approved or
proposed to the
Non-Executive Directors
for approval various
remuneration issues
related to subsidiaries.
●
Depending on the case, approved or proposed
to the Non-Executive Directors for approval various remuneration issues and
borrowing requests.
●
Received and reviewed the annual updates from the RemCo
Chairpersons of the Group’s banking subsidiaries.
●
Approved the appointment of a new RemCo Chairperson in Eurobank Bulgaria.
●
Discussed / received updates on various issues:
o
The Benefits and Business
Related Components Framework.
o
The Board Fees framework
o
Gender pay gap
●
Reviewed and proposed
to the
Non-Executive Directors
for approval Implementation
of the Group
Separation Policy at
Group level
●
Approved the engagement of a consulting firm for the Benchmarking Remuneration Exercise which aims to address critical
remuneration challenges, particularly those related to the
retention of key senior executives
and discussed the results of
this exercise.
●
Received dedicated training for the following
topics:
o
Evolving trends in Executive and Non-Executive remuneration
o
Regulatory Compliance in Executive Compensation
●
Discussed the Annual RemCo Plan for 2026.
Eurobank Holdings (for the period from 1.1.2025 until
12.12.2025)
●
Proposed to the Board of Directors (BoD) for approval the revised RemCo
Terms of Reference.
●
Received
the
Board and
Board
Committees evaluation
2024 outcome
for RemCo
and
discussed an
action plan
and
suggestions for improvement.
●
Reviewed and proposed to
the Board and
the Annual General Meeting
(AGM) for approval
the Remuneration Policy
for
Directors.
●
Reviewed and proposed to the Non-Executive Directors for approval the Group Greece Annual Base
Salary Framework.
●
Reviewed and
proposed to
the
Non-Executive Directors
for approval
the Variable
Remuneration -
Key
Performance
Indicators (KPIs) & Key Risk Indicators
(KRIs) and the Group Variable
Remuneration Pool.
●
Reviewed and approved the Material Risk Takers’
List and the Remuneration Disclosures for
2024.
●
Discussed the remuneration policy implementation at the Group level.
●
Discussed the Remuneration Policy Review
– Follow-up (2024), conducted by the Internal Audit Group.
●
Proposed to the Board
and AGM for approval
the Board and Board
Committees’ Fees
for Non-Executive Directors of
the
HoldCo (Actual Fees 2024 & Estimated
Fees 2025).
●
Proposed to the Board and AGM for approval the Remuneration Report for
the financial year 2024.
●
Proposed to the Board and AGM for approval:
o
The distribution of net profits to senior management and employees.
o
Approvals in accordance with Article 86 of Law
4261/2014.
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7
●
Proposed to the Non-Executive Directors for approval
the CEO’s Performance Evaluation for
2024 and the CEO’s Financial
and Non-Financial Objectives for 2025.
●
Reviewed and approved the Material Risk Takers’
List and the Remuneration Disclosures for
2024.
●
Reviewed the implementation of
the Board and Board Committees’ Attendance Policy.
●
Depending on the case, approved or proposed
to the Non-Executive Directors for approval various remuneration
issues and
borrowing requests.
●
Proposed to the Board for approval the Stock Option Plan 8 – 5th Series
●
Reviewed and proposed
to the
Non-Executive Directors
for approval Implementation
of the Group
Separation Policy at
Group level.
●
Approved the engagement of a consulting firm for the Benchmarking Remuneration Exercise which aims to address critical
remuneration challenges, particularly those related to the
retention of key senior executives
and discussed the results of
this exercise.
●
Received dedicated training for the following
topic:
o
Evolving trends in Executive and Non-Executive remuneration
6.5
Nomination and Corporate Governance Committee
Bank’s Board has delegated to the NomCo
the responsibilities (a) to lead the process for
Board and Board Committees appointments,
including the identification, nomination and recommendation of candidates
for appointment to the Board, (b) to consider
matters
related to the Board’s adequacy, efficiency
and effectiveness and (c) review the Group’s
corporate governance policies, procedures
and arrangements and recommend, where appropriate revisions for
the approval of the Board of Directors.
The NomCo, in carrying out its duties, is accountable to the Board.
In particular, among others, the NomCo is
responsible:
●
at least
annually and
in accordance
with Board
and Board
Committees Evaluation
Policy,
to assess
the structure, size,
composition and performance of the BoD and make recommendations to the BoD with regard
to the need for its renewal
and/or any other changes it considers appropriate,
●
at least annually and
in accordance with
Board and Board Committees
Evaluation Policy, to
assess the knowledge, skills,
experience and contribution of individual Board members and of the Board collectively and report to the BoD accordingly,
●
in the context of Board and Board Committees Evaluation Policy implementation, to determine the evaluation parameters
based on
best practices and
ensure the
effectiveness of
the evaluation of
the Board, the
individual evaluation of
Non-
Executive Directors, including
the Chair,
the succession plan
of the Chief
Executive and the
members of the
Board, the
targeted composition of the Board of Directors in relation
to the strategy and Board Nomination Policy,
●
to play a leading
role in the nomination process and the design of the
succession plan for the members of the Board
and
senior management,
●
to review at least
once every two years and recommend for the approval of the BoD the BoD Nomination Policy,
●
to ensure that the nomination process, as this
is defined in the BoD Nomination Policy,
is clearly defined and applied in a
transparent manner and in a way that ensures
its effectiveness,
●
to ensure that there is adequate, step-wise succession planning for Board members so as to maintain
an appropriate level
of continuity and organizational
memory at Board level, especially
when dealing with sudden or unexpected absences
or
departures of Board members,
●
to monitor the Board succession planning in
order to ensure the smooth succession of the
members of the Board with their
gradual replacement in order to avoid the lack of management,
●
to ensure that the succession framework takes into account the findings of the evaluation of the Board in order to achieve
the necessary changes in composition or skills and to maximise
the effectiveness and collective suitability
of the Board,
●
to review at least annually and always before the initiation
of the CEO succession process the
qualifications required for the
position of the CEO, to ensure that there is a
viable pool of internal and external
candidates and also to ensure that the CEO
is involved in
all the areas
of CEO Succession Plan,
including the assessment
of the nominees for his/her position,
as he
deems appropriate,
●
to ensure that the CEO is involved in the succession planning process of the senior
executives at the level of the CEO minus
one, including the assessment of nominees for
the said positions.
7
HoldCo/Bank NomCos’ Terms of Reference may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
&
www.eurobank.gr
).
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The above responsibilities and duties also applied to HoldCo NomCo until the date
of the merger, 12 December 2025.
As far as NomCos of subsidiaries are concerned,
the Eurobank NomCo cannot
replace them, nor did the HoldCo NomCo
replace them
during the period
of its
operation. However,
the Eurobank NomCo
has the
overall responsibility to
oversee that the
NomCos of
subsidiaries comply with its
standards, modus operandi and governance framework.
6.5.1
NomCo Membership/Composition
The Bank NomCo
consists of four (4) non-executive Directors,
three (3) of whom are
independent Directors, including
the Chairperson
who may not serve as the Chairperson of the Remuneration Committee.
Throughout the period of its operation, until 12 December 2025, the composition of the HoldCo NomCo was identical to that of the
Bank NomCo.
The NomCo composition is outlined below:
NomCo Chairperson:
Irene Rouvitha Panou,
Non-Executive Independent Director of the Board
Members:
George Zanias,
Non-Executive Director of the Board
Rajeev Kakar,
Non-Executive Independent Director of the Board
Burkhard Eckes,
Non-Executive Independent Director of the Board
Following Mr. Jawaid Mirza’s
resignation dated 18.06.2025 from the position of member of the Bank BoD and member of the Bank
BoD Committees he
served, effective as
of 27.06.2025 and
the Bank Nomination
& Corporate Governance
Committee’s relevant
recommendation, the Bank BoD of 27.06.2025 decided the Bank NomCo to continue its
operation with the remaining independent
non-executive directors.
Throughout the period of its operation, until 12 December 2025, the composition of the HoldCo NomCo was identical to that of the
Bank NomCo.
6.5.2
NomCo Meetings
NomCo meets at least
twice a year.
6.5.3
Attendance to the NomCo meetings
During 2025
the attendance details for the NomCo were
as follows:
Company
Meetings
Average ratio of Directors’
attendance
2025
2024
2025
2024
HoldCo
10
10
95%
98%
Bank
11
10
95%
98%
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Directors’ individual attendance rates at the NomCo meetings
in 2025
were the following:
Name
Eurobank Holdings
NomCo until 12
December 2025
Eurobank NomCo
Eligible to
attend
Attended in person
(# and %)
Eligible to
attend
Attended in
person
(# and %)
Irene Rouvitha Panou, NomCo
Chairperson
10
10
100%
11
11
100%
George Zanias, NomCo member
10
9
90%
11
10
91%
Jawaid Mirza, NomCo member
until 27.6.2025
6
6
100%
6
6
100%
Rajeev Kakar
10
10
100%
11
11
100%
Burkhard Eckes, NomCo member
10
9
90%
11
10
91%
Irene Rouvitha Panou, NomCo
Chairperson
10
10
100%
11
11
100%
It is noted
that in
2025, Mr. George
Zanias and Mr.
Burkhard Eckes provided representation
proxies for
their missed meetings
in
Bank/HoldCo’s NomCos, leading their overall attendance
rate (physical and under
representation) at 100% in Bank/
HoldCo’s NomCos.
6.5.4
NomCos’ Performance Evaluation
The 2025 self-evaluation conducted by
the NomCos indicates excellent
preparation, structured agenda management,
high-quality
participation
and
a
well-balanced composition,
confirming
the
Committee’s
effectiveness
in
addressing
its
mandate
across
nomination, succession and
governance matters. Leadership is also assessed positively, confirming effective and
constructive chairing
and a solid governance tone.
The evaluation also highlighted
opportunities for further enhancement. Areas
requiring ongoing focus
included a forward-looking
agenda focused on Board and Senior Management succession planning, structured skills mapping, diversity and inclusion priorities,
and the continued strengthening of Group-wide governance alignment, including across
international subsidiaries.
6.5.5
NomCos’ Activity in 2025
NomCos have amongst others:
Eurobank for 2025
●
Proposed to the Board of Directors (BoD) for approval the revised NomCo Terms
of Reference.
●
Reviewed the
Board and Board
Committees' 2024
self-evaluation and the
Board’s overall
effectiveness assessment
for
further update to the Board. Additionally, reviewed and acknowledged the Action Plan for the BoD Evaluation 2024.
●
Reviewed and
proposed to
the BoD
for
approval the
assessment of
the Corporate
Governance System
(L.4706/2020
requirement)
●
Received update on the annual Performance Evaluation and the semi-annual
Feedback Process for Key Function Holders.
●
Discussed, approved and/or proposed to the
Board for approval (depending on the
case) the Board nomination process, the
composition of the Board Committees and other Board and Board Committees’
matters.
●
Reviewed and proposed to the Board for approval various governance and nomination policies, including:
o
CEO Succession Planning Policy.
o
Board of Directors Diversity Policy.
o
Key Function Holders Selection and Appointment Policy.
o
Group Governance Policy.
o
External Engagements Policy.
o
Board and Board Committees Evaluation
Policy.
o
C-Level Succession Planning Policy.
o
Senior Management Selection and Appointment Policy.
o
Board Nomination Policy – that was
also proposed to the General Meeting for approval.
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●
Received update on the organizational chart of Eurobank.
●
Proposed to the Board for approval the Internal Governance Control Manual.
●
Received quarterly updates on governance-related issues.
●
Discussed various governance-related issues, including:
o
The new Law 5178/2025 on Board Gender Diversity and its implementation.
o
Action plan for strengthening ESG ratings
o
Compliance Risk Assessment
(CRA) related to the Corporate Governance Framework.
o
Annual implementation report of the Group Governance Policy by Eurobank’s banking subsidiaries and the
Review of
Group Governance Policy Implementation by Group Internal Audit (Assurance Assignment).
●
Discussed and/or approved various issues regarding significant subsidiaries, including the selection of candidates as Board
members of the
Group’s significant
subsidiaries and the Hellenic
Bank BoD following
the completion of
the Transfer
of
Business from Eurobank Cyprus to Hellenic Bank.
●
Received and reviewed the annual
updates from the NomCo Chairpersons
of the Group’s banking subsidiaries and approved
the NomCo Chairperson in Eurobank Private Bank Luxembourg.
●
Reviewed, discussed, and approved (depending on the case) various succession planning issues,
including:
o
CEO Succession Plan.
o
Roadmap for 2025 NomCo's oversight of
the C-Level succession planning process and gender diversity.
o
The C-Level Succession Planning Assessment
Criteria.
o
The Criteria for identifying emergency/interim
successors and
process for activating emergency succession.
o
2025 C-Level Succession Planning:
SPC members & Key Function Holders.
●
Approved
●
of Directors at the Board and its Committees.
●
Discussed the external engagements
for Board members.
●
Reviewed the independence of the Independent Non-Executive Directors.
●
Reviewed the attendance gender Diversity in Executive & Senior Management:
forward-looking initiatives.
●
Reviewed the Terms of Reference of the Board Digital and
Transformation Committee (BDTCo) to ensure alignment with the
corporate governance framework, prior to submission to the BoD for approval (by the BDTCo)
●
Discussed the NomCo Annual Plan for 2026.
Eurobank Holdings (for the period from 1.1.2025 until
12.12.2025)
●
Proposed to the Board of Directors (BoD) for approval the revised NomCo Terms
of Reference.
●
Reviewed the
Board and Board
Committees' 2024
self-evaluation and the
Board’s overall
effectiveness assessment
for
further update to the Board. Additionally, reviewed and acknowledged the Action Plan for the BoD Evaluation 2024.
●
Reviewed and
proposed to
the BoD
for
approval the
assessment of
the Corporate
Governance System
(L.4706/2020
requirement)
●
Received update on the annual Performance Evaluation and the semi-annual
Feedback Process for Key Function Holders
●
Discussed, approved and/or proposed to the Board for
approval (depending on the case) the Board nomination process
the
new composition of the Board Committees and other Board and Board Committees’
matters.
●
Reviewed and proposed to the Board for approval various governance and nomination policies, including:
o
CEO Succession Planning Policy.
o
Board of Directors Diversity Policy.
o
Key Function Holders Selection and Appointment Policy.
●
Received an update on the HoldCo Group Organizational Chart.
●
Reviewed and proposed to the Audit Committee and the Board for approval the 2024 Corporate Governance Statement.
●
Received quarterly updates on governance-related audit issues.
●
Discussed various governance-related issues, including:
o
The new Law 5178/2025 on Board Gender Diversity and its implementation.
o
Action plan for strengthening ESG ratings
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8
●
Reviewed, discussed, and approved (depending on the case) various succession planning issues,
including:
o
CEO Succession Plan.
o
Roadmap for 2025 NomCo's oversight of
the C-Level succession planning process and gender diversity
o
C-Level Succession Planning Assessment
Criteria.
o
Criteria for identifying emergency/interim
successors and process for activating emergency
succession
o
2025 C-Level Succession Planning: SPC members & Key Function Holders.
●
Approved external engagements for
Board members.
●
Reviewed the independence of the Independent Non-Executive Directors.
●
Reviewed the attendance of Directors at
the Board and Board Committees.
6.5.6
Senior Management Diversity
The Bank, as a major employer of
women, is committed
to fostering an inclusive employment framework and culture that enables
women
to
thrive. Eurobank
provides
supportive working
arrangements,
robust
learning and
development
opportunities, and
equitable career pathways to empower
women to excel in senior management
roles.
To advance this
commitment, the Bank
is implementing a
series of targeted strategic
initiatives and has taken significant
steps to
enhance gender diversity, strengthen leadership pipelines, and support the professional growth of
women executives:
•
C-Level Succession Planning: A key initiative is the annual C-Level Succession Planning exercise, which aims to improve the
underrepresented gender ratio in the successors’
pool. In the 2025 succession planning exercise,
30% of the total C-Level
successors’
pool were women, demonstrating a
strong commitment to gender diversity at senior
levels.
•
Participation in “The Boardroom” initiative: The
Bank actively participates in initiatives such as "The Boardroom"
in Greece,
which supports
senior female
leaders aspiring
to become
Board members
in major
organizations. By
sponsoring such
initiatives, the Bank encourages employees
and clients to pursue leadership roles.
•
Women in Banking (WiB) programme: The Bank has successfully
completed the third
season of the Women in
Banking (WiB)
programme, following
the strong momentum of the
previous cycles. WiB
is an Accelerating Talent
initiative designed to
empower women across Eurobank,
supporting their progression into
higher leadership roles, driving
transformative change,
and promoting an inclusive and equitable work environment. The collaboration among participants from all three seasons,
together with the
involvement of 200
mentors and
mentees, has created
a vibrant and growing
WiB Community within
Eurobank.
•
C-1 Succession Planning Review: In 2025, the Bank completed
the first review of C-1
succession planning, complementing
the existing C-Level succession framework.
Notably, 38% of the total C-1
successor pool were women, demonstrating the
strong potential for
further enhancement and support of the Bank’s female senior talent
pipeline.
•
DE&I Awareness Training: As part of the Bank’s
ESG Strategy, a DE&I awareness
training programme for all managers was
completed in 2025 to reinforce inclusivity.
6.6
Board Digital & Transformation Committee
The Bank’s
Board Digital
& Transformation
Committee (BDTC)
operates as a
non-regulatory,
consultative forum,
supporting the
Board’s engagement
on digital and
transformation matters
from a
strategic perspective.
The BDTC,
in carrying out
its duties,
is
accountable to the Bank Board.
8
Bank BDTC Terms of Reference may be found at the
Bank websites (
www.eurobank.gr
).
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6.6.1
BDTC Membership / Chairmanship
The BDTC consists
of five (5)
Directors of whom one
(1) executive and (4)
independent non-executives.
The BDTC composition is
outlined below:
BDTC Chairperson:
Alice Gregoriadi,
Non-Executive Independent Director of the Board
Members:
Cinzia Basile,
Non-Executive Independent Director of the Board
John Arthur Hollows,
Non-Executive Independent Director of the Board
Evangelos Kotsovinos,
Non-Executive Independent Director of the Board
Stavros Ioannou,
Executive Director of the Board
It is noted that during 2025 no changes occurred in the composition of the Committee, as no such need arose.
6.6.2
BDTC Meetings
BDTC meets at least
twice a year and as
The Committee meets at
least twice a
year and as often as
required. It is noted that
the
annually held Strategy Away Day is
also a forum in which relevant
digital and transformation
strategic matters
may be discussed.
6.6.3
BDTC Attendance Rate
During 2025, BDTC held thee (3) meetings and the ratio of attendance
was 87% (vs. four (4) meetings with ratio of attendance
was
100% in 2024).
The Directors’ individual attendance rates at the BDTC
meetings in 2025 were the following:
Name
Eurobank ‘s BDTC
Eligible to
attend
Attended in person
(# and %)
Alice Gregoriadi,
BDTC Chairperson
3
3
100%
John Arthur Hollows,
BDTC member
3
2
67%
Cinzia Basile,
BDTC member
3
3
100%
Evangelos Kotsovinos,
BDTC member
3
3
100%
Stavros Ioannou,
BDTC member
3
2
67%
It is noted that in 2025, Mr. John Arthur Hollows and Mr. Stavros Ioannou provided representation proxies for their missed meetings
in Bank’s BDTCo, leading
their overall attendance rate (physical
and under representation) at 100% in Bank’s BDTCo.
6.6.4
BDTC Performance Evaluation
The 2025 evaluation of the BDTC highlights opportunities to enhance its effectiveness.
While the Committee has provided valuable
insights, feedback
suggests
a need
for more
outcome-driven discussions
and a
stronger focus
on high-impact
initiatives. Non-
committee members
emphasized to
align expectations
regarding strategic
relevance and
visible impact at
Board level
with the
outcomes currently perceived.
BDTCo members marked a material improvement in 2025 (vs.
2024), reflecting tangible progress in leadership effectiveness, meeting
structure, agenda discipline and mandate coverage. Members recognised that actions taken during the year have strengthened the
Committee’s internal functioning and its
ability to engage constructively on digital and transformation
topics.
6.6.5
BDTC’s Activity in 2025
In 2025, the BDTC reviewed the Board and Board Committees evaluation 2024 outcome for BDTC
and discussed on action plan and
suggestions for improvement. The Committee
also proposed its Terms
of Reference (ToR)
for Board approval.
Throughout the year, the Committee reviewed updates
on:
●
the Eurobank 2030 Transformation Plan and Digital
metrics
●
the global digital banking study Digital
Banking Maturity 2024 and the Digital Banking Benchmarking
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●
the Journey to Cloud and Data Transformation
●
the Sustainability and alignment
with Transformation
●
the Core Banking System in Eurobank and Luxembourg and the Cyprus Operational Merger Plan and Status
●
the Digital Leader Strategy
●
the Embedded Banking
7
Management Committees
At the Bank level, the CEO establishes committees as needed to assist in fulfilling his duties and responsibilities. The
most significant
committees include the Executive Board, the Strategic Planning Committee, the Management Risk Committee, the Group Asset and
Liability Committee, the Central Credit
Committees (I & II),
the Troubled Assets
Committee, the Products and Services Committee
(PSC), and the Sustainability Management
Committee (SMC).
At the HoldCo level, however, the CEO had not
established committees, as there was neither a regulatory
requirement nor a business
necessity.
7.1
Management Committees’ Policy
The Bank has implemented the Management Committees’ Policy, which defines the
framework and general principles governing the
establishment, dissolution,
and operation
of a
Management Committee
(MCo). This
policy aligns
with
international corporate
governance best practices and
regulatory requirements, where applicable.
It also establishes
the minimum requirements for each
MCo’s Terms of
Reference (ToR).
According to the Management Committees’ Policy:
●
The establishment
of each MCo
is formally
announced through a
Management Act, which
clearly defines the
purpose,
composition, and Chairperson of the Committee. This Management Act is signed by the CEO and, where applicable, by the
responsible Deputy CEO or General Manager.
●
The MCo’s ToR are approved by the CEO and define, among other aspects, the modus operandi, including the frequency of
meetings, quorum requirements, and decision-making process. The
ToR are reviewed regularly and revised as needed, with
any updates also requiring the CEO’s approval.
●
Individuals who are not MCo members or the MCo Secretary—such as Board members, Bank or Group
subsidiary officers,
or external auditors/consultants—may be invited
to attend all or part of an MCo meeting,
depending on the topics under
discussion. These individuals do not have voting rights, and their attendance is determined by the MCo Chairperson.
●
The MCo Secretary, appointed when the MCo is established and
stated in the Management Act, supports the Chairperson
in ensuring the
effective operation
of the MCo.
The Secretary’s
responsibilities include maintaining
an annual meeting
calendar,
coordinating logistics,
recording attendance,
ensuring quorum
requirements are
met, documenting
meeting
minutes and resolutions, and issuing extracts of decisions. Additionally, the Secretary notifies responsible managers about
relevant discussions or actions required.
●
Each MCo is required
to define evaluation criteria based on
its ToR and to assess its performance annually. If the
Chairperson
identifies concerns related to the scope or functioning of the MCo, an earlier evaluation may
be conducted.
●
The CEO
has
the discretion
to dissolve
an MCo
at
any time,
with
the dissolution
formally communicated
through a
Management Act.
7.2
Executive Board (ExBo)
7.2.1
CVs of ExBo members (other than BoD members)
The composition of
the Executive
Board (ExBo), excluding
the Executive
Members of
the Board of
Directors who are
also ExBo
members, is summarized
below. The CVs of
Mr. F.
Karavias (CEO), Mr. S.
Ioannou (Deputy CEO), and Mr. K. Vassiliou
(Deputy CEO)
are presented in the Board of Directors section. Short biographical details of the remaining ExBo members are provided below
(
the
CVs
of the
ExBo members
may
be found
at
the
Bank website
https://www.eurobank.gr/en/group/about-eurobank/corporate-
governance/committees-formed-by-the-ceo/executive-committee
).
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Thanasis Athanasopoulos-General Manager Group Compliance, Group
Chief Compliance Officer
-
Year of birth: 1973
-
Nationality: Hellenic
-
Number of shares in Eurobank : 453,358
He is also a Member of the Executive Committee of
Hellenic Bank Association. In the past, Mr. Athanasopoulos has
served as Chief
Audit Executive of the Alpha Bank Group and Vice President - Audit &
Risk Review of
the Mellon Financial Corporation.
He holds a BSc, Business Administration from the Athens University of Economics and Business, a MSc, Banking from the University
of Reading, a MSc, Economic History from
the London School of Economics and he is certified as a Fellow
Chartered Accountant of
ICAEW, as
a Fellow of the International
Compliance Association and a Certified Director (IDP) by INSEAD.
Iakovos Giannaklis-Deputy Chief Executive Officer,
Head of Retail & Digital Banking
of Eurobank SA
-
Year of birth: 1971
-
Nationality: Hellenic
-
Number of shares in Eurobank: 319,606
He is also the Vice-Chairman in the Board of Directors of Worldline Merchant Acquiring Greece S.A. In the past, Mr.
Giannaklis held
BoD positions in
the following entities
of Eurobank Group:
Eurobank FPS Loans
and Credits Claim
Management SA
(2018-2019),
Eurobank Household Lending
Services SA (2016-2018),
Eurobank Asset Management
MFMC (2014-2017)
and Eurobank Business
Services (2009-2017). He also
held the following posts in Eurobank:
Head of Retail
Banking General Division (2016-2023),
Head of
Branch Network General Division
(2014-2016), Head of Branch Network Commercial Development
Sector (2014), and Head of
Branch
Network Sector (2009-2014).
He has also
been a
member of the
BoDs of
Eurolife FFH
Group Holdings, General
Insurance and
Life Insurance (2021-2023).
Mr
Giannaklis also served
as Group Deputy
General Manager,
Retail and Digital,
Growth and Transformation
in Bank Muscat,
Oman
(2023)
He holds an MBA from the University
of Indianapolis, USA and a BA
in Business Administration, from the City University of
Seattle,
USA.
Eleftherios Economides - General Manager Group Risk Management, Group Chief Risk Officer (Group CRO), Eurobank SA
-
Year of birth: 1971
-
Nationality: Hellenic
-
Number of shares in Eurobank: 67,697
In the past, Mr.
Economides has served within the
Eurobank Group as General
Manager, Group Chief
Credit Officer (2016- March
2025), Head of Corporate Special
Handling Sector (2013-2016), Head
of Global Corporate Clients International (2008-2013), Senior
Manager of Debt Capital Markets,
EFG Telesis Finance (2003-2008) and Wholesale Credit Audit Manager, Internal
Audit Group (2000-
2003). In the past, Mr. Economides worked in
Telesis Investment Bank in the position
of Large Corporate Account Officer (1998-2000)
and in Price Waterhouse Coopers as Auditor/Consultant, (1996-1998).
He holds an MBA in International Banking and Finance from the University
of Birmingham, a Degree in Business Administration from
the University of Macedonia, and he is a Fellow
member of the Association of Chartered Certified Accountants (FCCA).
Tasos Ioannidis-General Manager Markets, Eurobank SA
-
Year of birth: 1968
-
Nationality: Hellenic
-
Number of shares in Eurobank Holdings: 322,833
In the past Mr.
Ioannidis has served as General
Manager, Head of
Markets & Asset Management (July
2019 - June 2024), General
Manager, Head of Global Markets & Treasury (April 2015 - July 2019), Deputy General Manager, Head of Global Markets & Treasury
(October 2013 -
March 2015), Deputy
General Manager,
Group Treasurer (April
2009 - October
2013), Deputy General
Manager,
Group Head of Trading (March 2007 - April 2009).
He has also served Member of
the BoD, ERB Hellas PLC (August 2006 - June 2022),
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Member of the
BoD, ERB
Hellas Ltd
(Cayman Islands)
(August 2006
- December 2022),
as Member
of the BoD,
Eurobank Asset
Management MFMC (May 2015 -
September 2017), Chairman of the BoD,
Eurobank ERB MFMC, former TT ELTA
MFMC (February
2014 - September 2015),
Member of the BoD, Global Asset Management SA (June 2006 - December
2009), and Member of the BoD,
Portfolio Investment SA (June 2002 -
April 2003).
He holds a MSc in Shipping, Trade and Finance from Cass Business School, London, UK and a BSc, School of Mechanical Engineering
from the National Technical
University of Athens.
Apostolos Kazakos-General Manager,
Group Strategy, Eurobank SA
-
Year of birth: 1972
-
Nationality: Hellenic
-
Number of shares in Eurobank: 167,041
He serves also as
a Non-Executive Director at doValue Greece
Loans and Credits Claim Management Société
Anonyme.
Mr. Kazakos has
held several senior positions including Senior Executive and Head of
Investment Banking at Eurobank Equities and
Telesis
Bank (1998–2010), CEO of Eurobank Telesis
Finance, Deputy CEO of Eurobank Equities
(2010–2013), General Manager and
Head
of Investment Banking, Restructuring & Capital Investment
at General Bank, Piraeus Group (2013–2014), and Assistant General
Manager, Head of
Group Strategy & Investor Relations
at National Bank of Greece
(2014–2015).
He earned an MSc
in International Securities, Investment and
Banking from the University of
Reading (ISMA Centre), UK, and a degree
in Accounting from the International University of Greece.
Harris Kokologiannis-General Manager, Group Finance, Group Chief Financial Officer (Group CFO), Eurobank SA
-
Year of birth: 1967
-
Nationality: Hellenic
-
Number of shares in Eurobank: 180,940
Mr. Kokologiannis joined Eurobank in January 2008 as Head of Group Finance
and Control until his appointment as Group CFO
in July
2013.
He has served as
Audit Supervisor, Deloitte (Tax,
Audit, Management Consultant), Group CFO (Lafarge
Cement - Heracles
General
Cement Company), Director of Finance and Control (L’Oreal Hellas),
Group Financial Manager (PLIAS
Group).
He is a Chartered Accountant in UK, member of the Chartered Institute of Management Accountant (C.I.M.A.),
UK. He holds an MBA
from the University of Warwick (UK) and a BA in
Business Management and Organization from the School
of Economics and Business
Science (ASOEE).
Michalis Louis-Chief Executive Officer
(CEO) &
Executive Board Member
of Hellenic Bank
Public Company Limited &
Executive
Committee Member of Eurobank S.A.
-
Year of birth: 1962
-
Nationality: Cypriot
-
Number of shares in Eurobank: 435,648
Mr. Louis has also served as Head of International Activities General Division
(2014-2024) & Group Private Banking (2019-2024), CEO
of Eurobank Cyprus Ltd (2007-2024), Member of the BoD of Eurobank Private Bank Luxembourg SA (2014-2024) and Member of the
Supervisory Board (SB) of Eurobank Bulgaria AD (2015-2024).
Additionally, he
was a Member of
various Committees within
Eurobank Group and
served on the Boards
of multiple subsidiaries
abroad owned by Eurobank Group.
Earlier in his career,
he held Senior Managerial roles
at Laiki Bank of Cyprus and at an HSBC
subsidiary in New York, specializing
in
Corporate Finance.
He holds a B.A in Accounting Studies from Ealing College, London, and an M.Sc. in Corporate Finance & Accounting from the London
School of Economics.
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Natassa Paschali-General Manager,
Group Human Resources General Division, (Group CHRO), Eurobank SA
-
Year of birth: 1972
-
Nationality: Greek
-
Number of shares in Eurobank: 145,643
Mrs. Paschali is the Group
Chief Resources Officer (Group
CHRO), since June 2018.In the past
she has served within
the Eurobank
Group as
Head of People
Engagement (January
2017 –
June 2018), Head
of HR,
Eurobank Private Bank
Luxembourg SA (parallel
assignment), Luxembourg (May 2014
– May 2017), Head of HR
Line Management, Wholesale Banking
(2008-2016).
She
also
held positions in
Citigroup-
Citibank International Plc as Head of
HR – Vice President, Global Corporate
and Investment Banking Group,
(July 2006 – June 2008) and Head of Training & Development – Assistant Vice President, Consumer Banking Group, (February
2004 –
July 2006).
She holds a MSc
in Industrial Relations and Personnel Management from the
London School of
Economics and Political Science (1995-
1996) and a BA in English
Language and Literature from the University
of Athens, School of Philosophy (1991-1995).
Ioannis Serafeimidis-General Manager, Retail
Banking Strategy & Growth, Chief Retail Growth Officer, Eurobank SA
-
Year of birth: 1973
-
Nationality: Hellenic
-
Number of shares in Eurobank:
329,090
Mr Serafeimidis is also a Non-Executive member of the BoDs in, Eurolife FFH Insurance Group Holdings SA (since July 2023), Eurolife
FFH Life
Insurance SA (since July 2023) and Eurolife
FFH General
Insurance SA (since July 2023).
In the past Mr. Serafeimidis has served as Head of Retail Banking Channels, General Manager
(2023-2024), Head of Branch Network,
General Manager (2019-2023), Executive Director
and Head of Retail Banking, Postbank, Sofia (2014-2019), Head of Branch
Network,
Postbank, Sofia (2011-2014),
Senior Executive Manager and Head
of Small Business
Banking, Bancpost, Bucharest (2008-2011), as
well as other significant posts in
Eurobank’s Branch Network, which
he joined in
2002 after a 4 year
incumbency in
KPMG Management
Consulting in Athens.
He holds an MSc in International
Relations from London School of
Economics (UK) and a BSc in
Economics from the University College
London (UK).
7.2.2
ExBo Permanent Attendees
Additional permanent attendees without voting rights may include pivotal roles subject
to the CEO's discretion. Such roles include,
among others, the role of the Group Chief Audit Executive.
Spyridon Zarkos-Group Chief Audit Executive
-
Year of birth: 1967
-
Nationality: Hellenic
-
Number of shares in Eurobank: 210,923
Mr. Spyros G. Zarkos
is Eurobank’s Group Chief Audit Executive since May 2024.
Prior to joining Eurobank, Mr. Zarkos
has inter alia served as an external financial sector expert on risk
-based supervision and crisis
management for the IMF,
as Head of Supervision and Resolution at
the EBA, as Director of
Banking Supervision and as Director of
Private Insurance Supervision at the Bank of Greece, as Deputy and Group Chief Risk Officer in Geniki Bank and as senior economist
& macro-econometrician at the National
Bank of Greece.
Mr. Zarkos
holds a BA, MA and PhD
in Economics, with specialization
in the fields of monetary economics, international trade
and
finance, econometrics. His early research interests were in
the area of computational econometrics and macro-econometrics. He
has
taught at undergraduate and graduate level in
the US and in Greece.
7.2.3
ExBo Secretary
Mrs. Veronique Karalis,
Deputy Group Company Secretary, serves as
the Secretary of the ExBo and reports
to the Group Company
Secretariat.
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9
7.2.4
ExBo Operations and Responsibilities
The ExBo manages the implementation
of Group’s strategy in
line with the Board’s
guidance.
The ExBo meets on a weekly basis
or ad hoc when necessary.
The ExBo achieves quorum when: 1. At least half its
members plus one (fractions are excluded from the computation)
are present,
with a minimum of three members in
attendance. 2. Either the Chairperson
or the longest-serving Deputy CEO
(if chairing) is present.
Decisions are passed by
majority vote. In the event
of a tie, the Chairperson has
the casting vote; if absent,
the longest-serving Deputy
CEO has this authority.
The ExBo’s key tasks and responsibilities
are to:
●
manage the implementation
of the Group’s strategy,
in line with the BoD’s guidance
●
draw up the annual budget and the business plan
●
approve issues concerning the Group’s
strategic choices (e.g.
partnerships, share capital increase,
issuing convertibles and/or
launching debt issuance programs, mergers, acquisitions or disposals, the
formation of joint ventures, creation or dissolution
of
special purpose vehicles, dividend
distribution and all
other investments or non-material
disinvestments
by the Group etc.),
ensuring these being in line
with the approved Group’s strategy, if the issue under discussion is less than or equal
to €40 million.
In case though:
a.
the issue under discussion exceeds € 40 million,
b.
a decision of the Board is obligatory by Law
or by the Bank’s contractual commitments,
c.
it is deemed necessary by the SPC, taking into account the complexity and nature of
the strategic choices under discussion,
the issues concerning the Group’s strategic choices are approved by the Board following a relevant proposal by the SPC (as
per its Terms
of Reference)
●
monitor the performance
of each business unit
and country against budget
and ensure corrective
measures are in place wherever
required
●
decide on
all major
Group’s
initiatives aiming
at
transforming the
business and operating
model, enhancing the
operating
efficiency and cost rationalization,
improving organizational and business structure
●
ensure that adequate systems of
internal controls are properly maintained
●
review and approve Bank’s Policies
and other
governance documents
that are related to its
responsibilities and/or are of critical
importance to the Bank,
●
review the performance of any Committee and /or individuals to whom it has
delegated part of its responsibilities, as approved
●
ensure adequacy of Resolution Planning governance, processes and systems
●
ensure adequacy of
Risk Data
Aggregation and Risk
Reporting (RDARR)
implementation programs processes,
remediation of
issues and progress monitoring.
●
hire and retain external consulting firms and approve their compensation and terms of
engagement in accordance with Bank’s
policies and procedures
●
hire and retain
investment banking advisors, and
approve their compensation
and terms of engagement,
in accordance with
Bank’s policies and procedures, where applicable
The 2025 self-assessment
confirmed the Executive Board’s consistently strong
performance across its profile and composition, the
effectiveness of its organization and administration, and the
execution of its key managerial and strategic responsibilities. The results
demonstrate
a
mature
governance
body
with
sustained
operational
discipline
and
strategic
focus. The
evaluation
identified
opportunities for further
enhancement, including continued
prioritization of
agenda focus, optimization
of supporting
materials,
strengthened monitoring of transformation initiatives,
and more structured oversight of delegated responsibilities.
7.3
Strategic Planning Committee
The primary
purpose of
the SPC
is to
support Management
in planning,
developing,
and implementing
the Group’s
strategy.
Additionally, the SPC is responsible for recommending
certain strategic initiatives
to the Board for consideration and approval.
9
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
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10
The key tasks and responsibilities of the SPC
are:
●
To ensure that the Group establishes a well-defined, planned medium-term strategy aligned with the Board’s guidance and
the approved business plan.
●
To review
the key
objectives and
goals within the
framework established
by the
Executive Board’s
annual budget
and
business plan, as well
as major business initiatives,
prior to their submission for Board approval.
●
To review, analyze, and deliberate on issues concerning
the Group’s strategic choices—such as strategic partnerships,
capital
increases, issuance
of convertible
or
debt
instruments, mergers/demergers,
acquisitions or
disposals, joint
ventures,
creation or dissolution of special
purpose vehicles, dividend distributions, and other major investments
or divestments—
ensuring alignment with the approved Group strategy.
The SPC will formulate
relevant proposals to the Board if:
a)
The matter under discussion exceeds €40 million,
while lower amounts are
approved by the Executive Board.
b)
A decision by the Board is required by law or by the Bank’s contractual
commitments.
c)
The SPC deems
Board consideration necessary
due to
the complexity or
nature of the
strategic choices
under
discussion.
●
To submit proposals to the Board for approval concerning the strategy and budget of the property portfolio, as outlined in
the Service Level Agreement between Eurobank and Grivalia Management
Company.
●
To submit proposals to the Board for approval concerning
the acquisition or disposal of
assets, excluding repossessed assets
(as defined in
the Service Level
Agreement between Eurobank
and Grivalia
Management Company), with
a book value
exceeding €10 million.
●
To submit proposals to the Board for approval regarding the disposal of repossessed assets, as defined in the Service Level
Agreement between Eurobank and Grivalia Management
Company, with a gross book value exceeding €20 million.
●
To maintain
and implement all
necessary measures for
regulatory and
internal capital management,
ensuring sufficient
coverage for all
risk types, including strategic,
reputational, and other non-quantifiable risks, to consistently meet
capital
requirements.
●
To review and assess
all major Group initiatives
aimed at transforming
the business and operating model.
●
To regularly monitor the Group's strategic
and key performance indicators, including a segmental
perspective.
●
To review and, when necessary, make recommendations to the Board on any other matters
of strategic significance to the
Group.
The SPC meets on a weekly basis
or ad hoc, when necessary.
The SPC
is in
quorum and
meets validly
when a)
half
of its
members plus
one are
present (fractions
are
excluded from
the
computation), provided that
at least three
members are
present and b)
SPC’s Chairperson or
the longest
serving Deputy CEO in
attendance, entitled to chair the Committee, is
present.
Decisions are passed by majority vote. In case of
a tie of votes, SPC’s Chairperson has the casting vote. If SPC’s
Chairperson is absent,
the longest serving Deputy CEO in attendance, entitled to chair the Committee, has
the casting vote.
The 2025 self-assessment confirmed the Strategic Planning Committee’s consistently strong performance across all core evaluation
areas, namely
its profile
and composition, the
effectiveness of
its organization
and administration,
and the
discharge of its
key
strategic tasks
and responsibilities.
The results
reflect a
well-balanced Committee
with effective
strategic
oversight and
sound
governance practices. The evaluation
also identified opportunities for
further enhancement, including continued strengthening
of
submission
discipline,
further
refinement
of
supporting
materials,
deeper
integration
of
forward-looking
capital
and
risk
considerations, and continued development of oversight over the Group’s real estate and property portfolio strategy.
7.4
Management Risk Committee
The main
responsibility of the
MRC is
to oversee the
risk management
framework of Eurobank
S.A. (“the
Bank”). As part
of its
responsibility, the MRC facilitates
reporting to the BRC on the range
of risk-related
topics under its purview. The
MRC proactively
supports the Group CRO to identify
material risks, in addition to those
identified independently by the Group CRO
and the Group Risk
Management General Division, and to promptly escalate them to the BRC and assists
the Group CRO in ensuring that the necessary
policies and procedures are in place to prudently manage risk and to comply with regulatory requirements.
10
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
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11
The MRC understands and evaluates risks, addresses issues, promotes
the implementation of risk policies
and informs the BRC of the
Group’s risk
profile. Furthermore, the
MRC assists
the BRC
in defining
risk management
principles and methodologies,
thereby
ensuring that the Group’s
risk management
framework contains processes for
identifying, measuring, monitoring, mitigating
and
reporting the current risk profile against its
risk appetite, limits and performance targets.
Specific responsibilities performed by the MRC are
relevant to the following areas:
●
Alignment of Business
Plan with Risk Appetite
●
Provisioning
●
Risk monitoring, reporting and remediation
●
Stress Testing
Programme
●
Regulatory required Stress Tests
(EBA / ECB)
●
Group ICAAP and ILAAP
●
Group Recovery Plan
●
Internal Model approval, results monitoring and reporting
●
BCBS 239 – Risk
Data Aggregation and Risk
Reporting (RDARR)
●
Resolution Planning
●
Reporting
●
Significant Risk
Transfer (SRT)
The 2025 self-assessment
confirmed the Management Risk Committee’s strong
performance across its composition and expertise,
the effectiveness of its organizational framework, and the execution of its
key risk oversight responsibilities. The results highlight the
Committee’s
solid governance
structure
and effective
contribution to
the Bank’s
risk management
framework. The
evaluation
identified
opportunities for
further
enhancement
in
areas
such
as
agenda
management,
meeting
efficiency
and
continued
reinforcement of timely submission
practices.
7.5
Group Asset and Liability Committee (G-ALCO)
G-ALCO’s primary mandate
is to:
a) formulate, propose, approve, implement and monitor
– as the case may be - the Group’s i) liquidity
position and risk profile and
its
funding strategies and policies ii) interest rate guidelines and interest rate risk profile and policies iii) Capital investments - as well as
FX exposure and
hedging - strategy
iv) Group’s business
initiatives and/or investments
that affect
the bank’s capital,
market and
liquidity risk profile. Further, to approve at a first stage,
and recommend to BRC for final approval the respective country limits
and
the relevant policy/methodology (special attention is given for
the approval/monitoring of the limits for countries where Eurobank
has a local presence).
b) approve or propose – as the
case may be - changes to
these policies that conform to the Bank’s risk
appetite and levels of exposure
as determined by the Board Risk Committee (and BoD as the
case may be) and Management, while complying with the framework
established by regulatory/supervisory authorities.
G- ALCO responsibility is to also review the overall liquidity positions and developments of the Group on a country-by-country level.
In this
context, international
subsidiaries’ ALCOs
should report
on
monthly basis
material country
developments and
decisions
(reflected in respective country ALCO minutes) to G-ALCO, based on
the above principles and their respective regulatory/supervisory
authorities’ instructions and guidelines.
The key tasks and responsibilities of G-ALCO
are the following:
Regarding the approval of general
policies and guidelines, compliance with regulatory requirements, review of activities/investments,
risks & exposures:
●
Formulate, propose and/or modify - as appropriate - guidelines and pricing policies for deposit and loan interest rates
for the Group, as well as
review and approve business proposals for pricing loans and deposits.
●
Regularly review, adapt/modify - as may be required
– and approve on
an annual basis (or ad-hoc
if needed) the Group’s
internal Funds Transfer Pricing (FTP) policies and FTP annual
budget/business plan guidelines, in order
to reflect current
market developments and business objectives. With regards to International Subsidiaries, local FTP policy is reviewed,
adapted/modified, approved by local ALCOs and presented
for approval/acknowledgement to G-ALCO
whenever it is
11
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
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deemed necessary.
●
Review International
subsidiaries’ Capital
investments, FX
exposures and
hedging strategies,
and approve
related
actions as may be required.
●
Review and approve the Market & Counterparty Risk policy
and the relevant KRIs and the RAS framework for
market
and counterparty risks before their submission to BRC/BoD.
●
Be informed of
the MREL
requirement and the
MREL issuance plan
following its approval
by the
BRC; review
and
approve individual MREL instruments’
wholesale issuance and related
costs in the context of the
approved plan and
MREL targets. Similar intra-group requirements by International Subsidiaries are separately assessed when they arise.
●
Approve the liquidity-related resolution deliverables prior to their submission to the SRB/NRA.
●
Approve the implementation of MREL and liquidity options within the context of
the Group’s Recovery Plan.
●
Review
ERB/Group material
market
risks
and
exposures
across
investment
portfolios
(AC,
FVOCI
etc)
and
risk
dimensions (e.g., interest rate risk, liquidity/currency
mismatch) as may be identified by Markets
& and/or GMCRS, and
recommend actions as may be required.
●
Approve Markets’ new trading & investment
activities for the bank’s own books (Trading,
FVOCI, AC).
●
Review on annual basis country exposures/limits and sovereign exposure/limits (as per Sovereign
Risk Policy); approve
new Country and/or
Sovereign limits
when proposed and modify
existing Country and/or
Sovereign limits
as/when
appropriate. Any
Country Limit increases
approved by
G-ALCO also
require BRC
approval. G-ALCO
should allocate
country limits
between exposures in
state bonds/treasury bills
and exposures
in credit facilities
to state controlled
entities.
●
Within
the context
of the
approved investment
framework for
corporate/FI
bond portfolio,
review the
relevant
portfolio limits
annually. Review and approve (prior
to Group’s formal
commitment) business proposals for
planned
soft underwriting commitments. Review and clear hard underwriting commitments; to note, these would also require
prior approval by the appropriate Credit Committees as per existing
Credit policies.
Regarding Liquidity Risk
●
Within the scope of the Group’s Liquidity Risk Policy, i) monitor the implementation of the Asset Encumberance policy
and the execution
of the Contingency Funding Plan
process, as may
be required, ii)
establish, monitor, propose
and
approve - as may be required - actions for the maintenance
of adequate liquidity buffers in order to withstand liquidity
stress (or alternatively,
adverse liquidity) events and
comply (as possible)
with regulatory requirements and internal
thresholds or targets.
●
Ensure that the Group Liquidity Risk policy is properly coordinated, integrated and updated
– as may be required and
in compliance with the relevant regulatory framework,
and market practices -
across Group entities.
●
Review planned/projected liquidity profile
and performance, monitor regulatory
liquidity risk ratios (LCR, NSFR); review
wholesale funding strategies
and initiatives, and approve related actions for the Bank/Group.
●
Report the Bank’s liquidity position, projections and risks, recommend actions related to liquidity risk management as
may be
required to
the Board
Risk Committee (BRC)
and BoD), and
implement /
monitor related
BRC and/or
BoD
decisions.
●
Review regulatory liquidity ratios, liquidity
stress tests, and internal liquidity
related warning indicators. Review material
liquidity risks; formulate, approve, and propose to MRC related stress test scenarios.
Formulate and implement action
plans in case
regulatory liquidity ratios
and indicators’
evolution (and/or stress
tests results) may
so require, in
the
context of the Group’s policies, risk appetite and regulatory framework.
●
Determine the appropriate KRIs and related framework for the monitoring of liquidity risk, approve the proposed KRIs
and framework before their submission to BRC
and BoD.
●
Review and approve
the periodic funding
plan, including the
funding plan which is
prepared for the
ILAAP/ ICAAP
exercise, and take its results into consideration
in its decision making process as appropriate.
Also, review and approve
the LCR restoration plan and the related funding plan, and any major
changes to it.
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Regarding Interest Rate Risk in the Banking Book (IRRBB) and Credit Spread Risk in the Banking Book (CSRBB), G-ALCO (as delegated
by the BoD and BRC) has the
overall responsibility for the monitoring and
management of said risks, and clear
authority over the units
responsible for taking such risks.
More specifically, G-ALCO’s
tasks, authorities and responsibilities are
to:
●
Formulate the
Group’s IRRBB
and CSRBB
Policies’ framework and
assumptions (e.g.,
models, stress
scenarios etc.)
before its submission to BRC/BoD;
review and approve the Group’s strategies
for managing relevant risks
●
Review and approve
the Group’s
guidelines for the systems
used for IRRBB
and CSRBB monitoring and assessment;
further propose to BRC for final approval
●
Formulate the risk appetite
and appropriate exposure limits
(RAF thresholds) for the IRRBB
and CSRBB; propose for
approval to BRC and BoD;
●
Establish a comprehensive IRRBB
and CSRBB reporting and monitoring framework
to regularly assess
the IRRBB and
CSRBB exposure against the respective limits (as they are established); GMCRS is the
responsible monitoring/reporting
unit
●
Ensure that adequate controls and procedures are in place, and appropriate management actions are triggered, when
set limits and early
warnings levels are
breached
●
Evaluate the
performance, and impact,
of risk management
strategies applied to
relevant exposures (interest
rate,
credit risk) on EVE and NII in the context of the IRRBB/CSRBB
Policy and Management targets
●
Approve the Economic Hedging
Framework and propose its approval
to BRC/BoD (also part of
the IRRBB
and CSRBB
Policy)
●
Define the high-level
risk management strategy
on a periodic basis - quarterly or ad
hoc as may be required
- in the
context of the Economic
Hedging Framework (established to hedge
the bank’s interest rate risk
and credit risk
exposures
on a portfolio basis).
Further, to monitor and evaluate
the outcome of hedging strategies,
request their extension or
termination, escalate
significant developments to
BRC/BoD, monitor the
RAF thresholds and
the effect
of hedging
strategies on the CAD ratio and Bank results.
●
Review and approve
proposals to use
new products, or
engage in new
activities -
related to risk
taking or hedging
strategies, prior to acquisition or
implementation, to ensure that the
resources required to
establish sound and effective
IRRBB management
of the
product or
activity have
been identified,
the
proposed activities
are in
line
with
the
institution’s overall risk appetite and RAS,
and that procedures to identify,
measure, monitor and control the risks of
the proposed product or activity
have been established. It should be
ensured that the IRRBB
characteristics of these
new products and activities are well
understood.
●
Approve major hedging or risk-taking initiatives in advance
of implementation. Ensure that positions
related to internal
risk transfers between the non-trading
book and the trading book are properly documented.
Key reports reviewed by G-ALCO:
●
Loans and Deposits evolutions (Greece and International)
●
Deposits Structure (Core, Time Deposits)
●
Deposit rates evolution (per business unit) and market share
evolution (Greece)
●
LCR & NSFR
evolution on a monthly basis (at a Solo and Group level)
●
FTP budget/business plan guidelines and funding cost
●
Sources and Uses of funds at
Group/country level, secured funding report
●
Liquidity buffer analysis (Solo, Group, and per country).
●
Liquidity stress tests
●
Liquidity risk analysis/sensitivities
●
Interest Rate Gap
report
●
Market risk analytics
reports (PV01 in
FVOCI and AC,
VaR analysis,
historical simulation results
and reporting of the
relevant KRIs for MTM exposure in OCI & AC, evolution of RWAs for market risk, reports on the level of KRIs related to
market risk.
●
IRRBB reports: sensitivity of NII
and sensitivity of EVE per regulatory framework (EBA
IRRBB guideline) & per internal
framework
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●
Greek sovereign exposure report (internal and regulatory)
●
RWA movement report
●
Secured funding analysis report
●
Quarterly report on economic hedging positions
●
International subsidiaries’ liquidity buffers and regulatory ratios
●
International subsidiaries’ FX net investment
hedging analysis
Annually / or more frequently if needed:
●
Internal or external auditors reports with reference to G-ALCO
areas of responsibility.
●
Regulatory Reports with reference
to G-ALCO areas of
responsibility
G-ALCO convenes once a month or more frequently if required.
Required quorum for G-ALCO meetings to be effective is six
members. In order to have a
quorum the presence of its Chairperson and
a minimum of three (3)
SPC members is required.
Decisions on issues are
to be taken by majority; in
case of a tie vote,
the issue
under discussion is escalated to ExBo. Additionally, under exceptional circumstances, decisions may be taken by circulation, which is
equal to a decision of the G-ALCO,
even if no meeting has taken place.
A relevant approval memo is then issued
by the Secretary.
By the date of issuance of the
2025 Corporate Governance Statement, Committee’s self-evaluation for 2025 was in progress.
The last
Committee’s self-evaluation that was extended to
include 2024 for
completeness,
determined that: i) G-ALCO members’ composition
and engagement is well
appropriate, and the committee’s performance is
well satisfactory ii) the Committee continues to function
effectively in relation to its mandate and
responsibilities, with members actively engaging in critical discussions during
meetings, with
special focus on topics regarding
key risk and regulatory/supervisory issues
iii) in light
of the complexity and importance
of issues
arising,
the
continued
evolution
of
the
regulatory
framework
and
complexity,
and
the
emergence
of
additional
risk
considerations/requirements or
activities, G-ALCO
should continue
to improve
its organizational
and operational
efficiency and
further increase the scheduled frequency, and/or
length of meetings (as
possible), as may be required to remain as
effective. Said
action had been implemented for the 2025 scheduled meetings plan.
7.6
Central Credit Committees
7.6.1
Central Credit Committee I
The main objective of Central Credit Committee I
(CCCI) is to ensure the objective credit underwriting
of relevant exposures of Greek
corporate performing and private banking clients, in accordance to the
Risk Appetite Framework and the Credit Policy Manual of the
Bank and
in a
way that
balances credit
risk and
return on
equity. The
CCCI is
chaired by
an independent to
Business and
Risk
Professional, convenes
at least once
a week and
all meetings are
minuted. Decisions are
taken unanimously.
If unanimity
is
not
achieved, the credit request is
escalated by the Chairperson to the
next (higher) approval level requiring a
unanimous decision. In
case of non-unanimity the final decision lies
with the Management Risk Committee
(MRC), by majority voting.
The main duty and responsibility of
the CCCI is to assess
and approve all credit requests for clients
in the Greek related
corporate
performing and private banking
portfolio of a total
exposure above €50mio and
unsecured exposure above
€35mio. For total exposure
exceeding €75mio and unsecured exposure exceeding €50mio, additional
approval by the GCRO is required, while for total exposure
exceeding €150mio
and unsecured
exposure exceeding
€100mio, additional
approval by
the CEO
is required.
Furthermore, for
exposures higher than 10% (or 20% for selected borrowers where no
single risk exists) of the Bank’s regulatory capital the additional
approval of
the Management
Risk Committee
(MRC) is
required. Subsequently,
the final
approval is
granted
by the
Board Risk
Committee (BRC).
7.6.2
Central Credit Committee II
The main objective of the Central Credit Committee II (CCCII) is
the same as for the CCCI for lower
levels of exposure.
The CCCII convenes at least once
a week and all meetings are minuted. Decisions
are taken unanimously. If unanimity
is not achieved,
the request is escalated by the Chairperson to the next approval level.
12
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
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13
14
The main duty
and responsibility of
CCCII is to
assess and
approve all credit
requests for
clients in
the Greek related
corporate
performing and private banking portfolio for total exposure from €20mio up to €50mio and unsecured exposure from €10mio up to
€35mio and retail exposures for total
limits above €3mio.
By the date of issuance of the 2025 Corporate Governance Statement,
Committee’s self
-evaluation for 2025 was in
progress.
7.7
Troubled Assets Committee
The Troubled Assets Committee (TAC) is established according to
the regulatory provisions. The main purpose of TAC is to act
as an
independent oversight body,
closely monitoring the
Bank’s troubled
assets portfolio and
the execution
of its
NPE Management
Strategy.
The Committee meets at least once per month
and/or whenever required if the majority of the members, including
the Chairperson,
are present. Decisions are taken by majority,
are minuted and circulated as appropriate. The Chairman has
a casting vote.
TAC cooperates with
Group Risk Management
to reach a mutual understanding
and develop an appropriate methodology
for the
evaluation of the risks inherent in the portfolio management. TAC’s propositions regarding NPE policy updates are submitted to the
Board
Risk Committee. In exceptional circumstances,
decisions may be taken by circulation.
TAC’s main
responsibilities are to:
●
review internal reports regarding troubled assets
management under the regulatory provisions,
●
approve
the
available
forbearance,
resolution
and
closure
solutions
by
loan
sub-portfolio,
and
monitor
their
performance through Key Performance Indicators (KPIs),
●
define the criteria to assess the sustainability of credit and collateral workout solutions through the design and use of
“decision trees”,
●
approve, monitor and assess pilot modification programmes
and
●
supervise and
provide guidance
and know-how
to the
respective troubled
assets units
of Eurobank’s
subsidiaries
abroad.
By the date of issuance of
the 2025 Corporate
Governance Statement, Committee’s self-evaluation for 2025 was in progress. For
2024
the
evaluation concluded
that
the committee
operates
effectively,
in
the
areas
of Profile
and
Composition, Organization
&
Administration as well as regarding the Key Tasks and Responsibilities. However the evaluation also identified that while the overall
quality and quantity of
information submitted related
to the proposals for
assessment by the
TAC members
is adequate, there is
room for further enhancement on providing more details on the quantification of the impact through monitoring
(i.e. through KPIs)
of implemented solutions, products
and targets set
as well as
indicating the monitoring
frequency of all
new remedial/work
-out
proposals. Such enhancements will benefit TAC
members make more informed
decisions.
7.8
Products & Services Committee (PSC)
The Products & Services Committee (PSC) is responsible for developing and supervising the governance framework for the products
and services offered to
Eurobank’s clients in Greece through
the physical and alternative channels,
in accordance with the supervisory
and regulatory requirements. Risk culture is embedded in the Group’s product governance. A dedicated policy is in place to address
risks associated with the introduction,
significant modifications, and periodic monitoring
of products and
services. The Group operates
a robust governance framework
throughout the product and
service lifecycle, where material
financial and non-financial risks
are
assessed by the relevant
Group Risk Management
units and other Second
Line of Defence functions.The
products and services of
Remedial & Servicing
Strategy are excluded and are under the responsibility of TAC
(Troubled Assets Committee).
PSC convenes once a month and/or whenever required.
The PSC is in quorum
and meets validly when half of its
members plus one are present
(fractions are excluded from the
computation).
For quorum, the Chairperson or the Vice-Chairperson (in case of Chairperson’s absence) should be also present.
Decisions require, as a minimum, a majority vote
of 50%+1 of the members present
in the meeting and are recorded
in the meeting’s
minutes.
In case of a tie vote, the Chairperson or
the Vice-Chairperson (in case of Chairperson’s absence)
has the casting vote. All
members of the PSC have
equal voting rights. In case
of no reaching a decision due to
disagreement of Members, the issue
under
discussion is escalated
to the Executive Board (ExBo).
13
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
14
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
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16
Additionally, decisions may be taken by circulation, which is equal to a decision of the Committee, even if no meeting has preceded.
No resolution can be deemed for high risks products/services by circulation. They will be submitted to a PSC Meeting for discussion
and approval or rejection.
By the
date of
issuance of
the 2025
Corporate Governance
Statement, Committee’s
self-evaluation for
2025 was
in progress.
According to
the Committee’s
2024 self
-evaluation, its
performance was
assessed
as very
strong, it
functions very
efficiently,
contributes to the enhancement of
the Bank’s governance framework, and its Members
demonstrate a high level of
commitment and
dedication.
7.9
Sustainability Management Committee (SMC)
The primary mandate of the SMC is to provide strategic direction on sustainability initiatives,
review the Sustainability Strategy, Net
Zero
targets and
transition plans
prior to
approval, ensure
that the
elements of
the Sustainability
Strategy and
the Net
Zero
commitments are integrated into the Group’s business model and operations, approve changes in eligible assets of Green Bond and
Sustainable Finance Frameworks,
regularly measure and analyze the progress of the Sustainability
Strategy goals and performance
targets and
ensure the
proper implementation of
sustainability-related policies
and procedures, in
accordance with
supervisory
requirements and voluntary commitments.
SMC convenes four times a year and/or ad hoc
when necessary. Other Bank employees, depending on the subject to be
discussed,
may be invited as deemed appropriate.
Required quorum for SMC meetings to be effective is when
2/3 of its members. For quorum, the
Chairperson should be also present.
In case of Chairperson absence, the Sustainability Management Committee will be
chaired by the Group
Senior Sustainability Officer,
following relevant previous written
acknowledgement to all committee
members. In determining the number of members
for the
quorum, fractions, if any, shall not be counted.
Decisions on issues are taken by majority.
In case of a tie vote, the Chairperson has
the casting vote, and
if s/he is absent
the Group Senior
Sustainability Officer
(as his substitute)
has the casting vote. Whenever a
decision of the SMC is not reached unanimously, this is recorded in the minutes along with the opinion of the minority. All meetings
and decisions are minuted by the Committee’s
Secretary and distributed to SMC members.
According to the 2025 self-assessment conducted by
the Sustainability Management Committee indicates overall satisfaction among
its members regarding the Committee’s structure, leadership, preparedness, and effectiveness. Members highlighted the quality
of
discussions and the
Committee’s effective
oversight of sustainability strategy,
Net Zero commitments,
sustainability-related risks,
policies, and regulatory reporting
obligations, including CSRD-related matters. The evaluation also identified opportunities
for further
enhancement, particularly regarding sustainability training
initiatives and the continued integration of sustainability considerations
into remuneration and incentive frameworks. Overall, the assessment confirms that the
Committee operates effectively and in line
with applicable regulatory requirements and corporate governance best practices.
7.10
Ethics Co
The task of the Ethics Committee is to
ensure that the Eurobank Group’s Code of
Conduct & Ethics as well as
the Bank’s Statute of
Internal Service is observed, to interpret and constantly enrich it, as well as to contribute, generally, to the formulation
of a code of
values with which the behaviour of the officers and personnel of
Eurobank, as well as that of third persons that regularly collaborate
with the Bank, must comply.
Adherence to
the rules of ethics
contributes, on
the one hand,
to the protection of dignity
and personality
of the personnel, and on the other hand, to the good reputation and the protection of the interests of the Bank.
The Ethics Committee convenes once a
month, if there are issues
to be discussed or, exceptionally,
more frequently, in case
of an
emergency, in a place and time that are stated in the agenda. The Ethics Committee may convene either with the physical presence
of its members, or by electronic means.
The Committee shall act
unanimously.
Ethics Committee’s
performance has been evaluated twice
(in February 2023 and in March
2025) and in both occasions has
been
determined that it functions effectively.
8
Key Control Functions
As part of its overall system of internal controls, the Bank has established a number of dedicated control functions. These functions
operate as independent control mechanisms designed to strengthen and reinforce the control environment of the Bank.
15
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
16
Information regarding current composition and short biographical details of its members may
be found at the Bank’s website (www.eurobank.gr).
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During the period of
its operation and until
12 December 2025,a Eurobank
Holdings also maintained
dedicated control functions
aimed at strengthening its
control environment.
The most important functions of the Bank and Eurobank Holdings and their key responsibilities
are described below.
8.1
Internal Audit
8.1.1
Eurobank
Group Internal Audit (Group IA) is an independent, objective assurance and consulting function designed to add value and improve
the operations of Eurobank. Its Primary Role is to strengthen Eurobank and its subsidiaries (“Eurobank Group” or “Group”) ability to
create, protect, and sustain value
by providing the board and management with
independent, risk-based, and objective assurance,
advice, insight, and
foresight. This
is achieved
by providing assurance
on the
adequacy and operational
effectiveness of internal
control and risk mitigation systems established by management in order to address inherent risks
associated with businesses carried
out and operations.
In order to achieve its objectives in an efficient manner, Group IA consists of seven units,
with the heads reporting to the Chief Audit
Executive (CAE):
●
Group Technology Audit & Next-Gen Audit Lab,
●
Strategy, Credit & Business
Audit,
●
Sustainability, Markets,
Finance and Operations Audit,
●
Forensic Audit (FA),
●
International Audit (INTA),
●
Quality Assurance, Methodology & Training, and
●
Reporting, Monitoring and Support (RMS).
Additionally:
●
The International subsidiaries’ Internal Audit Heads
report to CAE and to the respective local ACs.
●
The Head of Branch
Network Operational Risk
Control, maintains
a secondary line of
reference to the
CAE for the
work
related to On-Site Branch
Inspections of Retail & Digital
Operational Risk Management.
Group IA enhances Eurobank’s: a) Successful achievement of its objectives, b)
Governance, risk management, and control processes,
c) Decision-making and oversight, d) Reputation
and credibility with its stakeholders and e)
Ability to serve the public interest.
Within Eurobank’s organisational structure, Group IA is
Independent of Bank units with operational responsibilities.
In order to safeguard its independence, the Group IA reports functionally
to the Audit Committee and administratively (for example,
day-to-day operations) to the CEO. Group IA is headed by the Group Chief Audit Executive (CAE) who has
the responsibility to report
on the activities
of Group IA to the
Audit Committee and arrange
periodic private meetings with
the Audit Committee. The Audit
Committee appoints or dismisses
the CAE, assesses periodically his/her performance, soliciting
the CEO’s views whenever deemed
necessary/value-adding, and recommends his/her remuneration for approval by the Remuneration Committee.
The key assurance and advisory/consulting responsibilities of Group IA are
to:
●
provide reasonable
assurance, in
the
form
of an
independent opinion,
as to
the adequacy
and effectiveness
of the
governance, risk and internal
control framework of Eurobank
and adherence to the
risk appetite framework.
In order to
form an opinion, Group IA establishes and carries out
a programme of audit work (based on
the risk assessment of the audit
universe). Group IA
follows a risk
-based approach in planning
and conducting its
work. Group IA
carries out continuous
monitoring of the Eurobank’s risk profile. This provides key input to the formal risk-assessment that forms the basis for the
preparation of the Annual Audit Plan.
●
assist Management in enhancing the system of internal controls including improvement of existing policies and procedures
●
manage effectively
the internal
audit process
and resources
of both
Group IA
and the
Internal Audit
departments of
subsidiaries that are reporting directly
to Group IA
and assess the performance of the
Group’s internal audit functions,
which
have a direct reporting line
●
follow-up to ascertain that appropriate action is
taken on reported audit findings with agreed deadlines
●
attends the Audit Committee
meetings in order to present a summary
of its activity and highlight key issues
at least on a
quarterly basis
●
attend Shareholders’ General Meetings
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●
provide any information requested in writing by the Supervisory Authorities
and co-operate with them in order to facilitate
their work.
The Audit
Committee and/or
Management shall
always be
advised regarding
information
provided to
the
Authorities
●
carry
out
any other
specific
duties required
by
the
Regulatory Authorities
and/or participate
in bank
wide
projects
undertaken by the Bank
●
participate in Bank projects in an assurance or consulting capacity
●
liaise with the Legal
Services and Group Human
Resources and provide support to
the Ethics and
Operational Risk Legal
Cases Committees
●
liaise with the external auditors and other assurance providers to share
information, minimise any duplication of effort and
ensure adequate coverage of risks
●
Strive to maintain an open, constructive and cooperative relationship with the Supervisors
●
assess the
adequacy and effectiveness
of the
control functions
(such as
risk management,
compliance or finance)
and
involving judgment determine to what
extent it is
appropriate to take account of the
relevant work undertaken by these
functions
Internal Audit (IA) is an independent, objective assurance and consulting
function designed to add value and improve the operations
of Eurobank Holdings.
IA has adequate
organisation structure
and appropriate resources
to ensure that
it can
fulfil its roles
and
responsibilities.
Eurobank’s
Group
Internal Audit
(Group IA)
maintains
a
quality
assurance
and improvement
programme to
ensure that
the
methodology is applied
consistently and the
objectives and responsibilities of Group
IA are met. Under
the framework of co-operation
between IA
and Group
IA, IA
assigns the
assessment of the
effectiveness of
internal audit
activities and
conformance with
IIA
Standards to Group IA.
In order to safeguard its independence, IA reports
functionally to the Audit Committee and administratively to the CEO.
The Board
has delegated the responsibility for monitoring the activity
of the IA to the Audit Committee of the HoldCo. IA is headed
by the Chief
Internal Auditor (CIA) who is appointed by the Audit Committee. The latter also
assesses the CIA’s
performance.
The mission of IA is to enhance and protect organisational value by providing risk-based and objective assurance,
advice and insight.
The key assurance and consulting responsibilities of
IA are to:
●
provide reasonable
assurance
in the
form
of an
independent opinion,
as to
the adequacy
and
effectiveness
of the
governance and risk and internal control framework
of HoldCo and adherence to the risk appetite framework. In order
to
form an opinion, IAU
establishes and carries
out a programme
of audit work (based
on the risk assessment
of the audit
universe)
●
assist management in enhancing the system of internal control including improvement of existing policies
and procedures
●
manage effectively
the internal audit process and resources of IA
●
provide any information requested in writing by the Supervisory Authorities
and co-operate with them in order to facilitate
their work. The AC and/or Management shall always
be advised regarding information provided to the Authorities
●
carry out any other specific duties required by the Regulatory Authorities and/or participate in projects undertaken by the
Company
●
participate in Company’s projects in an assurance or consulting capacity
●
liaise with the external auditors and other assurance providers to share
information, minimise any duplication of effort and
ensure adequate coverage of risks
●
assess the
adequacy and effectiveness
of the
control functions
(such as
risk management,
compliance or finance)
and
involving judgment determine to what
extent it is
appropriate to take account of the
relevant work undertaken by
these
functions
●
strive to maintain an open, constructive and cooperative relationship with the Supervisors.
8.1.2
Eurobank Holdings
During the period
of its operation and
until 12 December
2025, Internal Audit of
Eurobank Holdings (IA) was an independent,
objective
assurance and
consulting function
designed to
add value
and improve
the operations
of Eurobank
Holdings. IA
had adequate
organisation structure and appropriate resources to ensure that it can fulfil
its roles and responsibilities.
Eurobank’s
Group Internal
Audit (Group
IA)
maintained a
quality assurance
and
improvement programme
to ensure
that the
methodology was applied consistently and
the objectives and responsibilities
of Group IA were
met. Under the
framework of co-
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operation between IA and Group
IA, IA assigned the assessment of the effectiveness of internal audit
activities and conformance with
IIA Standards to Group IA.
In order to safeguard its independence, IA was reporting
functionally to the Audit Committee and administratively to the CEO.
The
Board had delegated the responsibility for monitoring the activity of the IA to the Audit Committee of
the HoldCo. IA was headed by
the Chief Internal Auditor (CIA) who was appointed by the Audit Committee. The latter
was also
assessing the CIA’s
performance.
The mission of IA was to
enhance and protect
organisational value by providing
risk-based and objective assurance,
advice and insight.
The key assurance and consulting responsibilities of
IA were to:
●
provide reasonable
assurance
in the
form
of an
independent opinion,
as to
the adequacy
and
effectiveness
of the
governance and risk and internal controls framework of HoldCo and adherence to the risk appetite framework. In order to
form an opinion, IA had established and carried out a programme of audit work (based on the risk assessment of the audit
universe)
●
assist management in enhancing the system of internal control including improvement of existing policies
and procedures
●
manage effectively
the internal audit process and resources of IA
●
follow up to ascertain that appropriate action is
taken on reported audit findings within agreed deadlines
●
attend Shareholders’ General Meetings
●
provide any information requested in writing by the Supervisory Authorities
and co-operate with them in order to facilitate
their work. The AC and/or Management was always
advised regarding information provided to the Authorities
●
carry out any other specific duties required by the Regulatory Authorities and/or participate in projects undertaken by the
Company
●
participate in Company’s projects in an assurance or consulting capacity
●
liaise with the external auditors and other assurance providers to share
information, minimise any duplication of effort and
ensure adequate coverage of risks
●
assess the
adequacy and effectiveness
of the
control functions
(such as
risk management,
compliance or finance)
and
involving judgment determine to what extent it was
appropriate to take account of the relevant work of these functions
●
strive to maintain an open, constructive and cooperative relationship with the Supervisors.
8.2
Risk Management
8.2.1
Eurobank
The Group Risk Management,
which is headed by the Group
Chief Risk Officer (GCRO),
operates independently from the business
units and is
responsible for the
identification, assessment,
monitoring and measurement of the risks the
Bank is exposed
to. The
major types of risk managed by Eurobank
are the material risks, identified through the
Risk Identification and Materiality Assessment
(RIMA) process and listed in
the relevant RIMA report.
Material risk types include financial
and non-financial risks, indicatively credit
risk, market risk, liquidity risk,
interest rate risk
and
credit spread risk in the
banking book, operational risk,
sustainability risk, country risk,
reputational risks, conduct risk, risks
stemming
from strategic
projects.
The Group Risk Management comprises the Group Credit, the
Group Credit Control, the Group Credit Risk Capital Adequacy Control,
the Group Market &
Counterparty Risk, the Group
Operational and Non-financial Risks, the Group
Model & Data
Validation, the Group
Risk Management
Strategy &
Oversight,
the Sustainability
Risk, the
Risk
Analytics and
the Supervisory
Relations &
Resolution
Planning
.
The GCRO serves as a pivotal
point for the
risk management functions. Centralization ensures
that business targets and
related growth
are combined with a risk conscious perspective, thus ensuring that the approved risk appetite is adhered to.
The GCRO develops and formalises the Risk Appetite
Framework (RAF), defines the
Risk Appetite Statements (RAS), and
submits them
to
the Board
Risk Committee
for approval.
The
GCRO oversees
the implementation
of
the frameworks
and policies
for
the
identification, measurement and management
of risks.
The GCRO reviews and approves the risk
policies before their submission for approval to the BRC
or to the BoD and oversees their
implementation thereafter. The GCRO reports to the BRC deviations from the
risk policies or potential conflict with the approved
risk
strategy and risk appetite.
17
The Supervisory Relations & Resolution Planning has a dual reporting line to both the Group CRO & the Group CFO
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The GCRO is responsible to provide to the BRC adequate information,
so that the Committee can properly assess and advise the BoD
on the Group’s
risk exposures /
profile and risk
strategy. The
GCRO oversees compliance with
approved Risk Appetite
limits, a
nd
reports to the BRC the compliance status and any deviations,
as stipulated in the Risk
Appetite Framework (RAF).
Risk culture is a foundational element of the Group’s
operations, encompassing the norms, attitudes, and behaviors that guide risk
awareness, risk-taking,
and risk management.
The Group is
committed to
fostering a
robust risk culture
that supports proactive
identification, assessment,
and mitigation
of both
financial and
non-financial risks.
The Risk
Management
function provides
a
comprehensive framework, procedures, and
guidance to empower employees across all levels to
manage risks effectively within their
areas of
responsibility.
This includes
ongoing education,
communication, and
awareness initiatives
such as
dedicated learning
programs, monthly meetings, and the sharing of best practices. A strong risk culture is reinforced by the Group’s Board
of Directors
and Senior Management, who set the appropriate “Tone from
the Top” to align risk practices
with strategic objectives.
Eurobank has a well
-established strategy
and clear risk management objectives that has to deliver through
core risk management
processes and methodologies. At a strategic
level, the risk management objectives are
to:
●
identify the new risks relevant to the Group and assess
their materiality
●
assess the current and emerging
risks as an integral
part of the strategic planning process
●
provide opinion for the Group Business Plan
regarding the risk perspective on the
overall outcome and reliability of the Plan
●
ensure that business plan is consistent
with Eurobank’s risk appetite
●
participate actively in decision-making processes
to ensure that risk considerations are considered appropriately
●
optimize risk/return decisions, while establishing
strong and independent review
●
ensure that business growth plans are properly supported by effective risk infrastructure
●
manage risk
profile
to ensure
that specific
financial deliverables
remain possible
under a
range
of adverse
business
conditions
●
assist senior executives to improve
the control and co-ordination of risk taking across their business
●
cultivate a robust risk culture
throughout the Bank, encouraging a positive attitude towards
risk management, regulatory
compliance and the internal
control framework,
through strong risk awareness
and ownership, where all
staff members
consider risk management as an integral
part of their everyday responsibilities
●
provide the framework, procedures and guidance to enable all
employees to manage risk in their own
areas and improve
the control and co-ordination of risk taking across the Bank
●
advise and support Eurobank Holdings in risk
management according to the agreed Service Level Agreement (SLA) between
Eurobank Holdings and Eurobank.
Risk Management along with Compliance and
other Units are involved
in the assessment of all products and
services throughout their
lifecycle.
The Group applies the elements of the Three Lines of Defence
Model for the management of risk. The Three Lines of Defence Model
enhances risk management
and control
by clarifying
roles and responsibilities
within the
organization. Under
the oversight
and
direction of the Management Body, three separate
lines of defence are necessary for
effective risk management.
In particular:
-
Line 1 - Own and manage risk and controls. The front-line business
and operations are accountable for this responsibility as
they own the rewards and are the primary risk generators.
-
Line 2 - Monitor risk and controls in
support of Executive Management, providing oversight, challenge, advice and group-
wide direction. These include the Risk Management
and Compliance Units, among others.
-
Line 3 - Provide independent assurance to the Board
and Executive Management concerning the effectiveness
of risk and
control management. This refers
to Internal Audit.
8.2.2
Eurobank Holdings
As part of its overall system
of internal controls HoldCo had engaged in a Service Level
Agreement (SLA) with
Eurobank in order to
receive supporting and advisory services in all areas of risk management (credit, market, liquidity and operational risks) undertaken
by the Group.
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18
The most important services that were provided to Eurobank
Holdings until 12 December 2025, through the above-mentioned SLA
are described below:
●
provision of advice on:
-
Identification, evaluation and monitoring of credit risk,
-
Ensuring policy and instructions (strategy and products) recommended by
business owners and Servicers were aligned
to applicable credit policy manual and regulatory guidelines,
-
Standardization of procedures and guidelines,
-
Update and maintenance of the risk strategic
framework master document,
-
Participation in systemic bank consultation committees,
-
Review new remedial
products and initiatives prior submission to TAC or approval
●
coordination of NPE related regulatory reporting
●
provision of input for SSM submission and 3-year
business plan, monthly MIS actual data
(including Greek and International
subsidiaries)
●
advising on identification, support/advise, recording and evaluation of liquidity risks and financial
monitoring
●
advising
in the
identification, assessment,
recording and
monitoring of
operational risks
(e.g.
RCSA, events
capture,
outsourcing etc.)
8.3
Compliance
8.3.1
Eurobank
Group Compliance is established with the
approval of the Board of Directors and the
Audit Committee of Eurobank. It is a permanent
function and independent from
the Bank’s
business activities so
that conflicts of
interests are
avoided. In
order to
safeguard its
independence, Group
Compliance reports functionally
to the
Board of
Directors through
Audit Committee
of the Bank
and for
administrative purposes
to the CEO. The Audit Committee in consultation with the NomCo proposes to the Board
for approval the
appointment, replacement or dismissal
of the Group Chief Compliance Officer (Group CCO). The performance of the Group
CCO is
assessed on an annual
basis by the AC. The
Group CCO attends all
Audit Committee’s meetings
and submits quarterly and annual
reports (per regulatory requirements) summarising
Group Compliance’s activity and highlighting the main
compliance issues.
Its mission is
to promote, within Eurobank and its subsidiaries
(Eurobank group), an organizational culture that encourages ethical
conduct through integrity
and a commitment
to compliance with laws
and regulations as well
as the application
of international
governance standards.
The main objective of
Group Compliance is to
ensure that the Eurobank
group has established an adequate system of
internal controls
that allows it to operate in accordance with the ethical set of values contained
in its “Code of Conduct and Ethics” and in compliance
with applicable laws, regulations and internal policies, as well as international
best practices. In brief, for the regulatory topics within
its scope of responsibilities, Group Compliance is
mandated to:
●
raise compliance awareness
throughout the Eurobank group,
●
provide advice to the Board of Directors and Senior Management on compliance with applicable laws, rules and standards
and keep them informed of related developments,
●
issue policies, procedures and
other documents such
as compliance manuals, internal codes of
conduct &
ethics and practice
guidelines in order to provide guidance to staff on the appropriate implementation of applicable laws, rules and standards
as well as
to assist the business to develop and implement
regulatory compliant policies and procedures,
●
review new activities and advise
on potential compliance risks,
●
ensure that staff is adequately trained and frequently updated about
compliance issues by designing training programs and
co-operating with HR for
their implementation,
●
ensure the
development of
a
robust
compliance risk
identification and
assessment
framework, provide
support and
challenge, if
required, the
business line
management regarding
the effectiveness
of the
compliance risk
management
activities,
18
The administrative reporting line to the CEO does not entail any form of oversight over
Group Compliance. It is rather intended to facilitate the smooth
day to day administrative processes
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19
●
coordinate compliance risk management actions performed by other business units,
●
monitor and test
whether staff
applies effectively the
internal processes
and procedures aimed
at achieving regulatory
compliance and report to
the relevant Business
Units any potential breaches in
order for the
latter to proceed
with the
required improvements,
●
monitor staff
adherence to
internal policies
and the
"Code of
Conduct and
Ethics" and
identify potential breaches
or
fraudulent activity,
●
monitor timely submission of reports to Competent Authorities
and report any delays and fines for any alleged breaches of
regulations to the AC,
●
fulfil any statutory responsibilities
and liaise with regulators
and external bodies on compliance issues,
●
supervise, monitor, coordinate and evaluate the activities of
the Compliance Officers of the Bank’s local and
international
subsidiaries in order to ensure compliance with Eurobank group standards.
The scope of activities of Group Compliance covers the following
core regulatory topics:
●
Financial Crime including laws and regulations on Anti Money Laundering
(AML) and Countering the Financing of Terrorism
(CFT) and legislation
aimed at combatting Tax
evasion such as
FATCA and
CRS (tax
compliance). The scope includes
the
provision of
timely and accurate
responses to requests
arising from
regulatory and judicial
authorities for
the lifting
of
banking secrecy
or freezing
of assets
and co-operation
with them.
Financial Crime
also includes
anti-bribery and
anti-
corruption legislation. The Eurobank Audit Committee in consultation with
the Eurobank NomCo proposes to the Board for
approval the appointment, replacement,
or dismissal of the Anti-Money
Laundering Reporting Officer of Eurobank,
who may
be the same person as the Group CCO, and his/her Deputy
●
Conduct related regulations, including:
o
market Conduct related regulation regarding the provision
of investment products and services to
clients including laws
and regulations on Market Manipulation, Insider Trading, Unlawful disclosure of inside
information and other financial
crimes,
o
Internal Conduct and Ethics, including monitoring
adherence with the Group
Code of Conduct and Ethics and its related
policies, Conflicts of Interest, insider dealing
and managing the Ethics Hotline
o
customer conduct laws and regulations (including, inter alia, dormant accounts legislation, BoG’s
Code of Conduct for
loans, the Payment Services Directive and the Deposit Guarantee scheme).
●
Outsourcing and third-party risk regulations
Group Compliance has an overlay role
over the regulatory framework concerning personal data
protection, corporate governance,
prudential regulation (credit market, liquidity
and operational risk), information
& IT security, cyber security
risk, artificial intelligence
and
Sustainability
Framework.
In
this
context
Group
Compliance
performs
a
high-level
monitoring
through
compliance risk
assessments and monitoring of
the alignment of the Bank’s
activities with regulatory requirements.
The scope of activities can be expanded with the approval of the AC.
8.3.2
Eurobank Holdings
Eurobank Holdings Compliance was established
with the approval of the Board of Directors
and the Audit Committee of
Eurobank
Holdings and operated until
12 December 2025. It was
a permanent function and independent from
Eurobank Holdings’ business
activities so that
conflicts of interests
were avoided.
In order to safeguard
its independence, Eurobank
Holdings Compliance was
reporting functionally
to the
Audit Committee
of Eurobank
Holdings and
for administrative
purposes to
the CEO
. The
Audit
Committee in consultation with the NomCo, was proposing to the Board for approval the appointment, replacement or dismissal of
the Head of Eurobank
Holdings Compliance. The performance of
the Head of Eurobank
Holdings Compliance was assessed
on an
annual basis by the AC. The
Head of Compliance was attending all AC
meetings and was submiting quarterly
and annually reports
(per
regulatory requirements) summarizing
Compliance’s activity and highlighting the main
compliance issues.
Its mission was to promote, within Eurobank
Holdings, an organizational culture that encouraged
ethical conduct, and a commitment
to compliance with laws
and regulations as well
as global governance standards.
The main objective of Eurobank Holdings Compliance was to ensure that Eurobank Holdings had established an adequate system of
internal controls that allowed it to operate in accordance with the ethical set of values contained
in its "Code of Conduct and Ethics"
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and in compliance with applicable laws, regulations and internal policies. More specifically, for the regulatory topics within its scope
of responsibilities, Eurobank Holdings Compliance was
mandated to:
●
raise compliance awareness
in Eurobank Holdings
●
provide advice the Board of Directors
and Senior Management on Eurobank
Holdings compliance with applicable laws, rules
and standards and keeping them informed of related
developments
●
issue, as necessary, policies and other documents, in order to provide guidance to
staff on the appropriate implementation
of applicable laws,
rules and standards as
well as to assist
the business to develop
and implement regulatory compliant
policies and procedures
●
review new activities and advise
on potential compliance risks
●
ensure that staff is
adequately trained about compliance issues
●
provide support and challenge, if required,
the business line management regarding the effectiveness of the
compliance risk
management activities
●
monitor whether staff applies effectively the internal processes and procedures aimed at achieving regulatory compliance
●
monitor through appropriate
procedures staff
adherence to internal policies
and the "Code
of Conduct and
Ethics" and
identify fraudulent activity
●
monitor timely submission of reports to Competent Authorities
and report any delays and fines for any alleged breaches of
regulations to the AC
●
fulfil any statutory responsibilities
and liaise with regulators
and external bodies on compliance issues.
8.4
Personal Data Protection
8.4.1
Eurobank
Personal Data Protection Unit assists the Data Protection
Officer (DPO) in performing his duties in
an independent manner. Key tasks
include:
●
issues relevant guidelines on GDPR
requirements and provides relevant advice to involved Units,
●
provides advice, where requested, for the appropriate technical and organizational measures to be implemented to
ensure
compliance with the principles of privacy by design and privacy by default,
●
provides advice regarding the content of privacy notices,
●
provides advice on the appropriate handling of the GDPR requests and/or complaints,
●
upon request, provides advice regarding the categorization of the third parties, in
accordance with the GDPR and any other
applicable data protection legislation (controller/ joint controller/processor/
sub-processor), and the relevant privacy terms
to be signed,
●
provides advice
to the
Incident Management
Team on
whether the
incident must
be reported
to the
data
protection
authority,
●
provides advice, where requested, as regards the performance of Data
Protection Impact Assessments,
provides advice where requested as regards the maintenance
of the Register of
Processing Activity.
8.4.2
Eurobank Holdings
In the context
of Personal Data Protection,
Eurobank Holdings had entrusted
the following functions to
the Bank’s Personal
Data
Protection Unit with the support of Legal was
needed:
●
consultation and advice regarding the drafting of privacy notices
for the customers, employees, shareholders of the HoldCo
and/ or persons with voting rights and their representatives in
the HoldCo meetings and committees,
●
provision of drafts of privacy policies, cookies policies and cookies management
tool for the HoldCo's website,
●
provision of advice in handling requests and complaints of data subjects,
●
provision of advice for incident and data breach management and
notifications to the competent
authority, if was required,
●
provision of advice on GDPR policies and related guidelines.
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9
System of Internal Controls
9.1
Principles of Internal Controls
The Group
has
established a
robust
System of
Internal Controls
that aligns
with international
best practices
and utilizes
COSO
terminology. This system
is designed to provide reasonable assurance regarding
the achievement of objectives in key categories:
●
Efficient and
Effective
Operations: The
Group's internal
controls ensure
that operations
are
conducted efficiently
and
effectively, promoting productivity and optimal resource utilization.
●
Reliability and
Completeness of
Financial and
Management Information:
Internal controls
are in
place to
ensure that
financial and management
information is reliable,
accurate, and complete. This
helps in making informed
decisions and
maintaining transparency.
●
Compliance with Applicable Laws
and Regulations: The Group emphasizes
compliance with all relevant
laws, regulations,
and industry standards. Internal controls are designed to ensure adherence
to legal requirements and mitigate regulatory
risks.
The key principles that underpin the Group’s System of Internal Controls are as
follows:
●
Control Environment: The
control environment
serves as the
foundation for all
internal control components.
It includes
factors such as management's
integrity and ethical values, recruitment and training policies, organizational structure, and
delegation of authority. These elements
contribute to a strong control consciousness among employees.
●
Risk Management: The Group recognizes the importance of risk management in its operations. It implements mechanisms
to identify, assess,
and manage risks that may
impact the achievement of objectives. The risk management
framework is
dynamic and evolves to address new and emerging
risks.
●
Control Activities: Internal control
activities are documented in
policies and procedures that
ensure safe
operations and
accurate record-keeping. Segregation of duties is a
crucial organizational measure
to enhance control
effectiveness, ensuring
that key functions such as approval, dealing, administration,
and controlling are separated.
●
Information and Communication:
Effective information and communication channels are established to
ensure that relevant
information is identified, captured, and communicated
in a timely manner. This includes internal communication within
the
organization and external communication with
stakeholders such as regulators,
shareholders, and customers.
●
Monitoring: The Group
conducts ongoing monitoring of
activities as part of its operations.
This includes regular management
and supervisory activities,
internal audits,
and independent
evaluations of
the internal control
system. Internal
control
deficiencies are reported and escalated as necessary, with major
issues reported to top
management, the Audit Committee,
and the Board.
Additionally, the efficiency of the internal control system is independently evaluated every
three years by a third-party auditing firm,
in accordance with regulatory requirements. The
evaluation report is assessed by competent bodies within
the Group and submitted
to regulatory authorities for review and acknowledgment.
9.2
Characteristics of the System of Internal Controls (SIC)
Eurobank have established key characteristics of its System of Internal Controls (SIC), which are indicative and not restrictive. These
characteristics include:
●
Code of Conduct: There
is a defined
Code of Conduct along
with processes for
monitoring its implementation
to ensure
ethical conduct and adherence to standards.
●
Organizational
Chart:
An
approved
organizational
chart
is
in
place,
depicting
the
hierarchy
and
functions
of
each
sector/department clearly defined to ensure effective management.
●
Audit Committee: The composition
and function of the
Audit Committee are outlined
to oversee financial
reporting and
compliance.
●
Strategic Planning: A description of strategic planning processes is
provided, including development, implementation, and
periodic evaluation of strategic objectives.
●
Action Plans: Long-term
and short-term action
plans for
important activities are
established, with
periodic reports and
identification of deviations along with justifications.
●
Articles of Association: The Articles of Association are complete and up-to-date, reflecting the objectives and operations of
the entity.
●
Directorates and Departments: Tasks of directorates, departments,
and job descriptions
are defined to ensure clarity
in roles
and responsibilities.
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●
Policies and Procedures: Policies and procedures for important operations are documented, including internal controls for
risk management.
●
Compliance Processes: Processes for compliance
with legal and regulatory frameworks are established to
ensure adherence
to laws and regulations.
●
Risk Assessment and Management: Processes for
risk assessment and management
are in place to
identify and mitigate risks
effectively.
●
Financial Information
Integrity: Processes
ensure the
integrity and
reliability of
financial information
through accurate
reporting and controls.
●
Executive Performance Evaluation: Processes
for recruitment, training, delegation,
targeting, and evaluation of executive
performance are outlined.
●
Information Systems Security: Processes for the
security, adequacy, and reliability of information systems are established to
safeguard data.
●
Personnel and Asset Protection: Processes are in place
to safeguard personnel and assets, ensuring security and protection.
●
Reporting and
Communication: Reporting
lines and
communication channels
within and
outside the
organization are
described for effective information flow.
●
Monitoring and Evaluation: Mechanisms are established
for monitoring and evaluating the efficiency and effectiveness of
processes regularly.
●
Independent Evaluation:
There
is a
process for
periodic evaluation
of the
adequacy and
efficiency of
the SIC
by
an
independent auditor to ensure objectivity.
●
Environmental Policies: Policies for environmental management and
other ESG factors are recorded
to address sustainability
and social responsibility.
●
These policies and procedures are part of
the corporate governance system's
assessment and are regularly reviewed and
updated to align with best practices and regulatory requirements.
These policies and procedures are part of the
corporate governance system's assessment and are regularly reviewed and updated to
align with best practices
and regulatory requirements.
It is noted that throughout its operation and until 12
December 2025, HoldCo had adopted the key characteristics mentioned above.
9.3
Evaluation of the System of Internal Controls
The Bank's AC is responsible
for annually reviewing and evaluating the
adequacy of the Internal Control
System (ICS) of both the Bank
and its subsidiaries. This evaluation is based on data and information provided by the Group Internal Audit (IA) of the Bank, external
auditors' findings and remarks, as well as feedback from supervisory
authorities. The AC utilizes oversight and reporting mechanisms
established with the Audit Committees
of the Bank's Subsidiaries
to ensure a comprehensive assessment.
Similarly,
until 12 December 2025, the HoldCo's AC was tasked
with reviewing and evaluating the adequacy of the Internal Control
System (ICS) of the HoldCo itself. This evaluation was conducted based on relevant data and information from the Internal Audit (IA)
of the HoldCo, findings and remarks from external auditors, and feedback from
supervisory authorities. The AC ensured a thorough
assessment of the HoldCo's
ICS to uphold standards of governance and compliance.
9.4
Independent Evaluation of the HoldCo/Bank System of Internal Controls
In March 2024,
Grant Thornton
presented the scope, findings,
and methodology of
their Independent triennial Evaluation
of the
HoldCoand Bank System of Internal
Controls (SIC) to the
HoldCo/Bank AC members, as
per the Bank of Greece Act 2577/9.3.2006
(BoG Act) that was
in force at that time.
Based on the procedures conducted and the evidence gathered,
there were no indications that the SIC, at the
time of assessment,
was not compliant in all
material aspects
with the requirements of the BoG Act.
Grant Thornton
identified 21
observations during
their assessment,
categorized as
16 low-risk
observations and
5 medium-risk
observation related
to
the IT
issues in
Eurobank
Equities,
and 7
recommendations for
improvement. Management
will take
appropriate actions in response to these observations.
9.5
Corporate Governance System Assessment in accordance with article 4 par. 1 of Law 4706/2020
In compliance
with
Article 4,
Paragraph 1
of Law
4706/2020 (the
Law), the
Bank Boards
of Directors
(BoD) is
responsible for
designating and overseeing the implementation of the corporate governance system (CGS) as outlined in Articles 1
to 24 of the Law.
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Additionally, the BoD must monitor and evaluate the application and effectiveness of the CGS at
least every three (3) financial years,
taking necessary actions to address any deficiencies.
Given that
the Law came
into force
on 17.7.2021, the
Hellenic Capital Market
Commission (HCMC) specified that
the maximum
reporting period for
the first
CGS review
should extend from
17.7.2021 to
31.12.2024. It also
required that the
2024 Corporat
e
Governance Statement include a relevant reference to
this review.
The above requirements were also applicable
to HoldCo for the period of its operation until 12 December 2025.
In this context,
on 24 February
2025, the HoldCo
and Bank NomCos reviewed
the CGS
for the reporting
period and updated the
HoldCo and Bank BoDs accordingly. The review concluded
that HoldCo and Bank have taken all necessary
actions to fully comply with
the Law, as
no gaps were identified.
Furthermore, in line with supporting work related
to the Corporate Governance Framework, performed both by external parties and
internally, HoldCo and Bank have taken proactive measures to exceed the Law’s provisions, enhancing their processes and practices
for more
efficient governance.
In this
regard,
HoldCo and
Bank have
effectively addressed
identified issues
and implemented
recommendations for improvement provided by external parties, including regulators and external advisors.
10
Sustainability
10.1
Sustainability Approach
Eurobank supports the transition towards a sustainable economy and considers sustainability and climate change as an opportunity.
A key strategic objective is
to adapt the business and operation in a way that
addresses climate change challenges, accommodates
social needs
within its business
model and
safeguards prudent
governance for
itself and
its counterparties,
in accordance
with
supervisory initiatives, and following international standards
and best practice.
To
this
end, Eurobank
has
designed, approved
and
is currently
implementing its
Sustainability Strategy,
including targets
and
commitments, along with
the two key pillars: Operational Impact
Strategy (OIS)
and Financed Impact Strategy (FIS), both of which
aim to address sustainability
matters within the context of the Group’s
business model and operations.
A.
Operational Impact Strategy (OIS):
The
Operational Impact Strategy
(OIS) focuses on minimising the
operational environmental footprint,
ensuring that its own
activities
are sustainable, and aligning
its operations with climate
and sustainability goals. The
key elements of this strategy
are:
●
Environmental Impact:
Minimising negative impact of Eurobank's operations, to promote environmental stewardship with
a clear goal of achieving
climate neutrality.
●
Societal Impact:
Providing a diverse and
inclusive environment for
Eurobank’s people and clients, while fostering sustainable
development and prosperity for the benefit of society.
●
Governance & Business Impact:
Focusing on building sustainability awareness, internally and across its
value chain, while
intensifying Eurobank's efforts for ethics
and transparency.
The OIS is supported by a governance structure
of multiple project streams (one per
each commitment) and the supervisory ESG/OIS
Committee. Progress
is
regularly reviewed
at the
Sustainability Management
Committee. Each
project stream
is planned
with
milestones, KPIs, annual targets
and long-term interim targets, serving the declared commitments, spanning over the next decade.
Links
are
established with
Transformation
streams
as
well
as
corresponding
ISO
Management
System
standards,
to
ensure
substantiation and certification of activities, validate target setting and measured performance,
and systematically monitor progress
through internal reviews and external assurance.
B.
Financed Impact Strategy:
The
Financed Impact Strategy
focuses on foster
favorable economic, social
and environmental outcomes across
all aspects of its
financing activities, with a commitment to sustainability and responsible
stewardship. To achieve this objective, the Financed Impact
Strategy is structured around the following
4 strategic pillars:
●
Client Engagement and Awareness:
Helping clients transition to more sustainable business models by raising awareness of
climate change challenges
and opportunities.
●
Supporting Clients in
Transition:
Facilitating
the transition of clients
towards sustainable practices
by offering
financing
solutions, that are guided
by the financing approaches
and the eligible activities of the
Sustainable Finance Framework.
goals
and ambitions.
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●
Enablers and Tools for Sustainable Financing:
Providing frameworks, tools, and products to underpin sustainable financing
●
Assessment and
Management of
sustainability-Related Risks:
Identifying and managing
the sustainability-related
risks
within its loan
and investment portfolios,
including assessing
exposure to transition and
physical risks
linked to climate
change.
The Financed Impact
Strategy supports
Eurobank's commitment to
sustainable financing and
ensuring that the
Group’s financial
activities align with
sustainability goals, such as
reducing the carbon footprint of financed projects.
Main Challenges Ahead:
Both strategies face
several challenges:
●
Operational Transition:
The need for
transition to climate
neutrality in Eurobank’s
own operations while
managing the
associated costs and
risks. This involves transforming
internal processes and aligning
with evolving applicable regulatory
requirements and voluntary initiatives as well as adopted standards and guidelines enabling Eurobank’s contemporary and
continuously updated approach towards Sustainability, in line
with international best practice.
●
Client Transition:
Assisting clients
in adapting their business models to meet sustainability and climate
change objectives.
This may involve addressing
different levels of maturity,
overcoming resistance to change, and navigating
and aligning to
complex regulatory requirements.
●
Sustainability-related Risks:
Managing both transition risks (e.g., changes in market, technology and regulatory
conditions)
and physical risks (e.g., climate change impacts such
as extreme weather) that could affect both
the Group’s own operations
and the sectors in which it invests or lends to is dependent on data availability and commitment of involved
counterparties
and stakeholders
●
Alignment with Global Standards:
Ensuring full compliance with global
sustainability standards, climate
-related financial
disclosures (such as TCFD),
and managing the increasing demand
for transparency in sustainability reporting.
To overcome these challenges,
Eurobank has implemented a series of strategic
initiatives:
●
Operational Impact Strategy (OIS) key
components:
o
Operational efficiency:
Focus
on energy
efficiency,
reducing carbon
emissions, towards
the commitment
to
achieve Net Zero
in its operations
for Scope 1
& 2 by
2033 and Scope
3 by 2050.
Promotion of environmental
stewardship by
accelerating also
transition towards
a paperless
banking network
and preservation
of natural
resources, as well
as extending circular
economy practices. Accommodation of
social needs within
its business
model and
safeguarding prudent
governance for
itself and
its counterparties,
in accordance
with supervisory
initiatives, and following
international standards and best practice.
o
The OIS is
supported by a
governance structure of
project streams
per each commitment
and the supervisory
ESG/OIS
Committee.
Regular review
of
progress
via
milestones
and
KPIs
to
ensure
annual
and
long-term
sustainability goals related
to Environmental, Societal,
and Governance &
Business Impact are met.
Progress is
regularly reviewed at the Sustainability
Management Committee.
●
Financed Impact Strategy (FIS) key
components:
o
Sustainable Financing:
Development of strategies
that will promote the
green transition of
the Group’s
clients
through sustainable financing.
o
Portfolio alignment:
Gradual alignment of the Group’s portfolio with sectoral transition
pathways that are aligned
with the 1.5°C climate transition scenario.
o
Net zero strategy:
Sectoral decarbonisation targets covering the Group’s
lending portfolios, with phased target-
setting up to 2050.
In line with
its commitment to address
climate change, the Group
joined the Net-Zero
Banking Alliance (NZBA),
a bank-led, UN-
convened alliance
of banks
worldwide, reinforcing its
dedication to
aligning its
lending and investment
portfolios with
net-zero
emissions by 2050 or sooner, in line with
the most ambitious targets
set by the Paris Climate
Agreement.
The Group has developed sectoral, financed
emissions reduction targets based on
the NZBA framework, for some of
the most carbon-
intensive and, therefore, most relevant and impactful sectors and portfolios. The Group applies established industry standards
(e.g.
NZBA, PCAF) and accredited science-based
decarbonisation scenarios, in line with a 1.5-degree
Celsius objective by 2050.
While the Sustainability Strategy described above
remains the formally approved
and applicable strategic framework during the 2025
reporting period, Eurobank has, in parallel, initiated a structured process to review and update its Group Sustainability Strategy. The
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objective of this process is to
build on the existing strategy, further strengthen its effectiveness and
embed sustainability more deeply
across the Group’s operations, decision-making and
business activities. In this context,
the update of
the Group Sustainability Strategy
has been
developed through
a structured
and comprehensive,
Group-wide process,
aimed at
strengthening the
contribution of
sustainability to long-term value creation. This
process includes research, benchmarking, and re-alignment
on sustainability mega-
trends and regulatory developments to redefine the key sustainability topics based on assessment of the Group’s strategic priorities
and performance, and consideration of stakeholder expectations and leading market practices.
This work enables a
more focused articulation of
the Group’s sustainability
strategic direction and leads
to the identification
and
prioritisation of strategic drivers and focus areas designed to enhance
value creation, notably through supporting business growth,
strengthening risk management and improving
operational efficiency across the Group.
Subsequent phases will focus on translating this strategic direction into defined targets, KPIs
and detailed action plans, supported by
appropriate governance and monitoring frameworks, following formal
approval of the updated Group Sustainability Strategy.
10.2
Sustainability Policies & Frameworks
Eurobank has taken action towards updating its Sustainability Policy
Framework, to outline the approach for adherence to applicable
regulatory requirements
and voluntary
initiatives as
well as
adopted standards
and guidelines
enabling its
contemporary and
continuously updated approach towards Sustainability, in line with international best practices. The Sustainability Policy Framework
sets the foundation towards integration of
sustainability into Eurobank’s business model and operations.
Focusing
on
the
social aspect
of
Sustainability,
Eurobank
has
taken
actions that
outline
its
corporate
values,
principles
and
commitments by
issuing the
Human Rights
Statement,
the Diversity,
Equity and
Inclusion Policy
as well
as
the Policy
against
Harassment and Violence
in Workplace. In order to further enhance its efforts
against Harassment and Violence in Workplace,
the
Bank has introduced a relevant focused training program to all employees.
This approach outlines zero-tolerance for various types of
violation and
discrimination as
well as
for the
equal opportunities
with
fairness
and meritocracy
and
irrespective of
gender,
nationality, age or other traits throughout
the entire employee life cycle (i.e. recruitment
and selection, learning, performance,
talent
and career development, reward management).
Moreover, Eurobank has developed and implements three guiding frameworks, defining the approach and criteria for classifying
its
financing and investing activities
as sustainable:
●
its Sustainable Finance Framework (SFF), which supports
the identification of sustainable/green financing opportunities
and
provides a clear and comprehensive methodology for classifying, monitoring and reporting sustainable
financing,
●
its Green Bond Framework.
The Framework, which has been externally reviewed
by an established second-party
opinion
provider, facilitates
the financing of projects that will
deliver environmental benefits to the economy
and support Bank’s
business strategy and vision,
●
its Sustainable Investment Framework, which describes the Bank’s potential sustainable investment approaches/strategies
and
the
process for
selection of
eligible
investments, based
on
criteria
observed in
international market
practices,
frameworks and guidelines.
The above-mentioned frameworks enable the Bank to pursue economic growth in line
with sustainable criteria.
These frameworks are complemented
by the
adopted Environmental Policy,
Energy Management Policy and
Water Management
Policy, aiming
to protect
the environment
in all aspects
of its operations.
In line with
these policies,
the Bank applies
certified
management systems, in accordance with international standards, such
as an Environmental Management
System (ISO 14001, EMAS)
and an Energy Management System
(ISO 50001).
Eurobank has taken action towards updating its Sustainability Policy
Framework, to outline the approach for adherence to applicable
regulatory requirements and voluntary
initiatives as well
as adopted standards and guidelines,
thus enabling a contemporary
and
continuously updated approach towards Sustainability, in line
with international best practice. The Sustainability Policy Framework
sets the foundation towards the integration of
Sustainability principles into Eurobank’s business model
and operations.
Focusing
on
the
social aspect
of
Sustainability,
Eurobank
has
taken
actions that
outline
its
corporate
values,
principles
and
commitments by
issuing the
Human Rights
Statement,
the Diversity,
Equity and
Inclusion Policy
as well
as
the Policy
against
Harassment and Violence
in Workplace. In order to further enhance its efforts
against Harassment and Violence in Workplace,
the
Bank has introduced a relevant focused training program to all employees.
This approach outlines zero-tolerance for various types of
violation and
discrimination as
well as
for the
equal opportunities
with
fairness
and meritocracy
and
irrespective of
gender,
nationality, age or other traits throughout
the entire employee life cycle (i.e. recruitment
and selection, learning, performance,
talent
and career development, reward management).
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Moreover, Eurobank has developed and implements three guiding frameworks, defining the approach and criteria for classifying
its
financing and investing activities
as sustainable:
●
its Sustainable Finance Framework (SFF), which supports
the identification of sustainable/green financing opportunities
and
provides a clear and comprehensive methodology for classifying, monitoring and reporting sustainable
financing.
●
its Green Bond Framework.
The Framework, which has been externally reviewed
by an established second-party
opinion
provider, facilitates
the financing of projects that will
deliver environmental benefits to the economy
and support Bank’s
business strategy and vision,
●
its Sustainable Investment Framework, which describes the Bank’s potential sustainable investment approaches/strategies
and
the
process for
selection of
eligible
investments, based
on
criteria
observed in
international market
practices,
frameworks and guidelines.
The above-mentioned frameworks enable the Bank to pursue economic growth in line
with sustainable criteria.
These frameworks are complemented
by the
adopted Environmental Policy,
Energy Management Policy and
Water Management
Policy, aiming
to protect
the environment
in all aspects
of its operations.
In line with
these policies,
the Bank applies
certified
management systems, in accordance with international standards, such
as an Environmental Management
System (ISO 14001, EMAS)
and an Energy Management System
(ISO 50001).
10.3
Stakeholders engagement and double materiality assessment
An integral part of the
Group's approach to sustainability is
to foster strong relationships of
trust, cooperation and mutual benefit
with all stakeholders affected by its activities, directly
or indirectly. In this context, the Group promotes two-way communication and
develops ongoing dialogue
with stakeholders, to
be able
to actively meet
the expectations, concerns
and issues raised
by all
its
stakeholders. A more detailed presentation of the cooperation framework, expectations and means of communication is included in
the Group’s Sustainability Statement
for the year 2024.
Acknowledging the
importance of
double materiality,
Eurobank conducted
a
comprehensive assessment
to identify
the most
significant sustainability issues for its business and stakeholders, following the evaluation
of sustainability impacts from its activities,
and the
assessment of risks
and opportunities
with financial
influence across
its value
chain. This
process included
stakeholder
consultations and was guided by the
European Sustainability Reporting Standards (ESRS). The Group’s double materiality assessment
is the process that shapes the contents of the Sustainability Statement and the Annual Report 2024 – Business & Sustainability.
The
Double
Materiality
Assessment
is
conducted
on
an
annual
basis.
The
methodology was
carried out
in
4
phases,
namely i.
Understanding of the business value chain and related activities, ii. Stakeholder engagement and identification of impacts, risks and
opportunities (IROs), iii. Assessment of IROs, and iv. Material topics. As per the final stage of the double materiality and as informed
by the results of
the impact and financial
materiality assessment process, a list
of topics was prioritized as
material, which in turn
formed the basis
for determining the contents of the Annual Report 2024
– Business & Sustainability,
as well as the disclosures of
relevant key
performance indicators.
Further details regarding
the aforementioned process
and its
results are embedded
in the
Group’s Sustainability Statement
for the year 2024 and the Annual Report 2024 – Business
& Sustainability.
Governance
Sustainability at Eurobank is
deployed across a
Governance structure that addresses
both regulatory requirements
and voluntary
sustainability commitments.
Board oversight
with
respect to
the
Sustainability Strategy
is
addressed through
the inclusion
of
dedicated sustainability items in the Board Meetings agenda, as
per international best practice. The Group applies the elements
of
the Three Lines of Defense
(3LoD) model for the management
of climate-related, environmental and sustainability risks.
The 3LoD
model enhances
risk management
and control
by
clarifying responsibilities
within
the
organization. Eurobank’s
Sustainability
Governance model
supports the integration
of its
Sustainability Strategy
and sustainability risks.
Additionally,
the Group
Senior
Sustainability Officer (GSSO) plays a key role in leading and
coordinating the Group’s sustainability initiatives, reporting
directly to the
senior management and Board for sustainability matters and the Group Sustainability Coordination Office serves as the Secretary of
the Sustainability Management Committee.
In that context, the Group
Sustainability Risk (GSR) is responsible for managing and
monitoring sustainability risks, including
preparing
and maintaining
the Bank’s sustainability
risks methodologies, performing the identification and materiality assessment process of
sustainability risks, supporting, reviewing, and challenging the involved stakeholders, across the Group, regarding the setting
of the
Net Zero targets and of the
Sustainability Strategy and monitoring of their
implementation thereof. Moreover, the Board
has assigned
an executive member as the Board Member responsible for climate-related and environmental
risks. This member provides updates
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to the Board Risk Committee (BRC) at least semi-annually. As outlined
in its Terms of Reference, the BRC is responsible for
overseeing
(among others) sustainability
issues, including sustainability
risks.
A dedicated
Sustainability Management Committee
(SMC) complements the Sustainability
Governance model. The SMC
provides
strategic direction
on sustainability initiatives,
reviews the
Sustainability Strategy,
Net Zero
targets and
transition plans
prior to
approval, ensures that the elements
of the Sustainability Strategy
and the Net Zero commitments
are integrated into
the Group’s
business model and operations, approves
changes in eligible assets
of Green Bond and Sustainable Finance
Frameworks, regularly
measures
and
analyzes
the
progress
of
the
Sustainability
Strategy
goals
and
performance
targets
and
ensures
the
proper
implementation of
sustainability-related
policies and
procedures, in
accordance with
supervisory requirements
and
voluntary
commitments.
A dedicated Group Sustainability
Unit (GSU) is
responsible for managing and coordinating sustainability strategy related
issues, for
the development of action plans for the Group's Net
Zero portfolio strategies,
as well as for monitoring
sustainability performance
and coordinating sustainability-linked activities that enhance the
Group’s Impact. In this context,
the Unit is responsible for
facilitating
the development of the Sustainability data framework to
coordinate and prepare external and internal
sustainability-related reports.
10.4
Reporting and Transparency
In 2024, the Group began
preparing its first Group Sustainability Statement in accordance
with the Corporate Sustainability Reporting
Directive (CSRD), which was published in the first quarter of 2025. Under the Directive (EU) 2022/2464 and the Delegated Directive
(EU) 2023/2775 as in force, which
were transposed into the
Greek legislation pursuant to
Law 5164/2024 as in force, the
Sustainability
Statement for the year 2024
is an integral part of
the Directors’ Report and provides the
necessary information to understand the
impact of the Group’s activities on sustainability, as well as the impact of sustainability on
the progress, performance and position of
the Group.
The Group
leveraged the
extended disclosures provided
in the Sustainability
Statement, incorporating references
to the
Annual
Report 2024 –
Business & Sustainability.
Bank issues its Annual
Report –
Business & Sustainability
with a view
to fully inform
its
stakeholders about its performance in
the sustainable development pillars: economy, society,
and environment. The publication is
prepared in
accordance with the
Global Reporting Initiative
(GRI) Standards
(2021), applying the
principles of accuracy,
balance,
clarity, comparability,
completeness, sustainability context, timeliness
and verifiability. This approach
ensures comprehensive and
transparent information, addresses stakeholders’
expectations and interests,
and promotes ongoing dialogue with them.
Through
the Report, Eurobank
provides full disclosure on sustainability
impacts such as environmental performance, energy and emissions,
social impact
and corporate
governance, information regarding
the Group’s
initiatives, while addressing
all material
stakeholder
interests across
the sustai
nability spectrum. The
Annual Report
- Business
& Sustainability
is accessible
to all interested
parties
through the corporate
website. Additionally,
besides the
sustainability reporting frameworks
of the
GRI sectoral supplement
on
Financial Services, the SASB Commercial Banks Standard, as well as the Athens Stock Exchange (ATHEX) ESG Reporting Guide (2024)
have been considered, while the double materiality
assessment was conducted in accordance with the ESRS
standards. This report
also incorporates
the 10
Principles of
the United
Nations Global
Compact (UNGC),
as well
as the
Accountability AA1000
2018
Principles. The sustainability
-related disclosures in the report
are assured by
a competent
assurance provider in accordance
with
International Standard on Assurance Engagements (ISAE)
3000 (Revised), Assurance Engagements Other Than Audits or Reviews of
Historical Financial Information, issued by the International
Auditing and Assurance Standards Board
(IAASB), as per the independent
auditor’s Limited Assuranc
e
Report which is
disclosed as part
of the Annual
Report –
Business & Sustainability.
In addition,
the
Eurobank reports disclosures as required by the EU Taxonomy Regulation. Specifically, upon reviewing its business activities, to align
taxonomy reporting with its core activities, provides
the key performance indicators (KPIs) and other
disclosure requirements related
to its dominant financial undertakings as laid down in Article 10 of the Art.
8 Delegated Act. Furthermore, in the context of
Pillar III
disclosures on ESG risks, Eurobank discloses ESG risks information on a semi
-annual basis. Also, the Bank's GHG financed emissions
for
loans, bonds
and
shares
positions
and
CRE
investments,
following the
PCAF
methodology,
are
disclosed in
the
Group’s
Sustainability Statement
as at 31 December 2024.
Furthermore, the Bank’s environmental and energy management performance, with respect to the
improvement of its operational
footprint, is monitored through
specific indicators and associated
targets disclosed also
in the Environmental Report (EMAS).
This
constitutes an environment and energy
monitoring and self-improvement tool, in
line with commitments,
regulated by applicable
standards, audited & verified by independent third party. Within the EMAS Report framework, the
Bank discloses the Green House
Gas emissions record in line with the ISO 14064 standard,
as verified by external independent party and in line
with the provisions of
the national Climate Law.
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Moreover, the Bank actively participates in internationally recognized Sustainability ratings to
highlight the continuous improvement
in its environmental, social and governance performance,
upgrade the relevant disclosures, and further enhance
investor confidence
in its practices.
11
Other information required by Directive 2004/25/EU
The elements c), d), f), h), and i) of paragraph 1, Article 10 of Directive 2004/25/EC
of the European Parliament and the Council have
been incorporated into elements c),
d), e), g), and h) of
Article 4, Paragraph 7 of Law
3556/2007. These elements are included and
referenced in the Report of the Directors, of which the present Corporate Governance Statement
forms an integral
part.
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SUSTAINABILITY
STATEMENT
Index to the Sustainability Statement .......................................................................................................Page
1.
General information
1.1
Basis for preparation ..........................................................................................................................115
1.2
Disclosures in relation to specific circumstances................................................................................115
1.3
Governance.........................................................................................................................................115
1.4
Strategy - Company, business model and stakeholder engagement..................................................125
1.5
Materiality analysis and results according to the concept of double materiality...............................137
2.
Environmental information
2.1
Disclosures
under Article 8 of Regulation (EU) 2020/852..................................................................141
2.2
Climate change ...................................................................................................................................145
2.3
Biodiversity and ecosystems...............................................................................................................180
2.4
Integration of sustainability in risk management ...............................................................................183
2.5
Sustainable financing and investment offerings.................................................................................190
3.
Social information
3.1
Own workforce ...................................................................................................................................200
3.2
Consumers and end-users ..................................................................................................................226
3.3
Fostering innovation ...........................................................................................................................244
4.
Governance information
4.1
Business conduct ................................................................................................................................255
4.2
Data security and customer privacy ...................................................................................................264
Appendices
A.
Disclosure requirements in ESRS covered by the undertaking’s sustainability statement [IRO-2] ....270
B.
Disclosures under Article 8 of Regulation (EU) 2020/852...................................................................285
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1
General Information
1.1
Basis for Preparation
General basis for preparation of sustainability statements [BP-1]
This sustainability statement
for the fiscal year ended 31 December 2025, has been prepared on a consolidated basis.
The scope of the statement covers the same
scope of consolidation as the Financial Statements.
For the purposes of this
sustainability statement
,
the following general information applies: On 12 December 2025, the merger
by
absorption of
“Eurobank Ergasias
Services and Holdings S.A.”
(Eurobank Holdings)
by Eurobank S.A. (Eurobank
or the Bank)
was
completed and Eurobank SA became the ultimate parent company of the Group.
In accordance with ESRS 2.5(d), the Group has not
exercised the
option to
omit information relating
to intellectual property,
know-how, or
innovation results in
this Sustainability
Statement. Unless
otherwise stated, the metrics
disclosed in this Sustainability
Statement have not been validated by
an external
body other than the statutory assurance provider.
This sustainability statement
covers the upstream and downstream value chain to
the following extent: The
upstream value chain
includes key suppliers such
as those providing IT hardware,
office supplies, energy, and capital, as well as
the regulatory and voluntary
frameworks provided
by
bodies like
the European
Central Bank
(ECB), the
European Banking
Authority (EBA),
and the
Single
Resolution Board (SRB).
The downstream value chain includes Eurobank's corporate
and retail clients who
benefit from financing,
investment banking, advisory services, and leasing solutions.
The value chain has been
considered in the materiality assessment to identify material impacts, risks,
and opportunities
by evaluating
the key activities and stakeholders in both the upstream and downstream segments, including the
environmental and social impacts
of suppliers and customers. Moreover, Eurobank’s
policies, actions, and targets extend to Eurobank’s value chain such as suppliers,
corporate and retail clients, ensuring sustainability considerations
are integrated into decision-making processes for financing,
capital
markets, and real estate. Finally, when disclosing metrics, upstream data
on supplier performance and downstream data related to
customer engagement in sustainable
financing has been considered along with assessments
of Sustainability risks tied to both the
upstream and
downstream sectors.
In addition
to core
banking activities,
the value chain
also encompasses insurance
services,
including those provided by CNP,
which are included within the consolidated
scope of the Sustainability
Statement and have been
considered in the
materiality assessment,
although they are not presented
as a separate
value chain segment
due to their lower
materiality.
1.2
Disclosures in relation to specific circumstances [BP-2].
Eurobank has adopted the following time-horizons as defined
in ESRS 1: 6.4
Definition of short-, medium- and
long-term for reporting
purposes:
●
for the short-term time horizon: the period adopted by the undertaking
as the reporting period in its financial statements.
●
for the medium-term time
horizon: from the end of the short-term reporting period defined above up to 5 years; and
●
for the long-term time horizon: more than 5 years.
1.3
Governance
1.3.1
The role of the administrative, management and supervisory bodies [ESRS 2 GOV-1]
Board of Directors and Board Committees - Eurobank Holdings (up to 12.12.2025) and
Eurobank
Eurobank Holding’s / Eurobank’s Board of Directors (BoD) is comprised of 3 executive members, and 9 non-executive members. The
members of the Board of
Directors and relevant Committees
possess experience relevant to the sectors,
products and geographic
locations: As presented in section
Composition of the Board
of Corporate Governance Statement, Eurobank Holding’s and
Eurobank’s
Board is comprised of 3 female board members, and
9 male board members (average ratio of female to male board members, 33%).
Eurobank aims to
ensure that at
least 25%
(rounded to the
previous integer)
of the Board
is composed
of members of
the less
represented gender, with a target to increase this
representation to a minimum of 33% (rounded to the nearest integer) as soon as
practicable, and in any
case no later
than mid-2026. This target
aligns with legal
and regulatory requirements and industry’s best
practices and shall be maintained
at all times,
reflecting evolving legal
frameworks and market trends.
For a
Board of Directors
comprising 12 members,
(as in the
case of Holdings
and the Bank
BoDs) a minimum
target of 25%
this
corresponds to 3 female members. Currently, Eurobank is compliant with this requirement, as its Board includes
3 female members:
Ms. Rena Rouvitha Panou, Ms. Cinzia Basile,
and Ms. Alice Gregoriadi.
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Moreover, 58,3% of
the total BoD members are independent. The executive
BoD members are representing the employees
of the
Group in the Board of Directors.
For more information relating
to the BoD please refer to the Corporate Governance Statement in
the Board of Directors section.
Sustainability Governance
Eurobank has established the Sustainability Management Committee (Sustainability ManCo
- SMC). The purpose
of the Sustainability
ManCo is to:
●
provide strategic direction on sustainability
initiatives,
●
review the Sustainability Strategy,
Net Zero targets
and transition plans prior to approval,
●
ensure that the
elements of the
Sustainability Strategy
and the Net
Zero commitments are
integrated into
the Group’s
business model & operations,
●
approve changes in eligible
assets of Green Bond and Sustainable
Finance Frameworks,
●
regularly measure and analyse the progress
of the Sustainability Strategy
goals and performance targets,
●
ensure
the
proper implementation
of
sustainability-related
policies
and procedures,
in accordance
with
supervisory
requirements and voluntary commitments.
The Committee includes senior
management roles such as
the Deputy CEO, Group
Chief Operating Officer
(COO) & International
Activities , Deputy CEO,
Head of Corporate & Investment
Banking, Deputy CEO, Head
of Retail & Digital
Banking, Group Chief Ri
sk
Officer, Head
of Group Strategy
(Chairperson), Group Senior
Sustainability Officer,
Group Chief Financial Officer,
Group Chief HR
Officer and several other senior
leaders from Legal Services, Strategy, Markets, Strategic Development & Monitoring
for International
Activities &
Group
Private Banking,
Compliance, and
Marketing &
Corporate Communications
Group units.
The
Group Senior
Sustainability Officer
(GSSO) plays a
key role in leading and coordinating the Group’s
sustainability initiatives,
reporting directly to
senior management and the Board
for sustainability matters and the Group Sustainability Coordination
Office serves as the Secretary
of the Sustainability ManCo.
Sustainability ManCo’s responsibilities
are clearly outlined in its Terms
of Reference, which guide its work, including approving and
monitoring Sustainability Strategy, Net Zero commitments, targets, action and transition plans, as well as Sustainability Frameworks
(e.g.
Sustainable Finance
Framework,
Green Bond
Framework)
and
Policies,
ensuring
that sustainability
-related projects
and
initiatives align with
Sustainability Strategy
targets, objectives, Net Zero
commitments and sustainability
-related KPIs.
Sustainability at
Eurobank is
deployed across
a Group
Governance structure
that addresses
both regulatory
requirements and
voluntary
commitments.
Board
oversight,
with
respect
to
the
Sustainability Strategy,
is
addressed
through the
inclusion
of
sustainability items in the Board Meetings agenda, as
per international best practice.
The Group’s Governance structure
is introducing
and defining the roles and responsibilities in relation to sustainability risks,
embedding regulatory guidelines and market practices.
Additionally, the Group applies
the Three Lines of
Defense model, which clarifies the responsibilities
of each
line for managing climate-
related, environmental and sustainability
risks. This model, through structured
policies, further delineates duties
across each line,
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ensuring that each
body and
individual within the
organisation has
a defined
responsibility for
managing sustainability
impacts,
mitigating risks and leveraging opportunities within their operational scope. The Sustainability Governance
structure aims to further
enhance the effective oversight
of sustainability matters
at Management/Board level,
through direct reporting lines. The GSSO
as
represented in
the chart, along
with the
Group Chief
Risk Officer
(GCRO), co-manages
Group Sustainability Risk,
which involves
coordinating sustainability efforts and ensuring the integration of sustainability principles across the organisation. The GSSO plays a
critical role
in embedding
sustainability into
the Group’s
strategic decision-making,
ensuring that
sustainability is
considered in
policies, business and operational strategies.
To further
strengthen the Group’s
sustainability oversight and
to support the
consistent implementation
of sustainability-related
requirements across all entities,
the Group introduced in 2025 the Group
Sustainability Integration & Data
function. This new role
enhances coordination between
central units and international subsidiaries, coordinates
the implementation of sustainability-related
actions across
the Group,
oversees and
harmonises the
Group-wide data-collection
processes, and
ensures the
integration
of
sustainability data into common systems
and central data-management
structures.
In 2025 Eurobank continued to apply its Sustainability Governance model while supporting
its Sustainability Strategy rollout and the
integration of sustainability risks.
Governance Structure and Committees:
●
Oversight of sustainability risks at management body level through allocation of responsibilities to Board and management
committees. Specifically,
Chairman of the SMC is the General
Manager, Group Strategy.
●
Appointment of an executive member
by the Board, who is
responsible for climate
-related and environmental risks. This
member updates the Board Risk Committees
(BRC) at least
semi-annually.
●
Establishment of
2 Committees
that supplement the
governance arrangements on
sustainability risk,
i.e. Sustainability
Management Committee and Climate
Risk Stress Test
Committee.
●
Appointment of Group Senior Sustainability Officer
to lead the Group’s sustainability
initiatives.
Integration of Sustainability Risk
Management across the 3 lines:
●
Dedicated teams within the CIB and Retail Banking units for overseeing
sustainability and sustainable financing
activities.
●
Automated process established to assess
and classify sustainable
financing opportunities.
●
Group Sustainability Unit responsible for managing and coordinating
sustainability strategy related issues, the development
of action
plans for
the Group’s
Net
Zero
portfolio strategies,
as
well as
monitoring
sustainability performance
and
coordinating sustainability-linked activities
that enhance the
Group’s Impact.
In this context,
the Unit
is responsible for
facilitating
the
development
of the
Sustainability
data
framework
to
coordinate
and
prepare
external
and
internal
sustainability-related reports.
●
Group
Sustainability
Risk
responsible
for
managing
and
monitoring
sustainability
risks,
acting
as
PMO
office
for
implementing the sustainability
risks roadmap and monitoring the Sustainability Strategy,
and preparing and maintaining
the
Bank’s
Sustainability
risk
management
policies,
processes
and
methodologies, in
collaboration
with
the
Group
Sustainability Unit, Business
and other Risk Units.
●
Training on sustainability,
sustainable finance and sustainability
risk topics to Group personnel.
Responsibilities for managing
impacts, risks,
and opportunities are
defined and
communicated through
the Group’s
governance
framework, including board mandates, committee charters where applicable, and internal policies
and procedures, ensuring clarity
of roles and accountability across all
relevant bodies.
The roles and responsibilities of the key governance bodies / committees
/ units-functions are outlined below:
Supervisory bodies:
Eurobank Holdings (up to 12.12.2025) / Eurobank Board of Directors (BoDs/Boards)
Eurobank Holdings
/ Eurobank
Boards play
a key
role in
overseeing the
Group’s Sustainability
Strategy. Sustainability
items are
regularly included in Board agendas
to ensure effective governance. The Boards have appointed
an executive member responsible
for climate-related and environmental risks, who provides semi-annual updates to
the Board Risk Committees (BRC). The BRC, in line
with its Terms
of Reference, monitors sustainability
risks and ensures alignment with
international best practices.
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Eurobank Holdings / Eurobank Board Risk Committee
(BRC)
The Eurobank Holdings / Eurobank Board Risk
Committee (BRC)
oversees sustainability risks as part of its mandate. These
risks are
identified through the Risk Identification and Materiality Assessment (RIMA) process and assessed against the Group’s risk appetite
and strategy. The BRC approves principles, policies, and methodologies for managing sustainability risks, including the Sustainability
Risk Management Policy,
ensuring proper identification, monitoring, and mitigation across
the Group.
Audit Committee
In line with the stipulation
of the
Law 5164 (Article 43),
Audit Committee (AC) has been
entrusted with additional responsibilities
concerning the submission and
assurance of the Sustainability Statement. The Audit Committee informs the
Board of Directors about
the outcome of the statutory audit and the assurance of the sustainability statement. It explains how
these processes contributed to
the integrity of the financial and sustainability
information and clarifies the role
of the Audit Committee during this process
For more detailed information regarding the Board Committees, please refer to the Corporate Governance Statement, Statement in
the section Board Committees.
Management bodies:
Eurobank Management Risk Committee (MRC)
The Eurobank Management Risk
Committee (MRC) is
responsible for overseeing the risk management
framework of Eurobank. As
part of its responsibilities, the MRC facilitates reporting to the BRC on a
wide range of risk-related topics under its purview, including
sustainability risks. The MRC
ensures that material
risks are identified and
promptly escalated to
the BRC and
that the necessary
policies and procedures are in place to prudently manage risk and to comply with regulatory requirements.
Eurobank Sustainability Management Committee (Sustainability ManCo-SMC)
The Eurobank Sustainability ManCo provides strategic direction on sustainability
initiatives, reviews the Sustainability Strategy, Net
Zero
targets and
transition plans
prior to
approval, ensures
that the
elements of
the Sustainability
Strategy and
the Net
Zero
commitments are integrated into the Group’s business
model & operations, approves changes in eligible assets of Green
Bond and
Sustainable Finance Frameworks, regularly measures and analyzes the progress of the Sustainability Strategy goals and
performance
targets and ensures
the proper implementation
of sustainability-related
policies and
procedures, in accordance with
supervisory
requirements and voluntary commitments.
Eurobank Climate Risk Stress Test
Committee (CRSTC)
The Eurobank Climate Risk Stress Test Committee (CRSTC) is responsible for
designing and executing the Group’s CRST Programme,
as well as for coordinating all activities relating to Climate Risk Stress Testing, including risk identification, scenario design and stress
test execution, and reviewing and challenging
the output at each stage of the process prior to escalating
to the Executive Board.
For more information regarding
the Management Committees please refer
to the Corporate Governance, Statement in the section
“Management Committees”.
Administrative bodies:
Group Senior Sustainability Officer (GSSO)
The Group Senior Sustainability
Officer (GSSO)
is responsible for leading and coordinating the Group’s
sustainability initiatives,
for
both Operational and Financed Impact. GSSO
manages Group Sustainability, co-manages,
as a secondary reporting line, along with
the Group
Chief Risk
Officer the Group
Sustainability Risk, coordinates
Sustainability Center of
Excellence of
CIB and
Retail
and
oversees the
sustainability programs
of international
subsidiaries. The
role
of the
GSSO is
to foster
a
deep understanding
of
sustainability principles and practices
across the
organisation by building
a culture of
sustainability and collaborating
with senior
management, to embed sustainability
into the Group’s strategic
decision-making processes. GSSO
secures and allocates resources
effectively to support
the Group’s
sustainability initiatives
and advocates for necessary
investments in sustainability
projects and
technologies. GSSO serves as the liaison between the Group and Market/External Stakeholders, closely
monitoring industry trends,
regulatory changes
and
best practices
in sustainability
and ensuring
that the
Group
remains at
the forefront
of sustainability
innovation and compliance.
Group Sustainability Unit
The Group Sustainability Unit
acts as a custodian of
Sustainability Principles and Culture to enhance
the Group’s
Impact, and as a
cross-functional coordinator to ensure alignment on sustainability issues and
interdependencies, as well as compliance with relevant
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existing
and
upcoming
regulations.
Specifically,
the
Group
Sustainability
Unit
is
responsible
for
managing
and
coordinating
sustainability strategy related issues, ensuring alignment of subsidiaries'
programs with the Group's
overall sustainability strategy and
goals, supporting their implementation
efforts. The Group Sustainability
Unit coordinates the development of action plans for
the
Group’s Net Zero
portfolio strategies
and ensures the aligned
development of corresponding plans
for subsidiaries.
It directs the
actions of the Bank's units and subsidiaries on sustainable financing matters and
provides advisory support on broader sustainability
issues. The Unit facilitates the development of
the Sustainability data framework and promotes
sustainability knowledge and culture.
Furthermore,
it
coordinates
and
prepares
external
and
internal
sustainability-related
reports
in
line
with
applicable
standards/regulations, in cooperation
with involved subject-matter
responsible Units, while it is
responsible for the
UNEP FI
PRB
implementation. Being
responsible for
the oversight
of the
Bank’s overall
sustainability performance,
its key
roles
include the
centralized management of Sustainability Ratings, seeking continuous improvement in related scores. The Group Sustainability Unit
also manages
the ISO
Management Systems
under the
related provisions
of equivalent
policies and
the Sustainability
Strategy,
supporting also the development / maintenance of ISO
Management Systems at Group level, where applicable. It collects, calculates
and
reviews
data,
in
line
with
the
associated
certified
ISO
Management
Systems,
while
it
also
ensures implementation
of
corresponding initiatives (e.g. operational net zero
transition, energy self-production,
energy and emission monitoring,
green building
certifications, recycling and circular economy
management). To further strengthen the Group’s sustainability oversight and
to support
the consistent implementation
of sustainability
-related requirements across all
entities, the Group
introduced in 2025
the Group
Sustainability Integration & Data function. This new
role enhances coordination between central units and
international subsidiaries,
coordinates the implementation
of sustainability-related
actions across the Group, oversees and
harmonises the Groupwide data
collection processes,
and
ensures the
integration
of
sustainability data
into common
systems
and central
data
management
structures.
Business Units
The Business Units – Corporate and Investment Banking, and
Retail Banking – are primarily involved in executing all portfolio-related
sustainable activities, including the implementation of
the Net Zero and
Financed Impact Strategies. Key responsibilities are classified,
inter alia, under the following 3 main
categories:
1.
Sustainability Strategy
●
Executing and monitoring financed and specific operational sustainable goals and performance targets in line with the
Net Zero Strategy.
2.
Sustainable Financing/Funding and Investments
●
Identifying sustainable financing opportunities and designing relevant solutions
and sustainable products.
●
Performing the sustainable financing
assessment, in line
with the Sustainable Finance
Framework.
●
Implementing and monitoring the Sustainable
Investment and Green Bond Frameworks.
3.
Sustainability Risk Management
●
Performing the clients overall ESG
Risk Assessment,
where applicable.
●
Identifying and implementing mitigation
action plans for sustainability risks.
Eurobank has
established dedicated
functions, namely
the Sustainability
Center of
Excellence (CoE),
within the
Business Units
(Corporate & Investment Banking and Retail Banking) which are responsible for assessing, managing and monitoring risk levels in all
risk categories, including Sustainability
risks. The Head of CIB Sustainability
CoE is responsible for overseeing sustainable
financing
activities, while two Retail
Banking Sustainability Coordinators (for Business and Individual clients, respectively) are
responsible for
organising and supporting sustainable-related
financing activities.
Group Sustainability Risk (GSR)
The GSR
has the
overall
responsibility for
overseeing, monitoring
and managing sustainability
risks. More
specifically,
the GSR
prepares and maintains the Bank’s Sustainability risk management policies, processes and methodologies, in collaboration with
the
Group
Sustainability
Unit,
Business and
other
Risk
Units.
In
addition,
it
leads
the
development
and
implementation of
the
sustainability risk-related framework, policies and processes, in coordination with other units, monitors the progress of the Climate
Risk Action
Plan and
reports on
its implementation
to the
Group Senior
Sustainability Officer
(GSSO), while
also
reporting on
sustainability risk matters to the Board of Directors. The
GSR monitors and challenges the involved stakeholders in setting Net Zero
targets, the Financed Impact Strategy and
and the development of the Transition Plan
and reports financial targets and KPIs. The
GSR
also leads the 2nd line of
defense independent sustainable lending re-assessment
process against the Sustainable Finance criteria,
including the classifications of Retail Portfolio products as sustainable. Additionally, the Unit
reviews and confirms the outcomes of
the ESG
Risk Assessment,
evaluates their consistency
and completeness
and formally
challenges the adequacy
of the
proposed
mitigating actions. Furthermore, the GSR develops and maintains the Climate Risk Stress Testing Framework, as well as the Scenario
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Analysis and Stress Testing methodologies, and coordinates
the performance of sustainability
risk scenario
analysis and relevant stress
test exercises at
Group level.
Group Compliance
Group Compliance’s key roles and responsibilities include:
1.
Regulatory compliance
●
Identifies and monitors on an ongoing
basis the regulatory environment and emerging trends
around sustainability and
suggests to the Group the respective changes/enhancements
to the relevant policies and documents.
●
Issues a regulatory bulletin, which includes regulatory developments and their impact
on the Bank’s operation.
●
Monitors the
alignment of
the Group’s
activities with
applicable laws,
rules, regulations
and standards,
including
sustainability regulatory aspects.
2.
Regulatory Compliance Risk Assessment
●
Designs appropriate risk assessment
methodologies for compliance risk.
●
Utilizes a
range of processes and tools for managing
compliance risk.
●
Maintains an overlay
on risk assessment
methodologies and is responsible jointly with
the competent sustainability
units, so
that
an effective
compliance monitoring
program
for the
relevant
activities is
in
place, the
respective
compliance programs are monitored by Group Compliance.
●
Assesses conduct risk in relation to sustainability
financing.
3.
Policy updates
●
Maintains the Bank’s conduct-related policies,
including their sustainability components.
4.
Product offering monitoring
●
Provides advice and
recommends controls over
the Bank’s
product offerings, while
it also checks
that promotional
statements do not misrepresent
products or services offered to
customers, through its participation in
the Products
and Services Committee and related processes.
Within Group Sustainability,
two FTEs maintain
a secondary reporting line to
the Group Chief
Compliance Officer, supporting
the
Group Compliance function
on matters
related to
monitoring and analysing
regulatory developments in
sustainability, assessing
associated risks, providing supplementary advisory services
and conducting controls, with an emphasis on
identifying and preventing
greenwashing.
Group Compliance actively supports upskilling in key sustainability regulatory areas. Dedicated training, for example on Compliance
tools and Compliance Methodologies—ensures
that Compliance officers remain equipped to
meet evolving supervisory expectations
and to effectively advise the business on sustainability
-linked regulatory requirements. It is also noted that the personnel of Group
Compliance include executives who hold recognized professional certifications
in sustainability-related
areas.
Group Internal Audit (Group IA)
The role of the 3rd line within Eurobank’s governance and organisational structure is allocated to the Group IA, for the independent
review of the adequacy and effectiveness
of the internal control framework. The Group IA mandate
covers all processes,
risks and
mechanisms, for all business lines and internal units.
In recent years, the Group IA has recognised sustainability internal controls and
the risk management framework as areas of focus and
has taken several initiatives and
actions within its strategy. These aim
to ensure
adequate coverage of the area, in line
with the Bank’s strategy,
as well as
industry and regulatory developments.
Specifically, the Group IA
strategically focuses
on the Sustainability risks, building on the following
pillars:
●
Methodology/ Infrastructure
– The
Management of
sustainability risks
and the
Bank’s initiatives
are
recognised as
a
separate auditable area, subject to risk assessment. Furthermore, climate-related and environmental
risk is recognised as a
separate risk category, assessed in all relevant areas of
the audit
universe, in line with
the Bank’s risk
taxonomy. This category
will be extended to cover the entire spectrum of sustainability risks, in line with respective developments in the Bank’s risk
definitions.
●
Resources
– The Group IA
has extended its pool of
professional qualifications/
certifications to the area of sustainability,
with two staff
members certified in Sustainability/ESG
and Climate Risk through different professional
bodies to diversify
relevant
expertise
and
with
additional
auditors
planned
to
pursue
relevant
industry-recognised
professional
body
certifications in the future.
This comes simultaneously with
other initiatives in place, aimed
at further upskilling through
dedicated training sessions,
on-the-job upskilling (participation in and
consultation on the
Bank’s projects and initiatives
around sustainability) and increased awareness (e.g. Group
IA ESG Focus Group focused
at sharing knowledge on
sustainable
practices and regulatory initiatives). At
this stage, the Group IA has
opted to embed the right mix of skills
and knowledge
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within its existing organisational structure, given the multifaceted nature of sustainability risks, affecting all businesses and
operations of the Bank, to a siloed approach, aiming
at a holistic consideration of the Bank’s
sustainability risks.
●
Sustainability / Audit Universe Coverage
and Audit Planning
– Following
the infrastructure steps described above, since
2021, the
Group IA
has been carrying
out several
assignments around sustainability,
along with monitoring
the Bank’s
initiatives in
this area
on a
risk-based approach.
Key areas
of focus
include risk
materiality, governance
and strategy,
Sustainability risk management
framework, product design and offering, reporting disclosures, etc. For
more information
regarding the
responsibilities for
impacts, risks
and opportunities
of the
administrative,
management and
supervisory
bodies,
please
refer
to:
“1.3.2
Information
provided
to
and
sustainability matters
addressed
by
the
undertaking's
administrative, management and supervisory bodies
[GOV-2]” and
1.5.1 Description of the
processes to identify and assess
material impacts,
risks and opportunities [IRO-1].
Overall Group IA follows a risk-based approach to independently review and provide objective assurance, advice and insight, having
in scope all activities, operations and units of the organisation.
The Group IA’s multi-year audit plan ensures that
all of the Group’s
activities/operations are subject to review,
in compliance, inter alia, with
EU laws and regulations and supervisory expectations, as
well as the Global
Internal Audit Standards. The Group IA
documents the outcome of audits in
audit deliverables
that are used to
provide information to several recipients (e.g. AC, Board Committee, Senior Management, external auditors). The Group IA attends
the Audit Committee meetings to present a
summary of its activity and highlight
key issues, at least
on a quarterly basis.
Operating model
The Group has identified, assessed
and implements relevant action plans addressing
sustainability risks within the 3
lines.
Integration of Sustainability Risk Management across the 3 lines
The Group’s Sustainability Governance structure introduces and defines specific roles & responsibilities in order to support the roll-
out of the Sustainability Strategy and the integration of the sustainability risks, through the involvement of various key stakeholders
(e.g. Business & Risk Units, Committees
etc.) across the three Lines
of defense, embedding
regulatory guidelines and
market practices,
as follows:
1st Line:
Dedicated functions,
namely the
Sustainability Centers
of Excellence
(CoE), within
the Business
Units (Corporate
& Investment
Banking and
Retail Banking)
are
responsible for
assessing, managing
and monitoring
risk levels
in all
risk categories,
including
Sustainability risks. The Head of CIB Sustainability CoE is responsible for overseeing sustainable financing activities, while two Retail
Banking Sustainability Coordinators (for Business
and Individual clients respectively) are responsible for
organising and
supporting
sustainable-related product financing
activities. In addition,
the role
of the Group
Sustainability Unit in
the 1st
Line includes the
responsibility for managing and coordinating sustainability strategy related issues, the development of action
plans for the Group's
Net Zero portfolio strategies,
the Group’s Transition Plan and the facilitation
of the Sustainability data framework development, as
well as
Sustainability Reporting,
Environmental &
Energy Reporting
(EMAS Report,
Greenhouse Gases
Emissions Report
per ISO
14064) and
Sustainability ratings.
The 1st
Line, in
coordination with
other Units,
execute and
monitor financing,
and specific
operational sustainable goals
and performance targets based on
the Group’s Sustainability
Strategy and in
line with the Net
Zero
Strategy.
2nd Line:
Group Risk Management (GRM) is independent from the
Business Units and has full
responsibility in setting the Risk
Strategy and Risk
Appetite Framework, including
Sustainability risks. Within
GRM, the
dedicated GSR
has the overall
responsibility for
overseeing,
monitoring and managing Sustainability
risks in cooperation with the other GRM Units, as
well as with
Group Compliance.
3rd Line:
The Group Internal Audit
(Group IA) independently reviews the adequacy
and effectiveness of the internal
control framework in place
regarding Sustainability risk management on a regular basis, following a risk-based approach in line with its Annual Risk Assessment
and Audit Planning Methodology.
ESG awareness and capacity building
Eurobank places great emphasis on building
capacity among its employees,
so they
are able to support
its clients on their
sustainability
journey and their green transition. To this end, in addition to launching sustainability initiatives for its clients, Eurobank implements
an ESG upskilling plan for its employees. Eurobank’s ESG awareness program regarding sustainability matters, is directed to
all of the
Group's personnel - employees and management.
Additionally, the Group has offered training
to stakeholders from all
3 lines (i.e.
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business units, risk management
units, Group IA) regarding
the SFF,
to enhance their understanding.
Finally,
the Group conducts
training sessions/seminars tailored to its supervisory and management bodies, tailored to their specific areas of
interest/expertise.
CIB Sustainability Academy
The CIB
Sustainability Academy
is a
strategic internal
awareness initiative
designed to
enhance ESG
knowledge and
strengthen
sustainability awareness
across Corporate & Investment
Banking employees. Delivered through short,
interactive sessions
via the
“Digital Academy for Business” platform, the Academy covers emerging and specialised topics related
to sustainability, the banking
sector, and the Corporate & Investment Banking environment.
Since its inception in October 2024,
9 ESG-focused sessions have been
delivered, and the
programme continues on
an ongoing basis to
further reinforce the
Bank’s commitment
to cultivating a strong
sustainability culture within the CIB division. Specifically,
the following awareness
programmes are in place:
Employee ESG awareness
training modules
Since 2022, the Group has launched “ESG Thinking”, an ESG awareness program for employees, consisting of
the following modules:
●
Module 1
– ESG and World: Fundamentals of ESG, megatrends and related risk
and opportunities as well as the importance
of ESG within an
organisation described through business cases.
●
Module 2
– ESG and the Bank: Key drivers of ESG, its impact on
the banking industry and the ESG regulatory landscape.
The
ways in which the Bank engages
with sustainability through frameworks,
initiatives and products.
●
Module 3
– ESG and Me: Content aiming to cultivate an open
and growth mindset when dealing with sustainability issues
by motivating employees to take personal action through practical steps
personally and professionally.
Target setting
The Board of Directors, Board
Committees, Management Committees and functions oversee
the setting of targets related to material
impacts, risks, and opportunities through a combination of strategic
review, decision-making,
and continuous monitoring.
The Sustainability
Management Committee
(Sustainability ManCo
-
SMC) plays
a
central role
in this
process by
reviewing the
Sustainability Strategy,
providing strategic direction on sustainability initiatives,
reviewing the Net Zero targets
and Transition P
lan
prior to approval, integrating the elements of the
Sustainability Strategy,
the Net Zero commitments and the
Transition Plan into the
Group’s business model and
operations, while also
ensuring that stakeholder interests and
expectations are met. It
also approves
changes in eligible assets of Green Bond and Sustainable Finance Frameworks, regularly measures and analyses the progress of
the
Sustainability Strategy
goals and
performance targets,
ensure the
proper implementation
of sustainability
-related policies
and
procedures,
in
accordance
with
supervisory
requirements
and
voluntary
commitments.
The
Committee
further
approves
Sustainability-related
reports, including
the Sustainability
Statement
and Green
Bond Report,
among others.
Additionally,
the
Sustainability ManCo reviews and endorses Sustainability-related KPIs linked to variable remuneration and incentive schemes, prior
to
submission
to
the
Incentive
Plan
Committee.
Through
this
oversight,
the
Sustainability
ManCo
ensures
the
continuous
improvement
and alignment of
Sustainability-related ISO Management Systems,
including ISO standards in the environmental and
energy domains, ensuring their ongoing suitability,
adequacy, and effectiveness.
Sustainability-related expertise
The Board of Directors, Board Committees, Management Committees, functions and involved units possess
a collective set of skills
and expertise
that are
crucial for
overseeing sustainability
matters. At
the Board
level,
Sustainability Management
Committee
(Sustainability ManCo - SMC) and senior management, expertise in sustainability is represented through a structured approach that
integrates both in-house knowledge and
external expertise. The SMC provides
strategic direction on
Sustainability-related initiatives,
aligning them with the Group’s
broader transformation plan. The members of the SMC,
including senior roles like the Deputy CEO,
Group Chief Operating Officer (COO) & International
Activities, the General Manager, Group Strategy, the Group
Senior Sustainability
Officer (GSSO)
and the
Chief Risk
Officer are
responsible for
ensuring that
Sustainability issues
are
fully incorporated
into the
operations and decision-making processes across
the organisation. Furthermore,
the SMC reviews and
approves sustainability training
and awareness initiatives. Moreover, the BoD ensures
that key individuals across the Group are equipped
with necessary expertise
as it has the oversight over training
and awareness initiatives
as evidenced by its role. This structure ensures that expertise
is both
possessed internally and is accessible
externally, empowering the Group to manage
sustainability challenges effectively.
The skills and expertise present within the Board of Directors,
Board Committees, Management Committees, units and functions are
directly aligned with the
Group's material impacts,
risks, and opportunities. For instance,
the Sustainability ManCo
is tasked
with
overseeing the integration of
sustainability goals, including
Net Zero Strategy,
Transition Plan and
Sustainable Financing activities,
into the Group’s broader
strategic objectives. The expertise of senior
executives such as the
Deputy CEO,
Group COO and International
Activities, the General Manager, Group Strategy,
the GSSO and the CRO
ensures that Sustainability considerations are embedded
into
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the Group’s daily operations, enabling
them to address and manage the material
risks and opportunities tied to sustainability.
The
Business Units (Corporate & Investment Banking, Retail Banking) are actively engaged in
managing sustainability risks as part of their
operations, with
specific responsibilities
assigned through
the Group
Sustainability Unit,
responsible to
manage and
coordinate
sustainability strategy-related issues. Through the structure, these bodies ensure that sustainability risks are
appropriately assessed,
monitored, and mitigated at every level, from
operational to strategic decision-making.
The
Board is
provided with
semi-annual sustainability
update
sessions
to
support
effective oversight
of
evolving
regulatory
requirements, the Group’s
mitigation strategy
through key initiatives
and actions, and emerging
sustainability megatrends.
These
sessions also incorporate sectoral benchmarking to evaluate the Group’s positioning and performance relative to peers and market
best practices.
1.3.2
Information provided
to and sustainability
matters addressed
by the
undertaking's administrative,
management and
supervisory bodies [GOV-2]
The Sustainability
Management Committee (SMC)
is regularly informed
about material
impacts, risks,
and opportunities through
multiple reporting channels. Specifically, the SMC meets quarterly
and/or on an ad hoc basis, when necessary, to review and provide
strategic direction on sustainability
-related issues, including material risks and opportunities. The Committee reviews and monitors
sustainability strategies, action plans, KPIs and progress towards sustainability goals to
ensure they align with
the Group’s objectives.
The SMC also reviews reports on sustainability issues, risk management processes, and
performance metrics, ensuring that decisions
are aligned with sustainability
goals.
Impacts, Risks and Opportunities consideration
The SMC carefully considers impacts, risks and opportunities when overseeing the Group’s strategy.
The SMC plays a critical role
in
providing strategic direction on sustainability
matters, ensuring the Sustainability
Strategy aligns with the Group’s
overall Business
and Transformation Plan. The Committee is involved in
the approval of action plans, project
monitoring, and reviewing Sustainability-
related policies and frameworks. Policies affecting internal stakeholders
are available to the
Eurobank’s intranet, while those referring
to external stakeholders, such as the Group's
Code of Conduct and
Ethics, are available through the corporate site. Overall, the
Group
ensures there is a high level of accountability in Policy
development and implementation. Policies are approved by the
appropriate
Governance bodies such as the Board of Directors or specialized committees, which ensure that there is alignment with the Group's
strategic goals
and stakeholder interests.
Additionally, sustainability
risks are assessed
regularly, ensuring that
sustainability factors are
embedded in the Group’s
strategic
decisions, including sustainability targets,
major investments, and the overall risk management
framework.
The Board Risk
Committee plays a
crucial role in
ensuring that the Group
Risk Strategy and
Risk Appetite Framework inform
the
business plan and decision-making, thus aligning
risk management processes with the Group's broader objectives and actions. The
Committee considers trade-offs
associated with material
sustainability matters, for example by incorporating sustainability-related
risks and opportunities within
the existing risk management frameworks.
This ensures that sustainability considerations
are evaluated
alongside financial and operational risks.
During the reporting period, the Board of Directors, Board Committees, Management Committees and functions, through the SMC,
addressed several material impacts, risks, and opportunities included the implementation of
the due dilligence process. Through the
Double Materiality Assessment (DMA) exercise, the SMC reviewed the Impacts, Risks, and Opportunities (IROs) that were identified
as material
for the
Group. These
IROs were
assessed based
on both
impact and
financial materiality
to ensure
comprehensive
consideration.
For a detailed list of the Impacts, Risks, and Opportunities (IROs) approved by the SMC, please refer to the respective section of the
Sustainability Statement,
which outlines these material
issues in further detail.
For more information regarding
the due diligence process please refer
to: 1.5.1 Description of the processes to identify and
assess
material impacts,
risks and opportunities [IRO-1].
1.3.3
Integration of sustainability-related performance in incentive schemes [GOV-3]
The Group has established a Remuneration Policy that is applicable to all Group employees
and covers their total remuneration. The
Remuneration Policy forms an integral part of the corporate governance
practice and is developed in accordance
with its operational
model, business strategy,
objectives, long-term interests of the Group and incorporates measures
to avoid conflict of interest.
The Remuneration Policy promotes
sound and effective risk management and
is consistent with the
objectives of the
Group’s business
and risk strategy,
corporate culture,
values and
risk culture.
It also considers
sustainability risk factors,
as well as
the long-term
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interests of the Group.
Additionally, it includes measures to avoid
conflicts of interest and excessive risk-taking on
behalf of the Group.
The Group ensures that
remuneration practices are aligned
with their overall risk appetite,
taking into account all
risks, including
sustainability risks, reputational risks,
as well as
risks resulting from the mis
-selling of products or services.
In addition,
the Remuneration
Policy has
been enhanced
with the
establishment
of a
Variable Remuneration
Framework, Key
Performance Indicators (to balance
employees’ performance and encourage
proper conduct) and Key
Risk Indicators (to
promote
sound and effective
risk management
including sustainability risks) at
Group/ Unit/ Individual
level, as appropriate.
The Variable
Remuneration Framework aims at providing (i) an appropriate balance of
variable remuneration elements, aligning the interests of
employees, shareholders and other stakeholders,
strengthening the Group’s position as
a leading European bank and
(ii) effective
remuneration practices in compliance with
the applicable regulatory environment.
In this context, Key
Risk Indicators are set at Group
level, whereas
Eurobank underscores the
significance of introducing
more Key Risk
Indicators linked
to sustainability
risks in
the
following years.
The Remuneration Policy has been designed to:
●
Be consistent with and promote sound and effective
risk management.
●
Stimulate behaviours consistent with
the sustainability risks approach.
●
Comply with the Group’s regulatory obligations and voluntary commitments.
Its basic principles are to:
●
Be gender neutral and non-discriminatory in any aspect of its
implementation.
●
Safeguard that remuneration is
sufficient to retain and attract
executives with appropriate skill and experience.
●
Monitor that internal equity between all Units is
applied.
●
Avoid excessive risk-taking, even in the case
of direct or indirect sustainability risks.
●
Link remuneration with long-term performance.
The Group’s
sustainability-linked remuneration integrates
the achievement of components
/ targets of
the Group’s Sustainability
Strategy, to incentivise
management and employees to contribute towards their achievement.
(i.e. Bank’s CO2 Emissions,
New CI
B
disbursements in Green/Environmentally sustainable
loan).
The Remuneration Committee approves any incentive scheme both
at Bank and Group level, while
the Non-Executive Members of
the BoD approve and periodically review the Remuneration Policy and are responsible for overseeing its
implementation.
1.3.4
Description of the due diligence on sustainability matters [GOV-4]
The following table shows how and where the application of
the main aspects and steps of the due diligence process are reflected in
Eurobank’s Sustainability Statement:
Core elements of due diligence
Paragraphs in the Sustainability Statement
Description
a)
Embedding
due
diligence
in
governance,
strategy
and
business
model
2.5.1 Governance - Sustainable financing and
investment offerings
2.4.4 Policies related to the integration
of
sustainability in risk management
[MDR-P]
1.3.3 Integration of sustainability-related
performance in incentive [ESRS
2 GOV-3]
The Group integrates sustainability into its
governance
and
strategy
through
frameworks like the Climate Risk Scorecard
and
Sustainable
Finance
Framework,
ensuring these
principles guide
decision-
making.
b) Engaging with affected stakeholders
in all key steps of the due diligence
1.4.3 Stakeholder interest and engagement
[SBM-2]
1.4.4 Material impacts, risks
and
opportunities and their interaction with
strategy and business model [SBM
-3]
2.4.4 Policies related to the integration
of
sustainability in risk management
[MDR-P]
The Group
engages
stakeholders to
align
business
practices
with
expectations,
informing its
materiality
assessment
and
relative policies.
c)
Identifying
and
assessing
adverse
impacts
2.4.4 Policies related to the integration
of
sustainability in risk management
[MDR-P]
The Group
conducted a
DMA to
identify
and assess
adverse impacts,
focusing on
both potential and actual
effects on people
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Core elements of due diligence
Paragraphs in the Sustainability Statement
Description
2.5.1 Governance - Sustainable financing and
investment offerings
and
the
environment.
In
addition,
Eurobank uses the
RIMA process and ESG
Risk Assessment to evaluate risks, applying
enhanced
due
diligence
for
high-risk
clients.
d)
Taking
actions
to
address
those
adverse impacts
2.5.1 Governance - Sustainable financing and
investment offerings
The
Group
implements action
plans
for
workforce impacts
and supports financial
inclusion through various initiatives.
e) Tracking
the effectiveness
of these
efforts and communicating
2.4.1. Governance - Integration of
Sustainability in risk management
2.5.1 Governance - Sustainable financing and
investment offerings
The Group
ensures transparency
through
risk management and internal controls
1.3.5 Risk management and internal controls over sustainability reporting [GOV-5]
The Group’s risk management and internal control system ensure the accuracy,
completeness, and integrity of data included in the
Sustainability Statement. It includes dry run exercises, quality checks, workshops with relevant stakeholders, and assumptions
made
when direct data could not be obtained
from value chain stakeholders to ensure
the accuracy and integrity of the data. To
further
strengthen the 2025 Sustainability
Statement reporting process, Eurobank
has introduced an
additional validation checklist
layer,
creating multiple levels
in the data collection
process to enhance reliability
and control, building on the
comprehensive reporting
framework developed in
alignment with the
Corporate Sustainability
Reporting Directive (CSRD) requirements.
The Sustainability
Statement
reporting
process
establishes
a
unified framework
for
data
collection, quality
assurance,
and
reporting
across
all
subsidiaries, ensuring transparency and compliance.
In addition,
the relevant
departments responsible
for
providing qualitative
information
are responsible
for supplying
accurate
qualitative information, by examining the data
provided to
ensure consistency and completeness. The
reporting process outlines
clear
roles and responsibilities for data and content owners and reviewers. This process aims to reinforce accountability within the Group
and foster a culture of continuous improvement, thereby upholding the Group’s enduring commitment to ESG
excellence.
Eurobank adopted a risk assessment
approach that incorporates regular evaluations of data completeness,
accuracy, and integrity.
To prioritise risks, the Group
utilises a risk-based approach, considering
the potential impact on
the Sustainability Statement reporting
process. The CSRD Operating Committee oversees this process, ensuring alignment with CSRD standards and supporting continuous
improvement. The main risks identified within the risk assessment performed are data gaps from value chain
stakeholders, accuracy
of estimations, and timing
of data availability.
To mitigate them, Eurobank conducted dry run exercises, quality checks,
workshops
with stakeholders,
and made
necessary assumptions
to fill
data
gaps. Eurobank
also conducted
regular reviews
to ensure
the
coordination of data collection, consolidation, and verification to maintain high standards
of quality and compliance.
The outcomes of the risk assessment and internal controls throughout the Sustainability Statement reporting process
are integrated
into relevant
internal functions and
procedures with
regular updates
provided to
the Group
Senior Sustainability
Officer and,
if
necessary, to
relevant Committees.
Risks are
prioritised based on
their potential impact
and likelihood, taking
into account
the
significance
of
their effect
on
the
Sustainability Statement
reporting
process.
The
CSRD Operating
Committee
oversees
the
sustainability reporting risk assessment
process and, based on its outcomes, formulates
recommendations which are incorporated
into the design and execution of the subsequent reporting cycle.
1.4
Strategy - Company, business model and stakeholder engagement
1.4.1
Information on the market position and strategy of the company [SBM-1]
The Group
offers a
broad range
of financial
products and
services, including
corporate and
investment banking,
retail banking
(personal banking, business and
individual banking), wealth management, leasing, insurance,
factoring, and specialized
solutions such
as shipping finance and syndicated debt solutions. In
the reporting period, the Group has expanded its digital transformation efforts,
offering services like digital banking solutions. Moreover,
the Group has
increased its focus on
financing green projects and promoting
ESG (Environmental, Social, and Governance) criteria in
its products, such
as sustainability-linked loans, bridge financing programs for
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energy efficiency projects, financing for
renewable energy projects and
other activities with positive environmental and
social impact.
Eurobank serves a wide range of customer groups, including large corporate clients, institutional investors, personal banking clients,
SMEs,
and
public-sector entities.
Geographically,
the
Group
is
primarily
active in
Greece,
Cyprus,
Bulgaria
and
Luxembourg.
Furthermore, it has
made strides in
expanding its green
financing services to
support the transition
toward sustainable
business
practices.
Geographical area:
Headcount:
Bulgaria
3,678
Cyprus
2,905
Greece
6,042
Luxembourg
148
Eurobank’s sustainability-related goals include financing the transition to sustainable energy, enhancing
the environmental impact of
its clients, and investing in technologies that
reduce carbon footprints. These objectives are
embedded in the Bank’s strategy and are
aligned with its participation in
the Net Zero
Banking Alliance (NZBA).
In addition, these goals are embedded in
the Group’s
core
strategy,
and
a
significant
portion
of
its
portfolio
focuses
on
renewable
energy
projects,
energy-efficient
technologies,
and
sustainability-linked financings. Eurobank’s commitment to sustainable finance also includes driving growth
in digital services, which
helps reduce environmental impacts and promote green practices, aligning
with the Group’s broader sustainability objectives.
Group Sustainability Strategy
Eurobank supports the transition towards a sustainable economy and considers sustainability and climate change as an opportunity.
A key strategic objective is
to adapt the business and operation in a way that
addresses climate change challenges, accommodates
social needs
within its business
model and
safeguards prudent
governance for
itself and
its counterparties,
in accordance
with
supervisory initiatives, and following international standards
and best practice.
To
this
end, Eurobank
has
designed, approved
and
is currently
implementing its
Sustainability Strategy,
including targets
and
commitments, along with the two key pillars:
Operational Impact Strategy (OIS)
and
Financed Impact Strategy (FIS)
, both of which
aim to address sustainability
matters within the context of the Group’s
business model and operations.
1.
Operational Impact Strategy (OIS):
The
Operational Impact Strategy
(OIS) focuses on minimising the
operational environmental footprint,
ensuring that its own
activities
are sustainable, and aligning
its operations with climate
and sustainability goals. The
key elements of this strategy
are:
●
Environmental Impact:
Minimising negative impact of Eurobank's operations, to promote environmental stewardship with
a clear goal of achieving
climate neutrality.
●
Societal Impact:
Providing a diverse and
inclusive environment for
Eurobank’s people and clients, while fostering sustainable
development and prosperity for the benefit of society.
●
Governance & Business Impact:
Focusing on building sustainability awareness, internally and across its
value chain, while
intensifying Eurobank's efforts for ethics
and transparency.
The OIS is supported by a governance structure
of multiple project streams (one per
each commitment) and the supervisory ESG/OIS
Committee. Progress
is
regularly reviewed
at the
Sustainability Management
Committee. Each
project stream
is planned
with
milestones, KPIs, annual targets
and long-term interim targets, serving the declared commitments, spanning over the next decade.
Links
are
established with
Transformation
streams
as
well
as
corresponding
ISO
Management
System
standards,
to
ensure
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substantiation and certification of activities, validate target setting and measured performance,
and systematically monitor progress
through internal reviews and external assurance.
2.
Financed Impact Strategy:
The
Financed Impact Strategy
focuses on fostering favorable economic, social and environmental outcomes across all aspects of its
financing activities, with a commitment to sustainability and responsible
stewardship. To achieve this objective, the Financed Impact
Strategy is structured around the following 4
strategic pillars:
●
Client Engagement and Awareness:
Helping clients transition to more sustainable business models by raising awareness of
climate change challenges
and opportunities.
●
Supporting Clients in
Transition:
Facilitating
the transition of clients
towards sustainable practices
by offering
financing
solutions, that are guided
by the financing approaches
and the eligible activities of the
Sustainable Finance Framework,
goals
and ambitions.
●
Enablers and Tools for Sustainable Financing:
Providing frameworks, tools, and products to
underpin sustainable financing.
●
Assessment and
Management of
Sustainability-related Risks:
Identifying and
managing the
sustainability-related risks
within the
Bank’s loan and
investment portfolios, including
assessing exposure to
transition and physical
risks linked
to
climate change.
The Financed Impact Strategy supports
Eurobank's commitment to sustainable financing, ensuring
that the Group’s financial activities
align with sustainability
goals, such as reducing the carbon footprint of financed projects.
Main Challenges Ahead:
Both strategies face
several challenges:
●
Operational Transition:
The need for
transition to climate
neutrality in Eurobank’s
own operations while
managing the
associated costs and
risks. This involves transforming
internal processes and aligning
with evolving applicable regulatory
requirements and voluntary initiatives as well as adopted standards and guidelines enabling Eurobank’s contemporary and
continuously updated approach towards Sustainability, in line
with international best practice.
●
Client Transition:
Assisting clients
in adapting their business models to meet sustainability and climate
change objectives.
This may involve addressing
different levels of maturity,
overcoming resistance to change, and navigating
and aligning to
complex regulatory requirements.
●
Sustainability-related Risks:
Managing both transition risks (e.g., changes in market, technology and regulatory
conditions)
and physical risks (e.g., climate change impacts such
as extreme weather) that could affect both
the Group’s own operations
and the sectors in which it invests or lends to is dependent on data availability and commitment of involved
counterparties
and stakeholders
●
Alignment with Global Standards:
Ensuring full compliance with global
sustainability standards, climate
-related financial
disclosures (such as TCFD),
and managing the increasing demand
for transparency in sustainability reporting.
To overcome these challenges,
Eurobank has implemented a series of strategic
initiatives:
●
Operational Impact Strategy (OIS) key
components:
o
Operational efficiency:
Focus
on energy
efficiency,
reducing carbon
emissions, towards
the commitment
to
achieve Net Zero
in its operations
for Scope 1
& 2 by
2033 and Scope
3 by 2050.
Promotion of environmental
stewardship by
accelerating also
transition towards
a paperless
banking network
and preservation
of natural
resources, as well
as extending circular
economy practices. Accommodation of
social needs within
its business
model and
safeguarding prudent
governance for
itself and
its counterparties,
in accordance
with supervisory
initiatives, and following
international standards and best practice.
o
The OIS is
supported by a
governance structure of
project streams
per each commitment
and the supervisory
ESG/OIS
Committee.
Regular review
of
progress
via
milestones
and
KPIs
to
ensure
annual
and
long-term
sustainability goals related
to Environmental, Societal,
and Governance &
Business Impact are met.
Progress is
regularly reviewed at the Sustainability
Management Committee.
●
Financed Impact Strategy (FIS) key
components:
o
Sustainable Financing:
Development of strategies
that will promote the
green transition of
the Group’s
clients
through sustainable financing.
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o
Portfolio alignment:
Gradual alignment of the Group’s portfolio with sectoral transition
pathways that are aligned
with the 1.5°C climate transition scenario.
o
Net zero strategy:
Sectoral decarbonisation targets covering the Group’s
lending portfolios, with phased target-
setting up to 2050.
In line with
its commitment to address
climate change, the Group
joined the Net-Zero
Banking Alliance (NZBA),
a bank-led, UN-
convened alliance
of banks
worldwide, reinforcing its
dedication to
aligning its
lending and investment
portfolios with
net-zero
emissions by 2050 or sooner, in line with
the most ambitious targets
set by the Paris Climate
Agreement.
The Group has developed sectoral, financed
emissions reduction targets based on
the NZBA framework, for some of
the most carbon-
intensive and, therefore, most relevant and impactful sectors and portfolios. The Group applies established industry standards
(e.g.
NZBA, PCAF) and accredited science-based
decarbonisation scenarios, in line with a 1.5-degree
Celsius objective by 2050.
While the Sustainability Strategy described above
remains the formally approved
and applicable strategic framework during the 2025
reporting period, Eurobank has, in parallel, initiated a structured process to review and update its Group Sustainability Strategy. The
objective of this process is to
build on the existing strategy, further strengthen its effectiveness and
embed sustainability more deeply
across the Group’s operations, decision-making and
business activities. In this context,
the update of
the Group Sustainability Strategy
has been
developed through
a structured
and comprehensive,
Group-wide process,
aimed at
strengthening the
contribution of
sustainability to long-term value creation. This
process includes research, benchmarking, and re-alignme
nt on sustainability mega-
trends and regulatory developments to redefine the key sustainability topics based on assessment of the Group’s strategic priorities
and performance, and consideration of stakeholder expectations and leading market practices.
This work enables a
more focused articulation of
the Group’s sustainability
strategic direction and leads
to the identification
and
prioritisation of strategic drivers and focus areas designed to enhance
value creation, notably through supporting business growth,
strengthening risk management and improving
operational efficiency across the Group.
Subsequent phases will focus on translating this strategic direction into defined targets, KPIs
and detailed action plans, supported by
appropriate governance and monitoring frameworks, following formal
approval of the updated Group Sustainability Strategy.
1.4.2
Description of business model and value chain [42a-42c]
Upstream value chain
In mapping the upstream value chain, Eurobank has
identified the key activities and actors involved in supporting its operations. The
upstream value chain includes
suppliers and stakeholders that
provide critical inputs both
non-financial (e.g. supply of
goods and
services) and financial necessary for Eurobank’s operations
to function effectively.
Given the complexity of Eurobank’s
operations,
Eurobank focuses on direct (Tier
1) suppliers for the
upstream side of its value chain.
These suppliers are identified as having the
most
direct impact on Eurobank’s operations, providing
capital, critical goods and services such
as IT, real estate management, energy, and
shaping the surrounding legal, regulatory and voluntary framework.
Key Activities and Actors in the
upstream Value Chain:
●
Supply of Goods and
Services
- The upstream value chain
for Eurobank consists of
a range of
suppliers providing critical
goods and services. These include suppliers of IT hardware and software, office equipment,
paper, and consulting services.
●
Supply of
Capital
– Eurobank
is also
reliant on
upstream capital
providers
to maintain
financial liquidity
and fund
its
operations. This involves
key activities such
as deposit
gathering, bond issuance,
capital market transactions,
and other
investor-related activities.
●
Regulatory and Voluntary Frameworks
-The development of regulatory and voluntary frameworks is a critical component
of Eurobank’s upstream
value chain. Regulatory
bodies such as
the European Central
Bank (ECB), the
European Banking
Authority (EBA),
the European
Insurance and Occupational
Pensions Authority (EIOPA) and the Single Resolution
Board (SRB)
provide the regulatory frameworks within which
Eurobank operates.
Downstream value chain
For entities downstream from the reporting organisation, Eurobank
has included categories such as customers, who
receive or utilise
its products and services. The Group established the boundary of its downstream value chain to include corporate and retail clients,
but it does not extend to the clients of those clients.
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Key Activities and Actors in the
downstream Value Chain:
●
Provision of Financing to Clients
- Eurobank provides loans to both corporate and retail clients, funding a
range of business
activities. This includes supporting operational needs and
facilitating growth for small and large corporations while offering
financial solutions for individual customers.
●
Capital Markets Activities
- Eurobank provides services related to
investment banking, instruments trading,
mutual fund
products, institutional
asset management,
private banking,
insurance and
other financial
advisory services.
Eurobank
participates in
market-making and
advisory roles
for corporations,
financial institutions,
and governments,
promoting
sustainable investments.
●
Real Estate
- In addition to financing, Eurobank engages
in construction, real estate properties operation (including those
properties held for the purpose of leasing) and other real estate
services.
Eurobank's Position in the Value Chain:
Eurobank is positioned as a central player
in the financial services
value chain, connecting a diverse set of upstream
suppliers with
downstream
customers.
Specifically,
key
activities
in
its
own
operations
include
Banking
activities,
Global
Markets
&
Asset
Management, Investment
Property &
Real
Estate Management.
Its
role spans
from sourcing
capital and
operational inputs
to
providing key financial services and
products to
both corporate and
retail clients. By fostering sustainability in its operations,
especially
in sustainable financing, Eurobank is
positioning itself as a
leader in promoting sustainable business practices
within the financing
sector.
In addition, Eurobank acknowledges that, beyond core
banking activities, its value chain also includes
other financial services such as
Insurance, which though presently of
low materiality—are
considered within the consolidated sustainability scope and materiality
assessment.
1.4.3
Stakeholder interest and engagement [SBM-2]
The Group has developed a
robust
Stakeholder Engagement Plan
as a core part
of its materiality assessment. This process aligns with
European Sustainability Reporting Standards
(ESRS)
, which emphasise the importance
of gathering diverse stakeholder perspectives
to identify
impacts, risks,
and opportunities (IROs)
and align business
practices with stakeholder
expectations and sustainability
objectives.
Stakeholder Identification and Mapping
As part of the double materiality assessment,
the Group established a systematic and dynamic process for identifying and mapping
stakeholders. This process includes:
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Stakeholder Engagement Disclosure
1.
Key Stakeholders
Eurobank has identified and classified stakeholders into three main groups to ensure
effective engagement across various
perspectives:
o
Primary/Affected Stakeholders:
Directly impacted by Eurobank’s operations.
o
Secondary Stakeholders:
Indirectly affected but influential in shaping
Eurobank’s policies and operations.
o
ESG and other Experts:
including owners of the DM assessment
including stakeholder engagement process.
Key stakeholder groups include:
o
Internal Stakeholders:
Board of Directors, Senior Management, and Employees.
o
External Stakeholders:
Customers and Clients, Business Community, Civil
Society, Suppliers and Partners, Investors
and Shareholders, as well
as Government and Regulators.
2.
Engagement with Stakeholders
Eurobank engages with both internal
and external stakeholders as part
of its comprehensive impact and
financial materiality
assessments. For
impact materiality,
stakeholders from the Group are
engaged to understand
the sustainability impacts
across various entities and geographic locations.
3.
Organisation of Stakeholder Engagement
Engagement is organised systematically through a variety of methods and classified into
Internal
and
External Stakeholder
Groups:
o
Identification and Classification:
Stakeholders are
identified and
categorized based
on ESRS
guidelines, which
include both “affected stakeholders” and “users of the Sustainability
Statement.”
o
Engagement
Methods:
Eurobank
utilizes
electronic
questionnaires as
the
primary
method
for
stakeholder
engagement. In addition,
focus groups for
corporate clients
are conducted for
impact materiality,
and internal
stakeholders for financial materiality
to evaluate sustainability-related
impact risks and opportunities.
o
Segmentation by Business Areas:
Engagement activities span across Eurobank’s business segments to ensure the
inclusion of diverse perspectives from each operational area.
4.
Purpose of Engagement
The purpose of
Eurobank’s stakeholder
engagement is to
establish open
communication channels with
stakeholders to
understand their needs and concerns and integrate them into the Group’s Sustainability
Strategy.
Key priorities
for Eurobank’s engagement include:
o
protection of their personal data,
o
leveraging new technologies to enhance service,
o
ensuring access to financial services,
o
respect for human rights and the environment, and
o
upholding corporate culture and governance values along with adequate risk management
practices.
5.
Consideration of Engagement Outcomes
Eurobank integrates
the feedback
from
stakeholders into
its decision-making
processes to
ensure that
the
identified
impacts, risks, and opportunities are accurately reflected in Group’s Sustainability Strategy. Key outcomes are validated by
the Sustainability
Management Committee
to ensure
alignment with
ESRS standards
and effective
incorporation into
Eurobank’s risk management and sustainability
frameworks.
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Furthermore, Eurobank promotes two-way communication and develops ongoing dialogue with internal and external stakeholders,
to be able to actively meet the expectations,
concerns and issues raised by all its stakeholders. Further
information and the means of
communication are presented in the table below:
Stakeholder group
Cooperation framework and
expectations
Means of communication
Board of Directors
•
BoD
member
assigned
as
responsible for climate-related
and
environmental
risks
at
Group level.
Communication with the Board
of Directors is facilitated through regular
and ad-hoc meetings
as well
as Progress reports.
Regular and ad
-hoc
meetings ensure structured updates, while
addressing urgent matters.
Progress reports
are consistently
shared to
provide
ongoing insights
ensuring the BoD is well-informed
at all times.
Executive
Management
•
CEO-appointed
Sustainability
Management Committee.
•
Sustainability-related
issues
raised at ExBo level.
Communication
with
Executive
management
is
maintained through
regular and ad-hoc meetings, along
with periodic progress reports.
Investors,
Shareholders and
Investment
Community
•
Timely
reporting
of
accurate
and
complete
information on
the Group’s
performance and
strategy.
The Group
engages
in ongoing
communication with
its
investors
to
enhance their understanding of matters that may
be relevant to them,
thereby enabling
them to
effectively exercise
their voting
rights and
make
informed
investment
decisions.
The
Group
organises
Annual
General Meetings and Extraordinary General Meetings οf Shareholders
and publishes information in a
continuous, regular and timely manner
(through the Annual Reports, Financial Results
and announcements on
its corporate websites)
ensuring that stakeholders have easy access
to
essential updates and disclosures.
Employees
•
Timely
information
on
issues
concerning
the
Group,
the
development
and progress
of
skills,
as
well
as
employee
engagement and benefits.
The Group places a strong emphasis on
the upskilling and reskilling of
its
employees,
upholding
a
high
standard
of
professionalism
while
implementing anti-discrimination
policies to
create an
inclusive work
environment. The Group provides extensive
benefits to all employees,
irrespective
of
gender,
age,
or
marital
status.
Frequent
meetings,
breakfast gatherings, and various events promote open communication
between
management
and
staff
representatives.
Enhanced
communication channels
like HR4U
and the Connected
portal ensure
responsiveness to
employee inquiries. The
Group promotes
work-life
balance, social
and environmental
awareness,
and volunteering
and
implements
an
ESG
upskilling
plan
and
awareness
initiatives
for
employees and clients to support sustainability efforts.
Business
Community
(including
corporate
networks,
entrepreneurship,
industry
associations,
financial
institutions
and
start-up
entrepreneurs
)
•
Mutual cooperation
and open
communication
driven
by
ensuring
the
interests
of
the
business community.
•
Showcasing
and
promoting
new
businesses
based
on
specified
criteria
and
transparent procedures.
The
Group
supports
entrepreneurship,
innovation,
and
internationalization through strategic initiatives including dialogue with
professional associations and collaborations.
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Stakeholder group
Cooperation framework and
expectations
Means of communication
Civil Society
(including
communities, NGOs,
the
academic
and
scientific
community,
international
organisations,
and
the Media)
•
Engaging
3rd
parties
in
CSR
initiatives
designed
and
implemented by the Group
•
Responding
to
3rd
party
actions with a social cause
•
Cooperation with
the Media
to
ensure
optimum
and
effective
promotion
of
the
Group
and
its
products
and
services.
The Group engages
with non-governmental organisations, to maintain
transparent communication
and
prompt
responses. The
Group
also
encourages organisations to take part in corporate social responsibility
initiatives,
providing
support
through
sponsorships
and
donations.
Employee
volunteer
efforts
enhance
community
involvement.
Partnerships
with
academic
institutions promote
innovation
in CSR
practices.
Customers and Clients
•
Responsible
information,
customer service and provision
of products and services with a
deep
sense
of
respect
and
transparency.
The Group places customers at the centre of its activities and one of its
purposes is to help them in the transition to a more sustainable future,
accompanying them on their journey towards decarbonisation, offering
them innovative
solutions to
finance their
investments with
positive
environmental and social impacts
and managing initiatives
that better
respond to sustainability-related challenges. A focus group was held as
part of this year’s impact
materiality assessment
to capture corporate
client perspectives. For more information on the
Bank’s communication
channels with customers and clients
please refer to section 3.2.2
Policies
and Actions.
Government and
Regulators
•
Compliance and harmonisation
with
the
supervisory
and
regulatory framework.
The Group supports open communication (meetings, consultation etc.)
with government and regulators
in order to facilitate
data sharing and
issue resolution.
Suppliers and Partners
•
Cooperation
based
on
transparent
procedures
and
specified
criteria
to
achieve
mutually
beneficial
agreements.
•
Communication
with
third-
party partners,
to investigate
further
tailor-made
business
offerings.
The
Group
provides
comprehensive and
transparent
information
in
procurement processes to its suppliers, ensuring compliance with legal
requirements in labour and environmental
matters, respecting human
rights and stimulating the demand for socially responsible products and
services.
On
top,
Eurobank
implements
an
electronic
tendering
system
complemented
by
a
supplier
evaluation
platform
and
procedure,
ensuring transparency and efficiency in supplier selection.
The Group’s
understanding of
the interests
and views
of its
key stakeholders
is shaped
through its
comprehensive stakeholder
engagement and DMA processes. By
engaging with a wide range of stakeholders, including
customers, employees, investors, business
community, suppliers and partners, regulators, and civil society, the Group gathers crucial insights
into their expectations regarding
issues such as environmental sustainability, governance, human rights, and access to financial services.
These insights are integrated
into the Group’s
strategy and business
model, ensuring that its
actions align with stakeholder
needs. Additionally, the materiality
assessment
process identifies
the actual
and potential
positive, as
well
as negative
impacts of
the Group’s
activities
on
the
environment and society, guiding its decision-making
and ensuring long-term value creation for all stakeholders.
Views and interests of affected stakeholders
The views and interests of affected stakeholders with regard to the Group’s sustainability
-related impacts are communicated to the
Board
of
Directors,
Board
Committees,
Management
Committees
and
functions
through
a
structured
process.
Stakeholder
engagement is
integral to
the Group’s
materiality assessment,
and relevant
insights gathered
from both
internal and
external
stakeholders are reviewed by the Sustainability Management Committee. These committees oversee the sustainability strategy and
ensure that stakeholder concerns regarding sustainability impacts are incorporated into the Group’s decision-making processes. The
Board of Directors (BoD)
is informed about the
interests and views of
stakeholders through the presentation of
the results of
the
DMA, which includes an
evaluation of the impacts identified by both
internal and external stakeholders. The BoD is regularly
updated
on the progress and outcomes, ensuring that stakeholder feedback is integrated
into the Group’s strategy and operations.
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1.4.4
Material impacts, risks and opportunities and their interaction with
strategy and business model [SBM-3]
The Group has conducted
a comprehensive materiality assessment to identify its material impacts,
risks, and opportunities
in relation
to sustainability. This process allows the Group to prioritise the sustainability factors most pertinent to its strategy,
business model,
and resource allocation. By identifying and
assessing these key factors, the Group ensures that
its sustainability initiatives are aligned
with regulatory standards and
long-term business objectives. The
business model of the
Group is primarily
focused on delivering
financial services to individual, corporate,
and institutional clients. Therefore, the material impacts, risks, and
opportunities identified
are
concentrated in
the
provision of
such services.
The table
below outlines
the outcomes
of the
Group's impact
materiality
assessment, presenting the identified
material impacts:
Sustainability matter
Description
Positive/
Negative
Type of
Impact
Location in
the value
chain
Time-
horizon
Environmental
E1 Climate
change
Energy
Group contributes to climate change through its in-house
operations that contribute to
the release
of emissions.
Negative
Actual
Own
operations
Short-
term
Climate
change
mitigation
Group
implements
a robust
climate
change mitigation
strategy aiming to
minimise the impact of its portfolio
to
climate
change.
Positive
Actual
Own
operations,
Downstream
Long-term
Group
engages with
external stakeholders
to promote
sustainability
issues
through
various
engagement
mechanisms.
(previously categorized
under the ‘Capacity
Building to
Promote Sustainability Issues to External Stakeholders’)
Positive
Actual
Downstream
Mid-term
Group’s
portfolio
faces
negative
impacts
due
to
the
evolving nature of a climate change mitigation strategy.
Negative
Actual
Own
operations,
Downstream
Long-term
Capacity Building
to
promote
sustainability issues
to
external
stakeholders
is
mostly
limited
to
corporate
clients.
(previously categorized
under the ‘Capacity
Building to
Promote
Sustainability Issues
to External
Stakeholders’
topic)
Negative
Potential
Downstream
Mid-term
Climate
change
adaptation
Group actively
contributes to GHG reduction
ambitions
and
targets,
set
by
the
EU,
regulations,
central
governments, and
other bodies, through
its sustainable
financings and
integration
of climate
risk
in
the
risk
management framework.
Positive
Actual
Own
operations,
Downstream
Long-term
Group's
business
strategy
may
encompass
the
continuation
of financing to
carbon-intensive
sectors.
Negative
Potential
Own
operations,
Downstream
Long-term
Entity-
Specific
Sustainable
financing and
investment
offerings
Group provides sustainable finance products and
services
that promote green and social
investments and incentivise
improvement of its clients’ sustainability
performance.
Positive
Actual
Downstream
Long-term
Increase
market
awareness and
provide
services that
enable customers
to make better informed
decisions
on
sustainable financing
solutions.
(previously
categorized
under
the
‘Engagement
with
clients
to support
their sustainability
transition’)
Positive
Actual
Downstream
Mid-term
Engagement with clients on sustainability issues
is limited
to legal
entities.
(previously
categorized
under
the
‘Engagement
with
clients
to support
their sustainability
transition’)
Negative
Potential
Downstream
Mid-term
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Sustainability matter
Description
Positive/
Negative
Type of
Impact
Location in
the value
chain
Time-
horizon
Integration of
Sustainability in
risk
management
Group evaluates
the impact of climate
scenarios on the
resilience
of its
counterparties, resulting
in the
timely
identification of climate transition financing opportunities
for its clients.
Positive
Actual
Downstream
Mid-term
The ESG / climate
risk assessment may require additional
effort by the clients in order to provide required ESG data
and may result in additional conditions
to comply with for
financial agreements.
Negative
Potential
Downstream
Mid-term
E4
Biodiversity
and
ecosystem
Direct impact
drivers of
biodiversity loss
Group’s portfolio
may negatively affect
biodiversity and
ecosystems,
including
impacts
arising
from
climate
change, pollution,
and land use.
Negative
Potential
Downstream
Long-term
Social
S1 Own
workforce
Own Workforce
and Working
Conditions
Group’s operations generate direct, indirect, and induced
jobs across its value chain, provide competitive
wages and
benefits in
alignment with its remuneration policy, while
also
incorporating
Employee
Engagement
surveys
to
quantify employees'
opinions on
well-being.
Positive
Actual
Own
operations
Short-
term
Group supports employees’ well-being through providing
satisfying and high-quality
working conditions, including
adequate workspace
and respect
of privacy.
(previously,
categorized under
the
‘Other work-related
rights’)
Positive
Actual
Own
operations
Short-
term
Equal
Treatment and
Opportunities
for All
Group puts into action internal management systems
and
initiatives that improve employees’
ability to live
free from
gender / sexual / ethnic / racial
discrimination and
ageism.
Positive
Actual
Own
operations
Short-
term
S4
Consumers
and End-
users
Social inclusion
of consumers
and/or end-
users
Group provides
specific products and services, including
microfinance,
that
promote
a
discrimination
free
environment, equal opportunities, inclusion
and diversity.
Positive
Actual
Downstream
Short-
term
Information-
related impacts
of consumers
and/or end-
users
Group provides to clients access to accurate, relevant
and
high-quality secured information,
fostering transparency
and promoting
the principles
of responsible
banking.
Positive
Actual
Downstream
Short-
term
Governance
G1 Business
Conduct
Corporate
culture
Group
achieves
positive
impacts
by
implementing
operational
practices
and
initiatives
that
improve
stakeholders’
ability
to
benefit
from
effective,
accountable, and inclusive institutions,
thereby promoting
business ethics
and integrity.
Positive
Actual
Own
operations,
Upstream,
Downstream
Short-
term
Protection of
whistleblowers
Group's
commitment
to
whistleblower
protection
positively
impacts
society,
employees, customers,
and
shareholders, setting a precedent for ethical behavior
and
fostering
a
secure
environment where
misconduct
is
timely
identified
and stopped.
Positive
Actual
Own
operations
Short-
term
Corruption
and
bribery
Group’s
commitment
to
corporate
integrity
is
strengthened through the implementation of
robust anti-
corruption and
anti-bribery policies, promoting a culture
of transparency
and ethical
behaviour.
Positive
Actual
Own
operations
Long-term
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Sustainability matter
Description
Positive/
Negative
Type of
Impact
Location in
the value
chain
Time-
horizon
Entity
Specific
Data security
and customer
privacy
Implementation
of internal
management systems
and
initiatives
that protect
stakeholders'
data privacy.
Positive
Actual
Own
operations,
Downstream
Mid-term
Improper
implementation of
established
cybersecurity
systems and processes results in incidents of data breach
and leaks of personal
data.
Negative
Potential
Own
operations,
Downstream
Mid-term
For the fiscal year 2025, Eurobank Group did not provide specific financial figures regarding the current financial effects
of material
risks and opportunities. The Bank has opted for a phased-in approach to report these anticipated financial effects, aligning
with the
initial reporting period requirements under the European Sustainability Reporting Standards (ESRS).
The
table
below
outlines the
outcomes
of
the
Group's financial
materiality
assessment,
presenting the
identified
risks
and
opportunities:
Sustainability matter
Description
Risk/
Opportunity
Location in
the value
chain
Expected time
horizons for
anticipated
financial effects
Environmental
E1
Climate
change
Climate
change
adaptation/
mitigation
Meeting climate
objectives linked to legal, regulatory
and other
stakeholders’
requirements for the
Group’s clients,
entails the
opportunity for the Group to finance the
transition of its clientele.
Opportunity
Own
operations,
Downstream
Long-term
The actions
required by the
Group’s clients
to address climate
change
mitigation
and
adaptation
requirements
relating
to
impacts deriving
from climate
change may impact
the Group’s
credit
risk.
Risk
Own
operations,
Downstream
Long-term
Entity
Specific
Sustainable
financing and
investment
offerings
Promoting green and social investments in line
with requirements
to
support
climate
transition
and
in
response
to
changing
consumer preferences
enhances the
Group’s brand reputation,
attracting sustainability
conscious investors.
Opportunity
Own
operations,
Downstream
Long-term
Evolving market preferences and regulatory shifts
may impact
the
demand
for
sustainable
finance,
posing risks
to
the
Group’s
existing
product offerings
Risk
Own
operations,
Downstream
Long-term
Integration of
Sustainability
in risk
management
Integrating
Sustainability in
risk
management
in response
to
evolving regulatory
requirements and business needs, improves
the Group’s
resilience to sustainability-related risks, safeguarding
the
Group
against potential
financial losses,
strengthening its
overall risk
management framework.
Opportunity
Own
operations,
Downstream
Mid-term
Failure to
adequately address sustainability requirements and/or
manage respective risks could hamper Group’s
market perception
and be a driver
for other
risks, such as credit
risk.
Risk
Own
operations,
Downstream
Mid-term
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Sustainability matter
Description
Risk/
Opportunity
Location in
the value
chain
Expected time
horizons for
anticipated
financial effects
E4
Biodiver
sity and
ecosyst
em
Direct impact
drivers of
biodiversity
loss
Biodiversity loss due
to clients’ operations may lead
to financial
and reputational
damage.
Risk
Downstream
Long-term
Social
S1
Own
workfor
ce
Own
Workforce
and Working
Conditions
Demonstrating
commitment
to
exemplary
working
condition
expectations, such as offering adequate salaries,
promoting work-
life balance, and ensuring workplace safety, can attract and
retain
employees.
Opportunity
Own
operations
Short-term
Non-compliance with the modern workplace
expectations such
as
good working conditions, adequate
salaries, and workplace
safety,
can affect
employees' motivation
and performance,
leading to
decreased
productivity.
Risk
Own
operations
Short-term
S4
Consum
ers
and
End-
users
Social
inclusion of
consumers
and/or end-
users
Contributing to
financial inclusion aligns with social impact goals,
positively impacting brand
reputation and offering
financing to
underserved
populations, such
as students
and geographically
isolated communities.
(previously categorized
under ‘Financial
Inclusion’)
Opportunity
Downstream
Mid-term
Entity
Specific
Fostering
Innovation
Meeting
evolving customer
expectations and
modern
lifestyle
needs through
utilising digital tools and innovative
services can
improve customer engagement.
Opportunity
Own
operations
Short-term
Rapid technological development in the banking sector may pose
competitive
threats and
risks if
the
Group
fails to
adapt and
innovate
at the same
pace.
Risk
Own
operations
Mid-term
Governance
G1
Busines
s
Conduct
Corporate
culture
Heightened investor and community expectations for sustainable
banking
may
trigger
misleading
disclosures on
sustainability
achievements
(greenwashing), that
could damage
the Group’s
reputation,
leading to
a decline
in market
share.
Risk
Own
operations,
Upstream,
Downstream
Mid-term
Entity
specific
Data security
and customer
privacy
Demonstrating compliance with data protection laws and privacy
regulations
can boost
the
Group’s
reputation,
attracting new
customers.
Opportunity
Own
operations,
Downstream
Mid-term
Growing cybersecurity threats
and cyber
attacks targeting
financial
institutions and their customer data
may compromise the
Group’s
systems,
networks
and
sensitive
information,
leading
to
operational
disruptions and
reputational
harm.
Risk
Own
operations,
Downstream
Mid-term
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Double materiality matrix:
1
This double
materiality
matrix is
an illustrative
approach
of the assessment results.
1.5
Materiality analysis and results according to the concept of Double Materiality
1.5.1
Description of the processes to identify and assess material impacts, risks and opportunities
[IRO-1]
Materiality assessment
is conducted through
a comprehensive process
that aims
to identify,
assess, prioritise
and monitor both
potential and actual impacts on
people and the environment,
as well as risks and opportunities
that may in turn
have a financial effect
on the organisation.
To enhance efficiency and ensure full alignment with ESRS requirements, the materiality assessment process
was refined this year by
merging related topics
under common categories.
Material topics were identified
using the
same methodology as last
year, with
enhancements to
streamline the
Double Materiality Assessment
(DMA) and improve
stakeholder feedback.
Certain topics were
merged under ESRS categories for clarity: Capacity
Building under
Climate Change (E1); workforce-related
rights under Own
workforce
and working conditions (S1); Accessibility and
Financial inclusion under
Social Inclusion (S4); and client engagement
under Sustainable
financing. Impacts of merged topics remain within their new categories, and if any impact is material,
the entire topic is considered
material.
Phase 1 – Understanding of the business, value chain & related activities
The first step is to understand the
Group’s key business segments and partners influenced by
and influencing those
operations. Credit
institutions are complex entities that engage in a wide range of activities, varying significantly in both scale and scope. To effectively
evaluate these activities
and include them
within the
context of DMA,
value chain boundaries
were established. Boundaries
are
applied to the upstream side of value
chain, that are limited to direct Suppliers, as well as to
the downstream side which includes the
Group’s customers. The focus
areas for the materiality
assessment are
identified and prioritised based on the potential significant
IROs. Business
activities and partners are
categorized based
on their role
in the value
chain by identifying
whether they operate
upstream, downstream, or within own operations.
The significant
activities across Eurobank’s
value chain have
been systematically
mapped to relevant
ESRS Sectors
as part
of an
extensive value chain
analysis. This mapping
encompassed both upstream and downstream activities,
along with Eurobank's own
operations, while carefully considering the interconnections between ESRS, rating agencies and industry specific standards. For this
purpose, the methodologies
established by the
SASB Materiality
Map and the MSCI
ESG Industry
Materiality Map are utilised
as
foundational tools to identify Sustainability issues. Expert judgment is applied throughout this process to ensure that the mappings
are accurate and relevant. In the identification of potentially material
sub-topics a peer analysis of major Greek systemic banks and
foreign banks
operating predominantly
within the
EU was also
incorporated. The
Risk Identification and
Materiality Assessment
(RIMA) Framework
was also
utilised in
the overall
process. RIMA
enables Eurobank
to systematically
build its
risk inventory
by
identifying and evaluating both
current and potential
risks.
During 2025, the
Group further enhanced the
RIMA process
through
targeted methodological improvements and a
more granular sectoral breakdown, reflecting
the relative significance and impact of
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each sector
on Eurobank’s
Sustainability Strategy,
particularly in
relation to
its Net
Zero aspirations.
Moreover,
the Group
also
expanded the framework to explicitly incorporate
social and governance risks, thereby extending the risk inventory
and ensuring a
more holistic consideration of sustainability
risks.
Phase 2 – Stakeholder engagement and identification of IROs
The materiality
assessment process,
in the
second phase,
included
comprehensive consultation
with
affected stakeholders
to
understand how
they may be
impacted by
the organisation's
activities. The affected
stakeholders’ engagement
is central
to the
materiality assessment process and therefore it is critical to gather and assess
diverse stakeholder perspectives to build a balanced
and comprehensive set of impacts,
risks, and opportunities (IROs). Eurobank recognises the importance of due diligence processes
and thus
plans to
develop such
processes and utilise
its outcomes
to inform
the materiality
assessment in the
future. Through
stakeholder engagement, a wide range of diverse perspectives is gathered to identify and assess
the full spectrum of impacts, risks,
and opportunities (IROs). Eurobank considered its stakeholder groups as well as the ESG experts and classified them in the
following
3 categories:
i.
Primary/Affected stakeholders,
ii.
Secondary stakeholders,
iii.
ESG Experts
The stakeholder engagement for impact materiality involved identifying and
categorizing stakeholders into two main groups: Internal
Stakeholders (Board of Directors, Senior
Management, and Employees) and External
Stakeholders (Business Community, Civil Society,
Customers and Clients, Suppliers and Partners, Investors
and Shareholders, and Government and Regulators).
Internal Stakeholder Engagement
This year,
survey questionnaires
were conducted
anonymously. An
updated and extended
impact materiality questionnaire
was
distributed to Eurobank and its subsidiaries within the reporting perimeter.
External Stakeholder Engagement
Building on
this year’s
impact materiality assessment
and in line
with Eurobank’s
commitment to stakeholder
inclusiveness and
transparency, a dedicated focus group session was conducted with client representatives. This interactive session enabled clients to
provide real-time input on material topics, further strengthening trust and ensuring that client perspectives are directly reflected in
the assessment
process. The responses from
this year’s
client focus
group have been
incorporated as an
additional input
to the
materiality assessment,
alongside responses from all
external stakeholder groups collected in the
previous year,
ensuring a more
comprehensive and up-to-date reflection of stakeholder
perspectives. Notably, there was
no overlap between clients participating
this year and those in the prior year’s survey.
In the context
of impact materiality
("inside-out" perspective) causal links
between Eurobank’s and its value chain’s
practices and
their impacts on the environment and society were assessed. First, the topics are contextualized to explain why they are relevant to
Eurobank and its value chain from an impact perspective. For this purpose, Eurobank considered its value chain activities, prior year
reporting, as well
as other sources
(e.g. peers, indices).
Then, for those
that are deemed
relevant, the impacts
on society or
the
environment are described. Finally, the impacts
are classified as:
●
actual or potential,
●
negative or positive impacts on people or the environment,
●
over the short, medium and long-term time horizon.
Impacts arising from Eurobank's operations
are considered negative, without
factoring in the potential
effectiveness of any mitigation
measures that may be implemented.
Regarding financial materiality Eurobank engaged with internal stakeholders, ensuring representation from across the organisation,
to assess risks and opportunities.
The primary method for stakeholder engagement was through dedicated
focus groups, designed to
evaluate the
potential risks and
opportunities associated with
sustainability. Sustainability
risks and opportunities were assessed
based on their likelihood of occurrence and the potential magnitude of
their financial effects over the short, medium, and long term
time horizons.
Risks and opportunities
are associated with financial materiality ("outside-in"). First, the topics
are contextualized to explain why
they
are relevant to Eurobank and
its value chain from a financial
perspective (i.e. from a risk and/or opportunity perspective).
For this
purpose, the identification of impacts
was utilised as
a starting point, since the financial
materiality assessment benefits
from the
outcome of the impact materiality assessment. Eurobank considered
its value chain activities, prior year sustainability reporting (e.g.
Pillar 3,
UNEP FI),
as well
as other
sources (e.g.
peers, MSCI,
etc.). Then,
for those
that are
deemed relevant,
the risks
and/or
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opportunities are described in the short, medium, and long-term time horizon in line with ESRS definition. The analysis is risk-based
and hence opportunities are identified only when there is a direct business
opportunity linked to a subject that does not result from
mitigating a risk.
To ensure alignment with Eurobank’s existing risk management framework, the
identification process incorporated
relevant inputs from the RIMA process,
which provides a structured
approach to assessing and prioritising risks. This integration helps
maintain consistency between the identification
of material topics and the Group’s
broader risk governance practices.
Finally, the
draft list of
IROs was
subject to multiple iterations
through discussions with key
internal stakeholders
involved in
the
broader financial risks and opportunities identification process in Eurobank.
Phase 3 – Assessment of IROs
After having identified
IROs, both an
impact and a
financial materiality
assessment took place in
the third phase
of the process,
whereby each of the impacts, risks and opportunities are scored on predefined scales for
severity and likelihood, as appropriate.
A sustainability matter is material from an impact perspective when it pertains to the Group’s material,
actual or potential, positive
or negative impacts on people or the
environment (environmental, social and governance matters) over
the short, medium and
long-
term time horizons. It includes impacts connected to Eurobank’s own operations
and value chain, including through its products and
services, as well
as through its business relationships. Impacts
are assessed based on the following
criteria:
●
Severity,
which is composed of 3 elements:
o
Scale:
how grave the negative impact
is or how beneficial the positive impact
is for people or the environment.
o
Scope:
how widespread the negative or positive impacts are. In the case of environmental impacts, the scope may be
understood as the extent of environmental damage or a geographical perimeter. In the case of impacts on people, the
scope may be understood as the number of people adversely affected; and
o
Irremediable character:
whether and to
what extent
the negative impacts
could be
remediated, i.e., restoring
the
environment or affected people to their prior state.
●
Likelihood
The significance of positive impacts is assessed by stakeholders, by considering the scale and scope of impacts, whereas the severity
of negative
impacts was
assessed by considering
their scale,
scope and irremediable
character.
For the
assessment of potential
impacts, the likelihood
factor is also
considered. The qualitative
thresholds for impact
assessment were
established by
applying
experts’ judgment, in addition to the
application of quantitative thresholds. Consequently,
impacts (positive and/or negative) with an
impact materiality score
exceeding these thresholds were classified
as material.
The financial materiality assessment corresponds to the identification of
information that is considered material for primary users of
general-purpose financial
reports in
making decisions
relating to
providing
resources to
the entity.
Risk and
Opportunities are
assessed based on severity and likelihood. Similarly to the impact materiality assessment, Eurobank
developed a scoring mechanism
by applying
thresholds as
cut-off points.
Eurobank performed
the assessment
of risks
and opportunities,
by
engaging internal
stakeholders through workshops with experts
from Eurobank’s key business units. The
outcome of stakeholder engagement
was a
list of scored risks and opportunities.
Phase 4 – Materiality overview
In the final step of the process, the Group
undertook a comprehensive analysis of the collected data, prioritising impacts, risks
and
opportunities (IROs) based on the scores obtained through structured questionnaires (Impact Materiality assessment) and targeted
focus group
regarding corporate
clients (Impact
Materiality assessment)
and (Financial
Materiality assessment).
Applying these
scoring mechanisms allows to further separate material and non-material impacts, risks and opportunities (IROs) and topics. A topic
is material
if it scores ‘high’ from
an impact (positive, negative and/or both) and/or financial
perspective (risk, opportunity and/or
both). Materiality thresholds classify topics as material in terms of impact materiality, financial materiality or in case of both, double
materiality. The IROs assessed to be material are
then grouped and mapped to a topic/sub-topic in order to report according to the
corresponding Disclosure Requirements of the relevant topic. The SMC oversees the Double Materiality Analysis (DMA) process and
approves the proposed
contents of the
Sustainability Statement
that derive from
the results of
the DMA., in
alignment with the
Committee’s Terms
of Reference.
Strategic implication
The DMA strengthens the
Group’s commitment
to responsible risk management, fostering
robust corporate governance practices
while advancing sustainability goals. The DMA process enables Eurobank to effectively manage and leverage risks and opportunities
in a way that not only supports its financial
performance but also contributes to positive societal and environmental impacts.
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Risk management is a key component of the Group's operations to achieve its strategic and business objectives. As such, the Group
has put
in place
effective mechanisms
to identify,
monitor,
and assess
risks promptly,
evaluating their
potential impact
on the
attainment of corporate objectives. The
Risk Identification and Materiality Assessment
(RIMA) process at Eurobank plays a crucial
role in managing effectively risks preventing significant impacts on the Group's financial performance,
capital, liquidity, and business
objectives.
This
proactive
approach
helps
identify
emerging risks,
especially
those
related
to
the
interconnected
nature
of
sustainability risks, which are integrated into the Group's broader risk management
framework. Given the increasing recognition of
both
financial
and
non-financial
impacts,
Eurobank
takes
a
holistic
approach
to
manage
sustainability
risks,
aligning
these
considerations with other risk types within the organisation.
Eurobank places strong emphasis on managing social and
governance risks as part
of its sustainable business strategy. The Group has
adjusted its business model, strategy and processes, as well as its financial planning,
to address these risks effectively.
Social aspects
are assessed
through Eurobank’s ESG
Risk Assessment
process, which evaluates clients at
both obligor and
transaction level and
incorporates topics
such as
occupational health
and safety,
community relations,
diversity and
inclusion. Similarly,
governance
considerations are embedded in the
same process, covering areas such
as business ethics, anti-corruption, and corporate governance
practices. Through the implementation of robust internal
governance arrangements and processes to mitigate social and governance
risks, Eurobank ensures that its
strategic focus on sustainability
not only helps the Group remain
resilient and adaptable in
a fast-
changing business
environment but
also recognises
the importance
of identifying
material opportunities
as
a
crucial source
of
innovation and value creation.
Eurobank Group early adopted the
European Sustainability Reporting Standards
(ESRS)
in 2023. In 2024, the Group
conducted its
Double Materiality Assessment (DMA), and in 2025, leveraging the previous year’s results, it further enhanced and refined the DMA
analysis. Eurobank identified, assessed, prioritised
and validated the sustainability impacts
arising from its activities
and assessed risks
and opportunities that may have material financial influence on
Eurobank, throughout its value
chain. For the current reporting year,
the Group continues to adhere to ESRS, ensuring alignment
with all applicable regulatory requirements.
For more information regarding the internal control procedures for the identification and assessment of material impacts, risks, and
opportunities, please refer to: 1.3.2
Information provided
to and sustainability matters addressed by
the undertaking's administrative,
management and supervisory bodies [GOV-2].
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2. Environmental Information
2.1 Disclosures pursuant to Taxonomy Regulation
Disclosure pursuant to Article 8 of EU of Taxonomy Regulation (Regulation 2020/852)
The EU Taxonomy Regulation (EU)
2020/852 of the European Parliament and of the Council) was
adopted in 2020 by the European
Parliament and represents an important
step for the EU to
achieve the Paris Agreement climate neutrality goals. It
sets out the
criteria
to establish a
common classification system
for sustainable economic activities. The EU Taxonomy
Regulation determines whether
an economic activity is environmentally sustainable
and requires financial and non-financial undertakings subject to the
Corporate
Sustainability Reporting Directive (CSRD) to disclose the
alignment of their activities.
Separate disclosures requirements
and extensive
criteria
are
in place
for financial
and
non-financial undertakings
under
Article
8
of EU
Taxonomy
Regulation
Delegated
Act
(Commission Delegated Regulation
(EU) 2021/2178).
In accordance with the requirements of the EU Taxonomy Regulation and related Delegated Acts, this report includes the alignment
of Eurobank’s activities with all
six environmental objectives as set out in the Regulation:
a.
Climate change mitigation
b.
Climate change adaptation
c.
Sustainable use and protection of water and marine
resources,
d.
Transition to a circular economy,
e.
Pollution control and prevention, and
f.
Protection and restoration of biodiversity and ecosystems.
Since Eurobank’s eligibility and alignment calculations rely on
the prior-year Taxonomy disclosures of both
financial and non-financial
counterparties, a structural one-year time lag is inherent in the data. As non-financial undertakings are required to report
alignment
for the additional environmental objectives only from their 2024 disclosures (published in 2025),
the Group applies a “best available
data” approach, consistent with regulatory expectations for managing
transitional data.
Credit institutions publish the Green
Asset Ratio (GAR),
which determines the extent to which
the Group’s assets
finance and are
invested in taxonomy-aligned
economic activities, that is the ratio
of the Group's taxonomy-aligned assets
to covered assets (total
assets excluding
exposure to
sovereigns, central
banks and
the trading
portfolio). Moreover,
as required
by
the EU
Taxonomy
Regulation, activities must
meet the specific taxonomy criteria
and ensure that they cause no significant
harm to any of the
other
environmental objectives (DNSH) and meet minimum social
safeguards (MSS), to be
categorized as taxonomy-aligned. Additional KPIs
are
required regarding
the off-balance
sheet exposures
and specifically
for
financial guarantees
to
financial and
non-financial
undertakings (FinGuar KPI) and assets
under management (AuM KPI).
Simplification and Amendments to Article 8 Disclosures under Regulation (EU) 2026/73
On 4 July 2025,
the European Commission adopted, as part
of the Omnibus Delegated Act,
the Commission Delegated Regulation (EU)
2026/73, which was published in the Official Journal on 8 January 2026, introducing targeted amendments aimed at simplifying
the
Article 8 disclosure framework. A
key modification concerns
the further postponement
of the applicability of
the “Fees & Commissions
(F&C) KPI” and the “Trading Book KPI”, deferring
their mandatory implementation from 2026 to 1 January 2028.
In addition to deferring specific requirements, under Article 4, undertakings may continue to apply the disclosure
rules of Delegated
Regulations (EU) 2021/2178, (EU) 2021/2139 and (EU) 2023/2486, when preparing
their Sustainability Statement disclosures for the
2025 financial year.
Eurobank, therefore makes
use of this transitional option upon preparing
its 2025 Taxonomy
disclosures. The
transitional application
ensures continued
adherence to
the prevailing
supervisory expectations
for Article
8 disclosures,
while
enabling Eurobank to align its reporting practices with
the updated regulatory framework in subsequent reporting cycles.
Furthermore, selecting this transitional option does not alter
the deferral of the Fees
& Commission KPI and the Trading Book
KPI.
Even where a credit institution chooses to apply the original disclosure rules for its 2025 reporting cycle, it is not required to publish
the Fees & Commission or the Trading
Book KPIs, as clarified in the Draft Commission Notice of December 2025. As a result,
and in
line with the applicable transitional provisions
and supervisory guidance, Eurobank
will not publish the Fees & Commission KPI or the
Trading Book KPI for the FY2025 reporting period.
Integration of Taxonomy in the Group’s business strategy, operating model, products and customers
In line with best established practices,
the Group has
integrated the requirements of the
EU Taxonomy Regulation within its processes
with key roles consisting of:
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●
client engagement in the context of ESG
Risk Assessment
and Sustainable Finance Assessment,
●
establishment and monitoring of sustainability risk and EU Taxonomy-related KPIs
to ensure alignment with risk limits and
sustainable financing strategy/targets
as well as
●
the development of relevant disclosures.
As part of its sustainability strategy, the Group is implementing initiatives
that will, among others, enable it to increase the share of
taxonomy-aligned assets
in the coming years:
●
Development of
sectoral near,
mid
and long-term
financed emissions
reduction pathways,
in line
with science-based
decarbonisation pathways, in alignment with
Eurobank’s Net Zero commitments
and Transition Plan.
●
Performing perimeter analysis of Taxonomy-related sectors, counterparties and financings affecting
the GAR and
developing
action plans for increasing Taxonomy
-aligned financing in the future.
●
Further integrating
sustainability risks
and sustainable
financing considerations
in the
business planning
process (e.g.,
project budgeting and prioritisation), to reflect the Group’s business
strategy and relevant targets.
Committed to being transparent about
its approach and to ensure that decision-making is in
line with best practices in environmental
protection and
sustainability, Eurobank
has developed
guiding frameworks,
defining the
approach and criteria
for classifying
its
financing and investing activities
as sustainable:
The Sustainable Finance Framework
Through its Sustainable
Finance Framework (SFF),
Eurobank is able to classify
sustainable lending solutions offered
to its
clients,
specifying the applied classification
approach and the activities defined as eligible
to access sustainable financing.
The purpose of
establishing the
SFF is
to provide a
clear and comprehensive
methodology for classifying,
monitoring, and reporting
sustainable
financing in line with the
Financed Impact Strategy.
The SFF
has drawn from international best
practices and is based
on two key
guiding frameworks: The International Capital Market Association (ICMA) principles
on sustainable financing (Green Bond Principles,
Green
Loan
Principles
and
Sustainability-linked
Bond
Principles)
and
the
EU
Taxonomy.
Eurobank
will
closely
monitor
the
developments of the EU Taxonomy,
to update its SFF as
relevant. The SFF defines
two levels of transaction alignment:
●
SFF alignment
- Fulfilment of
criteria dictated by established market
practice
●
EU Taxonomy
alignment - Fulfilment
of criteria associated with
each of the
EU Taxonomy
assessment steps
(substantial
contribution, DNSH, MSS)
Through the
dedicated purpose financing
approach (i.e. where
the use of
proceeds is
known) the Group
assesses and classifies
financings / transactions as
“Not SFF aligned”,
“SFF aligned”
or “SFF & EU Taxonomy
aligned”.
For general purpose financing / transactions
(i.e. where the use of proceeds is not known) the SFF
defines two other approaches:
●
Company Business
mix -
Financing to
companies that fulfil
the eligibility green/
social criteria
and derive most
of their
revenues from eligible activities.
●
Sustainability-linked loans
- Financing linked to ambitious and predefined Sustainability
Performance Targets
(SPTs).
To adequately embed sustainable financing and
the SFF in its practices, the
Group has developed
governance structures and
functions
as well as
a digital tool (Framework
SFF assessment
tool) that facilitate
the day-to-day implementation of the SFF.
The SFF assessment tool supports the process of assessing the financing /
transactions against the criteria defined in the SFF and the
EU Taxonomy. Through the SFF assessment
tool, users categorise financing to the applicable
eligible activity and are guided through
the assessment steps which involve substantiating alignment
with the criteria
of each step, including
Taxonomy alignment assessment
(TSC, DNSH criteria,
MSS).
Approach for the preparation of disclosures relating to Article 8 of the Taxonomy Regulation
The preparation of mandatory
disclosure in taxonomy eligibility and alignment is based
on the prudential
consolidation for the Group.
The consolidation
is
in accordance
with
the
supervisory reporting
of institutions
according to
the Commission
Implementing
Regulation (EU)
2021/451 (FINREP).
The Group, upon reviewing its business activities, to map
Taxonomy reporting requirements with its core activities, provides the KPIs
and other disclosure requirements as laid down in the EU
Taxonomy Regulation and the EU
Taxonomy Regulation Delegated
Act.
For 2025, credit institutions shall disclose:
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●
The Green Asset Ratio (GAR) covered on-balance sheet assets
and the breakdown by environmental objective and by type
of counterparty.
●
The percentage of their total assets
that are excluded from the numerator and the denominator of the GAR.
●
A
complementary ratio
on
the
level
of
association with
Taxonomy-aligned
economic
activities of
off-balance
sheet
exposures. These exposures include financial guarantees granted by
the financial institution and
assets under management.
As per EU Taxonomy Regulation Delegated Act, the
calculation of KPIs for
off-balance sheet exposures
shall consider financial
guarantees granted
by the
credit institution
and assets
under management
for guarantee
and investee
non-financial
undertakings. Other off-balance sheet exposures such as commitments
shall be excluded from that calculation.
The application of the
EU Taxonomy differs for general purpose financing and
specific purpose financing (i.e.
‘known use of
proceeds’).
General purpose financing
For general purpose financing,
the Group uses
counterparties’ reported
eligibility and alignment information from the
latest published
taxonomy information. Specifically
for corporate counterparties, the Group
uses actual information that has
been disclosed by
its
counterparties reporting under CSRD in 2024.
To determine which companies are subject to
CSRD, an assessment is carried out to determine that all of the following criteria
are
met; a) if the country of incorporation of the counterparty is
in the EU, and b) whether the counterparty’s is either a listed company,
a credit institution, or an insurance company, and c) whether the entity’s net revenue exceeds €50m or its total assets exceed €25m
and d) the counterparty has over 500 employees.
The identification
of counterparties
subject to
CSRD has
been conducted
through Eurobank’s
internal customer
segmentation
processes within the core banking systems, supplemented by verified external data sources, to ensure accurate classification
for EU
Ta
xonomy eligibility and alignment assessments.
The Taxonomy
eligible and aligned
assets presented include
the reported
eligibility and alignment
of non-financial and
financial
counterparties, weighted to the Group’s exposures.
Financial and non-financial undertakings that do not meet the aforementioned requirements are identified as non-subject to CSRD.
Undertakings that are not required to
report under the EU Taxonomy
regulation (non-CSRD) are not
included in the calculation of
eligible and aligned assets since estimations are not allowed in
mandatory reporting. Assets of
non-CSRD counterparties, derivatives,
hedge accounting and on-demand interbank loans are only included in the denominator of the Green Asset Ratio (GAR).
Specific purpose financing
For specific purpose financing where
the use of proceeds is known, project-specific
KPIs are used in the assessment
of Taxonomy-
eligibility and Taxonomy
-alignment to the extent
that Taxonomy
eligibility and Taxonomy alignment
can be demonstrated for
the
underlying transaction. As part of Eurobank’s Sustainable Finance assessment process, standalone dedicated purpose financings are
assessed to evaluate alignment with the EU Taxonomy requirements. The
assessment is carried out, based on available documentary
evidence provided by the
counterparties, required to ensure
adherence to EU Taxonomy and based on
applicable National Legislation
in specific financing cases
(i.e. Resilience
and Recovery Fund investments, which embedded the DNSH assessment).
Other matters
In relation to households, loans
collateralised by residential real estate, loans granted for
renovation purposes
and loans granted with
purpose to finance
the purchase of
vehicles were assessed
for taxonomy-alignment. The
Group is
also reporting
its exposure
to
economic activities related to fossil
gas and nuclear energy according to Commission Delegated
Regulation (EU)
2022/1214, which
amended the EU Taxonomy
Delegated Act. Hence, the
taxonomy-non-eligible nuclear energy related
activities are included in
the
denominator of Eurobank’s key performance indicators. The Group also
uses the relevant templates included in the
Delegated Act to
disclose information about nuclear and fossil
gas related activities.
The Group’s approach for the disclosures prepared as
of 31 December 2025 reflects its understanding and interpretation of the EU
Taxonomy requirements and is based
on the best effort to adhere to the applicable regulations
and new regulatory developments.
In accordance
with the
European Commission
guidance published
in December
2024 FAQs,
no
estimates were
included in
the
calculation of eligibility and alignment
for mandatory disclosures presented.
The Group continues its work on implementing the EU taxonomy requirements and further enhancing its reporting methodology to
ensure
transparency
and
completeness
of
the
information
disclosed as
further
robust
information
becomes available
from
counterparties. For the Group’s processes to ensure data quality,
please refer to the [“ESG
data” section of management
report].
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Results
The Group’s
total GAR
based on
turnover and total
GAR based
on CapEx, as
at year-end
2025, cover
the six climate
-related EU
environmental objectives and are presented in the summary below:
Summary EU Taxonomy
KPIs
Million EUROS
Gross
carrying
amount
2025
Gross
carrying
amount
2024
Turnover KPIs
2025
Capex KPIs
2025
Turnover KPIs
2024
Capex KPIs
2024
Taxonomy-eligible assets
19,691
25.1%
22,458
28.6%
17,868
24.6%
19,408
26.7%
Taxonomy-aligned assets
3,013
3.8%
4,494
5.7%
1,908
2.6%
2,658
3.7%
Assets
GAR-
Covered
assets
in
both
numerator and denominator
33,154
29,506
Assets
excluded
from
the
numerator for GAR
calculation
(covered in the denominator)
45,430
43,257
Total GAR
assets
78,584
72,762
Total assets
108,691
102,567
Impairment
for
loans
and
advances
at
amortised
cost,
debt
instruments
and
other
adjustments,
according
to
EU
taxonomy methodology
(715)
(1,417)
Total
assets
according
to
the
consolidated balance sheet
107,976
101,150
The increase in the Group’s
Taxonomy-aligned assets
from FY2024 to FY2025 is
primarily attributable to two factors.
Obligors and
investees reported
significantly enhanced
EU Taxonomy
disclosures in
prior year,
particularly with
respect to
CapEx alignment,
reflecting
a
more
complete
identification
of
EU
Taxonomy
economic
activities. As
a
result,
the
alignment
ratios
applied
to
general-purpose financing improved materially compared
to the prior year. Moreover, during FY2025 the Group
provided substantial
new disbursements under
known use-of-proceeds structures, mainly
relating to the financing
of Renewable Energy
Sources (RES)
projects that meet the technical
screening criteria for substantial
contribution to Climate Change Mitigation. These developments,
combined with
the expansion
of the
eligible asset
base and
refinements in internal
classification processes,
contributed to
the
year-on-year increase in the Group’s GAR
alignment.
The reported main and additional KPIs calculated on 31 December 2025 for the Group, including the reporting templates as set
out
in the EU Taxonomy Regulation, EU
Taxonomy Regulation Delegated Act and
the European Commission FAQs, are presented in the
Appendix.
Moreover,
comparative
information for
2024 is
also
reported, which
has been
adjusted to
reflect newly
issued guidance
and
interpretations of the existing EU taxonomy Regulation. The adjustments aim to ensure
that our disclosures are fully
aligned with the
latest regulatory expectations, thereby enhancing the transparency and consistency of our reporting.
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2.2
Climate change [E1]
2.2.1 Strategy
Transition plan for climate change mitigation [E1-1]
The Group supports the transition towards a sustainable economy and considers sustainability and addressing climate change as an
opportunity. A key
strategic objective is
to adapt the business
and operation in
a way that
addresses climate
change challenges,
accommodates social
needs within
its business
model and
safeguards prudent
governance for
itself and
its counterparties,
in
accordance with supervisory initiatives,
and following international
standards and best
practice. Following
the completion of
the
onboarding of Hellenic Bank during 2024, along
with the upskilling achieved for the rest of international
subsidiaries, the Group aims
to align all entities’
Sustainability Strategies
to converge to a Group-wide Sustainability
Strategy in both pillars.
Sustainability Strategy
Structure
To this end, for the current
reporting period, Eurobank
is implementing its Sustainability Strategy, including targets and
commitments,
along with two key pillars:
●
the Operational Impact Strategy,
which refers to the impact
arising from the Bank’s
operational activities and footprint in
Greece, and the
●
Financed Impact Strategy,
which refers
to the impact
arising from
the Bank’s lending
and investing activities
to specific
sectors and clients.
Operational Impact Strategy: Objectives
and Net Zero Targets
The Operational Impact Strategy
defines the operational sustainability
priorities and objectives. The strategy
is deployed through
milestones and KPIs that support the annual and long-term targets set across multiple
project streams, and key pillars spanning over
the next decade. The operational impact strategy is developed and deployed along three pillars, of which the environmental impact
is a key pillar which aims at minimizing negative impact of Eurobank’s
operations to promote environmental stewardship with a clear
goal to attain climate
neutrality.
The underlying target of the
environmental impact pillar is
the achievement of Net Zero emissions
from Eurobank’s operations
by
2033 for Scope 1 & 2 emissions and by 2050 for Scope 3 emissions, with 2019 as the baseline year. The action plan
for achieving this
target and tracking the
progress against it
is informed by transition pathways
that are aligned with the
Paris Agreement target
of
limiting global warming
to 1.5°C.
Financed Impact Strategy: Sustainable
Finance and Portfolio Alignment
The Group
recognises that
the most
significant part
of its
impact on
climate arises
from the
financing it extends
to its
clients.
Therefore, the second pillar of its Sustainability
Strategy, Financed Impact
Strategy, evolves around the following
key components:
●
Sustainable financing: Development
of strategies
that will
promote the
green transition
of the
Group’s clients
through
sustainable financing.
●
Portfolio alignment: Gradual alignment of the Group’s portfolio with sectoral transition pathways that are aligned with the
1.5°C climate transition scenario.
●
Net Zero strategy: Sectoral decarbonisation targets covering
the Group’s lending portfolios, with phased target
-setting up
to 2050.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force
during the 2025 reporting
period. In parallel, the Group
is progressing the update of its Group
Sustainability Strategy, which will build on the existing framework
and further strengthen the integration of sustainability across
its operations and activities.
The core activity of the Group
(banking services) is part of
the EU Paris-aligned Benchmark activities. As part
of the Pillar 3
disclosures,
the Group discloses
the counterparties in its
portfolio that are
excluded from
the Paris Aligned
Benchmark (Consolidated Pillar
3
Report - 11.4.1 Template 1: Banking book
- Climate Change transition risk:
Credit quality of
exposures by sector, emissions and
residual
maturity).
Information
on
how
sustainability
related
performance,
including
climate
related
objectives,
is
incorporated
into
remuneration and incentive schemes is provided in section “Integration of sustainability related performance in incentive schemes”
[ESRS 2 GOV 3].
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Decarbonisation Levers and Key Actions
In support of its transition plan
for climate change mitigation, the Group has
identified a set of decarbonisation
levers and key actions
that underpin its overall
strategy. In
accordance with ESRS
E1-3 (Climate change
mitigation actions) and ESRS
E1-4 (GHG emission
reduction targets),
the specific
details regarding
the Group’s
GHG emission
reduction targets,
the associated
actions, and
the
explanation of the
decarbonisation levers—including planned
changes in the
product and service
portfolio, the
adoption of new
technologies, and measures across the value
chain—are provided in the dedicated sections of this report:
Actions and resources in relation to climate
change policies [E1-3]
Targets related
to climate change mitigation
and adaptation [E1-4]
Pathway to Net Zero and Sectoral
Targets
Eurobank’s commitment to sustainability is at the heart of its strategic
vision. Aligning with global climate goals and addressing the
urgent need to
tackle climate change,
it has committed
to aligning the
Group’s portfolio
emissions with 1.5°C
climate transition
pathways.
The following table presents
key information regarding the emission
reduction targets for the first 4
carbon-intensive sectors:
Sector
Boundaries
Scopes
covered
Target
Metric
Scenario
/
Pathway
Base
year
Baseline
value
Eurobank’s emission reduction
targets
2030 target
2030
reduction
2025
Performance
2024
Performance
Power
generation
Fossil and RES
electricity
generators
1, 2
Intensity
tCO2e /
MWh
IEA NZE
2050
(2023
Update)
2023
244
220
-10%
199
(-18% vs
baseline)
193 (-22%
vs
baseline
)
Oil and
gas
Mid /
Downstream
activities
1, 2
Absolute
tCO2e
IEA NZE
2050
(2023
Update)
2024
558
(100
indexed)
530
(95 indexed)
-5%
636
(+14% vs
baseline)
n/a (base
year)
Iron and
steel
Up / Mid /
Downstream
manufacturer
1, 2
Intensity
tCO2e / t
steel
IEA Net
Zero by
2050
(2021)
2023
0.37
0.33
-11%
0.30
(-19% vs
baseline)
0.42 (+14%
vs baseline)
Cement
Cement and
concrete
manufacturers
1, 2
Intensity
tCO2e / t
cement
IEA NZE
2050
(2023
Update)
2023
0.67
0.59
-12%
0.63
(-6% vs
baseline)
0.66 (-1% vs
baseline)
Power generation
Methodological approach
Boundary
The scope of this sector includes counterparties operating in the power generation sector and, more specifically, clients with power
generation activities from fossil fuels (lignite, oil, natural gas) and renewable energy (soler, wind, hydro etc.). The sectoral perimeter
excludes companies operating downstream the power generation
value chain (transmission, distribution and trade).
Emissions coverage
The target covers Scope 1 and 2 GHG
emissions, which account for the vast
majority of the power generation footprint.
Decarbonisation scenario
Eurobank's emission reduction target for
the power generation sector draws
upon the trajectory outlined in the
IEA NZE scenario,
aiming for substantial reductions in carbon
emissions and the promotion
of sustainable energy practices. The
power generation sector
plays a crucial role in global efforts to
mitigate climate change, accounting for a significant portion of
GHG emissions. By adopting the
IEA
NZE scenario
as
the
reference
transition pathway
for the
power generation
sector,
Eurobank
aims
to support
the
rapid
deployment of renewable energy sources (RES),
such as wind, solar and hydroelectric power, while
also supporting the stability
of
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the energy
transition through
less carbon
intensive energy
generation technologies.
Additionally, its
target focuses
on reducing
emissions from fossil
fuel-based power generation through investments in energy efficiency measures, grid
modernization and the
integration of clean technologies.
For this target, Eurobank has also
considered the national plans to decarbonise
the sector in the Group’s main countries
of operation.
However, the driving force is Greece’s national plan, which can be found both in the Greek National Energy and Climate Plan (NECP)
and the National
Climate Law.
NECP sets an 82% target
for the share
of RES in the
total domestic electricity
production by 2030,
through increasing RES generation to 23.5
GW by 2030 (i.e. around a
150% increase from 2021). The
rapid increase in the level of RES
penetration requires the development of different types of RES and reliable energy
storage solutions. To this end, NECP foresees the
increase of onshore wind
capacity by 65%, solar by
212% and pumped storage by
214%. It also includes
the development of
new
technologies, such as offshore wind (1.9
GW by 2030) and battery energy storage systems (3.1 GW by
2030). The Climate Law forbids
electricity generation from solid fossil
fuels by 2028.
Eurobank’s sectoral approach
Eurobank recognises that a fully
decarbonised power generation sector
is the essential foundation of
a net-zero energy system, which
will also play a
key role to leading decarbonisation across all sectors,
from transport and buildings to industry.
Electricity generation will need to reach net-zero emissions globally in 2040 and be well on
its way to supplying almost half of total
energy consumption. This will require huge
increases in electricity system
flexibility, investments
in new services and technologies
such as batteries, demand response and green hydrogen, while renewable energy technologies remain the key to reducing sectoral
emissions. A more electrified, renewables-based and
efficient energy system brings clear environmental
benefits as well as important
gains for affordability.
Eurobank’s financed emission intensity baseline sits below the sectoral pathway, at 244 kgCO2e/MWh, mainly due to the significant
share of financed RES production
output in relation to fossil fuel-based production.
Drawing from sources such as national
and client-
specific investment plans, as well as the Group’s sectoral business plan, the Group has set the target to reduce the sectoral financed
emission intensity by 10% by 2030, which is above the respective pathway
reference value.
This target is based on prudent projections
about the timing and emission reduction
effect of the key sectoral decarbonisation levers,
decommissioning of lignite and oil plants, and
emission reduction investments of key counterparties
as well as the Group’s additional
financing in renewable energy projects. Recognising that a key element in the sectoral
transition is safeguarding the stability of the
energy supply, the Group will also continue considering financing projects in lower emitting power generation technologies, such as
Combined Cycle Gas Turbine (CCGT) power plants, in
Greece and abroad.
While CCGT plants will add to the Group’s overall emission profile in the short-term, they are considered a critical component of the
energy transition, providing the
necessary flexibility and reliability to
support the integration of
intermittent RES, and ensuring energy
security during the transition period. Their role is especially important
in maintaining grid stability as legacy high-emission assets are
phased out. Looking beyond 2030, the Group is committed to aligning with more ambitious decarbonisation trajectories, potentially
exceeding the reference values of the pathway,
reflecting its long-term
vision for a sustainable and resilient
energy system.
In 2025, the Group’s sectoral performance
demonstrated a non-significant increase compared to
2024 performance (2025:
199 tCO2e
/ MWh, 2024: 193
tCO2e / MWh), with
the overall sectoral intensity
at 18% in relation
to the 2023 baseline,
and well below
the
sectoral decarbonisation pathway of the IEA
NZE 2050 scenario. The
increase in 2025 is mainly
driven by the financing to
CCGT plants.
To reach
its sectoral
emission reduction target,
Eurobank plans to
further mobilise its
strategy to finance
the upgrade of
energy
transmission and distribution systems, and promote innovative energy saving and
storage technologies, in line with the NECP and its
ambitious energy efficiency targets
by 2030. Eurobank’s commitment
in supporting the increase in renewable energy share
in the
total energy mix has been evident,
with substantial year-on-year increase in RES project financing and
an outstanding balance of over
€1.61 billion at the
end of 2025. It will
intensify even further its financing
towards RES projects, conventional as
well as
emerging
technologies, contributing to the increase in RES share
in the total energy mix and the country’s lignite phase
out plan.
Oil and Gas
Methodological approach
Boundary
The target-setting
focuses on counterparties engaged in:
•
Midstream activities –
Transportation, storage and liquefaction
of oil, natural gas
or LNG.
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•
Downstream activities – Refining
activity.
Eurobank’s portfolio does not include counterparties engaged
in upstream activities, such as
exploration and production. Also, the
target-setting
does not include oil and gas companies operating in the product marketing
and retail sub-segment.
Emissions coverage
The indicator used for target-setting encompasses Scope 1
and 2 GHG emissions, excluding the
emissions associated with the
end use
stage of oil and gas
products (Scope 3 GHG emissions),
which often constitute the majority of sectoral emissions.
This
exclusion is
primarily
due
to
lack of
readily
available and
reliable data
from
clients,
which introduces
inaccuracies
and
uncertainties into the measurement
and reporting processes. Oil and gas
Scope 3 emissions are expected to
be tackled through a
dedicated sectoral target that
focuses on the sector’s downstream value chain.
Decarbonisation scenario
By using the IEA NZE scenario as the reference transition pathway for the oil and gas sector, Eurobank aims to facilitate investments
in technologies that will enable the sector’s transition, such as carbon capture and storage (CCS), methane reduction initiatives and
the development of low-carbon fuels.
The oil and
gas sector represents a
significant source of carbon
emissions and is critical
for
global efforts to
achieve net-zero emissions
by 2050. Eurobank’s
emission reduction target
for the oil
and gas sector
focuses on
promoting sustainable practices, reducing emissions, and
supporting the transition to a more diversified and resilient energy system.
The analysis is almost exclusively driven by sector developments in Greece, due to the structure of the sector and consequently, the
non-material sectoral exposure, in the
other countries of operation. According
to the Greek Climate
Law, facilities
with significant
environmental impact have an
obligation to reduce their
emissions by 30% by
2030 (reference year: 2019). The
NECP does not include
sectoral targets, but rather a general 9% reduction target for the
entire industry by 2030 (reference year: 2020). Considering that the
oil and gas sector is a hard-to-abate sector, with limited capacity in relation to process electrification, alternative solutions will have
to be adopted (e.g. CCUS, green hydrogen). However,
based on the current progress, their implementation timeline
is post-2030.
Eurobank’s sectoral approach
Eurobank recognises the critical importance that the oil
and gas sector has in the global
transition to a sustainable and low-carbon
energy system. Given
the sector's substantial
contribution to GHG
emissions, particularly through the
combustion of fossil
fuels,
decarbonising oil and gas operations throughout the entire value chain is essential
for achieving global climate
targets.
Eurobank’s
financed
emissions
in the
oil and
gas sector
amounted
to 558
ktCO2e
(indexed
at
100% based
on
the sectoral
methodology) as
of the
2024 baseline
year.
The Group’s
approach to
target-setting considered
the emission
reduction effect,
application feasibility and timing of the sector’s
key decarbonisation levers.
In addition, a key element in
the process was the fact that
clients in the Oil and Gas sector often have substantial and time-sensitive capital requirements, leading to significant fluctuations in
financing
activity.
These
fluctuations—driven
by
withdrawals
or
repayments—can
materially
affect
exposure
levels
and,
consequently, the attribution of financed emissions. As such, 2024 was selected as the base year because
it more accurately reflects
typical exposure levels across key clients, providing a sounder foundation for setting
and tracking emission reduction targets.
Based on the above, Eurobank set its target reduction
target at -5% by 2030 in relation to its 2024 baseline. This target is based upon
the emission reduction effect of more mature decarbonisation levers that
are part of its key counterparties’ investment plans, which
include energy efficiency measures (energy
consumption optimisation, heat capture
and integration, improved
combustion efficiency,
setup upgrades etc.) and the adoption
/ expansion of green hydrogen and biofuels,
as these are expected to produce results by
2030.
However, key sectoral decarbonisation drivers,
such as Carbon
Capture and Storage (CCS) and
process electrification, are not expected
to be widely
deployed by
2030 due to
current market immaturity.
As a result,
these technologies
have not been
included in
the
Group’s 2030 target. Their limited near-term feasibility means that the majority of substantial emission reductions in the oil and gas
sector are anticipated to occur post-2030, once these advanced technologies become commercially viable and supported by a more
solid regulatory framework and appropriate infrastructure.
Accordingly, the Group expects
its post-2030 target to reflect
the effect of
these transformative solutions. This
will enable a more
accelerated decarbonization
trajectory,
positioning the
Group to
adopt more
ambitious goals
that may
potentially exceed
the
International Energy Agency’s Net Zero Emissions
(IEA NZE) pathway.
In 2025, the Group’s sectoral performance demonstrated an increase compared to 2024 performance (2025: 636 ktCO2e, 2024: 558
ktCO2e), The increase in 2025 is mainly
driven by an increase in the sectoral exposure (+ €225 million).
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To achieve the 2030 target, Eurobank will implement a multifaceted strategy,
focusing on the sector’s priority areas. It will mobilise
financing towards cleaner technologies, such as carbon capture, utilisation and storage (CCUS),
and support the shift to low carbon
energy sources, such as green hydrogen and biofuels. Additionally, it will invest in energy efficiency improvements, reduce methane
emissions through advanced
detection and capture technologies, and
engage with clients and stakeholders to
promote best practices
and collaboration on sustainability initiatives across the oil and
gas value chain. This approach ensures its financing activities support
the broader transition to a low-carbon economy.
Iron and steel
Methodological approach
Boundary
The iron and steel sector is split
into 4 segments:
●
Upstream: Scrap pretreatment
(e.g., shredding, sorting)
●
Midstream: Electric arc furnace (EAF),
Refining furnace, Casting
●
Downstream: Reheating furnace, Hot
rolling, Cold rolling, Cold drawing, Forming,
●
Coating
For target
setting in
the sector,
Eurobank has
included all
counterparties that
have operations
in any
of the
above-mentioned
segments in its
countries of operations.
Emissions coverage
The indicator covers Scope 1
and 2 GHG
emissions, which are responsible for the vast
majority of the Group’s iron and steel value
chain footprint.
Decarbonisation scenario
Eurobank's emission reduction targets
for the iron and steel
sector align with
the trajectory outlined in
the IEA Net Zero
by 2050
scenario, focusing
on
reducing
emissions
intensity,
increasing
energy
efficiency,
and
promoting
the
adoption of
sustainable
steelmaking practices. Eurobank is committed
to supporting the transformation of the iron and steel
sector towards sustainability,
fostering innovation, and driving progress towards a
carbon-neutral future.
Eurobank’s sectoral approach
The iron and steel sector plays a
key role in the decarbonisation of industry and poses a great challenge due to its
energy intensive
nature and reliance on fossil
fuels. To achieve meaningful
emission reductions, numerous technologies, including green hydrogen,
need to be applied at scale. Additionally, there should
be a focus on using scrap steel, increasing energy efficiency,
and electrifying
the processes.
Eurobank’s financed emissions intensity in the iron and
steel sector stood at 0.37 tCO2e per tonne of
steel as of 2023 (baseline year).
In alignment with the IEA NZE scenario, Eurobank has set a target to reduce emissions intensity by 10% by 2030, bringing it down to
0.33 tCO2e per tonne of steel.
As of
2025, Eurobank’s
financed emissions
intensity decreased
to 0.30
tCO2e per
tonne of
steel, representing
a 19%
decrease
compared to the 2023 baseline.
Leveraging national and European strategies
such as the European Green Deal Industrial Plan and the National
Energy and Climate
Plan, Eurobank will
implement a comprehensive strategy
that includes prioritising financing
for projects incorporating
innovative
technologies and low-emission
fuel consumption, such as green hydrogen,
as well as
electric arc furnaces powered by
renewable
energy. It will promote sustainable practices, such as adopting
material efficiency, and strategies to reduce losses, and optimise steel
use. Furthermore, it will engage with clients and stakeholders to foster
collaboration on sustainability initiatives and encourage the
sharing of best practices and innovative solutions.
Cement
Methodological approach
Boundary
The scope of this sector focuses on clients with
activities related to the manufacture
of cement and concrete products.
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Emissions coverage
The indicator covers Scope
1 and 2 GHG
emissions, which are responsible
for the vast majority of
Eurobank’s cement value
chain
footprint.
Decarbonisation scenario
Eurobank's emission reduction targets for the cement sector are aligned with the
goals outlined in the IEA NZE scenario, focusing on
reducing emission intensity, promoting circular economy principles and supporting innovation in sustainable cement manufacturing
processes. By adopting the IEA NZE
scenario as the transition pathway for
the cement sector,
it aims to incentivise investments
in
sustainable cement production methods, including the use of alternative fuels and raw
materials, enhancing energy efficiency, and
implementing carbon capture and utilization technologies.
Eurobank’s sectoral approach
Concrete and cement
are important for
essential economic development;
however, reducing
sectoral emissions
while producing
sufficient cement to meet
demand poses a great challenge.
Reduction of the clinker-to-cement ratio
through the uptake of clinker
substitutes, continuous
energy
efficiency improvements,
adoption of
low-carbon
fuels, material
efficiency improvements,
and
deployment of innovative technologies, such as Carbon Capture and
Storage (CCS), will play
a significant role
in achieving this goal.
Eurobank’s financed emission intensity in the cement sector stood at 0.67 tCO2e per tonne of cement as of 2023 (baseline year).
In
alignment with the IEA Net Zero by 2050 scenario, Eurobank has set a target to reduce emissions intensity by 12% by 2030, bringing
it down to 0.59 tCO2e per tonne of cement. This target has been developed by analysing the implementation maturity and
emission
reduction potential of the
sectoral decarbonisation levers in
conjunction with the investment
plans of its
key counterparties. The
result was that the levers that are considered mature enough to result in emission
reductions by 2030 included the procurement of
carbon-free electricity through
RES self-generation,
PPAs and Guarantees
of Origin, energy
efficiency measures such
as strategic
maintenance practices and fuel selection,
process optimisation, diagnostic tools and
application of mineralizers, reducing the clinker-
to-cement ratio and the use of alternative fuels.
However,
the key
decarbonisation levers
for
the sector
which include
the adoption
of
green
hydrogen and
Carbon Capture
technologies, are not
considered mature enough to
be able to yield
results by 2030, due
to market immaturity. Thus, as advancements
in technology and policy will remove these barriers, Eurobank anticipates that these technologies will become viable and
scalable in
the post-2030 period. As a result, the Group’s
targets will become more ambitious beyond 2030, potentially exceeding the IEA Net
Zero by
2050 pathway,
as the
full suite of
decarbonisation solutions becomes available,
economically feasible
and supported by
appropriate infratsructure.
Eurobank's 2025 sectoral progress demonstrates
a decrease in emission
intensity, from 0.66 tCO2e in 2024 to 0.63 tCO2e in
2025.
This continuous
progress, reflects
the initial impact
of mature
decarbonization efforts
taking effect.
These developments sig
nal
positive
momentum
toward
its
2030
target
and
reinforce
the
importance
of
sustained
investment
and
engagement
with
counterparties to accelerate the sector’s transition.
Eurobank will focus on
financing investments that will decrease process emissions
from clinker
production, which
accounts for
most of
the sector’s
emissions, and reduce
its reliance
on fossil
fuels for
its high-
temperature production process, by promoting
the utilization of green hydrogen
and other low carbon fuels.
It will support its
clients'
efforts to
optimise their production
processes to
lower energy
consumption, while also
financing the
deployment of
innovative
technologies, such as Carbon
Capture and Storage
(CCS), which will play
a significant role
in achieving the decarbonization of
the
sector.
Furthermore, Eurobank
will
engage with
clients
and
stakeholders
to
foster
collaboration on
sustainability initiatives,
encouraging the adoption of best practices and innovative solutions.
The Group is currently in the process of finalising its Transition Plan in line with the EBA Guidelines on
the management of ESG risks,
and the
sectoral analyses
presented in
this chapter
form the
fundamental building
blocks of
this work.
As the
Transition
Plan
progresses, this approach
will be expanded
to all other
material sectors, ensuring
that each sector
is integrated
into a
coherent,
Group-wide transition framework with
sector-specific pathways
and objectives.
Material impacts, risks and opportunities and their interaction with
strategy and business model [ESRS 2 SBM-3]
The Group identifies and assesses sustainability
-related risks, including Climate-Related and Environmental risks, within the context
of the Risk Identification
and Materiality Assessment
(RIMA) process, which is
performed at least on an annual basis,
or ad-hoc, if
necessary. Through the RIMA process, the Group identifies material risks that could potentially have a significant adverse impact on
its financials, capital base, liquidity position
or business model, as well
as
any possible emerging risks
that the Group might be
exposed
to. In this context, the Group takes into consideration
several different sources to identify new risks, such as the Single
Supervisory
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Mechanism (SSM), the Supervisory Priorities,
the EU
& national legislation
changes, developments in the
regulatory landscape in
general, along with EBA
Guideline or Basel Committee
on Banking Supervision (BCBS) reports.
The Group has
identified as sustainability
risks, the risks
deriving from
potential loss or
negative impact
to the Group,
including
loss/damage to physical
assets, disruption of business or system failures,
transition expenditures and reputational effects
from the
adverse consequences of climate change and environmental degradation.
As sustainability risks interact with other risks and result in
both direct distributional impacts and indirect macroeconomic impacts,
the Group
understands that
careful consideration
of
the cross-cutting
nature
thereof is
necessary to
ensure the
appropriate
implementation of adaptation activities. Thus, the Group considers sustainability risks as drivers of existing risk types, undertaking a
holistic and systemic approach when examining
the complex links between sustainability risks
and both financial and non-financial
risks.
Eurobank has
integrated
sustainability
risks
elements
into
its
existing
risk
management
processes,
creating
additional
procedures, policies and tools so that these risks can be properly identified and measured.
The Group has identified
the risk drivers related to
climate change and environmental
degradation, through internal and external
sources of
knowledge, that are
most relevant for
the business
environment in which
it operates.
In this context,
the Group has
identified the following list
of climate-related
and environmental risk drivers:
Climate-related Risks
Transition risk
Financial loss
that can
result,
directly
or
indirectly,
from
the
process
of
adjustment
towards
a
lower-carbon
and
more
environmentally sustainable economy. This transition may entail
extensive
behavioral,
policy
and
regulatory,
as
well
as
technological
changes,
to
address
mitigation
and
adaptation
requirements relating
to impacts deriving
from climate change
and environmental risks.
Depending on the
nature, speed, and
focus of these changes, transition
risks may pose varying
levels of
financial and reputational risk to organisations.
Physical risk
Financial impact of
a climate
change, including more
frequent
extreme weather events and gradual changes in climate, as well
as the impact
of environmental degradation, such
as air, water
and
land
pollution,
water
stress,
biodiversity
loss
and
deforestation.
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Climate-related Risks
Behavioural Changes
Behavioral
changes
of
consumers,
suppliers,
employees
and
investors could
trigger shifts in
supply and demand
for certain
commodities, products,
services and capital
as climate
-related
and environmental risks and opportunities are
increasingly taken
into account.
Changing client
or community
perceptions of
an
organisation’s contribution to
or detraction
from the transition
to a lower-carbon economy and developments aimed
at halting
or
reversing
damage
to
nature,
can
all
result
in
decreased
revenue,
changes
in
the
revenue
mix
and
major
capex
requirements,
while
they
are
also
a
potential
source
of
reputational risk for many entities.
Acute Hazards
Extreme weather-related events
such as storms, floods, fires
or
heatwaves and
other environmental
hazards such
as geologic
events or
changes in
ecosystem equilibria
(e.g., soil
pollution)
that may
damage production/
operation facilities
and disrupt
value chains.
Policy & Regulatory Changes
The objectives
of policy
actions and
regulatory
requirements
generally fall into
two categories:
1.
Policy actions that aim at
constraining actions that contribute
to the adverse effects of climate change (e.g., implementing
carbon-pricing
mechanisms
to
reduce
greenhouse
gas
emissions, energy use
toward lower emission
sources) and
environmental
degradation
(e.g.,
restrictions
on
water
consumption
levels,
ban
of
certain
environmentally
damaging materials/chemicals).
2.
Policy actions
that seek
to promote
adaptation to
climate
change
(e.g.,
adopting
energy-efficiency
solutions,
encouraging
greater
water
efficiency
measures,
and
promoting
more
sustainable
land-use
practices)
and
environmental
degradation
(e.g.,
more
efficient
water
management practices).
Both the nature and the timing of policy changes determine the
extent of the associated risk and its subsequent financial impact.
Another important risk is
litigation or legal
risk. As the value
of
loss and damage arising from climate change and environmental
degradation grows, litigation
risk is also likely to increase.
Chronic Hazards
Progressive shifts, such as increasing temperatures, sea level
rise,
water
stress,
biodiversity
loss,
land
use
change,
habitat
destruction and resource scarcity.
This can directly result in, for
example,
damage
to
property
or
reduced
productivity,
or
indirectly lead to
subsequent events, such
as the disruption
of
supply chains.
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Climate-related Risks
Technological Changes
Technological
improvements
or
innovations
that
support the
transition to a lower-carbon,
energy efficient economic system
as
well as
the substitution of
products or
services with a
lower /
improved impact
on nature
or reduced dependency
on nature
can
have
a
significant
impact
on
organisations,
as
different
industries may encounter
difficulties in adapting
to technology
advancements
toward
greener
practices.
For
example,
the
development
and
use
of
emerging
technologies
such
as
renewable energy, battery storage, energy efficiency, and
carbon
capture
and
storage
will
affect
certain
organisations,
their
production and distribution costs, and
ultimately the demand for
their
products
and
services
from
end
users.
The
timing
of
technology
development
and
deployment
is
also
a
key
uncertainty in assessing technology risk.
Environmental Risks
Water Scarcity
Water scarcity is
assessed in the context
of environmental risk.
However, environmental risk is not further split into physical and
transition hazards at this stage, due to a lack of appropriate data
and the overall early
stage of the
corresponding environmental
risk management framework;
rather, water scarcity
assessment
embodies
both
components
altogether.
The
analysis
for
environmental hazards will resemble the analysis for climate risk
going forward, as the risk
environment matures.
Biodiversity Loss
Biodiversity loss is an average loss in biological
diversity over time
and/or space that leads to a decline
in the ability of the natural
world to
generate flows
of ecosystem
services, with
negative
economic impacts on individuals, households, organisations and
countries.
As the global financial sector is increasingly recognising the importance of understanding and managing sustainability risks, scenario
analysis has emerged
as a valuable tool for assessing
the potential impacts of climate
change on financial institutions.
Scenario
analysis
enables
Eurobank
to
evaluate
its
resilience
and
adaptability
in
different
climate-related
scenarios.
The
methodological approach adopted allows the measurement of impacts, based on different scenarios and time horizons (2030, 2040
and 2050).
The analysis
aims to
enhance Group’s
understanding of
climate-related risks,
inform strategic
decision making,
and
facilitate the integration
of climate considerations into its
risk management framework.
The purpose of the scenario analysis is to inform the Group to proactively identify potential vulnerabilities, seize opportunities, and
align its business strategies with the transition to a low-carbon economy. The
integration of scenario analysis, plays a crucial role in
shaping its strategy, by providing valuable insights into
the potential impacts of climate-related risks and opportunities
on its financial
performance and long-term sustainability.
Forward-looking analysis is
especially important but also challenging.
Efforts to mitigate
and adapt to climate
change are without
historical precedent, and many aspects regarding
the timing and magnitude of climate
change in specific contexts are uncertain.
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The set of scenarios that are utilised by the Group, include four representative scenarios by the Network for
Greening the Financial
System (NGFS) and two Representative Concentration Pathways (RCPs) climate scenarios. More specifically, the scenarios
used are:
NGFS scenarios
Representative
Concentration
Pathways
(RCPs)
climate scenarios
1.
Orderly:
Net
Zero
2050,
where
climate
policies
involve
early,
ambitious
action
and
the
impacts are
low
for
both physical
and
transition risks.
1.
RCP2.6,
that
incorporates
strong
climate
policies and limit the increase in average global
temperature to below 2
o
C.
2.
Disorderly:
Delayed
Transition,
in
which climate
policies
are
not
introduced
until
2030
and
the
outcome
has
a
higher
impact
on
transition risk.
3.
Hot house word:
Current Policies,
with limited climate
policies and
severe physical
risks and
irreversible changes,
including higher
sea
level
2.
RCP8.5,
implying strong
climate
changes and
the necessity of
strong adaptation to
the new
conditions.
4.
Too-little-too-late:
Fragmented
World,
in
which
delayed
and
divergent climate policy ambition globally, leads to
elevated transition
risks due to the overall ineffectiveness
of the transition.
The scenario analysis, also integrated into the Group’s ICAAP process, supports strategic planning and capital adequacy
assessments
by evaluating financial outcomes across
sectors and geographies under multiple climate
transition and physical risk scenarios.
Specifically, scenario analysis serves as a primary tool within
the ICAAP to
quantify risks, assess capital needs under
stress, and ensure
the Bank remains adequately capitalized against both traditional and emerging risks. A major application of scenario analysis within
Eurobank's recent ICAAP exercises (2024 and 2025) is the assessment of Climate
-Related and Environmental (CR&E) risks. The Bank
utilises specific climate
scenarios to quantify credit risk impacts across
two distinct perspectives:
•
Economic Perspective:
o
The Bank uses a
long-term climate scenario extending
to 2050 to
assess the impact
on sectoral Gross
Value Added
(GVA) and GDP.
This scenario is based
on the NGFS
'Orderly Scenario' (Network for Greening the Financial
System),
which aligns with Net
Zero 2050 targets. It incorporates impacts
from both transition risks and chronic physical risks
affecting the Probability of Default
(PD) models. The outcome is integrated
as an internal capital
requirement.
• Normative Perspective:
o
The Group performs an individual
assessment of its
top corporate clients in sectors most sensitive
to transition risk.
This utilizes a short-term disorderly climate scenario (aligned with NGFS) to reflect macroeconomic and counterparty-
level effects.
Additionally, real estate
collateral values
are stressed to
capture the
impact of acute physical
climate
hazards under a high-emissions
scenario.
2.2.2 Identified impacts, risks and opportunities
Description of the processes to identify and assess material climate-related impacts, risks and opportunities [ESRS 2 IRO-1]
Eurobank identifies material impacts, risks, and opportunities related to climate—such as climate change mitigation, climate change
adaptation and energy—through a
comprehensive DMA. This approach integrates
industry benchmarks, stakeholder insights,
and
financial relevance to ensure a robust evaluation of climate
-related topics.
The impacts, risks and opportunities associated with
Climate change are displayed
in the table below:
Climate change mitigation
Impact
Positive
Actual
Eurobank implements a
robust climate change
mitigation strategy
aiming to minimise
the
impact of its portfolio to climate
change.
Positive
Actual
Eurobank
engages
with
external
stakeholders
to
promote
sustainability issues
through
various engagement mechanisms.
Negative
Actual
Eurobank’s portfolio faces negative
impacts due to the evolving nature of a
climate change
mitigation strategy.
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20
21
Negative
Potential
Capacity Building to promote sustainability issues
to external stakeholders is mostly
limited
to corporate clients.
Risk
The
actions
required
by
Eurobank’s
clients
to
address
climate
change
mitigation
and
adaptation requirements may impact Eurobank’s credit
risk.
Opportunity
Meeting climate objectives for
clients creates
the opportunity for Eurobank to
finance the
transition of its clientele.
Climate change adaptation
Impact
Positive
Actual
Eurobank
actively
contributes
to
GHG
reduction
ambitions
and
targets,
set
by
the
EU,
regulations, central
governments, and
other bodies,
through its
sustainable financings
and
integration of climate
risk in the risk management framework.
Negative
Potential
Eurobank’s business strategy may encompass the continuation
of financing to carbon-intensive
sectors.
Risk
The actions required by
Eurobank’s clients to address climate change mitigation and
adaptation
requirements relating to impacts
deriving from climate change
may impact Eurobank’s credit
risk.
Opportunity
Meeting climate objectives linked to
legal, regulatory and other stakeholders’ requirements
for
Eurobank’s clients, entails the opportunity
for Eurobank to finance the
transition of its clientele.
Energy
Impact
Negative
Actual
Eurobank contributes to climate change through its in-house operations that contribute
to the
release of emissions.
Eurobank has performed an in-depth analysis
regarding climate
change transition and physical risks within
the context of the Task
Force on Climate-related Financial
Disclosures (TCFD) recommendations.
The analysis aims
to enhance Eurobank’s understanding of sustainability
risks, inform strategic
decision-making, and facilitate
the
integration of climate
considerations into its risk management framework, as
well as to inform Eurobank’s approach on identifying
vulnerabilities, seizing opportunities and
aligning business strategies within the context of
the Task Force on Climate-related Financial
Disclosures (TCFD) recommendations. Please
refer to the E1 – Climate
change: Material impacts, risks
and opportunities and their
interaction with strategy and business
model [ESRS
2 SBM-3].
Transition Risk Impact
The Bank utilises a large-scale applied Computable General Equilibrium “CGE” model,
developed by an external provider, to quantify
the macroeconomic impacts of the different NGFS scenarios. The model,
which was first introduced in 2023, is dynamic, global and
specific for Greece. The model represents 46 countries and 60 economic activities linking
simultaneously all countries and economic
sectors through bilateral
trade flows. It represents
in detail the economic
transactions of all economic
agents (firms,
households,
government and the external
sector) and features a bottom
up representation of the energy system and
all sources of GHG emissions.
By explicitly modelling all
sources of GHG emissions,
their associated abatement options
and their costs it is possible
to estimate
the impact
that the
adoption of
these technologies
by
firms and
households will
have on
production costs,
competitiveness,
disposable income and consumption.
In particular the model calculates / simulates in each scenario
the optimum mix of
technologies
and measures that
have to be
adopted so as
to deliver the
desired (as defined
by the
NGFS scenarios)
GHG emission reduction
pathways.
The mix
of technology
and measures
is different
by country
depending on
its abatement
potential, its
capacity to
provide the
necessary materials and services
for the transition, financial adequacy to support clean energy investments, labour skill
availability
and existing status of
energy assets
. The model captures how the adoption and transition to
a low carbon energy system
affects
firms’ productions
costs
(explicit
representation of
energy
prices and
technologies in
firms’ production
decision), household
s
20
These are technologies that can be used to reduce emissions such as PV, Wind Turbines, Hydrogen, Electric cars, Electric Arc in
Steel Production etc.
21
Early adoption of ambitious GHG targets leads to retirement of existing non amortized assets – increasing the value of stranded assets and hence the
overall cost of adjustment.
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consumption and savings decisions. In this way the model calculates how changes in firms’ competitiveness and aggregate demand
impact the Greek economy.
To this end the CGE
model provides a robust framework to capture the
complex energy-economy-climate interactions.
The model,
by
capturing in
full detail
the energy-environment
systems
and their
interaction with
the economy,
is
able to
account
for all
transitional impacts.
The model can assess:
1.
Direct (cost on carbon intensive economic activities, the emergence of
clean technology etc.),
2.
Indirect (value chain effects)
and
3.
Induced (economy feedback, price and income effects).
Our analysis provides detailed insights
into:
●
What is the impact of
carbon pricing on the use of energy technologies
●
How the adoption of new energy technologies affects
production costs.
●
How changes
in production
costs
due to
climate
and energy
policies affect
competitiveness, sectoral
production and
disposable income.
●
Attribute economic benefits to the sectors contributing
to the decarbonisation process and account for
the losses in sectors
that are directly or indirectly linked to fossils
and conventional technologies.
●
Which is the level of carbon prices to achieve different
GHG emission
reduction pathways.
The Bank explored 4 different scenarios
(depicted in the previous page) as
part of its strategic
planning and risk management with
time horizons up to 2050. Key features of the climate
-related scenarios (i.e. NGFS)
are presented below.
Summary of transition risk scenarios
Orderly: Net zero 2050
Disorderly: Delayed
transition
Hot house world:
Current Policies
Too-little-too-late:
Fragmented world
Ambition
High ambition for
EU and non-EU to
reduce GHG
emissions.
No action until 2030.
High ambition after
2030 for EU and
non-EU to reduce
GHG emissions.
Low ambition for
EU and non-EU to
reduce GHG
emissions.
No action until
2030 and
moderate
ambition after
2030 (slightly
above of Hot
House World).
International
Energy prices
Oil: Significant
reduction as
compared to Hot
House World.
Gas: High increase in
short and medium
term and
accelerated
reduction after
2040.
Oil: Similar
to Hot
House World until
2030 and moderate
reduction as
compared to Hot
House World after
2030.
Gas: Similar
to Hot
House World until
2030. High increase in
2035 and accelerated
reduction after 2035.
Energy prices
increase steadily.
Oil: Similar
to
Hot House
World until
2030 and
slightly below
Hot House
World after
2030.
Gas: Similar to Hot
House World.
Cost of clean
energy
technologies
Clean energy
technologies
through R&D and
economies of scale
will have significant
cost reductions.
Clean energy
technologies
will have
moderate cost
reductions in short
term and significant
Clean energy
technologies
will have
moderate
cost
reductions.
Clean energy
technologies will
have moderate
cost reductions.
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Orderly: Net zero 2050
Disorderly: Delayed
transition
Hot house world:
Current Policies
Too-little-too-late:
Fragmented world
cost reductions in
long-term.
Growth Path
Balanced growth path
driven by concerted
action, lower than Hot
House World.
Balanced growth path
driven. Similar to Hot
House World until 2030
and significantly lower
afterwards.
Balanced growth
path.
Balanced growth
path lower than Hot
House World.
Investment
requirements
Significant both in short-
term and long-term
driven by
decarbonisation and
massive deployment of
clean energy
technologies.
Significant in long-
term.
Follows GDP
trajectory by
country.
Slightly higher as
compared with Hot
House World.
Market size of
clean energy
technologies
Countries with
established competitive
advantage will benefit
from exports as the
market size of clean
energy technologies
increases (rate of
increase moderated by
the cost reductions).
After 2030 countries
with established
competitive advantage
will benefit from
exports as the market
size of clean energy
technologies increases
(rate of increase
moderated by the cost
reductions).
Not significant
competitive
advantage
possibilities as the
market size of clean
energy technologies
increase with a
slow pace.
Limited deployment
and fragmented
markets do not
drive cost
reductions to their
full potential
decelerating the
adoption rate and
hence growth of
the market.
GHG intensive
Industries
Significant increases
in
carbon price leading to
increases in production
costs of carbon intensive
industries. EU industries
better positioned due to
ambitious 2030 targets.
Impact on
competitiveness
worldwide driven by
changes in relative
production costs.
Lower increases in
production costs than
the net zero 2050
scenario but also lower
mitigation of climate
change.
Limited impact on
production costs.
Industrial
competitiveness
marginally affected.
Moderate increase
in production costs.
Moderate impact
on relative prices
and
competitiveness.
The different NGFS
scenarios imply a smooth or fast
change of the following channels:
Energy efficiency:
•
Expenditures on energy efficient equipment
•
Expenditures on building renovation
•
High upfront cost with long-term benefits
from energy efficiency (reducing energy bills)
•
Financing scheme of these expenditures affect
s
the transition cost over time
RES:
•
Domestic content of the manufacture of Clean Technologies
(EV, Batteries,
Wind, PV)
•
Investment for RES technologies
(installation of PV,
Wind, etc.)
•
Financing scheme of these investments
affects
the transition cost over time
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Energy mix & production cost:
•
Energy policies (i.e., carbon price)
affect the energy mix by increasing the
price of energy (fossil fuels and electricity) in short
term but with possible benefits in the long
term through electrification and the energy efficiency (lower
energy cost).
•
Capital and energy cost in the short-term increase the unit cost of production and deteriorate competitiveness as opposed
with long-term that lower energy cost
and adoption of more efficient technologies imply
competitiveness improvement.
•
The change in the energy mix decreases the energy dependency with a positive impact
on balance of trade.
The impact on
GDP and sectoral economic
activity is driven by
changes in production costs,
in households’ disposable income,
in
competitiveness and current account.
In the
high ambition scenarios
EU (and Greece - as an ETS (Emissions Trading Scheme) price taker) has a
higher than key competitors
carbon price as low-cost abatement options have been
already taken up (EU being the front-runner in GHG emission reductions) and
further decarbonizing the energy system comes at
higher marginal cost.
•
In both high
ambition scenarios EU has a
small but negative
impact on its GDP which
impacts Greece through the trade
channel: lower demand for Greek exports – EU countries being the main
trading partner of Greece.
•
Greek energy and carbon intensive firms (steel, cement) also face high production costs. The ultimate impact on firms that
fall under the cement and steel industries greatly depend on
their ability to pass through cost reductions, existing RES PPAs
(Power
Purchase
Agreement) and
the application
of
Carbon Border
Adjustment
Mechanism
“CBAM” measures
that
moderate the impact on firms’
competitiveness.
•
The high ambition scenarios entail
significant deployment of clean energy
technologies which reduces their
capital costs
through economies of scale,
learning by doing and research.
Lower costs significantly
benefit the Greek economy that
is
dependent on imports (PV, WindTurbines, Electrolysers,
Electric Cars) to decarbonize its energy system.
•
Households in the high ambition
scenarios and in the
short run face higher energy
costs that have a negative impact on
their
disposable income, which bring benefits in
the long term (despite the intense adoption of energy saving measures) as more
expensive technologies are used and electricity price increases
due to carbon pricing. It should be noted that the positive
effects of energy saving
expenditures come in the long term.
•
Decarbonising the Greek energy
system entails a transition from a high OPEX
low CAPEX expenditure profile
to a high CAPEX
low OPEX profile. Despite the
long-term benefits that energy saving
and energy efficient technologies are
bringing the short-
term impact on capital requirements is sufficient to
reduce available funds for
consumption and
investment. In other words,
high upfront payments require available capital either through self-financing (out of
pocket) or loans. Economic agents that
are not eligible for low-cost
financing are negatively affected.
In the
low ambition scenarios
EU (and Greece) carbon prices are low hence providing weak signals
regarding the adoption of clean
energy technologies and decarbonisation related investments.
•
The low climate ambition scenarios do
not lead to significant clean energy costs reductions
(cost maturity is achieved late in
the simulation – mostly driven by autonomous technical progress).
•
Low investment and financing requirements do not put any pressure in the capital
market and costs.
Impact in terms of sectoral
production, Orderly: Net Zero 2050 vs Hot House World Scenario
Sector
2030
2040
2050
Agriculture
Moderate Negative
Moderate Negative
Moderate Negative
Mining and Quarrying
Strong Negative
Strong Negative
Strong Negative
Other Manufacturing
Moderate Negative
Moderate Negative
Negative
Electricity Supply
Moderate Positive
Positive
Positive
Water Supply
Same Level
Same Level
Same Level
Construction
Moderate Positive
Positive
Positive
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Sector
2030
2040
2050
Wholesale & Retail Trade
Same Level
Same Level
Same Level
Transporting and Storage
Negative
Negative
Strong Negative
Real Estate Activities
Same Level
Same Level
Same Level
Oil and Gas
Strong Negative
Strong Negative
Strong Negative
Renewable Energy Sources
Strong Positive
Strong Positive
Strong Positive
Basic Metals
Negative
Negative
Negative
Non-Metallic Minerals
Moderate Negative
Moderate Negative
Negative
Chemicals
Negative
Negative
Strong Negative
Consumer Goods industries
Moderate Negative
Moderate Negative
Moderate Negative
Accommodation
Same Level
Same Level
Same Level
Shipping
Negative
Negative
Strong Negative
Overview of horizontal Impacts
•
Overall, the net impact on the economic activity (GDP) of Greece is found to be small
but negative in the long term in
all scenarios
examined, compared
with Hot House
World Scenario.
However, changes
in the energy
system in
any
scenario examined do
not have any
critical impact on the
structural growth drivers
of the economy,
hence a stable
economic growth is projected in all scenarios
examined.
•
The low ambition scenarios do not have any significant
impact on the short term.
•
Positive impacts are brought into the economy mainly through energy efficiency improvements as these are characterized
by high multipliers and domestic content.
Energy efficiency improvements mainly address the
construction sector
(domestic
capacity) that is characterized
by a high output and employment
multiplier. Energy efficiency
improvements also reduce
the dependency on imported fossil fuels and on electricity.
•
In the high ambition scenarios, the
Greek economy benefits from reducing its dependency
on fossil imports as gradually its
system is fully
decarbonized. However,
increased penetration of
RES further burdens
the trade balance
as most
of the
equipment is imported.
•
The impact on household income is mixed: An increase in employment in high value-added sectors takes place in order
to support the
deployment of clean energy
technologies. A
decrease in employment in
brown sectors leads
to skills
shortage and increasing
unemployment in ages where upskilling
– reskilling has low
potentials – leading to long term
unemployment. The impacts are highly contrasted among
regions within Greece although the net impact
is small.
•
The key sectors benefiting in the high ambition
scenarios are the power generation utilities. Significant positive effects on
electricity production driven by the electrification of the energy system (despite the energy efficiency improvements the
electrification of the
economy is significant
– in
particular through
the electrification
of the
transport sector
the net
demand for electricity increases significantly).
•
Negative impacts
are mainly driven by import requirements (assuming
that the market share of Greece
in clean energy
technologies will not change considerably in the future - significant share of the equipment required to decarbonize the
energy system is im
ported – PV, wind turbines, electric vehicles, batteries).
Key outcomes from scenario analysis
•
Low ambition scenarios in the short-term have moderate impacts on GDP and sectoral
production as carbon prices do not
increase much production costs but also provide a weak signal for
investments.
•
Too
Little too late
and
Delayed
transition scenarios have marginal
virtually zero impact on the short term.
•
Net zero 2050
is projected to have significant contrasted
sectoral impacts both in the short and long term.
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•
Services benefit to
the extent that
operate supplementary to the
deployment of the
clean energy technologies
(design,
implementation, financing etc.).
Services are
characterized by low
dependency on energy and openness
to trade hence
higher energy costs leave the competitiveness of
the sector virtually unaffected.
•
The demand for clean technologies increases with positive
impact in their production. Biofuels, batteries, PV, energy saving
equipment/ materials and Wind are essential for the
decarbonization of the system. Cost maturity achieved both
in the Net
Zero 2050 and Delayed Transition Scenarios.
•
The higher carbon
price in Emissions
Trading Scheme
- ETS (incl. the
extended ETS, Transport
& Services)
Net Zero and
Delayed Transition
imply negative impact on GHG intensive industries - when
not sufficient measures are taken to mitigate
international competitiveness.
Physical Risk Impact
Eurobank assesses the physical
climate risks related
to its clients’ activities following an analytical
and transparent methodological
approach, considering both:
•
Chronic effects: impact on companies’
revenue or operating costs due to the long-term changes in weather patterns.
•
Acute effects: damages
to companies’ assets or revenue losses
attributed to extreme weather events.
To this end, the Bank utilises
two Climate Scenarios for
the analysis of physical impacts,
namely:
1.
RCP 2.6, which is a stringent mitigation scenario
with the aim to keep global warming below 2ºC, consistent
with the
goals of the Paris Agreement.
2.
RCP 8.5, which is a scenario
with weak and delayed
action for reducing global GHG emissions. It is a “reference” or
worst-
case scenario where GHG
emissions keep increasing throughout the whole century as it incorporates weak
policies for
tackling climate
change. In other
words, it
is associated
with hot house
world scenarios,
with average
temperature
increases exceeding 4°C.
Climate data and indices used in
the analysis have been derived from Copernicus Climate
Data Store and the Adaptive Greece Hub
databases. Historical values have been calculated by
using ERA5 reanalysis data, while future projections
derived from climate
model
simulations with general circulation and regional climate model pairs under the EURO-CORDEX programme. A total of 4 to 8 model-
combinations (depending on the climate index and variable) at a horizontal resolution of 0.11
x 0.11 degrees (approximately 11.5 x
11.5 km)
have been
used. Multi-model mean
values
are used
in order
to minimize
the range
of uncertainty
in climate
model
simulations while both historical
data and future projections are bias-adjusted versus the ERA5
reanalysis data.
The methodological approach developed is applied
at the appropriate level of spatial analysis (i.e., at NUTS 2 level for chronic
effects
and at Postal Code level for
acute effects). It takes into account
the different levels of vulnerability
that the various economic
activities
have to
these phenomena (the
analysis is performed
at NACE
code 2-
digits level)
and is
extended to the
time horizon
of 2050
(providing where possible also estimates
for 2030 and 2040) for chronic effects and the period 2031-2060 for
acute effects. At
the
end of this process, the climate risk attributed to the Bank’s financing to companies belonging to an economic sector operating in a
specific region is categorized
on a 5-point RAG scale,
rating them from Negligible
to Very High.
More detailed information about the applied methodological framework is
given below.
Analysis of chronic effects
The analysis of
chronic climate change effects
was carried out for
2030 (as a representative
year of the period
2020-2040), 2040
(representative for the period 2030-2050), and 2050
(representative for the years 2040-2050) at
the NUTS 2 level, covering the 13
regions in Greece for the two climate
scenarios. In this context, the Bank utilizes
a diverse set of indicators derived from
European
and internationally recognized databases to estimate climate impacts of chronic
changes of climate patterns (e.g. mean temperature
increase, precipitation changes
etc.) on sectoral revenues.
These indicators include
measures of productivity and
yield in primary
sector, industrial labour productivity, tourism performance indicators and climate-driven changes in
energy production and demand.
More specifically, we
have utilised:
●
The outcomes of research projects as regards the impact of
climate change on the yield/revenue of the primary sector (i.e.,
agriculture, fishery, and forestry).
●
The outcomes of research
projects as regards the impact of
climate change on the productivity
of the mining, manufacturing,
and construction sectors.
●
The outcomes of research
projects as regards the impact of
climate change on the productivity
of different power generation
technologies (both renewables and fossil-fuelled)
in Greece.
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●
The number of heating and
cooling degree days attributed to various
climatic scenarios in order to assess
the changes in
heating and cooling needs of the non-residential buildings,
which usually affect the operating costs of the companies of the
services sector.
●
The changes on the Tourism Climate Index associated with
the different climatic scenarios that affect tourism activity and
associated companies.
The above-mentioned climate
indicators are considered
as the drivers
of the potential
chronic impacts
of climate change
on the
companies of the respective economic sectors, affecting either their operating costs or their revenues. In the context of the present
analysis, these effects
either directly (due to
the structure of
the climate
indicators used) or
indirectly (through the
input-output
tables of the
respective economies
or other econometric
models) were expressed
as percentage
changes in
the turnover of
the
respective businesses. At
the final stage
of the process,
specific thresholds were
adopted as regards the
estimated losses
due to
climate change, with
a view the related risks
to be characterized as negligible,
low, medium, high
or very high.
Impact in terms of sectoral
production, RCP 8.5
Sector
2030
2040
2050
Agriculture
High
High
High
Mining and Quarrying
Low
Low
Medium
Other Manufacturing
Low
Low
Low
Electricity Supply
Medium
Medium
Medium
Water Supply
Low
Low
Low
Construction
Low
Low
Low
Wholesale & Retail Trade
Minor
Low
Low
Transporting and Storage
Low
Medium
Medium
Real Estate Activities
Minor
Minor
Minor
Oil and Gas
Minor
Minor
Minor
Renewable Energy Sources
Minor
Minor
Minor
Basic Metals
Minor
Low
Low
Non-Metallic Minerals
Low
Low
Low
Chemicals
Low
Low
Low
Consumer Goods industries
Low
Low
Medium
Accommodation
Low
Medium
Medium
Shipping
Minor
Minor
Minor
Analysis of Acute effects
During the analysis of acute effects,
the Bank takes into consideration several extreme
phenomena, such as:
•
fluvial floods (high-water
levels in river channels, causing dyke breach)
•
pluvial floods (rainfall
intensity exceeding infiltration capacity)
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•
extreme heat
•
wildfires
•
water scarcity
•
landslides
•
coastal floods
The quantitative analysis is performed at Local Administrative Unit (LAU)
level in Greece, as well
as per NACE code at 2-digit
level.
The effects
are
then integrated
at Postal
Code level,
and they
are
expressed in
quantitative categorical
scales. The
analysis is
conducted uniformly for the entire period 2031-2060 and the two RCP Scenarios.
Risk = ƒ(Hazard, Exposure, Vulnerability)
The overview of our approach is depicted in the Figure above (source: MacFarlane, 2021),
and considers three main dimensions:
1.
Climate
Hazards:
concern the
severity
of
climate
events
that have
the
capacity
to damage
or
destroy
a
particular
geographical area and/or the assets that are
located there. It is
characterized by the
frequency and
intensity of acute climate
events, such as floods, heatwaves,
or wildfires, and is quantified
on a scale from negligible
to very high.
2.
Exposure: is defined as the amount of natural or
anthropogenic capital that is exposed to the hazard in a
given space and
time. For instance, a typical measure of exposure is the proportion of
a region’s area situated within a high-risk flood zone.
3.
Vulnerability: is defined as the
susceptibility or potential damageability of an
area and/or asset to a specific hazard
intensity.
It
measures the
extent
to
which assets
are
likely
to
be
negatively
impacted
by
an
event,
based
on
their
intrinsic
characteristics or resilience.
In the
next stage
of the
methodological framework
developed, the climate
risk attributed to
each extreme
phenomenon under
consideration, is calculated by geographical area and economic
activity as the product of the three indicators formulated to evaluate
the abovementioned dimensions. The extreme event with the highest score is considered to be the one shaping the climate risk for
that activity in that area.
ACRs,r = max (Hi,r x
Ei,r x Vi,s)
Where ACR the acute climate risk attributed to a company operating in industry s and region r, H the severity of the hazard faced by
area r due to phenomenon i, E the degree of exposure of the area r to the extreme effect i, and V
the vulnerability of the economic
sector s to the extreme event i.
Ultimately, adopting appropriate thresholds, this climate risk attributed to acute effects is characterized, similarly to chronic effects,
as negligible, low,
medium, high, or very high.
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Acute Risk Assessment, RCP 8.5
Sector
Assessment
Agriculture
High
Mining and Quarrying Construction
Low
Other Manufacturing
Minor
Electricity Supply
High
Water Supply
Minor
Construction
Minor
Wholesale & Retail Trade
Minor
Transporting and Storage
Minor
Real Estate Activities
Minor
Oil and Gas
Minor
Renewable Energy Sources
Minor
Basic Metals
Minor
Non-Metallic Minerals
Minor
Chemicals
Minor
Consumer Goods industries
Low
Accommodation
Low
Shipping
Minor
2.2.3 Policies, actions and performance
Policies related to climate change mitigation and adaptation [E1-2]
Τhe Group
has adopted
policies to
manage material
impacts, risks, and
opportunities related
to climate
change mitigation
and
adaptation and the environment. Policies affecting internal stakeholders are available to the Group's
intranet, while those referring
to external stakeholders,
are available
through the corporate
website. Eurobank is
committed to
engaging with
stakeholders by
ensuring a
high level
of
accountability in
policy
development
and implementation.
Policies
are
approved by
the
appropriate
Governance bodies such as the Board of Directors or specialized committees, which ensure that there is alignment with the Group's
strategic goals
and stakeholder
interests. The
relevant policies
are outlined
in the
table below
as per
the Minimum
Disclosure
Requirements with regards
to policies (MDR-P) defined in ESRS
2.
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Name of key policy
Addressed key areas of policy
Relevant material identified impact,
risk or opportunity
Operational impact climate change-related policies
Environmental & Energy Management
Systems
- Energy management
- Energy assessment
of facilities
- GHG emissions
- Environmental & Energy targets
- Waste
management
- Νatural resources management
- Water resources management
Energy (Negative impact)
Climate change adaptation (Positive
impact)
Climate change mitigation
(Positive
impact – Opportunity)
Energy Management Policy Statement
-Energy performance improvement
-Renewable energy deployment
-Regulatory compliance
Energy (Negative impact)
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact)
GHG emissions
Inventory Report
- Energy management
- GHG emissions
- Operational GHG
emissions
- Operational Net Zero
Energy (Negative impact)
Climate change adaptation (Positive
impact)
Climate change mitigation
(Positive
impact – Opportunity)
Environmental Report
-Energy management
-Operational GHG
emissions
-Operational Net Zero
-Water consumption
-Solid Waste
Management and Recycling
-Noise
Energy (Negative impact)
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact)
Water Management Policy Statement
- Water resources management
- Water consumption
-
Environmental Policy Statement
-Energy management
-Climate change adaptation
-Climate change mitigation
-Impact of activities
Energy (Negative impact)
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact)
Financed impact climate change-related policies
Sustainable Finance Framework
-Renewable energy deployment
-Climate change adaptation
-Climate change mitigation
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact – Opportunity)
Sustainable Investment Framework
-Renewable energy deployment
-Climate change adaptation
-Climate change mitigation
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact)
Green Bond Framework
-Energy efficiency
-Renewable energy deployment
-Climate change adaptation
-Climate change mitigation
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact)
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Name of key policy
Addressed key areas of policy
Relevant material identified impact,
risk or opportunity
Sustainability Risk Management
Policy
-Climate change adaptation
-Climate change mitigation
Climate change mitigation
(Risk)
Climate change adaptation (Risk)
Integration of sustainability in risk
management (Positive impact
–
Opportunity)
Climate Risk Stress
Test Framework
-Climate change adaptation
-Climate change mitigation
Climate change mitigation
(Positive
impact – Opportunity)
Climate change adaptation (Positive
impact)
Eurobank recognises the interdependency between impacts on the
environment, as well as the risks and opportunities they present.
As such, we have implemented policies that cover several material sustainability matters, including matters addressed by more than
one topical ESRS. The following
policies address more than one sustainability matter.
The overarching
Sustainability Policy Framework
outlines the approach for
adherence to applicable regulatory requirements
and
voluntary initiatives as
well as adopted standards and guidelines
enabling Eurobank’s current
and continuously evolving approach
towards Sustainability,
in line with
international best practices.
The Sustainability
Policy Framework sets
the foundation towards
integration
of
Sustainability
into
Eurobank’s
business
model
and
operations.
Accountability
for
the
implementation
of
the
Sustainability Policy Framework
lies with the
Group Senior Sustainability
Officer (GSSO),
under the oversight of the Sustainability
Management Committee, whose key tasks
and responsibilities, include the following:
●
Approve the Sustainability Frameworks (e.g. Sustainability Finance Framework, Transition Finance Framework, Green Bond
Framework, Sustainability
Policy Framework
and Sustainability
Investment Framework)
as well
as other
sustainability-
related Policies.
●
Review the sustainability related frameworks and other related sustainability issues, prior to submission to
the appropriate
Committee.
The subject matter of the operational impact
policies is outlined below:
The
Environmental & Energy Management Systems
outline how the various Environment and Energy policies of Eurobank interact,
as well as environmental management practices, responsibilities and targets. These ISO certified Management Systems cover waste,
natural
resources,
water
and
energy
systems
management,
GHG
emissions,
environmental
and
energy
targets,
obligations
compliance, training and staff awareness
of Eurobank’s operations and upstream and downstream value chain. Eurobank monitors
and reviews
the information
related to
interested
parties and
stakeholders and
their related
requirements, defining
a
specific
cooperation framework and communication
method for each case.
The Sustainability
Management Committee is
accountable for
overseeing the Environmental, Energy and other sustainability-related ISO Management Systems, Policies and Procedures, ensuring
their continuing suitability and adequacy.
In addition, the Environmental System Manager, Environmental Coordinators and Building
Administrators play a
key role in the maintenance of the pertinent ISO certified Management
Systems.
The
Environmental Policy
Statement outlines Eurobank’s commitment to the protection of environment,
seeking the optimum use
of natural resources, mitigating
its environmental impact, adapting to climate
change, protecting biodiversity and ecosystems, and
preventing waste pollution.
The
Energy Management
Policy
Statement outlines
Eurobank’s commitment
to responsible
energy management
across all
its
facilities,
including branches
and administration
buildings. Key
objectives include
the continuous
improvement of
the
energy
performance and the Energy Management System (EnMS), providing
the information and resources needed to achieve the
goals and
energy objectives,
and ensuring compliance
with applicable
legal/regulatory requirements, and
other commitments
of the Bank
regarding energy use,
energy consumption and energy
efficiency. Eurobank
aims to streamline
the energy use by
minimising the
energy
costs,
the
environmental
impacts,
and
fossil
fuel
use,
while
promoting
renewable
energy
sources
and
maintaining
business/operational goals and a
suitable working environment for its employees. The policy
applies across the Bank’s
operations,
focusing on enhancing energy
efficiency and supporting
the use of
energy-efficient equipment. It
is backed
by top management,
which is responsible for providing resources to implement
and improve energy performance.
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The
Water Management Policy
Statement outlines Eurobank’s commitment to the
responsible management of water use by seeking
the optimal use of natural resources as
part of the overall Environmental culture.
The
Environmental Report
includes an overview of Eurobank’s environmental
management system and an analysis of environmental
performance. This
report covers
the operating
context, the
environmental legislation,
targets and
performance and
personnel
training. The Report applies across the Bank’s operations,
focusing on communicating about energy performance
and setting targets.
Eurobank recognises the importance
of engaging closely and promoting
dialogue with all stakeholders, both
natural and legal entities.
Accountable for the implementation of
the Report is the Sustainability Management
Committee, chaired by the General Manager,
Group Strategy.
The
GHG emissions
Inventory Report
outlines the
best practices
implemented regarding
consistency and
completeness in
the
calculation of the Bank’s greenhouse gas (GHG) emissions for all its facilities in Greece. It covers
100% of its operations and has been
prepared in accordance with the requirements of the ISO 14064-1:2018 standard.
For the efficient implementation of these policies, the Bank applies certified management systems, in accordance
with international
standards, such
as an
Environmental Management System
(ISO 14001,
EMAS) and an
Energy Management
System (ISO
50001).
Through these certified management systems,
the Bank monitors its performance and minimises
its carbon footprint.
The subject matter of selected financed
impact policies is outlined below:
The
Sustainable Finance
Framework
outlines the
Group’s sustainable
lending solutions
offered to
its customers,
specifying the
applied classification approach and the activities defined as eligible to access sustainable financing (eligible green and social assets).
The SFF scope encompasses a wide range of sustainable lending products,
covering both corporate and retail banking portfolios. The
purpose of establishing
the SFF
is to
provide a
clear and
comprehensive methodology for
classifying, monitoring and
reporting
sustainable financing. Eurobank has drawn on internationally recognised industry
guidelines and principles for the development of
the SFF and is fully committed to being transparent about its sustainability approach. The Group Senior Sustainability Officer (GSSO)
holds the highest level of accountability for the implementation
and oversight of the policy within the organisation.
The
Sustainable Investment Framework
aims to guide the
integration of sustainability factors
into investment decisions, ensuring
alignment with long-term sustainability goals. Its scope includes both direct and indirect investments across all sectors, regions, and
value chains, with exclusions in areas such
as high-risk fossil fuels and activities detrimental
to biodiversity or
human rights. The policy
applies to all stakeholders involved
in the investment process.
Accountability for its implementation lies with the
organisation's Group
Senior
Sustainability Officer
(GSSO).
The
Green Bond
Framework
outlines the principles
and criteria
for issuing
green bonds
to finance
environmentally sustainable
projects that contribute to climate change mitigation and other environmental goals. Its general objectives include promoting green
investments, while
ensuring transparency
and accountability
in the
use of
proceeds. The
scope of
the framework
covers both
upstream and downstream activities related to eligible projects,
across global geographies, with
exclusions for projects involving fossil
fuels, or other environmentally
harmful practices. Accountability for
its implementation lies
with the organisation's
Group Senior
Sustainability Officer
(GSSO).
The purpose of the
Sustainability Risk Management Policy
is to provide an overview and a common understanding of
the Group’s
main governance arrangements, as well as tasks performed by the Group Sustainability Risk (GSR) unit, in
the context of the Group’s
overall Sustainability Risk
management activities.
This policy additionally covers the Group’s main
Sustainability Risk management
pillars, lists
the key
responsibilities of
GSR for
the development
and implementation
of the
Sustainability Risk
framework and
describes the
quantitative and
qualitative sustainability
risks
measurement methodologies.
Ongoing dialogue
with the
Group’s
relevant stakeholders, as well as close monitoring of the regulatory framework and best market practices, ensure the establishment
of a well-defined and robust Sustainability Risk Management Policy. Accountable for
the implementation of the policy is GSR and the
policy is approved by Management Risk Committee and Board Risk
Committee.
The
Group Climate Risk Stress Test (CRST) Framework
accommodates a dedicated governance structure and defines the minimum
requirements for designing, executing, approving, and applying the
climate risk stress
test. The Framework provides a transparent
and repeatable process for
designing and executing the
climate risk stress
test, as well
as for reporting and evaluating
stress test
outcomes and determining management actions. The CRST Framework has been
developed as per the
overall Stress Testing Policy of
the Group, also taking into account the
provisions of the ECB Guide on climate-related and environmental risks
and the requirements
of
the
2022
ECB
Climate
Risk
Stress
Test.
Additionally,
the
Framework complies
with
other best
practices
and
supervisory
requirements, such as the EBA Guidelines
on institutions’ stress testing
(EBA/GL/2018/04).
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The Group is currently advancing
the development of its
Transition Finance Framework
, which will serve as a
core tool for facilitating
both client-level and portfolio-level transitions. By providing clear eligibility criteria and guidance for financing transitional activities,
the Framework will strengthen the Group’s
ability to support counterparties in decarbonising their operations and align the overall
portfolio with credible transition pathways. Through its
Exclusion List
, Eurobank also maintains
a list of activities that are
excluded
from
financing, in
line
with
the exclusion
lists
of the
EBRD. For
all financing
transactions, the
Group
ensures that
its
clients
demonstrate an
organised and
systematic approach
to E&S
risk management
that complies
with applicable
local, national
and
international environmental, health and safety,
and labour legislation and standards,
relevant permits, as well
as public disclosure
requirements.
The material impacts,
risks and opportunities that the policies are related to are referenced
above in the table.
Actions and resources in relation to climate change policies [E1-3]
Eurobank’s Operational Impact Strategy aims to achieve Net Zero
operational impact for Scope 1
& 2 emissions by
2033 and for Scope
3 by 2050, with 2019 as the baseline year.
The main decarbonization levers and actions include:
Energy Efficiency and Self-Generation of Electricity (Scope
1 & 2)
To
reduce emissions from operations, the Bank focuses
on improving building efficiency and generating renewable
energy:
●
Building Upgrades:
Action plan to reduce
emissions by optimizing/upgrading the energy
efficiency of buildings. This includes
technical interventions such as
LED light fixture installations,
minimum energy class
of A+ air conditioning, heat recovery
ventilation systems, and system
-level building upgrades.
●
Energy Self-Production:
Installation of rooftop photovoltaic (PV) stations and development
of standalone PV parks. In 2023,
1,203 PV panels were installed on the roof of Nea Ionia complex and 376 on the roof of Acharnes building. In 2024, energy
self-production began in
May (N.Ionia) and
July (Acharnes). For
2025, energy production
was 922.28MWh (N.Ionia) and
315.31 MWh (Acharnes).
●
Renewable Energy Procurement:
Increased procurement of
electricity sourced from Renewable Energy Sources
(guarantees
of origin). In
2025, 98.04% of
total electricity consumed
was sourced
from RES (certified
guarantees of
origin and self-
production).
●
Virtual net billing
scheme:
Additionally, the
Bank aims
to implement a
virtual net billing
scheme, matching part
of the
electricity supplies of its properties with a remote photovoltaic electricity generation station with an installed capacity of 8
MWp.
The
expected
electricity production
of
the
station
is
estimated
at
13
GWh,
aiming
to
simultaneously cover
approximately 10.3 GWh of energy consumption of the Bank's
properties.
Energy Management System (EnMS)
and Monitoring
To
monitor and improve energy performance, the Bank applies structured processes under its EnMS:
●
Energy Identity Communication:
Semiannual communication of branches’ and buildings’
energy identity.
●
Performance Metrics:
Ranking branches by normalized energy consumption and tracking annual changes.
●
Technical Interventions:
Monitoring and analysis
of energy consumption to
implement necessary improvements,
where
required.
Green Building Certifications
Eurobank invests in upgrading its real
estate portfolio and certifying buildings as
green:
●
Portfolio Upgrade:
Gradual energy upgrade and issuance of green building certifications (LEED, BREEAM,).
18 of the
Bank’s
buildings are
certified as
green buildings,
and certified
properties have
been included
in the
SBC Yearbook
for Green
Buildings. (Four certified
green buildings were
sold in 2025,
while two additional
buildings were certified,
resulting in a
current total of 18 certified green buildings.).
●
Nature-Based Features:
Green buildings
foster sustainable
transformation, enhance
resiliency, improve
access to
low-
carbon transportation, promote
biodiversity,
and encourage water-efficient
strategies and reuse.
They also
incorporate
water reuse
through alternative
sources, im
proved management,
and potable
water quality
considerations, ensuring
efficient utilization
of this finite resource.
Electromobility (Scope 1)
To
reduce fleet emissions,
Eurobank is transitioning to electric mobility. The
Group is gradually increasing the
share of plug-in and
electric vehicles in its fleet
and installing EV charging
infrastructure at its buildings.
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In 2025, 72.88% of the Bank’s
leased vehicles are plug-in/electric
(88.39% of the new contracts), as
part of its efforts to accelerate
the complete replacement of its
fleet with electric or hybrid vehicles.
Management Systems & Buildings (Scopes
1, 2, 3)
The Bank ensures compliance and performance through the application of certified ISO Management Systems across all its facilities,
covering
100% of
its
operations.
These
include
the Environmental
Management
System
(ISO
14001, EMAS)
and
the
Energy
Management
System (ISO
50001), which
have contributed to substantial
reductions in energy
consumption and greenhouse
gas
emissions. Additionally,
the Bank
verifies its
greenhouse gas
emissions in
compliance with
ISO 14064-1,
ensuring accuracy
and
transparency in reporting.
Performance and Results
The Bank monitors progress against its targets and reports
measurable reductions achieved in
2025, compared to
2024. These include
a 4.40% reduction in
purchased electricity consumption, a
24.78% reduction in Scope 1
emissions, a 28.54%
reduction in Scope 2
emissions, and a combined 28.24% reduction in Scope 1 and 2 emissions
—surpassing the 2% target
set for 2025.
Planned Initiatives
To
achieve its Net
Zero commitments,
Eurobank plans a series of
strategic initiatives.
These include maintaining and updating its
Operational Net Zero Action
Plan aligned with SBTi,
expanding energy self-production through the
development of standalone PV
parks by 2028, and increasing electromobility for leased vehicles. The Bank also aims to achieve 100% electricity consumption from
renewable sources by
2028, continue energy upgrades
and green building certifications,
and utilize carbon
credits for natural
gas
emissions (up to 3% of
total Scope 1 and 2 emissions)
by 2028.
Technical Energy Saving Actions for 2026
The Bank will implement targeted technical actions to enhance energy efficiency across its operations. These include continuing the
installation of LED lighting, VRF air conditioning systems, autonomous air-conditioning units and air-cooled air-conditioning
systems
with energy class
of A+, and heat
recovery ventilation in
new branches and refurbishment
projects, as well
as conducting energy
audits during renovations.
Comletped actions in 2025
2025 was
the fourth
year of
implementation of
the Bank’s
operational impact
strategy,
with the
following completed
actions
demonstrating progress:
●
Update of the operational Net Zero Roadmap and
transition curves with 2024 data,
in line with the transition pathways that
are aligned with the Paris
Agreement target of limiting
global warming to 1.5
o
C.
●
Verified operational carbon footprint for 2024 as per ISO
14064, in line with National Climate
Law stipulations.
●
Considerable reduction of 4.40% in
purchased electricity consumption,
reduction of 28.54% of equivalent
Scope 2 emissions
and reduction of 28.24% of equivalent Scope 1 &2 emissions (surpassing
the 2% 2025 target) in 2025, compared to 2024.
●
98.04% of total electricity consumed in
2025 was sourced from Renewable
Energy Sources (certified guarantees
of origin
and self-production).
●
There was an 84.59% increase in paper recycling, with 97.56% originating from the disposal of physical historical
archives.
●
14.3tn of small electrical appliances, mobile phones, tablets, ink
and ink cartridges were placed in the recycling Hungry
Bins
installed in 11 locations throughout Greece, since the launch of
the programme.
The Group has
integrated the Financed Impact Strategy into
its operations and made
significant progress towards achieving
its targets.
1.
Operationalised its Sustainable Finance Framework
The Group
has
developed
governance
structures, processes
and
tools that
enable the
identification
of sustainable
financing
opportunities, engagement with clients on sustainable financing offerings and assessment of financings against the SFF criteria into
daily operations.
Key elements include the introduction of dedicated roles for guiding relationship managers, the integration of the wider process for
classification and evaluation according to
the SFF
within the Bank’s systems,
and the extension of the approach
to retail business
banking with co-financing programmes
and tailored products.
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2.
Enhanced its capabilities for the collection of sustainability risk data
The Group is continuously enhancing its
capabilities for the collection of Sustainability risk data, through
the integration of additional
information requirements in the credit process, as
well as cooperating with
third-party data providers. It has implemented a
set of
tools for identifying, measuring and managing
sustainability risks, including the credit granting
and monitoring processes.
These are
used by
the Units
involved across
the Group’s
both 1st
and 2nd
lines, with the
relevant tasks
being performed
in a
collaborative and efficient
way. Having
already performed an
assessment of sustainability
data availability in its
internal systems
against regulatory requirements /
expectations, the Group continues to enhance its sustainability
risk data aggregation capabilities
and IT infrastructure accordingly, while also using appropriate controls and
safeguards to ensure the accuracy and completeness of
the compiled information. The Group
seeks to further improve environmental risk data granularity, through
the allocation of detailed
roles and responsibilities for the purposes of sustainability data management and
addressing identified data needs (i.e., engagement
with external data providers, development of methodological approaches for the estimation
of required information).
3.
Intensified engagement with its counterparties on sustainability risk mitigation
Aiming to facilitate the green transition of its clients, the Group has developed a dedicated approach to increase client engagement
and awareness
regarding environmental risks.
Besides the initiatives
launched aiming to
build sustainability literacy
and capacity
among its clients (e.g. online events, articles and
webinars, digital academy for businesses), the Group also
uses tools to engage with
its counterparties in
the context
of its credit
granting and
asset management
activities, so as to
understand their strategies
and
mitigate their sustainability
risks exposures.
4.
Expanded its sustainable offerings
As part of the periodic revision of its SFF,
the Group introduced new activities that contribute to sustainable objectives through the
inclusion of
emerging technologies
as well
as national
and sectoral
investment plans.
Additionally, it
leverages all
available co-
financing programmes with
sustainability objectives to promote the green transition of its
entire client base.
5.
Achieved the sustainable financing targets set as part of its financed impact strategy
For the fourth consecutive year, Eurobank achieved the sustainable financing targets related to its corporate portfolio, set as part of
its Financed Impact Strategy.
New SFF-aligned
annual disbursements met the 20% target
of total corporate
disbursements, while
corporate sustainable exposures increased from €2.98 billion in
2024 to €4.11 billion in 2025, posting a 38% year-on-year
growth.
More information on the Group’s
actions on climate
change related matters
is detailed in the chapters “Sustainable
financing and
investment offerings” and “Integration
of sustainability in risk management”.
Subsidiaries Climate Change Actions
In addition to Group-level climate change initiatives, Eurobank’s
subsidiaries in Bulgaria, Cyprus,
and Luxembourg implement targeted
actions to reduce greenhouse gas
emissions, improve energy efficiency,
and support the transition to
a low-carbon economy. The
following sub-sections summarize
each subsidiary’s key climate-related
measures and achievements.
Bulgaria (Postbank)
Postbank has
in place
a strategy
for minimization
of its environmental
impact and
GHG emissions
reduction through
measures
focusing on optimization of energy consumption, resource consumption and recycling.
In 2025 the bank made significant progress in
energy management
and decarbonization. In 2025, the bank’s photovoltaic
plant in Sofia, produced 341
MWh electricity covering
approximately 20% of the
head office’s
energy needs. As of 31/12/2025, over 96%
of the branch network
has been renovated for
energy efficiency,
including advanced
HVAC and building
management systems.
These efforts resulted
in 25% decrease
in diesel
consumption for heating and emergency power
generation YoY and 73% since 2022. Natural gas use was reduced by
21%.
More than
80% of the company vehicle fleet is now hybrid and automobile fuel consumption decreased by 2.5%
YoY.
Four charging stations for
electric vehicles are available for employees in the Head Office.
As part of its commitment to accelerate the
transition to paperless
banking, in 2025 Postbank continued investing significant resources in
digitalization, process optimization and systems upgrades that
decrease office paper use and offer improved customer experience. In 2025, the
bank purchased around 8% less office paper than in
2024.
Cyprus (Eurobank Limited and insurance subsidiaries)
Eurobank Limited continued
to advance its energy transition
and energy efficiency agenda in
support of its
decarbonisation objectives.
In 2025, photovoltaic systems
were installed in five
buildings, generating approximately
210,000 kWh per
year, with
a further six
installations planned, expected to generate an additional
230,000 kWh per year, increasing on-site renewable energy generation and
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lowering the
carbon intensity
of electricity
consumption. In
parallel, the
bank transitioned
its electricity
procurement towards
suppliers generating power from photovoltaic parks, strengthening the renewable profile of purchased electricity.
Energy efficiency
initiatives were launched in 2025
across eight buildings, with
one
project successful completed within
the year and the remaining
improvements scheduled for completion in 2026, contributing to reduced
energy demand and associated greenhouse gas emissions.
Eurobank Limited maintains the ISO 14001 certification for environmental management,
while for ex Hellenic Bank buildings it also
holds the
ISO 50001
certification for
energy management,
reinforcing
structured governance
and continuous
improvement of
environmental and energy
performance. In addition,
Eurobank Limited implemented
staff awareness
initiatives on recycling
and
responsible energy use, supporting behavioural change and the effective execution of the decarbonisation strategy.
The Action Plans for decarbonisation
of own operations (scopes 1
and 2 emissions) will be updated for
the merged entity within
2026.
ERB CIH conducted a mandatory energy audit in 2021, which identified several energy-efficiency measures. Since then,
the company
has implemented upgrades such as LED lighting and photovoltaic installations on two buildings (one operational in 2025, the second
planned for 2026). All owned buildings were also
assessed for further photovoltaic potential,
resulting in two additional suitable sites
for future installation.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private
Bank Luxembourg has
continued focusing on
sustainable energy sourcing
and infrastructure
upgrades. All new
leased vehicles are
electric or hybrid.
The building management
system has
been upgraded
for more
efficient temperature
and
humidity control,
optimizing energy
consumption. Importantly,
100% of
the electricity
consumed by
the Bank
is sourced
from
renewable energy,
resulting in zero
Scope 2 market
-based emissions. The Bank
is crystallizing
its ESG strategy,
which will include
further targets for energy optimization
and emission reduction, in alignment with
Group objectives.
2.2.4 Metrics & Targets
Targets related to climate change mitigation and adaptation [E1-4]
Through its Sustainability
Strategy, the Bank’s
overarching climate-related
target for its operational
impact is to achieve
Net Zero
emissions by 2033 for
Scope 1 & 2
and by 2050
for Scope 3. The
interim targets supporting the Net
Zero commitment are the following:
Reduction in Electricity Consumption and Greenhouse Gas Emissions
– Operations in the Bank
Performance
-
2024
Target 2025
(%)
Target value -
2025
Performance
2025
Change (%)
Status
Target 2026
(%)
Target value -
2026
Reduction
in total
electricity
consumption
(ΜWh)
(1)
33,771
-2
33,096
32,709
-3.15
Target
achieved
-1
32,382
Reduction
of GHG
Emissions Scope
1
(tCO
2
e)
1,435
-2
1,406
1,079
-24.78
Target
achieved
-1
1,068
Reduction
of GHG
Emissions Scope
2
(tCO
2
e)
16,676
-2
16,343
11,916
-28.54
Target
achieved
-1
11,797
Reduction
of GHG
Emissions Scope
1
& 2 (tCO
2
e)
18,111
-2
17,749
12,996
-28.24
Target
achieved
-1
12,866
(1)
The reduction in electricity consumption concerns the total amount of electricity consumption including purchased and self-generated electricity
The targets concern all Bank’s office buildings and branches and cover 100% of its
operations. As presented above, during 2025 the
electricity consumption
and Scope
1
& 2
emissions
have been
reduced and
the targets
set
for reduction
of total
electricity
consumption and of Scope 1 & 2 emissions for 2025 have been achieved.
Additional Operational Targets and Milestones
●
Establish a centralized
web-based platform for
energy, emissions, and environmental
data by end of 2026.
●
Implement energy self-production activities:
o
Installation of rooftop PVs on Eurobank buildings by 2024 (implemented).
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o
Develop standalone PV parks by 2028.
●
Electromobility:
o
>25% of leased vehicles to be EV
or plug-in hybrid (new contracts and renewals) by 2024 (implemented).
o
>75% of leased vehicles to be EV
or plug-in hybrid (new contracts) by 2028.
●
100% of electricity consumed to be sourced from RES
by 2028.
●
Energy efficiency upgrade of buildings contributing to Scope 1 & 2 emissions
by 2033.
●
Increase the number of certified green buildings in Eurobank’s portfolio by 2 by 2033 (baseline:
2023).
●
Monitor, certify, disclose, and optimize
Scope 1, 2, and 3 operational emissions
in line with GHG
Protocol by 2028.
●
Carbon credits (nature-based carbon removal projects in line with SBTi) for natural gas
emissions, up to 3% of total Bank’s
Scope 1 & 2 emissions by 2028.
●
Maintain and update detailed Operational Net Zero Action Plan (SBTi aligned, baseline year 2019) for
Scope 1 & 2 (Net Zero
by 2033) and Scope 3 (Net Zero by 2050).
Financed Impact Strategy: Net Zero Targets
Eurobank’s commitment to sustainability is at the heart of its strategic
vision. Aligning with global climate goals and addressing the
urgent need
to tackle climate
change, the Group
has committed
to aligning its
portfolio emissions
with 1.5°C climate
transition
pathways and achieving Net
Zero by 2050. These
commitments demonstrate Eurobank’s dedication
to supporting the low-carbon
economy transition and ensuring its financial practices
are responsible and forward-thinking.
The Group has developed its
first set of 2030 sectoral emission reduction
targets for the most carbon-intensive and
influential sectors
in its portfolio. These targets are based on science-based decarbonization pathways and
internationally recognized standards, such
as the Partnership for
Carbon Accounting Financials (PCAF),
and follow the International Energy Agency’s
Net Zero Emissions
(IEA
NZE) scenario.
Sectoral Net Zero Targets for 2030
Eurobank’s approach focuses on four priority sectors, namely Power generation, Oil and gas, Iron and steel, Cement, that represent
a substantial share of
its financed emissions.
For further details on Eurobank’s
Net Zero approach,
please refer to the
section
“Pathway to Net Zero
and Sectoral Targets”
. This
section provides an
in-depth overview
of the methodological
framework, including the
decarbonisation pathways, science-based
scenarios, and Eurobank’s sector-specific
approach to target-setting.
It also explains the rationale
behind the selected sectors, the
reference scenarios used (such
as IEA NZE),
and the process for monitoring and updating
progress toward the 2030 and
2050 Net
Zero commitments.
In addition to
the sectoral Net
Zero targets
mentioned above, Eurobank
has also set
specific sustainable finance
and investment
targets that
support climate
change mitigation
and adaptation objectives.
These targets
are explicitly
referenced in
the section
“Targets – Sustainable Finance and Investment Offerings.” They reflect the Group’s commitment to integrating sustainability factors
into its financial services and funding projects that deliver positive
environmental and social impact, guiding the transition to a more
sustainable economy.
Energy consumption & mix [E1-5]
According to the energy review conducted in the context of the EnMS implementation, the Energy consumption at Eurobank occurs
from:
●
Burning of natural gas
and oil for heating,
●
The use of diesel
and petrol by vehicles used
for transporting materials
between its buildings within Attica,
as well as its
corporate leased cars for staff,
and
●
The use of electricity for the organisation’s
operations.
The table below outlines the
total energy consumed by
the Group’s
operations, along with the
breakdown of the energy
sources
used, including the share of renewable and non-renewable energy. By sharing this information, the Group aims to provide a clearer
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understanding of its efforts to manage energy usage, reduce carbon emissions, and transition to
more sustainable energy practices
in line with its broader
environmental goals. The table below details
the Group’s energy consumption
and mix for the
reporting
period.
Unit
2025
2024
Total energy consumption and mix (including purchased or acquired electricity, heat, steam, and cooling from fossil sources)
(1) Fuel consumption from coal and coal
products
MWh
0
0
(2) Fuel consumption from crude oil and petroleum products
MWh
5,384
5,427
2.1 Fuel consumption from petrol
MWh
3,010
2,921
2.2. Fuel consumption from diesel
MWh
2,100
2,233
2.3. Fuel consumption from LPG (Liquefied Petroleum
Gas)
MWh
157
171
2.4 Fuel consumption from heating oil
MWh
117
101
2.5 Fuel consumption from other crude oil and petroleum products
MWh
0
0
(3) Fuel consumption from natural gas
MWh
3,800
4,066
3.1 Fuel consumption from natural gas
MWh
3,798
4,066
3.3 Fuel consumption from CNG (Compressed Natural
Gas)
MWh
1
0
(4) Fuel consumption from other fossil
sources
MWh
0
0
(5) Consumption of purchased or acquired
electricity, heat, steam, and cooling from
fossil sources
MWh
23,427
23,611
(6) Total
energy consumption from fossil sources
MWh
32,611
33,105
Share of fossil
sources in total energy consumption
%
49
49
(7) Total
energy consumption from nuclear sources
MWh
0
0
Share of consumption from nuclear sources in total energy consumption
%
0
0
(8) Fuel consumption from
renewable sources, including biomass
(also comprising
industrial
and
municipal
waste
of
biologic
origin),
biofuels,
biogas,
renewable
hydrogen, etc.
MWh
0
0
(9) Consumption of purchased or acquired
electricity, heat, steam, and cooling from
renewable sources
MWh
31,681
33,037
(10) The consumption of self-generated non-fuel
renewable energy
MWh
1,907
1,450
(11) Total
renewable energy consumption
MWh
33,587
34,487
Share of renewable sources in total energy consumption
%
51
51
Total energy consumption
MWh
66,198
67,592
In 2025, the Group’s total energy consumption amounted to 66,198 MWh, compared to 67,592 MWh in 2024, reflecting a marginal
decrease mainly driven by lower electricity consumption across the Group.
Despite
the
slight
reduction
in
total
consumption,
the
composition
of
the
energy
mix
remained
stable.
Renewable
energy
consumption reached 33,587 MWh in 2025 (2024:
34,487 MWh), representing 51% of total energy consumption, consistent with
the
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prior year. This result reflects a modest decrease in purchased renewable electricity, partially offset by an increase in self-generated
renewable energy, which rose to 1,907 MWh (2024: 1,450 MWh).
Figure 1
:
Total energy consumption
At the same time, the share of fossil energy sources remained stable at 49% in both 2025 and 2024. Total fossil energy consumption
amounted to 32,611 MWh in 2025 (2024:
33,105 MWh), reflecting a slight decrease, driven
by lower natural gas consumption (3,800
MWh in 2025 vs 4,066
MWh in 2024) and marginally
lower consumption of crude oil and
petroleum products. The Group did
not
consume energy
from
nuclear
sources in
either 2025
or
2024, and
therefore nuclear
energy
represents 0%
of total
energy
consumption in both years.
Figure
2: Share of energy sources to the total enegy consumption
Overall, the Group maintained a stable energy mix, with continued reliance on renewable sources and fossil energy use, supporting
the Group’s progress toward its
longer-term decarbonisation objectives.
Data Verification and Methodology
The above consumptions have
been based on actual consumption
data for a
10-month period of 2025, while
for the remaining
2
months where actual data were not available, due to timing constraints, consumptions
were extrapolated based on the same period
in previous
years.
Actual consumption
data
for
the Bank
have been
verified according
to
ISO
14064-1 while
the estimation
methodology has been validated according to ISO14064-2 by an independent certification body. For 2024, actual consumption data
were
collected from
the
entities
and incorporated
into the
reported figures
where available.
Following
a
refinement in
the
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methodology used to calculate
the share
of energy consumption by
source, the 2024
comparative figures have
been restated
to
ensure consistency and comparability with the 2025
disclosures. The Group does not
have material biogenic CO₂ emissions
arising
from the combustion or bio-degradation of biomass; therefore, the separate disclosure of biogenic CO₂ emissions is
not applicable.
Energy Self-Production
Energy self-production is a crucial element of Eurobank’s journey towards Operational Net Zero. The relevant
project stream of the
Operational Impact Strategy includes 2
distinct self-production initiatives:
●
Rooftop photovoltaic (PV) stations installed
on Eurobank buildings.
●
Standalone PV parks.
These initiatives are implemented as cross-unit projects with the
support of
dedicated consultants and with regular updates
to Senior
Management. The energy and
emission benefits of these projects are
calculated in the Operational Net
Zero transition path to carbon
neutrality for Scope 1 & 2 by 2033, per the respective commitments of
Eurobank.
Furthermore, the Group has produced 2,019
MWh of energy from renewable sources. This includes
energy produced from PV panels
in Group’s operations in Greece, Bulgaria,
and Cyprus.
Gross Scopes 1, 2, 3 and Total GHG
emissions [E1-6]
Commitment and Standards
Eurobank is committed to reducing
its environmental footprint and
actively contributes to the
reduction of greenhouse
gas emissions.
As part of this
effort, the Bank applies the
International Standard ISO 14064-1:2018
for the quantification and
reporting of greenhouse
gas emissions (Category 1-6) as well as GHG removals. The pertinent correspondence
with the International Standard “GHG Protocol
Corporate Accounting and Reporting Standard” (Scope 1, 2 & 3) is also mentioned. In
this context, energy consumption is recorded
and allocated as well
as the direct and indirect greenhouse gas emissions
are calculated.
Scope Definitions and Sources
Direct emissions
(Scope 1) resulting from
the Group’s operations reflect GHG
emissions released by burning oil and natural gas
to
heat buildings and
oil used to power
generators (Direct emissions from stationary combustion), the use of diesel and petrol by the
Group’s owned transport vehicles, from the leased corporate cars
for the staff
(Direct emissions from mobile combustion) and the
fugitive emissions from the Group’s air conditioning
systems and the automatic extinguishing systems (Direct fugitive emissions from
the release of GHGs
in anthropogenic systems).
Indirect emissions
are those
released by
the consumption of
electricity (Scope
2) as
well as
other indirect
emissions (Scope
3)
associated with
employee business
travel
(air travel
and
hotel stay)
, employee
commuting (including
homeworking), waste
management, transportation and distribution
of goods, capital goods, purchased
good and services, fuel and
energy related activities,
downstream leased assets
and emissions from cloud computing usage
have also been included.
When a new category is added, the
amount for that category is added to the
previous year to normalise the baselines for comparison
reasons. The emissions from new categories will also be included in the operational Net Zero for Scope 1 & 2 by 2033 and for Scope
3 by 2050 project, according to the SBTi methodology.
Emission Factors and Verification
As per emissions,
the Eurobank Group
in Greece
utilises emissions
conversion coefficients from
National Inventory Report
(NIR)
Greece, Renewable Energy Sources Operator &
Guarantees of Origin (DAPEEP SA), Department for
Environment, Food & Rural Affairs
(UK- DEFRA)
(full set,
version 1.0
of2025), EXIOBASE
(2019 emission
factors for
Greece), BEIS
(2022 and 2025
emission factors,
Greenview, EPA
database (2022 emission
factors) and Global Warming
Potential (GWP), as
needed for each specific case.
The Bank verifies
the above
greenhouse gas
(GHG) emissions
in compliance with ISO
14064-1, which provides
a framework
for
quantifying and reporting GHG emissions
and removals.
The table below demonstrates the breakdown of the Group’s
Scope 1,2,3 emissions:
Total Scope 1,2,3 emissions
Breakdown of Greenhouse Gas emissions
2025
2024
Gross Scope 1 GHG
emissions (tCO
2
e)
3,091
3,532
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Breakdown of Greenhouse Gas emissions
2025
2024
Percentage of Scope 1 GHG
emissions from regulated
emission
trading schemes (%)
0
0
Gross location-based Scope 2 GHG
emissions (tCO
2
e)
23,063
27,742
Gross market-based Scope 2
GHG emissions
(tCO
2
e)
10,951
10,713
Total Gross
indirect
(2)
(Scope 3) GHG
emissions (tCO
2
e)
117,755
82,987
1 Purchased goods and services
45,231
39,409
Cloud computing and data centre services
183
211
2 Capital goods
36,424
28,277
3 Fuel
and energy-related
Activities (not
included in
Scope 1
or
Scope 2)
14,796
6,476
4 Upstream transportation and distribution
517
492
5 Waste generated
in operations
1,169
719
6 Business traveling
765
444
7 Employee commuting
7,513
7,170
8 Upstream leased assets
0
0
9 Downstream transportation
0
0
10 Processing of sold products
0
0
11 Use of sold products
0
0
12 End-of-life treatment
of sold products
0
0
13 Downstream leased assets
11,158
0
14 Franchises
0
0
15 Investments
Please refer to financed emissions
table below
Total GHG emissions
(location-based) (tCO
2
e)
143,909
114,261
Total GHG emissions
(market-based) (tCO
2
e)
131,798
97,232
Luxemburg is only included in investments emissions (Scope 3 Category 15)
In 2025, the Group’s total GHG emissions increased to 143,909
tCO₂e on a
location-based basis (2024: 114,261 tCO₂e)
and to 131,798
tCO₂e on a market-based basis (2024:
97,232 tCO₂e).
Scope 1 emissions decreased to 3,091
tCO₂e in 2025, down from 3,532
tCO₂e in 2024, reflecting lower direct fuel consumption
across
the Group’s operations. As in previous years, none of the Group’s Scope 1 emissions fell under regulated emission trading schemes.
Scope 2 emissions also
continued their downward trend, amounting to 23,063 tCO₂e (location-based)
in 2025 compared to 27,742
tCO₂e in 2024. In terms of market-based emissions, those demonstrated
a slight increase from 10,713 tCO₂e in
2024 to 10,951 tCO₂e
in 2025.
Overall, the
reduction in
Scope 2
emissions demonstrates
the Group's
improved energy
mix and
its continued
use of
renewable electricity sources across operations.
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By contrast, Scope 3
emissions increased significantly, rising to 117,755
tCO₂e in 2025
compared to 82,987
tCO₂e in 2024.
This increase
is the main driver behind the overall rise in total
GHG emissions.
Scope 3 emissions
increased in
2025 compared to
2024, becoming the
main contributor
to the
overall rise
in the Group’s
GHG
footprint. This change is mainly the result of an expanded reporting perimeter: Eurobank Cyprus reported its Scope 3 emissions
for
the first time,
and CNP Insurance in Cyprus was
also incorporated into the Group’s
sustainability reporting. As a result,
categories
such as Capital Goods, Fuel
and Energy-Related Activities, and Downstream Leased Assets now capture
activities that were previously
outside the boundary. In parallel, higher levels of capital expenditure
across the Group led to greater associated upstream emissions,
while improved data completeness and
methodological refinements strengthened the
overall accuracy and
coverage of the inventory.
In Greece, the
increase in Scope
3 emissions
reflects more comprehensive reporting
rather than a
deterioration in performance.
Capital Goods emissions rose due to an increase in the value of
fixed assets, which resulted in higher calculated upstream emissions.
Fuel and Energy-Related
Activities also expanded to include
for the first
time emissions from
the off-site ATMs,
following a more
complete accounting of upstream energy
consumption impacts. Additionally, in the
Downstream Leased Assets category, commercial
real estate owned by the Bank and leased
to third parties was incorporated for the first
time.
Despite this broadening of coverage and the resulting increase in Scope 3, the Group maintained reductions
or stability in its direct
(Scope 1) and energy-related indirect (Scope 2) emissions,
demonstrating continued progress on decarbonising its own operations.
The overall
rise in
Scope 3
therefore
reflects improved
transparency,
expanded organisational
and reporting
boundaries, and
enhanced data completeness rather than an underlying escalation in the Group’s
operational footprint.
I
n addition, some entities calculated and reported Scope 3 emissions for the first time in 2025;
these newly included datasets have
further contributed to the overall increase, as their emissions
are now incorporated into the Group’s consolidated Scope 3 total.
Overall, while direct emissions
(Scope 1) and energy-related indirect emissions
(Scope 2) decreased, the rise in
Scope 3 emissions
reflects the expanded scale of the Group’s activities in 2025 and underscores the need for continued engagement and collaboration
with value-chain partners to support the Group’s decarbonisation objectives.
Figure 3: 2024 vs 2025 Scope 1,2 emissions
Operational GHG emissions
The above data may be modified due to issuance
of new version of emissions conversion coefficients (emissions factors) during 2026
from the Ministry of Environment and Energy, due to the new climate law 4936/2022 (Government Gazette 105/A/ 27.05.2022), for
operations in Greece, or relevant Laws
in the countries where the Eurobank Group operates.
The location-based method
reveals what is
physically emitted by
the Group, while
the market-based approach
concerns residual
emissions for which the
Group does not procure
Guarantees of
Origin (GO’s).
94.49% of the Bank’s
operations in Greece electric
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energy will
be certified
from Renewable
Sources (Guarantees
of Origin
will be
acquired during
2026). The
Bank has
an annual
Guarantee of Origins (GOs)
contract with the electricity provider.
The Group
has identified
the significant
Scope 3 categories
for its
operational impact,
by considering
estimated GHG
emissions
alongside criteria outlined in the GHG Protocol Corporate Value Chain (Scope 3). This identification process involved factors such as
financial spend, influence, transition risks and opportunities, and stakeholder perspectives. The categories
include:
●
Employee commuting and homeworking
●
Business travel (air
-travel and hotel-stay)
●
Upstream transportation and distribution
●
Purchased Goods and Services
●
Capital Goods
●
Fuel and Energy related activities
●
Waste disposal
and Water consumption
●
Cloud Computing Usage
●
Downstream leased assets
When a
new category is
added, the
amount for that
category is added
to the previous
year and the
base year
to normalise the
baselines for comparison reasons.
Assumptions applied
The calculation of the Scope
1 and Scope 2 emissions was made using actual
data for a 10-month period
and estimated / extrapolated
data for
a 2-month
period. Emissions
for the Bank’s
operations (including the
assumptions /
extrapolations approach) has
been
verified/validated by an independent certification body according to ISO14064-1 and ISO 14064-2 respectively.
Eurobank estimates Scope 1, 2, and 3 emissions by
assuming that historical consumption patterns can
predict future trends, allowing
past data to guide current and future emissions
estimates. This approach presumes consistency in usage over comparable
periods,
making it especially
useful for stable operations.
In the absence
of historical data,
Eurobank uses average
consumption from
the
current year to project future
usage, assuming that current performance can
provide an accurate forecast. Where feasible, the Group
utilises primary / source
data for the
relevant calculations, either from
its own sources or
by acquiring them from
its value
chain
stakeholders (i.e.
suppliers). When those
are not available,
it employs estimations,
assumptions and extrapolations
that produce
reasonable outcomes.
These assumptions enable the Eurobank Group to maintain
flexibility and accuracy in its emissions
estimation, adapting to varying
levels of
data
availability. By
doing so,
the Group
supports its
sustainability goals
and ensures
compliance with
environmental
reporting standards, providing a comprehensive view of its environmental impact.
Where actual consumption data were available for the 2024 reporting year, these data were collected
from the relevant entities and
the 2024 emissions figures
were updated accordingly.
For
the
2025
reporting
cycle,
the
Group
recalculated
its
previously
published
2024
total
GHG
emissions
and
total
energy
consumption, both under
the
note
2.2.4, to
replace the
initial disclosures
which were
based on
10-month activity
data
and
extrapolated
estimates—with
full-year
actual
data
now
available.
This
revision
was
undertaken
to
improve
accuracy
and
comparability in
accordance with
ESRS 2
BP-2 requirements.
Following this
update, total
2024 GHG
emissions (location-based)
increased from 106,386 tCO₂e to 114,261 tCO₂e (+7.4%),
and total market-based emissions increased
from 89,772 tCO₂e to 97,232
tCO₂e (+8.3%). Total
energy consumption for 2024 also
increased from 65,649 MWh (originally
reported) to 67,592 MWh (+3.0%)
after replacing estimated
values with actual consumption data. These
differences reflect the use
of complete full-year actual data
rather than estimation methodologies and do not indicate changes
in underlying operational performance.
Perimeter of Estimation
The emissions estimation process covers the
entire Eurobank Group, aligning with the
perimeter defined in the
Group's Sustainability
Statement. This approach ensures that all
operations and activities are
considered, providing a comprehensive view of Eurobank's
environmental impact and supporting its commitment
to sustainability.
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Contractual instruments
Unit
2025
2024
Contractual
instruments
used
for
the
purchase
of
bundled
energy
with
attributes about energy generation in relation to Scope 2 GHG
emissions
MWh
30,906
33,037
In 2025 the Bank continued to purchase green energy from Renewable Energy Sources (RES) with Guarantees of Origin (GOs). More
specifically, 30,906 MWh of
purchased electricity was sourced from renewable sources.
Financed emissions
Overview
Financed emissions represent the most material Scope 3 category for Eurobank, accounting for more than 99% of the Group’s
total
emissions. These
emissions form
the basis
for Eurobank’s
sectoral decarbonisation
action plan
and its
commitment to
align its
portfolio with 1.5°C transition pathways and achieve Net Zero
by 2050.
Methodology and Calculation
Approach
The Group calculates and discloses its financed
emissions (category 15) following
the PCAF methodology,
which is based on
a revenue-
based approach,
with
emission
factors
estimated
for each
sector and
country
through a
multiregional
input-output analysis
framework, noting that reported
emissions from Group’s
counterparties have been used where available
across Scope 1, 2 and 3.
Where one or
more reported
scope categories were
not disclosed /
complete, the
Group has incorporated
estimated emissions
according to its internal methodology, in line with
the PCAF standard.
More specifically, the Group applies
a waterfall
approach for the calculation of the financed emissions:
●
To the extent possible, published (reported) emissions
of the counterparties are used. (Option 1 – Reported emissions)
●
For sector D 35.11 physical activity-based emissions are reported, where published (reported) emissions are not available,
(Option 2 – Physical activity-based emissions)
●
In all other cases the scope 1,
2 and 3 emissions are calculated based on
the economic activity
data of the counterparty (i.e.,
EUR of revenue) and appropriate emission
factors expressed per economic activity (e.g., tCO
2
e/million EUR
output of the
corresponding sector) (Option 3 – Economic activity-based emissions.)
Total Financed Emissions
The Group discloses financed emissions for the
lending and investment portfolio
based on counterparties'
scope 1, 2,
and 3 emissions,
which total 33.1 million tonnes of CO2 equivalent (MtCO
2
e) for 2025 (2024: 28.5 MtCO
2
e). The increase compared to 2024 (+16%) is
primarily attributable to the growth in the outstanding balance of both lending and investment portfolio (c. € 5,438mn) leading to a
proportional increase
in financed
emissions. In
addition, methodological enhancements
contributed to
a more
risk-aligned and
emissions-sensitive allocation.
Increased data
availability, including
greater use
of counterparties
published emissions,
reduced
reliance on proxies and resulted in more comprehensive Scope 1, 2 and 3 coverage.
It is
noted that
fluctuations in total
financed emissions
are expected as
companies refine their
estimation methods and
market
practices
and data
availability evolve.
In terms
of financed
emissions intensity
(tC0
2
e/€mn)
the Corporate
portfolio remained
practically stable (2025: 786 tC0
2
e/€mn, 2024: 784 tC0
2
e/€mn), while the increase
in the Investment portfolio (+62 tC0
2
e /€mn) is
driven by increased availability of published emissions
data and the increase in exposures.
Overall, the
increase in
financed emissions
in 2025
is mainly
attributable
to portfolio
growth, methodological
refinements and
improved emissions data
coverage, and does not indicate a material
deterioration in the carbon intensity profile of the
underlying
portfolio.
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Τhe table below presents the breakdown of the Group’s total
financed emissions between lending and investment
activities:
2025
2024
Exposure
(€mn)
Scope 1&2
(ktCO
2
e)
Scope 3
(ktCO
2
e)
Total
emissions
(ktCO
2
e)
Intensity
(tC0
2
e /
€mn)
Exposure
(€mn)
Scope 1&2
(ktCO
2
e)
Scope 3
(ktCO
2
e)
Total
emissions
(ktCO
2
e)
Intensity
(tC0
2
e /
€mn)
Lending
44,996
9,314
16,852
26,167
582
40,938
6,799
16,567
23,367
571
Corporate
32,853
8,977
16,852
25,829
786
29,364
6,440
16,567
23,007
784
Retail
12,143
338
-
338
28
11,574
359
-
359
31
Investments
24,535
3,632
3,302
6,934
283
23,155
2,647
2,470
5,117
221
Total
69,531
12,946
20,154
33,100
476
64,093
9,446
19,037
28,483
444
Scope 3 emissions within the Investment portfolio do not include emissions
related to exposures to credit institutions (2025: 2,996
ktCO
2
e). As
recognized
by PCAF,
reporting of
Scope 3
emissions by credit
institutions may
lead to
double counting as
financial
institutions may account for the other financial institutions’ emissions
without taking account the reverse loan/investment.
Most of the Group’s financed emissions come from its corporate
portfolio lending, accounting for c.78% of the total, while Scope
3
financed emissions account for c. 61% of the total financed emissions. A breakdown per sector within corporate portfolio lending is
provided below.
Corporate portfolio lending 2025
Exposure
(€mn)
Scope 1&2
(ktCO
2
e)
Scope 3
(ktCO
2
e)
Total
emissions
(ktCO
2
e)
A - Agriculture
234
281
228
509
B- Mining and quarrying
25
5
4
8
C - Manufacturing
4,760
2,026
10,879
12,904
D - Energy
3,807
1,163
576
1,739
E- Water supply,
sewerage,
waste management
and remediation
80
223
33
257
F
– Construction
1,239
65
732
797
G - Wholesale and retail
trade
4,683
1,304
3,081
4,385
H
- Transporting and storage
6,169
3,595
515
4,110
I – Accommodation
3,369
113
428
541
L- Real estate
activities
3,235
96
19
115
Exposures to other sectors (NACE codes J,K, M – U)
5,251
106
358
464
Total
32,853
8,977
16,852
25,829
Regarding the corporate portfolio, lending to the manufacturing sector has the biggest
contribution, c. 50%, followed by wholesale
and retail trade, c17%, and transportation and storage,
c. 16%.
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22
Total GHG Emissions
ESRS Quantitative data / metric
Unit
2025
2024
Total GHG
emissions (location-based)
tCO
2
e
33,243,909
28,597,261
Total GHG
emissions (market-based)
tCO
2
e
33,231,798
28,580,142
Total net revenue
mn €
3,430
3,341
In 2025, the Group’s GHG emissions amounted to 33.2 mn tCO
2
e with financed emissions contributing >99% and operations-related
(Scope 1,2,3) emissions accounting for
less than 1%.
GHG intensity
Unit
2025
2024
GHG intensity per net revenue (location based)
tCO
2
e/ mn €
9,692
8,559
GHG intensity per net revenue (market based)
tCO
2
e/ mn €
9,689
8,554
GHG removals and GHG
mitigation projects financed through
carbon credits [E1-7]
For operations-related emissions, following
the Science-Based Targets initiative guidance, 90% of the baseline year’s
emissions will
need to be reduced and the remaining
10% will be removed by purchasing Carbon Credits.
Currently there are no plans to
include
Carbon Removals
across Eurobank’
s value
chain (upstream
and downstream).
As for
Carbon Credits,
they will
only cover
the
remaining 10% of emissions, complementing Eurobank’s carbon reductions across its value chain. Carbon
Credits will not be used to
show Carbon Reductions across Eurobank’s value chain and
they will not impede its progress towards net-zero. Eurobank’s
Carbon
Credits are purchased from credible sources that follow
the latest quality standards.
2.3
Biodiversity and ecosystems [E4]
2.3.1 Governance
Eurobank acknowledges that it
currently does
not have a dedicated governance
structure in place
to address biodiversity
conservation
issues comprehensively. However,
recognizing the increasing importance of biodiversity in achieving
sustainable development and
mitigating
environmental risks,
Eurobank has
integrated
biodiversity
loss as
a
priority theme
within its
existing Sustainability
Governance framework, overseeing it through the Sustainability Management Committee and
the Group Sustainability Risk unit.
The
Bank acknowledges, however, that guidance in this
field is still evolving and is committed to
progressively strengthening its expertise,
governance practices and analytical capabilities
as more granular approaches become available.
Meanwhile, Eurobank engages regularly with its stakeholders, including environmental organisations, regulators, and clients, to stay
informed about biodiversity issues, thereby maintaining its
alignment with best practices.
For more information regarding
the Sustainability Governance please refer
to: 1.3 Governance, under ESRS 2.
2.3.2 Strategy
Material impacts, risks and opportunities and their interaction with
strategy and business model [ESRS 2 SBM-3]
Based on the capability of the financial sector to influence the sustainable use
of nature through its business activities, Eurobank is
already taking appropriate steps to integrate biodiversity loss in its operations, by
developing a corresponding response strategy and
incorporating relevant provisions in its overall strategy
and risk management framework.
Eurobank is currently
developing a model for
integrating biodiversity considerations into its
overall strategy, ensuring that its financing
and investing
activities do
not have
a
negative effect
on biodiversity
and ecosystems
and while
also promoting
activities
that
rehabilitate and restore ecosystems. Eurobank recognises that its physical operations have minimal effect on biodiversity and is thus
developing a proportional approach.
22
In alignment with the “operating income”as disclosed in the consolidated income statement.
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The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
Action Plan
Eurobank’s strategic action plan around biodiversity will
evolve around the following elements:
●
Risk
Assessment:
Integrate comprehensive
transaction assessments
to identify
and
understand
biodiversity risks
and
dependencies using tools like ENCORE.
●
Sector Analysis: Focus on high and medium-risk sectors, such
as agriculture, forestry, water supply, mining, and energy, and
promote measures and financing that mitigates
biodiversity impacts.
●
Sustainable Finance: Promote and
finance activities and projects
that support biodiversity conservation, rehabilitation of
ecosystems and sustainable
use of natural resources.
Capacity Building and Sector Analysis
Considering the complexity of assessing the issue of biodiversity as a
risk driver in relation to Eurobank’s business practices and own
operations, given the fact that the
relevant guidance in this
field is currently under
development, Eurobank is closely following several
related initiatives and continues to build
its skills and capacity, so as to ensure
readiness to appropriately address such
risks, upon the
availability of more granular
guidelines and methodologies in this respect.
To
identify
business
operations
impacting
biodiversity,
the
Group
conducted
a
thorough
loan
portfolio
analysis
(materiality
assessment)
to identify
the
sectors
most vulnerable
to biodiversity
loss.
Utilising
the ENCORE
tool (Exploring
Natural Capital
Opportunities, Risks, and Exposure), the Group analyzed sector-specific
dependencies and impacts related to biodiversity loss. The
ENCORE tool facilitates the assessment of dependencies on biodiversity loss by exploring the ways in which economic activities
rely
on ecosystem services and natural
capital. Based on the results,
primary economic activities, such as agriculture and water
supply,
are significantly more dependent
on ecosystem services than other
economic activities, such as transportation.
This is mainly because
the production of agricultural products heavily relies on the use of groundwater,
surface water,
and animal pollination.
For more information regarding the Sustainability Strategy, please refer to: 1.4 Strategy - Company, business model and stakeholder
engagement, under ESRS
2.
2.3.3 Identified impacts, risks and opportunities
Description of processes to identify and assess material impacts, risks and opportunities [ESRS 2 IRO-1]
Eurobank identifies material
impacts, risks, and opportunities related to integration of sustainability
in risk management through a
comprehensive DMA. This approach integrates industry benchmarks,
stakeholder insights, and financial relevance to ensure a robust
evaluation of integration of sustainability
in risk management impacts.
During our Double
Materiality Assessment, the following risk
associated with Biodiversity
and ecosystems matters has been
identified:
Direct impact drivers of biodiversity loss
Impact
Negative
Potential
Eurobank’s portfolio may negatively affect biodiversity and ecosystems, including impacts
arising from climate
change, pollution, and land use.
Risk
Biodiversity loss due to clients’ operations may lead to financial and
reputational damage.
2.3.4 Policies, actions and performance
Policies related to biodiversity and ecosystems [MDR-P]
Eurobank has developed a
set of policies to guide
its actions on biodiversity, ensuring that all business
activities align with the Group's
commitment to
biodiversity conservation.
Eurobank
is committed
to
engaging with
stakeholders
by
ensuring a
high level
of
accountability in policy development and implementation. Policies are approved by the appropriate Governance bodies such as the
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Board of Directors or specialized committees, which ensure that there is alignment with the Group's strategic goals and stakeholder
interests.
Eurobank main policies that incorporate biodiversity issues are:
●
Environmental
Policy
Statement: Incorporates
biodiversity
considerations
into
environmental
risk
assessments
and
decision-making processes.
●
Sustainable Finance
Framework: Guides the
Group in
aligning its
financial activities
with sustainability
goals, including
biodiversity conservation by defining
specific criteria for projects that
support biodiversity
and excluding activities that might
harm the environment.
●
Sustainable
Investment
Framework: Guides
investment
decisions
to
support
long-term
environmental
and
social
sustainability, including biodiversity conservation by developing criteria for investments
that promote biodiversity.
For more information
regarding the dedicated policies please
refer to: 2.2.3 Policies
& Actions - Policies
related to climate change
mitigation and adaptation [E1-2]
Actions related to biodiversity and ecosystems [MDR-A]
Based on the capability of the financial sector to influence the sustainable use
of nature through its business activities, Eurobank is
already taking appropriate steps to integrate biodiversity loss in its operations, by
developing a corresponding response strategy and
incorporating relevant provisions in the
risk management framework. These actions have been embedded
into the Group’s operating
model in order to ensure that the Group has established actions on an ongoing basis:
●
According to the Group’s
Exclusion List, activities prohibited by the
laws of the host country
or international conventions
concerning the protection of biodiversity or cultural heritage resources are excluded from financing.
●
At the
same time, the
ESG Questionnaire
that is
used by
the Group
in the
context of
the borrowers’
creditworthiness
assessment
includes,
inter
alia,
dedicated
questions
aiming
to
capture
the
biodiversity
loss
risk
of
the
Group’s
counterparties.
●
Furthermore, a qualitative Risk Appetite Statement (RAS)
has been introduced in relation to the environmental risk posed
to biodiversity.
Based on
its exclusion
list, the
Group shall
refrain from
financing activities
prohibited by
host country
legislation or international conventions relating to
the protection of biodiversity resources.
●
The Group
also enhanced
its methodological
approach towards
addressing biodiversity-linked
risks,
as part
of its
Risk
Identification and Materiality Assessment (RIMA) process. Specifically, Eurobank has better articulated the sectors that are
dependent on and therefore may affect
biodiversity aspects, as a means
of effectively identifying and managing potential
risks.
As per the
Responsible Investment Policy
document of Eurobank Asset Management MFMC, the Company integrates sustainability
factors into the investment process. In particular,
the sustainability analysis includes the assessment of environmental criteria
(e.g.
emissions of greenhouse gases,
exposure to fossil fuel and water
emissions) at
the level of the companies in which
the funds and
portfolios invest. The events or conditions that may be responsible for a negative impact on the return of the fund/portfolio include
environmental aspects (e.g. carbon emissions, water
pollution, loss of biodiversity
or damage to
ecosystem). The specific sustainability
factors considered may vary, as
they depend on the specific investment strategy followed by each fund/portfolio.
Also, through
the Climate
-Related &
Environmental Risks’
Materiality Assessment
has as
main objective
to outline
the general
methodological approach by which the Group assessed
the materiality of the sustainability
risks, including biodiversity loss, and to
demonstrate the exercise's
results.
2.3.5 Metrics & Targets
Biodiversity metrics [MDR-M]
Eurobank is currently
in the process of developing
and monitoring biodiversity
risk indicators through the
ENCORE tool which classifies
sectors into five levels: Very Low, Low, Medium, High, and Very High. To enhance its approach,
Eurobank initially created a numerical
five-level scale, where 0 represents Very Low, 1
represents Low, 2 represents Medium, 3
represents High, and 4 represents
Very High.
For each subsector, the maximum score from each subcategory of ecosystem services presented by the ENCORE tool was used. The
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average of these maximum scores for each subcategory was then
calculated, followed by the average per Level 1 NACE
sector. The
final scores for each Level
1 NACE sector were categorized
as follows:
●
0-1: Minor,
●
1-2: Low,
●
2-3: Medium,
●
3+: High.
Biodiversity targets [MDR-T]
Eurobank is currently in
the process of developing specific targets related to
biodiversity conservation.
This initiative aims to establish
clear,
measurable goals
that will
guide the
Group's efforts
in mitigating
biodiversity risks and
enhancing its
positive
impact on
ecosystems. By setting these targets, Eurobank seeks to
ensure accountability and transparency in its biodiversity strategy, aligning
its operations with global sustainability
standards and contributing to the preservation of natural resources
for future generations.
Meanwhile, Eurobank target setting process
towards biodiversity is also enhanced
through its Risk Appetite
Statement (RAS) to refrain
from financing activities prohibited by host country legislation or international conventions relating to the protection of biodiversity
resources. This commitment
is explicitly operationalized
through the Credit Policy
Manual (CPM), under
the “Lending Principles”
chapter,
where such
activities are
defined as
“Prohibited Lending
Activities”.
By embedding
the RAS
commitment in
the CPM,
Eurobank translates a high-level risk appetite into
clear, enforceable credit rules that are
applied consistently across
lending decisions.
This linkage
supports effective
implementation and
oversight, provides
a clear
basis for
controls and
auditability,
and enables
systematic monitoring of adherence to biodiversity related
restrictions within the credit process.
2.4
Integration of sustainability in risk management [Entity-specific]
2.4.1 Governance
The role of the administrative, management and supervisory bodies [ESRS 2 GOV-1]
The Group applies a model
of defined roles and responsibilities
regarding the management
of Sustainability risks across the
Three
lines of defense, shaped
by the European Central
Bank’s Single
Supervisory Mechanism (SSM) 13 expectations related
to climate-
related and environmental risks and considering all
relevant guidelines and regulatory requirements:
●
1st line
The Business
Units (CIB and Retail
Banking) are responsible for
assessing, managing
and monitoring risk levels in all risk
categories, including Sustainability risks. The CIB and Retail Banking Sustainability Centers of Excellence are responsible for
undertaking all relevant sustainability
and sustainable finance activities.
In addition, the role of the
Group Sustainability
Unit in
the 1st
line includes the
responsibility for
managing and coordinating
sustainability strategy related
issues, the
development
of action
plans for
the Group's
Net
Zero
portfolio
strategies,
the facilitation
of the
Sustainability data
framework development, as well as Sustainability Reporting, Environmental &
Energy Reporting (EMAS Report, Greenhouse
Gases Emissions
Report per ISO14064) and Sustainability ratings.
●
2nd line
The Group Risk
Management (GRM)
is independent from the
Business Units and is
fully responsible for
setting the risk
strategy and risk appetite framework, including sustainability risks. Within
the GRM, the dedicated
Group Sustainability Risk
unit has the
overall responsibility for
overseeing, monitoring and managing
sustainability risks and sustainable
financing
activities, in cooperation with the other GRM Units,
as well as
with Group Compliance.
●
3rd line
The
Group Internal
Audit
(Group IA)
independently
reviews
the adequacy
and
effectiveness
of
the internal
control
framework in place regarding
Sustainability risk management,
following a risk-based
approach.
For more information, please refer
to: 1.3.1 The role of the administrative, management
and supervisory bodies ESRS 2 GOV-1].
The GSR
has the
overall
responsibility for
overseeing, monitoring
and managing sustainability
risks. More
specifically,
the GSR
prepares and maintains the Group’s Sustainability risk management policies, processes and methodologies,
in collaboration with
the
Group
Sustainability Unit
and
the Business
and Risk
Units. In
addition, it
leads the
development and
implementation of
the
Sustainability risk-related framework, policies and processes, in coordination with other units, as well as acts,
monitors and reports
the progress of the
implementation of the developed
Climate Risk action plan and
reports to the Board
for Sustainability risks matters.
Moreover, the GSR reviews and challenges the involved stakeholders as to setting the Financed Impact Strategy (including Net
Zero
targets), as
well as monitors the Financed Impact Strategy
(including Net Zero) and reports financial targets and KPIs. The
GSR also
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leads the
2nd line
independent sustainable
lending re-assessment
process against
the Sustainable
Finance Framework
criteria,
including the characterization
of products
of the Retail
Portfolio as
sustainable. Additionally,
the Unit
reviews and
confirms the
outcomes of the ESG
Risk Assessment, evaluates their consistency and completeness,
and formally challenges the adequacy of the
proposed mitigating actions. Furthermore, the GSR develops
and maintains the Climate Risk Stress Testing Framework, as well as the
scenario analysis
and stress
testing methodologies, and
coordinates the
performance of
sustainability risk scenario
analysis and
relevant stress test
exercises at Group level.
As of 2024, Eurobank has enhanced its Governance Structure and Committees to support the integration of Sustainability
risks:
●
Oversight of sustainability risks at management body level through allocation of responsibilities to Board and management
committees. Specifically,
Chairman of the SMC is the General
Manager, Group Strategy.
●
A Board Member is responsible for climate
-related and environmental risks.
●
Establishment of
2 Committees
that supplement
the governance
arrangements in
sustainability risk, i.e.
Sustainability
Management Committee and Climate
Risk Stress Test
Committee.
●
Appointment of Group Senior Sustainability Officer
to lead the Group’s sustainability
initiatives.
For more information, please refer
to:
1.3.1 The role of the administrative, management
and supervisory bodies [ESRS 2 GOV-1].
2.4.2 Strategy
Material impacts, risks and opportunities and their interaction with
strategy and business model [ESRS 2 SBM-3]
Eurobank’s strategy,
climate transition
plan (as
described in
Chapter: 2.2.2)
and business
model are
closely integrated
with its
Sustainability Risk Management Framework, which includes
robust risk management processes
and tools.
Eurobank actively
evaluates
the impact of climate
scenarios on its counterparties, helping to
identify climate transition financing
opportunities while ensuring
resilience to evolving environmental and regulatory risks. This
integration of sustainability into the bank's risk management practices
strengthens its competitive position by enabling
proactive engagement with
clients on sustainability-related
matters. It also aligns
with regulatory expectations (i.e. SSM’s 13 expectations
on the management
of climate-related and environmental
risks) and supports
the identification and mitigation of
potential financial losses
linked to sustainability risks.
Eurobank’s risk management tools ensure comprehensive
assessment and monitoring of sustainability risks
across its portfolio. While
the integration of sustainability
factors may require clients
to provide additional data and meet sustainability
requirements, these
measures safeguard
Eurobank against
potential risks that
could affect its
market perception and
business model. By
embedding
sustainability considerations into its risk management processes, Eurobank not only meets regulatory obligations but also enhances
its long-term resilience and sustainability, securing a competitive edge
in the marketplace. This dual
approach of addressing risks and
leveraging opportunities ensures
that Eurobank’s
strategy remains
aligned with both
its business model
and its
commitment to
sustainable growth.
Sustainability Risk management
accounts for regulatory guidelines and expectations,
such as ECB and
EBA guidelines on
Climate-
related environmental risks, as well as the market
practices. The Group has
developed an implementation roadmap in
alignment with
the SSM’s 13 expectations on climate-related and environmental risks. For more
information please refer to the
Consolidated Pillar 3
Report - 11.1.3 Risk Management
.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
2.4.3 Identified impacts, risks and opportunities
Description of processes to identify and assess material impacts, risks and opportunities [ESRS 2 IRO-1]
Eurobank identifies material
impacts, risks, and opportunities related to integration of sustainability
in risk management through a
comprehensive DMA. This approach integrates industry benchmarks,
stakeholder insights, and financial relevance to ensure a robust
evaluation of integration of sustainability
in risk management impacts.
Nevertheless, for
the identification
and assessment
of sustainability
risk management
the Group
has developed
comprehensive
processes that include RIMA, Risk
appetite framework, and ICAAP.
For more information, please refer
to the
Consolidated Pillar 3
Report - 11.1.3 Risk Management
.
The impacts, risks and opportunities associated with
the integration of sustainability in
risk management matters are shown in
the
table below:
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Integration of sustainability in risk management
Impact
Positive
Actual
Eurobank
evaluates
the
impact
of
climate
scenarios
to
the
resilience
of
its
counterparties, resulting
in the
timely identification
of climate
transition financing
opportunities for its clients.
Negative
Potential
The ESG / climate risk assessment may require additional effort by the clients in order
to provide required ESG data and may result in additional
condition to comply with for
financial agreements.
Risk
Failure to
adequately address sustainability requirements and/or
manage respective
risks could hamper the Group’s market perception and be a driver for other risks,
such
as credit risk.
Opportunity
Integrating
Sustainability
in risk
management
in
response
to
evolving
regulatory
requirements and business
needs, improves the
Group’s resilience
to sustainability-
related risks, safeguarding
the Group against potential financial losses, strengthening
its overall risk management
framework.
2.4.4
Policies, actions and performance
Policies related to the integration of sustainability in risk management [MDR-P]
Eurobank has incorporated sustainability risk aspects across all pillars of its
Risk Management Framework, through
the establishment
of comprehensive policies and processes. It is
among the Group’s priorities to identify,
assess, manage
and mitigate relevant risks,
with a view towards
ensuring alignment with its
business strategy,
as well as
regulatory and industry developments.
Sustainability
risk
management
in financing
activities
is
overseen
by
the
Board member
responsible for
climate-related
and
environmental risks, the Sustainability Management Committee, and the
newly appointed Group
Senior Sustainability Officer (GSSO).
Group Risk Management Framework (RMF)
and Sustainability Risk Management Policy
The Group
Risk Management
Framework defines
the roles
and responsibilities
of the Group
Risk Management
(GRM), which is
independent from the Business Units as a 2nd line, having
full responsibility for the establishment of the Group’s Risk Strategy
and
Risk Appetite
Framework, as well
as for monitoring
all risks assessed
as material
through the Risk Identification
and Materiality
Assessment (RIMA)
process, including climate
-related and environmental
risks undertaken
by the
Group. For more
information,
please refer to
the: E1-
Climate change Material
impacts, risks and opportunities and
their interaction with strategy
and business
model [ESRS
2 SBM-3].
In accordance with relevant supervisory expectations and the Group’s enhanced governance operating model for the incorporatio
n
of sustainability risks across the Three lines of defense, new roles and responsibilities regarding sustainability risk management have
been
embedded
into
the
Group
Risk
Management
Framework.
In
addition,
Eurobank
has
developed
its
Sustainability
Risk
Management Policy, which aims
at fostering a holistic
understanding of the effects of sustainability
risks on its business model, as
well as
supporting decision-making
regarding these
matters
and
providing
a
robust
governance
under its
Risk
Management
Framework.
Collateral Valuation Policy
The Bank acknowledges that collateral valuation should
account for climate risk, as it may affect the value
of collateral (e.g. increased
flood risks). Recognising
the potential impact of climate
risk on collateral value, the Bank has incorporated
climate-related factors
into its Collateral Valuation
Policy and procedures, aiming to mitigate
risks associated with properties vulnerable to environmental
hazards, in alignment with
the regulatory standards.
Eurobank updated its Collateral Valuation Policy (CVP)
to specify accepted
collateral types and valuation procedures,
while integrating
assessments of climate-related and environmental risks. This involves
collecting pertinent information such as Energy Performance
Certificates (EPCs) and
incorporating forward-looking estimates
of natural hazards. The
updated Policy will
also consider
broader
climate-related and environmental
factors, such
as waste
management and accessibility,
to enhance valuation
accuracy and
risk
management.
Where Energy Performance Certificates (EPCs) or actual energy
consumption data are not available for a specific collateral, Eurobank
applies a structured fallback mechanism to ensure valuation records remain complete and usable for risk monitoring. In such cases,
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the Bank
estimates energy
consumption (kWh/m²)
in collaboration
with a
specialized external
provider, using
property specific
characteristics (e.g., building type, year
of construction,
location) rather than generic
averages. This model-based estimation primarily
supports coverage of legacy collateral
and portfolio level reporting where data gaps may
persist.
Credit Policy Manual
Eurobank has
established formal
credit and loan
standards that require
the systematic
integration of
environmental, social
and
governance
(ESG)
risks
into
all
financing decisions.
The
Group’s
Credit
Policy Manual
(CPM) has
been
updated
to
integrate
sustainability-related
risks by incorporating climate and environmental factors
into credit risk management practices,
aligning with
the SSM's expectations. Specifically, the CPM integrates sustainability-related factors into sector-specific credit risk assessment tools
(e.g. Climate Risk
Scorecard and ESG questionnaires), which
inform credit approval, pricing and client engagement.
Group Exclusion List
Eurobank maintains a list of activities that are excluded from
financing, in line with the exclusion lists of the EBRD. For all
financing
transactions, the Group ensures
that its clients demonstrate
an organised and
systematic approach to
E&S risk management
that
complies with applicable local,
national and international
environmental, health and safety,
and labour legislation and standards,
relevant permits, as well
as public disclosure requirements.
Know-Your-Customer (KYC) and Anti-Money Laundering/Terrorist Financing (AML/TF) policies and processes
Eurobank
has
established
Know-Your-Customer
(KYC)
and
Anti-Money
Laundering/Terrorist
Financing
(AML/TF)
policies
and
standards, which are designed to provide safeguards
against, inter alia,
fraud and cooperation with clients with increased financial
crime risk (i.e. risk of involvement in
money laundering and terrorist financing).
Within the
scope of
customer KYC
profiling, Eurobank
applies enhanced
due diligence
measures upon
establishing a
business
relationship and when
carrying out transactions with natural or
legal persons/entities who are classified as high-risk
as per Eurobank’s
relevant internal processes.
Climate Risk Stress Test
Framework
The Framework provides a transparent and repeatable process for designing and executing the climate risk stress test, as well as for
reporting and evaluating stress test
outcomes and determining management actions.
For more
information, please refer
to
Consolidated Pillar 3
Report - 11.1.3
Risk Management
and E1 –
Climate change:
Material
impacts, risks and opportunities and their interaction with strategy
and business model [ESRS
2 SBM-3].
Actions related to the integration of sustainability in risk management [MDR-A]
The Group
has developed
the following
processes and
tools for
the monitoring
and management
of sustainability
risks. These
processes have been
embedded into the Group’s operating
model and are performed
on an ongoing
basis in the context
of continuous
sustainability risk management.
Risk Identification and Materiality Assessment (RIMA) process
The Risk Identification and Materiality
Assessment (RIMA) process sets the
appropriate mechanisms to
identify, measure and monitor
risks at an early stage, as well as to manage their potential impact on the achievement of the Group’s objectives. Through the RIMA
process, the Group
identifies material
risks that could potentially have
a significant
adverse impact on its financials,
capital base,
liquidity position or business model, as well
as any exposure to possible emerging risks.
As sustainability risks
interact with other risks and result
in direct distributional impacts
and indirect macroeconomic impacts, the
Group understands that careful consideration of the cross-cutting nature thereof is necessary to ensure the
optimal implementation
of adaptation activities. As such, the Group considers
sustainability risks as
drivers of existing risk types, undertaking a holistic
and
systemic approach when examining the complex
links between sustainability risks and
both financial and
non-financial risks. Eurobank
has integrated sustainability risk elements into its existing risk
management processes, creating additional procedures, policies and
tools so that these risks can be properly identified and measured.
Sustainability
Risk
Data
The
Group
manages
sustainability risk
data
through
dedicated infrastructure
operating within
the Group’s
overarching
data
governance framework.
Sustainability risk
data
management is
embedded in
the Bank’s
established
data
control environment
(including ownership, quality controls
and monitoring), ensuring consistency with
broader governance
standards. In parallel, the Bank
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is developing sustainability specific capabilities to address the distinct characteristics of sustainability data, such as diverse
external
sources, evolving methodologies, and increased granularity required for risk measurement
and reporting.
Having
already
performed
an
assessment
of
sustainability
data
availability
in
its
internal
systems
against
regulatory
requirements/expectations, the Group continues to enhance its sustainability risk data aggregation capabilities and IT infrastructure
accordingly,
while
also using
appropriate controls
and safeguards
to
ensure the
accuracy
and completeness
of the
compiled
information.
The
Group
seeks
to
further
improve
sustainability
risk
data
granularity
through
allocating
detailed
roles
and
responsibilities
as part
of the
bank-wide
data governance
framework, for
the purposes of
sustainability data
management and
implementing approaches
for
addressing
data
needs
(i.e.
engaging
with
external
data
providers,
developing
methodological
approaches for estimating required information).
Risk appetite
The Group articulates its
risk appetite through a set of qualitative and quantitative
statements with respect to, inter alia,
solvency,
liquidity, profitability,
asset quality and other
areas related to
material risks. The
purpose of these indicators and
thresholds is to
facilitate the assessment of whether the Group is operating within its defined risk
appetite levels. The outcome of this process is the
Risk Appetite Statements (RAS) document, whereas the principles, process and governance aspects related
to the RAS are outlined
in the Risk
Appetite Framework (RAF).
The RAS are
complemented by a
set of
Business Line Statements
(BLS), which constitute
operational metrics (and limits)
at the business level where the risks
are undertaken [MDR-T 2.5].
Moody’s Risk Analyst (MRA)
model
The Group’s MRA
Model assesses
the CIB borrowers’ credit
profile based on qualitative
and quantitative criteria. Specifically,
the
“Risk of Adverse Events” criterion assesses a client’s vulnerability to
adverse developments or business interruptions, fines, litigation
and negative
publicity, stemming,
among
others, from
environmental parameters
and social
issues (e.g.
health and
safety of
customers).
Climate Risk Scorecard
In line with leading market practices,
as well as taking into account
supervisory requirements/expectations with regard
to establishing
an approach for further assessing clients with higher climate risk exposure, the Group has developed the Climate Risk Scorecard for
considering climate-related and environmental
risks.
In this context,
an assessment
process based on the Climate
Risk Scorecard is performed
for all new
financing transactions, limit
increases and limit renewals (existing and
new clients), initially applied
to the Group’s Corporate
& Investment Banking (CIB) portfolio.
The Climate Risk Scorecard comprises a modular
questionnaire which includes targeted climate risk and
sustainable financing related
questions, both qualitative
and quantitative, capturing
the following key
dimensions: transition
risk, taxonomy
aligned activities,
physical risk, sustainable financing,
emissions, strategy,
climate & environmental incidents, transition
-green technology.
Interbank ESG Questionnaire
In recent years, the
banking sector has faced increased regulatory focus
on ESG matters.
Banks are now required to improve their
credit risk assessment
processes to better identify and evaluate climate
-related and environmental risks. In response, the Hellenic
Bank Association (HBA) and major Greek banks have launched an initiative to create a unified Interbank ESG Questionnaire for their
clients. This questionnaire aims to standardize the
assessment of ESG factors
across Greek banks,
ensuring compliance with regulatory
expectations and international guidelines (e.g., EBA Guidelines, ECB's climate risk guide, and TCFD recommendations). In Cyprus the
banks have also developed the Interbank ESG
Questionnaire, in collaboration with the Association of Cyprus Banks,
to standardize
ESG assessments across Cyprus and
help customers improve ESG performance through
scores, certifications, and personalized action
plans. This process has been adopted by the Group’s entities
in Greece and Cyprus as of 2025.
ESG Risk Assessment
Eurobank has developed an ESG Risk Assessment by combining
its Climate Risk Scorecard with the Interbank
ESG Questionnaire. This
comprehensive approach helps assess
and classify the Group's clients
based on ESG criteria,
in line with regulatory requirements.
Eurobank uses
an internal
ESG Risk
Scoring method,
resulting in
one of
three ESG
risk categories:
High, Medium,
or Low.
This
assessment informs
credit decisions, by incorporating ESG risks, potential mitigation
actions and due diligence considerations. The
framework includes ESG due diligence triggers and
escalation mechanisms, with
the Bank providing
recommendations for appropriate
mitigating actions. Obligors are expected to submit an
ESG action plan within 12
months to address identified
risks and opportunities.
Eurobank’s ESG Risk Assessment framework determines whether mitigation actions are
required based on
the borrowers’ overall ESG
score and transaction characteristics such as tenor and exposure. Based on these factors, ESG
mitigation actions are mandatory for
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high-risk borrowers, while
medium-risk borrowers may
also undergo this
process.
The ESG action
plan is based primarily
on the
review
of the
borrower’s responses
to the
ESG Questionnaire
and comprising,
where applicable,
proposed mitigation
actions
identified by the RM with the support of the CIB Sustainability Center of Excellence Unit and the Group Sustainability Risk Unit.
The
results of the ESG action plan must be submitted to the relevant approval authorities for their consideration in the decision-making
process.
The overall approach
aligns with Eurobank's
business strategy,
enhances ESG risk
awareness, supports sustainable
financing, and
ensures compliance with the Group's risk appetite and credit
policies. This process has been fully adopted by the
Group’s relevant
entities in Greece and Cyprus and is gradually being introduced into other countries. In 2025, the similar processes and tools for the
monitoring and management of sustainability
risks incorporated in Bulgaria.
Collateral Insurance Requirements
At loan origination, the Bank
requires borrowers to maintain valid insurance
coverage for real estate assets pledged as collateral, with
the exception of land plots. Mandatory
coverage includes protection against
key physical risks, such as fire,
flood and earthquake,
applicable to all borrowers. Additional
insurance requirements may apply
depending on the
characteristics and specific circumstances
of the property,
including, for example, assets
under construction or properties located in
environmentally sensitive
or protected
areas.
Subsidiaries’ Sustainable Finance Actions
Eurobank’s subsidiaries actively support the Group’s sustainable finance strategy by implementing dedicated
frameworks, expanding
green lending, and tracking taxonomy-aligned
assets. Their efforts
contribute to the Group’s consolidated sustainable
finance KPIs
and help accelerate the transition to a sustainable
economy.
Bulgaria (Postbank)
Postbank has adopted the Group’s
Sustainable Finance Framework and developed a Climate
Risk Roadmap to guide its
sustainable
finance
activities. The
bank monitors
its Green
Asset Ratio
and taxonomy-aligned
assets,
which are
included
in the
Group’s
consolidated KPIs. In 2025, Postbank continued to expand green lending products, such as green mortgages and eco-auto
loans, and
integrated climate
risk assessment
into its credit
processes for sectors
with high transition
risk. Through these
efforts, Postbank
strengthens its commitment to responsible banking and the systematic
integration of sustainability considerations into its business
model. By aligning
its sustainable finance
initiatives with the Group’s strategic
direction, Postbank supports increased climate
risk
awareness, facilitates
clients’ transition journeys and ensures consistency with evolving regulatory and market
expectations.
Cyprus (Eurobank Limited and insurance subsidiaries)
Following the
legal merger,
Eurobank Limited
is in
the process of
developing its
local Sustainable Finance
Framework (SFF)
and
Sustainable Investment Framework (SIF). The SFF builds on
the Group’s existing framework and incorporates
previous initiatives
from
both banks, consolidating
approaches to
ensure consistent
identification, classification,
and governance of
sustainable financing
portfolios—covering
wholesale
and
retail—across
Eurobank
Limited.
Its
purpose
is
to
establish
a
clear
and
comprehensive
methodology for classifying,
monitoring, and reporting sustainable
financing activities in
alignment with the
Group Sustainability
Strategy. The Bank
also monitors taxonomy-aligned
assets and sustainable
finance KPIs, which are consolidated at Group
level. In
parallel, the SIFs in alignment with the
Group’s Sustainable Investment Framework,
will ensure consistent identification, classification,
and governance of
Sustainable Bonds
portfolio of Eurobank
Limited. The Sustainable
Investment Framework
outlines Eurobank’s
available sustainable
investment approaches and strategies,
the selection of eligible investments
and the monitoring frequency of
the Sustainable Bond portfolio as
part of the Bank’s
investment portfolio. The Framework specifies
the respective criteria that are
utilized in the Bank’s banking book’s investment
strategy, along
with the selection process of eligible
sustainable investments.
The acquired insurance companies (ex-CNP Group)
applied specific ESG-related exclusion policies throughout 2025,
excluding certain
countries and
companies based on
an ESG-rating-based
prohibited list provided by
the previous
shareholder. They
also avoided
investments in businesses deriving ≥20% of revenue from thermal coal, those deriving >10% from thermal coal, or those involved in
new coal
mines or
coal-fired power
plants. The
ex-CNP Group
monitored its
sustainable investment
exposure with
the aim
of
increasing it in line with Eurobank
Limited’s policies. In line with Solvency
II requirements, climate risk is included
in the ORSA process,
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and ERB CIH
companies currently perform a qualitative
Climate Risk Assessment,
with plans to develop a quantitative assessment
with Eurobank Limited’s support.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private Bank Luxembourg
has in place a Sustainable
Finance Framework which is
tailored to private banking operations,
integrating Sustainability
criteria into
lending decisions
whenever applicable.
In 2025, the
subsidiary is able
to offer
green and
sustainable investment products for private banking clients,
further supporting the Group’s sustainable finance objectives.
2.4.5
Metrics & Targets
Sustainability risk management metrics [MDR-M]
Through the processes described above,
the Group monitors its
performance on sustainability
through the metrics and indicators
demonstrating the sustainability risk level
of its counterparties.
In addition, key
indicator for the
Group is the
allocation of its portfolio
to high climate
impact sectors and clients.
The respective
distributions for 2025 and
2024 are presented in the table
below, based on the definitions of
Pillar 3 ESG risks disclosures. No external
body other than internal assurance is provided for the below information.
2025 exposure
2024 exposure
Loan exposures to sectors that highly contribute to climate change
bn €
27.4
24.9
Bond and share exposures to sectors that highly contribute to climate change
bn €
1.6
1.4
Exposures towards
the top
20 most
carbon intensive
counterparties globally in
Group’s trading and banking portfolios
mn €
25
31
The increase in the
exposures to sectors that highly
contribute to climate change, c. €2.5 bn
in 2025, is commensurate with the overall
growth in the outstanding balance of both lending and investment portfolio, c. €5.4 bn in 2025, while their percentage contribution
on the overall Non-Financial Corporations portfolio remained practically stable.
Sustainability risk management targets [MDR
-T]
The Group has achieved its key Risk Appetite Statement (RAS) for at least 20% of the annual new CIB disbursements to be classified
as green
/ environmentally
sustainable loans,
by applying
the methodology and
criteria set
in the
Group’s Sustainable
Finance
Framework, which outlines the
eligible approaches and activities
that can be classified
as sustainable, demonstrating
the Group’s
commitment towards green
transition.
In addition, the Group has demonstrated progress against
the following areas
which have been set as qualitative
targets:
●
Significant progress
in the integration of sustainability
risks in its Three lines
of defense Model
●
Incorporation of climate
risk elements in
the Remuneration
Policy (Please refer
to “Integration
of sustainability
-related
performance in incentive schemes [ESRS
2 GOV-3]” for more information)
●
Deployment of the ESG Questionnaire, which has been developed at
interbank level with the coordination of the Hellenic
Bank Association
●
Integration of the ESG Risk Assessment process, a combination of
the internal Climate Risk Scorecard and
the Interbank ESG
Questionnaire
●
Integration of
the SFF
Assessment Tool.
The Bank has
successfully operationalized
the Sustainable
Finance Framework
Assessment Tool within its systems (Drive+). This tool automates the classification of financing solutions (e.g., Green/Social
Loans) against
SFF criteria during loan origination,
ensuring structural alignment with sustainability
goals
●
Assessment of sustainability risks through
Sectoral Analysis and forward-looking Scenario
Analysis, as part of
the TCFD report
(For more information please refer to: E1 – Climate change: Material impacts, risks and opportunities and their interaction
with strategy and business model
[ESRS 2
SBM-3])
●
Alignment of its Risk
Appetite with the articulated Sustainability
Strategy
●
Incorporation of climate risk aspects
in collateral valuation
●
Performance of training sessions for its employees in
relation to Climate Risk, ESG Risk Disclosures and ESG Risk Assessment
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●
Further integrate climate risk regulatory requirements into
its business strategy and
risk management framework, leveraging
on key initiatives:
o
Governance, policies and control framework.
o
Climate risk modelling and data
management.
o
Commercial strategies/sector
policies.
o
Eurobank S.A.
and its
subsidiaries aim to
implement climate
risk and
environmental action
plans by
2025. These
initiatives are
designed to ensure
full alignment of
policies, actions, and
strategies across
Eurobank Greece and
its
subsidiaries, fostering a
cohesive and unified approach to achieving organizational objectives.
2.5
Sustainable financing and investment offerings [Entity-specific]
2.5.1 Governance
The role of the administrative, management and supervisory bodies [ESRS 2 GOV-1]
Aiming to implement
the Sustainability Strategy,
the Group has appointed a Group Senior Sustainability Officer
responsible for the
implementation of
the Group’s
Sustainability Strategy
and
engaging the
following committees
that actively
contribute to
the
promotion of sustainable financing and investment offerings
and their integration into the day-to-day operations of the Group:
●
Sustainability Management Committee (Sustainability ManCo): Acts
as the final approval body, inter
alia with regards to the
inclusion or substitution of Eligible assets of the Green Bond Portfolio,
and to the update of the annual Green Bond Report.
The Committee
approves the
Sustainability Frameworks
(e.g. Sustainable Finance
Framework, Green
Bond Framework,
Sustainability Policy Framework
and Sustainability Investment Framework).
●
Group Asset and Liability Committee (G-ALCO): Within the context of
the approved investment framework for corporate/FI
bond portfolio, reviews the relevant portfolio limits
annually.
As far
as the
Group Sustainability
Risk (GSR)
Unit is concerned,
it has
the overall
responsibility for
overseeing, monitoring,
and
managing sustainability
risks. More specifically, the GSR leads
the 2nd line independent sustainable lending re-assessment process
against SFF
criteria, including the classification of retail portfolio products as sustainable.
Also, GSR is responsible for
assessing the
sustainability features
of new loans/products according to the SFF
criteria.
Regarding the
Business Units CIB
and Retail
Banking, they are
primarily involved
in executing
all sustainable financing
activities,
including the implementation of the
Financed Impact Strategy. Key responsibilities are classified,
inter alia, under
the following 3 main
categories:
1.
Sustainability Strategy:
Executing and
monitoring financed and
specific operational
sustainable goals
and performance
targets in line with
the Net Zero Strategy.
2.
Sustainable Financing/Funding and
Investments:
Identifying sustainable financing
opportunities and
designing relevant
solutions and sustainable products. Performing the sustainable
financing assessment, in line with
the Sustainable Finance
Framework. Implementing and monitoring the Sustainable
Investment and Green Bond Frameworks.
3.
Sustainability Risk
Management: Performing
the ESG
Risk Assessment
and formulating
mitigation action
plans, where
required.
Dedicated functions,
namely the
Sustainability Centers
of Excellence
(CoE), within
the Business
Units (Corporate
& Investment
Banking and
Retail Banking)
are
responsible for
assessing, managing
and monitoring
risk levels
in all
risk categories,
including
Sustainability risks. The Head of CIB Sustainability CoE is responsible for overseeing sustainable financing activities, while two Retail
Banking Sustainability
Coordinators (Business
and Individual
clients respectively)
are responsible
for organising
and
supporting
sustainable-related activities.
Also, Group Compliance’s key roles and responsibilities
regarding sustainable financing
and investment offerings include:
o
Monitoring the regulatory environment and emerging trends around sustainable financing.
o
Monitoring
the
alignment of
the Group’s
activities with
applicable
laws,
rules,
regulations
and standards,
including
sustainability-related regulatory
aspects.
For more information regarding
the Sustainability Governance may refer
to: 1.3 Governance, under ESRS 2.
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2.5.2 Strategy
Material impacts, risks and opportunities and their interaction with
strategy and business model [SBM-3]
The Group
acknowledges
that sustainable
development is
a
key driver
of long-term
prosperity and
resilience. Supporting
the
transition to a low
carbon and inclusive economy through
financing advisory and capital-raising
solutions is central to the Group’s
business model and is
embedded in its
Financed Impact Strategy.
Through this strategy,
the Group aims
to generate measurable
positive environmental
and social
outcomes by
directing capital
towards activities
that support the
green transition
and social
investments, while also incentivising clients to improve
their sustainability performance. The Group’s sustainable finance approach
is
underpinned by dedicated
frameworks and tools, including the
Sustainable Finance Framework. In parallel, the
Group is in the process
of finalising its holistic Transition Plan, aligned with regulatory requirements
and international best practices.
The Transition Plan sets
out the
Group’s strategic
objectives, governance arrangements, targets,
metrics and implementation
actions to manage
climate-
related and environmental risks and to support the transition of its lending and investment portfolios a climate and environmentally
resilient and more sustainable
economy.
It adopts a
sector-specific approach, focusing on
the most carbon-intensive and
climate-
sensitive sectors, and is
informed by materiality
assessments and climate
scenario analysis across short-, medium-
and long-term
horizons.
The Group
acknowledges that sustainable
finance is subject
to challenges,
including evolving regulatory
requirements, data
and
methodological limitations, and the risk
of perceived greenwashing if
products do not fully
meet recognised criteria. At the
same
time, the transition to a sustainable economy presents significant opportunities to support clients, respond to changing market and
investor expectations, strengthen the Group’s reputation and ensure the long-term resilience
of its business model.
Through the combined implementation of its Sustainability Strategy and Transition Plan, the Group seeks to integrate
sustainability
into decision-making, actively support the real-economy transition, and create long-term value
for stakeholders and society.
The Group is currently advancing the development of
its Transition Finance Framework, which will serve as a core tool
for facilitating
both client-level and portfolio-level transitions. By providing clear eligibility criteria and guidance for financing transitional activities,
the Framework will strengthen the Group’s
ability to support counterparties in decarbonising their operations and align the overall
portfolio with credible transition pathways.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
2.5.3 Identified impacts, risks and opportunities
Description of processes to identify and assess material impacts, risks and opportunities [ESRS 2 IRO-1]
Eurobank identifies material
impacts, risks, and opportunities related to sustainable
financing and investment offerings
through a
comprehensive DMA. This approach integrates industry benchmarks,
stakeholder insights, and financial relevance to ensure a robust
evaluation of sustainable financing
and investment offerings impacts.
The impacts, risks and opportunities associated with sustainable financing and investment offerings matters
are shown in the table
below:
Sustainable financing and investment offerings
Impact
Positive
Actual
Group provides sustainable
finance products and services that promote green
and social
investments and incentivize improvement of its
clients’ sustainability performance.
Positive
Actual
Increase market awareness
and provide services
that enable
customers to
make better
informed decisions on sustainable financing
solutions.
Negative
Potential
Engagement with clients
on sustainability issues is
limited to legal
entities.
Risk
Evolving market preferences and regulatory shifts may impact the demand for sustainable
finance, posing risks to Eurobank’s existing
product offerings.
Opportunity
Promoting green
and social
investments in
line
with requirements
to support
climate
transition and in response to changing consumer preferences enhances the Group’s brand
reputation, attracting sustainability
-conscious investors.
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2.5.4 Policies, actions and performance
Policies on sustainable financing and investment offerings [MDR-P]
The
Group
has
approved
and
implements as
part
of
the
operationalization
its
Sustainable Finance
Framework
(SFF),
which
encompasses a wide range
of sustainable-green lending activities
and supports the identification and classification
of sustainable-
green
financings,
covering
both
Corporate
and
Retail
banking
portfolios.
Eurobank
developed
its
SFF
in
accordance
with
internationally recognised industry guidelines and principles. In addition, Eurobank also maintains a Green Bond Framework, which
enables the
Group to
meet
its environmental/sustainability
commitments and
finance projects
that will
deliver environmental
benefits
to the
economy and
support Eurobank’s
business
strategy and
vision. Furthermore,
Eurobank has
also
developed a
Sustainable Investment
Framework, which
outlines the
available sustainable
investment approaches/strategies,
the selection of
eligible investments
and the
monitoring frequency
of the
sustainable portfolio
(the sustainable
portfolio is
part of
Eurobank
’s
investment portfolio).
Eurobank is
committed to
engaging with
stakeholders by
ensuring a
high level
of accountability in
policy
development and implementation. Policies
are approved by the appropriate
Governance bodies such as the Board
of Directors or
specialized committees,
which ensure that there is alignment
with the Group's strategic
goals and stakeholder interests.
More specifically:
●
Through the SFF Eurobank is able
to classify sustainable
lending solutions offered to its customers,
specifying the applied
classification approach and the activities defined
as eligible to access sustainable financing (eligible green and
social assets).
The SFF
scope encompasses a
wide range
of sustainable
lending products,
covering both
wholesale and
retail banking
portfolios. The SFF also incorporates the assessment process of the EU Taxonomy for which the Group pursues Taxonomy-
alignment of financings on a best effort basis. The purpose of establishing the SFF is to provide a clear and comprehensive
methodology for classifying, monitoring and reporting sustainable financing. The
policy applies to all financial transactions,
excluding certain
activities deemed incompatible
with sustainability goals,
such as
fossil fuel
extraction or high
carbon-
intensive projects. It covers the
entire value chain, both
upstream and downstream. Key stakeholder groups
affected include
investors, customers, and communities within operational regions. The
Group Senior Sustainability Officer (GSSO) holds the
highest level of accountability
for the implementation
and oversight of the policy within
the organisation. The SFF
draws
from
guiding
frameworks
such as
the
Loan
Market
Association (LMA)
principles for
loans
–
Green Loan
Principles,
Sustainability-Linked Loan Principles as well as the EU Taxonomy Climate Delegated Act. For more information please refer
to:
Sustainable Finance Framework
.
●
The Sustainable
Investment Framework
(SIF) aims
to classify
investments as
sustainable based
on criteria
observed in
international market practices. Eurobank’s SIF outlines Eurobank’s potential sustainable investment approaches/strategies,
the process for selecting
eligible investments, as
well as the monitoring frequency regarding the sustainable
portfolio. Its
scope includes the own bond investment portfolio, for both direct and indirect investments across all sectors, regions, and
value chains, with exclusions in areas such as high-risk fossil fuels and
activities detrimental to biodiversity or human rights.
The policy applies to all stakeholders involved in the investment process.
Accountability for its implementation lies with the
organisation's Group Senior Sustainability
Officer (GSSO).
●
The Green Bond Framework (GBF) assists Eurobank in meeting its environmental/ sustainability commitments and finance
projects that will
deliver environmental benefits to the economy
and support its business strategy
and vision. The Green
Bond Framework is developed in accordance
with global best practices and
standards and considers EU Taxonomy eligibility
criteria to classify potential investments as green. The Framework defines the
eligible assets and associated criteria, the use
of proceeds, the process
for project evaluation and
selection, the management of proceeds,
as well as the relevant reporting
obligations. Its general objectives include promoting green investments, while ensuring transparency and accountability in
the use
of proceeds.
The scope
of the
framework covers
both upstream
and downstream
activities related
to eligible
projects, across
global geographies, with
exclusions for projects
involving fossil
fuels, or other
environmentally harmful
practices. The Sustainability
ManCo approves the GBF.
Accountability for its implementation
lies with the
organisation's
GSSO. The Green
Bond Framework has obtained a Second Party Opinion (
Green Bond Framework-
Second Party Opinion
)
for its alignment with
the ICMA Green Bond Principles (GBP) and the EU
Green Bond Standard (GBS).
)
For more information regarding Policies related to Financial Inclusion please refer to: “3.2.2: Policies related to consumers and end-
users [S4-1]”.
Actions on sustainable financing and investment offerings [MDR-A]
The Group takes key actions to promote sustainable financing:
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Net-Zero Banking Alliance (NZBA)
Key element of
the Group’s NZBA
participation is the use
of sectoral decarbonisation pathways
as a reference
for setting targets
across selected lending portfolios,
with a phased target-setting up to 2050. The promotion of sustainable financing that will
enable
client transition is the key enabler towards
achieving those targets.
Sustainable Finance Framework
Eurobank’s SFF defines
four classification approaches for classifying
its financing and investing activities
as sustainable:
●
Dedicated-purpose – Green/Social loans:
Project-specific loans or financing
instruments whose use of
proceeds is 100%
directed towards
eligible green
/
social activities.
The SFF
defines the
eligible activities
(for
the wholesale
and retail
portfolios) along with
the applicable eligibility
and exclusionary
criteria that need
to be fulfilled.
The eligible
areas and
activities include
energy efficiency,
renewable energy,
clean transportation,
green buildings,
pollution prevention
and
control, and circular economy regarding the green activities, and
economic inclusion, affordable basic infrastructure, access
to essential services, affordable
housing, food security and sustainability regarding the social
activities.
●
General-purpose – Company business mix:
Financing to companies that fulfil the eligibility green/social criteria and derive
their revenue from eligible activities. Specifically, companies are eligible under the business
mix category when they derive
a minimum predefined percentage of
their total revenue from eligible
activities.
●
General-purpose – Sustainability-linked loans/facilities:
The second type of
general-purpose lending adopted relates
to
Sustainability Linked Loans (SLL). The purpose
of SLLs is to enable and accelerate the ESG transition
of clients. Through SLLs,
Eurobank provides ESG-related incentives
to its clients, by offering
products (loans, bond loans, etc.) with terms linked to
ambitious and predefined Sustainability Performance Targets (SPTs).
The SPTs are specific targets that aim to improve the
ESG performance of the client.
●
Recovery and Resilience Facility-based approach:
Activities approved through the Greek Recovery and Resilience Facility,
contributing to the green pillar.
Sustainable Finance Framework Assessment Tool
Eurobank utilises a
web-based SFF
Assessment Tool
for its CIB portfolio.
The tool is
integrated within the
Group loan origination
system, to underpin the classification and evaluation of sustainable/green financing opportunities in a
structured manner, as part of
the loan origination process. The SFF Assessment Tool is delivered through an online platform, a workflow-based application, which
assists the process of
assessing the Group’s
financing solutions against
the criteria defined in the SFF.
Sustainable financing products
●
ESG Deposits
Eurobank was the
first Greek
bank to offer
ESG Deposits to
its corporate clientele,
and continues to
offer this
product,
allowing its clients to contribute to sustainable development projects. The amount raised from ESG Deposits is allocated to
financing green and sustainability linked
loans, in agreement with Eurobank’s
SFF.
●
Residential Energy Upgrade Loans
Eurobank has played a
key role in energy-saving initiatives in Greece, particularly
through its participation
in the Exoikonomo
Programmes since 2011, which support the energy upgrade of private residences. In 2025, the Group continued to solidify
its presence in green
energy upgrade loans
by participating in “Exoikonomo
2021”, “Exoikonomo 2023”, “Exoikonomo 2025”,
“Exoikonomo Anakainizo gia Neous” & the new “Upgrade Spiti mou development
Programme funded by the EU's Recovery
and Resilience
Facility and managed
by the Hellenic Development Bank. These Programmes
offer interest rate
subsidies,
state loan guarantees, grants, and other
benefits for households
in order to make green
improvements like energy efficiency
upgrades and smart home automation. For
those not eligible for Exoikonomo, Eurobank
offers a Green Home Loan – Energy
Efficiency Upgrade
(with or
without collateral)
to finance
energy-efficient home
improvements, such
as installing
solar
panels, the replacement of
heating and cooling systems, the installation of a solar water heater, the
upgrading of insulation,
and, more broadly, the full range of ‘green’ residential needs
of individual customers. Through these efforts, Eurobank aims
to help Greece meet its environmental
goals by offering accessible
green financing solutions for homeowners.
●
Green Mortgage Loans
In 2025, Eurobank introduced
a discount incentive
to encourage the purchase
of properties belonging to
higher energy-
efficiency classes, as verified by the Energy Performance Certificate (EPC). This initiative aims to promote more sustainable
choices in the real estate market by rewarding
customers who invest in buildings with reduced environmental impact and
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improved energy performance. By linking financial incentives to the EPC rating, Eurobank supports national and
European
climate goals,
while improving the quality of its collateral
stock with more energy efficient properties.
●
Photovoltaic SB Loans
Eurobank offers
Photovoltaic SB
Loans to
small businesses
for investing
in renewable
energy,
specifically through
the
production and sale of energy from photovoltaic
systems. Businesses can choose between a loan
or leasing option, with the
loan covering up to
80% of the total investment costs,
including infrastructure, equipment purchase and installation,
site
setup, and connection expenses.
●
Bridge Financing – Exoikonomo
Eurobank’s Bridge
Financing -
Exoikonomo
programme provides
a credit
line to
suppliers and
contractors working
on
properties under the Exoikonomo – Aftonomo
and Exoikonomo 2021 programmes.
This financing helps them pre-finance
their work until they are paid
through the government subsidies. Suppliers
can receive up to 80% or
100% of the subsidy
amount their customers are eligible for, regardless
of whether the customers use Eurobank loans. Our actions to promote
sustainable financing,
originally developed
for
our core
operations, are
strategically
and proportionally
adapted and
deployed across subsidiaries in Bulgaria,
Cyprus, and Luxembourg. An indicative example
is the offering of green
lending
such as Green home programmes, Green Car programmes for the purchase of
new electric or hybrid cars, eco-auto loans,
etc. While these programs are tailored to address the specific local contexts and regulatory environments, we are working
towards achieving a Group alignment. In
addition, the Group
is currently advancing the
development of its Transition Finance
Framework, which will serve as a core tool for facilitating both client-level and portfolio-level
transitions. By providing clear
eligibility criteria and
guidance for
financing transitional activities,
the Framework
will strengthen the
Group’s ability
to
support counterparties in decarbonising their operations and align the overall portfolio with credible transition pathways.
ESG-focused mutual funds criteria
Eurobank Asset Management MFMC, a wholly owned subsidiary of Eurobank, with total AUM as of 31.12.2025: €10.25bn, manages
three UCITS funds and one Discretionary Portfolio Management Strategy which are classified
under Article 8 of the SFDR with total
AUM of €241,52mn. The three UCITS funds are: GF Greek Equities Domestic Equity Fund, (LF) Fund of Funds
Global Megatrends and
(LF) Fund of Funds Next Gen
Focus, while the Discretionary Portfolio Management Strategy
is Responsible Investment Themes.
Eurobank Asset Management integrates environmental, social and governance factors into its investment decision-making
process,
in line
with its
Responsible Investment Policy
and applicable
regulatory requirements, and investment
managers are
required to
integrate ESG considerations into investment strategies. ESG
considerations are incorporated in the assessment of investment risks
and opportunities prior
to investment decisions and are monitored throughout the
investment lifecycle as part of the
Eurobank Asset
Management’s investment and risk
management processes.
ESG awareness and capacity building
Eurobank
is
prioritising
the
development
of
its
employees'
capabilities
to
ensure
they
can
effectively
assist
clients
in
their
sustainability efforts and facilitate their transition to green transition. For more
information, please refer to section 1.3.1. The role of
the administrative, management
and supervisory bodies [ESRS 2 GOV-1].
Dedicated training sessions to Business Units
Apart from the general upskilling programmes, during the
past years the Group has conducted
dedicated training sessions tailored to
the requirements of
specific business
units and functions,
crucial for
delivering the Group’s
strategy.
These sessions
focused on
engaging with clients
to enable their
green transition efforts
and identifying sustainable
financing opportunities through publicly
available sources, such as company sustainability
disclosures.
The Board
of Directors
is provided
with
semi-annual
sustainability update
sessions to
support effective
oversight
of evolving
regulatory requirements, the Group’s mitigation strategy through
key initiatives and actions, and
emerging sustainability megatrends.
These sessions also
incorporate sectoral benchmarking to evaluate the Group’s
positioning and performance relative to peers
and
market best practices.
Subsidiaries Sustainability Awareness and Engagement Actions
Eurobank’s subsidiaries actively promote sustainability awareness and engagement by delivering
targeted training, fostering internal
communication, and integrating Sustainability
topics into daily operations. These efforts
help embed a sustainability culture across
the Group and support the achievement of Group-wide ESG objectives.
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Bulgaria (Postbank)
In 2025, Postbank
continued to expand
staff’s ESG
awareness. 3,316 bank employees
completed the online course
“ESG and the
World” developed by Eurobank Group
and more than 500
employees from business lending, Risk,
Compliance, and Internal Audit
took an internally developed training course on the management of climate and environmental risks in the banking sector. The Bank
also offered
specialized sustainability
courses, including
those developed in
partnership with international
organizations such as
EBRD’s Green
Gateway and IFC’s
STEP training. A sustainability
awareness training session on topics including CSRD,
DMA, and EU
Taxonomy,
among others, developed by Eurobank
Group was delivered to Postbank’s
Management Board and Supervisory Board.
The bank regularly communicates ESG topics through internal bulletins and staff
surveys, ensuring that sustainability remains a key
focus for all employees.
Cyprus (Eurobank Limited and insurance subsidiaries)
Eurobank Limited has
implemented comprehensive ESG training
programs for staff
and management, organizing relevant training
sessions in 2025, to enhance awareness
on ESG-related matters.
In this respect, the Bank implemented a series
of workshops and
trainings to support the integration of ESG considerations into business processes and also to
promote ESG awareness and culture.
In addition the Bank, launched
a dedicated ESG e-Learning course internally while
also a number of
staff participated in ESG programs
organised by external associates.
ERB CIH
Risk &
Sustainability team
has
received training
on
various ESG
topics and
received
relevant certification.
They also
participated in various seminars, workshops and networking events related to this matter to remain informed and engaged with the
local community’s needs. ExCo has participated in training
related to CSRD delivered by the ex-shareholders.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private
Bank continued
to
align its
Sustainability
Strategy with
the Group.
The bank
is
committed to
ongoing staff
engagement on
ESG topics
and is
aligning its
communication efforts
with Group
standards to
ensure a
consistent
approach to
sustainability awareness
and engagement across all
operations.
2.5.5
Metrics & Targets
Metrics on sustainable financing and investment offerings [MDR-M]
The corporate portfolio of Eurobank in
Greece, which represents the Group’s core
sustainable financing activity,
recorded a strong
performance in 2025.
Total sustainable
outstanding balances reached €4.11 bn, reflecting
a c.37.9% year-on-year increase,
in line
with the Bank’s green financing
targets, while
annual disbursements remained broadly stable at €1.3 bn. The tables
below present
the allocation of
sustainable exposures and the
corresponding disbursed amounts for
2025, alongside comparative
data for 2024
where available:
Greece
Corporate Banking
Outstanding
balance as of
31.12.2025
(mn €)
Disbursed amounts
within 2025 (mn €)
Outstanding
balance as of
31.12.2024
(mn €)
Disbursed
amounts
within 2024
(mn €)
Dedicated purpose financings
2,656
807
1,898
537
Renewable energy
1,806
424
1,429
419
Green buildings
305
69
230
75
Energy efficiency
207
29
192
-
Clean transportation
67
30
40
36
Pollution Prevention & Control & Circular Economy
7
-
8
7
Other
265
255
-
-
General purpose financings
1,452
496
1,088
736
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Greece
Corporate Banking
Outstanding
balance as of
31.12.2025
(mn €)
Disbursed amounts
within 2025 (mn €)
Outstanding
balance as of
31.12.2024
(mn €)
Disbursed
amounts
within 2024
(mn €)
Business mix
86
48
80
29
Sustainability-Linked Loans (SLL)
1,366
449
1,008
707
Total sustainable financing
4,108
1,304
2,986
1,273
Total
outstanding balances
increased by more
than €1.1 bn,
driven primarily by
dedicated purpose
financings, which rose
from
€1.9 bn to
€2.66 bn, supported
by higher deployment
into renewable
energy, green
buildings and energy
efficiency. Renewable
energy exposures expanded from €1.43 bn to €1.81 bn, while green buildings and
energy efficiency rose cumulatively from €422 mn
to €511 mn, reflecting
sustained demand
for transition-related
investments. At
the same time,
Sustainability-Linked Loans
grew
materially from €1.01 bn to
€1.37 bn, strengthening the role of
general purpose sustainable
financing. Although disbursements in
certain categories declined compared to 2024,
total annual disbursements remained stable,
reflecting a more selective
origination
approach and longer-term financing structures rather than reduced activity.
International Subsidiaries
Corporate Banking
Outstanding balance as of
31.12.2025 (mn €)
Disbursed amounts within 2025
(mn €)
Dedicated purpose financings
491
125.5
Renewable energy
184
37
Green buildings
254
85
Energy efficiency
4
1
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International Subsidiaries
Corporate Banking
Outstanding balance as of
31.12.2025 (mn €)
Disbursed amounts within 2025
(mn €)
Clean transportation
30
0.5
Pollution Prevention & Control & Circular Economy
-
-
Other
19
2
General purpose financings
36
28
Business mix
-
-
Sustainability-Linked Loans (SLL)
36
28
Total sustainable financing
527
153.5
Across Eurobank’s international subsidiaries,
the sustainable corporate portfolio amounted
to €527 mn in outstanding balances
in
2025, with
€153.5 mn disbursed
during the
year,
reflecting strong
origination activity
combined with
a
focused, project-driven
approach. Dedicated
purpose financings dominated
the portfolio
(€491 mn), primarily
driven by
green buildings
(€254 mn) and
renewable
energy (€184 mn),
while
additional exposures
related
to energy
efficiency,
clean transportation
and other
eligible
categories remained more
limited. General purpose financings
reached €36 mn, supporting broader sustainability-aligned business
needs.
Sustainability-Linked
Loans totalled
€36 mn, with
€28 mn disbursed
during
the
year,
indicating
a
growing
uptake
of
performance-linked sustainable financing structures. Overall, the
combined portfolio composition demonstrates a clear emphasis on
high-impact, low-carbon sectors
and highlights the potential for future scaling
across Eurobank’s international operations.
In
Luxembourg, the
local
subsidiary Eurobank
Private
Bank Luxembourg,
is
focused on
providing
private banking
and
wealth
management services. While
serving a limited market
segment, the Bank is currently aligning its
activity with the broader Group’s
policy
of promoting sustainable lending and investment.
The current
contribution of subsidiaries
to Sustainable
Finance volumes reflects
the ongoing implementation
of their respective
Sustainable Finance Frameworks.
In line with the Group’s strategic
direction, these frameworks are being systematically
deployed
and are expected to progressively
enhance the alignment of subsidiary portfolios
with the Group’s financed
emissions targets
and
long-term decarbonization pathway.
For further information regarding Sustainability-Linked Loans (SLL), please refer to note
20 “Loans and advances
to customers” of the
consolidated financial statements.
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23
Greece
Retail Banking
Outstanding
balance as of
31.12.2025
(
mn €)
Disbursed
amounts
within 2025
(
mn €)
Outstanding
balance as of
31.12.2024
(
mn €)
Disbursed
amounts
within 2024
(
mn €)
Green mortgage loans
237
87
105
72
Energy renovation loans
36
18
26
8
Bridge Financing – Exoikonomo
-
-
-
-
Electric vehicle loans
4
2
5
2
Photovoltaic SB loans to small
businesses and individuals
35
2
38
12
Net metering
1
0
1
-
Other dedicated purpose sustainable loans to small businesses
18
17
7
5
Total sustainable financing
331
126
182
100
In Greece, the total sustainable financing portfolio expanded materially to €331 million, a 82% increase year-on-year,
driven mainly
by an extremely strong performance in green mortgages (+126%), with significant increases also in energy
renovation and dedicated
purpose sustainable loans to SBs.
International subsidiaries
Retail Banking
Outstanding balance
as of 31.12.2025 (
mn
€)
Disbursed amounts
within 2025 (
mn €)
Green mortgage loans
695
119
Energy renovation loans
8
2
Electric vehicle loans
29
19
Photovoltaic SB loans to small
businesses and individuals
2
1
Other dedicated purpose sustainable loans to small
businesses
19
7
Total sustainable financing
753
148
Across Eurobank’s
international subsidiaries,
the sustainable retail
portfolio reached €753 mn
in 2025, primarily
driven by green
mortgage lending in Cyprus. Outstanding green
mortgage balances amounted to €695 mn,
forming the core of the portfolio. Total
disbursements during the
year reached €148 mn,
of which
€119 mn were green
mortgages. Additional contributions
came from
energy renovation and electric vehicle loans, while Bulgaria
added €19.5 mn in sustainable SME lending with
€7 mn disbursed.
Regarding bond positions, as at 31.12.2025 the
Group held €170 mn in Sustainability
-Linked Bonds (the corresponding amount for
the Bank was €152 mn; 2024: €226 mn).
23
Eurobank Bulgaria’s sustainable financing portfolio includes InvestEU – Sustainability, the
Business Growth Fund – Green Co-financing Loans, SFF-aligned
RBB financings, EBRD-supported facilities, as well as Green Loans and Green Energy products.
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Positions in green / sustainable bonds in the Banking Book
Unit
Outstanding balance as
of 31.12.2025
Outstanding balance as
of 31.12.2024
Positions in Sustainability-Linked Bonds
mn €
170
248
For more information
on Sustainability-Linked Bonds, please refer
to note 22 “Investment securities” of
the consolidated financial
statements.
Targets on sustainable financing and investment offerings [MDR-T]
As part of the Group’s ongoing efforts to align its business strategies
with global sustainability goals, the financed impact strategy is
underpinned by clear
targets for Eurobank’s sustainable finance and investment
offerings. These targets, beyond
reflecting the Bank’s
commitment to integrating ESG factors
into our financial services, they guide our approach to funding projects that have a positive
impact on both society and the environment.
Through transparent and measurable goals, we aim to support
the transition to a more
sustainable economy while delivering responsible investment opportunities for Eurobank’s clients. Sustainable financing Targets are
based on the classification approach and/or eligible
activities described by the Group’s SFF.
The table below demonstrates Eurobank’s performance
against the targets
set:
2025 Performance and progress
Portfolio Targets
2 billion in new green
disbursements to corporates by
2025 (for 2023-
2025)
> € 3.3 bn as of 2025 - Target
achieved
20%
of
annual
new
corporate
disbursements
to
be
classified
as
Green/Environmentally Sustainable
c. 20% - Annual target
achieved
20% stock of green exposures by 2027 for the corporate portfolio
c. 19% - on track to achieve target
Mobilise €2.25 billion
total green RRF
funds in the Greek
economy by
2026
c. € 2.1 bn - on track to achieve target
No new investments in fixed
income securities (excluding exposures in
sustainability/ green bonds) towards
the top 20 most
carbon-intensive
corporates worldwide
0 new exposures – Target
maintained
€200 million annual disbursements of
Sustainability-Linked Loans for the
CIB portfolio.
c. € 449mn in SLL disbursements–
Annual target achieved
Sectoral targets
35% of new disbursements in the energy sector to
be directed to (RES)
financing
> 49%
of sectoral
disbursements towards
RES
– Annual
target achieved
80% of disbursements related to the
construction of new buildings to
be
allocated to green buildings
100% of disbursements to construction of green buildings
– Annual target achieved
20% of new disbursements
related to mortgage loans
(excluding “Spiti
mou” (I + II)”) to be allocated
with EPC B+ and above.
23% of
new disbursements
were allocated
to mortgage
loans with EPC B+ and above – Annual target
achieved
Retail Banking targets
€150 million new Retail
green disbursements by 2026
More
than
€100
million
increase
in
our
new
green
disbursements towards households and small businesses
–
Annual target achieved
Once the Group’s Net-Zero
Strategy is finalized
for all sectors, each subsidiary will
set its own specific targets. This will ensure that
every part of
the Group effectively
contributes to our overall
sustainability objectives, while considering their
unique operational
contexts and challenges.
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3
Social information
3.1
Own workforce [S1]
3.1.1
Strategy
Material impacts, risks and opportunities and their interaction with
strategy and business model [ESRS 2 SBM-3]
The actual and potential
impacts on own workforce
which have been
identified in the course of
the DMA are
connected to the Group’s
strategy. The Group has committed to contributing to the achievement of the
United Nations Sustainable Development Goals (SDGs)
and the UN 2030 Agenda, as a signatory to the UN Global Compact since 2008, and by actively promoting its fundamental
principles
and applying the precautionary approach. In this context
key component of the Operational Impact
Strategy is the Societal
Impact
that focuses on providing a diverse
and inclusive environment for its people and
clients, while fostering sustainable development and
prosperity for the benefit of society. The Societal
impact encompasses several key commitments, such as embedding a diverse
and
inclusive environment by 2030 and
cultivating a culture of
wellbeing by 2026. These
key strategic commitments address material IROs
of working conditions, other work-related rights, and ensuring equal treatment
and opportunities for all.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force
during the 2025 reporting
period. In parallel, the Group
is progressing the update of its Group
Sustainability Strategy, which will build on the existing framework
and further strengthen the integration of sustainability across
its operations and activities.
Scope of assessment:
With regards to material impacts, risks and opportunities, all people in the workforce who could be materially impacted by business
activities are in the scope of disclosures,
covering own operations and the value chain.
Types of workforce recognized within its workforce:
●
Employees who are directly employed by the organisation: permanent (with
or without probation period), full-time, part-
time employees, as well
as other staff members
such as trainees, or those who have self-employed status.
●
Non employees who are provided by third party undertakings primarily engaged in employment activities.
Material impacts, risks and opportunities:
All the identified negative impacts
related to Eurobank’s own workforce resulting
from the DMA have been classified
as potential.
Eurobank, through various measures and mechanisms, such as compliance with labor laws and standards, employee surveys, work-
life balance initiatives, diversity training and awareness programmes, ensures that any related impacts with widespread or systemic
effects will not materialise. Through materiality assessment,
the magnitude and scope of potential and actual impacts is taken into
consideration and are analyzed further.
Identified impacts related
to Eurobank’s own workforce
could only be linked to
individual
incidents of discrimination or unethical behaviour.
Own Workforce and Working conditions
Impact
Positive
Actual
Generates
direct,
indirect,
and
induced jobs,
provides
competitive wages
and
benefits
in
alignment with
its remuneration
policy,
and incorporates
Employee Engagement
surveys to
quantify employees' opinions on well-being.
Positive
Actual
Supporting
employee’s
well-being
through
providing
satisfying
and
high-quality
working
conditions, including adequate workspace and respect of privacy.
Risk
Non-compliance with
modern
workplace
expectations (good
working conditions,
adequate
salaries,
workplace
safety)
can
affect
motivation
and
performance,
leading
to
decreased
productivity.
Opportunity
Demonstrating commitment
to
exemplary working
condition expectations,
such as
offering
adequate salaries, promoting work-life balance, and ensuring workplace safety, can attract
and
retain employees.
Equal Treatment and Opportunities for All
Impact
Positive
Actual
Implementing internal management
systems and initiatives that improve employees’
ability to
live free from gender/sexual/ethnic/racial
discrimination and ageism.
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Vulnerable groups:
Conducting the materiality assessment,
the main types of people of own workforce who
are or could be
negatively affected have
been identified. Some employees may be at greater risk of harm. To gain this
insight, the materiality assessment is informed by the
Diversity, Equity, and Inclusion Policy, which identifies as vulnerable groups those that may experience gender or age discrimination,
people with disabilities
and LGBTQ individuals. “Equal
Treatment and
Opportunities for All”
related risks
and opportunities could
result from impacts and dependencies on those vulnerable group of people within own workforce.
Environmental and financed impact pillars:
The environmental pillar
of the Bank’s
Operational Impact Strategy
is centered around
reducing carbon emissions
and achieving
operational net zero by 2033. Key drivers in order to achieve this target are energy efficiency plans, transitioning to electromobility,
minimising business travel, transitioning to cloud services as well as becoming a paperless banking network. The Bank’s operational
transition plan is not expected to have material
impacts on its employees.
The financed
impact pillar
of the
Bank’s Sustainability
Strategy focuses
on
aligning the
portfolio with
1.5oC sectoral
transition
pathways
(which
is
also the
case
for subsidiaries’
portfolios)
through
the promotion
of
sustainable financing
as well
as
the
management of sustainability-related risks. Efforts towards those areas
will require for employees to gradually
focus on promoting
sustainable financing
/ products
and consider
client sustainability
risks in
their day-to-day
activities. These
aspects might
entail
upskilling which is expected to have a positive effect
on employees.
Eurobank is a signatory to the UN Global
Compact since 2008, and
is committed to respecting, actively supporting and
promoting the
10 fundamental principles relating
to human rights, labour rights, protection
of the environment and
anti-corruption. Eurobank is
committed to upholding the
highest standards of human rights and
ethical conduct throughout its
operations and supply
chain. Based
on its Code of Conduct
and Ethics and Human Rights
Statement, the Group adheres to upholding the
highest standards of human
rights and ethical
conduct throughout its
operations and supply chain.
It is ensured
there are
no operations at
significant risk
of
incidents of forced labor, compulsory labor and child labor.
Reference to detailed actions and policies:
Detailed descriptions
of policies,
actions, and
initiatives addressing
these impacts,
risks,
and opportunities
are
provided in
the
following sections of this
statement.
Policies related to own workforce [S1-1]
Eurobank has adopted policies
to manage its
material impacts,
risks, and opportunities related to its own
workforce and disclose
them in accordance with
the minimum reporting requirements
laid out in the
Minimum Disclosure Requirements with
regards to
policies (MDR-P) as defined in
ESRS 2.
Eurobank is committed to
engaging with stakeholders by ensuring a
high level of accountability
in policy
development and
implementation. Policies
are approved
by the
appropriate Governance
bodies such
as the
Board of
Directors or specialized committees, which ensure that there is alignment with the
Group's strategic goals and stakeholder interests.
The Group
is
committed to
opposing
all forms
of discrimination,
inequality,
and
human rights
violations, actively
promoting
individuality in line with its Diversity, Equity & Inclusion Policy and Human Rights Statement.
It ensures that all policies, procedures,
and human resource management practices are guided
by a deep respect
for human rights, fostering an environment where
diversity
and equity are recognised
and celebrated. Through the
implementation of inclusive policies,
commitments, and mechanisms,
t
he
Group reinforces its
dedication to human rights within
its workforce, in alignment
with the UN Guiding Principles
on Business and
Human Rights,
the ILO
Declaration on
Fundamental Principles
and Rights
at Work,
and the
OECD Guidelines
for Multinational
Enterprises.
Eurobank prioritises respect to human rights in line with the UN Guiding Principles
on Business and Human Rights. The Group avoids
causing or
contributing to
adverse human
rights impacts
through its
own operations
and business
relationships.
Human rights
mitigation measures are implemented through the Code of
Conduct and Ethics, the Diversity, Equity & Inclusion Policy and the Policy
against Violence and Harassment. These publicly available documents establish processes to identify, prevent and
mitigate potential
adverse human rights impacts in the Bank’s operations and business relationships. The Supplier Code of Conduct and Ethics extends
these mitigation requirements to the Bank’s value
chain, requiring suppliers to respect fundamental human
rights principles, prohibit
child labour, avoid discrimination, implement risk assessment procedures and take corrective measures in cases of non-compliance.
Where adverse impacts are identified, remediation mechanisms are available through established grievance channels, investigation
procedures and disciplinary processes,
including corrective actions in line
with the Code of
Conduct and Ethics and
the relevant Group
policies. As a signatory to the UN Global Compact since 2008, Eurobank actively supports the 10 principles related to
human rights,
labour rights, environmental
protection, and anti-corruption. Eurobank
is also signatory to
the UNEP FI
Principles for Responsible
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Banking, publicly
disclosing
self-assessment
reports as
part of
its
commitment to
responsible banking
practices.
Additionally,
Eurobank adheres to collective bargaining labor agreements in Greece and the other countries in which it
operates, and participates
in various
organisations promoting
sustainable growth
and responsible
entrepreneurship, including
the Steering
Committee for
Sustainability, Governance and Green
Banking of the Hellenic Bank
Association.
Policy / Statement
Key Features / Commitments
Oversight / Accessibility
Diversity, Equity & Inclusion Policy
Opposes discrimination, promotes
individuality, supports vulnerable
groups, zero-tolerance for harassment
Nomination & Corporate Governance
Committee published on Group website
Human Rights Statement
Exclusion of forced/child labour,
equitable compensation, reasonable
working hours, freedom of association
Applies across value chain, published on
Group website
Policy against Violence and Harassment
Zero-tolerance for violence/harassment,
clear reporting channels, confidentiality,
disciplinary action
Committee against
Workplace Violence
and Harassment; published on corporate
website
Occupational Health & Safety
Policy
ISO 45001:2018 standard, crisis
response, health check-ups, safety
assessments, Safety
Coordinators
Annual objectives, regular monitoring
Code of Conduct and Ethics
Daily reference manual, mutual respect,
dignity, professionalism,
compliance
monitoring
Distributed to 100% of staff; electronic
confirmation
Labour Agreements
Adherence to banking sector
agreements, fair
working conditions
Group-wide application
Human Rights Statement
Eurobank’s Human Rights Statement applies across its value chain, encompassing
employees, customers, and suppliers.
A key priority
is ensuring all employees are treated with respect and dignity,
promoting fairness through the exclusion of forced and child labour,
equitable compensation,
reasonable working
hours,
and upholding
freedom of
association and
data privacy.
With
customers,
Eurobank fosters
a
relationship of
trust, offering
fair and
transparent services
while encouraging
feedback through
accessible
complaint procedures.
Forced Labour, Child Labour, and Human Trafficking
Eurobank maintains a strict
policy against all
forms of forced labour, child
labour, and human trafficking.
The Bank prohibits these
practices both within its
own operations and across its
supply chain. This commitment
ensures that Eurobank’s business practices
align with
ethical standards,
promoting human rights
and dignity in
all aspects
of its
operations. By
upholding these
principles,
Eurobank contributes to a
fairer and more
just workplace environment and ensures
that its business
relationships adhere to high
ethical and legal
standards.
Wellbeing and Health & Safety
The Group is committed
to maintaining
the highest standards of Occupational Health
and Safety, recognising
the well-being of
its
employees as a critical asset and driver
of growth. In line
with national and European
legislation, health and safety
risks are proactively
assessed and
managed, ensuring a
safe environment
for employees, customers,
visitors, and
stakeholders. The
Group sets clear
annual objectives, regularly
monitors
performance, and encourages
continuous improvement. Through
innovative crisis response
plans, regular health check-ups, employee training, and ongoing safety assessments,
a culture of safety is promoted. The main goal
is to establish a
benchmark in the banking sector for health and safety.
The Group applies all measures required under
national and EU legislation to
ensure the health
and safety of its employees,
customers
and associates.
At the same time,
the Bank applies a
Health and Safety
Management System
(HSMS), as
per the ISO 45001:2018
international standard on Occupational Health and Safety. In this context,
Eurobank implements a prevention and safety programme
for its
employees
through various
initiatives. Eurobank’s
Occupational Health
and
Safety System
covers
all its
employees
and
activities.
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Certain
employees are
designated as
Safety
Coordinators and
Deputy Safety
Coordinators. The
responsibilities of
the
Safety
Coordinator and the Deputy Safety
Coordinator include their obligation to immediately
notify the competent officers of any work-
related risks and submit regular
written reports regarding the current situation at
the premises they are responsible for.
Diversity and Inclusion
The Group
has committed to
fostering a
culture of diversity
and inclusion and
has adopted the
“Diversity, Equity
& Inclusion
in
Eurobank” policy
to ensure
compliance with human
rights standards,
mitigate discrimination,
and foster
a diverse
and inclusive
workplace.
The objectives
of the
Diversity,
Equity,
and Inclusion
(DE&I) policy
are
focused on
creating a
diverse, equitable,
and inclusive
workplace where all employees have equal
opportunities, feel respected, and can thrive. The Group
aims to build a representativ
e
workforce, free from
discrimination, and promote transparent processes
that foster talent and
clarity. The Group is
committed to
strengthening an
inclusive culture where
individuals feel
they belong and
are empowered
to be their
authentic selves. Inclusive
leadership is key, and
the leaders are accountable for
creating an environment that supports all
employees. With a zero-tolerance
policy for
harassment and discrimination,
a safe,
healthy,
and flexible work
environment that
prioritises employee well-being is
ensured. Externally,
the Group focuses
on creating
a positive societal
impact through education,
employment opportunities, and
social initiatives,
while promoting
diversity in
marketing and
communications and
ensuring ethical,
non-discriminatory banking
services.
The DE&I policy outlines
clear and specific commitments to support
individuals from groups at particular
risk of vulnerability, ensuring
an inclusive, equitable, and supportive environment for all employees. The policy focuses
on the following key areas:
●
Gender Diversity –
As a major
employer of women,
we are committed
to provide the
employment framework, culture,
working arrangements, learning and development, and equal
career opportunities to empower female employees to thrive
and excel
in senior
management roles.
The organisation
is committed
to advancing
gender equality
through targeted
programmes such as the "Women in Banking - Leadership Acceleration Programme" and through
sponsoring initiatives like
"the Boardroom”,
aiming to
prepare women
for Board
-level and
senior leadership
positions, working
towards gender
diversity and representation in the highest levels of
leadership.
●
Parents and Families
– The organisation recognises the diverse needs
of families, offering an extensive range of benefits to
support parents, regardless of gender,
age, or marital
status.
●
Age Diversity – The policy promotes
the strengths of different generations in the workforce, ensuring that
knowledge, skills,
and experience are transferred effectively.
●
People with
Disabilities –
The organisation
is committed
to creating
an inclusive
workplace that
values all
employees,
offering equal opportunities for advancement, learning, and fair
compensation.
●
LGBTQ+ – The policy ensures a safe, respectful, and inclusive environment for LGBTQ+ employees, with protections against
discrimination and harassment.
The
policy
applies
to
Eurobank
S.A.,
its
subsidiaries (international
and
in
Greece),
shareholders, Board
members,
directors,
representatives, employees, as well as to all interactions with customers,
visitors, agents, contractors, suppliers, investors, external
service providers, business associates and the communities
in which it operates.
The Nomination & Corporate
Governance Committee is responsible for monitoring
and assessing the effectiveness of the
DE&I Policy.
The policy is readily accessible to
all potentially affected stakeholders, as well as to those responsible
for its implementation, through
the Groups' official website.
Eurobank prioritises
mutual respect, integrity
,
and professionalism,
ensuring that all
employees treat
the Group,
its clients,
and
colleagues with
respect and dignity.
The Group
values diversity
and fosters an
inclusive environment that
welcomes individuals
regardless of age, gender, ethnicity, religion, disability, or other personal
characteristics. Eurobank is committed to equal
employment
opportunities, meritocracy, and fair treatment for all staff.
It upholds the principles of understanding and cooperation, encouraging
diverse opinions and
supporting a culture
free from discrimination,
harassment, or intimidation.
The Group has
a zero-tolerance
policy for such behaviors and provides clear channels for reporting any concerns, including through managers, HR, compliance, or a
dedicated hotline. Staff are
encouraged to speak up if they suspect any unethical conduct or regulatory issues.
Code of Conduct and Workplace Culture
The Group’s commitment to diversity and inclusion aligns with its values and is reflected in its Code of Conduct
and Ethics. The Code
applies to every staff member, irrespective of segment, level or job description, as a daily reference manual. All senior management
have the duty to communicate the values of Eurobank and inspire
all employees under their responsibility. The Code is
distributed to
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100% of the staff
members, including the Board Members, as
well as any individuals
who offer advisory services or are
employed
based on fixed- term or project employment agreements. With reference to the Code of Conduct and Ethics, staff members confirm
having read and accepted the Code through an electronic platform. Group Compliance and the relevant
auditing bodies of Eurobank
are responsible for monitoring and implementing
the Code of Conduct and Ethics.
Respect for human dignity is at the
core of Eurobank’s workplace culture, and the Group adopts
a strict zero-tolerance stance against
violence, harassment, and sexual harassment.
Any employee who experiences or witnesses such incidents is
encouraged to report
them
promptly
through
available
communication
channels. All
reported
incidents are
treated
with
the
utmost
seriousness,
confidentiality, and respect,
with a thorough investigation
and disciplinary action if necessary.
Eurobank strives to maintain
a safe
and respectful environment where all associates
are protected from any form of harassment
or violence.
Policy Against Violence and Harassment
The
Policy against Violence and Harassment
applies to a wide range of individuals
associated with Eurobank. It includes all members
of the Group's staff, regardless of the type of employment contract they hold, whether permanent, temporary, fixed term, or open-
ended. Additionally, it covers
individuals working under project
contracts, independent service agreements,
or salaried mandates.
The policy also extends to employees contracted by third-party service providers who work on
behalf of Eurobank, as well as those
participating in training programmes, such as interns, apprentices, and volunteers. It applies to members of Eurobank's staff even if
their work contract
has expired, and
it also covers
candidates seeking employment
with the
Group. To
ensure transparency and
accessibility, the policy is
readily available to all
staff,
candidates, and other stakeholders through the corporate website.
The Committee
against Workplace
Violence and
Harassment is
entrusted with
the oversight
and implementation of
this policy,
ensuring that its provisions are effectively
carried out across the organisation.
Processes for engaging with own workforce and workers’ representatives about impacts [S1-2]
In alignment with the Sustainability Policy
Framework, Eurobank
engages with its employees. More
specifically, it prioritises employee
upskilling and reskilling,
maintains professionalism,
and enforces anti-discrimination policies
to foster an inclusive workplace.
The
Group offers comprehensive benefits for
employees regardless of gender, age, or marital status.
Regular meetings, breakfast sessions,
and events facilitate dialogue between management and staff representatives. Enhanced
communication channels like HR4U and the
Connected portal ensure
responsiveness to employee inquiries.
The Group promotes work-life
balance, social and environmental
awareness, and volunteering and
implements an ESG upskilling plan and awareness initiatives for
employees to support
sustainability
efforts:
●
“Connected”
– Eurobank’s intranet “Connected” remains a vital internal
communication channel, offering employees timely
access to strategic, business, HR and technology
updates, while promoting Group-wide initiatives
and fostering engagement.
In 2025, the platform recorded 8,637 unique users, with an average
dwell time on content 34 seconds.
●
Leadership
communications
–
To
effectively
communicate
its
strategy
and
encourage
two-way
dialogue
between
management and employees, Eurobank organized a series of
live meetings involving the Management team and
employees
from all divisions. These
sessions included three Senior Management meetings.
Employees were given the opportunity to
submit questions -either anonymously or by name addressing strategic decisions, business initiatives, or HR-related topics,
thereby
fostering
an
open
and
transparent
dialogue
with
Top
Management.
Additionally,
to
strengthen
direct
communication with the regional
network, Retail
Management conducted 8 onsite visits,
while Top
Management held 5
roadshows in key regional markets across
Greece.
●
Support at work, HR4U
– The HR4U contact center
stands by Eurobank’s people daily. The center responds
to their requests
and schedules all necessary actions
to better serve them. In 2025, HR4U
handled over 22,547 requests. Requests cover a
broad range of
topics relating to benefits and
schemes, as well
as to emergencies, such
as blood or platelet requests for
employees and/or their family members.
Employee Perspectives and Stakeholder Engagement
The perspectives of employees inform
the Group’s decisions and activities aimed
at managing the actual
and potential impacts on
them. Employees participate in stakeholder engagement as part of the annual Double
Materiality Assessment (DMA), which enables
the understanding of
their concerns and
priorities. The material topics identified through
this engagement are then
taken into account
and inform the Group’s
policies, actions, and targets. This
ensures that the issues that matter
most to employees are addressed in
the decision-making processes. Engagement occurs directly with employees, through the completion of questionnaires on potential
material impacts, risks, and opportunities.
The Sustainability Management Committee is responsible for overseeing
the DMA process
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and approving the proposed contents of the sustainability-related reports that
derive from the results of the DMA. The
effectiveness
of engagement is
measured by the participation rate.
Eurobank’s approach to sustainability is to foster strong relationships of trust, cooperation and mutual benefit with all stakeholders
affected by its
activities, directly or indirectly.
The Group promotes two
-way communication and
develops ongoing dialogue with
stakeholders, to actively meet the expectations,
concerns and issues raised by
all its stakeholders. The Double
Materiality Assessment
is conducted on an annual basis and reviewed and approved by the Sustainability Management Committee, in
accordance with ESRS
standards.
Channels and Methods of Engagement
Eurobank ensures that the workforce’s insights actively shape its decisions and
guide its activities aimed at managing both the
actual
and potential impacts. Engagement
occurs directly with employees as well
as with their representatives. Eurobank fosters
ongoing
dialogue with its own employees
through the following channels:
●
Sustainable dialogue with
employee representatives at company and industry level
●
Staff-management
communication via regular meetings,
breakfast with the Management,
and events
●
Communication through the HR4U contact center
●
Connected, the Bank’s internal portal
●
Axiopoio and Senior Performance
Management, employee performance assessment systems both
focusing on development
and feedback
●
Upskilling and reskilling of
employees
●
Social and environmental issues
awareness campaigns
(TeamUp
Employee Volunteering Team)
●
myPROSPERITY wellbeing
programme
●
360-degree informative and awareness
internal communication campaigns
The TeamUp volunteer programme encourages employees and their
families to participate in corporate voluntarism activity. In
2025,
TeamUp focused
on raising awareness
about climate change,
environmental risks
and social issues.
More than 1,700
employees
participated in the programme in 2025, contributing over 4,520 hours of volunteer services.
Employee Engagement Initiatives
Improving employee engagement is a crucial goal for Eurobank,
seeking to enhance productivity, foster a positive work environment,
and retain
top talent. The
Group has extended
its efforts to
engage its workforce
through various initiatives
and communication
campaigns. These initiatives leverage all available communication channels, including Viber messages, screensavers, emails,
videos,
intranet, and more.
By prioritising employee
engagement with 360-degree
communication initiatives, Eurobank demonstrates
its
commitment to cultivating a
supportive and motivating work environment, conducive to individual and organisational success.
At Eurobank, listening
to our people is a strategic
priority. As part of our commitment
to fostering a high-engagement
culture, we
conduct the WeSay Employee Engagement Survey every 18 months, inviting all employees
in Greece and Cyprus to share their views
on engagement, satisfaction and wellbeing. The survey is based
on globally recognised employee engagement benchmarking
models
and serves as the Group’s primary employee engagement
measurement tool.
The core focus of the
survey is employee engagement, with key dimensions
including psychological safety, wellbeing, leadership
trust,
enablement, pay and
benefits, collaboration, innovation,
transformation readiness, ESG awareness and wellbeing support.
The survey
also captures
employee loyalty
through the
eNPS (employee
Net Promoter
Score) framework
and collects
insights on
purpose,
happiness and workplace stress.
In the most recent survey cycle (WeSay 2025, completed in Q1), the survey achieved a
strong 82% participation rate, ensuring broad
workforce coverage.62% of employees
reported high levels of engagement, reflecting
a positive and improving trend compared to
the previous survey cycle. Eurobank has established an annual KPI target of a 2% improvement in employee engagement yoy, which
was successfully achieved in
2025, demonstrating measurable progress
and accountability in enhancing employee experience.
Survey results are analysed by business unit and demographic group to identify
priority areas and define targeted actions. Findings
from the 2025 survey led to initiatives in areas
such as:
●
Compensation and benefits communication
●
Process optimisation
●
Culture alignment and team collaboration
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●
Wellbeing and learning
Through
the systematic
monitoring of
engagement
indicators
and the
implementation of
targeted
actions, Eurobank
ensures
continuous improvement in employee
engagement and wellbeing, aligned with the Group’s strategy and
sustainability commitments.
Management and Oversight of Engagement
To communicate its strategy and foster two
-way dialogue between the management team and employees, Eurobank held meetings
with the Management,
with employees from all
divisions participating, as well
as two Senior Management meetings.
To foster an
open line
of communication
with the
regional network,
four onsite
visits from
Retail Management
and five
Top
Management
roadshows took place in regional markets across
Greece.
The People
Advisory Committee
holds
the operational
responsibility to
ensure
review
and evaluation
of
all major
employee
engagement initiatives,
including employee surveys and communication.
Processes to remediate negative impacts and channels for own workforce to raise concerns [S1-3]
Grievance Mechanisms and Reporting Channels
In case of
negative impacts on employees,
Eurobank ensures, through grievance
mechanisms and its Illegal
or Unethical Conduct
Policy, that
the appropriate remediation actions
are taken. Eurobank
encourages all stakeholders,
including employees, to
report
instances of
potential or
actual human
rights impacts,
unethical conduct,
or violations
such as
discrimination, harassment,
or
intimidation.
Clear
channels
for
reporting
are
established,
including
branches,
the
website,
phone,
email,
and
in-person
communication. Employees are expected to uphold a safe, respectful, and
inclusive work environment, and are encouraged to speak
up about concerns regarding ethical, legal, or regulatory issues. Eurobank’s Policy of
Reporting Illegal or Unethical Conduct ensures
that
staff and third parties can
report misconduct without fear of retaliation, fostering
trust and protection.
Eurobank’s whistleblowing mechanism allows staff and third
parties to report
illegal or unethical conduct
through designated internal
or external channels, including
email (ethicshotline@eurobank.gr), phone
(+30 214 4058990,
24/7), or by
post to the Report Receiving
and Monitoring
Officer (RRMO).
All reports
are
investigated,
and appropriate
disciplinary actions
are
taken when
the case
is
confirmed.
Handling and Oversight of Reports
The responsible officer for the receiving and monitoring of reports (RRMO) is tasked with providing
clear guidance on how to submit
a report, receiving and confirming receipt of the report within seven working days, and performing an initial assessment. The RRMO
is also responsible for designating the appropriate unit or person to handle the report, ensuring the confidentiality of the
reporting
person’s identity
and any
third parties mentioned. Additionally,
the officer monitors
the progress of
the investigation, maintains
regular contact with the reporting
person, and ensures that feedback is
provided within a reasonable
period, not exceeding three
months from the receipt confirmation. The officer
also plans and coordinates relevant training efforts
to support the process.
The Board of
Directors is responsible
for ensuring the existence
of a robust
framework for reporting
illegal or
unethical conduct,
promoting continuous improvement
of the Policy, committing to, promoting and
practicing a speak-up/listen-up culture and
ensuring
the appointment of the RRMO.
Investigation and Remediation Process
The Group encourages its workforce
to document incidents
of harassment, including actions taken
to address them and
prior requests
for assistance. The Group Human
Resources, Group Compliance, and Group Internal Audit work together to examine
grievances or
complaints, ensuring a prompt, thorough,
and impartial investigation while maintaining confidentiality and protecting personal data.
If the investigation confirms a violation
of the Group’s Policy
against Workplace Violence and Harassment, the responsible Committee
determines appropriate disciplinary measures, taking
suitable and proportionate action to prevent recurrence of such incidents.
The Group’s Policy for Reporting Illegal or
Unethical Conduct
provides protection against reprisal and
ensures confidentiality for those
who report concerns. Staff are encouraged to raise
issues of concern and speak up when they suspect potential wrongdoing
or are
faced with conduct or situations that may raise
ethical, legal or regulatory concerns.
The Group’s Policy against Violence and Harassment is supported
by a Committee against Workplace
Violence and Harassment, which
oversees the implementation of the policy and ensures that all reported incidents are treated with seriousness, confidentiality, and
respect, with thorough investigation and disciplinary action if necessary.
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Protection Against Retaliation
According
to
the Policy
for
Reporting Illegal
or
Unethical
Conduct,
Eurobank provides
protection against
reprisal
and
keeps
confidential the identity of
those who have submitted
information they know
and consider to be
accurate and true. Additionally,
there
are policies in place to
prevent any form of
retaliation against
individuals, including workers' representatives, utilising
these
channels. For further reference, applicable
information has been disclosed in accordance with ESRS
G1-1 Business conduct policies
and corporate culture.
Action on material impacts on
own workforce, and
approaches to managing material
risks and pursuing material
opportunities
related to own workforce, and effectiveness of those actions [S1-4]
Eurobank has formulated action plans to effectively manage
the material impacts, risks and opportunities relating to its workforce,
which are consistent with ESRS 2 MDR-A.
The following outlines a
summarized description
of the action
plans and allocated resources.
Learning, Certification, Professional Development and Performance Management
Eurobank has implemented the following
initiatives, aimed at
delivering positive impacts to its own
workforce:
●
Certifications:
The Bank consistently provides a range of learning solutions to facilitate employees achieve certification/re-certification of
their professional competence
in providing investment
advice, insurance mediation, mortgage
credit and small
business
banking. Over 1,280 new certifications were recorded in 2025, while
more than 3,200 were re-certified
in Greece.
●
Learning and Development:
In 2025,
Eurobank delivered
529,852
total learning
hours,
including activities
delivered to
temporary employees
and
contractors. The average
number of learning hours per
employee was 37.6. The Bank
invested more than €3.2 million
in
learning initiatives, ensuring employee upskilling,
building leadership capabilities and strengthening
expertise through an
extensive range of certifications
and professional qualifications.
●
Leadership Capability Framework:
An update of the
Leadership Capability Model was carried
out in 2025.
The updated model reflects
emerging leadership
trends, future-fit capabilities, and the evolving demands of executive roles. Our new leadership framework
is aligned with
global best practices and designed to support long-term organizational
agility and sustainable success.
●
Performance Management:
Eurobank continued to implement the Group Performance Management framework, focusing on continuous feedback and
development.
For
Senior
Executives, 360°
Feedback
is
also
used
to
support
leadership
growth.
The
framework
is
implemented in accordance with the
Group’s Performance Management Policy, which applies uniformly across all Eurobank
entities, promoting
consistency and
transparency.
In 2025,
a
Bank-wide initiative
named Compass
Talks-Performance
Power-up was
launched, addressed
to all
Eurobank managers
in Greece.
The initiative’s
goal was
to touch
base with
managers
and
support them
in
improving performance
management
by
transforming
challenges into
opportunities,
navigating the way Eurobank defines it,
as well as
learning how to handle low performing individuals.
●
Embedding Ethics and Responsibility in Banking, with a focus on Consumer
Protection:
Commitment
to transparent
operations
is
a
cornerstone
of the
Eurobank’s
corporate
culture.
Compliance
with
the
regulatory framework and the obligations
arising from consumer protection are
key pillars for
strengthening the Group’s
credibility and sustainability.
In 2025, a dedicated digital learning on Consumer Protection, specifically tailored for selected front-line and support roles,
was launched to enhance their knowledge regarding:
-
the Eurobank's obligations when providing products and services to consumers,
-
consumer rights and requirements of the regulatory framework,
-
the proper management of pre-contractual and contractual material,
-
unfair commercial practices
and respective prevention methods,
-
the importance of responsible communication with consumers.
Through the programme’s
practical examples and case
studies, 725 employees had the opportunity to develop skills
that
ensure the delivery
of responsible and compliant
customer service, within 2025.
Moreover, the initiative
will have
been
completed by all the relevant roles with
Q1 2026.
●
Cultivating Future-Ready Leaders and Managers
o
Leadership development
– A
significant leadership shift
is underway
at Eurobank,
anchored in the
launch of
the
Leadership Development
Programme, jointly
designed with
INSEAD and
introduced in
Q4 2024.
The programme
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created a distinctive space for
the first cohort
of senior leaders to
challenge assumptions, engage in deep
self-reflection,
exchange diverse
perspectives, embrace
innovation, and
strengthen a
shared commitment
to creating
meaningful
value—for Eurobank’s clients, people, and society. Delivered through 50+ hours of immersive
learning and real-world
exposure over a five-month period—including a field trip to Paris—the programme enabled leaders to gain first-hand
insights into emerging trends and innovation
ecosystems. At the same time, it strengthened their
capability to navigate
complexity,
drive
strategic
change, and
lead
with
purpose. Building
on
this
momentum, Eurobank
continues
to
strengthen its strategic
leadership capabilities with
the launch of a
second cohort, featuring
enhanced content and
expanding the programme’s reach
to a total of 59 senior leaders.
o
Management Skills development
–
Ιn 2025, Eurobank launched a new management skills framework, marked
by the
introduction of ManagersDay - an initiative designed to introduce
this new development framework to all managers,
reinforcing a shared strategic vision across the
organization. Managers from across Greece gained
a clear understanding
of their
contribution to
the Bank’s
strategic
progress, as
well as
the collective
value created
through their
daily
collaboration, reinforcing a culture of engagement and responsible leadership. In order to support managers
towards
this shift, new learning journeys were introduced for all new and experienced middle managers at Eurobank,
aimed at
strengthening core managerial
skills and enhancing effectiveness.
These journeys combine digital learning
modules,
interactive workshops,
and virtual
masterclasses,
with a strong
focus on
building strategic
leadership capabilities,
covering skills such as
innovative thinking, stakeholder
management, empowering and inclusive
leadership, and the
ability to connect and enable teams.
Delivering more
than 20,000
learning hours
for 1,150
Senior leaders and
managers in
2025, the
abovementioned
initiatives were
attended by
82.3% of
this community
in Greece
and accounted
for more
than 19%
of the
total
workforce in the country.
●
Generative AI capability
o
For senior leadership
Eurobank implemented
a targeted
executive learning
initiative on
Generative
Artificial Intelligence,
developed in
collaboration with London Business School. The
two-day masterclass enhanced GenAI fluency among senior
leadership
by
establishing
a
shared
understanding
of
the
technology,
its
applications,
value
creation
potential,
ethical
considerations
and
transformative
role
in
banking.
The
programme
equipped
leaders
to
drive
innovation
and
responsibly integrate GenAI into operations, supporting
the delivery of smarter, faster and more personalised services,
while upholding high ethical standards. More than
105 senior leaders participated in this
programme during 2025. This
initiative reinforces
Eurobank’s commitment
to continuous
skills development
towards digital
transformation and
innovation.
o
For all employees in Greece
Aiming to provide essential knowledge on Generative
AI, along with practical, applicable
ideas that can be utilized in
daily work, Eurobank introduced a special digital learning programme, addressed to individuals taking their first steps
in
Generative AI, regardless
of role,
that does not
require technical knowledge
to follow.
The programme includes
selected
content
from
the
Udemy
Business digital
learning
library
and
covers
fundamental
concepts,
practical
workplace applications, AI interaction techniques (prompting), ethical considerations, and
responsible use, along with
a set of
optional selected online courses
for deeper exploration
of more advanced concepts,
practical examples for
everyday tasks,
and advanced
prompting. Furthermore,
the programme
offers a
curated set
of
articles on
Gen AI
applications within the banking industry, designed to reinforce organizational
readiness for effective
AI adoption.
o
Sales training programme
In 2025, Eurobank launched a new learning initiative focused on sales methodology,
based on Behavioral Economics,
designed to transform employees into trusted advisors through an interactive
workshop. Participants from the Retail
Branch Network gain a clear understanding of
the competitive landscape and develop
a structured and applicable sales
strategy, while managers deepen their role as sales
coaches, enhancing their ability to support and guide their teams
effectively. Participants
reported the value
of the programme
toward their
role challenges,
practicality of tools
for
implementation and performance uplift.
Talent Acquisition,
Career Development, Talent Management, and Succession Planning
Eurobank implements structured and inclusive initiatives to attract talent from a broad range of professional backgrounds, skills and
career stages, supporting equal access to employment opportunities and long-term workforce sustainability.
The Group focuses on
strengthening its talent pipeline by engaging individuals with different experiences
and expertise, including
technology skills through
the TechYourFuture Talent
Programme, international professional
experience through the Brain Regain
initiative, and
early-career
talent through systematic
engagement with universities
and career forums.
In parallel,
the “Empower the
Network” programme
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combines internal career development with selective external recruitment, ensuring a balanced and merit-based approach
to talent
acquisition.
Across the entire employee
lifecycle, from recruitment and learning to
performance evaluation, promotions
and career development,
Eurobank applies
objective, transparent
and merit-based
criteria, ensuring
equal opportunities,
consistent decision-making
and
freedom from
bias. Through
these principles
and initiatives,
the Group
enhances organisational capability,
supports knowledge
transfer and builds a resilient
workforce aligned with its strategic
and business priorities.
●
Career Forums & Academia Engagement:
Eurobank continues to demonstrate its
strong commitment to supporting
the new generation and
strengthening its position
as an employer of choice, through active participation in leading career forums and employability initiatives across Greece.
The Group took part in major national career events, including the Panorama of Entrepreneurship & Career Development,
Career Days by Kariera.gr, and Talent Days by
CollegeLink, engaging directly with young professionals and emerging talent.
In addition, Eurobank participated in a wide range of career events hosted
by top academic institutions, such as the Athens
University of Economics and Business,
the University of Piraeus, the University
of Macedonia, the Technical
University of
Crete, and other universities across the country, reinforcing its commitment to nurturing youth employability and
fostering
industry-academia collaboration. Strengthening the events’ international dimension,
Eurobank also welcomed a delegation
from the Technical University of Munich to its headquarters, offering the opportunity to engage with executives, exchange
perspectives on the
future of financial
services, and gain
a deeper understanding
of Eurobank’s
strategic priorities
and
innovation agenda.
●
Other Career Events:
For the 10th consecutive year, Eurobank, in collaboration with the Panorama of Entrepreneurship & Career Development,
successfully hosted the Eurobank Business Day on-site career
event. In 2025, the event welcomed 60 students and recent
graduates from
leading academic
institutions, offering
them the
opportunity to
interact
directly with
senior Eurobank
executives and high-performing employees, explore real business
challenges, and gain a deeper
understanding of the
Bank’s
strategy and operations.
This year’s Eurobank
Business Day centered on
Innovation, Technology and
AI, showcasing the
Group’s commitment to digital transformation and future-focused skills. Through
interactive workshops, career corners and
panel discussions, participants were
introduced to emerging
technological trends, the impact
of AI
on banking, and the
evolving skillsets shaping the future of work.
●
Brain Regain / Strategic Talent
Attraction Initiatives:
The Brain Regain
initiative includes dedicated Career Days organised by the Greek Public Employment
Service (DYPA) and
the Ministry of Labour & Social Security, in collaboration with the Ministry of Foreign Affairs.
These events aim to connect
high-skilled Greek professionals
living abroad with employment opportunities in Greece and to support their repatriation
and reintegration into the local
labour market. In alignment
with this national effort,
Eurobank strengthened its strategic
focus on attracting experienced Greek talent working
overseas. Throughout 2025, the Bank conducted targeted outreach
in
major global
talent
hubs—including London,
Stuttgart and
New York
—enabling direct
engagement
with professionals
interested in returning to Greece and contributing to the country’s economic and innovation landscape.
Through dedicated networking
events, market insights
sessions and individual meetings,
Eurobank showcased its career
opportunities, innovative initiatives and strong employee value proposition, positioning itself as an employer of choice for
repatriating talent. As a result of these
efforts, Eurobank was recognised nationally
for achieving the highest
number of hires
from abroad within the
Greek market, reinforcing its leading role in
supporting the
return of high-calibre expertise to
Greece.
This strategic
commitment continues
to strengthen
Eurobank’s internal
capabilities, enhance
knowledge transfer
and
contribute
to
the
broader
national
objective
of
reversing
talent
migration
and
supporting
sustainable
economic
development.
●
TechYourFuture Talent
Programme 2025:
In 2025, Eurobank continued to strengthen its
commitment to developing next-generation technology talent
through the
TechYourFuture programme,
a strategic initiative
designed to attract, cultivate, and upskill young professionals
with high
potential. This year, the
programme brings together 14 participants in
total, including 7 new joiners from
Greece, 4 from
Bulgaria, and 3 employees from Cyprus who are part of the Bank’s existing staff.
All participants join Eurobank as full-time
employees and embark on a dual journey
that blends professional experience with structured learning. From their
first day,
they are
enrolled in
a two-year
technology development
academy, during
which they
split their
time equally between
working and learning, dedicating
50% of their schedule
to practical, on-the-job
experience and the
remaining 50% to focused
training.
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The
curriculum combines
certified
learning
pathways,
hands-on project
exposure,
and
mentoring from
experienced
technology leaders. Delivered in collaboration with Microsoft,
the programme ensures access to industry-leading resources
and deep expertise
in emerging
technologies. TechYourFuture
continues to serve
as a
key driver in
building Eurobank’s
internal technological
capabilities and preparing
future talent
for critical
roles within
the Bank’s
digital transformation
strategy.
Development Plans and Improvement Plans:
Career
development
holds significant
importance within
the
Group.
Employees
work
with
their managers
to
create
tailored
Development Plans that
align with their
professional growth and
career aspirations. Alternatively,
an Improvement Plan
can be
crafted to outline a strategic path for enhancing performance and addressing areas requiring development. Both plans are designed
to cultivate employee
competencies and behaviours through
targeted training and
development initiatives, aligning
their skillsets
with their current roles or potential future positions.
●
Talent Management Programme:
Eurobank implements a
structured, bank-wide Talent
Management Programme focused
on identifying, developing,
and
strategically leveraging
a strong internal talent pipeline to support
business priorities. In 2025, the talent
pools across all
Business Units reviewed
to ensure
a strong
and current pipeline
of high-potential employees.
This enhanced
approach
includes a
talent
segmentation model
with
a
focus on
mobility and
structured
career discussions,
enabling tailored
development offerings such as job swaps and rotations, mentoring, and job shadowing to support the next career steps of
career-oriented talents.
●
Prosper Class of 2025:
As part of developing the Bank’s
Future Leaders identified through the
Talent Management
process, Eurobank continued
the PROSPER
programme in collaboration with
ALBA Graduate Business
School — a specialised
leadership development
experience
designed
to
strengthen
strategic
thinking
and
modern
leadership
capabilities.
The
programme
offers
a
comprehensive learning
journey that
includes external
perspectives, interactive
sessions, cross-functional
networking,
practical guidance and dialogue with experienced academic faculty, encouraging innovation, critical thinking and
forward-
looking decision-making. In 2025,
32 high-potential employees participated in
and successfully completed
the PROSPER Class
of 2025, reinforcing Eurobank’s commitment to cultivating
the next generation of leaders.
●
Employee Mobility & Internal Career Marketplace:
In 2025,
Eurobank continued
to enhance
internal mobility
through the
Career
Marketplace intranet
platform, which
supports
employees
in
exploring
available
job
opportunities
and
understanding
potential
career
paths
within
the
organisation. The platform also provides practical guidance, tips and
best practices to help employees navigate the internal
recruitment and mobility process effectively.
During 2025, 355 job openings were
posted on the Career
Marketplace, with 48% of positions in
Greece filled internally,
reinforcing Eurobank’s
commitment to
developing and
promoting talent
from within and
strengthening career
growth
opportunities across the Group.
●
Succession Planning:
The Group’s C-Level Succession Planning
framework is assessed annually, following a
structured and
comprehensive process,
according to
the guidelines
of the
Group’s
Nomination and
Corporate Governance
Committee as
well as
its Board
of
Directors. The Bank has a C-level
Succession Planning Policy in place
to ensure executive bench strength for the C-level roles
is aligned with the Group
strategy, purpose and leadership
culture, aiming to achieve
business continuity and growth. C-
level Succession Planning focuses on mobility
of successors, while female representation is of outmost
importance. In 2025,
female successor representation increased
to 30% at C-Level.
Eurobank also introduced targeted
career discussions with
high potential internal successors, with the
discussion focusing on progress
and goals in their
current role, career aspirations
and development
areas. In
2025, the
Bank completed the
first review
of C-1 Succession Planning,
complementing the
existing C-level succession framework. Notably, 38% of the
total C-1 successor pool were women, demonstrating the
strong
potential for further enhancement and
support of the Bank’s
female senior talent
pipeline. Key radar talented
resources
were identified and will
be actively managed through the Group Talent Management
programme.
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Wellbeing, Work-Life Balance, and Inclusion
●
Wellbeing and Work-Life Balance:
In 2025,
Eurobank further
embedded wellbeing
into its
people strategy,
recognising it
as
a key
enabler of
employee
engagement resilience
and sustainable performance.
The Bank adopts
a holistic
and preventive approach
to wellbeing,
combining structured programmes,
accessible support mechanisms and continuous assessment
of employee needs. The
myPROSPERITY framework remains the central wellbeing platform, supporting employees
across all stages of their personal
and professional lives through four interconnected pillars:
o
For my body
– Promoting physical health, prevention and healthy habits
o
For my soul
– Strengthening emotional resilience
and mental wellbeing
o
For my community
– Encouraging social connection, inclusion and mutual support
o
For my future
– Enhancing financial wellbeing
and financial literacy
The Bank collaborates
with external partners to
further strengthen employees’ financial
literacy and informed decision-
making.
Wellbeing initiatives are designed to ensure equal
access, flexibility and confidentiality, enabling employees
to manage their
wellbeing according to their individual
needs and life circumstances As part of this
initiative, employees eagerly participated
in 9
online
myPROSPERITY
Talks
and live
events
delivered
during working
hours,
delving into
contemporary topics.
Additionally, the employees had access to articles and podcasts, via internal channels, that not only inspired and informed
them, but also equipped them with new skills,
empowering them to fortify their emotional resilience.
●
For my future – Financial Wellbeing
Financial wellbeing is an integral part of Eurobank’s holistic wellbeing approach. Under the myPROSPERITY – For my future
pillar, the Bank supports employees in
strengthening their financial confidence through
targeted initiatives and digital tools.
In this context, Eurobank expanded
its collaboration with Plum, a
leading European fintech platform,
offering employees
free access to a personalised
digital money management
solution. Through automated saving, budgeting and investment
tools powered
by artificial
intelligence, employees
are supported
in managing
their personal
finances in
a simple
and
informed way.
●
For my body – Nutrition & Healthy Habits
Promoting healthy nutrition
is a
key component of
physical wellbeing. Under
the myPROSPERITY
– For my
body pillar,
Eurobank introduced initiatives
that support balanced
dietary habits and
informed everyday
choices. Employees
at the
Eurobank Campus in Nea Ionia have access to free
individual nutrition counselling, including body composition
analysis and
personalised dietary
plans, provided by
a certified
clinical dietitian. In
parallel, the Bank
launched a collaboration
with
Meallion, offering employees access to healthy, balanced
meals at a preferential corporate rate, supporting healthy choices
while also promoting sustainability
through responsible sourcing and recyclable packaging.
Digital & Preventive Wellbeing Tools
To complement in-person support, Eurobank provides digital wellbeing
solutions that promote autonomy and accessibility:
●
The Coach Platform
– A 24/7 digital
wellbeing platform offering
personalised guidance in fitness, nutrition and mental
wellbeing, available
to all employees free of
charge
●
Parental and Family Leave:
Eurobank offers extra
maternity/childbirth leave (with flexible
hours or accrued leave), paid parental
leave (19+2 weeks,
over 2 weeks above the legal minimum, with 1,152 total paid weeks granted in 2025), unpaid parental leave, paid leave for
single parents, adoption, disabled children and medical caregiving,
and leave for school-related child activities.
●
Flexible Work Arrangements:
Hybrid work
up to
3 days/week
from home
– 81%
of middle/back
-office staff
opted in
via formal
agreement. Flexible
start/end time within a
2-hour range. Time-out reminders to support on-time clock-out (regulatory compliance).
●
Disability Inclusion:
1 hour less per day for employees with >50% disability.
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●
Diversity and Inclusion Initiatives:
As part of its commitment to Diversity and Inclusion,
the Group introduced the 3rd Season of Women in
Banking (WiB) in
December 2024, following the highly successful
and award-winning previous two seasons.
WiB is a
programme aimed at
empowering women
within Eurobank
to advance
to higher
leadership
roles,
drive transformative
change within
the
organisation, and advocate for
an inclusive and equitable
work environment.
Designed by and
addressed to talented women,
this programme
integrates
mentoring with
learning through
interactive
workshops, virtual
masterclasses,
gaming and
various engaging
activities. In
2025, the Bank
successfully completed
the third season
of the
Women in
Banking (WiB)
programme, following
the strong momentum of the previous cycles. The
collaboration among participants
from all three
seasons, together with the involvement
of all mentors and mentees,
has fostered a vibrant and
growing WiB Community
within Eurobank.
All three (3) seasons of WiB concluded
with resounding success, encompassing 2,200
hours of educational programmes and
over 980 hours of mentoring sessions. The collaboration
among participants from all cycles, comprising of
188 mentors and
mentees, culminated in
the formation of
a vibrant and
influential community within
Eurobank. This community
aims to
foster
social connections,
expand professional
networks within
the Group,
and
enhance professional
growth through
knowledge and
idea
exchange.
The WiB
Community has
already undertaken
several
initiatives with
the objective
of
maintaining its active presence and generating a positive impact on its members, other female colleagues within Eurobank
and the broader organisation.
WiB not only serves as a cornerstone for women’s empowerment but also plays a pivotal role in championing diversity and
inclusion, cultivating
a
workplace founded
on
acceptance and
mutual respect.
With
a
forward-looking approach
and
unwavering dedication, the
WiB community is spearheading
endeavors to empower women
and foster
a more inclusive
leadership landscape.
So far,
out of the 188
WiB community members,
a significant number has grown
to become new
managers as
well as a
senior managers, increasing the percentage of women in senior leadership positions, a
key goal of the Women in Banking
initiative. It should be noted
that most WiB participants
already were managers.
Promotions and remuneration rewards
were
also
plentiful
within
the
WiB
community,
showcasing how
impactful
and
empowering
the
programme
is
to
performance, not just mindset.
The abovementioned initiatives
are the ones in
place within the wider
spectrum, related to the
employees of the Greek
entities. There are more initiatives implanted on a local level, based on the specific
characteristics and needs of its
entity.
●
Women’s Empowerment Principles (WEPs):
In 2024, Eurobank signed the
Women’s Empowerment
Principles (WEPs) which provide essential guidance for
businesses
striving to promote
gender equality and empower
women within the workplace,
marketplace, and broader community.
Established by UN Women
and the UN Global Compact, these principles are
informed by international labour and human
rights standards, recognising that businesses play a critical role in advancing gender equality and women's empowerment.
Eurobank's commitment to these principles transcends mere rhetoric; it is integrated into its Code of Conduct and reflects
the
organisation's
core
values.
With
a
steadfast
emphasis
on
empowering
women
and
enhancing
their
leadership
opportunities within the Group,
Eurobank's dedication to the WEPs represents a
meaningful step towards this goal. Women
empowerment workshops (gender pay gap) further reinforce
this commitment. By adopting the Women’s
Empowerment
Principles,
the
Group
reaffirms
its
unwavering
commitment
to
fostering
a
sustainable
and
inclusive
future
for
its
organisation, its employees, and the wider
community in which it operates.
●
Connected Intranet
and Internal Communication
Eurobank’s internal
corporate intranet serves as
a vital resource
for employees, keeping
them informed on
all strategic,
business, HR
and technology-related matters.
It is a
digital platform
that promotes
the Group’s
actions and
initiatives,
providing employees with immediate access to important information. In 2025, the content
of the intranet was maintained
and updated, resulting in
8,637 users
visiting Connected, and on
average dwell time
on content 34
second, users spent
several minutes (06:50) per sess
ion on the intranet.
Work-Life Balance and Mental Health
To
mitigate
and remediate
negative
impacts
on
its workforce
stemming
from
Group
operations, Eurobank
has
planned
and
implemented the following actions:
●
Eurobank provides Mental Health
Employee Assistance Helpline
for all its employees,
from Monday to Sunday, including
holidays, from
15:00 to
23:00. The
Helpline operates
completely confidentially
and without
any financial
burden. The
dedicated advisers from HELLAS EAP guide and support
Eurobank’s employees on a variety of relevant topics, such as
stress
management at work, emotional
resilience, family
tensions or addiction issues.
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●
Additional leave on top
of the statutory one, such as childbirth
leave (pregnancy and post-partum)
and maternity leave, with
the option of reduced working hours or accrued leave.
●
Leave for a child’s educational-related
school activities.
●
Paid parental leave, minimum 2 weeks more than
the legal requirements, unpaid parental
leave, paid leave for single-parent
families, paid leave to adopt a child,
paid parental leave for parents
with disabled children, paid
family/care leave for medical
reasons.
●
1 working hour less per day to employees with certified disability
equal to or more than 50%.
●
Measures to help employees keep
their schedule within their
working hours and promote their
work-life balance,
i.e. by
sending out emails as
reminders to clock out on time, in compliance with regulatory requirements.
●
Hybrid Work Model up to 3 days from
home: 81% of middle or back-office employees have opted for
Hybrid Work Model
via contractual agreement in accordance with Eurobank's Hybrid Work Policy.
●
The opportunity to the majority of employees to choose their working hours from
a range of options, typically within a 2-
hour span, in order to better accommodate their needs.
●
Eurobank tracks and encourages full use of annual leave
entitlements.
Learning Initiatives Regarding Violence and Harassment in the Workplace
Eurobank continually
strives to
promote a
safe and
respectful work environment.
Therefore,
a digital
learning programme
was
implemented during 2023 for
all Group employees in
Greece, aiming to equip
people with the necessary
knowledge and skills to
identify,
prevent and
properly respond
to instances
of violence
and harassment.
In addition,
separate virtual
workshops were
addressed to team
managers, to provide
them with practical
knowledge to prevent
such behaviours,
while amplifying the effort
towards nurturing
an environment
of mutual
respect and
dignity, where
no one
tolerates harassment
in any
form. Since
then,
Eurobank constantly continues to offer the digital learning programme as
mandatory for all new hires and the virtual workshop for
all the newly-appointed team managers
.
Diversity, Equity and Inclusion
Discriminations based on nationality, gender, parental status, colour, religion, health, sexual orientation,
etc. are not in tune with the
Group’s principles and values. The Group has adopted a zero-tolerance approach, which applies to all staff and prohibits all forms of
discrimination, whether direct or indirect.
It is also reflected in contractual
documents adopted when entering into relationships with
third parties. To this end, it has
introduced a Diversity, Equity and Inclusion Policy and Workplace Violence and Harassment
Policy.
Employee Engagement and Feedback
As analyzed further
in section “Processes
for engaging
with own
workforce and workers’
representatives about
impacts [S1-2]”,
Eurobank has implemented the initiative “WeSay 2025 survey” in order to monitor employee satisfaction and provide opportunities
for feedback that will help identify negative
impacts, enabling proactive intervention.
Eurobank conducts the WeSay Employee Engagement survey every 18 months, inviting all employees in Greece and Cyprus to share
views on engagement,
satisfaction and wellbeing.
The WeSay 2025 survey,
completed in Q1,
recorded an 82%
participation rate.
Findings have led to
actions that are
currently being implemented
in areas such as
compensation and benefits,
learning, process
optimisation, culture alignment and team
collaboration, and wellbeing initiatives.
Additional Actions to Address and Mitigate Material Risks
To address and mitigate material
risks stemming from impacts and dependencies
on the workforce, the following actions have been
initiated:
●
Comprehensive training programmes have been implemented
to enhance skill development and reduce skill gaps.
●
Professional growth opportunities have been launched to foster career progression and retain top talent.
●
Well-being initiatives
have been
rolled, including
mental health
support, flexible
working arrangements,
and wellness
programmes.
●
An inclusive workplace has been created by establishing diversity and inclusion policies and promoting a culture of respect
and belonging.
●
In addition,
Eurobank ensures
its practices
do
not harm
employees by
enforcing
GDPR compliance—personal
data
is
processed lawfully, used only for legitimate HR purposes, and access is restricted to authorized staff. For more information
please refer to: Data security and customer privacy.
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Subsidiaries’ Own Workforce & Equal Treatment actions
In addition to Group-level policies,
Eurobank’s subsidiaries in Bulgaria, Cyprus, and
Luxembourg implement targeted actions to ensure
fair working
conditions, equal
opportunities, and
a respectful,
inclusive workplace. The
following sub-sections
summarize each
subsidiary’s key measures and achievements
in these areas.
Bulgaria (Postbank)
Postbank has established a comprehensive framework to support its workforce and promote
equal treatment. The bank enforces a
strict zero-tolerance policy against discrimination, harassment, and human rights violations, embedding Diversity, Equity & Inclusion
(DE&I) and Workplace Violence and Harassment Policies into its governance and daily operations. In 2025, women represented 78%
of the
total headcount,
and there
were zero
incidents of
discrimination or
harassment reported.
Postbank
supports women’s
advancement through mentoring programmes for female leadership and initiatives for mothers returning from maternity leave. The
bank also provides leadership development, targeted induction training, and access to international learning opportunities. In 2025,
Postbank
officially
inaugurated
its
internal
Postbank
University.
It includes
the
brand-new
Future
Skills Academy,
which is
a
comprehensive human development programme aimed at building the skills needed to thrive in an increasingly technological world
where people have a key role
to play. The bank launched Digital Pulse - a
joint initiative of the Digital Transformation Area and Human
Resources aimed
at
enhancing the
digital culture
in the
bank and
building knowledge
and skills
in artificial
intelligence, data
management and digital tools for more efficient work, innovation
and process optimization. As part of
its commitment to continuous
improvement of the
work environment and
organizational culture, in November
and December 2025, the
bank carried out a
full-
scope employee engagement
survey. The survey
gave employees
the opportunity to freely
express their views
on various topics
related to their experience in
the Bank, achieving 82% participation rate.
The preliminary results indicate 70% employee
engagement.
Postbank’s commitment to employee wellbeing, professional and career development,
and equal treatment was recognized with the
Top Employer award for
the third consecutive year and multiple distinctions for best employer,
diversity and inclusion.
Cyprus (Eurobank Limited and insurance subsidiaries)
Eurobank Limited has
advanced its workforce
and equal treatment
agenda by
embedding diversity and
inclusion into their
core
policies and practices. Eurobank Limited maintains
,
amongst others,
a Code of Conduct and Ethics, a Policy for
Reporting Illegal or
Unethical Conduct or Violations of
European Union and National Law (Whistleblowing), a Personal Grievance Committee, and a Code
for Dealing with Violence and Harassment
in the Workplace to ensure a safe
and respectful work environment. Diversity principles
and
gender
equality
provisions
are
incorporated
into
succession planning,
recruitment,
and
remuneration.
Ex
Hellenic Bank
employees are empowered to
donate unused leave days
to colleagues facing hardships. Ex Eurobank
Cyprus Women’s Empowerment
Committee organized special networking initiatives. In 2025,
women made up
67% of Eurobank
Limited employees.
Eurobank Limited
achieved a 100% completion rate for employee performance
evaluations and regularly monitor gender pay equity, with targets set
for gender diversity at senior level.
Ex-CNP Group provides
various benefits to support
employees’ well-being and promote a
respective and inclusive workplace. For
example, maternity and paternity leave is extended beyond labour law provisions, whistleblowing policy and tools help prevent and
respond to
incidents of
harassment and
discrimination at
the workplace,
while benefits
such as
attractive
provident fund
and
discounts for insurance policies of employees’
family members support their financial wellbeing. In
2025, women made up
70% of ex-
CNP Group workforce with 38% of women in managerial
roles.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private Bank Luxembourg upholds high
standards for workforce management and equal treatment. The bank
is committed
to gender equity, family support, age diversity, disability inclusion, and LGBTQ+ inclusion. A zero-tolerance policy for discrimination,
mobbing, bullying, harassment, or victimization is strictly enforced, and there
were zero fines or penalties regarding
discrimination
or harassment
in 2025.
Employees are
supported in
pursuing academic
and professional
development, and
the bank
provides
teleworking, health and life insurance,
and ethics training.
3.1.2
Metrics & Targets
Targets related to managing material negative impacts,
advancing positive impacts,
and managing material risks and opportunities
[S1-5]
Eurobank has set measurable time-bound outcome-oriented targets to
advance its commitments towards its employees to fostering
a diverse and inclusive internal environment by 2030 and cultivating a culture of wellbeing
by 2026.
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Key Workforce-Related Targets
The main related targets:
●
Improve gender diversity for Top and Senior Management
●
Monitor, disclose and improve Gender Pay Equity Gap
●
Increase participation in mental health training
courses
●
Investigate, specify and quantify the significant
aspects for employees’ wellbeing
●
Measure wellbeing score through people engagement
survey
Alignment with DEI Policy and Material Topics
These targets support and align
with the core principles of the Diversity,
Equity and Inclusion (DE&I) policy,
emphasising diversity,
equity, inclusion and well-being
across the organisation. The focus on maintaining
gender balance in the workforce aligns
with the
DE&I policy’s goal
of advancing gender equity.
The commitment to inclusive
management as part of
Manage Forward
and other
Leadership Development
programmes and
initiatives that
focus on
leadership training for
all Eurobank
managers, supports
the
development
of an
inclusive working
environment.
Eurobank’s
Generations
Diversity
strategy
further
reflects the
company's
commitment to fostering
an equitable
and inclusive environment that
recognises the value of
diverse perspectives across
all age
groups. Monitoring
and improving
the Gender Pay
Equity Gap ties
directly to
the DE&I
policy's equity
objectives, ensuring that
compensation is fair and transparent. Additionally,
the targets focused
on workforce well-being, including achieving an
increase in
the wellbeing score and increase the participation of employees in mental health training,
underscore the organisation's dedication
to the holistic well-being of
its employees.
Progress and Achievements in 2025
Indicative achievements against
targets for 2025 are as
follows:
●
Training on unconscious
bias for managers
as part of a
four-hour virtual training
programme on workplace violence
and
harassment.
●
Generation Diversity Strategy principles and conclusions have been integrated
into the Bank’s Renewal
Strategy.
●
Continuation of
the “myProsperity”
initiative (including
inspirational talks
by
external experts),
as part
of the
Group’s
Wellbeing Framework.
●
Implementation of
the Culture
Shift initiative,
promoting new
ways of
collaboration in
the workplace,
new Manager’s
Competencies and a new Leadership Capability Framework.
●
Training programmes
in place to promote
diversity and inclusion,
as well as
anti-harassment
principles, addressed to all
employees.
●
Completion of wellbeing initiatives
to promote mental health.
●
Launch of 2025 People Engagement Survey, including a wellbeing
and life-work-balance section.
●
A Group-wide
project has
been initiated
to monitor
and improve
the gender
pay gap,
with the
aim of
strengthening
transparency and supporting equal pay practices across the Group.
Governance, Monitoring, and Continuous Improvement
The Sustainability Strategy defines the Group’s sustainability
priorities and objectives. The Operational Impact Strategy is
deployed
through milestones and KPIs that support
the annual and the long-term interim targets set across multiple project
streams, spanning
over the next
decade. It is developed
and deployed along 3
pillars and corresponding
corporate objectives, supported by
a governance
structure of project streams (one per each commitment) and the supervisory ESG/OIS Committee. Progress is regularly reviewed at
the
Sustainability Management
Committee.
Links
are
established
with
Transformation
streams
as
well as
corresponding
ISO
management
system standards,
to
ensure
substantiation
and certification
of activities,
validate target
setting
and
measured
performance, and systematically
monitor progress through internal reviews and external assurance.
The Group plans to revisit and
update its Sustainability
Strategy on a
regular basis, in
line with best
market practices and
regulatory requirements. The
targets’
progress will be monitored throughout the year to ensure that they are met with a final evaluation at the end of the period they are
set.
Equal Treatment
and Opportunities for
All,
and Own Workforce
and Working Conditions,
have been identified as
material topics
during the stakeholder engagement
process. The commitment to fostering
a diverse and inclusive internal environment, alongside
cultivating a culture of wellbeing
are informed by the impacts, risks and opportunities that are directly linked to these
topics.
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Characteristics of employees [S1-6]
In 2025, the Group’s
total number of employees amounted to 12,773, remaining
broadly stable compared to 12,833 employees in
2024. Permanent employees continued to represent the vast majority of the workforce, reaching 12,631 employees (2024: 12,785).
Female employees accounted for approximately 65% of total headcount, maintaining the Group’s consistent gender representation
across the organisation.
Total in Headcount
Employees as of 31.12.2025
Employees as of 31.12.2024
Male
Female
Total
Male
Female
Total
Total number of permanent employees
4,401
8,230
12,631
4,396
8,389
12,785
Total number of temporary employees
34
108
142
14
34
48
Total of non-guaranteed hours employees
0
0
0
0
0
0
Total number of employees (sum)
4,435
8,338
12,773
4,410
8,423
12,833
The following tables present the distribution
of employees across the Group’s countries of operation — Greece, Bulgaria, Cyprus and
Luxembourg. In 2025, Greece represented around 47% of the Group’s
headcount, with a stable gender mix. Bulgaria accounted for
approximately 29%, Cyprus
for 23%, and
Luxembourg for around
1% of total
employees. Changes across
countries largely reflect
normal workforce movements and temporary employment fluctuations, particularly in Bulgaria and Cyprus, where a small increase
in temporary employees was recorded to support operational needs.
Overall, the Group’s workforce composition remained consistent with the previous year, reflecting a
stable organisational structure
aligned with the Group’s operational requirements
and strategic priorities.
Greece
Employees as of 31.12.2025
Employees as of 31.12.2024
Male
Female
Total
Male
Female
Total
Total number of permanent employees
2,548
3,494
6,042
2,559
3,499
6,058
Total number of temporary employees
0
0
0
0
0
0
Total of non-guaranteed hours employees
0
0
0
0
0
0
Total number of employees (sum)
2,548
3,494
6,042
2,559
3,499
6,058
Bulgaria
Employees as of 31.12.2025
Employees as of 31.12.2024
Male
Female
Total
Male
Female
Total
Total number of permanent employees
786
2,800
3,586
784
3,075
3,859
Total number of temporary employees
13
79
92
0
0
0
Total of non-guaranteed hours employees
0
0
0
0
0
0
Total number of employees (sum)
799
2,879
3,678
784
3,075
3,859
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Cyprus
Employees as of 31.12.2025
Employees as of 31.12.2024
Male
Female
Total
Male
Female
Total
Total number of permanent employees
986
1,875
2,861
973
1,753
2,726
Total number of temporary employees
17
27
44
11
31
42
Total of non-guaranteed hours employees
0
0
0
0
0
0
Total number of employees (sum)
1,003
1,902
2,905
984
1,784
2,768
Luxembourg
Employees as of 31.12.2025
Employees as of 31.12.2024
Male
Female
Total
Male
Female
Total
Total number of permanent employees
81
61
142
72
52
124
Total number of temporary employees
4
2
6
3
3
6
Total of non-guaranteed hours employees
0
0
0
0
0
0
Total number of employees (sum)
85
63
148
75
55
130
A total
of 1,406 employees
left the
Group during the
reporting period, resulting
in an overall
employee turnover
rate of 11.0%,
compared to 10.2% in 2024.
The tables below present the
turnover distribution and
ratio for 2025, illustrating that turnover increased
slightly year-on-year,
driven by normal workforce
mobility across the Group’s
geographies. The voluntary
turnover rate
from VES
programmes was
3.1%.
Group
Employees as of 31.12.2025
Employees as of 31.12.2024
Unit
Male
Female
Total
Male
Female
Total
Total
number
of
employees
who
have
left
during
the
reporting period
Headcount
473
933
1,406
451
854
1,305
Total number of employees
Headcount
4,435
8,338
12,773
4,410
8,423
12,833
Rate of employee turnover
%
10.7
11.2
11.0
10.2
10.1
10.2
As in the previous year, all employee-related data have been reported in
headcount, ensuring consistency and comparability across
the Group. Information is collected
from all subsidiaries and consolidated by
Group Human Resources, enabling a comprehensive and
unified overview of workforce developments for the 2025 reporting period.
Collective bargaining coverage and social dialogue [S1-8]
Eurobank follows a policy of direct communication with its employees
as well as through labour unions. The union with the largest
membership is officially recognised as the representative body for employees in labour negotiations
with management. Over 92% of
Group’s employees are
covered by collective bargaining
agreements at the enterprise, sectoral,
and national levels. Management
actively collaborates with the unions, supporting scheduled meetings and fostering open dialogue to monitor developments within
the work environment.
Collective bargaining agreements address various issues
such as health
and safety, remuneration,
working hours/
work time flexibility,
training, career development, equal opportunities, absenteeism/leave/illness, and insurance issues. In line with Eurobank’s internal
policies, employees' participation in trade union activities is a constitutional right, exercised within the framework of existing
laws.
Legal trade union activity does
not affect employees’ employment status and development
in any way, either positively or
negatively.
Employees can monitor
and get informed about
their trade union
rights, as well
as the activities
of associations, through various
communication channels of their
Union and the
Greek Federation of Eurobank
Employee Unions – OTOE e.g. websites, emails, notices,
labour rights guides, codification of collective agreements).
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Collective bargaining coverage
Group
Unit
2025
2024
Number of employees covered by collective bargaining agreements
Headcount
11,854
12,114
Total Number of employees
Headcount
12,773
12,833
Total Employees covered by collective bargaining
agreements ratio
%
92.8
94.4
Six labour unions are active at
Eurobank Greece. They represent 79,08% of
the Bank’s Headcount. The
standard working hours for
bank employees, as defined by the Sectoral
Collective Labor Agreement, are 37
hours per week. Employees who work beyond this
limit are compensated for
overtime in accordance with applicable
legislation. Based
on the Bank’s internal organisation,
the trade
union activity
of the
employees is
their constitutional
right and
is exercised
within the
context of
the existing
legislation. Any
involvement of the Bank in said trade union activity is not permissible,
unless, and to the extent, permitted by current legislation.
Eurobank is one of the
four banks that represent sector workforce majority, participating in
the banking industry
collective bargaining
agreements with the Greek
Federation of Bank Employee Unions – OTOE.
In addition,
regarding the
Group’s operations
in Cyprus,
the Employers’
Association of Cyprus
Banks which covers
all the
banks
members of the Association of Cyprus
Banks who have a
Collective Agreement with the same Trade Union,
is responsible for industrial
relation issues
and/or discussions for the
renewal of the
Collective Agreement. Specifically,
ex Hellenic Bank engages
with Trade
Unions representing its staff members as part of its ongoing stakeholder engagement activities and negotiates for the settlement of
disputes arising from collective
agreement negotiations.
Social dialogue
Group
Unit
2025
2024
Number of employees working in establishments
with workers' representatives
Headcount
7,166
6,971
Total Number of employees
Headcount
12,773
12,833
Total Employees working
in establishments with
workers' representatives ratio
%
56.10
54.32
In 2025, the share of employees working in establishments with workers’ representatives increased by 1.8% (from 54.3% to 56.1%),
reflecting a broader reach of formal
employee representation across the Group.
Coverage rate
2025
Collective Bargaining
Agreement for
Employees –
European
Economic
Area
(EEA)
(for
countries
with
>50
employees
representing
>10% of total employees)
Social dialogue – Workplace representation (EEA only)
(for countries with >50
employees representing >10%
of total employees)
0–19%
Bulgaria (0%)
20–39%
40–59%
Luxembourg (54.05%)
60–79%
Greece (78.67%)
Cyprus (78.49%)
80–100%
Cyprus (81.48%)
Greece (94.82%)
Bulgaria (100%)
Luxembourg (89.86%)
Diversity Metrics [S1
-9]
The Group is committed to
fostering equal opportunities
for all employees, ensuring fair access
to senior management
roles, equitable
salary structures, and merit-based evaluations and rewards. Eurobank prioritises performance and potential when making decisions
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related to professional development, promotions, and career advancement. This involvement underscores
the company’s focus on
integrating Diversity, Equity,
and Inclusion (DEI) principles, as well
as broader sustainability values, throughout its operations.
In 2025, the Bank launched several
initiatives promoting diversity and inclusion, benefiting employees
and the broader ecosystem.
Women In Banking (WiB) – As part of
its commitment to diversity and
inclusion, in 2024,
Eurobank launched the 3rd Season of
its WiB
programme, building on the
success of the previous seasons.
The programme empowers women to advance
to leadership roles, drive
change and promote
an inclusive
work environment. It
combines mentoring, learning
and interactive
activities to support talent
development. This
programme aimed
at
empowering
women
within
Eurobank to
advance to
higher leadership
roles
through
mentoring, interactive workshops, virtual masterclasses, gaming and
various engaging activities. The 3
rd
cycle was completed in 2025,
with 70 new mentees building up to a
community of 188 women. The 4
th
cycle is set to launch in 2026.
Eurobank supports every phase of the family life cycle, providing a broad range of benefits and initiatives to
empower its employees
and all modern forms of families.
It supports parents, irrespective of gender, age
or marital status,
and is proud of the exceptional
range of
benefits that
its staff
enjoy, providing
an excellent
framework, within
which each
staff member
may pursue
growth,
irrespective of their personal or family situation.
The following
table presents the gender distribution in
number and percentage at
top management level.
Top management level
contains
the grade levels of Executives and Senior Management
within the Group:
Employees in top management ratio
Group
Unit
2025
2024
Male
Female
Male
Female
Number of employees at top management
level by gender
Headcount
298
148
306
149
Percentage of employees at top management
level by gender
%
66.8
33.2
67.3
32.7
Distribution of employees by age group: under 30 years old, 30-50 years old, over 50 years old:
Total number of employees by age
Group
Unit
2025
2024
under 30
years old
30-50
years old
over 50
years old
under 30
years old
30-50
years old
over 50
years old
Number of
employees during
the
reporting period
Headcount
960
8,012
3,801
1,030
8,648
3,155
Percentage of
employees per
age
group
%
7.5
62.7
29.8
8,0
67.4
24.6
Adequate Wages [S1-10]
All of the
Group’s employees receive
adequate wages
in compliance with the
statutory labour laws
and salary practices in
place,
applicable standard collective and workplace agreements,
as applicable to each country of operation.
Training and skills development metrics [S1-13]
Performance Management
In 2025, Eurobank continued to
implement Group Performance Management,
designed to establish
a transparent, consistent and
effective framework
for enhancing
employee performance,
and aligning
with Eurobank’s
strategic
objectives and
values. This
framework translates the Group’s strategy into practice by setting clear and measurable business objectives (“what”) for employees
and promoting a
cohesive organisational culture,
by focusing on
the development of
the Group’s
organisational capabilities
and
qualitative competencies (“how”) across
all levels. Performance
Management is integrated
into SAP Success Factors
for enhanced
accessibility.
Performance
Management
in
Eurobank
prioritises
development
and
emphasise
continuous
feedback,
while
for
Executive Board members and Key Function Holders, the 360 Feedback
methodology is applied.
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24
The percentage of number
of employees that participated
in performance reviews during
2025 regarding performance year
2024
was 90% for the male employees and
95% for female employees. In
the following table the percentage of
employees that participated
in regular performance and career development reviews is
presented, broken down by gender.
2025 (Performance year 2024)
Group
Unit
Male
Female
Total
Total number of performance reviews
executed
Number
3,980
7,922
11,902
Total number of performance reviews
agreed by the management
Number
3,980
7,922
11,902
Total
number of employees
that participated in
regular performance and
career
development reviews
Headcount
3,980
7,922
11,902
Total number of eligible employees who have been assessed for the reporting year
Headcount
4,011
7,971
11,982
Total Number of employees
Headcount
4,443
8,346
12,789
2024 (Performance year 2023)
Group
Unit
Male
Female
Total
Total number of performance reviews
executed
Number
4,080
8,089
12,169
Total number of performance reviews
agreed by the management
Number
4,081
8,092
12,173
Total
number of employees
that participated in
regular performance and
career
development reviews
Headcount
4,080
8,089
12,169
Total number of eligible employees who have been assessed for the reporting year
Headcount
4,095
8,120
12,215
Total Number of employees
Headcount
4,410
8,423
12,833
Learning
Eurobank prioritises learning and
development as a fundamental aspect
of its operations and
overall strategy. Providing equal learning
opportunities for
all
employees—regardless
of
role,
contract
type
(permanent, temporary,
external associates,
managers
or
employees)—is essential for enabling skill development and driving sustainable business outcomes. This inclusive approach ensures
that every team member
has the resources to grow and contribute to the
organisation’s long-term
success. In 2025, Eurobank has
consistently upheld its commitment to developing
diverse talent, fostering a culture of ongoing learning,
and equipping its workforce
with the critical skills
needed to drive the organisation's vision for Eurobank 2030.
Learning in numbers (2025):
●
529,852 learning hours Group-wide, including activities delivered to temporary employees and contractors
●
32 average number of learning hours per male
employee
●
41 average number of learning hours per female
employee
●
38 average number of learning hours regarding
the Group’s employees
●
4.7 Learning days on average per employee Group-wide
24
The learning days metric for 2025 refers to all the countries Eurobank operates in and is calculated as the equivalent of 8 learning hours per day.
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Average number of learning hours per employee and by gender is presented below.
Training hours per employee and by gender as of year-end
Group
Unit
2025
2024
Male
Female
Total
Male
Female
Total
Training
hours
offered
to
and
completed by employees
Hours
141,983
338,726
480,709
209,168
379,301
588,469
Total Number of employees
Headcount
4,435
8,338
12,773
4,410
8,423
12,833
Average number of training hours
Training hours
32
41
38
47
45
46
Equal Learning Opportunities and Digital Platforms
Eurobank centers on equal learning opportunities for all employees, fostering continuous development through tailored workshops
and digital platforms, including Udemy, Microsoft LxP,
and Intuition. Partnerships with distinguished digital learning platforms offer
thousands of
courses on
cutting-edge technologies
and in-demand
business skills.
SAP SuccessFactors,
the Human
Experience
Management (HXM) cloud platform, enables the
workforce in Greece and Cyprus to access a diverse
range of learning content at any
time, across all smart devices. In 2025,
76.7% of total learning activity
in Eurobank-Greece was delivered online or
through virtual live
sessions.
Annual Learning Initiatives and Consumer Protection
The Bank implements a series of learning initiatives annually, such as MiFID, Know-Your-Customer (KYC),
Mortgage Credit Directive
(MCD), fair lending and ethical sales practices, recognition of financial fraud and scams
targeting consumers for all customer-facing
employees, aimed at strengthening consumer protection and ensuring the delivery of
responsible and compliant customer service.
In addition,
during 2025 a
dedicated digital
learning course
was introduced to
further strengthen knowledge
and awareness
on
consumer protection, specifically tailored for selected front-line
and support roles across relevant Units.
Inclusion, Accessibility, and Investment in Learning
Moreover, Eurobank continued the delivery of a
dedicated workshop, jointly hosted with the Me Alla Matia NPO,
providing people
with the opportunity to familiarise themselves with best practices when accompanying a visually/hearing-impaired client or serving
an autistic customer, and to elevate the quality of service to these clients, thereby fostering inclusion and accessibility. Additionally,
a digital
guide was designed to
help employees in
selected Units become
familiar with,
and appropriately apply information
and
recommendations in order
to serve people
with disabilities
equitably. The guide provides
guidance tailored to
different types
of
disabilities and service channels—whether it involves an
in-branch visit, a phone call,
a video interaction, or
the use of our digital
services. In 2025, Eurobank invested more than €3.2 million in learning initiatives, ensuring employee upskilling, building leadership
capabilities and strengthening expertise through an extensive range
of certifications and professional
qualifications.
Health and safety metrics [S1-14]
The Group adheres to all national and EU regulations to safeguard the health and safety of its employees, customers,
and partners.
Additionally, Eurobank has implemented a Health and Safety Management System in accordance with the ISO 45001:2018 standard
for Occupational Health and Safety.
As part of this, Eurobank runs a comprehensive prevention and safety
programme, featuring a
range of initiatives designed to protect its workforce. The scope of Eurobank’s Occupational Health and Safety System encompasses
all employees and operations across the Bank.
Eurobank follows
national and
EU health
and safety
regulations, implementing
an ISO
45001:2018 certified
Health and
Safety
Management System. It runs a comprehensive
prevention and
safety programme to protect all employees and
operations. All network
branches, 8 central
buildings and the Nea
Ionia Complex are
certified under ISO
45001:2018. Certification currently covers
5,380
employees (89%),
with a
goal to
extend to
all Bank
sites. 100%
of Group’s
employees are
covered by
the Health
and Safety
Management System.
Health and safety templates
present the following information:
●
the percentage of people in the Group’s workforce who
are covered by the health and safety management system based
on
legal requirements and/or recognised standards
or guidelines
●
the number and rate of recordable work-related accidents
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●
the number of fatalities as a result of work-related injuries and work-related ill health of the Group’s employees (and other
workers working on the sites)
o
Own workforce covered by the health and safety management system ratio
Group
Unit
as of year-end
2025
as of year-end
2024
Number of employees in own workforce who
are covered by the health
and safety management
system
Headcount
12,773
12,833
Total number of employees in the own
workforce
Headcount
12,773
12,833
Percentage of
employees covered
by health
and safety
management
system
%
100
100
Work-related injuries and work-related ill health for 2024 and 2025
Group
Unit
Own workforce -
Employees
Other workers working on
undertaking's site
Number of fatalities as a result of work-related
injuries
and work-related ill health
Number
0
0
Recordable work-related accidents ratio
Group
Unit
as of year-end
2025
as of year-end
2024
Number of recordable work-related accidents
Number
10
21
Number of total hours worked
Hours
24,411,660
23,143,850
Rate of recordable work-related
accidents
Rate
0.41
0.91
All of the
Group’s employees are
covered by the
undertaking’s health and
safety management
system. Regarding
the number of
fatalities as a result of work-related injuries and work-related ill health,
the number of cases was 0 for
both the own workforce of the
Group and the other workers working on its sites.
In 2024, the Group
recorded 21 recordable work-related
accidents, corresponding to a recordable
accident rate of 0.91, based
on
23,143,850 total hours worked. In 2025, the number of recordable work-related accidents decreased significantly to 10 cases, while
total hours
worked increased to
24,411,660 hours, resulting
in a
recordable accident
rate of
0.41. This
represents a
substantial
improvement in health and safety performance year-on-year.
Occupational Risk Assessment Studies are conducted
for all buildings. The latest updates are carried
out by a specialist company. The
studies are regularly updated and revised after renovations,
refurbishments or changes to premises. Safety Coordinators and Deputy
Safety Coordinators are assigned at all premises. They are responsible
for reporting work-related risks and submitting regular written
reports. Safety Engineers conduct
risk assessments, investigate work incidents and
propose corrective
actions. Employees are entitled
to report any health or safety
risk to the Health and Safety
Unit, Onsite Safety
Engineer, or Workplace Physician. Any work-related
incident is reported immediately
through an incident report. Safety Engineers
prepare follow-up reports with corrective actions, if
needed. Health and Safety processes are audited by internal inspections as part of the Bank’s OHS system, government bodies (e.g.
SEPE), Safety Engineers and Workplace Physicians. In
response to recommendations, the
Bank takes corrective action and
implements
updated system processes, where required.
Remuneration metrics (pay gap and total remuneration) [S1-16]
The gender pay
gap is
defined as the
difference between the
average pay levels
of female
and male employees,
expressed as a
percentage of the average pay level of male employees. In line with ESRS requirements, the Group reports both
mean (average) and
median gender pay gaps on a raw,
unadjusted basis, without accounting for role, level, function, or responsibility.
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Remuneration metrics
Group
Mean/ Average
GPG
Median GPG
2025
33.8%
23.4%
2024
36.0%
24.0%
In 2025, the mean gender pay gap decreased to 33.8%,
and the median gap recorded a slight
decrease to 23.4%.
The Annual Total Remuneration
Ratio is defined as
the ratio between the total annual remuneration of
the highest-paid employee
(i.e. Group CEO) and the median remuneration of
all employees of the Group.
Annual Total Remuneration Ratio
Year
Ratio
2025
x60.3
2024
x60.0
It should be noted that the annual total remuneration ratio increased marginally
from 60 to 60.3
in 2025.
The Group’s
remuneration principles
and governance
framework (detailed
in Section
1.3.3 Integration
of sustainability
-related
performance in incentive schemes [GOV-3])
along with continuous monitoring of market trends and remuneration best practices at
both local and international markets, provide the foundation for internal fairness.
The consolidated gender pay gap is primarily influenced
by the structural composition
of the workforce and the Group’s international
operating
model, which
varies
across
entities
in
size, functional
scope,
capability
mix
and
applicable
pay
market
dynamics.
Consequently, local environments and market benchmarks contribute to
the Group’s gender pay gap, reflecting variations inherent
to the structure of a multi-country organisation.
In addition, gender
representation patterns
also vary significantly
by country,
with men and
women unevenly distributed
across
organisational levels,
particularly at senior leadership positions and
lower-grade roles, which further
shapes consolidated pay gap
outcomes.
Taking into account that the CSRD metric is an unadjusted measure, the gender pay
gap is calculated without factoring in
any parameters,
such as role,
level etc.
that relate to
equal work. The
results primarily reflect workforce
structural imbalance in
gender representation and should not be considered as evidence of pay unfairness.
In addition, the divergence observed between the mean/average
and median metric is driven by a relatively small
number of high-
remuneration outliers, primarily male
incumbents in senior Group roles. This skews
mean/average pay figures
while the median is
less affected
and depicts a more balanced pay structure.
Considering the above, the findings suggest that the
primary driver of the gender pay gap within the
Group is workforce composition
and
gender
representation
across
entities
and
organisational
levels,
as
opposed
to
unequal
pay
practices
or
differences
in
remuneration policy. The data points to a structural seniority pipeline and progression challenges, rather than pay equity issues per
se. The Group
has already identified the
importance of reinforcing the continuous
focus on female
talent development and more
balanced gender representation in senior management
level.
As a next step in its commitment to
strengthening pay equity, the Bank has
initiated a comprehensive assessment process
to monitor
the gender pay equitability
and broader pay fairness
across its operations in Greece
and its international subsidiaries.
Using equal
work analysis alongside CSRD reporting will provide
a more accurate and actionable understanding of pay equity practices across
the
Group. The assessment
following EU Pay
Transparency Directive's approach will
allow to isolate
genuine pay differences
and take
appropriate actions. These insights
will lead to a
fairer interpretation of
CSRD analysis, while
supporting targeted evidence-based
interventions rather than broad or misdirected adjustments.
Gender Pay Gap by Pay Quartile (2024–2025)
2024 Results
Quartile
Average GPG
Median GPG
1st Quartile
6.0%
12.0%
2nd Quartile
0.0%
0.0%
3rd Quartile
2.0%
2.0%
4th Quartile
22.0%
8.0%
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2025 Results
Quartile
Average GPG
Median GPG
1st Quartile
7.6%
9.4%
2nd Quartile
0.2%
0.6%
3rd Quartile
1.6%
2.9%
4th Quartile
22.1%
8.5%
The comparative results indicate that the
Group’s gender pay gap continues to
be primarily structural in nature,
rather than the result
of unequal pay for equal work.
Alongside the ESRS
required gender pay gap
metrics calculated on
total remuneration, the
Group has prepared
a supplementary
analysis based solely on
fixed annual compensation (base
salary) which provides an
additional perspective on pay
outcomes that
excludes remuneration elements
that are not
uniformly applicable across
all employees and may
vary depending on
eligibility or
performance.
When
focusing
on
base
salary,
the gender
pay
gap
narrows:
In 2025,
the
base
salary
gender
pay
gap
amounted to
27.6%
(average/mean)
and
21.5%
(median), compared
with
33.8%
(average/mean)
and
23.4% (median)
when
calculated
on
total
remuneration.
This supplementary view provides insights on deviation in base
pay component that is related to steady factors like level and type of
role without the distortion of variable component that may be related to specific
yearly outcomes.
The 2025 results indicate that gender representation in senior roles is the primary factor influencing gender pay gap outcomes. The
metrics of the two reporting periods demonstrate that progress in reducing the gender pay gap is dependent on long-term changes
in leadership representation rather than short-term remuneration adjustments.
The Group remains committed
to strengthening talent pipelines and promoting leadership diversity by embedding gender balance
into workforce planning, particularly in senior
and high-impact roles,
supported by regular pay equity reviews.
Eurobank fosters a
culture of meritocracy rooted in Diversity,
Equity and Inclusion (DE&I), ensuring these principles are integrated into daily practices,
governance frameworks and organizational commitments, while providing equal opportunities,
inclusive working arrangements, and
development pathways
to empower
women
to advance
into senior
management. In
this
context, the
Group Gender
Diversity
Guideline for Top and Senior Management as approved by the Board on January 2026, establishes
clear scope, direction, processes
and accountability mechanisms
to enhance female representation and
ensure a sustainable,
gender-inclusive leadership pipeline,
reflecting the Bank’s belief
that diverse leadership strengthens performance, innovation and trust.
Furthermore, the Group, as part of its commitment to diversity and inclusion, completed the 3
rd
Season of Women in Banking (WiB)
in 2025, following the highly successful and
award-winning previous two seasons. WiB is a programme aimed at empowering women
in Eurobank to advance to higher
leadership roles, drive transformative change within the
organisation, and advocate for an inclusive
and equitable work environment. WiB not only serves
as a cornerstone for women’s
empowerment but also plays a pivotal
role
in
championing diversity and inclusion,
cultivating a workplace
founded on acceptance and
mutual respect. With
a forward-looking
approach and unwavering dedication,
the WiB community is spearheading endeavors
to empower women and
foster a more inclusive
leadership landscape.
The abovementioned initiative is related to the employees of the Greek entities. There
are more initiatives implemented on a local
level, based on the specific characteristics
and needs of each entity.
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Incidents, complaints and severe human right [S1-17]
Eurobank complies
with frameworks
such as
UN Guiding
Principles on
Business and
Human Rights
and
UN Global
Compact.
Information regarding the incidents, and complaints
that occurred during the 2025 reporting year are illustrated below:
Incidents, complaints and severe human rights impacts
Group
Unit
as of year-end
2025
as of year-end
2024
Total number of incidents of discrimination, including harassment,
reported
in the reporting period
Number
5
10
Number of complaints filed through
channels for people in the
organisation's
own workforce to raise concerns (including grievance mechanisms)
Number
6
17
Total amount of fines,
penalties, and compensation for damages
as a result
of the incidents and complaints disclosed
Monetary
Terms
0
0
Number of severe human rights incidents
Number
0
0
An indication of how many
of severe human rights incidents are
cases of non-
respect of
the UN
Guiding Principles
on
Business and
Human Rights,
ILO
Declaration
on
Fundamental
Principles
and
Rights
at
Work
or
OECD
Guidelines for Multinational Enterprises.
Number
0
0
Total amount of fines,
penalties, and compensation for damages
as a result
of the incidents disclosed
Monetary
Terms
0
0
Regarding the number of complaints filled through official channels, most of the cases relate to staff
complaints received in writing
by HR. Those complaints
related to matters such as
performance appraisal, training, staff transfer
and organisational structure. All
cases were investigated as per the respective
policies of the Group. As a result, the Group had
no amount in fines and penalties as
result of the incidents and complaints disclosed, as
well as zero
number of cases related to severe human rights
incidents.
Eurobank applies a zero
-tolerance approach, which applies to
all staff
and prohibits all forms
of discrimination, whether direct
or
indirect. It is also reflected in contractual documents adopted when entering into relationships with third parties. Eurobank
ensures
equal opportunities for all employees, fair access to senior management positions, equal
salary criteria and merit-based evaluations.
Professional development, promotions and advancement are based on performance and potential. Its commitment to diversity and
inclusion aligns with its values and is
reflected in its Code
of Conduct.
Diversity and inclusion
are sponsored at the highest
levels within
the Company and initiatives are applicable – but not limited
– to its practices and policies
on all aspects of employee life
cycle.
The Human Resources
related grievance reporting process is
covered by the Disciplinary Council
and the Workplace
Violence and
Harassment Policy. Discriminations based on nationality, gender, parental status, colour, religion, health, sexual orientation, etc. are
not in tune with its principles
and values.
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3.2
Consumers and end-users [S4]
3.2.1
Strategy
Material impacts, risks and opportunities and their interaction with
strategy and business model [ESRS 2 SBM-3]
As identified through the Double Materiality Assessment (DMA), Eurobank
has actual impacts and an opportunity
on consumers and
end-users primarily
related to
accessibility and
the provision
of accurate,
transparent information
on
financial products. These
impacts
are
connected to
Eurobank’s
strategy
and
business
model, which
integrates
sustainability
considerations across
all
operations.
Eurobank has committed to contributing to the achievement of the
United Nations Sustainable Development Goals (SDGs) and the
UN 2030 Agenda, as a signatory
to the UN Global Compact since
2008, actively promoting its fundamental principles
and applying the
precautionary approach. In this
context, key component of Eurobank’s Operational Impact
Strategy is the Societal impact that include
boosting accessibility and inclusion
for customers by 2025 and the Governance
and Business impact that includes promoting external
ESG awareness
by 2025. These strategic commitments
address material IROs
of responsible banking towards customers.
Eurobank considers Social Inclusion a key component of its strategy
and business model, structured around three pillars:
●
Financial Inclusion:
Financial inclusion is
a core
aspect of
Eurobank’s strategy
and business model.
It is
approached as
follows: promoting equal access to financial services for underserved communities and vulnerable population groups, such
as people living in remote areas,
while offering financing
products that specifically relate to infrastructure
and supported
services, aiming to assist businesses grow and become updated,
and boosting their
competitiveness. Social impact financing
is a key focus area,
relating to activities such
as education, upskilling, healthcare,social cohesion, and gender equality.
●
Accessibility:
Accessibility refers to Eurobank’s commitment to making its products, services,
assets and resources available
to all
customers and
end-users. This
includes continuous
investment in
banking services friendly
towards people
with
disabilities, as
well as training
and awareness for all
accessible banking issues.
●
Approachability:
Approachability refers to the extent to which customers and
end-users can access products and services
through Eurobank’s
digital channels. It
reflects the availability
and coverage of
informational, monetary,
non-monetary
servicing transactions, and product
applications in digital environments, ensuring
that customers can independently
manage
their financial needs remotely. It is driven by Eurobank’s human-centric
culture, responsible marketing and communication,
and the design of products and services tailored to individual customer needs. Approachability is supported by systematic
market research and the use of Customer Re
lationship Management tools.
Through responsible marketing
and communication driven
by its human-centric
culture, Eurobank designs
products and services
tailored to individual customer needs. To
optimize marketing messages,
the Group carries out systematic market research on each
customer category,
focusing on both quantitative and
qualitative features that highlight
trends and expectations. Using Customer
Relationship Management tools, it is able to
propose or
offer individual customers the product
or service that truly
meets their needs.
The Group recognizes that social
risk management is
essential for a sustainable business model
and has taken actions to adjust
its
business model, strategy, and financial planning to address risks arising from social matters.
A key strategy to manage these risks is
the promotion of financial inclusion. Eurobank views Social Inclusion as a strategic business opportunity
to increase positive impacts
and reduce negative impacts, continuously identifying innovative channels for service delivery and designing value-adding solutions
tailored to customer needs.
Through the materiality assessment, the magnitude and scope of potential and actual impacts are considered and analyzed further.
Identified impacts
related
to consumers
and/or end-users
could
be linked
only to
individual incidents
of restricted
access
to
information.
Regarding governance-related information,
please refer to Section 1.3 Governance.
As part of the materiality
assessment, key impacts
on customers have been identified,
as presented in the following
table:
Information-related Impacts for Consumers and/or End-users
Impact
Positive
Actual
Provides
clients
access
to accurate,
relevant, and
high-quality
secured
information,
fostering transparency and promoting responsible banking.
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Social inclusion for Consumers and/or End-users
Impact
Positive
Actual
Provides
specific
products
and
services,
including
microfinance,
that
promote
a
discrimination free environment, equal opportunities, inclusion and diversity.
Opportunity
Contributing to financial
inclusion aligns with
social impact goals,
positively impacting
brand reputation and
offering financing to underserved
populations, such
as students and
geographically isolated communities.
Conducting the materiality assessment, the main types of customers who are
or could be negatively affected have been
identified.
Some customers may be at greater risk of harm. To gain this insight, the materiality assessment is informed by the Diversity,
Equity,
and Inclusion Policy, which identifies as vulnerable
groups elderly people
and people with
disabilities. The elderly are
more susceptible
to data exploitation
or cybersecurity threats
due to digital
literacy gaps. For both
vulnerable groups digital
platforms that do not
adhere to accessibility standards (such as
WCAG) could create significant
barriers in usage and overall service.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
3.2.2
Policies, actions and performance
Policies related to consumers and end-users [S4-1]
Eurobank has adopted policies related to its consumers and end-users, to manage material impacts, risks, and opportunities related
to its consumers and end-users, in line with the Minimum
Disclosure Requirements (MDR-P) as defined in
ESRS 2. The Group ensures
that all policies are developed and implemented with a high level of accountability, approved by the appropriate governance bodies
such as the
Board of Directors
or specialized committees,
and aligned with the Group’s
strategic goals
and stakeholder interests.
Eurobank prioritises respect for
human rights, adheres to the
UN Guiding Principles on Business and
Human Rights, and as a signatory
to the
UN Global Compact
since 2008,
actively supports the
10 principles related
to human
rights, labour rights,
environmental
protection, and anti-corruption.
The following policies set out Eurobank’s
approach to protecting and
serving its consumers and end-users.
These policies are designed
to ensure transparency, ethical conduct, accessibility, and inclusion, and reflect the Group’s commitment to responsible banking
and
respect for human rights:
●
Code of Conduct & Ethics:
Focuses
on
transparency,
client
protection,
and
ethical
behaviour.
Ensures
clients
receive
clear,
accurate,
and
comprehensive
information
about
products
and
services,
and
provides
tailored
protection
for
investment-related
transactions. Requires continuous staff training and certification, and mandates compliance approval for potential conflicts
of interest.
●
Complaints Management Policy:
The Complaints Management
Policy fully complies
with the provisions
of the Bank
of Greece
(Executive Committee Act
157/2019) and
is certified
under the
ISO 9001
and ISO
10002 standards,
reaffirming Eurobank’s
commitment to
fair,
transparent, and
effective complaint
handling and
resolution processes
through standardised
procedures and
tailored
responses. The Policy
aims to enhance customer
satisfaction, continuously improve the quality
of services provided, and
ensure the equitable and efficient resolution of every complaint.
●
Sustainability Policy Framework:
Outlines Eurobank’s
commitment to
supporting customers
in their
transition to
a more
sustainable future,
including
decarbonization goals
and investments
with positive
environmental and
social impacts.
The framework
also addresses
climate change, social
needs, and prudent governance.
●
Sustainable Finance Framework:
Defines the financing approaches,
activities, and criteria for classifying financings as sustainable. For the
social pillar, eligible
activities include
employment generation,
microfinance, SME
financing, and
equitable access
to assets,
services, and
resources for vulnerable groups.
●
Human Rights Commitment:
Eurobank prioritises respect for human rights in line with the UN Guiding
Principles on Business and Human Rights and as a
signatory of the UN Global Compact since 2008. The Group avoids causing or contributing to adverse human
rights impacts
through its operations and business relationships.
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●
Certifications:
Eurobank has attained
ISO 37002 (Whistleblowing
Management System), ISO
37001 (Anti-bribery Management System),
and
ISO 9001
(Financial
Crime Prevention
Services
Certification) and
ISO 37301
(Compliance Managements
Systems
Certification, obtained within 2025).
Processes for engaging with consumers and end-users about impacts [S4-2]
Eurobank considers strengthening customer relationships and fostering
collaboration as key strategic
objectives. Engagement with
consumers and
end-users is
achieved through
a comprehensive
approach that
combines responsible
information, high-quality
customer service, and a broad range of accessible products and services.
The Group maintains a robust network of retail branches and digital channels, including ATMs, APS, e-Banking, the Eurobank Mobile
App, vBanking, and Digital Onboarding.
Expert relationship managers are available both in-branch
and through digital channels, while
special purpose branches and dedicated Corporate Service Centers address
specific client needs. Private Banking clients are served
through a specialized network. Eurobank
ensures 24/7 accessibility for retail, private, and
corporate customers via EuroPhone
Banking
and the
EuroPhone International
Banking Line
for non-resident
clients. Collaboration
with Hellenic
Post (ELTA)
further extends
banking access to
remote areas.
Publicly available information
is provided
through the Group’s
websites, and
communication is
enhanced through video calls, click2chat, and automated appointment systems.
The Group
also leverages
automated customer
journeys and
online sales
processes, enabling clients
to access
services without
physical
presence.
Customer
engagement
is
further
supported
by
regular
economic
reports,
market
research
programmes,
satisfaction and NPS surveys, and
customer interviews based on
Design Thinking Methodology. Social media, direct
digital campaigns,
webinars, newsletters, and the Digital Academy for Business are used
to maintain ongoing dialogue and
inform clients about relevant
topics.
Eurobank’s approach
to inclusivity
is reflected
in initiatives
for people
with disabilities,
focus group
discussions to
identify ESG
expectations, and tailored communication for Private and Personal
Banking clients. Informative events and reports are also provided
for investment clients.
Responsible marketing and communication:
As part of its engagement strategy, Eurobank
ensures marketing practices are responsible and
customer-centric.
Driven by its human-
centric culture, Eurobank
designs products and
services tailored to
the individual needs
of its customers.
To optimize
marketing
messages, the Bank conducts systematic market research on each customer category, focusing on both quantitative and
qualitative
features to
understand trends and
expectations. Using
Customer Relationship Management
tools, Eurobank offers
products and
services that meet individual customer needs.
Customers receive direct and prompt
information on new products and
services through customized communication
tools. Marketing
campaigns are tailored to specific customer groups,
considering their stage (e.g., new customer
or one
who has filed a complaint) and
following specific procedures
for each stage.
Communication aims not only
to promote products
and services but also
to reward
customer relationships, optimize customer
journeys, and collect feedback.
In 2025, Eurobank conducted over 500 targeted marketing campaigns
across all communication channels and organized more than
170 online, physical, or hybrid
events to maintain
close contact with customers. All
campaigns were subject to prior authorization
and compliance checks, ensuring adherence to
national and EU legislation and voluntary codes. No
incidents of non-compliance with
regulations or voluntary codes concerning product and service information, labeling, or marketing communications were identified,
and no fines or sanctions were imposed on the Bank.
The Bank complies with
national and EU legislation
and voluntary codes for communication, marketing,
and commercials. Control
mechanisms and safeguards
ensure compliance with the regulatory framework. For
targeted customer communication (via
email,
text messages, e-Banking messages, Viber, phone calls, etc.), Eurobank fully complies with the GDPR and other relevant legislation.
To ensure compliant advertising, Eurobank keeps staff of all relevant divisions up to date on fair marketing practices. In May 2025, a
dedicated training
workshop took
place in
cooperation with the
Communication Control Council
to inform,
educate, and advise
representatives from
Eurobank’s Marketing
and Digital Sales
and Presence teams regarding
clear and effective
advertising while
safeguarding consumers.
Eurobank
has
developed
procedures and
mechanisms
to
promote
and
provide information
about
its
products and
services
transparently and honestly. Each marketing campaign is well-organized, transparent,
and subject to
prior authorization by
competent
Bank units.
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The approach to
take action
in relation
to specific material
negative impacts on consumers
and/or end-users
is characterised by
proactively identifying and addressing
risks associated with product design,
marketing, and sales,
with a focus on monitoring
and
mitigating potential
negative outcomes.
T
his includes
ensuring that advertising
and promotional
campaigns are subject
to prior
authorization by the Legal Services Unit for all promotional content while especially for the content concerning investment products
and services is additionally subject to
approval by Group Compliance.
The above approach aims
to prevent misleading or harmful
messaging,
as well
as
taking
steps
to
monitor
and mitigate
data
privacy
risks.
Eurobank
continuously seeks
to
improve
the
transparency and fairness of product design and marketing strategies to safeguard the interests of consumers. Processes to provide
remedy in the event of material negative impacts are available and effective in their
implementation and outcomes. These processes
include actively seeking customer feedback
through customized communication tools and
ensuring that customers receive direct and
prompt information about any new deals or changes to the products and services they choose.
Responsible information:
Complementing responsible
marketing,
Eurobank
prioritizes
honest
and
transparent
communication
through its
Responsible
Information framework. The Bank provides
customized information to each customer, ensuring clarity
about its products
and services.
To achieve this, Eurobank:
●
Has established customer
support departments and both traditional and online service networks.
●
Has created simple
procedures and brochures to inform customers about its products and services.
●
Adheres to the regulatory framework and the Banking Code of Conduct, with control mechanisms to ensure compliance.
Customers can refer to the General Terms
of Banking Transactions and Terms of
Payment Services before engaging in transactions.
Detailed information about personal
data processing, bank
charges, and deposit protection is
available through various channels,
including branches, the corporate website, e-Banking, and v-Banking.
Before taking out a loan, customers receive a pre-contractual information sheet and personalized details about the loan adapted to
the needs and financial capabilities of each client. After
signing a loan agreement, they are
kept updated through
regular statements.
Similar information
is provided for investment products by qualified Bank officers.
Eurobank has policies
and procedures in place
for the oversight
and governance
of products/services throughout their
life cycle,
ensuring they meet customer needs and comply with regulatory requirements.
For all
types of
products and
services offered
by
the Bank
(including investment,
credit, deposit,
bancassurance and
payment
products), customers receive
clear, accurate and
appropriate pre contractual
and ongoing information
on the key
characteristics,
costs
and
relevant
risks,
in
full
conformity
with
the
applicable
regulatory
requirements,
enabling informed
decision
making
throughout the customer relationship.
Borrowers facing repayment difficulties may find information for debt settlement solutions (through the website link “expression of
interest for debt settlement”) for inclusion in the Arrears
Resolution Process, pursuant to the Code of Conduct for Loans under Law
4224/2013, on the Bank’s website (www.eurobank.gr).
Customers can obtain additional information about their transactions through Bank branches, the
website, e-Banking, or EuroPhone
Banking. Eurobank's primary goal is to provide continuous, prompt, and accurate information to its customers.
Customer Feedback and Continuous Improvement
Additionally, Eurobank systematically
collects and analyses customer feedback through satisfaction
and Net Promoter Score (NPS)
surveys at
multiple touchpoints
(branches, e-Banking,
Mobile App,
v-Banking, ATMs,
EuroPhone Banking),
as well
as customer
interviews using
Design Thinking
Methodology,
market
research projects,
and focus
group discussions.
In 2025,
over
150,000
customer evaluations and
64,000 comments were
analysed to
improve our
design of new
services. Follow-up communication is
conducted on a sample of resolved cases to
gauge satisfaction
and collect feedback.
Processes to remediate negative impacts and channels for consumers and end-users to raise concerns [S4-3]
Eurobank has established comprehensive policies and mechanisms that enable customers to raise concerns and ensure the prompt
and appropriate remediation for any negative impacts.
For Eurobank,
the relationship
and cooperation
with its
clients constitutes
a primary
strategic
objective. In
pursuit of
honest,
transparent and
effective
communication, specific
processes
have
been
developed to
provide clear
and
accurate information
regarding the Bank’s
products and services. Through the implementation of
the Customer Complaints Policy and ISO 9001 and ISO
10002 certified processes, Eurobank manages
customer complaints with professionalism
and empathy, supported by a centralized
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complaint-management framework. Performance is measured through
relevant qualitative indicators, with results reviewed monthly
at the Executive Board level and quarterly by the Audit Committee.
To further strengthen its customer relationships, Eurobank
has launched Customer
Excellence, designed to enhance customer
service
through all points of contact and designed relationships of trust.
Eurobank addresses
customer complaints in
a spirit
of cooperation,
understanding and
mutual respect,
always
in pursuit
of an
appropriate, fair and mutually acceptable solution. All complaints are managed with impartiality and
with a genuine commitment to
equitable resolution. Eurobank has harmonized its Complaints Management
Policy with the Bank of Greece's
Executive Committee
Act No. 157/2019 and revised it in accordance with ISO 9001 and ISO 10002 standards thereby further enhancing the efficiency and
consistency of the complaint management process. The
policy aims to strengthen the
effectiveness and responsiveness of Eurobank’s
complaint resolution framework. Customers
are also informed that, should
they remain dissatisfied
with the proposed resolution,
they have the right
to refer the case
to the
Hellenic Financial
Ombudsman. Performance in terms of
these actions is continuously
monitored through qualitative and quantitative indicators established by the Bank. Relevant statistics are extracted and reflected in
detailed reports
used to
keep Eurobank’s
Management updated.
Eurobank’s
commitment to
customer service
and its
sincere
dedication
to
client
satisfaction
are
evident
throughout
every
stage
of
the
complaint
management
process. Customers
are
consistently informed of the progress of their case. Additionally, post resolution communication is maintained, to a sample of cases,
to determine whether the customer was satisfied
with the outcome, as well
as to receive their comments and feedback.
All information and insights derived
from complaint analysis are systematically evaluated to identify
root causes of dissatisfaction and
to propose measures that enhance service quality and prevent the recurrence of similar issues.
Eurobank closely monitors the effectiveness of its remediation actions through a range of client complaints performance indicators,
which are:
Customer complaint performance
2025
2024
Customer satisfaction rate
49%
50.6%
Complaints resolved within 2 business days
50%
50%
Annual new complaints: annual decrease
5.3%
15.3%
Client cases received
10,248
10,825
Client cases resolved
10,136
10,522
Overall resolution rate
98.9%
97.2%
Additionally, Eurobank makes
the most
of customer experience data
(Voice of
Customer) from all
available sources, internal
and
external, such
as complaints,
surveys etc.,
constantly adding
new sources
by
initiating new
NPS surveys
at
various touchpoints
(branches, e-Banking, Eurobank Mobile App, v-Banking, ATMs, EuroPhone Banking) and for major products. These are analyzed and
evaluated to identify areas that call for improvement and to
take corrective and preventive measures, so that Eurobank services
fully
meet its customers’ wishes and expectations. Moreover, to better monitor
results, certain qualitative indicators have been identified
and are regularly monitored.
The effectiveness of these
actions and initiatives is further supported by the Retail
Customer Excellence Committee, which is
consisted of senior Bank executives and is tasked with making
decisions that will produce the desired
outcomes for quality and
customer service issues.
In 2025:
●
Over 150,000 customer evaluations on banking experience were collected through regular measurements.
●
Over 64,000 comments were analysed, which helped improve existing
services and/or design new ones.
●
Over
1,400
customers
were
personally
contacted
to
be
informed
about
the
actions Eurobank
initiated
about
their
comments.
As a result, of all the above Eurobank’s Relationship NPS (R-NPS)
for Primary Bank customers reached record high figure in H2 2025
with an increase of 1,6 points vs H2
2024.
The responsible officer for the receiving and monitoring of reports (RRMO) is tasked with providing
clear guidance on how to submit
a report, receiving and confirming receipt of
the report within seven working days,
and performing an initial assessment.
They are
also responsible for designating
the appropriate unit or
person to handle the
report, ensuring the confidentiality of
the reporting
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person’s identity
and any
third parties mentioned. Additionally,
the officer monitors
the progress of
the investigation, maintains
regular contact with the reporting
person, and ensures that feedback is
provided within a reasonable
period, not exceeding three
months from the receipt confirmation. The officer
also plans and coordinates relevant training efforts
to support the process.
According
to
the Policy
for
Reporting Illegal
or
Unethical
Conduct,
Eurobank provides
protection against
reprisal
and
keeps
confidential the identity of
those who have submitted
information they know
and consider to be
accurate and true. Additionally,
there
are policies in place
to prevent any
form of retaliation against
individuals, including customers, utilising these
channels. For
further reference, applicable information has been disclosed in accordance with ESRS G1-1 Business conduct policies and corporate
culture.
Eurobank
also
prioritises
cybersecurity,
personal
data,
and
the
resilience
of
its
ICT
systems
against
evolving
cyber threats.
Cybersecurity strategy follows a comprehensive Predict, Prevent, Detect, and Respond framework. Customers may contact the Data
Protection Officer regarding any matter regarding the processing of their personal data. Additionally, for the exercise of their rights,
customers may submit a written request to Retail Business Planning and
Customer Excellence Retail Banking Unit. Eurobank
shall use
its best endeavors to address such requests within
thirty (30) days of receipt
Taking action on
material impacts on consumers
and end-users, and
approaches to managing material
risks, pursuing material
opportunities related to consumers and end-users, and effectiveness of those actions [S4-4]
Eurobank implements a
comprehensive set of actions to
address and prevent
potential negative impacts
on consumers and end-
users. These actions are strategically structured around the pillars of
Accessibility, Financial Inclusion, and Approachability, and are
continuously adapted across the Group’s operations and subsidiaries to align with Eurobank’s overarching sustainability
objectives.
Accessibility
The combination of physical Branches,
ATM’s, EuroPhone Banking, v-Banking, e-Banking
and the Eurobank Mobile App, contribute
significantly to customers having access
to services. Eurobank also offers clients the option to be served in English
at branches and
through EuroPhone Banking, while English is also available as an option at
ATMs. The Group’s new “Going from physical to phygital”
approach, an
innovative mentality
that combines
physical service
with technology,
introduces a
new perspective
in the
Bank
’s
relationship with its
customers. Furthermore,
the Retail
International Customers One-Stop Hub
offers a
comprehensive range
of
products and services to non-resident customers, for
their banking and investment needs in Greece. As
it is referenced in more detail
at section 3.4 Fostering Innovation,
Eurobank Group Digital Banking leverages its expertise to
provide innovative,
data driven financial
products and services. Placing customers
at the centre, it delivers simple,
personalized products and ensures easy access
to them.
Bringing technology closer to everyone, it acts as a digital and phygital key
enabler and Eurobank’s main digital culture ambassador.
Accessibility for People with Disabilities
Eurobank makes continuous efforts to eliminate all barriers, ensuring a welcoming experience
for all customers, including individuals
with disabilities.
Its approach aligns with the requirements
of Law 4994/2022 and the European Accessibility Act (EAA).
In both design and implementation, the Bank follows internationally
recognized standards such as EN 301 549:2021 and WCAG
2.1
Level AA,
with a
strategic goal
of full compliance
with WCAG
2.2 Level
AA. It
also adheres
to standards
related to
the physical
environment, including EN 17210:2021, in conjunction with the New Building Regulation of
the Ministry of Environment and Energy.
Eurobank is the first Greek bank to have published an Accessibility Statement by June
27, 2025, in accordance with the requirements
of Law 4994/2022.
Also, Eurobank
is the
first Greek
bank to
integrate the
Digital Disability
Card into
its systems,
ensuring that
all customers
with
disabilities receive immediate
service and benefits.
As of January 1, 2025, customers
holding a Digital Disability
Card automatically receive priority service without needing to disclose
their disability upon entering the branch. It is sufficient
that they have registered their Digital Disability
Card. They simply use their
debit or credit card at the Nemo Q automated
priority system and receive a ticket for
faster service.
Additionally, by
registering their
Digital Disability Card,
customers gain
access to
enhanced benefits on
the Bank’s
products and
services:
●
A preferential interest
rate of 1.85%
on the “Apotamievo
Tora” savings
account, for amounts up to
€5,000, valid for one
year (the current standard rate is 0.15%).
●
Free access to the Eurobank My Blue Advantage benefits
package for both 2025 and 2026.
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●
Double €pistrofi (cashback) rewards for two years on purchases at selected supermarkets using
a Eurobank debit or credit
card that participates in the rewards
programme.
Branches
96 Branches are accessible
to individuals who use wheelchairs, and 7 are
equipped with detachable ramps to facilitate
access.
All branches provide priority service to
holders of a digital disability card, and
this service can also be
accessed via a QR code provided
by the
branch manager.
Signage indicating
priority service is present
in all branches,
including signage
in Braille to assist
visually
impaired customers.
In addition, all
branches can provide
documents in Braille
upon request, with
a one-week
turnaround time for
preparation. The
presence of guide dogs is fully welcomed
at all service points without exception.
Finally, 13 new generation branches have been mapped to document the
conditions inside them, including identifying any
areas that
can be used
by individuals on
the autism spectrum
as spaces to
decompress if needed.
Additionally, Sensory
Maps and Sensory
Accessibility Guides, specifically designed for individuals on the autism spectrum,
have been added to the Eurobank.gr website and
to the Bank’s
interactive tables. These
resources enable customers
and their companions to
be aware
of the conditions they
will
encounter when visiting these branches.
ATMs
Eurobank has
developed extensive initiatives
to improve the
accessibility of its
ATMs. All ATMs
support voice guidance for
basic
transactions
such as
cash
withdrawals,
balance inquiries,
and
PIN changes.
The Technical
Project
Unit
has
conducted height
measurements for ATMs located in branches where customer access is from the exterior of the
branch, ensuring that the screen and
keypad height ranges between
90 and 120 centimeters, in compliance with
the guidelines of the “Designing for
All” standard.
Current Accessibility Status
●
1,237 ATMs
with voice guidance
●
144 are fully accessible for
users with mobility impairments
and support voice guidance
Training Actions for Accessibility
As part of its strategy for equitable service and enhanced accessibility, Eurobank has implemented a series of training initiatives and
awareness programmes for its staff on issues related to serving customers with disabilities. These initiatives are aimed at employees
across all units who interact
directly or indirectly with the public and focus on:
●
Understanding the current legal framework, as shaped by national and European legislation, with an emphasis on the right
of individuals with disabilities
to equal access to services,
●
Recognizing the different
types of disabilities and the specific
needs that arise in each case,
as well as the service options
available per channel and type of disability offered
by the Bank,
●
Establishing a framework of actions that promote
empathy, accessibility, and inclusion, both
in the Bank’s physical and
digital
environments.
In total, in
2025, more than 4,200
employees were trained
through in-person and
online seminars
on inclusive customer service,
tailored to different types of disabilities (e.g., mobility, visual, hearing, intellectual, mental). In parallel, experiential training sessions
were conducted for 233 front-line employees, focusing on hands-on
understanding and familiarization with the daily obstacles faced
by individuals with disabilities. Additionally, 69 Bank employees attended specialized training on the legal framework governing the
accessibility of banking products and services.
Furthermore, experienced advisors from the
v-Banking platform have completed four
cycles of study
in sign language through the
Hellenic Sign Language School of the Federation of the Deaf of Greece, aiming to
better serve individuals with hearing impairments.
v-Banking
With customer service being a key priority, Eurobank is also particularly aware of the need to make its services accessible to people
with disabilities and takes all the appropriate
measures.
Specialized banking personnel
in the innovative
v-Banking service are
trained
in sign language to provide equal access to information on the
Bank’s products and services for deaf and hard-of-hearing customers.
Support for Neurodiversity and Language Accessibility
In addition, Eurobank is
creating conditions for seamless
banking services for individuals on the autism
spectrum. In collaboration
with Happy Act, the Group is mapping
the environments of future
branches to identify conditions and areas that
can serve as sensory
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relief spaces.
Additionally, sensory maps
and social stories
are being
developed and
are available
on interaction
tables and
the
website, allowing
customers and their companions to understand the conditions they will encounter at the branch in advance.
Accessibility Initiatives Across Subsidiaries
Eurobank’s actions make its services, assets, resources and opportunities accessible to all
consumers, are strategically adapted and
deployed across subsidiaries
in Bulgaria, Cyprus, and Luxembourg.
Example of relative initiatives
are ATM/Branch accessibility
for
people with disabilities,
responsible individual in each branch
to assist
people with disabilities, etc. While
these programmes
are
tailored
to address
the
specific local
contexts and
regulatory environments,
they remain
aligned
with
Eurobank’s overarching
sustainability objectives.
Partnerships and Alternative Channels
In 2025, Eurobank received three awards at the
Diversity, Equity & Inclusion Awards 2025 organised by the Diversity
Charter and Bite
Awards 2025. The Eurobank
was recognised for its features and services aimed
at improving the experience
of people with disabilities,
achieving high scores in the categories
of "Bank Strategy" and "Innovation/Creativity".
●
Diversity, Equity & Inclusion Awards 2025 by Diversity Charter:
o
Gold Award in "Physical Abilities”
o
Bronze Award in "Mental Health
/ Neurodiversity”
●
BITE Awards
o
Gold Award in “Competitive Advantage through ICT for the
nomination: Banking without Barriers: Our Commitment to
Accessibility”
Financial Inclusion
Supporting small businesses and social finance
Eurobank promotes financing products that specifically
relate to infrastructure and supported services, aiming
to assist businesses
grow and
become updated, boost their
competitiveness, and improve
the quality of
the products and
services they offer.
These
processes have been
embedded into the Group’s operating
model and are performed
on an ongoing
basis in the context
of continuous
financial inclusion:
●
Financing under InvestEU RRF _GR under the Member State compartment of the InvestEU programme for Greece, funded
by the Recovery and
Resilience Facility
(RRF) and in line with the
Recovery and Resilience
Plan for Greece which
targets
actions in three areas:
1.
Strengthening Competitiveness "RRF
GR SME Competitiveness"
–Retail Business
Banking (RBB)
only
2.
Developing Innovation
& Digitalization
"RRF GR
Innovation
& Digitalization"
active at
RBB (Not
yet available
for
Commercial Banking Network -
CBN)
3.
Sustainability "RRF
GR Sustainability" active at
RBB (Not yet available
for CBN) with the Guarantee
of the European
Investment Fund
(EIF). The
funding available under
the new
(sub)programmes is targeted
at SMEs, to
cover their
working capital needs and/or to implement
investment projects, aimed at improving
their competitiveness including
research & innovation, sustainability, digitalisation
and digital upgrading of their operations.
●
Financing under SME Competitiveness
which benefits from support
from the European
Union under the
InvestEU Fund. (RBB
only). Through InvestEU SME Competitiveness
Guarantee Programme, with the guarantee of the
European Investment Fund
(EIF), eligible enterprises can access liquidity
with reduced collateral requirements and
favourable pricing conditions
to cover
their working capital needs and/or to implement
investment projects aimed at
improving their competitiveness.
●
EIB Funding (FIs 88311/2017, 89424/2018, 90866/2019)
(Re-employment of funds for CBN).
Standard facility of
EIB Loan for
SMEs and MidCaps, which
focuses (for at
least 1/3) on
the financing of Final
Beneficiaries
which
promote youth employment, in the context of the EIB’s Jobs
for Youth Initiative.
SMEs and Midcaps that are financed for
“Jobs for Youth” have an additional 20bps transfer
of financial advantage.
●
Criteria for Jobs for Youth Initiative:
o
In the last 6 months it has employed at least one young person (5 for MidCaps), or in the
coming 6 months it plans to
employ at least one young person (5 for MidCaps), calculated from the signature date of the On-lending Agreement; it
commits to keep the young people in employment for at least
1 year
o
In the last
6 months it
has provided a
vocational training or
internship position to
at least one
young person (5
for
MidCaps), or in the
coming 6 months it plans
to provide a vocational
training or internship position
to at least one young
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person (5 for MidCaps), calculated from the signature date of the
On-lending Agreement. The training/internship has a
duration of at least 3 months and is formalised by an active cooperation agreement with a technical school, university
or public employment agency and/or is confirmed by a letter
signed by one of these institutions and/or is part of the
Final Beneficiary’s
own formalised vocational training
or internship programme, and/or
o
In the last 6 months it has participated in a youth
entrepreneurship programme of a Non-Governmental Organisation
or educational institution or plans to participate in such programme in
the coming 6 months.
HDB Programmes
Co-Financed Programmes
●
TEPIX III (Co-financing rate 40%-60%
HDB/ERB)
The Fund improves the
access to finance for all small and medium-sized enterprises
(SMEs) and aims to
support and
develop
their business activity, so as to cover a wide range of their financing needs. Furthermore, the programme aims to enhance
the
productivity
of
the
enterprises,
by
improving
their
processes
for
products
&
services
and to
improve
their
competitiveness.
●
Micro Agri (Co-financing rate 50%-50%
HDB/ERB).
The Fund aims to provide micro loans for investment purposes, covering
investments in the agricultural sector, as well as in
investments related to the processing of agricultural products with a final product that is also agricultural. Working Capital
may be granted subject to and for the purposes of investment.
●
Business Growth Fund (Co-financing
rate HDB/ERB
40%-60%).
Green Loans Programme
The Fund aims to support SMEs to
meet their investment purposes in implementing Green Transition projects that
facilitate
reducing emissions, protect the environment and reduce energy consumption costs.
●
Digital Loans Programme
The Fund aims
to support SMEs to meet their
investment purposes, which are submitted
via a business plan, in
order to
digitize and digital upgrade their operations, so as
to increase productivity, achieve business growth and create new
jobs.
●
Spiti mou I & II Programme
The Spiti mou I &
II Programmes offer a co-financed loan for
the purchase of
a first residence to individuals who
meet specific
age and income criteria.
Guarantee Programmes
●
TEPIX III
This Fund
was designed
by the
HDB to
support SMEs by
offering them
not only
the necessary liquidity
and capital
for
investments but also the ability to reduce their financing costs. The zero guarantee
fee, grace period, and interest subsidy
make financing more
accessible, while revolving
credit facility provides
the flexibility that
SMEs need
to respond to the
constantly changing market needs. Additionally, the investment and special purpose working capital loans enable SMEs to
implement their strategic
investments, expand, and enhance their competitiveness.
●
Tameio Eggyodosias
TMEDE
The Fund aims to enhance the liquidity of SMEs of the construction
and engineering sectors that wish to undertake or have
undertaken the execution of projects and/or studies of
public interest, regardless of the stage of execution of the project
or
study, through the
provision of guarantees to the
cooperative Credit Institutions providing Working
Capital Loans, with a
regular maturity, with a
disbursement. (RBB only). Active programme
in 1st semester of 2024, expected to be reactivated
again
o
Tameio Eggyodosias Kainotomias finance innovative SMEs, for the
implementation of investment projects, with
the
aim
of research and innovation, through the creation and implementation of a new or significantly
improved product or a
process, a new marketing method or a new organisational
method in business practices, workplace organisation. (RBB
only). Active programme in 1st semester
of 2024, expected to be reactivated again.
●
DeLFI GF
It applies to existing and
newly established Very Small, Small, and Medium-sized
Enterprises (SMEs) that have
been classified
under a support scheme through the new Development Law 4887/2022. (RBB & CBN)
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In the area of social and
financial inclusion, there also the following
actions:
Education
Education is key pillar to Eurobank’s Corporate
Social Responsibility programme, including a variety of
actions for supporting
students
of all levels and
enabling them to connect with
the job market
and pursue a better
future. Apart from the
Bank’s participation in
‘Marietta Giannakou’, together
with the other 3 systemic
banks under the coordination of the Hellenic Banks
Association and with
the total amount of €100M for the renovation of 430 schools, Eurobank also engaged in
the following actions:
●
Eurobank funded the full-time MSc in Digital Transformation at the Athens University of Economics and Business for Group
employees and other graduates selected on the
basis of academic excellence. Beneficiaries paid very low tuition
fees, while
job placement
was guaranteed
for the
top 10
performers. Additional
initiatives included
professional support
through
mprostagiatinpaideia.gr, a platform connecting university students
with the job
market through job
placements, internships,
training, and mentoring.
●
The Moving Education Forward initiative—one
of Greece’s longest-standing CSR programmes— on the
completion of its 23
rd
year and
the recognition
of 939
outstanding students
in the
national examinations,
also
supported the
operation of
mprostagiatinpaideia.gr,
a
professional
platform
connecting
university
students
with
the
job
market
through
job
placements, internships, training, and mentoring.
●
The Bank collaborated with the Bodossaki Foundation to fund
the establishment of 6 STEM laboratories in public schools in
the Evros Prefecture,
Lesvos, and Ikaria,
offering students in
small schools in remote
areas the opportunity to
engage in
hands-on learning in physics, chemistry, and biology. It
also continued its major sponsorship of CTY Greece, along
with its
participation in the extracurricular programme of Anatolia College for young students from Pomak villages, who, under the
guidance of experienced educators, learn English through a wide range
of educational and creative workshops.
●
Eurobank has
been
a
major
sponsor of
the Center
for
Talented
Youth
(CTY)
Greece since
its
inception,
offering 10
scholarships per year to students to attend innovative summer programmes.
The Demographic Challenge
●
Eurobank continued the implementation of its
strategic initiative addressing Greece’s demographic problem, recognizing its
significant social
and
economic implications.
The initiative
supports young
families
and aims
to elevate
demographic
considerations in the public policy dialogue.
●
In 2025, Eurobank intensified its support in remote eastern regions of Greece,
including Evros, the North Aegean, and the
Dodecanese, where
local
populations face
multiple challenges
and have
limited access
to infrastructure
and services.
Through Moving Family
Forward and partner NGOs,
69 births have
been supported since the
beginning of the
initiative
through free assisted
reproduction services for less
privileged couples and essential
supplies have been provided to new
parents.
●
Eurobank also
announced a new
action targeting
citizens from
Evros aimed at
starting or
expanding newly established
businesses in the area. To this end, the Bank collaborated with AFI Microfinance to provide financial support to individuals
from Evros
who do
not have access
to bank
lending, while also
offering education and
consulting services for
business
planning as a prerequisite for
financing. By the end
of 2025, 64 individuals and/or
newly established companies had received
funding, leading
to successful
cases across
diverse sectors,
ranging from
medical services
and engineering
to farming,
commerce, and the circular economy.
●
Spiti mou I
& II –
Affordable housing loans:
In 2025, Eurobank
actively supported the “Spiti
Mou” loan scheme
through
participation in the new Spiti
mou II Programme. This
government-backed initiative facilitates
access to affordable home
ownership for younger age individuals and families.
Through the provision of low-interest and state co-funded loans (fully
subsidized under certain demographic
conditions), the programme contributes
to improving living conditions,
strengthening
social cohesion, and
supporting demographic sustainability.
Eurobank’s participation reflects
its broader commitment
to
inclusive financing and responsible banking, ensuring that
more households can secure quality housing while maintaining
long-term financial stability.
To
further enhance transparency
and support the
Bank’s Sustainability
Strategy commitments
toward accessibility,
inclusion and
improved customer outcomes,
Eurobank presents below a
detailed breakdown of
total disbursements and
average loan amounts
across age categories.
This additional analysis provides clearer
insight into the demographic reach of the “Spiti
Mou” programmes
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and demonstrates
the Bank’s
continued contribution
to equitable
access to
essential financial
services within
its retail
lending
portfolio.
Spiti mou I Total Disbursements & Average Ticket
Age Bands
Applications
%
Loan Amount (€)
%
Average Amount
(€)
<30
361
18.88
33,446,584
17.90
92,650
30–40
1,540
80.54
152,282,246
81.50
98,885
40–50
11
0.58
1,122,750
0.60
102,068
Grand Total
1,912
100.00
186,851,579
100
97.726
Spiti mou II Total Disbursements & Average Ticket
Age Bands
Applications
%
Loan Amount (€)
%
Average Amount
(€)
<30
341
16.89
35,191,932
16.01
103,202
30–40
941
46.61
103,862,068
47.24
110,374
40–50
731
36.21
80,346,770
36.54
109,914
50–60
6
0.30
459,800
0.21
76,633
Grand Total
2,019
100.00
219,860,570
100.00
108,896
Social Resilience
●
From an
extensive set
of initiatives
supporting the
State and
civil society,
particular emphasis in
2025 was
placed on
sponsorships and donations in the fields of health and accessibility.
●
More specifically, the Bank provided financial support to Laiko Hospital for the staffing
of the liver transplant clinic, whose
innovative
operation
benefits
a
significant
number
of
patients
each year.
It
also
financed the
purchase of
modern
gastroscopy equipment for
Konstantopouleio Hospital, as well
as the renovation of
the Diabetology Clinic at
the Salamis
Naval Base.
Culture
●
In 2025, Eurobank engaged in
a number of cultural projects and/or sponsorships
with a view to making art
and culture more
accessible to all citizens. Apart from contributing
to the study and implementation of renovating
the historic Old Parliament
building, which houses the National Historical
Museum of Greece, the Bank continued to support the
Benaki Museum as
sponsor of its entire exhibition programme, sponsored
the exhibition “Cycladic Blues” by
Marlene Dumas at the Museum
of
Cycladic Art, one of the most distinctive and radical figures in international
contemporary art, and supported the exhibition
of Nikolas
Kontaxis at
the Basil
& Elise Goulandris
Museum, an acclaimed
visual artist
who explores
and embraces
his
neurodiversity through creation,
color,
and art. Eurobank also
financed the Sacred
Music Festival of the
Greek National
Opera, a series of interfaith
and unifying performances held in both open-air and indoor venues across Athens, as
well as
the Syros Classical Music Festival, which brings together
outstanding artists from the
international music scene for
both local
audiences and visitors to the island.
●
Revolving savings
culture: Eurobank
collaborates
with the
University of
Piraeus and
the the
Hellenic Financial
Literacy
Institute to provide educators of young children with knowledge and content
for explaining the concept of savings and best
practices in
managing personal
finances. Eurobank also
promotes CSR
initiatives supporting youth
education, including
awareness campaigns
and programmes for financial
literacy.
●
Eurobank offers student loans for
undergraduate and postgraduate studies, covering tuition
fees and related educational
expenses. These loans feature favorable interest rates compared to standard personal loans, flexible repayment terms, and
options for parents to act as guarantors.
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Approachability
Eurobank ensures that its products,
services and information are approachable,
transparent and digitally accessible through its online
channels, fostering trust and enabling consumers and end-users
to independently access information,
perform monetary and non-
monetary transactions, as well
as to raise
concerns and receive timely responses.
Through continuous enhancement of
its digital
environments, Eurobank expands
the availability and coverage
of its services,
empowering customers to
efficiently manage
their
financial needs anytime and anywhere.
The Customer Excellence initiative delivers outstanding
service at all customer touchpoints
and
fosters
trust-based
relationships.
Eurobank
provides
customized
information
to
every
customer,
ensuring
transparent
communication about products and services
Nationwide Physical and Digital Presence
Focusing on customer service, Eurobank aims to make its services, assets, resources and opportunities accessible to all. To this end,
through its branch
network (266 branches), the
Hellenic Post Office
network (420branches) and the self
-service banking terminal
network (1,774 service points), Eurobank aims to maintain its presence in
remote and inaccessible areas, serving populations having
difficulty to physically access services, as well as people with disabilities. Through the Hellenic Post branches, Eurobank is present in
238 Municipal Communities with a population of
less than 5,000 people, many of whom have difficulty accessing services, especially
on remote islands (e.g. Agathonisi, Anafi, Karpathos, Nisyros, Tilos, Halki, Folegandros, Amorgos, etc.). Additionally, in
182 areas with
a population less than 5,000 people, access
to services is provided via off-site
ATMs (e.g. Agios
Efstratios, Alonissos, Symi, etc.). In
2025, the network of deposit-enabled ATMs expanded by 103 units, of which 46 represent newly established OffSite locations. 57%
of the ATM
fleet has already
deposit capability. Additionally,
in 2025, the cash
withdrawal functionality was
activated across APS
terminals.
Eurobank Mobile App
The Eurobank
Mobile App
is designed, developed
and regularly optimised
to comply
with Web
Content Accessibility Guidelines
(WCAG) 2.1, Level AA, and the European Standard for ICT accessibility (EN 301 549). Additional WCAG 2.2 criteria specific to mobile
applications are also taken into consideration to create better
mobile experiences for all. Our teams collaborate to enable disabled
users to carry out basic banking transactions
on the app, such
as payments, fund transfers, card top-up and IRIS Payments, keep
track
of their finances, and manage their cards.
e-Banking
Eurobank’s digital banking
platform is an established
customer service channel of
the Bank. It is
developed and optimised with
a
commitment to meet Web Content Accessibility Guidelines (WCAG) 2.1,
Level AA, and the
European Standard for
ICT accessibility (EN
301 549). It allows users with disabilities to customise the interface to their requirements, e.g. enlarge text and change colours, and
also to navigate it using assistive technologies, e.g. screen readers. This enables them
to interact with core digital functionalities and
perform banking tasks, such as view their
balance, carry out transactions, and manage their finances. To continue
providing inclusive
access to core banking services, our teams carry out accessibility audits with specialised partners and
usability tests including users
with disabilities. Their findings drive remediation with the objective to enhance digital accessibility and create an equitable banking
experience for all.
Enhanced Customer Service Channels and Innovations
In
2025, over
980.100 appointments
were
scheduled
throughout the
year.
The
online appointment
booking option
(through
eurobank.gr and e/m banking) became available towards the
end of July 2023. Τhe appointments
through digital channels during the
whole year 2025 was 27% of the total
bookings.
Branch appointment booking was made available through Digital Channels
providing
customers with real-time information on service availability, appointment details, and offers 24-hours/day
as well as SMS reminders,
significantly
enhancing customer
convenience.
It has
been
established that
customers
must be
able to
secure an
available
appointment within three (3) days.
As part of our
ongoing efforts to enhance
the customer experience and
improve operational efficiency, we have leveraged the “Digital
Document Certification” functionality provided
by the
Greek government, integrating
it into
an innovative application within
the
Bank’s systems.
This application enables
the remote
completion of tasks
and sales with
speed, security,
and ease, both
for the
customer and the employee—eliminating the need for physical
presence at the branch.
Specifically, the tool offers
the following benefits:
•
A simple, fast,
and automated workflow for securely sending and receiving documents to and from
the customer.
•
Automated validation checks of digitally signed
documents through the gov.gr platform.
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•
Historical tracking and traceability
of all actions and data.
•
Time savings for
front-line staff
and a streamlined service experience for customers.
•
Decongestion of physical branches, enhancing flexibility and effectiveness
in daily banking operations.
Optimizing Relationship Manager Time Allocation
Eurobank implemented two key changes to increase the time relationship managers allocate to each
client. The Eurobank call centre
answers incoming calls to all branches, allowing for faster and more efficient service. Branch staff between 10:00
and 13:00 focus on
advisory services, and customers can carry out monetary transactions exclusively with the use
of self-service transaction terminals.
This has
been implemented in
264 out
of 266 branches.
During the
summer season,
selected branches
will extend
Meta Teller
operating hours to deliver exceptional service to RBB customers.
Specifically, service hours are extended by one hour, from 08:00 to
10:00 and from 12:00 to 14:00.
As part of the Group’s advisory approach and its commitment to enhancing services, the
Mobility initiative empowers our officers to
deliver banking solutions beyond branch premises. During on-site visits, they provide customers with comprehensive support
across
a defined range of banking services and products (end to end).
Nationwide Access through Strategic Partnerships
Eurobank has a cooperation agreement
with Hellenic Post (ELTA)
that allows Eurobank’s customers
to enjoy core banking services
through the Hellenic
Post branch network.
With more than
400 branches and
100 ATMs
across Greece, the Hellenic
Post branch
network provides extensive nationwide
service, both
in urban and in remote
areas, where banking presence
is limited or non-existent.
Alternative Communication and Sales Channels
In addition. Eurobank’s Telemarketing is an alternative channel which promotes products and services to existing Group customers.
The promotions
and targeted
customers are selected
in collaboration with
3 segments
(IB, PB,
SB). Telemarketing
offers direct,
personal and 2-way communication. The sales are completed
over the phone, digitally or at the
customer’s place of choice. The main
promotional products are
Loans, credit & debit cards
and light bancassurance products.
Information is
provided directly over the
telephone or through referral to the branch network.
Eurobank’s approach to approachability
is further supported
by its recognition for innovative
customer service and
inclusion practices
at the National Customer Service Awards
and DEI Bite Awards.
Complaint Management and Remediation
Eurobank’s complaint management is harmonized with the Bank of Greece's Executive Committee Act No. 157/2019 and is certified
under ISO
9001 and
ISO 10002.
All complaints are
managed with
impartiality and
a sincere willingness
to reach a
fair solution.
Customers are regularly updated on the
progress of their case, and if
not satisfied
with the proposed solution, they are advised of
their right to contact the Hellenic Financial
Ombudsman.
Communication is maintained with a sample of customers
even after their case has
been resolved, to determine satisfaction with the
outcome and
to receive
further
feedback. This
information is
used to
identify reasons
for dissatisfaction
and to
recommend
improvements in service provision and prevention of future issues.
Monitoring and Continuous Improvement
Eurobank tracks the effectiveness of
its actions through quantitative and qualitative indicators, including:
●
Client complaints performance indicators (customer
satisfaction rate,
complaints resolved within 2 business days,
annual
new complaints, client cases
received/resolved, overall resolution rate).
●
Customer satisfaction surveys and Net Promoter Score
(NPS) metrics.
●
Customer privacy and information protection indicators are also regularly monitored.
Eurobank achieved a 5.3% annual decrease
in new complaints
for 2025. Furthermore, it is
worth noting that Eurobank achieved a
48% cumulative reduction in complaints over the past four years.
Additionally, 50% of complaints were resolved within two business
days, demonstrating the effectiveness
of the Bank’s ISO-certified
complaint management process.
The Retail
Customer Excellence Committee,
composed of senior
Group executives, is
responsible for
making decisions to
ensure
quality and
customer service
outcomes, and
also
oversees privacy
and
information protection
KPIs
that concerns
customer’s
experience.
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The process regarding identifying
what action is needed and
what response to a particular
actual or potential
negative impact
on
consumers and/or end-users is characterised by ESG Risk Assessment. Eurobank continues to strengthen its capacity to identify and
manage social risk
stemming from
client operations.
Processes to
provide remedy
in the
event of
material negative
impacts are
available and
effective in
their implementation
and
outcomes. These processes include actively seeking customer feedback through customized communication tools and ensuring that
customers receive direct and prompt information about any new deals
or changes to the products and services they choose.
All advertising and
promotional campaigns are
subject to prior
authorization by relevant
Group units, with
content reviewed for
compliance.
Severe human rights issues and incidents
connected to consumers and/or end-users have not been
reported. In 2025, no incidents of
non-compliance with
regulations
and voluntary
codes concerning
product and
service information,
and
labelling or
marketing
communications were identified and, as
a result, no fines or sanctions were
imposed on the Group.
Resources allocated to
the management
of material impacts
engage internal functions such as Risk
Management, Compliance, IT
Security, and Customer Experience departments, which take actions like enhancing threat intelligence and cybersecurity measures,
conducting staff
training and awareness
programmes, ensuring compliance with international standards, and monitoring customer
satisfaction.
At this stage, Eurobank has not set
quantitative targets for these actions, as the initiatives under S4
-4 are implemented as ongoing
and adaptive processes rather than fixed, time-bound objectives.
Subsidiaries’ Information-related Impacts for Consumers and/or End-users actions
In addition to Group-level
policies on transparency and customer communication,
Eurobank’s subsidiaries in Bulgaria,
Cyprus, and
Luxembourg implement targeted actions to ensure clear, accessible, and responsible information for consumers and end-users. The
following sub-sections summarize
each subsidiary’s key measures and achievements
in this area.
Bulgaria (Postbank)
Postbank ensures inclusive access to its products and services through a multi-channel service model, including an extensive branch
network, dedicated business centers, digital banking platforms, ATMs and Express Banking Digital Zones, as well as a 24/7 customer
service line. Accessibility and transparency for customers and end users form an integral part of the
Bank’s social responsibility and
sustainability approach.
In preparation
for the
application of
the European
Accessibility Act (Directive
(EU) 2019/882),
as transposed
into the
Bulgarian
Accessibility Requirements for
Products and Services
Act, the Bank
has established a structured
Accessibility Act implementat
ion
Programme covering its core
banking digital services and customer-facing
channels. A comprehensive accessibility assessment has
been performed across
websites, mobile applications,
self-service terminals, digital
banking zones, electronic communications (e-
mails and PDFs), and social media content, in line with the requirements of the applicable legislation and the WCAG 2.1 accessibility
standards (Levels
A and
AA). Based
on the
assessment results
the Bank
has outlined a
multi year
roadmap focused
on gradual
enhancement of accessibility standards across all key
areas. New products, services and
digital assets progressively integrate relevant
accessibility requirements as
these standards become embedded into internal processes and development practices.
Postbank is committed to continuously improving the accessibility of its digital channels for
individuals with specific needs, including
enhancements that address visual, hearing and other functional impairments. Transparency
is further reinforced through clear and
accessible information on product features, fees,
commissions, and contractual terms.
In addition, Postbank has been advancing initiatives that support equal access to financial services, including sign language
training
for front office teams and financial literacy educational
programmes for younger audiences,
in line with the
Bank’s social sustainability
objectives.
Cyprus (Eurobank Limited and insurance subsidiaries)
Eurobank Limited
is committed
to providing
quality,
secure and
accessible information
and services
to its
clients, promoting
responsible banking and transparency.
The Customer Contact Center is ISO 18295-1 certified, ensuring
high-quality and accessible customer support.
The Customer Contact
Centre staff have been appropriately trained to provide service with clarity,
simplicity, brevity and consistency.
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A formal, centralized customer complaints procedure operates in
accordance with regulatory requirements. Complaints
are analysed
and investigated to identify root
causes and propose holistic solutions,
while customer service KPIs are
regularly reviewed. Continuous
staff training
supports service
quality and
customer-centric delivery.
Complaint handling
procedures are
publicly available
and
regularly reviewed by management.
Furthermore, in line with the
Accessibility of Products and Services Law of 2024,
which transposes the European
Accessibility Act, the
Bank is in the process of establishing a structured accessibility framework covering its products, services, digital channels, customer
communications, and physical service points.
Eurobank Limited has issued a Declaration of
Conformity confirming its commitment to
providing accessible products, services,
and customer channels in
accordance with applicable national legislation
transposing the
European Accessibility Act. Accessibility is recognised as a
core principle of
equal treatment and customer-centric service
delivery and
is integrated across
both digital and physical customer touchpoints.
The Bank ensures the accessibility of its digital resources by following internationally recognized standards such as EN 301549:2021
and the Web Content
Accessibility Guidelines (WCAG)
2.1 level AA. The Bank’s goal
is to fully comply with the WCAG
2.2 level AA
Standard.
Digital banking solutions have been expanded for greater accessibility, including online banking, mobile banking, digital wallets, and
open banking.
The digital
channels include
basic functions
that are
already partially
accessible (e.g. keyboard
navigation)
while
Eurobank Limited is working intensively to improve the user
navigation experience in these functions.
For the accessibility
of the physical infrastructure, Eurobank Limited
follows standards and general
guidelines issued from time
to
time by the
competent authorities and/or through
the Association of
Cyprus Banks. Accessibility
enhancements are continuously
implemented to support users with visual, hearing, mobility,
or other impairments.
The branches constitute the main physical customer service
channel and maintain an important role in the provision of an
accessible
environment. Specifically,
●
All branches offer priority service
to all customers who fall within the
scope of protection of
the local law and priority
service
signage is present
in all stores, including Braille.
●
All branches have parking slots for the disabled.
●
Guide dogs are unconditionally accepted at all service points.
●
The majority of branches are accessible
to people using wheelchairs.
The ATMs
are highly
accessible to people
with mobility
problems. Furthermore, some
devices have functional
features such
as
embossed keys, headphone ports and clearly worded visual messages with
high contrast.
In parallel, the Bank takes measures to improve
accessibility across physical service points, including
branches and ATMs, and ensures
that customer information, contractual documentation, and product disclosures are made available in clear and accessible formats,
including alternative formats
upon request. Accessibility
considerations are embedded into
the Bank’s design,
development, and
operational processes and are supported by internal assessments,
staff training,
and ongoing monitoring.
With regards to the insurance
subsidiaries, ERB Cyprus Insurance
Holdings Limited aims to
deliver high-quality, client-focused services.
Trained intermediaries provide clear and
transparent product
information, while customer service teams and
regional representatives
offer timely support and manage claims. The ex-CNP mobile app enhances customer experience by allowing clients to view policies,
payments and claim status, upload documents and download statements. A Complaints Management Policy sets out the company’s
approach and responsibilities for handling client complaints.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private Bank Luxembourg ensures that
information for consumers and end-users is
clear, accessible,
and compliant with
regulatory standards. The bank
maintains multiple communication channels and provides
regular training to staff on
customer service
and information
security.
Complaint management
processes are
in place
to address
client concerns
promptly, and
the bank
is
committed to ongoing improvements in customer communication
and service quality.
3.2.3
Metrics & Targets
Financial inclusion
Eurobank measures
its performance
in supporting
SMEs and
social finance through
the financing
amounts directed to
relevant
programmes. As of
31.12.2025, the following are the outstanding balances and disbursed amounts
for key programmes:
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Programme Greece
Outstanding
Balance in
2025 (€ mn)
Disbursed in
2025 (€ mn)
Outstanding
Balance in
2024 (€ mn)
Disbursed in
2024 (€ mn)
EIF – ESIF
ERDF
16
-
20.7
-
Financing under the European Commission’s EaSI
1
-
1.8
-
Hellenic Development Bank (HDB)
TEPIX III
311
273
125.8
169.6
Business Growth Fund
-
-
13.4
1.4
EAT Micro AGRI
1
0
0.8
0.5
Tamio Eggiodosias
EAT TMEDE
1
0
1.3
0.4
Tamio Eggiodosias
Kenotomias
1
0
1.5
0.3
Mortgage Loans for Multichild families
in remote areas
7
5
0.8
0.8
“Spiti mou” (I + II)
148
106
44.3
31
Student Loans
0.32
0
-
-
Other (AFI, EGG)
5
-
-
-
Total
491
384
210.5
204
In 2025, Eurobank expanded
significantly its loan book
in aeras of activity with
a strong social footprint. The
bank extended 311
million
to SBs through its cooperation with HDB in the frame of the TEPIX III programme, of which 273 million have already been disbursed
during the year, a 147% increase of total loans in this category compared to 2024,
coupled with a 61% increase in disbursement. The
bank is
also very
active in
supporting the
“Spiti mou”(I
+ II)
state programme
to mitigate
the housing
shortage
and its
social
ramifications. The relevant
loan book more than
tripled (+234%) vs
2024 and so
did disbursements (+242%).
Overall, this robust
performance confirmed the bank’s commitment to financing the real economy at all levels and supporting initiatives with particular
relevance to the juncture and to social priorities.
Programme
Cyprus
Bulgaria
Outstanding Balance
in 2025 (€ mn)
Disbursed in 2025 (€
mn)
Outstanding Balance
in 2025 (€ mn)
Disbursed in 2025 (€
mn)
Student Loans
47.6
1.8
1.61
0.18
Disability
Car
Loan
(Product
of
ERB
Limited)
0.1
0.1
Your future in Bulgaria
0.80
0.64
IFC Women
3.93
2.77
Total
48
1.8
6.35
3.59
In line with Group’s commitment to expanding the scope and consistency of its sustainability
practices, 2025 marks the first year in
which financial inclusion metrics from the Bank’s operations in Cyprus and Bulgaria were systematically
collected and consolidated.
The inclusion of
these datasets enhances
the completeness of
the Group’s
reporting and
provides a more
accurate reflection of
Eurobank’s regional
social impact. In total,
the two countries contributed
€48 million in
outstanding balances and €1.8
million in
disbursements in Cyprus, and €6.35 million in outstanding balances with €3.59 million in disbursements in Bulgaria, across products
such as student loans, disability car loans,
and dedicated youth and women-focused financing programmes.
Approachability Metrics
Presence in Remote Areas
Eurobank ensures
approachability by
maintaining
a strong
presence in
remote
and underserved
communities, making
banking
services available to all,
regardless of location:
●
238
Municipal
Communities
(population
<5,000)
served
via
Hellenic
Post
branches,
including
remote
islands
(e.g.,
Agathonisi, Anafi, Karpathos, Nisyros,
Tilos, Halki, Folegandros,
Amorgos, etc.).
●
182 areas (population <5,000) served via 254 off-site
ATMs (e.g., Agios
Efstratios, Alonissos,
Symi, etc.).
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Additional digital metrics
on approachability are also presented in paragraph 3.3 Fostering
innovation
Accessibility Metrics
Serving People with Disabilities
Eurobank’s commitment to accessibility
is demonstrated by the following actions
and metrics:
●
100% of ATMs feature
voice guidance; 144ATMs (12%) are
wheelchair accessible.
●
Customers with disabilities receive priority service
at all branches, with appropriate signage and Braille writing at entrances.
They use their debit or credit card at the Nemo Q automated priority system and receive
a ticket for faster service. There is
also the option for managers to use
QR codes via Nemo Q machines
to ensure maximum priority.
●
Priority service is also provided
through Europhone Banking, where
keywords such as "disability" are recognized by
the voice
portal and routed to specially trained agents.
●
103 branches have access ramps
for customers with reduced mobility; all new
branches feature permanent ramps, and 7
branches have detachable ramps (with plans
to expand).
●
144 ATMs and 154 APS are
installed at a lower
height to serve customers in wheelchairs
at selected branches.
●
Eurobank’s v-Banking service includes specialized
personnel trained in sign language, currently, two
v-Banking employees
are certified in sign language, enabling deaf and hard-of-hearing customers to receive comprehensive
assistance via video
communication.
This service allows them to be informed via v-Banking without visiting a branch and consulting experts on
complex issues.
●
1,237
ATMs are equipped with voice guidance that gives
private instructions for transactions.
●
The website features dedicated pages with information on multiple
service options tailored to each type of disability, and
offers people with disabilities
the opportunity to communicate suggestions via a special contact form.
●
Eurobank provides an
accessible digital
Service Guide (available in
Greek and English)
for people with
disabilities, which
describes the service options available across all
the Bank’s channels and for each type of disability.
●
Eurobank’s virtual assistant (EVA) has been designed with compatibility with
assistive technologies in mind and
supports the
use of screen readers and keyboards, facilitating navigation and content comprehension
for users with disabilities. The user
experience
has
been
enhanced through
clear
labeling, appropriate
content
hierarchy,
and a
user-friendly
interface.
Continuous accessibility audits drive improvements based on WCAG
2.1 level AA.
●
In 13 future branches,
the premises have been
mapped to record the
conditions within
them, as well as all areas that
can be used
by individuals
on the
autism spectrum
as decompression
spaces if needed.
Additionally,
Sensory Maps and Sensory
Accessibility
Guides, specifically
designed for
people
on the
autism spectrum,
have been
added to
the Eurobank.gr website
as well as to
the
Bank’s interactive
tables, so that customers and their
companions can be aware of the conditions
they will encounter when
vis
iting
these branches.
●
In
all Eurobank
branches,
the
provision
of documents
in
Braille
is
available
upon request,
with
a
one-week
notice
period.
Additionally,
the presence
of guide dogs
is fully accepted
at all service
points.
●
Eurobank enhances awareness
through educational programmes attended
by 5,000 employees
to date (including online
courses and experiential training), as
well as inspirational
events involving approximately 2,500 employees.
●
11 staff members
have participated in training on sign language
to date.
●
Eurobank is the 1
st
Greek bank that
has integrated the Digital Disability Card into
its systems, enabling people with
disabilities
to receive services,
benefits, and discounts directly.
These include: a preferential
1.85% interest rate
on the Saving
Now
account for balances up to €5,000
for one year (compared to the current rate of
0.15%); zero fees for the Eurobank My Blue
Advantage benefits package
throughout 2025
and 2026; and
double €πιστροφή rewards
for two years
on purchases
at
selected supermarkets made with
a Eurobank debit or credit card linked to the €πιστροφή loyalty programme.
Targets
Eurobank has set clear qualitative
and quantitative targets
under each of its three pillars
to advance accessibility,
approachability,
and financial inclusion for
customers and stakeholders.
These targets are
regularly monitored and updated as
part of the Group’s
Sustainability Strategy.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
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Accessibility
●
Qualitative Targets:
o
Enhance accessibility initiatives
for services and products targeted to underserved social groups.
o
Raise staff
awareness and familiarity
on disabilities through experiential training
and educational programmes.
●
Quantitative/Specific Targets:
o
Within 2025, integrated the digital disability
card into the
Bank's systems, enabling customers with
disabilities to receive
the highest priority in service at all branches.
o
Offer exclusive benefits
and discounts with the Digital Disability
Card, including:
◾
Free Eurobank My Advantage Blue privilege package for
2025 and 2026.
◾
Preferential interest rate of
1.85% for one year on the "Αποταμιεύω"
savings account (up to €5,000), compared
to the standard 0.30%.
o
Train staff.
o
Expand accessibility.
o
Officially added as a benefit: x2 cashback in collaboration with participating supermarkets, along with campaigns such
as the World Disability Day operation. The cashback applies
for a period of one week.
Approachability
●
Customer feedback surveys, user demographic data, and training participation rates
are used to track the effectiveness
of
targets.
Additional targets are also
presented in paragraph 3.3 Fostering innovation
Financial Inclusion
●
Qualitative Targets:
o
Ensure equal access to banking services and strengthen inclusivity,
especially for vulnerable groups.
●
Quantitative/Specific Targets:
o
By 2026, we will continue to expand benefits and services for customers in remote areas and for underserved groups,
as described in the financial inclusion metrics
(see previous section).
Monitoring and Review:
Progress
is tracked
through customer
feedback
surveys, user
demographic data,
and training
participation rates.
Targets
and
achievements are reviewed annually by the Sustainability
Management Committee and updated as
needed.
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3.3
Fostering innovation [Entity-specific]
3.3.1
Strategy
Description of material impacts, risks and opportunities and
their interaction with strategy and business model [SBM-3]
Innovation is a strategic business opportunity
for Eurobank
in relation to the
increase of positive and
the reduction of
negative impacts
it has identified. Thus, it places great emphasis in
creating an environment that fosters the sustainable growth of small and medium-
sized enterprises (SMEs)
,
both national and international, and reinforces the outward-looking potential of Greek companies
with a
view to promoting effective entrepreneurship
and improving the
quality of key business
sectors through innovative
services. Eurobank
is also promoting innovative channels
for service delivery and designing value-adding solutions, tailor-made to its
customer needs. In
addition,
a key component of the Societal pillar of Eurobank’s sustainability strategy focuses on stimulating innovative, inclusive and
youth-focused entrepreneurship.
Eurobank’s mission goes well beyond its financial aspect and aims to contribute to economic growth, but also to enable an inclusive
and sustainable economic model, one that champions innovation, supports communities and generates
widespread prosperity.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
Regarding the Governance-related information
please refer to ESRS
2: 1.3 Governance.
3.3.2
Identified impacts, risks and opportunities
Description of processes to identify and assess material impacts, risks and opportunities [ESRS 2 IRO-1]
Through the DMA Eurobank has identified the following material
risks and opportunities:
Fostering innovation
Risk
Rapid technological development in the banking sector may pose competitive threats and risks if
the Group fails to adapt and innovate at the same
pace.
Opportunity
Meeting evolving customer expectations and modern lifestyle needs through utilising digital tools
and innovative services can improve customer engagement.
The process of assessing
fostering innovation applies across all
regions where Eurobank operates.
3.3.3
Policies, actions and performance
Policies related to fostering innovation [MDR-P]
The Group’s
Sustainability Policy Framework
is the
underlying policy
describing its strategic
objective to
adapt its
business and
operations in a way that accommodates
social needs within its business
model.
The Sustainability Policy Framework
makes reference to the significance
of fostering an innovative environment and its role in
the
overall sustainability strategy
which includes its commitments
and targets of the societal
pillar towards that end.
For more information please refer
to Policies related to climate
change mitigation and adaptation [E1
-2].
Actions related to fostering innovation [MDR-A]
Eurobank is an
innovator when it
comes to initiatives
and Corporate Social
Responsibility (CSR) activities
that support innovative
entrepreneurship, foster the sustainable growth of small and medium-sized
enterprises (SMEs) both national and international and
reinforce the outward-looking potential of Greek companies,
with a view to promoting effective entrepreneurship
and improving the
quality of key business sectors through innovative services.
GenAI CoE & Innovation – Responsible, Future-Focused Transformation
GenAI CoE & Innovation Competitiveness is
a strategic initiative launched in January 2024 that
brings together the Innovation Center
and the GenAI Center of
Excellence. Its mission is to ensure
Eurobank’s long-term relevance by fostering a culture
of innovation while
embedding ethical AI, responsible experimentation, and sustainable
operating models.
The initiative
explores and
exploits disruptive
value propositions
that drive
future competitiveness,
while ensuring
that GenAI
adoption adheres to
robust governance, risk
management, and environmental
efficiency, in
line with Sustainability
standards. By
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enabling automation
and
intelligent workflows,
it
reduces
redundant
manual
effort
across
the
organisation,
contributing to
operational sustainability and improved employee wellbeing.
Partnerships & Products
The GenAI CoE worked closely throughout 2025 with all business units to
identify potential use cases. By January 2025, one Virtual
Assistant MyEVA” was launched into production
for Eurobank employees in
the branch network. EVA Bot was launched
on Eurobank's
site, and 35 other use smaller cases
were put to pilot testing or launched into production.
With the aim to strengthen competitiveness, promote, support,
and integrate innovation at all levels of the organization’s operation,
an Innovation Board was established under the leadership of Eurobank's CEO.
Venture Banking
The Venture Banking unit
supports innovative and
fast-growing businesses in Greece by providing
tailored financing tools and
advisory
services. With the aim of providing
comprehensive, integrated solutions and services to enhance Greek
innovative businesses, the
Venture Banking unit serves as a collaborative
umbrella for other CIB front units. It
includes egg , a business growth accelerator, a top
European hub
for innovative startups,
having supported over
460 startups.
The egg Accelerator
fosters global partnerships
with
organisations, universities and accelerators,
enhancing networking and development opportunities for entrepreneurs.
egg Accelerator
egg Accelerator is a leading business accelerator in Greece, dedicated to fostering innovative entrepreneurship.
Established with the
support of Eurobank in the context of innovative entrepreneurship,
egg was inspired by the need to empower
the next generation of
business leaders. egg Accelerator is recognized by
the Financial Times as one of Europe's
Leading Start-Up Hubs for three consecutive
years (2024, 2025 and 2026), providing startups with
the resources, mentorship, and network they need to thrive
in a competitive
global market. Since 2013, it has
b
een shaping the startup ecosystem in Greece by creating opportunities for development, funding,
networking, and international expansion.
In the last 13 years,
egg Accelerator has become one of the
most prominent business acceleration initiatives
in the country. It has
also substantially enhanced its reputation
in Greece and abroad
and has become an
industry standard in
the Greek startup ecosystem.
To date,
egg has supported 460
startups (232 with
legal entities),
106 research teams, 41
international startups,
and over 1,600
entrepreneurs. egg Accelerator consists
of 4 distinct
and complementary entrepreneurship support platforms:
pre –
acceleration,
Acceleration, Post – Acceleration and Clusters.
Through its Pre-Acceleration platform, egg supports
business teams in the
initial stages of developing
their ideas via ad-hoc
initiatives,
networking events, and competitions. The
platform is dedicated to empowering women, the
academic and research community, and
innovators worldwide to engage in entrepreneurship and forge links with the real economy. This
is achieved through six specialized
mini programmes: four for Female
Entrepreneurship, two for Researchers, and two International Pre-Acceleration Programmes. To
date,
the
egg
Accelerator
has
supported
106
research
teams
(354 participants)
with
54.8% female
representation,
and
41
international startups (95 participants). The
platform's core mission
is to introduce teams to the entrepreneurial world, help
them
develop their ideas, assess the commercial
potential of their research, and provide essential support and guidance.
The egg Acceleration platform
equips entrepreneurs with the essential
resources to transform their ideas into
viable, investment-
ready ventures.
It offers
a structured
framework that includes
comprehensive training, strategic
business planning, personalized
mentorship from industry experts and investors, networking opportunities with key partners, and access to financing. As part of this
ecosystem, the platform delivers Financial Consulting, offering
systematic advisory support
based on KPIs
and addressing critical areas
such as
market research,
business modeling,
branding, financial
planning, and
strategic growth
through the
“Real-Win-Worth”
framework. It also provides Financial Tools and Networking, enhancing liquidity and funding options via microfinancing, preferential
loans, private equity, and
strategic partnerships, while enabling global market access
through platforms like Exportgate.gr. In addition,
Mentoring connects entrepreneurs with
experienced professionals for strategic
guidance and networking, while
Business Training
delivers intensive
bootcamps and specialized
lectures on topics
such as
Lean Start-Up,
marketing, IP management,
and funding.
Finally, Building Infrastructure offers modern, fully equipped office spaces that foster collaboration and innovation. Together,
these
integrated services create a
robust ecosystem that empowers startups
to grow sustainably and succeed in competitive markets.
The egg Post-Acceleration
Platform is
designed to support
mature, innovation-driven enterprises
in scaling
their operations
and
securing strategic
growth. This
platform provides
advanced consulting
services, targeted
guidance for
Series A
and later
-stage
fundraising, and direct access to investors, strategic partners, and global networks. It enables participating companies to accelerate
decision-making, achieve
economies of
scale, and
strengthen their
competitive position
in international
markets. Tailored
for
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businesses with
validated
products, intellectual
property,
and
market readiness,
the platform
offers
a
structured
pathway
to
expansion and long-term sustainability.
Tourism and Culture cluster
With egg Accelerator as the administrator, Eurobank supports the first Greek Cooperative Innovation Cluster in Digital Technologies
in the Tourism
and Culture Industries (Tourism and Culture Cluster).
The main purpose of the Cluster is
to secure financial viability
and achieve economies of
scale and economies of scope
in digital applications and technologies for
Tourism and Culture. It
also fosters
an environment of collaboration and creativity and
encourages knowledge sharing and resource pooling among member companies,
resulting in more efficient and sustainable practices. The initiative incorporates innovative companies
and other organisations based
in Greece that promote innovation, research and networking, and are
active in the wider digital tourism technologies and
ICT sector.
This approach aligns perfectly with the
priorities set by the World
Tourism Organisation (UNWTO) and tourism organisations globally.
The objective of the Cluster
is to digitise tourism
and cultural products, maximising
Greece’s competitive edge
through the use of
software and digital content technologies, smart mobile
apps and other
high-tech applications. These advancements will offer visitors
new and enhanced
travel experiences,
aligning with the
overarching goal
of the initiative.
Through the integration
of innovative
technologies, the Cluster
aims to
modernise the tourism
sector, providing
visitors with tailored,
cutting-edge experiences, while
ensuring
Greece’s
continued relevance
and
competitiveness
in
the
global
tourism
market.
The
“Development
of
innovative
technologies and new generation of digital applications in tourism and culture” R&D programme has been successfully submitted to
the Innovation Cluster CfP of
the General Secretariat
for Research & Innovation, with a total
budget of €2.8 million, allocated
to 6
ambitious collaborative R&D projects from 13 companies.
Exportgate and extroversion initiatives
Eurobank aims at
actively contributing to the country’s economic growth
and recognises the importance of
entrepreneurship and
extroversion as a
major lever for
the expansion of
the Greek economy.
With the support
of 4
leading Greek export
associations
(Panhellenic
Exporters Association,
Greek International
Business Association,
Exporters’
Association of
Crete
and
SEV-Hellenic
Federation
of
Enterprises),
Eurobank
created
Exportgate,
a
pioneering
international
web
trade
portal
offering
networking
opportunities in the global market
to Greek and Cypriot
companies and providing access to
advanced tools for their international
business operations. With more than 5,600 participating Greek companies,
it covers all major sectors
of the economy.
Through the ExportGate International Trade
e-Library, one
of the largest
international trade e-Libraries, businesses
gain access to
information on more than 180 countries as well as valuable information on macroeconomic issues and statistics, market trends and
consumer behaviour per country. It
makes it easy to locate
information online on more than
1 million importers in more than 200
countries
Eurobank acts as the exclusive representative
of Trade Club for Greece, Cyprus and since
2025 in India. Supported by international
banks covering over 65%
of global trade corridors, the
Trade Club is
the first e-business
network enabling its members to identify
business partners easily, quickly
and reliably around the
globe by strongly investing
in advanced AI technologies. The
most recent
integration in the network is the market of
China, represented by the Bank of China.
Additionally, through Exportgate, Eurobank has
established an exclusive collaboration with Enterprise
Greece, the official investment,
and trade promotion agency of the Greek
State, aiming at increasing export activity and
at attracting foreign investments. Moreover,
through the extroversion initiatives of the Hellenic Federation of Enterprises,
SEV and Eurobank have established powerful synergies
providing end-to-end
support to
Greek businesses
through country-specific
business missions
and insightful
workshops (Export
Ready).
In 2025, Eurobank strengthened
its commitment to growth beyond
borders by participating as a
founding member of the
IGC Business
& Investment
Council, a
trilateral initiative
between Greece,
India, and
Cyprus. The
Council serves
as
a strategic
platform for
promoting
trade, investment,
and
innovation, with
a
focus on
key
sectors
including
shipping, financial
services,
technology,
infrastructure and renewable energy.
As part of this initiative,
Eurobank extended its successful
Exportgate platform with the launch of Exportgate.in,
a digital
platform
dedicated to connecting the business communities of Greece, India,
and Cyprus.
Looking ahead, Exportgate will continue its journey
as an innovative “one-stop shop” for extrovert businesses, building on
a strategic
focus on innovation,
connectivity, and sustainable development. Its
mission remains to empower companies with
digital tools, reliable
market intelligence, and international
partnerships.
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Growth Awards
Eurobank established the “Growth
Awards” in 2016, in
partnership with Grant
Thornton. The aim was
to reward companies
that
transform ideas into business, turn challenges into opportunity, and elevate local achievements into global distinctions — reflecting
the true potential of Greek entrepreneurship
to evolve and excel. The Award Committee consists of 20
distinguished individuals from
the Greek business and academic arena.
Over the
last 8 years,
the Growth
Awards have
evolved into
one of
the country’s most
prominent platforms for
acknowledging
business excellence. During this period, they have
honored 50 of the most robust Greek companies that
truly stand out by combining
strong financial
performance, a
compelling business story,
a
solid domestic
presence with
outward looking
growth, and
a firm
commitment to business ethics and a
positive workplace culture.
Digital Banking
Throughout 2025, Eurobank was fully committed to continue delivering personalised and user-friendly digital services, as part of its
digital transformation,
investing in technological infrastructure and
human resources, and supporting
all users in
accessing digital
solutions. Eurobank Group Digital Banking leverages its expertise to provide innovative, data driven financial products and services.
Placing customers at the center, it delivers
simple, personalized products and
ensures easy access to them.
Bringing technology closer
to everyone, it
acts as
a digital and
phygital key
enabler and Eurobank’s
main digital culture
ambassador.
Two main aspects
are
identified in its digitisation
journey:
●
External digitisation – Its
digital footprint through web and mobile banking, websites
and social media presence.
●
Internal digitisation – Its
simplified internal processes
through all customer touchpoints.
Eurobank’s digital-first approach has led to a significant expansion of its digital portfolio, offering a range of products and services
to
enhance customer
experience and
address customer
needs as
voiced directly
by them.
The main
theme for
2025 involved
the
provision of new digital products and services for both Individuals and Businesses
Key digital products and initiatives for 2025:
●
Group Sales Digital Onboarding: a unique in the Greek market, digital service allowing companies to digitalise their payroll
process while enabling their employees to digital
onboard their employers payroll service,
●
New credit
products –
Introduced personalised
and pre-advised
products with
automated credit
decisions, enabling a
seamless and fast
digital experience. Launched a market-first
virtual credit card
●
Insurance products – Launched additional general insurance products via digital channels, such
as Motor Insurance and Pet
insurance products.
●
A new product offering for teenagers: a
virtual prepaid issued by the parent/guardian and used by the minor.
●
Digital offering
for businesses – Introduced online set up
of Time Deposit deals
with personalized options application for
POS facility,
as well as
numerous digital tools for the administration
of a company’s legal
documentation.
These products cater for
the everyday needs of
businesses, providing efficient financial
solutions to support their operations
and
growth, alleviate the need to visit a
branch and save valuable time.
In addition to these digital products, Eurobank made notable advancements in 2025:
●
Expanded partnerships in embedded financing – Launched new partnerships with
merchants in embedded financing. This
initiative
enables
consumers
to
finance
their
online
purchases
directly
through
the
Group
when
shopping
online,
streamlining the payment process and enhancing convenience for customers.
●
Enhanced customer service features – Introduced several features to
upgrade the customer experience and save customers
time from visiting a branch for service requests,
such as the addition of a new account beneficiary and
the ability to issue
Certificates with a
simple click of a button.
●
Open Banking – Eurobank made
further progress in Open Banking by
offering new custom added-value APIs, to cooperating
companies, in the areas of onboarding, account and transactions management
etc
●
The Open Banking channel:
o
Served 150,000 customers with 12,000,000 calls.
o
Increased transaction volume to €171 million, up from 7M compared to 2024.
Eurobank’s digital initiatives
epitomise a strategic
commitment to harnessing technology for delivering cutting-edge solutions and
tailored experiences for individuals
and business customers. These efforts were recognised by
notable distinctions. In
2025, Eurobank
was honoured as "Best Consumer Digital Bank in Western Europe" for the sixth consecutive year and won
the "Best User Experience
(UX) for Businesses" award at Global Finance's 2025 World's Best Digital Bank Awards by the esteemed US Global Finance magazine,
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affirming its
continuous excellence in digital
banking on an
international scale.
Additionally, during
2025 Eurobank the Eurobank
Mobile App was ranked 1st in the App store and iOS
among all other banks in Greece.
Digital and hybrid sales
– In 2025, the volume of digital and hybrid sales
increased significantly by 31% (in
items) through:
●
Enriching product offering across product
categories and segments, such as as virtual
prepaid for youth
Segment – Eurobank
Teens,
Every day invest for new micro investors subsegment.
●
Increasing traffic and optimizing journeys through
various digital campaigns, promotions,
and events for
a significant number
of digital
products. Additionally, designing and making
the most of new
capabilities to drive engagement
and sales (e.g.,
personalized promo areas in e/m
banking, lead generation from eurobank.gr).
User experience
- The User Experience
(UX) team prioritises the customer/user in all
Bank's operations. UX
Researchers and Designers
work to improve the experiences of both customers and staff across
various channels and touchpoints, applying established design
standards, including accessibility considerations and best
practices. To conduct user research, the team
utilises state-of-the-art UX
Lab facilities,
employs a variety of methods and custom tools (such as
user interviews, design thinking, usability tests, card
sorting,
tree testing). This approach involves recruiting both external and internal users to ensure a holistic understanding of user needs and
behaviours.
The UX team
has created 4 user pools:
the Digital Community (digital
banking customers), the Digiators (internal
staff), Friends &
Family,
and Accessibility for all (people with
disabilities) to simplify
processes and efficiently gain
insights.
During 2025, approximately 178 users, including 22 users with disabilities, were engaged in 26 research activities and testing as well
as 9,071 users were engaged
in online questionnaire for 15 projects. It also
evolved the design systems
for mobile app, e-banking,
eurobank.gr,
unify
and drive+
so as
to
work with
specific design
standards,
patterns and
components,
to provide
consistent
experiences and efficiencies to the design
and development teams.
Websites
- In
2025, eurobank.gr attracted
over 25.5
million visits where 47%
of this
traffic originated organically
through search
engines, such as Google.
The Bank
completed a
major
enhancement
of its
conversational assistant,
now branded
“EVA”,
by
integrating
generative-
AI
capabilities. It also improved customer journey for branch-appointment scheduling and other interactive
tools, in order to enhance
user experience and strengthen lead generation. Significant
accessibility remediation work was carried out to advance compliance,
and efforts are ongoing to ensure that corporate websites
become fully functional and accessible to users
with visual disabilities.
In parallel, the Bank continued collaboration initiatives aimed at further strengthening its
digital platform, including the introduction
of intelligent search functionality. During the year,
it also redesigned growthawards.gr and developed from the ground up
the new
websites theegg.gr and eurobankequities.gr.
Social media – With 11 active channels
on different platforms, such as Facebook,
LinkedIn, Instagram, TikTok and YouTube, Eurobank:
●
Recorded 334,951 interactions.
●
Produced content with 866 organic posts across social
media platforms.
●
Performed community management, responding to 9,466 user comments
Community management across the Eurobank’s social media channels helps
the bank forge better customer relationships within the
digital environment but also introduces a new approach to the bank-customer relationship and
digital sales. In terms of interactions,
Eurobank ranked 1st on LinkedIn and on TikTok
and 2nd on YouTube across the Greek banking sector.
The €pistrofi loyalty page on
Facebook was 1st in interactions and followers growth across the Greek banking sector. Also, Eurobank was the first
bank to launch
a
TikTok
series in
Greece
and create
native content
on
TikTok,
adapting to
the platform's
unique style
and user
preferences.
Additionally, it completely
transformed its tone
of voice for
community management
on TikTok, ensuring it
remains relevant and
engaging to the platform's
audience.
Digital Creative Hub
– Our content leading team with dedicated digital copywriters
and designers responded
to an increased demand
(+39%) for digital content through
2,436 deliverables for 597 projects in
Group Websites (incl. Robochat, chatBot features), 175 email
campaigns, 93 digital
channels product pages, flows and microcopy projects.
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Performance marketing
– Through
digital advertising
platforms, it
helps business
growth directly,
by supporting
digital sales
in
achieving their sales
targets, and indirectly, with
marketing campaigns
aiming at increasing
brand awareness. In 2025, 120 digital
campaigns were la
unched, reaching:
●
Over 6 million users
●
1,3 billion impressions
●
70.2 million video views
●
20.9 million clicks
Customer Experience and Simplification
Customer experience is positioned by Eurobank
as a strategic
differentiator and a key lever in its
transformation agenda.
To
serve
this purpose, CX & Simplification team drives the redesign & digitization of journeys
across all channels, ensuring efficient processes,
seamless interactions
and customer centric experiences.
Covering all stages of customer lifecycle, from onboarding to
daily banking, lending,
and after-sales support, every
touchpoint is being
re-engineered seeking to
blend operational excellence
with customer focus.
Towards
this context, in
recent years,
Eurobank has
transformed how customers interact
with its services, embedding simplicity,
speed, and consistency.
Following the end-to-end redesign of the bank’s core customer journeys, Eurobank achieved a structural shift of customer servicing
towards digital channels contributing to a material uplift in customer satisfaction, reaching average product NPS over 60. In parallel,
the comprehensive simplification of internal processes
reduced operational complexity, strengthened efficiency,
and enhanced the
bank’s capacity to scale consistent,
high-quality customer experiences across all
channels.
Looking ahead, Eurobank continues to invest
in unifying experiences across all touchpoints
and channels with upcoming initiatives
focusing on proactive digital servicing, enhanced personalization,
and greater use of artificial
intelligence.
Customer Value Management & AI – ESG-Driven Value
Creation
The
Customer
Value
Management
&
AI
unit
combines campaign
automation,
personalisation,
and
AI
innovation to
deliver
measurable, responsible, and sustainable
impact aligned with Eurobank’s ESG
commitments.
In 2025, over 36,000 targeted actions generated 57 million customer contacts
across digital and physical channels, supported by 360
million additional
displays
in e-Banking
and
mobile—reducing unnecessary
outreach, improving
relevance
for customers,
and
minimising communication fatigue, a key aspect of responsible customer engagement. These activities contributed to nearly 50% of
total digital sales,
supporting the bank’s transition to lower-carbon, paperless, and branch-light channels.
A Recommendation Engine integrating machine learning
with business rules delivered
personalised offers to 2
million customers (83%
of the active transactional
base), promoting fairness, transparency,
and inclusivity in product access.
The integration of Campaign
Management with the mobile app enabled real-time activations and strengthened the bank’s ability to provide timely, value-adding
services while reducing operational overhead and resource consumption.
In the
Governance (G) domain,
the unit
significantly enhanced AML
detection through
advanced AI, achieving
a 20x increase
in
accuracy and strengthening Eurobank’s capability to
prevent fraud, protect society, and uphold regulatory trust.
It also extended self-
service BI and data
visualisation to Private Banking, driving data transparency,
informed decision-making, and ethical use of
analytics.
External ESG awareness
Eurobank has taken measures to assist stakeholders to assimilate
ESG terminology, opportunities and applicability. Digital Academy
for Business actively supports Greek businesses in their digital and sustainability transition, through a groundbreaking CSR initiative,
constituting a catalyst for business transformation and success. Since 2019, the Digital Academy has
been offering through its online
platform to both customers and non-customers a transformative
learning experience, addressing the evolving needs of businesses,
as well as
key market developments.
With a deep commitment
to fostering digital
literacy, innovation and
entrepreneurship, the
Digital Academy for Business stands as a beacon of excellence promoting capacity building for
external stakeholders and particularly
for the bank’s
clients as an integral
part of the bank’s
operational impact strategy achieved through
in – person
events as well as
through the online workshops.
Regarding
the specific
actions in
2025,
the ESG
& Sustainability
pillar focused
on emerging
regulatory requirements
and
the
opportunities arising from alignment with European sustainable development standards. The online workshop “CSRD Sustainability
Reports – Regulatory Requirement or an Opportunity for Strategic Transformation?”,
organized in collaboration with Global Sustain
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and the Ministry of Development, highlighted the implications of
the CSRD Directive and demonstrated how businesses can
leverage
compliance as a catalyst
for strategic differentiation,
enhanced transparency, and long-term value creation.
In addition, during the year,
a series of regional
workshops on “ESG standards
and Green Financing” was organized in cooperation
with Enterprise Greece and
with the support of key
business associations, including SEV,
SEVE, EBETH, SVETH,
and SVTHSE. These
workshops, held in Larissa
and Thessaloniki, provided local enterprises
with the
opportunity to better comprehend how
they can
assess their readiness against ESG standards considering the evolving regulatory landscape, and to identify how the new regulatory
framework can be transformed into a
competitive advantage for sustainable
investment and export growth.
In 2025,
the Digital
Academy for
Business workshops
engaged more
than 2,700
executives across
all streams,
reinforcing
the
initiative’s role
in advancing
business
sustainability through
knowledge sharing
and practical
capability building.
The workshop
pipeline placed
increased emphasis
on sustainability
and
ESG considerations,
alongside
digital transformation,
payments,
and
operational resilience,
in response
to the
evolving needs
of Greek
enterprises and
addressed topics
linked
to crucial
market
developments in a timely manner.
Looking ahead to 2026, the Digital Academy for
Business is expected to further deepen its focus
on sustainability and ESG, supported
by emerging technologies and best practices
to enhance corporate resilience. Within this
context, sector-specific ESG themes may be
explored, including areas of strategic
importance to the Greek economy, such as tourism.
Subsidiaries’ Fostering Innovation actions
In addition to Group-level
innovation initiatives, Eurobank’s subsidiaries
in Bulgaria, Cyprus, and Luxembourg
implement targeted
actions to promote entrepreneurship, digital transformation, and
a culture of innovation. The
following sub-sections summarize
each
subsidiary’s key measures and achievements
in fostering innovation.
Bulgaria (Postbank)
Postbank has
established itself
as a leader
in fostering
innovation within the
Bulgarian banking sector.
In 2025,
the Bank made
significant progress on its digital transformation journey
supported by more than 100 planned initiatives with artificial
intelligence,
aiming to improve customer experience, optimize processes, and
upskill its workforce. Postbank has established two AI development
centers. The estimated effect of the 20 AI projects implemented is
an increase in productivity equivalent to over 105,000 employee
hours. These include
AI tools,
including chatbots, GenAI
assistants, and automation
platforms that
free employees from
routine,
repetitive tasks and
allow them to
focus on strategic
decisions and more time
serving customers. The phased
implementation
of
artificial intelligence has improved customer service by more than 30% and the efficiency of processes in the bank by over 70%, and
over 420,000 hours of
customer time have
already been saved.
In 2025 Postbank
implemented a completely new
digital
banking
platform, which boasts intuitive and modern design and a number of new functionalities in mobile and
internet banking. The results
so far are impressive:
-
Over 95% of all transactions
were made online
-
113% growth in the volume of transfers
through mobile banking over the last year
-
Over 127% growth in the use of digital
wallets
-
60% increase in transactions through m-Postbank
-
Over 75% growth in transactions with
youth cards
Additionally, Postbank promotes innovation
and digital transformation through its exclusive partnerships
with the Software University
(SoftUni) and SoftUni
AI, focusing on digital skills
development and practical applications of artificial
intelligence and empowering
individuals, and especially young people, to acquire
new digital competencies
and enhance their professional qualifications. These
initiatives have positioned Postbank as a key driver of innovation and digital
skills development in Bulgaria.
For its achievements Postbank received several awards, such as by
the “Dynamic Development” and “Best Digital Project” from the
Bank of the Year Association, and “Best retail bank,
Bulgaria” (for the seventh consecutive
year) in the World Finance Banking Awards
2025 competition.
Cyprus (Eurobank Limited and insurance subsidiaries)
Eurobank Limited
has
achieved notable
advancements in
its
digital transformation
journey,
with
a
pronounced emphasis
on
enhancing customer experience, optimizing
operational efficiency, and automating
key processes. In 2025, the
Bank introduced a
range of customer-focused digital enhancements. These included
the streamlining of the
Know Your Customer (KYC) and
identification
renewal processes through automation,
and the launch
of SEPA Instant Payments with integrated payee verification—enabling clients
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to execute instant transactions with increased trust
and a reduced risk
of fraud. Additionally, the Card Self-Service feature now allows
users to unblock their PINs directly via digital platforms,
thereby improving convenience and minimizing service delays.
Furthering its commitment to digitalization, Eurobank Limited has completed
several initiatives aimed at replacing traditional
paper-
based processes and communications with digital alternatives.
The Bank has continued to invest in the development of automated
workflows for internal approval processes leveraging
Business Automation Workflows tools. These
investments have reduced both
the effort and time required for process completion, while
simultaneously strengthening the control environment.
Throughout 2025, we continued
to enhance our lending
and origination processes with
the ongoing development of
a comprehensive
digital end-to-end unsecured lending solution
within the Bank’s
MobileApp. This innovative feature
further streamlines
the entire
lending journey—from application submission
through to approval and disbursement
—offering customers a
seamless, fully digital
borrowing experience directly through their mobile devices.
Moreover, the introduction of AI-driven
solutions, such as the
Athina AI Assistant chatbot, has further
enhanced operational efficiency
by offering
staff immediate
access to
information on internal
policies and
procedures. Collectively,
these initiatives
underscore
Eurobank Limited’s unwavering commitment to operational excellence and the integration of
cutting-edge digital solutions across its
services.
Ex-CNP Group
offers a
mobile application
that enables clients
to digitally
manage their insurance
policies. In
parallel, insurance
intermediaries use digital tools to collect clients’ information and preferences, significantly reducing reliance on paper. All collected
data is
automatically recorded on a
dedicated platform, which
is used by new
business officers and
underwriters to carry out
all
required procedures efficiently.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private Bank Luxembourg is in
the process of solidifying its ESG
strategy. While
the statement does not highlight specific
innovation programmes for Luxembourg, the bank’s
ongoing strategy development and alignment with Group innovation priorities
demonstrate its intent to foster
a culture of innovation and continuous improvement.
Eurobank Private
Bank Luxembourg is
in the process
of enhancing its
data collection
process to be
better positioned
to provide
information on the use of digital
channels.
3.3.4
Metrics & Targets
Fostering Innovation metrics [MDR-M]
The metrics are
reflecting the
performance of
Eurobank, which is
the Group’s
key entity.
The primary metrics
used to evaluate
performance and effectiveness in relation to the e-Banking and Eurobank Mobile App, as
well as the Digital and hybrid sales include:
Greece
2025
2024
Use of digital
channels-
% of mobile users exclusively
using Mobile App for their
transactions with the Bank on a monthly basis
79%
78%
Transactions
Volume
of
digital
transactions
in
respect
to
transactions
(excluding
cash
withdrawals/deposits)
from all Eurobank channels
96%
96%
Value
of
digital
transactions
in
respect
to
transactions
(excluding
cash
withdrawals/deposits)
from all Eurobank channels
54%
54%
Percentage change in volume of digital
transactions
22%
21%
Percentage change in value of digital
transactions
27%
26%
Statements
e-Statements produced (million)
5.9
5.3
Additional savings from e-Statement
use (€)
480,000
620,000
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In Greece, digital engagement continued to strengthen
in 2025, with exclusive Mobile
App usage by mobile users edging
up from 78%
to 79%, confirming already-high
customer reliance on mobile channels. Digital
transactions remained dominant at 96% of the total
transactions, while activity accelerated further, with digital transactions increasing 22% by
volume and 27% by value, both exceeding
the respective 2024 growth rates. The shift toward digital documentation also progressed, as e-Statements
rose from 5.3 million to
5.9 million, supporting the Bank’s steady transition
toward fully digital, paper-light
servicing.
In 2025, the Group broadened and strengthened its overall data-collection framework, extending reporting beyond core operations
to
include
additional subsidiaries
and
geographical
locations
for
the
first
time.
This
enhanced approach
has
improved
the
completeness, consistency and comparability of the information
reported across multiple sustainability themes.
Cyprus 2025
Banking operations
Insurance operations
Use of digital
channels-
% of mobile users exclusively
using Mobile App for their
transactions with the Bank on a monthly basis
48%
-
Transactions
Volume
of
digital
transactions
in
respect
to
transactions
(excluding
cash
withdrawals/deposits)
from all Eurobank channels
97%
60%
Value
of
digital
transactions
in
respect
to
transactions
(excluding
cash
withdrawals/deposits)
from all Eurobank channels
70%
57%
Percentage change in volume of digital
transactions
13%
-27%
Percentage change in value of digital
transactions
11%
-10%
Statements
e-Statements produced (million)
7
-
Additional savings from e-Statement
use (€)
3,489,422
-
In Cyprus, digital adoption trended upwards in 2025, with 48% of mobile customers transacting exclusively through the Mobile App
and 97% of all transactions (excluding cash) executed digitally, generating 7 million e-statements
and €3.5 mn in associated savings.
Digital activity continued to rise, with digital
transaction volumes and values increasing by 13% and 11%,
respectively.
Bulgaria 2025
Use of digital channels-
% of mobile users exclusively
using Mobile App
for their transactions with the
Bank
on a monthly basis
73%
Transactions
Volume of digital
transactions in respect to transactions
(excluding cash withdrawals/deposits)
from all
Eurobank channels
80%
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25
Bulgaria 2025
Value of
digital transactions
in respect to
transactions (excluding cash
withdrawals/deposits)
from all
Eurobank channels
77%
Percentage change in volume of digital
transactions
15%
Percentage change in value of digital
transactions
14%
Statements
e-Statements produced (million)
17
Additional savings from e-Statement
use (€)
-
In Bulgaria, digital adoption remained very strong in 2025, with 73% of mobile users relying exclusively
on the Mobile App and 80%
of all non-cash transactions executed
digitally, rising
by 15% in volume and 14% in
value year-on-year.
Digital documentation also
expanded, with 17 million e-statements
produced during the year.
Group
Use of digital channels-
% of mobile users exclusively using Mobile App for their transactions with the Bank on a
monthly basis
74%
Transactions
Volume of digital transactions in respect to
transactions (excluding cash withdrawals/deposits) from all Eurobank
channels
93%
Value of digital
transactions in respect to transactions (excluding
cash withdrawals/deposits) from all Eurobank
channels
59%
Percentage change in volume of digital
transactions
20%
Percentage change in value of digital
transactions
22%
Statements
e-Statements produced (million)
30.2
Additional savings from e-Statement
use (€)
3,969,422
The figures presented
above reflect
the consolidated performance
of the
Eurobank Group
across all countries
of operation
and
encompass transactions conducted through all Group
channels. Specifically, digital transactions (excluding withdrawals and deposits)
25
The consolidated Group figures presented exclude data from Luxembourg, which will be incorporated in the next reporting cycle, and CNP Cyprus, as it
operates in a different sector (insurance) and is therefore not included in the scope of these metrics.
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accounted for 93% of total
transaction volume, reaching 160.4
million transactions, while their total value amounted
to €305.5 billion,
representing 59% of the total transaction value.
Compared to 2024, the volume and
value of digital transactions
increased by 20%
and 22%, respectively, demonstrating continued acceleration
in digital adoption across the Group. In parallel,
the Group produced
30.2 million e-Statements, generating additional savings of approximately €4.0
million. Although detailed breakdowns by country
are
provided separately, the data above present a
holistic, Group-wide view of digital
channel usage and efficiency.
egg Accelerator
By the end of 2025, the egg Accelerator had already left
its mark, both entrepreneurially and socially:
●
1.600 entrepreneurs have been supported through the egg platforms
●
460 business teams have participated
in egg Platforms
●
232 business teams have created
legal entities
●
106 research teams with
354 members with 55% female
representation participated in the Pre-Acceleration Platforms
●
97 startups are spin-offs
from Universities in Greece
and abroad
●
41 international startups with 95 executives
participated in the International Pre - Acceleration programme
●
€58.3 million turnover comes from 162 egg alumni
startups
●
€58.2 million from private investment
funds (Equity funding - Funds/Business
Angels) in 78 egg
startups
●
€3.45 million financing from Eurobank to 53 egg
startups (Eurobank Financing Tool)
●
over €13 million Eurobank’s investment in egg
over the past 13 years
●
380 recruitments (part time/full
time job)
●
61 companies have filed patents
●
90 companies have participated
in 17 business trips to
10 innovative ecosystems abroad (Europe, USA, Canada,
Middle East)
through the egg extroversion programme
●
€75,000 from Eurobank in cash prizes
●
€100,000 donated to charities
●
132 synergies among egg
alumni
●
46 female CEOs
in the egg startups
●
26.4% in egg community are women
Fostering innovation targets [MDR-T]
The Group is currently progressing
the update of its
Group Sustainability Strategy,
which will build on the existing
framework and
further strengthen the
integration of sustainability across its operations and
activities. As part of
the updated of
Sustainability Strategy
targets will
be developed.
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4.
Governance Information
4.1
Business conduct [ESRS G1]
4.1.1
Governance
The role of the administrative, management and supervisory bodies [ESRS 2 GOV-1]
Eurobank addresses
the role of the administrative, management and supervisory
bodies related to business conduct through a
range
of Board Committees that support Eurobank’s strategy,
governance and regulatory adherence:
●
Audit Committee:
Assists the
Board in
oversight of Internal
Control and Risk
Management systems,
financial reporting,
external auditor selection, and the
effectiveness of Internal Audit and Compliance. In
line with Law 5164 (Article
43), the
Audit
Committee
also
oversees
the
Sustainability Statement.
For
a
detailed
description
of
the
Audit
Committee’s
responsibilities, please refer
to the Corporate Governance Statement, Audit Committee section.
●
Board Risk
Committee:
Assists the
Board in
monitoring risk
appetite and
strategy,
ensuring alignment
with business
objectives and corporate
culture, and defining risk
management principles. For
a detailed description
of the Board
Risk
Committee’s responsibilities,
please refer to the Corporate Governance Statement,
Board Risk Committee section.
A range of committees
,
established by the CEO, and functions support Eurobank's strategy, governance, and regulatory
adherence.
Among these, key committees and functions with
roles in overseeing business conduct include:
●
Executive Board
: Manages the implementation of
the Group's strategy and aligns
operational goals with Board guidance,
ensuring actions are conducted ethically and transparently.
●
Ethics Committee
: Ensures
compliance with the Code of
Conduct and Ethics, promoting a
code of values
for employees,
officers, and collaborators.
●
Regulatory Matters Committee
: The purpose of the
Regulatory Matters Committee (RMC) is to uphold ethical practices
and
ensure the
highest standards of
conduct by
coordinating the actions
required to
improve the
Group’s compliance
with
existing or new regulatory requirements. In this context, the Committee actively monitors
and oversees projects to address
the impact of new
regulatory requirements as well
as control improvements identified
by the Group’s control
functions,
external auditors, and regulators.
●
Group Company Secretariat:
Supports the effective functioning of the
Board of Directors, its Committees and key Executive
Committees by ensuring the proper organization, documentation and follow up of governance processes and decisions, in
line with applicable legal and regulatory requirements and the relevant Terms of Reference. It
also safeguards governance
records and decision follow up, supports
General Meetings of Shareholders, and
contributes to the Group’s governance and
internal
policy
framework,
regulatory
monitoring
and
the
coordination
of
regulated
information
and
corporate
announcements, thereby
reinforcing transparency,
accountability, sound
governance and
responsible business
conduct
across the Group.
●
Group Compliance
: Plays a critical role in upholding regulatory
compliance and ethical conduct standards across Eurobank’s
operations by ensuring adherence to
corporate governance standards and
training Eurobank’s employees in
the Code of
Conduct and Ethics.
●
Group Internal Audit (Group IA)
: Independently reviews the adequacy and effectiveness of the internal control framework
in place regarding Sustainability
risk related areas.
●
Committee against Violence
and Harassment in Workplace:
The main objective of
the Committee is to examine and
manage
complaints / reports concerning incidents of
violence and harassment at work, as well as to take
the necessary, appropriate
and suitable measures on a case
-by-case basis, to prevent and not reoccur similar
incidents or behaviors.
Induction and Continuous Professional Development
The expertise of the administrative, management and supervisory bodies on
business conduct matters is ensured through Directors’
Induction and Continuous Professional Development Process. All new Board members undergo a comprehensive Induction
Program
designed to achieve several key objectives.
●
Firstly, it
aims to convey the vision and culture of the Group.
●
Secondly, it covers practical procedural duties to ensure a
smooth transition into their roles.
●
Thirdly,
it
aims
to
expedite
their
productivity
by
reducing
the
time
needed
to
familiarize
themselves
with
their
responsibilities.
●
Fourthly, it integrates
them as valued members of
the Board.
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●
Fifthly, it familiarizes
them with the Group's organisational
structure.
●
Lastly, it provides an understanding of the Group's
business, strategy,
market dynamics, relationships, and its
people.
4.1.2
Identified impacts, risks and opportunities
Description of the processes to identify and assess material impacts, risks and opportunities
[ESRS 2 IRO-1]
Eurobank identifies
material
impacts, risks,
and opportunities
related
to Governance
and Business
Conduct practices—such
as
corporate culture, anti-corruption and anti-bribery
measures, and whistleblower
protection—through a comprehensive DMA. This
approach
integrates industry benchmarks, stakeholder insights, and financial relevance to
ensure a robust evaluation of governance-
related topics.
Material Impacts Identified:
Corporate culture
Impact
Positive
Actual
Implementation of operational practices and
initiatives that improve stakeholders’ ability to
benefit from effective,
accountable, and inclusive
institutions, promoting business
ethics
and integrity.
Risk
Heightened
investor and
community expectations
for sustainable
banking
may
trigger
misleading disclosures on sustainability
achievements (greenwashing), that could damage
the Group’s reputation, leading to a decline in market
share.
Protection of whistleblowers
Impact
Positive
Actual
Commitment to whistleblower protection positively
impacts society, employees, customers,
and
shareholders,
setting
a
precedent
for
ethical
behavior
and
fostering
a
secure
environment where misconduct is timely identified and stopped.
Corruption and
bribery
Impact
Positive
Actual
Commitment to corporate integrity is strengthened through the implementation of robust
anti-corruption and anti-bribery policies,
promoting a culture of
transparency and ethical
behaviour.
The process of assessing governance
and business conduct
practices applies across all regions
where Eurobank
operates, and concerns
staff members, customers, contractors, suppliers, beneficiaries or other persons or entities that participate or seek to participate in
activities that involve Eurobank.
As mentioned in Reporting of
Illegal or Unethical Conduct
Policy Statement,
all staff
members and all concerned third parties are
encouraged to submit
a report regarding any
incident of actual, attempted
or reasonably suspected illegal
or unethical behaviour
which affects and/or may be harmful to Eurobank and its mission, Eurobank’s
staff members or concerned third parties. This process
may,
indicatively and
not exhaustively,
refer to
incidents of
serious misconduct
or serious
violations of
Eurobank’s procedures,
policies, guidelines or of the Code of Conduct and Ethics or
anything that could damage the reputation of Eurobank, as well
as any
attempt to cover up
the above. It may also
include violations of
laws and regulations and various
forms of criminal behaviour, integrity
violations and/or unethical behaviour
including, but not limited
to, theft, embezzlement,
corruption, bribery, conflicts of interest,
money laundering, abuse or improper use of inside information, abuse or improper use of Eurobank property, etc.
Group Compliance is responsible for the design, implementation,
operation and improvement of the reporting system.
4.1.3
Policies, actions and performance
Business conduct policies and corporate culture [G1-1]
In relation to Eurobank’s policies
on business conduct
matters, in order to
develop, promote and
evaluate corporate culture, Eurobank
established mechanisms for identifying, reporting and investigating concerns about behaviour
in contradiction of Code of Conduct &
Ethics. These mechanisms
include monitoring exercises, dedicated systems,
appropriate training for employees,
and a designated
body to review cases and accommodate reporting from internal and/or
external stakeholders. Group Compliance is responsible for
reviewing and
revising relevant
policies regarding
Business Conduct, while
the Board of
Directors regularly
reviews the
Group
’s
operations to
ensure they
meet stakeholder
expectations and regulatory
requirements. Based on
these assessments,
the Board
approves any necessary policy changes to align Eurobank's practices with stakeholder
needs and values.
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The table below provides a
high-level summary of Eurobank’s core governance-related policies
under G1-1. These policies are further
detailed and referenced in the main text of
the report:
Policy /
Statement
Key Features /
Commitments
Oversight /
Accessibility
Standards /
initiatives
Stakeholders &
accessibility (65e–f)
IROs connection
Code of
Conduct and
Ethics
Provides guidance
on ethical behavior,
professionalism, and
integrity, including
anti-bribery and
corruption
principles, and is
distributed to all
staff.
Group
Compliance;
distributed to
100% of
employees
with electronic
confirmation;
available on
intranet.
Developed and
implemented in
line with
applicable
regulatory
requirements and
ethical business
principles
Distributed to 100%
of employees via
intranet with
electronic
confirmation;
mandatory training;
publicly available
through corporate
disclosures. The
policy was
established taking
into account the
expectations of key
stakeholders
regarding ethical and
responsible business
conduct.
●
Corporate culture
(Positive Impact)
●
Corporate Culture
(Risk)
●
Corruption and
bribery (Positive
Impact)
●
Protection of
whistleblowers
(Positive Impact)
●
Information-related
impacts on
consumers and/or
end-users (Positive
Impact)
●
Data security and
customer privacy
(Positive Impact)
Anti-Bribery
and
Corruption
Policy
Establishes zero
tolerance for bribery
and corruption,
aligns with UN
Convention
principles, is
supported by ISO
37001 certification
and applies to all
employees and
relevant third
parties.
Group
Compliance;
published on
corporate
website;
reviewed
annually or
earlier if
required by
law.
United Nations
Convention
against
Corruption; ISO
37001 Anti
Bribery
Management
System
certification.
Published on the
corporate website;
mandatory training
for employees;
applicable
requirements made
available where
relevant.
●
Corruption and
bribery (Positive
Impact)
●
Corporate culture
(Positive Impact)
●
Corporate Culture
(Risk)
Policy for
Reporting
Illegal or
Unethical
Conduct
Protects
whistleblowers
under Directive (EU)
2019/1937, ensures
confidentiality, and
provides multiple
reporting channels
including email,
hotline, and postal
mail and applies to
employees,
customers and
eligible stakeholders.
Report
Receiving &
Monitoring
Officer;
accessible via
corporate
website and
internal
reporting
channels.
Directive (EU)
2019/1937 on the
protection of
whistleblowers;
ISO 37002
Whistleblowing
Management
System.
Accessible via
corporate website
and internal reporting
channels; multiple
reporting
mechanisms (email,
hotline, postal mail);
confidentiality and
non retaliation
safeguards
communicated to
stakeholders. The
policy takes into
consideration
stakeholders’ interest
in having secure and
confidential channels
to report concerns.
●
Protection of
whistleblowers
(Positive Impact)
●
Corporate culture
(Positive Impact)
●
Corruption and
bribery (Positive
Impact)
●
Social inclusion for
Consumers and/or
End-users
(Opportunity)
Complaints
Defines procedures
Group
Defines
Published on
●
Information-related
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Policy /
Statement
Key Features /
Commitments
Oversight /
Accessibility
Standards /
initiatives
Stakeholders &
accessibility (65e–f)
IROs connection
Management
Policy
for receiving,
handling, and
resolving complaints
transparently and
promptly, ensuring
confidentiality and
protection for
complainants and
applies to customers
and affected
stakeholders.
Compliance;
published on
Eurobank’s
corporate
website.
transparent
procedures for
complaint
handling in line
with applicable
internal
processes.
Eurobank’s corporate
website; accessible to
customers and
affected
stakeholders. The
policy was designed
taking into account
stakeholders’ interest
in transparent and
fair handling of
complaints.
impacts of
consumers and/or
end-users (Positive
Impact)
●
Social inclusion of
consumers and/or
end-users (Positive
Impact)
●
Corporate culture
(Positive Impact)
●
Data security and
customer privacy
(Positive Impact)
●
Data security and
customer privacy
(Negative Impact)
Whistleblower Protection and Reporting Mechanisms
Eurobank has developed policies on Anti-bribery and Corruption consistent with
the United Nations Convention against corruption
and
protects
whistleblowers
through internal
reporting
channels
such
as
Whistleblowing
Mechanism. All
staff
members are
encouraged to raise issues of concern and speak up when they suspect potential wrongdoing
or are faced with conduct or situations
that may raise ethical,
legal or regulatory concerns.
A Policy for Reporting Illegal
or Unethical Conduct is in place
and a respective Policy Statement
to facilitate its
staff members
and
concerned third parties to
submit reports – through
recommended internal or external reporting
channels – on any actual, attempted
or suspected fraud or other unethical conduct, while eliminating any concerns that their report may result in adverse consequences
for themselves.
Eurobank implemented the following measures
to protect against retaliation
on employees who are whistleblowers
in accordance
with the applicable law
transposing Directive (EU) 2019/1937 of the European Parliament
and of the Council:
●
Zero Tolerance
: Eurobank applies
a strict zero-tolerance approach
to any instances of retaliation
against whistleblowers,
ensuring protection for those reporting fraud, corruption, money
laundering, or any conduct that could damage Eurobank’s
reputation.
●
Confidentiality Assurance
: Eurobank
is committed
to maintaining
confidentiality of
whistleblowers’ identities.
Reports
submitted by employees, or
third parties are kept confidential, as
long as the information provided
is accurate and submitted
in good faith.
●
Safe Reporting Environment
: Unit heads are required
to foster a workplace atmosphere
where employees feel safe to report
issues. This includes
encouraging open
communication and ensuring staff
feel free
to express
concerns without fear
of
adverse consequences.
●
ISO certifications
: Surveillance
for ISO certification
(37002) on the
management of the
Whistleblowing System
and ISO
certification (37001) on Anti-Bribery Management Systems.
●
Accessible Reporting Channels
: Eurobank provides multiple reporting channels to report misconduct:
o
Email: Reports can be submitted
to the dedicated email address, ethicshotline@eurobank.gr.
o
Phone Hotline: A 24/7 phone line (+30 214 4058990) is available
for reporting concerns at any time.
o
Postal Mail: Reports can also be sent by mail to the Report Receiving and Monitoring
Officer (RRMO) and the Assistant
RRMO.
●
Encouragement to Speak Up
: The policy actively encourages all staff
to voice concerns and report suspected wrongdoing,
particularly if they encounter conduct that raises ethical, legal,
or regulatory questions.
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●
Centralized Reporting and
Monitoring
: All reports, regardless of the internal
party that initially receives
them, are forwarded
to the
Report Receiving
and
Monitoring Officer
(RRMO),
and the
Assistant
RRMO, ensuring
consistent
handling and
monitoring of reported issues.
Beyond the procedures to follow-up on reports by whistleblowers in
accordance with the applicable law transposing Directive (EU)
2019/1937, Eurobank investigates procedures on
business conduct incidents, including
incidents of corruption and bribery, promptly,
independently and objectively. For more information, refer
to reporting-unethical-conduct-policy-statement.pdf [G1-3].
The Group
applies screening
procedures for
both new
and existing
business relationships,
as
part of
its ongoing
AML/CFT and
sanctions
compliance framework,
and
has
also
established operating
guidelines and
procedures for
the identification
and reporting
of
suspicious transactions, in line with applicable
AML/CFT.
In addition,
Group Compliance
and other
competent auditing
and control
bodies are
responsible for
monitoring adherence
to
Eurobank’s Code of Conduct and Ethics,
with the authority to conduct regular
or ad hoc audits across
all levels and functions. This
includes the
review of
transactions, systems,
communications and
records, in
accordance with
applicable legal
and regulatory
requirements.
Implementation of Anti-Bribery and Anti-Corruption Policies
Eurobank has implemented a comprehensive anti-bribery and anti-corruption policy, delineating clear procedures and standards as
outlined by the Anti-bribery
& Corruption Policy and the Anti-bribery
& Corruption Policy Statement. All reports are
investigated, and
appropriate disciplinary actions are taken. In response to any breaches
of anti-corruption and anti-bribery procedures, Eurobank has
implemented a structured disciplinary process.
Specifically, any established violations of the provisions of
the Policy may be reported
to
the competent
Eurobank bodies
and
can even
lead
to
administrative
or
disciplinary action,
including the
staff
member’s
termination of employment.
When breaches in anti-corruption
and anti-bribery standards are
identified, the internal
audit team
undertakes a comprehensive review of
the circumstances. Eurobank
also provides ongoing training and
briefing to staff on preventing
and identifying bribery and corruption incidents.
Through training modules and internal communication, staff awareness is raised on
emerging risks when dealing
with cases of bribery and corruption.
One of Eurobank’s key
initiatives regarding anti-bribery and corruption
is obtaining ISO 37001 certification for
Anti-bribery, Corruption
and Compliance processes. Achieving ISO certification demonstrates Eurobank’s commitment to rigorous international standards in
ethics and compliance and serves as a benchmark for its policies, ensuring they align with recognised best practices
for preventing,
detecting, and responding to bribery and corruption risks.
Training and Awareness
In 2025, 2 new digital learning programs were carried out for all staff. More specifically a mandatory digital learning program in Anti
- Bribery & Corruption (ABC) and
Whistleblowing. Both digital learnings are available in 2026 for all newcomers employees, as well
as
the employees who
were in long leave
absence during 2025. In
this way we are
aiming to raise
awareness and cultivate a
strong
culture of values and integrity.
In 2025, at Eurobank approximately 98,5% of employees completed both digital
trainings (ABC and Whistleblowing).
Furthermore, in 2025 along
with the digital learning
programs (ABC and Whistleblowing)
we distributed to all staff
the relevant 2
Policies (ABC and Whistleblowing)
to accept and sign them.
Trainings are
mandatory for
all staff
(existing and
on-boarding staff)
and forms
part of
Eurobank’s regular
Compliance training
program. Also,
completion of
the Compliance
training
programs is
mandatory for
all staff
and is
directly linked
to the
annual
performance appraisal.
Additionally, in
2025 the
updated Code
of Conduct
and Ethics
was distributed
to all
staff
to raise
awareness and
educate the
employees. Eurobank, through Group
Compliance, provides training on
business conduct to all employees,
as well as targeted training
for staff responsible
for receiving and handling reports. In 2025, approximately 99%
of employees completed the Code of
Conduct
and Ethics training. Given the nature
of banking operations, the Group considers that exposure
to corruption and bribery risks can
potentially arise across all
functions therefore, it applies a Group wide approach to prevention
and training rather than identifying
any specific function as uniquely at risk.
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Policy Framework
Eurobank confirms that is subject to legal requirements under national law transposing Directive (EU) 2019/1937 with regard to the
protection of whistle-blowers. Eurobank has in place the following
policies with regard to internal
conduct:
●
Code of Conduct and Ethics
●
Anti-Bribery and Corruption Policy
●
Conflicts of Interest Policy
●
Policy for Reporting Illegal
or Unethical Conduct
●
Group Antitrust Compliance Policy
●
External Engagement Policy
●
Insider Dealing Guideline
●
Complaints Management policy
●
Personal Data Protection Policy
Eurobank’s
mission
is
to
promote
a
sustainable
compliance
culture
that
encourages
integrity
through
ethical
conduct
and
commitment to compliance with the applicable
regulatory framework and the international corporate governance standards.
Key Actions to Promote Sustainable Compliance Culture
Key actions taken to establish, develop and promote sustainable
compliance culture include:
●
Having in place
the Compliance Risk
Assessment Framework,
including coordination of
the Compliance risk
assessment
activities in the areas of
sustainability, corporate governance and data protection.
●
Having in place a Regtech
solution for regulatory analysis and preliminary impact
assessment.
●
Further calibrating the AML risk assessment
process and enhancing the AML transaction monitoring system.
●
Offering continued support and monitoring the implementation projects of Group subsidiaries.
●
Maintaining ISO certification
(37002) on the management of the Whistleblowing
System.
●
Maintaining ISO certification
(37001) on the management of Anti-Bribery and Corruption System.
●
Obtaining ISO certification
(37301) on Compliance Management Systems.
●
Further revising the Policy for Reporting Illegal or Unethical Conduct and appointing of a Report Receiving and Monitoring
Officer responsible for receiving and monitoring of reports received through the reporting channels for illegal
or unethical
conduct.
●
Revising the Code of Conduct and Ethics
●
Continuing initiatives for developing data analytics capabilities within Group Compliance
and granularity of the Compliance
Risk Appetite Framework.
●
Successfully completing digital learning programmes – such
as specialist AML workshops
by business line, and
digital learning
on Code of Conduct and Ethics – and completing of establishment of a dedicated space
within Eurobank’s intranet as part
of the awareness initiatives.
Monitoring and Continuous Improvement
During 2025, the following actions set by Group Compliance were successfully
completed:
●
Conducted training sessions on compliance related issues
as well as
training on consumer protection issues.
●
Implemented the Compliance Risk Assessment
Tool and the Compliance Risk Assessment
Methodology.
●
Expanded the Compliance Risk Assessment Exercise
to include additional areas.
●
Developed dedicated methodologies for CFT and Sanctions Risk
Assessment
●
Updated the AML Business Risk Assessment
●
Created an action plan to further enhance Eurobank’s controls on trade-related activities.
●
Leveraged tools and infrastructure to improve efficiencies
in AML/CFT operations
●
Obtained new ISO certification and renewed
existing ones
●
Provided advisory support and monitored compliance with the applicable regulatory framework
●
Participated in bank-wide initiatives
and strategic projects
●
Supported Eurobank’s readiness regarding upcoming legislative
developments
●
Issued and updated public statements
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Supplier Code of Conduct and Ethics
Introducing Supplier Code of Conduct and Ethics
inviting the Eurobank’s Suppliers to accept the
content and terms of the Code. Code
of Conduct
establishes clear
principles and
rules that
must be
followed to
ensure that
Eurobank’s partnerships
are
built upon
fundamental values such as integrity,
transparency, and responsibility.
Ongoing Initiatives
Regarding 2026, Group Compliance intends to
continue maintaining the percentage
of at least 65%
of the Group Compliance staff
members holding professional certifications
on issues regarding money laundering and terrorist financing, compliance, operational
risk and related topics. Eurobank can measure this target by tracking
the percentage of certified staff on a regular basis. By achieving
this target, Eurobank will
enhance the team's expertise and improve the overall compliance
framework within the organisation.
In
addition, to track the effectiveness of policies and actions related to the Business Conduct material matter, the following qualitative
indicators will be applied.
●
Continue to
ensure timely
compliance with
the new
AML Regulatory
Package,
including the
forthcoming Regulatory
Technical Standards expected to be issued
during 2026.
●
Advance automation of internal processes and leverage new
technologies, including AI/GenAI applications.
●
Implement IT AML strategy.
●
Enhance coordination among subsidiaries.
●
Streamline and simplify
Corporate & Shipping processes.
●
Strengthen control frameworks through additional initiatives.
●
Maintain a key role in Market Conduct, supporting MiFID Program implementation.
●
Finalize focus areas
related to MiFID and Product Governance.
●
Meet sustainability requirements in parallel
with MiFID.
●
Participate in major bank-wide projects and initiatives.
●
Strengthen whistleblowing frameworks.
●
Invest in resource management and development, focusing on staff
upskilling.
●
Address strategic planning considerations,
ensuring adaptability to evolving regulatory and business needs.
●
Maintain ongoing monitoring of Russian sanctions
and communication with key stakeholders.
The scope of
the respective key actions
taken and successfully achieved, as well as Eurobank
‘s targets, includes all the activities
across
all regions that Eurobank operates, throughout the value chain.
Prevention and detection of corruption and bribery [G1-3]
The Group has implemented the following procedures aimed at preventing, detecting,
and addressing any allegations or incidents of
corruption and bribery which are outlined in the Anti-Bribery & Corruption Policy Statement. The Group’s policies are developed to
be consistent with the United Nations Convention’s principles against
corruption.
Specifically, the Group:
●
Has zero tolerance to bribery and corruption.
●
Establishes and follows
effective control procedures to prevent or identify bribery and corruption.
●
Ensures the implementation of a
control program.
●
Evaluates suppliers in order to mitigate the risk of bribery and corruption. The Supplier Code of Conduct and Ethics applies
to all Eurobank suppliers and is a guide to clear principles and rules to be followed. Anti-bribery terms are
also included in
contractual documents.
●
Provides efficient, confidential reporting mechanisms to
staff and encourages their
use by providing
protection to
individuals
who report in good faith. Staff
are encouraged to report bribery attempts by third parties.
●
Establishes mechanisms
for monitoring incidents of bribery.
●
Assists competent authorities in conducting investigations.
●
Adopts regular risk assessment
mechanisms of the Group's structures and operations, which
it oversees, reviews, adapts
and revises.
●
In the context of the ongoing risk assessment, a
record of bribery complaints and/or incidents is maintained.
●
Records in a formal questionnaire the minimum requirements
of Eurobank towards third parties regarding bribery issues.
●
Provides ongoing training and briefing of staff
on the prevention and identification of bribery and corruption incidents.
●
On a regular basis, through training modules and internal
communication, staff awareness is raised on emerging risks when
dealing with cases
of bribery and corruption. Training is provided to all new staff.
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●
The relevant
policy is
reviewed and revised
every year
by Group Compliance,
unless legislative
changes require earlier
revision.
●
Facilitation payments
typically involve
small
payments to
usually lower-level
and lower-income-earners,
to
ensure or
accelerate implementation of an established procedure or an action to which the payer
is entitled. The Group maintains a
zero tolerance approach to such practices.
Eurobank, both through this Policy and as defined in the Policy for
Reporting Illegal or Unethical Conduct encourages the reporting
of bribery and corruption incidents by both
staff and third parties. For this reason, it has established a
mechanism for submitting and
monitoring anonymous reports and protects bona fide witnesses, as referenced above in [G1
-1].
Eurobank has clear disciplinary procedures
that are implemented timely
and fairly for all staff
members, irrespective of hierarchy.
Eurobank reserves the right
to refer cases
to the police, judicial and/or supervisory authority and
to bring legal
action, either civil
and/or criminal, against
those involved in
the case. It
may also
take disciplinary
actions against
staff,
including dismissal.
When
cooperating with third parties, natural
or legal, a written
acceptance is obtained of their obligation to prevent
and combat against
bribery and corruption. If cases of corruption are identified, the cooperation is denounced.
Group Compliance and Communication
Group Compliance is an independent function and reports functionally to the Board of
Directors through the Audit Committee and
for administrative
purposes to
the CEO. Group
Compliance supervises the
overall compliance function
in the Group.
Within this
context, the Compliance
Divisions/Units of the Group
in Greece and abroad
have a
direct reporting line to
Group Compliance.
In
addition, the Group Compliance is responsible for handling matters
related to bribery and corruption.
Eurobank
has
established
communication
channels
to
effectively
communicate
relevant
policies
and
make
them
easily
understandable for those to
whom they apply.
Policies affecting
internal stakeholders are available
to the Group's intranet,
while
those referring to external stakeholders, such
as the Group's Code of Conduct, are available
through Eurobank's site. These mainly
include:
●
The Anti-Bribery and
Corruption Policy and
Anti-Bribery and Corruption
Policy Statement, which applies to all Eurobank
staff,
aims to prevent instances of bribery and corruption, and promote integrity within the business environment.
●
Ongoing Training and Awareness
to staff on preventing and identifying bribery and corruption incidents.
●
Systematic Evaluation
of Suppliers includes anti-bribery terms in contractual
documents.
●
Corporate website, includes a corporate
governance section that clarifies
for all stakeholders the opportunity to report
a
misconduct incident through mail or telephone.
●
Sustainability statement,
explains the mechanisms to report a misconduct incident.
Eurobank approach to lobbying activities
Eurobank does not engage in lobbying activities or political
finance and does not have any lobbying or political expenses. Lobbying is
considered to include
any spending related to
the Bank’s political
engagement activities
aimed at influencing laws,
regulations or
public policy,
including efforts
to shape legislative,
regulatory or
policy outcomes
in a
manner that favours
the Bank’s
business
interests. In this context, Eurobank confirms that
it does not undertake such activities and does not make contributions
to political
causes or engage in political
finance.
Subsidiaries’ Ethical Integrity actions
In addition to Group-level frameworks, Eurobank’s subsidiaries in Bulgaria,
Cyprus, and Luxembourg implement targeted actions to
uphold ethical
integrity, transparency,
and compliance with
international standards. The
following sub-sections
summarize each
subsidiary’s key measures and achievements
in promoting ethical conduct and integrity.
Bulgaria (Postbank)
Postbank aligns with Eurobank Group
policies on business ethics and
integrity, implementing an Internal Governance Control Manual
and adhering to the Bulgarian National Corporate Governance Code. The bank reviews
and updates its Code of Conduct and Ethics
annually, ensuring that all employees are familiar with the standards expected of them. Conflict of Interests Policy, internal rules for
managing conflicts of interest and a Remuneration Policy
are in place to prevent conflicts and
excessive risk-taking. All employees are
required to complete mandatory training
in ethics and compliance, including introductory
and annual refresher courses.
Postbank
also requires
staff to
complete a
separate AML
certification program
six months
into their
employment, issuing
internationally
recognized certificates upon completion.
In 2025, there were zero
instances of non-compliance with the
Bulgarian National Corporate
Governance Code and zero convictions or fines for violation of anti-corruption or bribery legislation.
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Cyprus (Eurobank Limited and insurance subsidiaries)
Eurobank Limited adhere to the Central
Bank of Cyprus Internal Governance of Credit Institutions
Directive of 2021 to 2025 which
requires the
development, approval,
and promotion
of a
Code of
Business Conduct
and Ethics
aligned with generally
accepted
corporate principles. The Code
prohibits any improper,
unethical, or illegal
activity, ensuring responsible business operations.
It is
available to all staff via the internal portal and published on the bank’s website, with updates made as needed
to ensure compliance
with the regulatory frameworks. In 2025, mandatory regulatory
training sessions were assigned to all staff, including the Information
Security & Fraud, AML, Financial Crime and Sanctions, and GDPR to raise
awareness and promote a compliance culture. A
series of
training programs on
Anti-Harassment and internal
leadership were also executed. Eurobank Limited maintains
zero tolerance for
any involvement
in or
facilitation of
bribery, corruption,
or improper
market conduct,
and implements controls
to identify
and
mitigate associated
risks. There were no incidents related to bribery, corruption,
or business ethics violations during the year.
The
latest version of the Code of
Conduct and Ethics has been
approved by the Board of Directors of the Bank
in late December 2025. The
Code of Conduct and Ethics is acknowledged annually by all Staff.
ERB CIH maintains a comprehensive set of policies to ensure ethical
conduct and regulatory compliance, including Anti-Bribery and
Corruption, Whistleblowing, Gifts
and Benefits, Anti-Fraud, AML/CFT,
and GDPR. In line with Solvency
II, the Company follows
an
up-to-date
Governance
Manual
supporting sound
and
prudent
management.
In
2025,
ex-CNP
Group
employees completed
mandatory training on Whistleblowing, AML, GDPR, and
Information Security, while simulated phishing exercises were carried out to
strengthen cyber-risk awareness. Key Risk Indicators
are monitored by
the Risk Management Team—such as limits on
cash acceptance
and zero tolerance for regulatory breaches—to ensure adherence to policies.
No incidents of bribery, corruption, or ethics violations
occurred during the year.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private Bank Luxembourg ensures ethical integrity through annual acknowledgment of the Code of Conduct and Ethics by
all staff, with new employees informed upon employment. All members of
staff, including those in the London and Athens branches,
are required to comply with
the Conflicts of Interest Policy. The Anti-Bribery and Corruption policy applies
to all staff,
entities, and
third parties working for or on behalf of the bank and is accompanied
by extensive measures for the prevention and management of
high-risk activities of bribery.
In 2025, the Bank
carried out a Compliance Risk
Assessment covering several
regulatory initiatives,
including corporate governance, data protection, conduct
adherence, and whistleblowing aspects.
No incidents related to bribery,
corruption, or business ethics violations were recorded during the year. In 2025, the bank ensured all staff received training on anti-
money laundering and anti-bribery.
4.1.4
Metrics & Targets
Incidents of corruption or bribery [G1-4]
The number of convictions stands at zero, and no fines have been imposed for violations of anti-corruption and anti-bribery laws, as
shown in the table below.
ESRS Quantitative data / metric
2025
2024
Number of convictions for violation of anti-corruption and anti- bribery laws
0
0
The amount (€) of fines for
violation of anti-corruption and anti-bribery laws
0
0
Within 2025, there were no:
●
Confirmed incidents of bribery and corruption.
●
Confirmed incidents in which employees were dismissed
or disciplined for bribery or corruption.
●
Confirmed incidents where contracts with business partners were terminated or
not renewed due to violations related to
bribery or corruption.
●
Public legal cases
regarding bribery or corruption brought against the organisation or its employees.
●
Monetary losses from business
ethics violations as a result
of legal proceedings associated
with insider trading, antitrust,
anti-competitive behaviour, market manipulation or malpractice.
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Targets
●
Maintain zero incidents and zero fines
for anti-corruption and anti-bribery violations in 2025.
●
Continue regular monitoring and review through Group Compliance.
●
Uphold rigorous anti-bribery and anti-corruption policies
●
Ensure ongoing staff training
and awareness on anti-bribery and anti-corruption.
Monitoring and Review
Regular review processes
and monitoring ensure that the metrics
remain on track. No significant
changes in metrics’ performance
were noted in 2025, indicating a consistent trend that Eurobank is well-positioned to maintain this target level in 2026.
Performance
is monitored and reviewed regularly through Group Compliance.
4.2
Data security and customer privacy [Entity-specific]
4.2.1
Governance
The role of the administrative, management and supervisory bodies [ESRS 2 GOV-1]
Eurobank prioritises the protection
of transactions, information and personal
data, and the resilience of
its ICT systems using a Predict,
Prevent, Detect and Respond framework within
a 3 Lines of Defence
model, overseen by
the Chief Information Security Officer (CISO),
who heads Group Corporate Security.
The CISO reports directly to a Deputy CEO who sits on Eurobank’s Board
of Directors (BoD) and Executive Board. The BoD has overall
accountability for setting,
approving and overseeing
the implementation of
all arrangements related
to the ICT
and Security Risk
Management Framework, to enable Eurobank
to address ICT and
security risks quickly, efficiently and comprehensively,
and to ensure
a high level of digital
operational resiliaence.
The BoD has assigned the responsibility for
managing and overseeing ICT and security risks
to Group Corporate Security, in its role as
an independent and competent
2nd Line of Defence (2LoD) function.
Group Corporate Security is directly
accountable to the BoD and
responsible for monitoring and
controlling adherence to the
ICT and Security Risk Management Framework.
Group Corporate
Security
ensures that ICT and
security risks are identified,
measured, assessed, managed,
monitored and reported with the CISO
providing
regular formal cybersecurity reporting to the Board on ICT risks and cybersecurity performance on a quarterly basis.
Eurobank also maintains a robust governance structure for data protection. The Data Protection
Officer (DPO) leads Eurobank’s data
protection efforts, reporting directly to a Deputy CEO, who sits on Eurobank’s BoD and Executive Board, while embedding privacy by
design into projects and new services.
The DPO quarterly informs
the Executive Board and the Board Risk
Committee on the most
important aspects of
GDPR compliance. The
Board receives formal
and regular
reporting on data
privacy and GDPR
compliance,
including key developments,
incidents and metrics
as part
of governance and
oversight. Data Protection
Officer provides
among
others, advice on digital transformation projects and
new services, following a "privacy by design" approach. Eurobank
also conducts
regular data privacy impact assessments,
and ongoing training to keep employees informed about privacy requirements.
4.2.2
Strategy
Description of material impacts, risks and opportunities and
their interaction with strategy and business model [SBM-3]
Eurobank addresses significant cybersecurity risks due to the increasing complexity and frequency of cyberattacks, especially
in the
financial sector. Cyberattacks,
digital fraud, compromised customer
data, and personal data breaches are part of
today’s everyday
reality, especially in the financial/banking sector. Eurobank,
its customers, and its third-party service
providers cannot
be an exception
to that.
As a result of the increasing number and complexity of cyber threats and as a result of the IROs mentioned below, data security and
customer privacy
are
critical areas
for Eurobank’s
strategy
and business
model. The
financial sector,
particularly banks,
faces
cybersecurity risks such as “cyberattacks, digital
fraud, compromised customer data, and personal data
breaches,” all
of which are
now daily realities due to “the evolution
of new technologies, the increasing use
of digital channels for financial transactions, and
the
increased sophistication
of cyber
criminals”.
These
risks emphasise
the
importance of
securing customer
trust through
robust
cybersecurity measures and privacy safeguards.
Cybersecurity is a top priority, with Eurobank implementing a “multi-faceted
defense approach” guided
by a Predict, Prevent, Detect,
and Respond framework. Regarding thecustomer privacy, Eurobank places high importance on personal data protection, not only to
meet regulatory requirements but as a cornerstone of good corporate governance and trust-building
with clients and partners.
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Through integrated efforts in cybersecurity and data protection,
Eurobank’s strategy and business model uphold data protection and
customer privacy as
a priority,
support regulatory compliance, and
reinforce resilience against
growing digital
threats, ultimately
enhancing customer confidence
and trust in
its digital services. Furthermore, Eurobank
allocates adequate current and
future financial
resources towards
enhancing its cybersecurity
strategy,
ensuring the protection
of customer data
and compliance with
evolving
regulatory requirements.
The references to Eurobank’s Sustainability Strategy in this section relate to the Strategy currently in force during the 2025 reporting
period. In parallel, the Group is progressing the
update of its Group Sustainability Strategy, which will build on
the existing framework
and further strengthen the integration of sustainability
across its operations and activities.
4.2.3
Identified impacts, risks and opportunities
Description of processes to identify and assess material impacts, risks and opportunities [ESRS 2 IRO-1]
Through the DMA Eurobank has identified the following material
impacts and risks:
Data security and customer privacy
Impact
Positive
Actual
Implementation
of
internal
management
systems
and
initiatives
that
protect
stakeholders' data privacy.
Negative
Potential
Improper implementation of established
cybersecurity systems and processes results
in incidents of data breach and leaks of personal
data.
Risk
Growing cybersecurity
threats and
cyber attacks
targeting financial
institutions and
their customer
data may
compromise the
Group’s systems,
networks and
sensitive
information, leading to operational disruptions and reputational harm.
Opportunity
Demonstrating compliance with data protection
laws and privacy regulations can
boost
the Group’s reputation, attracting new customers.
The process of assessing
data security and customer privacy applies across all
regions where Eurobank operates.
4.2.4
Policies, actions and performance
Policies related to data security and customer privacy [MDR-P]
Eurobank has implemented comprehensive
policies to manage material sustainability matters concerning
data security and customer
privacy, with a
particular focus on compliance with the
General Data Protection Regulation
(GDPR). The Personal Data
Protection
Policy outlines key contents
that include the procedures for
handling personal data, ensuring data
subject rights, and establishing
clear protocols for data breaches.
The scope of
this policy covers
all operations involving
personal data
processing within Eurobank,
including digital
products and
services, while ensuring that third-party
processors and joint controllers also adhere
to these standards. Eurobank’s customer privacy
policies are regularly updated in line with legislative developments occur
and are integrated into various customer-facing documents
to ensure transparency.
The protection of personal data is an important
priority for Eurobank, not only because of
its statutory obligation, but also because it
recognises it as a key element of good corporate governance and responsibility, as well as a
key part in building relationships of trust
with its clients and partners.
Eurobank upholds personal data protection as a
vital component of corporate governance and
client trust. It continuously ensures
that the
necessary actions are
taken for
complying with
Regulation (EU)
2016/679, Law
4624/2019 and other
provisions of
the
relevant Greek and EU legislation
on personal data. Eurobank takes appropriate measures
to provide information to data subjects
(e.g. customers) relating to the processing of
their personal data in
a concise, transparent, intelligible and easily
accessible form, using
clear and plain language. Eurobank’s main privacy notice (Information on the Processing of Personal Data) is available
online and in
hard copy through its branches.
This privacy notice includes information on the:
i.
Type of personal data the Bank collects and from
which sources
ii.
Reason why the Bank collects data
and for which purpose
iii.
Recipients of the data subjects’
data
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iv.
Whether the Bank is entitled to transfer
the data subjects’ data to third countries (outside the EEA)
v.
Length of time the Bank shall
maintain the data subjects’ personal
data
vi.
Data subjects’ rights with regard
to the protection of their personal data
vii.
Way the data subjects can exercise
their rights
viii.
Data Protection Officer
ix.
Way the Bank protects the data subjects’ personal
data
The privacy notice is
incorporated into
various contractual and other
documents. Furthermore, the
Bank issues supplementary notices
for cases
of personal data processing
not covered by
its main privacy notice
such as the
processing of employees’ personal
data,
website visitors’ data, the use of
cookies and CCTV. Through
these privacy notices, Eurobank
endeavours to explain clearly and openly
how and why it uses/processes personal
data, how personal data might be
shared and the
legal grounds for processing personal data.
Customers and data subjects may raise any concerns with Eurobank’s Data Protection Officer (DPO) by post or email. Eurobank only
collects personal data lawfully
and does not rent, sell
or provide personal data
to unauthorised third parties. Individuals may
also
exercise their rights of access, rectification and deletion, among others, by contacting a dedicated team by post or email, which will
strive as best possible to address
their request within the deadline stipulated in the GDPR.
Eurobank respects various third-party standards and initiatives, including internationally recognised frameworks such as ISO 27001,
and ISO 27701. Eurobank’s
Information Security Policy aims
to ensure the integrity
and protection of information assets,
includes
mechanisms for monitoring and responding
to information security threats,
and is based on a
framework of continuous improvement
in line with internationally
recognised standards, including ISO 27001
and ISO27701. Within its
Information Security Management
System, Eurobank
conducts internal audits of
its information security controls,
and has established
escalation processes allowing
employees to
report information security
incidents, vulnerabilities or
suspicious activities, in
line with internationally
recognised
standards such as ISO 27001 and ISO 27701.
In developing these policies, Eurobank has taken into consideration the interests of key
stakeholders, including customers,
employees, and regulatory
bodies. This stakeholder
engagement ensures that
the policies are
reflective of broader societal expectations and regulatory requirements.
Eurobank is
committed to
robust personal
data
protection through
strategic
governance, comprehensive
policy enforcement,
proactive
risk
management,
transparent
consent
processes
and
rigorous
incident
management
training,
ensuring
trust
and
compliance with all relevant
data protection laws.
Actions related to data security and customer privacy [MDR-A]
Throughout 2025,
Eurobank continued to
proactively invest
in up-to-date,
efficient and cost
-effective security
technologies and
controls to address the ever-growing threats and
the evolving regulatory requirements, to
minimise disruptions, and to keep systems
and data
protected from unauthorised or
unlawful processing and against
accidental loss, destruction or
damage. This proactive
approach stance aligns
with the Group’s customer
-centered strategy approach, ensuring secure digital
transactions while building
long-term customer trust through transparency and robust data protection. During 2025 Eurobank:
●
Continued to adhere to evolving regulatory and legal requirements (e.g.
DORA)
●
Continued its successful external certification audits as part of pertinent
ISO Management Systems: ISO 27001. ISO27701,
ISO 22301
and ISO
20000. Eurobank
is subject
to external
cybersecurity assessments
performed by
independent third
parties, in line with applicable
regulatory and supervisory requirements.
●
Continuously educated
employees and customers
on emerging
cyber threats
and online
fraud scams,
through various
methods.
●
Regularly performed risk assessments, penetration tests and vulnerability assessments, and timely addressed global 0-day
cybersecurity vulnerabilities on critical infrastructure.
●
Evaluated the cybersecurity posture of outsourcers for IT services.
●
Applied multi-tiered Endpoint Protection Detection
Response protection, filtered emails and web content, DDoS protection
and SIEM services to detect suspicious activities.
●
Continuously enhanced
its threat
intelligence capabilities
through use
of state
-of-the-art technologies/
services, and
collaboration with peers from other Banks, as
well as the Hellenic
Police and the National Cyber Defence Agency.
The scope of these
actions includes comprehensive employee and
customer training on
emerging cyber threats and
online fraud
schemes. The
timeline for
completing these
actions is
ongoing, reflecting
Eurobank's commitment
to adapting
to the
evolving
cybersecurity landscape.
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Eurobank continues to enhance its ability to ensure compliance with the applicable
privacy laws. To this
end, it:
●
Maintains
a
centralised
Record
of
Processing
Activities
and
carries
out
Data
Privacy
Impact
Assessments
on
projects/products/processes related to personal data processing, for
the purpose of analysing and minimising
the risks to
data subjects.
●
Has prepared and issued the Personal Data Protection
Policy, as well as other relevant guidelines which cover
all operations
and are regularly updated.
●
Maintains policies and procedures that are designed to ensure compliance
with applicable data protection legislation.
●
Has designed and amended the contractual terms
relating to the products and services provided to customers.
●
Ensures that
the appropriate
privacy terms
are incorporated
in contracts
with third
parties who
might have
access to
Eurobank’s personal data, such as independent controllers, joint controllers and processors/sub-processors.
●
Has created an operational framework for the efficient and
timely management of requests by customers and data
subjects
to exercise their rights (access, rectification, restriction, objection,
erasure, portability etc.) or
with regard to processing their
personal data.
●
Has established suitable procedures for obtaining
and managing consent to data processing,
where this is necessary, as well
as for withdrawing
such consent. Eurobank promotes new products
and services, other than
the ones the customer
has
already received, only if
the customer has priorly given their explicit consent.
The relevant legal provisions on unsolicited
electronic communication are also taken into consideration regarding
its promotional activities.
●
Notifies, as a
data controller,
the supervisory authority without
undue delay and
(where feasible)
within 72 hours after
having become aware of any personal data breaches, unless the personal data breach is unlikely to result in a threat to the
rights and freedoms of natural persons. To assess and manage any incident, an Incident Management Team is established,
which includes the Unit in which the incident occurred, the
Personal Data Protection Unit, as well as other appropriate and
competent Eurobank Units.
●
Has established measures
to monitor and mitigate data privacy risks. Furthermore, the Bank conducts regular privacy risk
assessments or audits
on the technologies and processes affecting user data.
Eurobank has
a formal
data breach
notification process,
under which
personal data
breaches are
reported in
accordance with
applicable data protection legislation, including notification to the competent supervisory authorities and, where required, affected
data subjects.
Eurobank provides mandatory privacy and data protection training to all employees on a regular basis, including at onboarding
and
through periodic
refresher
e-learning programmes.
Furthermore,
it
conducts
quarterly
privacy
awareness
communications
to
employees through internal communication
channels, including privacy
reminders, guidance and
updates on data
protection and
GDPR requirements, supporting a continuous culture of privacy across the organisation.
The immediate data breach notifications and effective incident response procedures complement
the ongoing awareness of GDPR,
which is underscored by the successful completion of GDPR training
in 2025 by all Group personnel.
During, 2025 the Bank was not required to disclose any incident related to security
issues to the Hellenic Data Protection Authority
(HDPA)
Over the same period, the Bank received and
managed successfully 737 customer / data subject access requests (DSARs), all handled
within the deadlines set out in the
GDPR. The majority of these requests related
to exercising the right to object to
the transfer of
personal data to credit servicing and debt notification companies or
in the context of debt securitisation; Eurobank responded to the
data subjects that
such transfer was
within its legal
rights and had been clearly mentioned
in the contract with
the data subjects
and/or the privacy notice.
Subsidiaries’ Data security and customer privacy actions
In
addition
to
Group-level
data
protection
and
cybersecurity
frameworks,
Eurobank’s
subsidiaries
in
Bulgaria,
Cyprus,
and
Luxembourg implement targeted actions to safeguard customer data, ensure privacy, and comply
with regulatory requirements. The
following sub-sections summarize
each subsidiary’s key measures and achievements
in data security and customer privacy.
Bulgaria (Postbank)
Postbank has established a robust cybersecurity framework to address the increasing complexity of cyber threats. It adopts specific
policies, identifies the relevant risks,
carries out periodic audits to
confirm the security measures
adopted and their effectiveness,
and ensures that staff are trained and
informed on these
issues. The bank provides an extensive
training program regarding customer
data privacy and security, ensuring that all staff are aware of their responsibilities and best practices. Postbank complies with GDPR
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and other relevant regulations to protect personal
data, enhance transparency, and build trust with
customers. The bank’s policies
cover all
aspects of
personal data
processing and
require third-party
adherence, supported
by ongoing
investments in
security
technologies. All existing staff
are required to complete
annual mandatory training
courses on GDPR
and cyber security topics
to
maintain
up-to-date
knowledge
and
understanding.
In
2025,
there
were
no
data
breaches
involving
personally
identifiable
information, nor cybersecurity incidents that resulted in any reportable data breaches.
Cyprus (Eurobank Limited and insurance subsidiaries)
Data Security and Privacy remains
a key component of the bank’s
sustainability strategy,
reflecting its commitment
to responsible
governance and customer trust. Eurobank Limited Data and Privacy Security Program utilizes a defense-in-depth approach, for both
on-prem and
on-cloud infrastructures.
Security and
Privacy are
enforced through
policies, processes,
procedures, technologies,
training and awareness
programs, and continuous assessment and testing.
Oversight is
ensured through
CISO and
Data Protection
Officers, who
report to
the Board
via the
Risk and
Audit Committees
respectively, embedding privacy
considerations into the
governance framework. Eurobank Limited
continue to comply with GDPR
and all
applicable local
regulations, and
it has
adopted privacy-by-design
principles in
the development
of new
initiatives. This
approach also includes ongoing
staff training and customer awareness programs, reinforcing a culture of
security and data protection
across the Eurobank Limited.
During the year, no incidents of data breaches relating to data security, privacy, or business ethics were recorded. In the year ahead,
the bank will
focus on further
strengthening security and privacy
practices and ensuring
they remain integral
to its
sustainability
objectives. By maintaining strong compliance and
governance structures and
continuing to embed privacy-by-design
in its operations,
the bank aims to uphold data protection as a cornerstone of trust and responsible digital
transformation.
Similarly,
ERB CIH
provides regular
training to
office employees
and
insurance intermediaries
on
customer privacy
and GDPR
compliance. The training covers regulatory
requirements, rules governing the collection
and use of personal
data, risks related to data
loss, theft, or unauthorised alteration, as well as the Company’s data
protection processes. In addition, the Company’s GDPR Policy
addresses, among
other matters,
the processing
of personal
data, the
rights of
data subjects,
the technical
and organisational
measures implemented to safeguard personal data, and the
assignment of related responsibilities. In 2025, no data breaches were
reported to the Commissioner of Personal Data Protection.
Luxembourg (Eurobank Private Bank Luxembourg)
Eurobank Private Bank
Luxembourg ensures high
standards of
data security and
customer privacy.
All staff
and Board Members
perform annual cybersecurity training
to maintain awareness and preparedness. The
bank’s commitment to cybersecurity
is reflected
in its ongoing training and compliance with
regulatory requirements.
4.2.5
Metrics & Targets
Data security and customer privacy metrics [MDR-M]
The primary metrics used
to evaluate
performance and effectiveness
in relation to
the security of transactions,
information,
and
personal data, as
well as the resilience
of the Bank’s
Information and Communication Technology
(ICT) systems against
the ever-
increasing and constantly changing cyber threats include:
●
the management of cybersecurity attacks,
●
the occurrence of data breaches involving personally identifiable information (PII),
●
and business disruptions.
During 2024 and 2025 the Group successfully managed all
cybersecurity attacks, and as such there were:
●
No data breaches involving personally identifiable information
(PII).
●
No business disruptions.
●
No monetary losses.
●
No cybersecurity incidents that needed to be reported to Authorities.
●
No account holders affected and insurance subsidiaries.
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Data security and customer privacy targets [MDR-T]
For 2025 and on an ongoing basis, Eurobank sets the following
targets for data
security and customer privacy:
●
Maintain zero data breaches involving personally identifiable
information (PII)
●
Maintain zero business disruptions due to cybersecurity incidents
●
Maintain zero monetary losses and zero
reportable cybersecurity incidents
●
Ensure all customer/data subject access
requests are handled within GDPR deadlines
The scope of these targets encompasses all cybersecurity incidents and
personal data processing within Eurobank, as well as those
involving third-party service providers. These targets are maintained on an ongoing basis and are regularly reviewed to ensure
they
remain relevant in the face
of evolving cyber threats and regulatory requirements.
Monitoring and Review
To
support these
evaluations,
Eurobank
has
adopted
a
comprehensive
methodology that
includes regular
risk assessments,
penetration tests, and vulnerability assessments. Throughout 2025, Eurobank regularly
performed these assessments to ensure that
all
potential vulnerabilities
were
identified
and
addressed promptly.
This
methodology is
based on
the
assumption that
the
sophistication of cyber threats is continually evolving, requiring an adaptive and proactive approach to
cybersecurity management.
Additionally,
the Bank
focus on
emerging threats,
such as
ransomware,
ensuring that
Eurobank’s
metrics reflect
the changing
landscape of cyber risks.
Validation of Eurobank’s metrics is conducted through various external bodies other than Eurobank’s assurance providers. Eurobank
collaborates with industry experts and regulatory authorities to validate its
cybersecurity performance metrics and methodologies.
The involvement
of
external entities
ensures
that Eurobank’s
metrics are
credible and
aligned with
industry standards.
This
collaboration
further
enhances
cybersecurity
posture
and
allows
the
Bank
to
remain
compliant
with
evolving
regulatory
requirements, ensuring that Eurobank’s performance
metrics are both reliable and
effective in measuring its success in cybersecurity.
Stakeholders are involved in target setting through regular communication and training sessions, while their input is sought to align
targets with customer expectations
and regulatory compliance.
Regular review processes
and monitoring ensure that the metrics
remain on track. No significant
changes in metrics’ performance
were noted in 2025, indicating a consistent trend that Eurobank is well-positioned to
maintain this target level in 2025. Performance
is monitored and reviewed regularly through Group Compliance.
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APPENDICES
A. Disclosure requirements in ESRS covered by the undertaking’s sustainability statement [IRO-2]
Nr.
Description
Reference
Explanation
ESRS 2: General disclosures
BP-1
General
basis
for
preparation
of
the
sustainability
statement
1.1 Basis for Preparation
BP-2
Disclosures in
relation
to specific
circumstances
1.2 Disclosures in relation to specific
circumstances
GOV-1
The
role
of
the
administrative,
management
and
supervisory bodies
1.3.1 The
role of the administrative,
management and supervisory bodies
GOV-2
Information
provided
to
and
sustainability
matters
addressed
by
the
undertaking’s
administrative,
management and
supervisory bodies
1.3.2
Information
provided to
and
sustainability matters
addressed by
the
undertaking's
administrative,
management and supervisory bodies
GOV-3
Integration
of
sustainability-related
performance
in
incentive
schemes
1.3.3
Integration
of sustainability-
related
performance
in
incentive
schemes [GOV-3]
GOV-4
Statement on due diligence
1.3.4 Description of the due
diligence
on sustainability
matters [GOV-4]
GOV-5
Risk
management
and
internal
controls
over
sustainability
reporting
1.3.5 Risk
management and internal
controls over sustainability reporting
[GOV-5]
SBM-1
Strategy,
business model
and value chain
1.4.1
Information
on
the
market
position and strategy of the company
[SBM-1]
SBM-2
Interests
and views of
stakeholders
1.4.3
Stakeholder
interest
and
engagement
[SBM-2]
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
1.4.4
Material
impacts,
risks
and
opportunities
and their
interaction
with
strategy
and
business model
[SBM-3]
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
IRO-1
Description of
the
processes
to
identify
and
assess
material impacts,
risks and opportunities
1.5.1 Description of the processes
to
identify and assess material impacts,
risks and opportunities
[IRO-1]
IRO-2
Disclosure
requirements
in
ESRS
covered
by
the
undertaking’s
sustainability
statement
A. Disclosure
requirements in ESRS
covered
by
the
undertaking’s
sustainability
statement
[IRO-2]
MDR-P
Policies
adopted
to
manage
material
sustainability
matters
Policies analyzed per respective
topic
MDR-A
Actions
and
resources
in
relation
to
material
sustainability
matters
Actions analyzed per respective
topic
MDR-M
Metrics in relation
to material
sustainability
matters
Metrics analyzed per respective
topic
MDR-T
Tracking effectiveness
of policies
and actions through
targets
Targets analyzed per respective topic
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ESRS E1: Climate change
GOV-3
Integration
of
sustainability-related
performance
in
incentive
schemes
1.3.3
Integration
of sustainability-
related
performance
in
incentive
schemes [ESRS 2
GOV-3]
E1-1
Transition
plan for climate
change mitigation
Transition
plan for
climate
change
mitigation
[E1-1]
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Material
impacts,
risks
and
opportunities
and their
interaction
with
strategy
and
business model
[ESRS 2 SBM-3]
IRO-1
Description of
the
processes
to
identify
and
assess
material climate-related impacts, risks
and opportunities
Description
of
the
processes
to
identify and assess material climate-
related
impacts,
risks
and
opportunities
[ESRS 2 IRO-1]
E1-2
Policies
related
to
climate
change
mitigation
and
adaptation
Policies
related
to
climate
change
mitigation
and adaptation
[E1-2]
E1-3
Actions and
resources in
relation
to climate
change
policies
Actions and resources in
relation to
climate
change policies
[E1-3]
E1-4
Targets
related
to
climate
change
mitigation
and
adaptation
Targets
related
to climate
change
mitigation
and adaptation
[E1-4]
E1-5
Energy consumption
and mix
Energy consumption
& mix [E1-5]
E1-6
Gross Scopes 1,
2, 3 and
Total GHG
emissions
GHG Intensity
based on net
revenue
Gross Scopes 1,
2, 3 and
Total GHG
emissions [E1-6]
E1-7
GHG removals
and GHG
mitigation
projects financed
through carbon credits
GHG removals
and GHG mitigation
projects
financed
through
carbon
credits [E1-7]
E1-8
Internal carbon pricing
Not applicable
E1-9
Anticipated financial effects from
material physical and
transition
risks
and
potential
climate-related
opportunities
Phased-in provision
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
ESRS E4: Biodiversity and ecosystems
E4-1
Transition
plan and
consideration of
biodiversity and
ecosystems in
strategy and business
model
Information
is disclosed in
a manner
that reflects
the application of
biodiversity
matters for
the financial
services sector.
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
IRO-1
Description of processes to identify and assess material
biodiversity
and
ecosystem-related
impacts,
risks,
dependencies and opportunities
E4-2
Policies
related
to biodiversity
and ecosystems
E4-3
Actions
and
resources
related
to
biodiversity
and
ecosystems
E4-4
Targets related
to biodiversity
and ecosystems
E4-5
Impact metrics
related to biodiversity
and ecosystems
change
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E4-6
Anticipated
financial
effects
from
biodiversity
and
ecosystem-related
risks and opportunities
ESRS S1: Own Workforce
SBM-2
Interests
and views of
stakeholders
Stakeholder
interest
and
engagement
[SBM-2]
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Material
impacts,
risks
and
opportunities
and their
interaction
with
strategy
and
business model
[ESRS 2 SBM-3]
S1-1
Policies related to own workforce
Policies
related
to
own workforce
[S1-1]
S1-2
Processes for engaging with own
workforce and
workers’
representatives
about impacts
Processes
for
engaging
with
own
workforce
and
workers’
representatives about impacts [S1-2]
S1-3
Processes to
remediate negative impacts and channels
for own workers to raise
concerns
Processes
to
remediate
negative
impacts
and
channels
for
own
workforce to
raise concerns
[S1-3]
S1-4
Taking action on material
impacts on
own workforce,
and
approaches
to managing
material risks
and pursuing
material opportunities related
to own workforce,
and
effectiveness
of those actions
Action on
material impacts on own
workforce,
and
approaches
to
managing material risks and
pursuing
material
opportunities
related
to
own workforce,
and effectiveness
of
those actions
[S1-4]
S1-5
Targets related
to managing material negative impacts,
advancing positive impacts, and managing
material risks
and opportunities
Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks
and opportunities
[S1-5]
S1-6
Characteristics
of the undertaking’s
employees
Characteristics of employees
[S1-6]
S1-7
Characteristics
of
non-employee
workers
in
the
undertaking’s
own workforce
Phased-in provision
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
S1-8
Collective
bargaining coverage
and social dialogue
Phased-in provision
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
S1-9
Diversity
metrics
Diversity
Metrics [S1-9]
S1-10
Adequate wages
Adequate Wages
[S1-10]
S1-11
Social protection
Phased-in provision
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
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S1-12
Persons with
disabilities
Phased-in provision
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
S1-13
Training and
skills development
metrics
Training
and
skills
development
metrics [S1-13]
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
S1-14
Health and
safety metrics
Health and
safety metrics
[S1-14]
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
S1-15
Work-life
balance metrics
Training
and
skills
development
metrics [S1-15]
Omission of all
information under
this sub-topic
in accordance with
the
extended
phase-in
relief
(Commission
Delegated
Regulation (EU) 2025/1416
of 11
July 2025)
S1-16
Remuneration metrics (pay gap and total remuneration)
Remuneration metrics (pay
gap and
total remuneration)
[S1-16]
S1-17
Incidents, complaints and severe human
rights impacts
Incidents,
complaints
and
severe
human right
[S1-17]
ESRS S-4: Consumers and end-users
SBM-2
Interests
and views of
stakeholders
Stakeholder
interest
and
engagement
[SBM-2]
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Material
impacts,
risks
and
opportunities
and their
interaction
with
strategy
and
business model
[ESRS 2 SBM-3]
S4-1
Policies
related
to consumers
and end-users
Policies
related
to consumers
and
end-users [S4-1]
S4-2
Processes for
engaging with consumers and
end-users
about impacts
Processes
for
engaging
with
consumers
and
end-users
about
impacts [S4-2]
S4-3
Processes to
remediate negative impacts and channels
for consumers
and end-users to
raise concerns
Processes
to
remediate
negative
impacts and channels for consumers
and end-users to raise
concerns [S4-
3]
S4-4
Taking action
on material
impacts on consumers
and
end-users, and
approaches to managing
material risks
and
pursuing
material
opportunities
related
to
consumers and
end-users, and effectiveness
of those
actions
Taking action on material impacts
on
consumers
and
end-users,
and
approaches
to
managing
material
risks,
pursuing
material
opportunities related
to consumers
and end-users, and
effectiveness of
those actions
[S4-4]
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S4-5
Targets related
to managing material negative impacts,
advancing positive impacts, and managing
material risks
and opportunities
Targets related to managing material
negative impacts, advancing positive
impacts, and managing material risks
and opportunities
[S4-5]
ESRS G1: Business conduct
GOV-1
The
role
of
the
administrative,
management
and
supervisory bodies
The
role
of
the
administrative,
management and supervisory bodies
[ESRS 2 GOV-1]
IRO-1
Description of
the
processes
to
identify
and
assess
material impacts,
risks and opportunities
Description
of
the
processes
to
identify and assess material impacts,
risks and opportunities [ESRS 2
IRO-
1]
G1-1
Business conduct
policies
and corporate
culture
Business
conduct
policies
and
corporate
culture
[G1-1]
G1-2
Management of relationships
with suppliers
Not material
G1-3
Prevention and detection of corruption
and bribery
Prevention
and
detection
of
corruption
and bribery
[G1-3]
G1-4
Incidents of corruption or bribery
Incidents
of
corruption
or bribery
[G1-4]
G1-5
Political
influence
and lobbying
activities
Not material
G1-6
Payment practices
Not material
Entity-specific:
Integration of
sustainability in risk management
GOV-1
The
role
of
the
administrative,
management
and
supervisory bodies
The
role
of
the
administrative,
management and supervisory bodies
[ESRS 2 GOV-1]
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Material
impacts,
risks
and
opportunities
and their
interaction
with
strategy
and
business model
[ESRS 2 SBM-3]
IRO-1
Description of
the
processes
to
identify
and
assess
material impacts,
risks and opportunities
Description of processes
to identify
and
assess
material
impacts,
risks
and opportunities
[ESRS 2 IRO-1]
MDR-P
Policies
adopted
to
manage
material
sustainability
matters
Policies related to
the integration
of
sustainability
in
risk
management
[MDR-P]
MDR-A
Actions
and
resources
in
relation
to
material
sustainability
matters
Actions related to
the integration
of
sustainability
in
risk
management
[MDR-A]
MDR-M
Metrics in relation
to material
sustainability
matters
Sustainability
risk
management
metrics [MDR-M]
MDR-T
Tracking effectiveness
of policies
and actions through
targets
Sustainability
risk
management
targets [MDR-T]
Entity-specific:
Sustainable financing
and investment
offerings
GOV-1
The
role
of
the
administrative,
management
and
supervisory bodies
The
role
of
the
administrative,
management and supervisory bodies
[ESRS 2 GOV-1]
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SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Material
impacts,
risks
and
opportunities
and their
interaction
with
strategy
and
business model
[ESRS 2 SBM-3]
IRO-1
Description of
the
processes
to
identify
and
assess
material impacts,
risks and opportunities
Description of processes
to identify
and
assess
material
impacts,
risks
and opportunities
[ESRS 2 IRO-1]
MDR-P
Policies
adopted
to
manage
material
sustainability
matters
Policies on sustainable financing and
investment
offerings [MDR-P]
MDR-A
Actions
and
resources
in
relation
to
material
sustainability
matters
Actions on sustainable financing and
investment
offerings [MDR-A]
MDR-M
Metrics in relation
to material
sustainability
matters
Metrics on sustainable financing
and
investment
offerings [MDR-M]
MDR-T
Tracking effectiveness
of policies
and actions through
targets
Targets on
sustainable financing and
investment
offerings [MDR-T]
Entity-specific:
Fostering innovation
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Description of material impacts, risks
and
opportunities
and
their
interaction
with
strategy
and
business model
[SBM-3]
IRO-1
Description of
the
processes
to
identify
and
assess
material impacts,
risks and opportunities
Description of processes
to identify
and
assess
material
impacts,
risks
and opportunities
[ESRS 2 IRO-1]
MDR-P
Policies
adopted
to
manage
material
sustainability
matters
Policies
related
to
fostering
innovation
[MDR-P]
MDR-A
Actions
and
resources
in
relation
to
material
sustainability
matters
Actions
related
to
fostering
innovation
[MDR-A]
MDR-M
Metrics in relation
to material
sustainability
matters
Fostering Innovation
metrics [MDR-
M]
MDR-T
Tracking effectiveness
of policies
and actions through
targets
Fostering innovation targets [MDR-
T]
Entity-specific:
Data security and customer
privacy
GOV-1
The
role
of
the
administrative,
management
and
supervisory bodies
The
role
of
the
administrative,
management and supervisory bodies
[ESRS 2 GOV-1]
SBM-3
Material
impacts,
risks
and
opportunities and
their
interaction
with strategy
and business model
Description of material impacts, risks
and
opportunities
and
their
interaction
with
strategy
and
business model
[SBM-3]
IRO-1
Description of
the
processes
to
identify
and
assess
material impacts,
risks and opportunities
Description of processes
to identify
and
assess
material
impacts,
risks
and opportunities
[ESRS 2 IRO-1]
MDR-P
Policies
adopted
to
manage
material
sustainability
matters
Policies related
to data security and
customer privacy
[MDR-P]
MDR-A
Actions
and
resources
in
relation
to
material
sustainability
matters
Actions related to
data security and
customer privacy
[MDR-A]
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MDR-M
Metrics in relation
to material
sustainability
matters
Data security
and customer privacy
metrics [MDR-M]
MDR-T
Tracking effectiveness
of policies
and actions through
targets
Data security
and customer privacy
targets [MDR-T]
The table below presents
List of datapoints in cross-cutting and topical standards
that derive from other EU legislation
:
Disclosure
Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
ESRS 2
GOV-1 Board's
gender
diversity
paragraph 21 (d)
Indicator
number 13
of
Table #1
of Annex 1
Commission
Delegated
Regulation
(EU)
2020/1816,
Annex II
The role of the
administrative,
management
and
supervisory
bodies [ESRS 2
GOV-1]
ESRS
2
GOV-1
Percentage
of
board
members
who
are
independent paragraph 21
(e)
Delegated
Regulation
(EU) 2020/1816, Annex
II
The role of the
administrative,
management
and
supervisory
bodies [ESRS 2
GOV-1]
ESRS
2
GOV-4
Statement
on
due diligence
paragraph 30
Indicator
number
10
Table #3
of Annex 1
1.3.4
Description of
the
due
diligence
on
sustainability
matters [GOV-
4]
ESRS 2
SBM-1 Involvement in
activities related
to fossil
fuel
activities
paragraph 40 (d) i
"Indicators
number
4
Table #1
of Annex 1
Article
449a
Regulation
(EU)
No 575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453 ( 28 )
Table
1:
Qualitative
information
on
Environmental
risk and
Table 2:
Qualitative
information
on
Social risk
Delegated
Regulation
(EU) 2020/1816, Annex
II
1.4.1
Information on
the
market
position
and
strategy of the
company
[SBM-1]
ESRS 2
SBM-1 Involvement in
activities
related
to
chemical
production paragraph 40 (d) ii
Indicator
number 9 Table
#2 of Annex
1
Delegated
Regulation
(EU) 2020/1816, Annex
II
1.4.1
Information on
the
market
position
and
strategy of the
company
[SBM-1]
ESRS 2
SBM-1 Involvement in
activities
related
to
controversial
weapons
paragraph 40 (d) iii
Indicator
number
14
Table #1
of Annex 1
Delegated
Regulation
(EU) 2020/1818, Article
12(1)
Delegated
1.4.1
Information on
the
market
position
and
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Disclosure
Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
Regulation
(EU)
2020/1816,
Annex II
strategy of the
company
[SBM-1]
ESRS 2
SBM-1 Involvement in
activities related
to cultivation
and
production
of
tobacco
paragraph 40 (d) iv
Delegated
Regulation
(EU) 2020/1818, Article
12(1)
Delegated
Regulation
(EU)
2020/1816,
Annex II
1.4.1
Information on
the
market
position
and
strategy of the
company
[SBM-1]
ESRS
E1-1 Transition
plan
to
reach
climate
neutrality
by
2050 paragraph
14
Regulation
(EU)
2021/1119,
Article 2(1)
Transition plan
for
climate
change
mitigation [E1-
1]
ESRS
E1-1
Undertakings
excluded
from
Paris-aligned
Benchmarks paragraph
16 (g)
Article
449a
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
Template
1:
Banking
book-
Climate
Change
transition
risk:
Credit
quality of
exposures
by
sector,
emissions
and
residual
maturity
Delegated
Regulation
(EU) 2020/1818, Article
12.1
(d)
to
(g),
and
Article 12.2
Transition plan
for
climate
change
mitigation [E1-
1]
ESRS
E1-4
GHG
emission
reduction targets paragraph 34
Indicator
number 4 Table
#2 of Annex
1
Article
449a
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
Template
3:
Banking
book
–
Climate
change
transition
risk:
alignment
metrics
Delegated
Regulation
(EU) 2020/1818, Article
6
Targets related
to
climate
change
mitigation and
adaptation
[E1-4]
ESRS E1-5 Energy consumption
from
fossil
sources
disaggregated by
sources (only
high
climate
impact
sectors)
paragraph 38
Indicator
number 5 Table
#1
and
Indicator
n.
5
Table #2
of Annex 1
Energy
consumption
& mix [E1-5]
ESRS E1-5 Energy consumption
and mix paragraph
37
Indicator
number 5 Table
#1 of Annex
1
Energy
consumption
& mix [E1-5]
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Disclosure
Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
ESRS
E1-5
Energy
intensity
associated
with
activities
in
high
climate
impact
sectors
paragraphs 40 to
43
Indicator
number 6 Table
#1 of Annex
1
Energy
consumption
& mix [E1-5]
ESRS E1-6 Gross Scope
1, 2, 3,
and
Total
GHG
emissions
paragraph 44
Indicators number 1 and
2
Table #1
of Annex 1
Article
449a;
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
Template
1:
Banking
book
–
Climate
change
transition
risk:
Credit
quality of
exposures
by
sector,
emissions
and
residual
maturity
Delegated
Regulation
(EU) 2020/1818, Article
5(1), 6 and
8(1)
Gross
Scopes
1,
2,
3
and
Total
GHG
emissions
[E1-
6]
ESRS E1-6 Gross GHG emissions
intensity paragraphs
53 to 55
Indicators
number
3
Table #1
of Annex 1
Article
449a
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
Template
3:
Banking
book
–
Climate
change
transition
risk:
alignment
metrics
Delegated
Regulation
(EU) 2020/1818, Article
8(1)
Gross
Scopes
1,
2,
3
and
Total
GHG
emissions
[E1-
6]
ESRS E1-7
GHG removals
and
carbon credits
paragraph 56
Regulation
(EU)
2021/1119,
Article 2(1)
GHG
removals
and
GHG
mitigation
projects
financed
through carbon
credits [E1-7]
ESRS
E1-9
Exposure
of
the
benchmark portfolio to climate-
related physical risks paragraph
66
Delegated
Regulation
(EU) 2020/1818, Annex
II Delegated
Regulation
(EU) 2020/1816, Annex
II
Phased-in
provision
"ESRS
E1-9
Disaggregation of
monetary
amounts
by
acute
and
chronic
physical
risk
paragraph 66 (a)
Article
449a
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
paragraphs
46
and 47; Template
5: Banking book -
Phased-in
provision
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Disclosure
Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
Climate
change
physical
risk:
Exposures
subject
to
physical risk.
ESRS
E1-9
Location
of
significant
assets at
material
physical risk paragraph 66
(c)"
Article
449a
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
paragraphs
46
and 47; Template
5: Banking book -
Climate
change
physical
risk:
Exposures
subject
to
physical risk.
Phased-in
provision
ESRS
E1-9 Breakdown
of the
carrying value of
its real estate
assets
by
energy-efficiency
classes paragraph 67
(c)
Article
449a
Regulation
(EU)
No
575/2013;
Commission
Implementing
Regulation
(EU)
2022/2453
paragraph
34;Template
2:Banking book
-
Climate
change
transition
risk:
Loans
collateralised
by
immovable
property - Energy
efficiency
of the
collateral
Phased-in
provision
ESRS E1-9 Degree
of exposure
of
the
portfolio
to
climate-
related
opportunities
paragraph 69
Delegated
Regulation
(EU) 2020/1818, Annex
II
Phased-in
provision
ESRS
E2-4
Amount
of
each
pollutant listed
in Annex
II of
the
E-
PRTR
Regulation
(European
Pollutant
Release
and Transfer Register)
emitted
to air, water and soil, paragraph
28
Indicator
number 8 Table
#1 of
Annex
1 Indicator
number
2
Table
#2
of
Annex 1 Indicator number
1
Table
#2
of
Annex 1
Indicator
number 3 Table
#2 of Annex
1
Not material
ESRS E3-1
Water
and
marine
resources paragraph
9
Indicator
number 7 Table
#2 of Annex
1
Not material
ESRS
E3-1
Dedicated
policy
paragraph 13
Indicator
number 8 Table
2 of Annex
1
Not material
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and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
ESRS E3-1
Sustainable oceans
and seas paragraph 14
Indicator
number
12
Table #2
of Annex 1
Not material
ESRS E3-4 Total water
recycled
and reused
paragraph 28 (c)
Indicator
number
6.2
Table #2
of Annex 1
Not material
ESRS
E3-4
Total
water
consumption
in
m3
per
net
revenue
on
own
operations
paragraph 29
"Indicator
number
6.1
Table #2
of
Not material
ESRS 2- IRO 1 - E4 paragraph
16
(a) i
Indicator
number 7 Table
#1 of Annex
1
Information
is
disclosed
in a
manner
that
reflects
the
application
of
biodiversity
matters for the
financial
services
sector.
ESRS 2- IRO 1 - E4 paragraph
16
(b)
Indicator
number
10
Table #2
of Annex 1
Information
is
disclosed
in a
manner
that
reflects
the
application
of
biodiversity
matters for the
financial
services
sector.
ESRS 2- IRO 1 - E4 paragraph
16
(c)
Indicator
number
14
Table #2
of Annex 1
Information
is
disclosed
in a
manner
that
reflects
the
application
of
biodiversity
matters for the
financial
services
sector.
ESRS
E4-2 Sustainable
land /
agriculture practices or policies
paragraph 24 (b)
Indicator
number
11
Table #2
of Annex 1
Information
is
disclosed
in a
manner
that
reflects
the
application
of
biodiversity
matters for the
financial
services
sector.
ESRS E4-2 Sustainable oceans /
seas
practices
or
policies
paragraph 24 (c)
Indicator
number
12
Table #2
of Annex 1
Information
is
disclosed
in a
manner
that
reflects
the
application
of
biodiversity
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and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
matters for the
financial
services
sector.
ESRS E4-2
Policies
to address
deforestation paragraph 24 (d)
Indicator number 15Table
#2 of Annex
1
Information
is
disclosed
in a
manner
that
reflects
the
application
of
biodiversity
matters for the
financial
services
sector.
ESRS E5-5
Non-recycled waste
paragraph 37 (d)
Indicator
number
13
Table #2
of Annex 1
Not material
ESRS E5-5 Hazardous waste
and
radioactive waste paragraph
39
Indicator
number 9 Table
#1 of Annex
1
Not material
ESRS
2-
SBM3
-
S1
Risk
of
incidents
of
forced
labor
paragraph 14 (f)
Indicator
number
13
Table #3
of Annex I
Material
impacts,
risks
and
opportunities
and
their
interaction
with
strategy
and
business
model [ESRS 2
SBM-3]
ESRS
2-
SBM3
-
S1
Risk
of
incidents
of
child
labor
paragraph 14 (g)
Indicator
number
12
Table #3
of Annex I
Material
impacts,
risks
and
opportunities
and
their
interaction
with
strategy
and
business
model [ESRS 2
SBM-3]
ESRS S1-1 Human
rights policy
commitments
paragraph 20
Indicator
number 9 Table
#3 and Indicator
number
11 Table
#1 of Annex
I
Policies
related to own
workforce [S1-
1]
ESRS S1-1 Due diligence policies
on
issues
addressed
by
the
fundamental
International
Labour
Organisation
Conventions 1
to 8, paragraph
21
Delegated
Regulation
(EU) 2020/1816, Annex
II
Policies
related to own
workforce [S1-
1]
ESRS
S1-1
Processes
and
measures
for
preventing
trafficking
in
human
beings
paragraph 22
Indicator
number 1 Table
#3 of Annex
I
Policies
related to own
workforce [S1-
1]
ESRS S1-1
Workplace accident
prevention
policy
or
Indicator
number 1 Table
#3 of Annex
I
Policies
related to own
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Disclosure
Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
management system paragraph
23
workforce [S1-
1]
ESRS
S1-3
Grievance/complaints handling
mechanisms paragraph
32 (c)
Indicator
number 5 Table
#3 of Annex
I
Processes
to
remediate
negative
impacts
and
channels
for
own workforce
to
raise
concerns
[S1-
3]
ESRS S1-14 Number of fatalities
and number
and rate of work-
related
accidents paragraph
88
(b) and (c)
Indicator
number 2 Table
#3 of Annex
I
Delegated
Regulation
(EU) 2020/1816, Annex
II
Health
and
safety
metrics
[S1-14]
ESRS S1-14 Number of days
lost
to injuries,
accidents, fatalities
or illness
paragraph 88 (e)
Indicator
number 3 Table
#3 of Annex
I
Phased-in
provision
ESRS S1-16 Unadjusted
gender
pay gap paragraph 97
(a)
Indicator
number
12
Table #1
of Annex I
Delegated
Regulation
(EU) 2020/1816, Annex
II
Remuneration
metrics
(pay
gap
and
total
remuneration)
[S1-16]
ESRS S1-16
Excessive CEO pay
ratio paragraph
97 (b)
Indicator
number 8 Table
#3 of Annex
I
Remuneration
metrics
(pay
gap
and
total
remuneration)
[S1-16]
ESRS
S1-17
Incidents
of
discrimination
paragraph 103
(a)
Indicator
number 7 Table
#3 of Annex
I
Incidents,
complaints
and
severe
human
right
[S1-17]
ESRS
S1-17
Non-respect
of
UNGPs on Business and Human
Rights and OECD paragraph
104
(a)
Indicator
number
10
Table #1
and
Delegated
Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation
(EU) 2020/1818
Art 12
(1)
Incidents,
complaints
and
severe
human
right
[S1-17]
ESRS 2-
SBM3 –
S2 Significant
risk of
child
labour or
forced
labour
in
the
value
chain
paragraph 11 (b)
Indicators number 12 and
n. 13 Table #3 of Annex I
Not material
ESRS S2-1 Human
rights policy
commitments
paragraph 17
Indicator
number 9 Table
#3
and
Indicator
n.
11
Table #1
of Annex 1
Not material
ESRS
S2-1
Policies
related to
value chain
workers paragraph
18
Indicator
number 11 and
n. 4 Table #3 of
Annex 1
Not material
ESRS
S2-1
Non-
respect
of
UNGPs on Business and Human
Rights
principles
and
OECD
guidelines
paragraph 19
Indicator
number
10
Table #1
of Annex 1
Delegated
Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation
(EU) 2020/1818, Art 12
(1)
Not material
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Disclosure
Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
ESRS S2-1 Due diligence policies
on
issues
addressed
by
the
fundamental
International
Labor
Organisation
Conventions 1
to 8, paragraph
19
Delegated
Regulation
(EU) 2020/1816, Annex
II
Not material
ESRS S2-4 Human rights
issues
and incidents
connected to its
upstream
and
downstream
value chain
paragraph 36
Indicator
number
14
Table #3
of Annex 1
Not material
ESRS S3-1 Human
rights policy
commitments
paragraph 16
Indicator
number 9 Table
#3
of
Annex
1
and
Indicator
number
11
Table #1
of Annex 1
Not material
ESRS
S3-1
non-respect
of
UNGPs on Business and Human
Rights,
ILO
principles
or
and
OECD guidelines paragraph 17
Indicator
number
10
Table #1
Annex 1
Delegated
Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation
(EU) 2020/1818, Art 12
(1)
Not material
ESRS S3-4 Human rights
issues
and incidents
paragraph 36
Indicator
number
14
Table #3
of Annex 1
Not material
ESRS
S4-1
Policies
related to
consumers
and
end-users
paragraph 16
Indicator
number 9 Table
#3 and Indicator
number
11 Table
#1 of Annex
1
Policies
related
to
consumers
and
end-users
[S4-1]
ESRS
S4-1
Non-respect
of
UNGPs on Business and Human
Rights
and
OECD
guidelines
paragraph 17
Indicator
number
10
Table #1
of Annex 1
Delegated
Regulation
(EU) 2020/1816, Annex
II Delegated
Regulation
(EU) 2020/1818, Art 12
(1)
Policies
related
to
consumers
and
end-users
[S4-1]
ESRS S4-4 Human rights
issues
and incidents
paragraph 35
Indicator
number
14
Table #3
of Annex 1
Taking
action
on
material
impacts
on
consumers
and end-users,
and
approaches to
managing
material
risks,
pursuing
material
opportunities
related
to
consumers
and end-users,
and
effectiveness
of
those
actions [S4-4]
ESRS
G1-1
United
Nations
Convention against
Corruption
paragraph 10 (b)
Indicator
number
15
Table #3
of Annex 1
Business
conduct
policies
and
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Requirement
and
related datapoint
SFDR reference
Pillar 3 reference
Benchmark
regulation
reference
EU Climate
Law
reference
Section
corporate
culture
[G1-1]
ESRS
G1-1
Protection
of
whistle-blowers
paragraph 10
(d)
Indicator
number 6 Table
#3 of Annex
1
Business
conduct
policies
and
corporate
culture
[G1-1]
ESRS G1-4 Fines for violation of
anti-corruption
and
anti-
bribery laws
paragraph 24 (a)
Indicator
number
17
Table #3
of Annex 1
Delegated
Regulation
(EU) 2020/1816, Annex
II)
Incidents
of
corruption
or
bribery [G1-4]
ESRS G1-4
Standards of
anti-
corruption
and
anti-bribery
paragraph 24 (b)
Indicator
number
16
Table #3
of Annex 1
Incidents
of
corruption
or
bribery [G1-4]
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B. Disclosures under Article 8 of Regulation (EU) 2020/852
Reporting templates for the years
ended 31 December 2025 and 31 December 2024
0. Summary of KPIs to be disclosed by credit institutions under
Article 8 Taxonomy Regulation for the year ended 31 December 2025
Total environmentally
sustainable
assets ⁽¹⁾
KPI ⁽³⁾
KPI ⁽⁴⁾
% coverage (over
total assets)
⁽⁵⁾
% of assets excluded
from the numerator
of
the GAR (Article
7(2) and (3) and
Section
1.1.2. of Annex
V)
% of assets excluded
from the
denominator of the
GAR (Article
7(1) and Section
1.2.4 of Annex
V)
Main KPI
Green asset ratio
(GAR) stock
3,013
3.8
5.7
72.3
41.8
27.7
Total environmentally
sustainable
activities ⁽²⁾
KPI ⁽³⁾
KPI ⁽⁴⁾
% coverage (over
total assets)
⁽⁵⁾
% of assets excluded
from the numerator
of
the GAR (Article
7(2) and (3) and
Section
1.1.2. of Annex
V)
% of assets excluded
from the
denominator of the
GAR (Article
7(1) and Section
1.2.4 of Annex
V)
Additional KPIs
GAR (flow)
600
4.6
6.5
33.0
N/A
N/A
Trading book
⁽⁶⁾
Financial guarantees
⁽⁷⁾
144
7.1
16.7
Assets under management
⁽⁷⁾
191
2.2
4.7
Fees and commissions
income
⁽⁶⁾
(1) Total
environmentally sustainable assets used for
turnover KPI. Total environmentally sustainable assets
used for Capex KPI amounts to EUR 4,494 million
(2) Total
environmentally sustainable assets used for
turnover KPI. Total environmentally sustainable assets
used for Capex KPI amounts to EUR 838 million
for GAR flow
(3) Based on the Turnover KPI of the counterparty
(4) Based on the CapEx KPI of the counterparty
(5) % of assets
covered by the KPI over Group´s total assets
(6) "Trading book" and "fees
and commissions income" KPIs shall
apply from FY2027
onwards
(7) Total
environmentally sustainable assets used for
turnover KPI. Total environmentally
sustainable assets
used for Financial guarantees -
Capex KPI amounts to EUR 342 million
and for assets
under
management is EUR
412 million
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1.Assets for the calculation of GAR - Turnover
a
b
c
d
e
f
g
h
i
j
Million EUR
Total [gross]
carrying
amount
31 December 2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
32,558
18,823
2,969
1,944
14
372
116
30
0
1
2
Financial undertakings
4,834
1,361
234
90
7
11
31
10
0
0
3
Credit institutions
4,410
1,116
116
0
7
11
25
10
0
0
4
Loans and advances
1,130
203
18
0
1
2
1
0
0
0
5
Debt securities, including
UoP
3,280
914
98
0
5
9
24
10
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
7
Other financial corporations
425
244
119
90
0
1
6
1
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
16
of which insurance undertakings
11
1
0
0
0
0
1
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
11
1
0
0
0
0
1
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
20
Non-financial undertakings
8,755
3,467
2,702
1,821
8
361
85
20
0
0
21
Loans and advances
7,692
3,048
2,532
1,821
0
265
69
19
0
0
22
Debt securities, including
UoP
1,047
415
168
0
7
96
17
1
0
0
23
Equity instruments
16
4
2
0
0
0
0
0
24
Households
18,968
13,996
33
33
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
12,876
12,876
28
28
0
0
0
0
0
0
26
of which
building renovation loans
1,738
1,738
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
574
574
5
5
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
596
596
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
45,430
33
Financial and Non-financial undertakings
34,652
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
26,483
35
Loans and advances
24,313
36
of which loans collateralised by
commercial
immovable property
6,560
37
of which building renovation loans
238
38
Debt securities
1,961
39
Equity instruments
209
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
8,168
41
Loans and advances
5,921
42
Debt securities
2,160
43
Equity instruments
87
44
Derivatives
752
45
On demand interbank loans
327
46
Cash and cash-related assets
887
47
Other categories of assets (e.g. goodwill, commodities etc.)
8,812
48
Total GAR
assets
78,584
19,419
2,969
1,944
14
372
116
30
0
1
49
Assets not covered for GAR calculation
30,107
50
Central governments and Supranational issuers
15,178
51
Central banks exposure
14,413
52
Trading book
516
53
Total assets
108,691
19,419
2,969
1,944
14
372
116
30
0
1
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
931
318
144
0
0
24
3
0
0
0
55
Assets under management
3,746
972
177
0
11
47
13
0
0
0
56
Of which debt securities
2,856
770
139
0
9
35
4
0
0
0
57
Of which equity instruments
596
143
33
0
2
11
8
0
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
287
|
Page
1.Assets for the calculation of GAR - Turnover
k
l
m
n
o
p
q
r
s
t
u
v
Million EUR
31 December 2025
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
12
8
0
0
84
5
2
0
14
1
0
0
2
Financial undertakings
4
0
0
0
4
0
0
0
2
0
0
0
3
Credit institutions
3
0
0
0
1
0
0
0
2
0
0
0
4
Loans and advances
0
0
0
0
1
0
0
0
0
0
0
0
5
Debt securities, including
UoP
3
0
0
0
0
0
0
0
2
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
3
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
9
8
0
0
80
5
2
0
12
1
0
0
21
Loans and advances
7
7
0
0
59
1
2
0
0
0
0
0
22
Debt securities, including
UoP
1
0
0
0
21
4
0
0
12
1
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
24
Households
0
0
0
0
25
of which loans collateralised by
residential immovable property
0
0
0
0
26
of which
building renovation loans
0
0
0
0
27
of which motor vehicle loans
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
12
8
0
0
84
5
2
0
14
1
0
0
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
12
8
0
0
84
5
2
0
14
1
0
0
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
0
0
0
0
6
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
36
13
0
1
3
0
0
0
56
Of which debt securities
0
0
0
0
22
12
0
0
1
0
0
0
57
Of which equity instruments
0
0
0
0
14
1
0
0
2
0
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
288
|
Page
1.Assets for the calculation of GAR - Turnover
w
x
z
aa
ab
ac
ad
ae
af
Million EUR
31 December 2025
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
45
0
0
0
19,095
3,013
1,946
14
373
2
Financial undertakings
3
0
0
0
1,404
244
90
7
12
3
Credit institutions
0
0
0
0
1,148
125
0
7
11
4
Loans and advances
0
0
0
0
204
18
0
1
2
5
Debt securities, including
UoP
0
0
0
0
943
107
0
5
9
6
Equity instruments
0
0
0
0
0
0
0
7
Other financial corporations
2
0
0
0
256
119
90
0
1
8
of which investment firms
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
2
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
2
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
20
Non-financial undertakings
42
0
0
0
3,695
2,736
1,823
8
362
21
Loans and advances
42
0
0
0
3,225
2,560
1,823
0
265
22
Debt securities, including
UoP
1
0
0
0
465
174
0
7
96
23
Equity instruments
0
0
0
4
2
0
0
24
Households
13,996
33
33
0
0
25
of which loans collateralised by
residential immovable property
12,876
28
28
0
0
26
of which
building renovation loans
1,738
0
0
0
0
27
of which motor vehicle loans
574
5
5
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
596
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
45
0
0
0
19,691
3,013
1,946
14
373
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
45
0
0
0
19,691
3,013
1,946
14
373
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
1
0
0
0
329
144
0
0
24
55
Assets under management
2
0
0
0
1,026
191
0
11
48
56
Of which debt securities
1
0
0
0
798
152
0
9
36
57
Of which equity instruments
0
0
0
0
167
34
0
2
12
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
289
|
Page
1.Assets for the calculation
of GAR - Capex
a
b
c
d
e
f
g
h
i
j
Million EUR
Total [gross]
carrying
amount
31 December 2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
32,558
20,853
4,379
1,944
168
834
108
101
0
11
2
Financial undertakings
4,834
1,459
286
90
12
25
27
10
0
5
3
Credit institutions
4,410
1,186
144
0
11
17
16
0
0
0
4
Loans and advances
1,130
221
21
0
1
3
1
0
0
0
5
Debt securities, including
UoP
3,280
965
123
0
10
13
15
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
7
Other financial corporations
425
272
142
90
1
9
11
9
0
5
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
16
of which insurance undertakings
11
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
11
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
20
Non-financial undertakings
8,755
5,398
4,060
1,821
155
808
82
92
0
5
21
Loans and advances
7,692
4,796
3,722
1,821
134
646
60
90
0
4
22
Debt securities, including
UoP
1,047
595
333
0
21
162
22
2
0
1
23
Equity instruments
16
8
5
0
0
0
0
0
24
Households
18,968
13,996
33
33
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
12,876
12,876
28
28
0
0
0
0
0
0
26
of which
building renovation loans
1,738
1,738
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
574
574
5
5
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
596
596
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
45,430
33
Financial and Non-financial undertakings
34,652
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
26,483
35
Loans and advances
24,313
36
of which loans collateralised by
commercial
immovable property
6,560
37
of which building renovation loans
238
38
Debt securities
1,961
39
Equity instruments
209
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
8,168
41
Loans and advances
5,921
42
Debt securities
2,160
43
Equity instruments
87
44
Derivatives
752
45
On demand interbank loans
327
46
Cash and cash-related assets
887
47
Other categories of assets (e.g. goodwill, commodities etc.)
8,812
48
Total GAR
assets
78,584
21,448
4,379
1,944
168
834
108
101
0
11
49
Assets not covered for GAR calculation
30,107
50
Central governments and Supranational issuers
15,178
51
Central banks exposure
14,413
52
Trading book
516
53
Total assets
108,691
21,448
4,379
1,944
168
834
108
101
0
11
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
931
560
341
0
0
60
0
0
0
0
55
Assets under management
3,746
1,279
394
0
14
128
17
4
0
1
56
Of which debt securities
2,856
1,019
307
0
11
101
10
3
0
1
57
Of which equity instruments
596
198
81
0
3
26
7
1
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
290
|
Page
1.Assets for the calculation
of GAR - Capex
k
l
m
n
o
p
q
r
s
t
u
v
Million EUR
31 December 2025
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
12
8
0
0
84
5
2
0
14
1
0
0
2
Financial undertakings
4
0
0
0
4
0
0
0
2
0
0
0
3
Credit institutions
3
0
0
0
1
0
0
0
2
0
0
0
4
Loans and advances
0
0
0
0
1
0
0
0
0
0
0
0
5
Debt securities, including
UoP
3
0
0
0
0
0
0
0
2
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
3
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
9
8
0
0
80
5
2
0
12
1
0
0
21
Loans and advances
7
7
0
0
59
1
2
0
0
0
0
0
22
Debt securities, including
UoP
1
0
0
0
21
4
0
0
12
1
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
24
Households
0
0
0
0
25
of which loans collateralised by
residential immovable property
0
0
0
0
26
of which
building renovation loans
0
0
0
0
27
of which motor vehicle loans
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
12
8
0
0
84
5
2
0
14
1
0
0
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
12
8
0
0
84
5
2
0
14
1
0
0
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
0
0
0
0
6
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
36
13
0
1
3
0
0
0
56
Of which debt securities
0
0
0
0
22
12
0
0
1
0
0
0
57
Of which equity instruments
0
0
0
0
14
1
0
0
2
0
0
0
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1.Assets for the calculation
of GAR - Capex
w
x
z
aa
ab
ac
ad
ae
af
Million EUR
31 December 2025
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
45
0
0
0
21,862
4,494
1,948
168
847
2
Financial undertakings
0
0
0
0
1,493
296
90
12
31
3
Credit institutions
0
0
0
0
1,208
144
0
11
17
4
Loans and advances
0
0
0
0
223
21
0
1
3
5
Debt securities, including
UoP
0
0
0
0
984
124
0
10
13
6
Equity instruments
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
285
152
90
1
14
8
of which investment firms
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
20
Non-financial undertakings
44
0
0
0
6,373
4,165
1,825
155
817
21
Loans and advances
43
0
0
0
5,695
3,821
1,825
134
652
22
Debt securities, including
UoP
2
0
0
0
671
339
0
21
164
23
Equity instruments
0
0
0
8
5
0
0
24
Households
13,996
33
33
0
0
25
of which loans collateralised by
residential immovable property
12,876
28
28
0
0
26
of which
building renovation loans
1,738
0
0
0
0
27
of which motor vehicle loans
574
5
5
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
596
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
45
0
0
0
22,458
4,494
1,948
168
847
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
45
0
0
0
22,458
4,494
1,948
168
847
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
1
0
0
0
644
342
0
0
60
55
Assets under management
2
0
0
0
1,368
412
0
14
129
56
Of which debt securities
1
0
0
0
1,065
324
0
11
102
57
Of which equity instruments
0
0
0
0
239
82
0
3
26
EUROBANK S.A.
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SUSTAINABILITY
STATEMENT
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a
b
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2. GAR sector information - Turnover
31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCA)
Mn EUR
Of which
environmentally
sustainable (CCA)
1
A01 - Crop and animal production, hunting and related service
activities
0
-
0
-
2
B7 - Mining of metal ores
16
-
16
-
3
C10 - Manufacture of food products
13
0
13
-
4
C10.6.1 - Manufacture of grain mill products
0
0
0
-
5
C13.9.5 - Manufacture of non-wovens
and articles made
from non-
wovens, except apparel
6
1
6
-
6
C14 - Manufacture of wearing apparel
23
-
23
-
7
C17 - Manufacture of paper and paper products
5
0
5
-
8
C19 - Manufacture of coke and refined petroleum products
168
2
168
-
9
C19.2.0 - Manufacture of refined petroleum products
794
8
794
-
10
C20 - Manufacture of chemicals and chemical products
10
1
10
-
11
C20.4.2 - Manufacture of perfumes and toilet preparations
15
-
15
-
12
C21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
22
-
22
-
13
C21.2.0 - Manufacture of pharmaceutical preparations
21
-
21
-
14
C22 - Manufacture of rubber and plastic products
2
-
2
-
15
C22.2.1 - Manufacture of plastic
plates, sheets, tubes and profiles
11
-
11
-
16
C22.2.2 - Manufacture of plastic packing goods
20
-
20
-
17
C23 - Manufacture of other non-metallic mineral products
87
5
87
-
18
C23.51 - Manufacture of cement
7
7
7
-
19
C24 - Manufacture of basic metals
90
20
90
-
20
C24.1.0 - Manufacture of basic iron and steel and of ferro-alloys
60
27
60
-
21
C24.2 - Manufacture of tubes, pipes, hollow profiles and related
fittings, of steel
35
9
35
-
22
C24.4 - Manufacture of basic
precious and other
non-ferrous metals
0
0
0
-
23
C24.4.2 - Aluminium production
85
13
85
-
24
C24.4.4 - Copper production
11
-
11
-
25
C24.5.1 - Casting of iron
62
10
62
-
26
C24.54 - Casting of other non-ferrous metals
18
11
18
-
27
C25 - Manufacture of fabricated
metal products,
except machinery
and equipment
11
1
11
-
28
C26 - Manufacture of computer, electronic and optical products
2
-
2
-
29
C27 - Manufacture of electrical equipment
101
46
101
-
30
C27.3.2 - Manufacture of other electronic and electric wires and
cables
101
60
101
-
31
C28 - Manufacture of machinery and equipment n.e.c.
2
-
2
-
32
C.28.96 - Manufacture of plastics and rubber machinery
-
-
-
-
33
C29 - Manufacture of motor vehicles, trailers and semi-trailers
126
12
126
-
34
C29.3.2 - Manufacture of other parts and accessories for motor
vehicles
0
0
0
-
35
C30 - Manufacture of other transport equipment
1
-
1
-
36
C32 - Other manufacturing
2
-
2
-
37
C33.1.2 - Repair of machinery
-
-
-
-
38
D35 - Electricity, gas, steam
and air conditioning supply
223
77
223
1
39
D35.1.1 - Production of electricity
1,662
1,613
1,662
1
40
D35.1.3 - Distribution of electricity
754
73
754
-
41
D35.1.4 - Trade of electricity
505
49
505
-
42
D35.12 - Transmission of electricity
7
3
7
-
43
D35.15 - Trade of electricity
-
-
-
-
44
D.35.22 - Distribution of gaseous fuels through mains
300
83
300
7
45
E36 - Water collection, treatment and supply
6
0
6
-
46
E38 - Waste collection, treatment
and disposal activities;
materials
recovery
1
0
1
0
47
E38.21 - Materials recovery
1
1
1
-
48
F41 - Construction of buildings
-
-
-
-
49
F41.2.0 - Construction of residential
and non-residential buildings
3
-
3
-
50
F42 - Civil engineering
147
27
147
0
51
F42.1.1 - Construction of roads and motorways
9
0
9
0
52
F42.1.2 - Construction of railways and underground railways
-
-
-
-
53
F42.2.2 - Construction of utility projects for electricity and
telecommunications
198
198
198
-
54
F42.9.9 - Construction of other civil engineering projects n.e.c.
10
2
10
-
55
F43 - Specialised construction activities
3
-
3
-
56
F43.2.2 - Plumbing, heat and air-conditioning installation
17
3
17
-
57
F43.24 - Other construction installation
23
-
23
0
58
G45 - Wholesale and retail
trade and repair of motor vehicles and
motorcycles
2
-
2
-
59
G45.1.1 - Sale of cars and light motor vehicles
4
-
4
-
60
G45.1.9 - Sale of other motor vehicles
6
0
6
-
61
G45.3.1 - Wholesale trade of
motor vehicle parts and accessories
3
-
3
-
62
G46 - Wholesale trade, except of
motor vehicles and motorcycles
53
3
53
-
63
G46.37 - Wholesale of coffee, tea, cocoa and spices
2
0
2
-
64
G46.38 - Wholesale of other food
0
0
0
-
65
G46.4.2 - Wholesale of clothing and footwear
3
-
3
-
66
G46.45 - Wholesale of perfume and cosmetics
-
-
-
-
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STATEMENT
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2. GAR sector information - Turnover
31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCA)
Mn EUR
Of which
environmentally
sustainable (CCA)
67
G46.4.6 - Wholesale of pharmaceutical goods
5
-
5
-
68
G46.4.7 - Wholesale of furniture,
carpets and lighting equipment
-
-
-
-
69
G46.5.1 - Wholesale of computers,
computer peripheral
equipment
and software
2
-
2
-
70
G46.5.2 - Wholesale of electronic and telecommunications
equipment and parts
9
-
9
-
71
G46.6.9 - Wholesale of other machinery and equipment
13
1
13
-
72
G46.7 - Other specialised wholesale
0
-
0
-
73
G46.7.1 - Wholesale of solid,
liquid and gaseous fuels and related
products
378
70
378
-
74
G46.7.2 - Wholesale of metals and metal ores
5
1
5
-
75
G46.7.7 - Wholesale of waste and scrap
1
0
1
-
76
G46.81 - Wholesale of solid, liquid and gaseous fuels and related
products
0
0
0
-
77
G46.82 - Wholesale of metals and metal ores
5
3
5
-
78
G46.87 - Wholesale of waste and scrap
0
-
0
-
79
G47 - Retail trade, except of motor vehicles and motorcycles
6
0
6
-
80
G47.1.9 - Other retail sale in non-specialised stores
25
5
25
-
81
G47.30 - Retail sale of automotive fuel
9
0
9
-
82
G47.5.9 - Retail sale of furniture, lighting equipment and other
household articles in specialised stores
-
-
-
-
83
G47.65 - Retail sale of games and toys in specialised stores
-
-
-
-
84
G47.69 - Retail sale of cultural and recreational goods n.e.c.
-
-
-
-
85
G47.63 - Retail sale of sporting equipment
-
-
-
-
86
G47.7 - Retail sale of other goods in specialised stores
0
-
0
-
87
G47.7.1 - Retail sale of clothing in specialised stores
2
-
2
-
88
G.47.72 - Retail sale of footwear and leather goods
-
-
-
-
89
G47.7.8 - Other retail sale of new goods in specialised stores
2
-
2
-
90
H49.50 - Transport via pipeline
12
1
12
1
91
H50 - Water transport
5
-
5
-
92
H50.1.0 - Sea and coastal passenger water
transport
0
-
0
-
93
H51 - Air transport
16
0
16
-
94
H52 - Warehousing and support activities for transportation
5
1
5
-
95
H52.2.1 - Service activities incidental to
land transportation
637
100
637
1
96
H52.2.3 - Service activities incidental to
air transportation
390
30
390
-
97
H53.2 - Other postal and courier activities
2
2
2
-
98
I55.1.0 - Hotels and similar accommodation
41
-
41
-
99
J61 - Telecommunications
78
-
78
-
100
J62.0 - Computer programming,
consultancy and
related activities
10
-
10
0
101
J62.0.1 - Computer programming activities
1
-
1
1
102
J62.0.3 - Computer facilities management activities
2
-
2
-
103
K64 - Financial service activities, except
insurance and pension
funding
0
-
0
-
104
K64.2.0 - Activities of holding companies
55
7
55
7
105
K64.21-
Activities of holding companies
11
-
11
-
106
K66.1.9 - Other activities auxiliary
to financial services, except
insurance and pension funding
8
-
8
-
107
L68 - Real estate activities
61
9
61
-
108
L68.1.0 - Buying and selling of own real estate
10
2
10
-
109
L68.11 - Buying and selling of own real estate
0
0
0
-
110
L68.2.0 - Renting and operating of own or leased real estate
126
8
126
-
111
L68.3.2 - Management of real estate on a fee or contract basis
193
37
193
-
112
M70.2 - Management consultancy activities
0
-
0
-
113
M70.2.2 - Business and other
management consultancy activities
5
-
5
-
114
M72.1.9 - Other research and
experimental
development
on natural
sciences and engineering
26
26
26
-
115
M74.9.0 - Other professional,
scientific and technical
activities n.e.c.
-
-
-
-
116
M74.99 -
Other professional,
scientific and technical
activities n.e.c.
3
-
3
-
117
N77.1.1 - Renting and leasing of cars and light motor vehicles
17
-
17
0
118
N79.1.2 - Tour operator activities
5
-
5
-
119
N81 - Services to buildings and landscape activities
3
1
3
-
120
N81.2.2 - Other building and industrial cleaning activities
3
1
3
-
121
N82 - Office administrative, office support and other business
support activities
9
-
9
-
122
O84 - Public administration and
defence; compulsory
social security
34
32
34
-
123
Q86.1.0 - Hospital activities
45
-
45
-
124
Q88 - Social work activities without
accommodation
-
-
-
-
125
R92 - Gambling and betting activities
594
0
594
-
126
S95.1.1 - Repair of computers and peripheral equipment
1
-
1
1
127
Other unallocated
12
0
1
-
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2. GAR sector information - Turnover
31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Water and marine resources (WTR)
Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (CE)
Mn EUR
Of which
environmentally
sustainable (CE)
1
A01 - Crop and animal production, hunting and related service
activities
0
-
0
-
2
B7 - Mining of metal ores
16
-
16
-
3
C10 - Manufacture of food products
13
-
13
-
4
C10.6.1 - Manufacture of grain mill products
0
-
0
-
5
C13.9.5 - Manufacture of non-wovens and articles made from non-
wovens, except apparel
6
-
6
-
6
C14 - Manufacture of wearing apparel
23
-
23
-
7
C17 - Manufacture of paper and paper products
5
-
5
-
8
C19 - Manufacture of coke and refined petroleum products
168
0
168
0
9
C19.2.0 - Manufacture of refined petroleum products
794
0
794
1
10
C20 - Manufacture of chemicals and chemical products
10
-
10
-
11
C20.4.2 - Manufacture of perfumes and toilet preparations
15
-
15
-
12
C21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
22
-
22
-
13
C21.2.0 - Manufacture of pharmaceutical preparations
21
-
21
-
14
C22 - Manufacture of rubber and plastic products
2
-
2
-
15
C22.2.1 - Manufacture of plastic plates, sheets, tubes and profiles
11
-
11
-
16
C22.2.2 - Manufacture of plastic packing goods
20
-
20
-
17
C23 - Manufacture of other non-metallic mineral products
87
-
87
-
18
C23.51 - Manufacture of cement
7
-
7
-
19
C24 - Manufacture of basic metals
90
-
90
-
20
C24.1.0 - Manufacture of basic iron and steel and of ferro-alloys
60
-
60
-
21
C24.2 - Manufacture of tubes, pipes, hollow profiles and related
fittings, of steel
35
-
35
-
22
C24.4 - Manufacture of basic
precious and other
non-ferrous metals
0
-
0
-
23
C24.4.2 - Aluminium production
85
-
85
-
24
C24.4.4 - Copper production
11
-
11
-
25
C24.5.1 - Casting of iron
62
-
62
-
26
C24.54 - Casting of other non-ferrous metals
18
-
18
-
27
C25 - Manufacture of fabricated
metal products, except machinery
and equipment
11
-
11
-
28
C26 - Manufacture of computer, electronic and optical products
2
-
2
0
29
C27 - Manufacture of electrical equipment
101
-
101
2
30
C27.3.2 - Manufacture of other electronic and electric wires and
cables
101
-
101
-
31
C28 - Manufacture of machinery and equipment n.e.c.
2
-
2
-
32
C.28.96 - Manufacture of plastics and rubber machinery
-
-
-
-
33
C29 - Manufacture of motor vehicles, trailers and semi-trailers
126
-
126
0
34
C29.3.2 - Manufacture of other parts and accessories for motor
vehicles
0
-
0
-
35
C30 - Manufacture of other transport equipment
1
-
1
-
36
C32 - Other manufacturing
2
-
2
-
37
C33.1.2 - Repair of machinery
-
-
-
-
38
D35 - Electricity, gas, steam
and air conditioning supply
223
-
223
-
39
D35.1.1 - Production of electricity
1,662
0
1,662
-
40
D35.1.3 - Distribution of electricity
754
-
754
-
41
D35.1.4 - Trade of electricity
505
-
505
-
42
D35.12 - Transmission of electricity
7
-
7
-
43
D35.15 - Trade of electricity
-
-
-
-
44
D.35.22 - Distribution of gaseous fuels through mains
300
7
300
-
45
E36 - Water collection, treatment and supply
6
0
6
2
46
E38 - Waste collection, treatment
and disposal activities; materials
recovery
1
-
1
0
47
E38.21 - Materials recovery
1
-
1
-
48
F41 - Construction of buildings
-
-
-
-
49
F41.2.0 - Construction of residential and non-residential buildings
3
-
3
-
50
F42 - Civil engineering
147
0
147
-
51
F42.1.1 - Construction of roads and motorways
9
-
9
-
52
F42.1.2 - Construction of railways and underground railways
-
-
-
-
53
F42.2.2 - Construction of utility projects for electricity and
telecommunications
198
-
198
-
54
F42.9.9 - Construction of other civil engineering projects n.e.c.
10
-
10
-
55
F43 - Specialised construction activities
3
-
3
-
56
F43.2.2 - Plumbing, heat and air-conditioning installation
17
-
17
-
57
F43.24 - Other construction installation
23
-
23
-
58
G45 - Wholesale and retail trade and repair of motor vehicles and
motorcycles
2
-
2
-
59
G45.1.1 - Sale of cars and light motor vehicles
4
-
4
-
60
G45.1.9 - Sale of other motor vehicles
6
0
6
0
61
G45.3.1 - Wholesale trade of motor vehicle parts and accessories
3
-
3
-
62
G46 - Wholesale trade, except of motor vehicles and motorcycles
53
-
53
0
63
G46.37 - Wholesale of coffee, tea, cocoa and spices
2
0
2
0
64
G46.38 - Wholesale of other food
0
-
0
-
65
G46.4.2 - Wholesale of clothing and footwear
3
-
3
-
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2. GAR sector information - Turnover
31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Water and marine resources (WTR)
Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (CE)
Mn EUR
Of which
environmentally
sustainable (CE)
66
G46.45 - Wholesale of perfume and cosmetics
-
-
-
-
67
G46.4.6 - Wholesale of pharmaceutical goods
5
-
5
-
68
G46.4.7 - Wholesale of furniture, carpets and lighting equipment
-
-
-
-
69
G46.5.1 - Wholesale of computers,
computer peripheral equipment
and software
2
-
2
-
70
G46.5.2 - Wholesale of electronic and telecommunications
equipment and parts
9
-
9
-
71
G46.6.9 - Wholesale of other machinery and equipment
13
-
13
-
72
G46.7 - Other specialised wholesale
0
-
0
-
73
G46.7.1 - Wholesale of solid, liquid and gaseous fuels and related
products
378
0
378
0
74
G46.7.2 - Wholesale of metals and metal ores
5
-
5
-
75
G46.7.7 - Wholesale of waste and scrap
1
-
1
-
76
G46.81 - Wholesale of solid, liquid and gaseous fuels and related
products
0
-
0
-
77
G46.82 - Wholesale of metals and metal ores
5
-
5
-
78
G46.87 - Wholesale of waste and scrap
0
-
0
-
79
G47 - Retail trade, except of motor vehicles and motorcycles
6
-
6
-
80
G47.1.9 - Other retail sale in non-specialised stores
25
-
25
-
81
G47.30 - Retail sale of automotive fuel
9
-
9
-
82
G47.5.9 - Retail sale of furniture, lighting equipment and other
household articles in specialised stores
-
-
-
-
83
G47.65 - Retail sale of games and toys in specialised stores
-
-
-
-
84
G47.69 - Retail sale of cultural and recreational goods n.e.c.
-
-
-
-
85
G47.63 - Retail sale of sporting equipment
-
-
-
-
86
G47.7 - Retail sale of other goods in specialised stores
0
-
0
-
87
G47.7.1 - Retail sale of clothing in specialised stores
2
-
2
-
88
G.47.72 - Retail sale of footwear and leather goods
-
-
-
-
89
G47.7.8 - Other retail sale of new goods in specialised stores
2
-
2
-
90
H49.50 - Transport via pipeline
12
-
12
-
91
H50 - Water transport
5
-
5
-
92
H50.1.0 - Sea and coastal passenger water
transport
0
-
0
-
93
H51 - Air transport
16
-
16
-
94
H52 - Warehousing and support activities for transportation
5
-
5
-
95
H52.2.1 - Service activities incidental to
land transportation
637
-
637
-
96
H52.2.3 - Service activities incidental to
air transportation
390
-
390
0
97
H53.2 - Other postal and courier activities
2
-
2
-
98
I55.1.0 - Hotels and similar accommodation
41
-
41
-
99
J61 - Telecommunications
78
-
78
0
100
J62.0 - Computer programming, consultancy and related activities
10
-
10
-
101
J62.0.1 - Computer programming activities
1
-
1
-
102
J62.0.3 - Computer facilities management activities
2
-
2
-
103
K64 - Financial service activities, except
insurance and pension
funding
0
-
0
-
104
K64.2.0 - Activities of holding companies
55
-
55
-
105
K64.21-
Activities of holding companies
11
-
11
-
106
K66.1.9 - Other activities auxiliary
to financial services, except
insurance and pension funding
8
-
8
-
107
L68 - Real estate activities
61
-
61
-
108
L68.1.0 - Buying and selling of own real estate
10
-
10
-
109
L68.11 - Buying and selling of own real estate
0
-
0
-
110
L68.2.0 - Renting and operating of own or leased real estate
126
-
126
-
111
L68.3.2 - Management of real estate on a fee or contract basis
193
-
193
-
112
M70.2 - Management consultancy activities
0
-
0
-
113
M70.2.2 - Business and other management consultancy activities
5
-
5
-
114
M72.1.9 - Other research and
experimental
development
on natural
sciences and engineering
26
-
26
-
115
M74.9.0 - Other professional,
scientific and technical
activities n.e.c.
-
-
-
-
116
M74.99 -
Other professional,
scientific and technical
activities n.e.c.
3
-
3
-
117
N77.1.1 - Renting and leasing of cars and light motor vehicles
17
-
17
-
118
N79.1.2 - Tour operator activities
5
-
5
-
119
N81 - Services to buildings and landscape activities
3
-
3
-
120
N81.2.2 - Other building and industrial cleaning activities
3
-
3
-
121
N82 - Office administrative,
office support and
other business
support
activities
9
-
9
-
122
O84 - Public administration and
defence; compulsory
social security
34
-
34
-
123
Q86.1.0 - Hospital activities
45
-
45
-
124
Q88 - Social work activities without
accommodation
-
-
-
-
125
R92 - Gambling and betting activities
594
-
594
-
126
S95.1.1 - Repair of computers and peripheral equipment
1
-
1
-
127
Other unallocated
1
-
1
-
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2. GAR sector information
- Turnover
31 December 2025
Breakdown by sector
- NACE 4 digits level (code
and label)
Pollution (PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM +
CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
1
A01 - Crop and animal
production, hunting and
related service
activities
0
-
0
-
0
-
2
B7 - Mining of metal ores
16
-
16
-
16
-
3
C10 - Manufacture of
food products
13
-
13
-
13
0
4
C10.6.1 - Manufacture of
grain mill products
0
-
0
-
0
0
5
C13.9.5 - Manufacture of
non-wovens and articles made
from
non-wovens, except
apparel
6
-
6
-
6
1
6
C14 - Manufacture of
wearing apparel
23
-
23
-
23
-
7
C17 - Manufacture of
paper and paper products
5
-
5
-
5
0
8
C19 - Manufacture of
coke and refined petroleum
products
168
0
168
-
168
2
9
C19.2.0 - Manufacture of
refined petroleum products
794
0
794
-
794
9
10
C20 - Manufacture of
chemicals and chemical products
10
-
10
-
10
1
11
C20.4.2 - Manufacture of
perfumes and toilet
preparations
15
-
15
-
15
-
12
C21 - Manufacture of
basic pharmaceutical products and
pharmaceutical preparations
22
-
22
-
22
-
13
C21.2.0 - Manufacture of
pharmaceutical preparations
21
-
21
-
21
-
14
C22 - Manufacture of
rubber and plastic products
2
-
2
-
2
-
15
C22.2.1 - Manufacture of
plastic plates, sheets,
tubes and profiles
11
-
11
-
11
-
16
C22.2.2 - Manufacture of
plastic packing goods
20
-
20
-
20
-
17
C23 - Manufacture of
other non-metallic mineral
products
87
-
87
-
87
5
18
C23.51 - Manufacture
of cement
7
-
7
-
7
7
19
C24 - Manufacture of
basic metals
90
-
90
-
90
20
20
C24.1.0 - Manufacture of
basic iron and steel and of
ferro-alloys
60
-
60
-
60
27
21
C24.2 - Manufacture
of tubes, pipes, hollow profiles
and related
fittings, of steel
35
-
35
-
35
9
22
C24.4 - Manufacture
of basic precious and other
non-ferrous
metals
0
-
0
-
0
0
23
C24.4.2 - Aluminium production
85
-
85
-
85
13
24
C24.4.4 - Copper production
11
-
11
-
11
-
25
C24.5.1 - Casting of iron
62
-
62
-
62
10
26
C24.54 - Casting of other non-ferrous
metals
18
-
18
-
18
11
27
C25 - Manufacture of
fabricated metal products, except
machinery and equipment
11
-
11
-
11
1
28
C26 - Manufacture of
computer, electronic and
optical products
2
-
2
-
2
0
29
C27 - Manufacture of
electrical equipment
101
-
101
-
101
48
30
C27.3.2 - Manufacture of
other electronic and electric
wires and
cables
101
-
101
-
101
60
31
C28 - Manufacture of
machinery and equipment n.e.c.
2
-
2
-
2
-
32
C.28.96 - Manufacture of
plastics and rubber machinery
-
-
-
-
-
-
33
C29 - Manufacture of
motor vehicles, trailers and semi-trailers
126
-
126
-
126
12
34
C29.3.2 - Manufacture of
other parts and accessories
for motor
vehicles
0
-
0
-
0
0
35
C30 - Manufacture of
other transport equipment
1
-
1
-
1
-
36
C32 - Other manufacturing
2
-
2
-
2
-
37
C33.1.2 - Repair of machinery
-
-
-
-
-
-
38
D35 - Electricity, gas,
steam and air conditioning
supply
223
-
223
-
223
78
39
D35.1.1 - Production of electricity
1,662
-
1,662
-
1,662
1,613
40
D35.1.3 - Distribution of
electricity
754
-
754
-
754
73
41
D35.1.4 - Trade of electricity
505
-
505
-
505
49
42
D35.12 - Transmission
of electricity
7
-
7
-
7
3
43
D35.15 - Trade of electricity
-
-
-
-
-
-
44
D.35.22 - Distribution
of gaseous fuels through
mains
300
-
300
-
300
97
45
E36 - Water collection,
treatment and supply
6
0
6
-
6
2
46
E38 - Waste collection, treatment
and disposal activities;
materials recovery
1
0
1
-
1
1
47
E38.21 - Materials recovery
1
-
1
-
1
1
48
F41 - Construction of
buildings
-
-
-
-
-
-
49
F41.2.0 - Construction
of residential and non-residential
buildings
3
-
3
-
3
-
50
F42 - Civil engineering
147
-
147
-
147
27
51
F42.1.1 - Construction
of roads and motorways
9
-
9
-
9
0
52
F42.1.2 - Construction
of railways and underground
railways
-
-
-
-
-
-
53
F42.2.2 - Construction
of utility projects for electricity
and
telecommunications
198
-
198
-
198
198
54
F42.9.9 - Construction
of other civil engineering projects
n.e.c.
10
-
10
-
10
2
55
F43 - Specialised construction
activities
3
-
3
-
3
-
56
F43.2.2 - Plumbing, heat and
air-conditioning installation
17
-
17
-
17
3
57
F43.24 - Other construction
installation
23
-
23
-
23
0
58
G45 - Wholesale and retail
trade and repair of motor vehicles
and
motorcycles
2
-
2
-
2
-
59
G45.1.1 - Sale of cars
and light motor vehicles
4
-
4
-
4
-
60
G45.1.9 - Sale of other motor
vehicles
6
0
6
-
6
0
61
G45.3.1 - Wholesale
trade of motor vehicle parts
and accessories
3
-
3
-
3
-
62
G46 - Wholesale trade,
except of motor vehicles
and motorcycles
53
-
53
-
53
3
63
G46.37 - Wholesale of
coffee, tea, cocoa and spices
2
0
2
-
2
0
64
G46.38 - Wholesale of
other food
0
-
0
-
0
0
65
G46.4.2 - Wholesale
of clothing and footwear
3
-
3
-
3
-
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
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2. GAR sector information
- Turnover
31 December 2025
Breakdown by sector
- NACE 4 digits level (code
and label)
Pollution (PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM +
CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
66
G46.45 - Wholesale of
perfume and cosmetics
-
-
-
-
-
-
67
G46.4.6 - Wholesale
of pharmaceutical goods
5
-
5
-
5
-
68
G46.4.7 - Wholesale
of furniture, carpets and lighting
equipment
-
-
-
-
-
-
69
G46.5.1 - Wholesale
of computers, computer
peripheral
equipment and software
2
-
2
-
2
-
70
G46.5.2 - Wholesale
of electronic and telecommunications
equipment and parts
9
-
9
-
9
-
71
G46.6.9 - Wholesale
of other machinery and equipment
13
-
13
-
13
1
72
G46.7 - Other specialised
wholesale
0
-
0
-
0
-
73
G46.7.1 - Wholesale
of solid, liquid and gaseous
fuels and related
products
378
0
378
-
378
70
74
G46.7.2 - Wholesale
of metals and metal ores
5
-
5
-
5
1
75
G46.7.7 - Wholesale
of waste and scrap
1
-
1
-
1
0
76
G46.81 - Wholesale of
solid, liquid and gaseous fuels
and related
products
0
-
0
-
0
0
77
G46.82 - Wholesale of
metals and metal ores
5
-
5
-
5
3
78
G46.87 - Wholesale of
waste and scrap
0
-
0
-
0
-
79
G47 - Retail trade,
except of motor vehicles and motorcycles
6
-
6
-
6
0
80
G47.1.9 - Other retail sale
in non-specialised stores
25
-
25
-
25
5
81
G47.30 - Retail sale of
automotive fuel
9
-
9
-
9
0
82
G47.5.9 - Retail sale
of furniture, lighting equipment
and other
household articles in specialised
stores
-
-
-
-
-
-
83
G47.65 - Retail sale of
games and toys in specialised
stores
-
-
-
-
-
-
84
G47.69 - Retail sale of
cultural and recreational
goods n.e.c.
-
-
-
-
-
-
85
G47.63 - Retail sale of
sporting equipment
-
-
-
-
-
-
86
G47.7 - Retail sale of
other goods in specialised
stores
0
-
0
-
0
-
87
G47.7.1 - Retail sale
of clothing in specialised stores
2
-
2
-
2
-
88
G.47.72 - Retail sale
of footwear and
leather goods
-
-
-
-
-
-
89
G47.7.8 - Other retail sale
of new goods in specialised
stores
2
-
2
-
2
-
90
H49.50 - Transport via
pipeline
12
-
12
-
12
3
91
H50 - Water transport
5
-
5
-
5
-
92
H50.1.0 - Sea and coastal
passenger water
transport
0
-
0
-
0
-
93
H51 - Air transport
16
-
16
-
16
0
94
H52 - Warehousing and
support activities for transportation
5
-
5
-
5
1
95
H52.2.1 - Service activities
incidental to land transportation
637
-
637
-
637
101
96
H52.2.3 - Service activities
incidental to air transportation
390
-
390
-
390
30
97
H53.2 - Other postal and
courier activities
2
-
2
-
2
2
98
I55.1.0 - Hotels and similar
accommodation
41
-
41
-
41
-
99
J61 - Telecommunications
78
-
78
-
78
0
100
J62.0 - Computer programming,
consultancy and related
activities
10
-
10
-
10
0
101
J62.0.1 - Computer
programming activities
1
-
1
-
1
1
102
J62.0.3 - Computer
facilities management activities
2
-
2
-
2
-
103
K64 - Financial service activities,
except insurance and pension
funding
0
-
0
-
0
-
104
K64.2.0 - Activities of holding
companies
55
-
55
-
55
14
105
K64.21-
Activities of holding companies
11
-
11
-
11
-
106
K66.1.9 - Other activities
auxiliary to financial services,
except
insurance and pension
funding
8
-
8
-
8
-
107
L68 - Real estate activities
61
-
61
-
61
9
108
L68.1.0 - Buying and selling
of own real estate
10
-
10
-
10
2
109
L68.11 - Buying and selling
of own real estate
0
-
0
-
0
0
110
L68.2.0 - Renting and operating
of own or leased real estate
126
-
126
-
126
8
111
L68.3.2 - Management
of real estate on a fee
or contract basis
193
-
193
-
193
37
112
M70.2 - Management
consultancy activities
0
-
0
-
0
-
113
M70.2.2 - Business and other
management consultancy activities
5
-
5
-
5
-
114
M72.1.9 - Other research and
experimental development
on
natural sciences and engineering
26
-
26
-
26
26
115
M74.9.0 - Other professional,
scientific and technical activities
n.e.c.
-
-
-
-
-
-
116
M74.99 -
Other professional, scientific
and technical activities
n.e.c.
3
-
3
-
3
-
117
N77.1.1 - Renting and
leasing of cars and light motor
vehicles
17
-
17
-
17
0
118
N79.1.2 - Tour operator
activities
5
-
5
-
5
-
119
N81 - Services to buildings
and landscape activities
3
-
3
-
3
1
120
N81.2.2 - Other building
and industrial cleaning activities
3
-
3
-
3
1
121
N82 - Office administrative,
office support and other
business
support activities
9
-
9
-
9
-
122
O84 - Public administration
and defence; compulsory social
security
34
-
34
-
34
32
123
Q86.1.0 - Hospital activities
45
-
45
-
45
-
124
Q88 - Social work activities without
accommodation
-
-
-
-
-
-
125
R92 - Gambling and betting
activities
594
-
594
-
594
0
126
S95.1.1 - Repair of computers
and peripheral equipment
1
-
1
-
1
1
127
Other unallocated
1
-
1
-
1
0
EUROBANK S.A.
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2. GAR sector information - Capex
31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCA)
Mn EUR
Of which
environmentally
sustainable (CCA)
1
A01 - Crop and animal production, hunting and related service
activities
0
-
0
-
2
B7 - Mining of metal ores
16
-
16
-
3
C10 - Manufacture of food products
13
2
13
-
4
C10.6.1 - Manufacture of grain mill products
0
0
0
-
5
C13.9.5 - Manufacture of non-wovens
and articles made
from non-
wovens, except apparel
6
1
6
-
6
C14 - Manufacture of wearing apparel
23
2
23
-
7
C17 - Manufacture of paper and paper products
5
0
5
-
8
C19 - Manufacture of coke and refined petroleum products
168
62
168
1
9
C19.2.0 - Manufacture of refined petroleum products
794
305
794
-
10
C20 - Manufacture of chemicals and chemical products
10
2
10
-
11
C20.4.2 - Manufacture of perfumes and toilet preparations
15
0
15
-
12
C21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
22
-
22
-
13
C21.2.0 - Manufacture of pharmaceutical preparations
21
-
21
-
14
C22 - Manufacture of rubber and plastic products
2
-
2
-
15
C22.2.1 - Manufacture of plastic
plates, sheets, tubes and profiles
11
-
11
-
16
C22.2.2 - Manufacture of plastic packing goods
20
-
20
-
17
C23 - Manufacture of other non-metallic mineral products
87
8
87
-
18
C23.51 - Manufacture of cement
7
7
7
-
19
C24 - Manufacture of basic metals
90
53
90
9
20
C24.1.0 - Manufacture of basic iron and steel and of ferro-alloys
60
42
60
-
21
C24.2 - Manufacture of tubes, pipes, hollow profiles and related
fittings, of steel
35
12
35
-
22
C24.4 - Manufacture of basic
precious and other
non-ferrous metals
0
0
0
-
23
C24.4.2 - Aluminium production
85
25
85
-
24
C24.4.4 - Copper production
11
-
11
-
25
C24.5.1 - Casting of iron
62
29
62
-
26
C24.54 - Casting of other non-ferrous metals
18
15
18
-
27
C25 - Manufacture of fabricated
metal products,
except machinery
and equipment
11
1
11
-
28
C26 - Manufacture of computer, electronic and optical products
2
-
2
-
29
C27 - Manufacture of electrical equipment
101
62
101
37
30
C27.3.2 - Manufacture of other electronic and electric wires and
cables
101
83
101
-
31
C28 - Manufacture of machinery and equipment n.e.c.
2
-
2
-
32
C.28.96 - Manufacture of plastics and rubber machinery
-
-
-
-
33
C29 - Manufacture of motor vehicles, trailers and semi-trailers
126
33
126
-
34
C29.3.2 - Manufacture of other parts and accessories for motor
vehicles
0
0
0
-
35
C30 - Manufacture of other transport equipment
1
-
1
-
36
C32 - Other manufacturing
2
-
2
-
37
C33.1.2 - Repair of machinery
-
-
-
-
38
D35 - Electricity, gas, steam
and air conditioning supply
223
147
223
1
39
D35.1.1 - Production of electricity
1,662
1,621
1,662
0
40
D35.1.3 - Distribution of electricity
754
277
754
-
41
D35.1.4 - Trade of electricity
505
186
505
-
42
D35.12 - Transmission of electricity
7
6
7
-
43
D35.15 - Trade of electricity
-
-
-
-
44
D.35.22 - Distribution of gaseous fuels through mains
300
202
300
10
45
E36 - Water collection, treatment and supply
6
0
6
-
46
E38 - Waste collection, treatment
and disposal activities;
materials
recovery
1
0
1
0
47
E38.21 - Materials recovery
1
1
1
-
48
F41 - Construction of buildings
-
-
-
-
49
F41.2.0 - Construction of residential
and non-residential buildings
3
0
3
-
50
F42 - Civil engineering
147
65
147
0
51
F42.1.1 - Construction of roads and motorways
9
-
9
4
52
F42.1.2 - Construction of railways and underground railways
-
-
-
-
53
F42.2.2 - Construction of utility projects for electricity and
telecommunications
198
198
198
-
54
F42.9.9 - Construction of other civil engineering projects n.e.c.
10
0
10
-
55
F43 - Specialised construction activities
3
-
3
-
56
F43.2.2 - Plumbing, heat and air-conditioning installation
17
11
17
-
57
F43.24 - Other construction installation
23
4
23
4
58
G45 - Wholesale and retail
trade and repair of motor vehicles and
motorcycles
2
-
2
-
59
G45.1.1 - Sale of cars and light motor vehicles
4
-
4
-
60
G45.1.9 - Sale of other motor vehicles
6
3
6
-
61
G45.3.1 - Wholesale trade of
motor vehicle parts and accessories
3
-
3
-
62
G46 - Wholesale trade, except of
motor vehicles and motorcycles
53
13
53
2
63
G46.37 - Wholesale of coffee, tea, cocoa and spices
2
1
2
-
64
G46.38 - Wholesale of other food
0
0
0
-
65
G46.4.2 - Wholesale of clothing and footwear
3
0
3
-
66
G46.45 - Wholesale of perfume and cosmetics
-
-
-
-
67
G46.4.6 - Wholesale of pharmaceutical goods
5
-
5
-
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SUSTAINABILITY
STATEMENT
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2. GAR sector information - Capex
31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
[Gross] carrying amount
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCM)
Mn EUR
Of which
environmentally
sustainable (CCA)
Mn EUR
Of which
environmentally
sustainable (CCA)
68
G46.4.7 - Wholesale of furniture,
carpets and lighting equipment
-
-
-
-
69
G46.5.1 - Wholesale of computers,
computer peripheral
equipment
and software
2
-
2
-
70
G46.5.2 - Wholesale of electronic and telecommunications
equipment and parts
9
-
9
-
71
G46.6.9 - Wholesale of other machinery and equipment
13
1
13
-
72
G46.7 - Other specialised wholesale
0
0
0
-
73
G46.7.1 - Wholesale of solid,
liquid and gaseous fuels and related
products
378
241
378
-
74
G46.7.2 - Wholesale of metals and metal ores
5
3
5
-
75
G46.7.7 - Wholesale of waste and scrap
1
0
1
-
76
G46.81 - Wholesale of solid, liquid and gaseous fuels and related
products
0
0
0
-
77
G46.82 - Wholesale of metals and metal ores
5
4
5
-
78
G46.87 - Wholesale of waste and scrap
0
0
0
-
79
G47 - Retail trade, except of motor vehicles and motorcycles
6
1
6
0
80
G47.1.9 - Other retail sale in non-specialised stores
25
13
25
-
81
G47.30 - Retail sale of automotive fuel
9
3
9
-
82
G47.5.9 - Retail sale of furniture, lighting equipment and other
household articles in specialised stores
-
-
-
-
83
G47.65 - Retail sale of games and toys in specialised stores
-
-
-
-
84
G47.69 - Retail sale of cultural and recreational goods n.e.c.
-
-
-
-
85
G47.63 - Retail sale of sporting equipment
-
-
-
-
86
G47.7 - Retail sale of other goods in specialised stores
0
-
0
-
87
G47.7.1 - Retail sale of clothing in specialised stores
2
-
2
-
88
G.47.72 - Retail sale of footwear and leather goods
-
-
-
-
89
G47.7.8 - Other retail sale of new goods in specialised stores
2
-
2
-
90
H49.50 - Transport via pipeline
12
2
12
2
91
H50 - Water transport
5
-
5
-
92
H50.1.0 - Sea and coastal passenger water
transport
0
0
0
-
93
H51 - Air transport
16
0
16
-
94
H52 - Warehousing and support activities for transportation
5
1
5
-
95
H52.2.1 - Service activities incidental to
land transportation
637
4
637
8
96
H52.2.3 - Service activities incidental to
air transportation
390
93
390
-
97
H53.2 - Other postal and courier activities
2
2
2
-
98
I55.1.0 - Hotels and similar accommodation
41
-
41
-
99
J61 - Telecommunications
78
-
78
-
100
J62.0 - Computer programming,
consultancy and
related activities
10
0
10
-
101
J62.0.1 - Computer programming activities
1
-
1
1
102
J62.0.3 - Computer facilities management activities
2
0
2
-
103
K64 - Financial service activities, except
insurance and pension
funding
0
-
0
-
104
K64.2.0 - Activities of holding companies
55
10
55
10
105
K64.21-
Activities of holding companies
11
-
11
-
106
K66.1.9 - Other activities auxiliary
to financial services, except
insurance and pension funding
8
0
8
-
107
L68 - Real estate activities
61
6
61
-
108
L68.1.0 - Buying and selling of own real estate
10
5
10
-
109
L68.11 - Buying and selling of own real estate
0
0
0
-
110
L68.2.0 - Renting and operating of own or leased real estate
126
34
126
-
111
L68.3.2 - Management of real estate on a fee or contract basis
193
93
193
-
112
M70.2 - Management consultancy activities
0
0
0
0
113
M70.2.2 - Business and other
management consultancy activities
5
-
5
-
114
M72.1.9 - Other research and
experimental
development
on natural
sciences and engineering
26
26
26
-
115
M74.9.0 - Other professional,
scientific and technical
activities n.e.c.
-
-
-
-
116
M74.99 -
Other professional,
scientific and technical
activities n.e.c.
3
-
3
-
117
N77.1.1 - Renting and leasing of cars and light motor vehicles
17
0
17
0
118
N79.1.2 - Tour operator activities
5
-
5
-
119
N81 - Services to buildings and landscape activities
3
2
3
0
120
N81.2.2 - Other building and industrial cleaning activities
3
2
3
-
121
N82 - Office administrative, office support and other business
support activities
9
-
9
-
122
O84 - Public administration and
defence; compulsory
social security
34
32
34
1
123
Q86.1.0 - Hospital activities
45
-
45
-
124
Q88 - Social work activities without
accommodation
-
-
-
-
125
R92 - Gambling and betting activities
594
0
594
-
126
S95.1.1 - Repair of computers and peripheral equipment
1
-
1
1
127
Other unallocated
1
1
1
-
EUROBANK S.A.
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SUSTAINABILITY
STATEMENT
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31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Water and marine resources (WTR)
Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (CE)
Mn EUR
Of which
environmentally
sustainable (CE)
1
A01 - Crop and animal production, hunting and related service
activities
0
-
0
-
2
B7 - Mining of metal ores
16
-
16
-
3
C10 - Manufacture of food products
13
-
13
-
4
C10.6.1 - Manufacture of grain mill products
0
-
0
-
5
C13.9.5 - Manufacture of non-wovens and articles made from non-
wovens, except apparel
6
-
6
-
6
C14 - Manufacture of wearing apparel
23
-
23
-
7
C17 - Manufacture of paper and paper products
5
-
5
-
8
C19 - Manufacture of coke and refined petroleum products
168
-
168
0
9
C19.2.0 - Manufacture of refined petroleum products
794
-
794
2
10
C20 - Manufacture of chemicals and chemical products
10
-
10
-
11
C20.4.2 - Manufacture of perfumes and toilet preparations
15
-
15
-
12
C21 - Manufacture of basic pharmaceutical products and
pharmaceutical preparations
22
-
22
-
13
C21.2.0 - Manufacture of pharmaceutical preparations
21
-
21
-
14
C22 - Manufacture of rubber and plastic products
2
-
2
-
15
C22.2.1 - Manufacture of plastic plates, sheets, tubes and profiles
11
-
11
-
16
C22.2.2 - Manufacture of plastic packing goods
20
-
20
-
17
C23 - Manufacture of other non-metallic mineral products
87
-
87
-
18
C23.51 - Manufacture of cement
7
-
7
-
19
C24 - Manufacture of basic metals
90
-
90
-
20
C24.1.0 - Manufacture of basic iron and steel and of ferro-alloys
60
-
60
-
21
C24.2 - Manufacture of tubes, pipes, hollow profiles and related
fittings, of steel
35
-
35
-
22
C24.4 - Manufacture of basic
precious and other
non-ferrous metals
0
-
0
-
23
C24.4.2 - Aluminium production
85
-
85
-
24
C24.4.4 - Copper production
11
-
11
-
25
C24.5.1 - Casting of iron
62
-
62
-
26
C24.54 - Casting of other non-ferrous metals
18
-
18
-
27
C25 - Manufacture of fabricated
metal products, except machinery
and equipment
11
-
11
-
28
C26 - Manufacture of computer, electronic and optical products
2
-
2
-
29
C27 - Manufacture of electrical equipment
101
-
101
1
30
C27.3.2 - Manufacture of other electronic and electric wires and
cables
101
-
101
-
31
C28 - Manufacture of machinery and equipment n.e.c.
2
-
2
-
32
C.28.96 - Manufacture of plastics and rubber machinery
-
-
-
-
33
C29 - Manufacture of motor vehicles, trailers and semi-trailers
126
-
126
-
34
C29.3.2 - Manufacture of other parts and accessories for motor
vehicles
0
-
0
-
35
C30 - Manufacture of other transport equipment
1
-
1
-
36
C32 - Other manufacturing
2
-
2
-
37
C33.1.2 - Repair of machinery
-
-
-
-
38
D35 - Electricity, gas, steam
and air conditioning supply
223
-
223
-
39
D35.1.1 - Production of electricity
1,662
0
1,662
-
40
D35.1.3 - Distribution of electricity
754
-
754
-
41
D35.1.4 - Trade of electricity
505
-
505
-
42
D35.12 - Transmission of electricity
7
-
7
-
43
D35.15 - Trade of electricity
-
-
-
-
44
D.35.22 - Distribution of gaseous fuels through mains
300
1
300
-
45
E36 - Water collection, treatment and supply
6
0
6
1
46
E38 - Waste collection, treatment
and disposal activities; materials
recovery
1
-
1
0
47
E38.21 - Materials recovery
1
-
1
-
48
F41 - Construction of buildings
-
-
-
-
49
F41.2.0 - Construction of residential and non-residential buildings
3
-
3
-
50
F42 - Civil engineering
147
-
147
-
51
F42.1.1 - Construction of roads and motorways
9
-
9
-
52
F42.1.2 - Construction of railways and underground railways
-
-
-
-
53
F42.2.2 - Construction of utility projects for electricity and
telecommunications
198
-
198
-
54
F42.9.9 - Construction of other civil engineering projects n.e.c.
10
-
10
-
55
F43 - Specialised construction activities
3
-
3
-
56
F43.2.2 - Plumbing, heat and air-conditioning installation
17
-
17
-
57
F43.24 - Other construction installation
23
-
23
-
EUROBANK S.A.
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31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Water and marine resources (WTR)
Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (CE)
Mn EUR
Of which
environmentally
sustainable (CE)
58
G45 - Wholesale and retail trade and repair of motor vehicles and
motorcycles
2
-
2
-
59
G45.1.1 - Sale of cars and light motor vehicles
4
-
4
-
60
G45.1.9 - Sale of other motor vehicles
6
-
6
-
61
G45.3.1 - Wholesale trade of motor vehicle parts and accessories
3
-
3
-
62
G46 - Wholesale trade, except of motor vehicles and motorcycles
53
-
53
-
63
G46.37 - Wholesale of coffee, tea, cocoa and spices
2
-
2
-
64
G46.38 - Wholesale of other food
0
-
0
-
65
G46.4.2 - Wholesale of clothing and footwear
3
-
3
-
66
G46.45 - Wholesale of perfume and cosmetics
-
-
-
-
67
G46.4.6 - Wholesale of pharmaceutical goods
5
-
5
-
68
G46.4.7 - Wholesale of furniture, carpets and lighting equipment
-
-
-
-
69
G46.5.1 - Wholesale of computers,
computer peripheral equipment
and software
2
-
2
-
70
G46.5.2 - Wholesale of electronic and telecommunications
equipment and parts
9
-
9
-
71
G46.6.9 - Wholesale of other machinery and equipment
13
-
13
0
72
G46.7 - Other specialised wholesale
0
-
0
-
73
G46.7.1 - Wholesale of solid, liquid and gaseous fuels and related
products
378
-
378
0
74
G46.7.2 - Wholesale of metals and metal ores
5
-
5
-
75
G46.7.7 - Wholesale of waste and scrap
1
-
1
-
76
G46.81 - Wholesale of solid, liquid and gaseous fuels and related
products
0
-
0
-
77
G46.82 - Wholesale of metals and metal ores
5
-
5
-
78
G46.87 - Wholesale of waste and scrap
0
-
0
-
79
G47 - Retail trade, except of motor vehicles and motorcycles
6
-
6
-
80
G47.1.9 - Other retail sale in non-specialised stores
25
-
25
-
81
G47.30 - Retail sale of automotive fuel
9
-
9
0
82
G47.5.9 - Retail sale of furniture, lighting equipment and other
household articles in specialised stores
-
-
-
-
83
G47.65 - Retail sale of games and toys in specialised stores
-
-
-
-
84
G47.69 - Retail sale of cultural and recreational goods n.e.c.
-
-
-
-
85
G47.63 - Retail sale of sporting equipment
-
-
-
-
86
G47.7 - Retail sale of other goods in specialised stores
0
-
0
-
87
G47.7.1 - Retail sale of clothing in specialised stores
2
-
2
-
88
G.47.72 - Retail sale of footwear and leather goods
-
-
-
-
89
G47.7.8 - Other retail sale of new goods in specialised stores
2
-
2
-
90
H49.50 - Transport via pipeline
12
-
12
-
91
H50 - Water transport
5
-
5
-
92
H50.1.0 - Sea and coastal passenger water
transport
0
-
0
-
93
H51 - Air transport
16
-
16
-
94
H52 - Warehousing and support activities for transportation
5
-
5
-
95
H52.2.1 - Service activities incidental to
land transportation
637
-
637
-
96
H52.2.3 - Service activities incidental to
air transportation
390
-
390
-
97
H53.2 - Other postal and courier activities
2
-
2
-
98
I55.1.0 - Hotels and similar accommodation
41
-
41
-
99
J61 - Telecommunications
78
-
78
0
100
J62.0 - Computer programming, consultancy and related activities
10
-
10
-
101
J62.0.1 - Computer programming activities
1
-
1
-
102
J62.0.3 - Computer facilities management activities
2
-
2
-
103
K64 - Financial service activities, except
insurance and pension
funding
0
-
0
-
104
K64.2.0 - Activities of holding companies
55
-
55
-
105
K64.21-
Activities of holding companies
11
-
11
-
106
K66.1.9 - Other activities auxiliary
to financial services, except
insurance and pension funding
8
-
8
-
107
L68 - Real estate activities
61
-
61
-
108
L68.1.0 - Buying and selling of own real estate
10
-
10
-
109
L68.11 - Buying and selling of own real estate
0
-
0
-
110
L68.2.0 - Renting and operating of own or leased real estate
126
-
126
0
111
L68.3.2 - Management of real estate on a fee or contract basis
193
-
193
-
112
M70.2 - Management consultancy activities
0
-
0
-
113
M70.2.2 - Business and other management consultancy activities
5
-
5
-
114
M72.1.9 - Other research and
experimental
development
on natural
sciences and engineering
26
-
26
-
115
M74.9.0 - Other professional,
scientific and technical
activities n.e.c.
-
-
-
-
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31 December 2025
Breakdown by sector - NACE 4 digits level
(code and label)
Water and marine resources (WTR)
Circular economy (CE)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not subject
to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (WTR)
Mn EUR
Of which
environmentally
sustainable (CE)
Mn EUR
Of which
environmentally
sustainable (CE)
116
M74.99 -
Other professional,
scientific and technical
activities n.e.c.
3
-
3
-
117
N77.1.1 - Renting and leasing of cars and light motor vehicles
17
-
17
-
118
N79.1.2 - Tour operator activities
5
-
5
-
119
N81 - Services to buildings and landscape activities
3
-
3
-
120
N81.2.2 - Other building and industrial cleaning activities
3
-
3
-
121
N82 - Office administrative,
office support and
other business
support
activities
9
-
9
-
122
O84 - Public administration and
defence; compulsory
social security
34
-
34
-
123
Q86.1.0 - Hospital activities
45
-
45
-
124
Q88 - Social work activities without
accommodation
-
-
-
-
125
R92 - Gambling and betting activities
594
-
594
-
126
S95.1.1 - Repair of computers and peripheral equipment
1
-
1
-
127
Other unallocated
1
-
1
-
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2. GAR sector information
- Capex
31 December 2025
Breakdown by sector
- NACE 4 digits level (code
and label)
Pollution (PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM +
CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
1
A01 - Crop and animal
production, hunting and
related service
activities
0
-
0
-
0
-
2
B7 - Mining of metal ores
16
-
16
-
16
-
3
C10 - Manufacture of
food products
13
-
13
-
13
2
4
C10.6.1 - Manufacture of
grain mill products
0
-
0
-
0
0
5
C13.9.5 - Manufacture of
non-wovens and articles made
from
non-wovens, except
apparel
6
-
6
-
6
1
6
C14 - Manufacture of
wearing apparel
23
-
23
-
23
2
7
C17 - Manufacture of
paper and paper products
5
-
5
-
5
0
8
C19 - Manufacture of
coke and refined petroleum
products
168
1
168
-
168
65
9
C19.2.0 - Manufacture of
refined petroleum products
794
5
794
-
794
312
10
C20 - Manufacture of
chemicals and chemical products
10
-
10
-
10
2
11
C20.4.2 - Manufacture of
perfumes and toilet
preparations
15
-
15
-
15
0
12
C21 - Manufacture of
basic pharmaceutical products and
pharmaceutical preparations
22
-
22
-
22
-
13
C21.2.0 - Manufacture of
pharmaceutical preparations
21
-
21
-
21
-
14
C22 - Manufacture of
rubber and plastic products
2
-
2
-
2
-
15
C22.2.1 - Manufacture of
plastic plates, sheets,
tubes and profiles
11
-
11
-
11
-
16
C22.2.2 - Manufacture of
plastic packing goods
20
-
20
-
20
-
17
C23 - Manufacture of
other non-metallic mineral
products
87
-
87
-
87
8
18
C23.51 - Manufacture
of cement
7
-
7
-
7
7
19
C24 - Manufacture of
basic metals
90
-
90
-
90
62
20
C24.1.0 - Manufacture of
basic iron and steel and of
ferro-alloys
60
-
60
-
60
42
21
C24.2 - Manufacture
of tubes, pipes, hollow profiles
and related
fittings, of steel
35
-
35
-
35
12
22
C24.4 - Manufacture
of basic precious and other
non-ferrous
metals
0
-
0
-
0
0
23
C24.4.2 - Aluminium production
85
-
85
-
85
25
24
C24.4.4 - Copper production
11
-
11
-
11
-
25
C24.5.1 - Casting of iron
62
-
62
-
62
29
26
C24.54 - Casting of other non-ferrous
metals
18
-
18
-
18
15
27
C25 - Manufacture of
fabricated metal products, except
machinery and equipment
11
-
11
-
11
1
28
C26 - Manufacture of
computer, electronic and
optical products
2
-
2
-
2
-
29
C27 - Manufacture of
electrical equipment
101
-
101
-
101
100
30
C27.3.2 - Manufacture of
other electronic and electric
wires and
cables
101
-
101
-
101
83
31
C28 - Manufacture of
machinery and equipment n.e.c.
2
-
2
-
2
-
32
C.28.96 - Manufacture of
plastics and rubber machinery
-
-
-
-
-
-
33
C29 - Manufacture of
motor vehicles, trailers and semi-trailers
126
-
126
-
126
33
34
C29.3.2 - Manufacture of
other parts and accessories
for motor
vehicles
0
-
0
-
0
0
35
C30 - Manufacture of
other transport equipment
1
-
1
-
1
-
36
C32 - Other manufacturing
2
-
2
-
2
-
37
C33.1.2 - Repair of machinery
-
-
-
-
-
-
38
D35 - Electricity, gas,
steam and air conditioning
supply
223
-
223
-
223
148
39
D35.1.1 - Production of electricity
1,662
-
1,662
-
1,662
1,622
40
D35.1.3 - Distribution of
electricity
754
-
754
-
754
277
41
D35.1.4 - Trade of electricity
505
-
505
-
505
186
42
D35.12 - Transmission
of electricity
7
-
7
-
7
6
43
D35.15 - Trade of electricity
-
-
-
-
-
-
44
D.35.22 - Distribution
of gaseous fuels through
mains
300
-
300
-
300
213
45
E36 - Water collection,
treatment and supply
6
0
6
-
6
2
46
E38 - Waste collection, treatment
and disposal activities;
materials recovery
1
1
1
-
1
1
47
E38.21 - Materials recovery
1
-
1
-
1
1
48
F41 - Construction of
buildings
-
-
-
-
-
-
49
F41.2.0 - Construction
of residential and non-residential
buildings
3
-
3
-
3
0
50
F42 - Civil engineering
147
-
147
-
147
65
51
F42.1.1 - Construction
of roads and motorways
9
-
9
-
9
4
52
F42.1.2 - Construction
of railways and underground
railways
-
-
-
-
-
-
53
F42.2.2 - Construction
of utility projects for electricity
and
telecommunications
198
-
198
-
198
198
54
F42.9.9 - Construction
of other civil engineering projects
n.e.c.
10
-
10
-
10
0
55
F43 - Specialised construction
activities
3
-
3
-
3
-
56
F43.2.2 - Plumbing, heat and
air-conditioning installation
17
-
17
-
17
11
57
F43.24 - Other construction
installation
23
-
23
-
23
9
58
G45 - Wholesale and retail
trade and repair of motor vehicles
and
motorcycles
2
-
2
-
2
-
59
G45.1.1 - Sale of cars
and light motor vehicles
4
-
4
-
4
-
60
G45.1.9 - Sale of other motor
vehicles
6
0
6
-
6
3
61
G45.3.1 - Wholesale
trade of motor vehicle parts
and accessories
3
-
3
-
3
-
62
G46 - Wholesale trade,
except of motor vehicles
and motorcycles
53
0
53
-
53
15
63
G46.37 - Wholesale of
coffee, tea, cocoa and spices
2
0
2
-
2
1
64
G46.38 - Wholesale of
other food
0
-
0
-
0
0
65
G46.4.2 - Wholesale
of clothing and footwear
3
-
3
-
3
0
66
G46.45 - Wholesale of
perfume and cosmetics
-
-
-
-
-
-
67
G46.4.6 - Wholesale
of pharmaceutical goods
5
-
5
-
5
-
68
G46.4.7 - Wholesale
of furniture, carpets and lighting
equipment
-
-
-
-
-
-
69
G46.5.1 - Wholesale
of computers, computer
peripheral
equipment and software
2
-
2
-
2
-
70
G46.5.2 - Wholesale
of electronic and telecommunications
equipment and parts
9
-
9
-
9
-
71
G46.6.9 - Wholesale
of other machinery and equipment
13
-
13
-
13
1
72
G46.7 - Other specialised
wholesale
0
-
0
-
0
0
73
G46.7.1 - Wholesale
of solid, liquid and gaseous
fuels and related
products
378
0
378
-
378
241
74
G46.7.2 - Wholesale
of metals and metal ores
5
-
5
-
5
3
75
G46.7.7 - Wholesale
of waste and scrap
1
-
1
-
1
0
76
G46.81 - Wholesale of
solid, liquid and gaseous fuels
and related
products
0
0
0
-
0
0
77
G46.82 - Wholesale of
metals and metal ores
5
-
5
-
5
4
78
G46.87 - Wholesale of
waste and scrap
0
-
0
-
0
0
79
G47 - Retail trade,
except of motor vehicles and motorcycles
6
0
6
-
6
1
80
G47.1.9 - Other retail sale
in non-specialised stores
25
-
25
-
25
13
81
G47.30 - Retail sale of
automotive fuel
9
-
9
-
9
3
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STATEMENT
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2. GAR sector information
- Capex
31 December 2025
Breakdown by sector
- NACE 4 digits level (code
and label)
Pollution (PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM +
CCA + WTR + CE + PPC + BIO)
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Non-Financial corporates
(Subject to NFRD)
SMEs and other NFC not
subject to NFRD
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Gross carrying amount
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(PPC)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
Mn EUR
Of which
environmentally
sustainable
(CCM + CCA
+ WTR
+ CE + PPC + BIO)
82
G47.5.9 - Retail sale
of furniture, lighting equipment
and other
household articles in specialised
stores
-
-
-
-
-
-
83
G47.65 - Retail sale of
games and toys in specialised
stores
-
-
-
-
-
-
84
G47.69 - Retail sale of
cultural and recreational
goods n.e.c.
-
-
-
-
-
-
85
G47.63 - Retail sale of
sporting equipment
-
-
-
-
-
-
86
G47.7 - Retail sale of
other goods in specialised
stores
0
-
0
-
0
-
87
G47.7.1 - Retail sale
of clothing in specialised stores
2
-
2
-
2
-
88
G.47.72 - Retail sale
of footwear and
leather goods
-
-
-
-
-
-
89
G47.7.8 - Other retail sale
of new goods in specialised
stores
2
-
2
-
2
-
90
H49.50 - Transport via
pipeline
12
-
12
-
12
4
91
H50 - Water transport
5
-
5
-
5
-
92
H50.1.0 - Sea and coastal
passenger water
transport
0
-
0
-
0
0
93
H51 - Air transport
16
-
16
-
16
0
94
H52 - Warehousing and
support activities for transportation
5
-
5
-
5
1
95
H52.2.1 - Service activities
incidental to land transportation
637
-
637
-
637
12
96
H52.2.3 - Service activities
incidental to air transportation
390
-
390
-
390
93
97
H53.2 - Other postal and
courier activities
2
-
2
-
2
2
98
I55.1.0 - Hotels and similar
accommodation
41
-
41
-
41
-
99
J61 - Telecommunications
78
-
78
-
78
0
100
J62.0 - Computer programming,
consultancy and related
activities
10
-
10
-
10
0
101
J62.0.1 - Computer
programming activities
1
-
1
-
1
1
102
J62.0.3 - Computer
facilities management activities
2
-
2
-
2
0
103
K64 - Financial service activities,
except insurance and pension
funding
0
-
0
-
0
-
104
K64.2.0 - Activities of holding
companies
55
-
55
-
55
20
105
K64.21-
Activities of holding companies
11
-
11
-
11
-
106
K66.1.9 - Other activities
auxiliary to financial services,
except
insurance and pension
funding
8
-
8
-
8
0
107
L68 - Real estate activities
61
-
61
-
61
6
108
L68.1.0 - Buying and selling
of own real estate
10
-
10
-
10
5
109
L68.11 - Buying and selling
of own real estate
0
-
0
-
0
0
110
L68.2.0 - Renting and operating
of own or leased real estate
126
-
126
-
126
34
111
L68.3.2 - Management
of real estate on a fee
or contract basis
193
-
193
-
193
93
112
M70.2 - Management
consultancy activities
0
-
0
-
0
0
113
M70.2.2 - Business and other
management consultancy activities
5
-
5
-
5
-
114
M72.1.9 - Other research and
experimental development
on
natural sciences and engineering
26
-
26
-
26
26
115
M74.9.0 - Other professional,
scientific and technical activities
n.e.c.
-
-
-
-
-
-
116
M74.99 -
Other professional, scientific
and technical activities
n.e.c.
3
-
3
-
3
-
117
N77.1.1 - Renting and
leasing of cars and light motor
vehicles
17
-
17
-
17
0
118
N79.1.2 - Tour operator
activities
5
-
5
-
5
-
119
N81 - Services to buildings
and landscape activities
3
-
3
-
3
2
120
N81.2.2 - Other building
and industrial cleaning activities
3
-
3
-
3
2
121
N82 - Office administrative,
office support and other
business
support activities
9
-
9
-
9
-
122
O84 - Public administration
and defence; compulsory social
security
34
-
34
-
34
33
123
Q86.1.0 - Hospital activities
45
-
45
-
45
-
124
Q88 - Social work activities without
accommodation
-
-
-
-
-
-
125
R92 - Gambling and betting
activities
594
-
594
-
594
0
126
S95.1.1 - Repair of computers
and peripheral equipment
1
-
1
-
1
1
127
Other unallocated
1
-
1
-
1
1
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€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Turnover
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered
assets in the denominator)
31 December 2025
Climate Change Mitigation
(CCM)
Climate Change Adaptation
(CCA)
Water and marine
resources (WTR)
Circular economy
(CE)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
57.8
9.1
6.0
0.0
1.1
0.4
0.1
-
0.0
0.0
0.0
-
0.0
0.3
0.0
0.0
0.0
2
Financial corporations
28.1
4.8
1.9
0.1
0.2
0.6
0.2
-
0.0
0.1
0.0
-
-
0.1
0.0
-
-
3
Credit institutions
25.3
2.6
-
0.1
0.2
0.6
0.2
-
-
0.1
0.0
-
-
0.0
0.0
-
-
4
Loans and advances
17.9
1.6
-
0.1
0.1
0.1
0.0
-
-
0.0
0.0
-
-
0.1
0.0
-
-
5
Debt securities, including
UoP
27.9
3.0
-
0.2
0.3
0.7
0.3
-
-
0.1
0.0
-
-
0.0
0.0
-
-
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
57.6
27.9
21.2
0.0
0.1
1.5
0.1
-
0.1
0.0
0.0
-
-
0.7
-
-
-
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
10.7
0.9
-
0.1
0.3
10.7
2.1
-
-
1.9
0.0
-
-
-
-
-
-
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
10.7
0.9
-
0.1
0.3
10.7
2.1
-
-
1.9
0.0
-
-
-
-
-
-
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
39.6
30.9
20.8
0.1
4.1
1.0
0.2
-
0.0
0.1
0.1
-
0.0
0.9
0.1
0.0
0.0
21
Loans and advances
39.6
32.9
23.7
0.0
3.4
0.9
0.3
-
0.0
0.1
0.1
-
0.0
0.8
0.0
0.0
0.0
22
Debt securities, including
UoP
39.6
16.0
-
0.7
9.2
1.6
0.1
-
0.0
0.1
0.0
-
0.0
2.0
0.4
-
0.0
23
Equity instruments
26.4
12.3
-
1.6
0.0
-
-
-
-
-
-
-
-
24
Households
73.8
0.2
0.2
-
-
-
-
-
-
-
-
-
-
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
-
-
-
-
-
-
-
-
26
of which building renovation
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
27
of which motor vehicle
loans
100.0
0.9
0.9
-
-
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
Total GAR assets
24.7
3.8
2.5
0.0
0.5
0.1
0.0
-
0.0
0.0
0.0
-
-
0.1
0.0
0.0
0.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
306
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Page
€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Turnover
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered
assets in the denominator)
31 December 2025
Pollution
(PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM + CCA
+ WTR + CE + PPC + BIO)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total
assets covered
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which
transitional
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances,
debt securities and equity instruments
not HfT eligible for GAR
calculation
0.0
0.0
0.0
-
0.1
-
-
-
58.6
9.3
6.0
0.0
1.1
41.4
2
Financial corporations
0.0
-
-
-
0.1
-
-
-
29.0
5.1
1.9
0.1
0.2
6.2
3
Credit institutions
0.0
-
-
-
0.0
-
-
-
26.0
2.8
-
0.1
0.2
5.6
4
Loans and advances
0.0
-
-
-
0.0
-
-
-
18.1
1.6
-
0.1
0.1
1.4
5
Debt securities, including
UoP
0.1
-
-
-
0.0
-
-
-
28.8
3.3
-
0.2
0.3
4.2
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
0.0
-
-
-
0.6
-
-
-
60.3
28.1
21.2
0.0
0.2
0.5
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
-
-
-
-
-
-
-
-
23.3
3.0
-
0.1
0.3
0.0
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
-
-
-
-
-
-
-
-
23.3
3.0
-
0.1
0.3
0.0
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
0.1
0.0
0.0
-
0.5
-
-
-
42.2
31.2
20.8
0.1
4.1
11.1
21
Loans and advances
0.0
0.0
0.0
-
0.5
-
-
-
41.9
33.3
23.7
0.0
3.4
9.8
22
Debt securities, including
UoP
1.1
0.1
-
-
0.1
-
-
-
44.4
16.6
-
0.7
9.2
1.3
23
Equity instruments
0.2
-
-
-
-
-
26.6
12.3
-
1.6
0.0
24
Households
73.8
0.2
0.2
-
-
24.1
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
16.4
26
of which building renovation
loans
100.0
-
-
-
-
2.2
27
of which motor vehicle loans
100.0
0.9
0.9
-
-
0.7
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.8
32
Total GAR assets
0.0
0.0
0.0
-
0.1
-
-
-
25.1
3.8
2.5
0.0
0.5
100.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
307
|
Page
€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Capex
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered
assets in the denominator)
31 December 2025
Climate Change Mitigation
(CCM)
Climate Change Adaptation
(CCA)
Water and marine
resources (WTR)
Circular economy
(CE)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances,
debt securities and equity instruments
not HfT eligible for GAR
calculation
64.0
13.5
6.0
0.5
2.6
0.3
0.3
-
0.0
0.0
0.0
-
-
1.9
0.0
0.0
0.0
2
Financial corporations
30.2
5.9
1.9
0.3
0.5
0.5
0.2
-
0.1
0.0
0.0
-
0.0
0.1
0.0
-
0.0
3
Credit institutions
26.9
3.3
-
0.3
0.4
0.4
0.0
-
0.0
0.0
0.0
-
0.0
0.1
0.0
-
0.0
4
Loans and advances
19.6
1.8
-
0.1
0.3
0.1
0.0
-
0.0
0.0
0.0
-
-
0.1
0.0
-
-
5
Debt securities, including
UoP
29.4
3.8
-
0.3
0.4
0.5
0.0
-
0.0
0.1
0.0
-
0.0
0.1
0.0
-
0.0
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
64.1
33.5
21.2
0.2
2.1
2.5
2.2
-
1.2
0.0
0.0
-
-
0.4
-
-
-
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
2.5
1.0
-
0.1
0.3
-
-
-
-
0.9
0.0
-
-
0.9
-
-
-
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
2.5
1.0
-
0.1
0.3
-
-
-
-
0.9
0.0
-
-
0.9
-
-
-
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
61.7
46.4
20.8
1.8
9.2
0.9
1.0
-
0.1
0.1
0.0
-
-
7.2
0.0
0.0
0.0
21
Loans and advances
62.3
48.4
23.7
1.7
8.4
0.8
1.2
-
0.1
0.1
0.0
-
-
8.1
0.0
0.0
0.0
22
Debt securities, including
UoP
56.8
31.8
-
2.0
15.5
2.1
0.2
-
0.1
0.1
0.0
-
-
1.0
0.2
-
0.1
23
Equity instruments
46.8
31.6
-
3.0
0.0
-
-
-
-
-
-
0.0
0.0
24
Households
73.8
0.2
0.2
-
-
-
-
-
-
-
-
-
-
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
-
-
-
-
-
-
-
-
26
of which building renovation
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
27
of which motor vehicle
loans
100.0
0.9
0.9
-
-
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
Total GAR assets
27.3
5.6
2.5
0.2
1.1
0.1
0.1
-
0.0
0.0
0.0
-
-
0.8
0.0
0.0
0.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
308
|
Page
€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Capex
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered
assets in the denominator)
31 December 2025
Pollution
(PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM + CCA
+ WTR + CE + PPC + BIO)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total
assets covered
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which
transitional
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
0.6
0.0
0.0
-
0.1
0.0
-
-
67.1
13.8
6.0
0.5
2.6
41.4
2
Financial corporations
0.0
0.0
-
0.0
0.0
0.0
-
0.0
30.9
6.1
1.9
0.3
0.6
6.2
3
Credit institutions
0.0
0.0
-
0.0
0.0
0.0
-
0.0
27.4
3.3
-
0.3
0.4
5.6
4
Loans and advances
0.0
-
-
-
0.0
0.0
-
-
19.8
1.9
-
0.1
0.3
1.4
5
Debt securities, including
UoP
0.0
0.0
-
0.0
0.0
0.0
-
0.0
30.0
3.8
-
0.3
0.4
4.2
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
0.0
0.0
-
-
0.0
-
-
-
67.1
35.7
21.2
0.2
3.3
0.5
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
-
0.0
-
-
-
-
-
-
4.3
1.1
-
0.1
0.3
0.0
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
-
0.0
-
-
-
-
-
-
4.3
1.1
-
0.1
0.3
0.0
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
2.4
0.1
0.0
-
0.5
-
-
-
72.8
47.6
20.8
1.8
9.3
11.1
21
Loans and advances
2.2
0.1
0.0
-
0.6
-
-
-
74.0
49.7
23.7
1.7
8.5
9.8
22
Debt securities, including
UoP
3.9
0.2
-
-
0.2
-
-
-
64.1
32.4
-
2.0
15.7
1.3
23
Equity instruments
0.1
-
-
-
-
-
47.0
31.6
-
3.0
0.0
24
Households
73.8
0.2
0.2
-
-
24.1
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
16.4
26
of which building renovation
loans
100.0
-
-
-
-
2.2
27
of which motor vehicle
loans
100.0
0.9
0.9
-
-
0.7
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.8
32
Total GAR assets
0.3
0.0
0.0
-
0.1
0.0
-
-
28.6
5.7
2.5
0.2
1.1
100.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
309
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Page
€ = Euro
m = million
bn = billion
4. GAR KPI flow - Turnover
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to flow of
total eligible assets)
31 December 2025
Climate Change Mitigation
(CCM)
Climate Change Adaptation
(CCA)
Water and marine
resources (WTR)
Circular economy
(CE)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
53.0
13.8
7.4
0.1
2.8
0.7
0.2
-
0.0
0.1
0.0
-
0.0
0.5
0.1
-
0.0
2
Financial corporations
23.3
3.7
-
0.1
0.2
0.1
0.1
-
-
0.1
0.0
-
-
0.1
0.0
-
-
3
Credit institutions
21.8
2.4
-
0.1
0.2
0.1
0.0
-
-
0.1
0.0
-
-
0.1
0.0
-
-
4
Loans and advances
15.3
1.5
-
0.0
0.1
0.1
0.0
-
-
0.0
0.0
-
-
0.1
0.0
-
-
5
Debt securities, including
UoP
29.5
3.4
-
0.1
0.3
0.2
0.1
-
-
0.1
0.0
-
-
0.1
0.0
-
-
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
53.0
30.5
-
0.0
0.2
0.7
0.6
-
-
0.7
0.0
-
-
0.2
-
-
-
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
4.0
1.4
-
0.1
0.6
4.0
3.4
-
-
4.0
0.0
-
-
-
-
-
-
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
4.0
1.4
-
0.1
0.6
4.0
3.4
-
-
4.0
0.0
-
-
-
-
-
-
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
40.1
31.9
18.7
0.2
6.8
1.6
0.5
-
0.0
0.1
0.1
-
0.0
1.2
0.1
-
0.0
21
Loans and advances
38.1
34.1
23.9
-
4.7
1.0
0.6
-
0.0
0.1
0.1
-
-
0.4
0.0
-
0.0
22
Debt securities, including
UoP
47.3
24.1
-
1.0
14.5
4.1
0.0
-
0.0
0.0
0.0
-
0.0
3.9
0.6
-
-
23
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
24
Households
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25
of which loans collateralised
by residential immovable
property
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26
of which building renovation
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27
of which motor vehicle
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
Total GAR assets
17.5
4.5
2.4
0.0
0.9
0.2
0.1
-
0.0
0.0
0.0
-
-
0.2
0.0
-
0.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
310
|
Page
€ = Euro
m = million
bn = billion
4. GAR KPI flow - Turnover
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to flow of
total eligible assets)
31 December 2025
Pollution
(PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM + CCA
+ WTR + CE + PPC + BIO)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total
assets covered
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which
transitional
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
0.2
0.0
-
-
0.3
-
-
-
54.8
14.1
7.4
0.1
2.8
32.9
2
Financial corporations
0.1
0.0
-
-
0.2
-
-
-
23.9
3.8
-
0.1
0.2
10.0
3
Credit institutions
0.1
0.0
-
-
0.0
-
-
-
22.2
2.5
-
0.1
0.2
9.5
4
Loans and advances
0.0
-
-
-
0.0
-
-
-
15.5
1.6
-
0.0
0.1
5.2
5
Debt securities, including
UoP
0.2
0.0
-
-
0.0
-
-
-
30.1
3.6
-
0.1
0.3
4.3
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
0.7
-
-
-
4.0
-
-
-
59.3
31.0
-
0.0
0.2
0.5
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
-
-
-
-
-
-
-
-
12.1
4.9
-
0.1
0.6
0.1
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
-
-
-
-
-
-
-
-
12.1
4.9
-
0.1
0.6
0.1
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
0.4
0.0
-
-
0.7
-
-
-
44.1
32.7
18.7
0.2
6.8
13.1
21
Loans and advances
0.4
0.0
-
-
0.8
-
-
-
40.8
34.9
23.9
-
4.7
10.2
22
Debt securities, including
UoP
0.6
0.2
-
-
0.0
-
-
-
55.8
24.9
-
1.0
14.5
2.9
23
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
24
Households
-
-
-
-
-
-
-
-
100.0
-
-
-
-
9.9
25
of which loans collateralised
by residential immovable
property
-
-
-
-
-
-
-
-
100.0
-
-
-
-
8.5
26
of which building renovation
loans
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.8
27
of which motor vehicle
loans
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.5
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
-
-
-
-
-
-
-
-
98.7
-
1.3
-
-
0.1
32
Total GAR assets
0.1
0.0
-
-
0.1
-
-
-
18.1
4.6
2.4
0.0
0.9
33.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
311
|
Page
€ = Euro
m = million
bn = billion
4. GAR KPI flow - Capex
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to flow of
total eligible assets)
31 December 2025
Climate Change Mitigation
(CCM)
Climate Change Adaptation
(CCA)
Water and marine
resources (WTR)
Circular economy
(CE)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
61.5
19.2
7.4
0.2
4.8
0.9
0.4
-
0.0
0.1
0.0
-
-
0.4
0.0
-
0.0
2
Financial corporations
25.3
4.5
-
0.2
0.3
0.5
0.4
-
0.0
0.1
0.0
-
-
0.1
0.0
-
-
3
Credit institutions
24.1
3.1
-
0.2
0.2
0.1
0.0
-
0.0
0.0
0.0
-
-
0.1
0.0
-
-
4
Loans and advances
15.5
1.8
-
0.0
0.3
0.1
0.0
-
0.0
0.0
0.0
-
-
0.1
0.0
-
-
5
Debt securities, including
UoP
34.3
4.7
-
0.3
0.2
0.1
0.0
-
-
0.1
0.0
-
-
0.1
0.0
-
-
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
49.6
31.3
-
1.6
1.3
8.9
7.4
-
-
0.7
0.0
-
-
0.2
-
-
-
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
4.0
1.4
-
0.1
0.6
4.0
3.4
-
-
4.0
0.0
-
-
-
-
-
-
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
4.0
1.4
-
0.1
0.6
4.0
3.4
-
-
4.0
0.0
-
-
-
-
-
-
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
59.9
45.0
18.7
0.3
11.9
1.9
0.8
-
0.0
0.1
0.0
-
-
0.8
0.1
-
0.1
21
Loans and advances
62.2
50.5
24.0
-
10.9
1.2
1.0
-
0.0
0.2
0.0
-
-
0.3
0.0
-
0.0
22
Debt securities, including
UoP
51.7
25.4
-
1.5
15.6
4.5
0.0
-
0.0
0.0
-
-
-
2.5
0.3
-
0.3
23
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
24
Households
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
25
of which loans collateralised
by residential immovable
property
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
26
of which building renovation
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
27
of which motor vehicle
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
100.0
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
Total GAR assets
20.3
6.3
2.4
0.1
1.6
0.3
0.1
-
0.0
0.0
0.0
-
-
0.1
0.0
-
0.0
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4. GAR KPI flow - Capex
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to flow of
total eligible assets)
31 December 2025
Pollution
(PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM + CCA
+ WTR + CE + PPC + BIO)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total
assets covered
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which
transitional
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
0.3
0.0
-
-
0.3
0.0
-
-
63.4
19.7
7.4
0.2
4.9
32.9
2
Financial corporations
0.1
0.0
-
-
0.0
0.0
-
-
26.0
4.8
-
0.2
0.3
10.0
3
Credit institutions
0.1
0.0
-
-
0.0
0.0
-
-
24.4
3.2
-
0.2
0.2
9.5
4
Loans and advances
0.0
-
-
-
0.0
0.0
-
-
15.7
1.8
-
0.0
0.3
5.2
5
Debt securities, including
UoP
0.1
0.1
-
-
0.0
0.0
-
-
34.7
4.8
-
0.3
0.2
4.3
6
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
7
Other financial corporations
0.0
-
-
-
-
-
-
-
59.4
38.8
-
1.6
1.3
0.5
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
-
-
-
-
-
-
-
-
12.1
4.9
-
0.1
0.6
0.1
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
-
-
-
-
-
-
-
-
12.1
4.9
-
0.1
0.6
0.1
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
0.8
0.1
-
-
0.7
-
-
-
64.2
46.0
18.7
0.3
12.0
13.1
21
Loans and advances
0.1
0.0
-
-
0.8
-
-
-
64.8
51.6
24.0
-
11.0
10.2
22
Debt securities, including
UoP
3.0
0.3
-
-
-
-
-
-
61.8
26.0
-
1.5
15.9
2.9
23
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
24
Households
-
-
-
-
-
-
-
-
100.0
-
-
-
-
9.9
25
of which loans collateralised
by residential immovable
property
-
-
-
-
-
-
-
-
100.0
-
-
-
-
8.5
26
of which building renovation
loans
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.8
27
of which motor vehicle
loans
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.5
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
-
-
-
-
-
-
-
-
100.0
-
-
-
-
0.1
32
Total GAR assets
0.1
0.0
-
-
0.1
0.0
-
-
20.9
6.5
2.4
0.1
1.6
33.0
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5. KPI off-balance sheet exposures
-
Stock- Turnover
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
1
Financial guarantees (FinGuar KPI)
15.6
7.1
-
0.0
1.2
0.2
0.0
-
-
0.0
0.0
-
-
0.3
0.0
-
-
2
Assets under management
11.0
2.0
-
0.1
0.5
0.1
0.0
-
0.0
0.0
0.0
-
0.0
0.4
0.1
-
0.0
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which transitional
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0.0
0.0
-
-
0.1
-
-
-
16.1
7.1
-
0.0
1.2
2
Assets under management
0.0
0.0
-
-
0.0
0.0
-
-
11.6
2.2
-
0.1
0.5
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5. KPI off-balance sheet exposures-
Stock- Capex
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
1
Financial guarantees (FinGuar KPI)
27.4
16.7
-
0.0
2.9
0.0
0.0
-
0.0
0.0
-
-
-
4.0
0.0
-
0.0
2
Assets under management
14.5
4.5
-
0.2
1.4
0.2
0.0
-
0.0
0.0
0.0
-
0.0
0.8
0.2
-
0.0
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which transitional
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0.0
0.0
-
-
0.1
-
-
-
31.5
16.7
-
0.0
2.9
2
Assets under management
0.0
0.0
-
0.0
0.0
0.0
-
0.0
15.5
4.7
-
0.2
1.5
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5. KPI off-balance sheet exposures-
Flow- Turnover
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
1
Financial guarantees (FinGuar KPI)
5.8
2.8
-
0.0
0.6
0.2
0.0
-
-
0.0
0.0
-
-
0.0
0.0
-
-
2
Assets under management
15.7
3.0
-
0.2
0.7
0.2
0.0
-
0.0
0.0
0.0
-
0.0
0.7
0.4
-
0.0
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which transitional
Of which
enabling
1
Financial guarantees (FinGuar KPI)
0.3
0.0
-
-
0.2
-
-
-
6.4
2.8
-
0.0
0.6
2
Assets under management
0.1
0.0
-
-
0.0
0.0
-
-
16.8
3.3
-
0.2
0.7
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5. KPI off-balance sheet exposures-
Flow- Capex
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Water and marine resources (WTR)
Circular economy (CE)
Proportion of total covered assets
funding taxonomy relevant sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy
relevant sectors (Taxonomy-aligned)
Proportion of total covered assets funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
1
Financial guarantees (FinGuar KPI)
9.9
6.1
-
0.0
2.0
0.0
0.0
-
0.0
-
-
-
-
0.0
0.0
-
0.0
2
Assets under management
20.2
6.0
-
0.2
1.8
0.3
0.1
-
0.0
0.0
0.0
-
0.0
1.2
0.4
-
0.0
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
% (compared to total eligible off-balance
sheet assets)
31 December 2025
Pollution (PPC)
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets
funding taxonomy
relevant sectors (Taxonomy-eligible)
Proportion of total covered assets funding taxonomy relevant
sectors
(Taxonomy-eligible)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets
funding
taxonomy relevant
sectors (Taxonomy-
aligned)
Proportion of total covered assets funding taxonomy relevant
sectors (Taxonomy-aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which transitional
Of which
enabling
1
Financial guarantees (FinGuar KPI)
5.6
0.0
-
-
0.2
-
-
-
15.7
6.1
-
0.0
2.0
2
Assets under management
0.0
0.0
-
-
0.0
0.0
-
-
21.8
6.4
-
0.2
1.8
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Template 1 Nuclear and fossil gas
related activities for 2025
Row
Nuclear energy
related activities
1.
The undertaking
carries out,
funds or has exposures
to research,
development,
demonstration
and
deployment
of innovative electricity
generation facilities that produce
energy from nuclear
processes with
minimal waste
from the fuel
cycle.
ΝΟ
2.
The undertaking
carries out,
funds or has exposures
to construction
and safe
operation
of new nuclear
installations
to produce
electricity
or process heat,
including
for the purposes
of district
heating or
industrial
processes such
as
hydrogen
production,
as well as their
safety upgrades, using
best available
technologies.
YES
3.
The undertaking
carries out,
funds or has exposures
to safe operation
of existing
nuclear installations
that produce
electricity
or process heat,
including
for the
purposes of district
heating or
industrial
processes such
as hydrogen production
from nuclear
energy,
as well as their
safety upgrades.
YES
Fossil gas related
activities
4.
The undertaking
carries out,
funds or has exposures
to construction
or operation
of electricity
generation
facilities
that produce
electricity
using fossil gaseous
fuels
YES
5.
The undertaking
carries out,
funds or has exposures
to construction,
refurbishment,
and operation
of combined
heat/cool
and power
generation
facilities
using fossil
gaseous fuels.
YES
6.
The undertaking
carries out,
funds or has exposures
to construction,
refurbishment
and operation
of heat generation
facilities
that produce
heat/cool
using fossil gaseous
fuels.
YES
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Turnover KPI Tables
for 2025
Template 2
- Taxonomy-aligned
economic activities
(denominator)
Row
Economic activities
Amount (in Million
EUR) and proportion
(the information
is to be presented
in monetary amounts
and as
percentages)
(CCM + CCA)
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount
%
Amount
%
Amount
%
1.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.26 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
-
-
-
-
-
-
2.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.27 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
0
-
0
-
-
-
3.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.28 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
15
0.0
15
0.0
-
-
4.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.29 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
1
-
1
-
-
-
5.
Amount and proportion
of taxonomy-aligned
economic activity
EN 3 EN
referred to
in Section 4.30 of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable KPI
15
0.0
15
0.0
-
-
6.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.31 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
0
-
0
-
-
-
7.
Amount and
proportion of other
taxonomy-aligned
economic activities not
referred to
in rows 1 to 6
above in the denominator
of the applicable
KPI
2,968
3.8
2,938
3.7
30
0.0
8.
Total applicable
KPI
2,999
3.8
2,969
3.8
30
0.0
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m = million
bn = billion
Template 3
-Taxonomy-aligned
economic activities
(numerator)
Row
Economic activities
Amount (in Million
EUR) and proportion
(the information
is to be presented
in monetary amounts
and as
percentages)
(CCM + CCA)
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount
%
Amount
%
Amount
%
1.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.26 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
numerator of the
applicable KPI
-
-
-
-
-
-
2.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.27 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
0
-
0
-
-
-
3.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.28 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
15
0.5
15
0.5
-
-
4.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.29 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
1
-
1
-
-
-
5.
Amount and proportion
of taxonomy-aligned
economic activity
EN 3 EN
referred to
in Section 4.30 of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable KPI
15
0.5
15
0.5
-
-
6.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.31 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
0
-
0
-
-
-
7.
Amount and
proportion of other
taxonomy-aligned
economic activities not
referred to
in rows 1 to 6
above in the denominator
of the applicable
KPI
2,968
99.0
2,938
97.9
30
1.0
8.
Total amount
and proportion of
taxonomy-aligned
economic activities
in
the numerator
of the applicable
KPI
2,999
100.0
2,969
99.0
30
1.0
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€ = Euro
m = million
bn = billion
Template 4
- Taxonomy-eligible
but not taxonomy-aligned
economic activities
Row
Economic activities
Amount (in Million
EUR) and proportion
(the information
is to be presented
in monetary amounts
and as
percentages)
(CCM + CCA)
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount
%
Amount
%
Amount
%
1.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.26 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
-
-
-
-
-
-
2.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.27 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
0
-
0
-
-
-
3.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.28 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
0
-
0
-
-
-
4.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.29 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
577
0.7
577
0.7
-
-
5.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.30 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
24
0.0
24
0.0
0
-
6.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.31 of
Annexes I and II
to Delegated
EN 6 EN Regulation
2021/2139
in the denominator of
the applicable KPI
0
-
0
-
-
-
7.
Amount and proportion
of other taxonomy-eligible
but not taxonomy-
aligned economic
activities not referred
to in rows 1 to
6 above in the
denominator of
the applicable
KPI
15,935
20.3
15,849
20.2
86
0.1
8.
Total amount
and proportion
of taxonomy
eligible but not taxonomy
-aligned
economic activities
in the denominator
of the applicable
KPI
16,536
21.0
16,450
20.9
86
0.1
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m = million
bn = billion
Template 5
- Taxonomy
non-eligible economic
activities
Row
Economic activities
Amount
(in Million
EUR)
%
1.
Amount and proportion
of economic activity
referred to
in row 1 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.26
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
2.
Amount and proportion
of economic activity
referred to
in row 2 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.27
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
3.
Amount and proportion
of economic activity
referred to
in row 3 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.28
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
4.
Amount and proportion
of economic activity
referred to
in row 4 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.29
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
5.
Amount and proportion
of economic activity
referred to
in row 5 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.30
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
EN 7 EN the applicable
KPI
-
-
6.
Amount and proportion
of economic activity
referred to
in row 6 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.31
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
7.
Amount and
proportion of other
taxonomy-non-eligible
economic activities
not referred
to in rows 1 to 6
above in the denominator
of the applicable
KPI
59,049
75.1
8.
Total amount
and proportion of
taxonomy-non-eligible
economic activities
in the denominator
of the applicable
KPI
59,049
75.1
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m = million
bn = billion
Capex KPI Tables
for 2025
Template 2
- Taxonomy-aligned
economic activities
(denominator)
Row
Economic activities
Amount (in Million
EUR) and proportion
(the information
is to be presented
in monetary amounts
and as
percentages)
(CCM + CCA)
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount
%
Amount
%
Amount
%
1.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.26 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
-
-
-
-
-
-
2.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.27 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
0
-
0
-
-
-
3.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.28 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
1
-
1
-
-
-
4.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.29 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
2.64
-
2.64
-
-
-
5.
Amount and proportion
of taxonomy-aligned
economic activity
EN 3 EN
referred to
in Section 4.30 of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable KPI
0.42
-
0.42
-
-
-
6.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.31 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
-
-
-
-
-
-
7.
Amount and
proportion of other
taxonomy-aligned
economic activities not
referred to
in rows 1 to 6
above in the denominator
of the applicable
KPI
4,477
5.7
4,375
5.6
101
0.1
8.
Total applicable
KPI
4,480
5.7
4,379
5.6
101
0.1
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€ = Euro
m = million
bn = billion
Template 3
-Taxonomy-aligned
economic activities
(numerator)
Row
Economic activities
Amount (in Million
EUR) and proportion
(the information
is to be presented
in monetary amounts
and as
percentages)
(CCM + CCA)
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount
%
Amount
%
Amount
%
1.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.26 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
numerator of the
applicable KPI
-
-
-
-
-
-
2.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.27 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
0
-
0
-
-
-
3.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.28 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
1
0.0
1
0.0
-
-
4.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.29 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
2.6
0.1
2.6
0.1
-
-
5.
Amount and proportion
of taxonomy-aligned
economic activity
EN 3 EN
referred to
in Section 4.30 of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable KPI
0.4
0.0
0.4
0.0
-
-
6.
Amount and proportion
of taxonomy-aligned
economic activity
referred to
in
Section 4.31 of
Annexes I and II
to Delegated Regulation
2021/2139
in the
denominator of
the applicable
KPI
-
-
-
-
-
-
7.
Amount and
proportion of other
taxonomy-aligned
economic activities not
referred to
in rows 1 to 6
above in the denominator
of the applicable
KPI
4,477
99.9
4,375
97.7
101
2.3
8.
Total amount
and proportion of
taxonomy-aligned
economic activities
in
the numerator
of the applicable
KPI
4,480
100.0
4,379
97.7
101
2.3
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€ = Euro
m = million
bn = billion
Template 4
- Taxonomy-eligible
but not taxonomy-aligned
economic activities
Row
Economic activities
Amount (in Million
EUR) and proportion
(the information
is to be presented
in monetary amounts
and as
percentages)
(CCM + CCA)
Climate change
mitigation (CCM)
Climate change
adaptation (CCA)
Amount
%
Amount
%
Amount
%
1.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.26 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
-
-
-
-
-
-
2.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.27 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
0
-
0
-
-
-
3.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.28 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
0
-
0
-
-
-
4.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.29 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
81
0.1
81
0.1
-
-
5.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.30 of
Annexes I and II
to Delegated
Regulation 2021/2139
in the denominator of
the applicable KPI
3
-
3
-
-
-
6.
Amount and proportion
of taxonomy-eligible
but not taxonomy
-aligned
economic activity
referred to
in Section 4.31 of
Annexes I and II
to Delegated
EN 6 EN Regulation
2021/2139
in the denominator of
the applicable KPI
0
-
0
-
-
-
7.
Amount and
proportion of other
taxonomy-eligible
but not taxonomy-
aligned economic
activities not
referred to in
rows 1 to 6 above
in the
denominator of the
applicable KPI
16,992
21.6
16,985
21.6
7
0.0
8.
Total amount
and proportion of
taxonomy
eligible but not taxonomy-
aligned economic
activities in the
denominator of the
applicable KPI
17,077
21.7
17,069
21.7
7
0.0
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€ = Euro
m = million
bn = billion
Template 5
- Taxonomy
non-eligible economic
activities
Row
Economic activities
Amount (in
Million
EUR)
%
1.
Amount and proportion
of economic activity
referred to
in row 1 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.26
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
2.
Amount and proportion
of economic activity
referred to
in row 2 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.27
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
3.
Amount and proportion
of economic activity
referred to
in row 3 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.28
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
4.
Amount and proportion
of economic activity
referred to
in row 4 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.29
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
5.
Amount and proportion
of economic activity
referred to
in row 5 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.30
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
EN 7 EN the applicable
KPI
-
-
6.
Amount and proportion
of economic activity
referred to
in row 6 of
Template 1
that is taxonomy-non-eligible
in accordance
with Section 4.31
of
Annexes I and II
to Delegated Regulation
2021/2139
in the denominator of
the applicable
KPI
-
-
7.
Amount and
proportion of other
taxonomy-non-eligible
economic activities
not referred
to in rows 1 to 6
above in the denominator
of the applicable
KPI
57,027
72.6
8.
Total amount
and proportion of
taxonomy-non-eligible
economic activities
in the denominator
of the applicable
KPI
57,027
72.6
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bn = billion
1.Assets for the calculation of GAR - Turnover
a
b
c
d
e
f
g
h
i
j
Million EUR
Total [gross]
carrying
amount
31 December 2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
28,809
17,150
1,905
1,409
15
140
123
3
0
2
2
Financial undertakings
4,332
1,095
127
0
9
17
18
0
0
0
3
Credit institutions
3,980
1,049
113
0
9
15
12
0
0
0
4
Loans and advances
958
230
38
0
1
1
1
0
0
0
5
Debt securities, including
UoP
3,020
819
75
0
8
14
11
0
0
0
6
Equity instruments
2
0
0
0
0
0
0
0
7
Other financial corporations
352
46
14
0
0
2
6
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
16
of which insurance undertakings
5
2
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
5
2
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
20
Non-financial undertakings
6,138
2,282
1,752
1,383
6
123
105
3
0
2
21
Loans and advances
5,416
2,084
1,679
1,383
2
84
82
2
0
2
22
Debt securities, including
UoP
705
194
71
0
4
40
22
0
0
0
23
Equity instruments
17
3
1
0
0
1
0
0
24
Households
18,338
13,773
26
26
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
12,316
12,316
22
22
0
0
0
0
0
0
26
of which
building renovation loans
2,115
2,115
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
546
546
4
4
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
697
520
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
43,257
33
Financial and Non-financial undertakings
33,496
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
26,005
35
Loans and advances
23,806
36
of which loans collateralised by
commercial
immovable property
7,140
37
of which building renovation loans
33
38
Debt securities
1,977
39
Equity instruments
222
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
7,491
41
Loans and advances
4,641
42
Debt securities
2,761
43
Equity instruments
88
44
Derivatives
836
45
On demand interbank loans
251
46
Cash and cash-related assets
617
47
Other categories of assets (e.g. goodwill, commodities etc.)
8,057
48
Total GAR
assets
72,762
17,670
1,905
1,409
15
140
123
3
0
2
49
Assets not covered for GAR calculation
29,805
50
Central governments and Supranational issuers
14,257
51
Central banks exposure
15,263
52
Trading book
285
53
Total assets
102,567
17,670
1,905
1,409
15
140
123
3
0
2
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
948
295
113
0
0
10
52
1
0
1
55
Assets under management
2,374
559
77
0
6
21
34
2
0
0
56
Of which debt securities
1,529
364
52
0
4
13
23
1
0
0
57
Of which equity instruments
345
81
18
0
1
8
11
1
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
327
|
Page
€ = Euro
m = million
bn = billion
1.Assets for the calculation of GAR - Turnover
k
l
m
n
o
p
q
r
s
t
u
v
Million EUR
31 December 2024
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
0
0
0
0
14
0
0
0
9
0
0
0
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
14
0
0
0
9
0
0
0
21
Loans and advances
0
0
0
0
10
0
0
0
1
0
0
0
22
Debt securities, including
UoP
0
0
0
0
3
0
0
0
8
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
24
Households
0
0
0
0
25
of which loans collateralised by
residential immovable property
0
0
0
0
26
of which
building renovation loans
0
0
0
0
27
of which motor vehicle loans
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
0
0
0
0
14
0
0
0
9
0
0
0
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
0
0
0
0
14
0
0
0
9
0
0
0
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
0
0
0
0
3
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
3
0
0
0
9
0
0
0
56
Of which debt securities
0
0
0
0
0
0
0
0
2
0
0
0
57
Of which equity instruments
0
0
0
0
3
0
0
0
8
0
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
328
|
Page
€ = Euro
m = million
bn = billion
1.Assets for the calculation of GAR - Turnover
w
x
z
aa
ab
ac
ad
ae
af
Million EUR
31 December 2024
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
40
0
0
0
17,348
1,908
1,409
15
141
2
Financial undertakings
0
0
0
0
1,125
128
0
9
16
3
Credit institutions
0
0
0
0
1,074
114
0
9
15
4
Loans and advances
0
0
0
0
235
38
0
1
1
5
Debt securities, including
UoP
0
0
0
0
839
76
0
8
14
6
Equity instruments
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
52
14
0
0
1
8
of which investment firms
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
2
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
2
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
20
Non-financial undertakings
40
0
0
0
2,450
1,754
1,383
6
125
21
Loans and advances
40
0
0
0
2,217
1,681
1,383
2
86
22
Debt securities, including
UoP
0
0
0
0
228
72
0
4
40
23
Equity instruments
0
0
0
4
1
0
0
24
Households
13,773
26
26
0
0
25
of which loans collateralised by
residential immovable property
12,316
22
22
0
0
26
of which
building renovation loans
2,115
0
0
0
0
27
of which motor vehicle loans
546
4
4
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
520
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
40
0
0
0
17,868
1,908
1,409
15
141
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
40
0
0
0
17,868
1,908
1,409
15
141
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
0
0
0
0
350
115
0
0
12
55
Assets under management
0
0
0
0
606
79
0
6
22
56
Of which debt securities
0
0
0
0
389
53
0
4
13
57
Of which equity instruments
0
0
0
0
103
18
0
1
8
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
329
|
Page
€ = Euro
m = million
bn = billion
1.Assets for the calculation
of GAR - Capex
a
b
c
d
e
f
g
h
i
j
Million EUR
Total [gross]
carrying
amount
31 December 2024
Climate Change Mitigation (CCM)
Climate Change Adaptation (CCA)
Of which towards taxonomy relevant
sectors (Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
Of which Use of
Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
28,809
18,752
2,653
1,409
55
394
61
5
0
2
2
Financial undertakings
4,332
1,244
194
0
10
31
14
1
0
0
3
Credit institutions
3,980
1,017
141
0
9
25
14
1
0
0
4
Loans and advances
958
191
38
0
1
1
1
0
0
0
5
Debt securities, including
UoP
3,020
826
103
0
8
23
13
1
0
0
6
Equity instruments
2
0
0
0
0
0
0
0
7
Other financial corporations
352
226
53
0
1
6
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
16
of which insurance undertakings
5
2
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
5
2
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
20
Non-financial undertakings
6,138
3,736
2,432
1,383
45
363
46
4
0
2
21
Loans and advances
5,416
3,292
2,231
1,383
19
288
37
4
0
2
22
Debt securities, including
UoP
705
438
197
0
27
74
8
0
0
0
23
Equity instruments
17
6
4
0
0
1
0
0
24
Households
18,338
13,773
26
26
0
0
0
0
0
0
25
of which loans collateralised by
residential immovable property
12,316
12,316
22
22
0
0
0
0
0
0
26
of which
building renovation loans
2,115
2,115
0
0
0
0
0
0
0
0
27
of which motor vehicle loans
546
546
4
4
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
697
520
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
43,257
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
33,496
0
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
26,005
35
Loans and advances
23,806
36
of which loans collateralised by
commercial
immovable property
7,140
37
of which building renovation loans
33
38
Debt securities
1,977
39
Equity instruments
222
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
7,491
41
Loans and advances
4,641
42
Debt securities
2,761
43
Equity instruments
88
44
Derivatives
836
45
On demand interbank loans
251
46
Cash and cash-related assets
617
47
Other categories of assets (e.g. goodwill, commodities etc.)
8,057
48
Total GAR
assets
72,762
19,272
2,653
1,409
55
394
61
5
0
2
49
Assets not covered for GAR calculation
29,805
0
50
Central governments and Supranational issuers
14,257
51
Central banks exposure
15,263
52
Trading book
285
53
Total assets
102,567
19,272
2,653
1,409
55
394
61
5
0
2
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
948
609
385
0
2
37
22
1
0
37
55
Assets under management
2,374
802
206
0
19
52
17
2
0
1
56
Of which debt securities
1,529
551
137
0
11
34
9
2
0
1
57
Of which equity instruments
345
131
57
0
7
17
6
0
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
330
|
Page
€ = Euro
m = million
bn = billion
1.Assets for the calculation
of GAR - Capex
k
l
m
n
o
p
q
r
s
t
u
v
Million EUR
31 December 2024
Water and marine resources (WTR)
Circular economy (CE)
Pollution (PPC)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which environmentally
sustainable (Taxonomy-aligned)
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
Of which Use
of Proceeds
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
0
0
0
0
7
0
0
0
17
0
0
0
2
Financial undertakings
0
0
0
0
0
0
0
0
0
0
0
0
3
Credit institutions
0
0
0
0
0
0
0
0
0
0
0
0
4
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
5
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
6
Equity instruments
0
0
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
0
0
0
0
0
0
0
0
8
of which investment firms
0
0
0
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
0
0
0
0
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
0
0
20
Non-financial undertakings
0
0
0
0
7
0
0
0
17
0
0
0
21
Loans and advances
0
0
0
0
4
0
0
0
12
0
0
0
22
Debt securities, including
UoP
0
0
0
0
3
0
0
0
5
0
0
0
23
Equity instruments
0
0
0
0
0
0
0
0
0
24
Households
0
0
0
0
25
of which loans collateralised by
residential immovable property
0
0
0
0
26
of which
building renovation loans
0
0
0
0
27
of which motor vehicle loans
28
Local governments financing
0
0
0
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
0
0
0
0
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
0
0
0
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
0
0
0
0
7
0
0
0
17
0
0
0
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
0
0
0
0
7
0
0
0
17
0
0
0
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
0
0
0
0
3
0
0
0
0
0
0
0
55
Assets under management
0
0
0
0
3
0
0
0
4
0
0
0
56
Of which debt securities
0
0
0
0
1
0
0
0
1
0
0
0
57
Of which equity instruments
0
0
0
0
2
0
0
0
3
0
0
0
EUROBANK S.A.
REPORT OF THE DIRECTORS /
SUSTAINABILITY
STATEMENT
331
|
Page
€ = Euro
m = million
bn = billion
1.Assets for the calculation
of GAR - Capex
w
x
z
aa
ab
ac
ad
ae
af
Million EUR
31 December 2024
Biodiversity and Ecosystems (BIO)
TOTAL (CCM + CCA + WTR + CE + PPC + BIO)
Of which towards taxonomy relevant sectors
(Taxonomy-eligible)
Of which towards taxonomy relevant sectors (Taxonomy-eligible)
Of which environmentally sustainable
(Taxonomy-aligned)
Of which environmentally sustainable (Taxonomy-
aligned)
Of which Use of
Proceeds
Of which
enabling
Of which Use of
Proceeds
Of which
transitional
Of which
enabling
GAR- Covered assets in both numerator and denominator
1
Loans and advances, debt securities and equity instruments no
HfT eligible for GAR calculation
40
0
0
0
18,888
2,658
1,409
55
395
2
Financial undertakings
0
0
0
0
1,269
195
0
9
30
3
Credit institutions
0
0
0
0
1,042
142
0
9
25
4
Loans and advances
0
0
0
0
195
38
0
1
1
5
Debt securities, including
UoP
0
0
0
0
847
104
0
8
23
6
Equity instruments
0
0
0
0
0
0
0
7
Other financial corporations
0
0
0
0
226
53
0
0
5
8
of which investment firms
0
0
0
0
0
0
0
0
0
9
Loans and advances
0
0
0
0
0
0
0
0
0
10
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
11
Equity instruments
0
0
0
0
0
0
0
12
of which management companies
0
0
0
0
0
0
0
0
0
13
Loans and advances
0
0
0
0
0
0
0
0
0
14
Debt securities, including
UoP
0
0
0
0
0
0
0
0
0
15
Equity instruments
0
0
0
0
0
0
0
16
of which insurance undertakings
0
0
0
0
2
0
0
0
0
17
Loans and advances
0
0
0
0
0
0
0
0
0
18
Debt securities, including
UoP
0
0
0
0
2
0
0
0
0
19
Equity instruments
0
0
0
0
0
0
0
20
Non-financial undertakings
40
0
0
0
3,846
2,436
1,383
45
365
21
Loans and advances
40
0
0
0
3,385
2,235
1,383
19
290
22
Debt securities, including
UoP
0
0
0
0
454
197
0
27
74
23
Equity instruments
0
0
0
7
4
0
0
24
Households
13,773
26
26
0
0
25
of which loans collateralised by
residential immovable property
12,316
22
22
0
0
26
of which
building renovation loans
2,115
0
0
0
0
27
of which motor vehicle loans
546
4
4
0
0
28
Local governments financing
0
0
0
0
0
0
0
0
0
29
Housing financing
0
0
0
0
0
0
0
0
0
30
Other local govemment financing
0
0
0
0
0
0
0
0
0
31
Collateral obtained by taking possession: residential and
commercial immovable properties
0
0
0
0
520
0
0
0
0
32
Assets excluded from the numerator for GAR
calculation
(covered in the denominator)
0
0
0
0
0
0
0
0
0
33
Financial and Non-financial undertakings
34
SMEs and NFCs (other than SMEs)
not subject to
NFRD disclosure
obligations
35
Loans and advances
36
of which loans collateralised by
commercial
immovable property
37
of which building renovation loans
38
Debt securities
39
Equity instruments
40
Non-EU country counterparties not subject to NFRD disclosure
obligations
41
Loans and advances
42
Debt securities
43
Equity instruments
44
Derivatives
45
On demand interbank loans
46
Cash and cash-related assets
47
Other categories of assets (e.g. goodwill, commodities etc.)
48
Total GAR
assets
40
0
0
0
19,408
2,658
1,409
55
395
49
Assets not covered for GAR calculation
50
Central governments and Supranational issuers
51
Central banks exposure
52
Trading book
53
Total assets
40
0
0
0
19,408
2,658
1,409
55
395
Off-balance sheet exposures-Undertakings subject to NFRD disclosure
obligations
54
Financial guarantees
0
0
0
0
634
386
0
2
75
55
Assets under management
0
0
0
0
832
209
0
19
54
56
Of which debt securities
0
0
0
0
566
139
0
11
35
57
Of which equity instruments
0
0
0
0
143
58
0
7
18
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
332
|
Page
€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Turnover
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered
assets in the denominator)
31 December 2024
Climate Change Mitigation
(CCM)
Climate Change Adaptation
(CCA)
Water and marine
resources (WTR)
Circular economy
(CE)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
59.5
6.6
4.9
0.1
0.5
0.4
0.0
-
0.0
0.0
-
-
-
0.0
-
-
-
2
Financial corporations
25.3
2.9
-
0.2
0.4
0.4
0.0
-
0.0
-
-
-
-
0.0
-
-
-
3
Credit institutions
26.4
2.8
-
0.2
0.4
0.3
0.0
-
0.0
-
-
-
-
-
-
-
-
4
Loans and advances
24.0
3.9
-
0.1
0.1
0.1
0.0
-
0.0
-
-
-
-
-
-
-
-
5
Debt securities, including
UoP
27.1
2.5
-
0.3
0.5
0.4
0.0
-
0.0
-
-
-
-
-
-
-
-
6
Equity instruments
19.7
1.5
0.1
0.1
0.6
0.0
-
-
-
-
-
-
-
7
Other financial corporations
12.9
4.1
-
0.0
0.5
1.6
0.0
-
-
-
-
-
-
0.1
-
-
-
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
37.5
0.2
-
0.0
0.0
0.8
0.8
-
-
-
-
-
-
-
-
-
-
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
37.5
0.2
-
0.0
0.0
0.8
0.8
-
-
-
-
-
-
-
-
-
-
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
37.2
28.5
22.5
0.1
2.0
1.7
0.0
-
0.0
0.0
-
-
-
0.2
-
-
-
21
Loans and advances
38.5
31.0
25.5
0.0
1.5
1.5
0.0
-
0.0
-
-
-
-
0.2
-
-
-
22
Debt securities, including
UoP
27.6
10.1
-
0.6
5.6
3.1
0.0
-
0.0
0.0
-
-
-
0.5
-
-
-
23
Equity instruments
20.0
7.9
-
0.9
4.9
0.0
-
-
-
-
0.0
-
-
24
Households
75.1
0.1
0.1
-
-
-
-
-
-
-
-
-
-
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
-
-
-
-
-
-
-
-
26
of which building renovation
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
27
of which motor vehicle
loans
100.0
0.8
0.8
-
-
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
74.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
Total GAR assets
24.3
2.6
1.9
0.0
0.2
0.2
0.0
-
0.0
-
-
-
-
0.0
-
-
-
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
333
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€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Turnover
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered
assets in the denominator)
31 December 2024
Pollution
(PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM + CCA
+ WTR + CE + PPC + BIO)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total
assets covered
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which
transitional
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances,
debt securities and equity instruments
not HfT eligible for GAR
calculation
0.0
-
-
-
0.1
-
-
-
60.2
6.6
4.9
0.1
0.5
39.6
2
Financial corporations
-
-
-
-
-
-
-
-
26.0
3.0
-
0.2
0.4
6.0
3
Credit institutions
-
-
-
-
-
-
-
-
27.0
2.9
-
0.2
0.4
5.5
4
Loans and advances
-
-
-
-
-
-
-
-
24.5
4.0
-
0.1
0.1
1.3
5
Debt securities, including
UoP
-
-
-
-
-
-
-
-
27.8
2.5
-
0.3
0.5
4.2
6
Equity instruments
-
-
-
-
-
-
20.2
1.5
0.1
0.1
0.0
7
Other financial corporations
-
-
-
-
-
-
-
-
14.6
4.1
-
0.0
0.3
0.5
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
-
-
-
-
-
-
-
-
38.3
1.0
-
0.0
0.0
0.0
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
-
-
-
-
-
-
-
-
38.3
1.0
-
0.0
0.0
0.0
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
0.1
-
-
-
0.7
-
-
-
39.9
28.6
22.5
0.1
2.0
8.4
21
Loans and advances
0.0
-
-
-
0.7
-
-
-
40.9
31.0
25.5
0.0
1.6
7.4
22
Debt securities, including
UoP
1.2
-
-
-
0.0
-
-
-
32.4
10.2
-
0.6
5.6
1.0
23
Equity instruments
-
-
-
-
-
-
25.0
7.9
-
0.9
0.0
24
Households
75.1
0.1
0.1
-
-
25.2
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
16.9
26
of which building renovation
loans
100.0
-
-
-
-
2.9
27
of which motor vehicle loans
100.0
0.8
0.8
-
-
0.8
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
-
-
-
-
-
-
-
-
74.6
-
-
-
-
1.0
32
Total GAR assets
0.0
-
-
-
0.1
-
-
-
24.6
2.6
1.9
0.0
0.2
100.0
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
334
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€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Capex
a
b
c
d
e
f
g
h
i
j
k
l
m
n
o
p
q
% (compared to total covered
assets in the denominator)
31 December 2024
Climate Change Mitigation
(CCM)
Climate Change Adaptation
(CCA)
Water and marine
resources (WTR)
Circular economy
(CE)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Of which Use of
Proceeds
Of which
transitional
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances,
debt securities and equity instruments
not HfT eligible for GAR
calculation
65.1
9.2
4.9
0.2
1.4
0.2
0.0
-
0.0
-
-
-
-
0.0
-
-
-
2
Financial corporations
28.7
4.5
-
0.2
0.7
0.3
0.0
-
0.0
-
-
-
-
0.0
-
-
-
3
Credit institutions
25.6
3.6
-
0.2
0.6
0.4
0.0
-
0.0
-
-
-
-
-
-
-
-
4
Loans and advances
19.9
3.9
-
0.1
0.1
0.1
0.0
-
0.0
-
-
-
-
-
-
-
-
5
Debt securities, including
UoP
27.4
3.4
-
0.3
0.8
0.4
0.0
-
0.0
-
-
-
-
-
-
-
-
6
Equity instruments
22.1
3.2
0.1
0.2
0.5
0.0
-
-
-
-
-
-
-
7
Other financial corporations
64.3
15.1
-
0.2
1.7
0.0
0.0
-
-
-
-
-
-
0.0
-
-
-
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
37.3
0.3
-
0.0
0.0
0.8
0.8
-
-
-
-
-
-
-
-
-
-
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
37.3
0.3
-
0.0
0.0
0.8
0.8
-
-
-
-
-
-
-
-
-
-
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
60.9
39.6
22.5
0.7
5.9
0.8
0.1
-
0.0
-
-
-
-
0.1
-
-
-
21
Loans and advances
60.8
41.2
25.5
0.3
5.3
0.7
0.1
-
0.0
-
-
-
-
0.1
-
-
-
22
Debt securities, including
UoP
62.1
27.9
-
3.8
10.5
1.2
0.0
-
0.0
0.0
-
-
-
0.4
-
-
-
23
Equity instruments
37.4
26.2
0.1
2.1
3.5
-
-
-
-
-
0.0
-
-
24
Households
75.1
0.1
0.1
-
-
-
-
-
-
-
-
-
-
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
-
-
-
-
-
-
-
-
26
of which building renovation
loans
100.0
-
-
-
-
-
-
-
-
-
-
-
-
27
of which motor vehicle
loans
100.0
0.8
0.8
-
-
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
74.6
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
32
Total GAR assets
26.5
3.6
1.9
0.1
0.5
0.1
0.0
-
0.0
-
-
-
-
0.0
-
-
-
EUROBANK S.A.
REPORT OF THE DIRECTORS / SUSTAINABILITY
STATEMENT
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€ = Euro
m = million
bn = billion
3. GAR KPI Stock - Capex
r
s
t
u
v
w
x
z
aa
ab
ac
ad
ae
af
% (compared to total covered
assets in the denominator)
31 December 2024
Pollution
(PPC)
Biodiversity and Ecosystems
(BIO)
TOTAL (CCM + CCA
+ WTR + CE + PPC + BIO)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy
-eligible)
Proportion of total covered
assets funding taxonomy relevant
sectors (Taxonomy-
eligible)
Proportion of total
assets covered
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy
relevant sectors (Taxonomy
-aligned)
Proportion of total covered
assets funding taxonomy relevant
sectors
(Taxonomy-aligned)
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which enabling
Of which Use of
Proceeds
Of which
transitional
Of which enabling
GAR - Covered assets in
both numerator and denominator
1
Loans and advances, debt securities
and equity instruments
not
HfT eligible for GAR calculation
0.1
-
-
-
0.1
-
-
-
65.6
9.2
4.9
0.2
1.4
39.6
2
Financial corporations
-
-
-
-
-
-
-
-
29.3
4.5
-
0.2
0.7
6.0
3
Credit institutions
-
-
-
-
-
-
-
-
26.2
3.6
-
0.2
0.6
5.5
4
Loans and advances
-
-
-
-
-
-
-
-
20.3
4.0
-
0.1
0.1
1.3
5
Debt securities, including
UoP
-
-
-
-
-
-
-
-
28.1
3.4
-
0.3
0.8
4.2
6
Equity instruments
-
-
-
-
-
-
22.8
3.2
0.1
0.2
0.0
7
Other financial corporations
-
-
-
-
-
-
-
-
64.3
15.1
-
0.1
1.4
0.5
8
of which investment firms
-
-
-
-
-
-
-
-
-
-
-
-
-
-
9
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
10
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
11
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
12
of which
management companies
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
14
Debt securities, including
UoP
-
-
-
-
-
-
-
-
-
-
-
-
-
-
15
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
16
of which insurance undertakings
-
-
-
-
-
-
-
-
38.1
1.1
-
0.0
0.0
0.0
17
Loans and advances
-
-
-
-
-
-
-
-
-
-
-
-
-
-
18
Debt securities, including
UoP
-
-
-
-
-
-
-
-
38.1
1.1
-
0.0
0.0
0.0
19
Equity instruments
-
-
-
-
-
-
-
-
-
-
-
20
Non-financial corporations
0.3
-
-
-
0.7
-
-
-
62.7
39.7
22.5
0.7
5.9
8.4
21
Loans and advances
0.2
-
-
-
0.7
-
-
-
62.5
41.3
25.5
0.3
5.4
7.4
22
Debt securities, including
UoP
0.6
-
-
-
0.0
-
-
-
64.4
27.9
-
3.8
10.6
1.0
23
Equity instruments
-
-
-
-
-
-
40.9
26.2
0.1
2.1
0.0
24
Households
75.1
0.1
0.1
-
-
25.2
25
of which loans collateralised
by residential immovable
property
100.0
0.2
0.2
-
-
16.9
26
of which building renovation
loans
100.0
-
-
-
-
2.9
27
of which motor vehicle
loans
100.0
0.8
0.8
-
-
0.8
28
Local governments financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
29
Housing financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
30
Other local government
financing
-
-
-
-
-
-
-
-
-
-
-
-
-
-
31
Collateral
obtained
by taking possession:
residential
and
commercial immovable properties
-
-
-
-
-
-
-
-
74.6
-
-
-
-
1.0
32
Total GAR assets
0.0
-
-
-
0.1
-
-
-
26.7
3.7
1.9
0.1
0.5
100.0
EUROBANK S.A.
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Additional information related
to sustainability
In 2025, Eurobank
continued to
strengthen the management
of its procurement
and corporate
responsibility activities, ensuring
alignment
with
the
Group’s
strategic
objectives
and
operational priorities.
The
reporting
period
was
marked
by
significant
enhancements
in
procurement
governance,
further
development
of
digital
tools,
and
a
deeper
integration
of
sustainability
considerations
across
procurement
processes.
At
the
same
time,
Eurobank
advanced
a
series
of
social,
educational,
and
community-focused initiatives, demonstrating its commitment to supporting broader
societal needs. The sections that follow outline
the progress achieved across the procurement practices and the Corporate Social Responsibility
initiatives.
1.
Supplier Relations and Sustainable Procurement
1.1.
Group Procurement
In 2025,
Eurobank further enhanced
its centralized
procurement operating
model to ensure
consistent governance, transparent
processes,
and
operational
efficiency
across
the
Group.
Procurement
activities
were
executed
through
the
Group’s
digital
e-Procurement platform, which integrates the full
lifecycle of procurement—ranging from request initiation
to contract completion—
within a standardized and
controlled framework. The platform’s
predefined approval workflows
ensured adequate segregation of
duties, supported robust internal controls, and facilitated end-to-end traceability
of procurement decisions.
Throughout 2025, Eurobank implemented upgrades to the e-Procurement platform, including advanced
monitoring dashboards and
enhanced analytics functionalities, improving visibility,
traceability, and performance oversight
across procurement categories.
All
contractual engagements continued to incorporate GDPR aligned provisions, data protection safeguards, and risk
mitigation clauses,
developed
in
cooperation
with
the
Legal
Division
and
the
Data
Protection
Officer,
ensuring
full
alignment
with
regulatory
requirements.
Eurobank maintained
its
annual supplier
evaluation process,
utilizing a
dedicated assessment
platform
to support
structured,
qualitative, and quantitative evaluations. Suppliers were assessed using a weighted scoring methodology incorporating criteria such
as quality of cooperation, responsiveness, service performance, and reputation. This methodology remained a
core element of the
Group’s
supplier-related risk
-management framework,
ensuring that
partners adhered
to the
Group’s
operational, ethical,
and
governance standards
2025 Highlights and Achievements
Eurobank
advanced
the
implementation
of
its
sustainable
procurement
framework
by
operationalizing
the
ISO
20400:2017
Sustainable Procurement Standard across procurement
categories. The framework supported
the integration of sustainability criteria
into procurement activities,
reinforced supplier governance, and strengthened
screening processes in alignment
with the Group’s
sustainability commitments.
The Supplier Code of Conduct and Ethics was applied across all supplier engagements, outlining requirements related
to regulatory
compliance, ethical business conduct,
human rights and labour
rights, health and safety, environmental stewardship, and anti-bribery
and corruption. The Code
includes strict provisions against any
form of human rights violations,
child labour, forced or bonded labour,
discrimination, and environmental degradation. Eurobank adopts a zero-tolerance approach to such practices, fully aligned with the
UN Guiding Principles on Business and Human
Rights and ILO core conventions. The Supplier Code of Conduct and Ethics is applied
across all supplier engagements
and is complemented by the Group’s
publicly available Statement
on Human Rights.
Through this
framework, suppliers are required to respect internationally recognised
human rights and labour rights.
Suppliers were required to digitally acknowledge both the Code and
the Anti-Bribery and Anti-Corruption Policy, ensuring consistent
adherence throughout the supply chain.
During 2025, the supplier evaluation
methodology was further enhanced
through the incorporation of ESG-related criteria and digital
scoring capabilities. The Group
leveraged digital
tools such as SurveyMonkey and
Power BI to
collect supplier ESG
data, enabling
real-time analytics, ESG
trend monitoring, benchmarking, and early identification of emerging risks.
Targeted
ESG self
-assessment questionnaires
were extended
to additional
critical suppliers,
covering climate
-related practices,
circular economy performance, diversity
and inclusion, and
anti-corruption controls. Contractual clauses
governing human rights,
labour practices,
anti-corruption, and
health and
safety continued
to be
embedded into
all supplier
agreements. Suppliers
are
required to comply with
applicable laws and ILO standards in accordance
with local legislation.
Due diligence processes for
onboarding
new suppliers ensured alignment with
the Group’s operational, ethical, and regulatory requirements.
Eurobank initiated the development of Supplier Awareness
Sessions to strengthen the sustainability
knowledge base of its partner
ecosystem. In parallel, the Group
designed an internal e-learning program on
sustainable procurement principles, including
ISO 20400
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requirements and procurement policy obligations. These
initiatives supported standardized capacity
building, reinforced compliance,
and strengthened the integration of ESG
considerations across procurement processes.
The transition to
a digital learning
format enhanced accessibility,
enabled the maintenance of traceable training
records for
audit
purposes, and further embedded ESG principles into the Group’s procurement culture.
Group Procurement KPIs
In 2025, the Group recorded the following performance:
●
87,5% of tenders evaluated by the
Non-IT Procurement Unit already include sustainability criteria, while the
IT Procurement
Unit accounts for 94%. Overall, the incorporation of sustainability
criteria in RFPs
amounts to 90%.
In 2025 the Bank handled:
●
1182 requests for IT supplies amounting
to 308€ million total Spend
while the 2025 Negotiation Savings amounts
to
47,7€
million.
●
377 requests for goods and services amounting to 88,73€ million,
while the 2025 negotiation savings amounts to 10,27€
million.
●
711 successfully completed contracts with suppliers, of which 460 were contract renewals,
243 were new contracts and 8
were Non-Disclosure Agreements.
Supplier Cooperation
Eurobank continued
to prioritize
long-term, transparent,
and collaborative
supplier relationships.
The centralized
procurement
governance framework was applied across all domestic and international
operations to ensure
consistency and alignment with Group
objectives.
All major procurement categories—including IT services, consulting,
construction services, and
non-IT products—were subject to the
Group’s annual
supplier evaluation process.
This process generated
insights on supplier performance,
operational resilience,
and
dependency risks.
Feedback
from
business
units
was
incorporated
into
a
multi-layered
evaluation model,
while
the
Group
Procurement Committee periodically reviewed supplier relationships
to ensure compliance with procurement policy requirements,
risk-management practices,
and cost-containment targets.
Supplier onboarding remained subject
to strict transparency criteria and
mandatory documentation requirements, including
financial
statements, legal documentation, ownership disclosures, and registry verification.
Eurobank continued
to maintain a significant share
of procurement spending
with local suppliers in
Greece amounting to 78.8%,
thereby supporting domestic economic activity
and
reinforcing local value chains.
1.2.
Sustainable Procurement
Sustainability
remained
a
core
component
of
the
Group’s
procurement
strategy
during
2025.
Sustainability
criteria
were
systematically integrated
across all tendering procedures and RFPs,
covering both IT and non-IT categories. Procurement decisions
incorporated environmental, social,
and governance considerations
in accordance with
the Group’s
ESG Strategy
and supervisory
expectations.
Suppliers
were
required
to
disclose
sustainability-related
certifications,
provide
ESG
performance
data,
and
demonstrate
transparency regarding ESG policies, risk-control measures, and public sustainability statements. These data points were embedded
into the technical evaluation scoring mechanisms
and contributed to award decisions.
During 2025, Eurobank further advanced its sustainability objectives
by applying issue-specific sustainability considerations for
select
procurement categories and by conducting lifecycle management analyses. Sustainable procurement practices were integrated into
the broader ESG risk-management framework, supporting alignment with the SREP,
the Group’s Risk Appetite Framework,
and the
requirements of the Corporate Sustainability Reporting Directive (CSRD).
In 2025, Eurobank implemented strengthened tools,
governance structures, and ESG-focused initiatives that improved
transparency,
accountability, and long-term value
creation across its supply chain. By
operationalizing ISO 20400 across procurement processes,
Eurobank reinforced its
position as a leading
institution in responsible supply-chain
management in Greece,
establishing a robust
foundation for continued innovation, ethical sourcing, and sustainable growth.
EUROBANK S.A.
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26
2.
Corporate Social Responsibility
2.1.
Addressing the Demographic Challenge
Eurobank continued
the implementation
of
its
strategic
initiative addressing
Greece’s
demographic challenge,
recognizing its
significant social and economic implications. The initiative supports young families and aims to elevate demographic considerations
in the public policy dialogue.
In 2025, Eurobank
intensified its support in
remote eastern regions of Greece, including
Evros, the North
Aegean, and the Dodecanese,
where local populations
face multiple challenges
and have
limited access to
infrastructure and services.
Through Moving Family
Forward and partner NGOs,
69 births have been supported since the beginning of the initiative
through free assisted reproduction
services, essential supplies have been provided to new parents, and psychoeducational
seminars have been delivered to educators
and parents.
Eurobank also announced a new action targeting citizens from Evros aimed at starting or expanding newly established businesses in
the area. To this end, the Bank collaborated with AFI Microfinance to provide financial support to individuals from Evros who do not
have access to bank
lending, while also offering education and
consulting services for business planning
as a prerequisite for financing.
By the end
of 2025, 64
individuals and/or newly
established companies had
received funding, leading
to successful
cases across
diverse sectors, ranging from
medical services and engineering to farming,
commerce, and the circular economy.
During 2025, a Social
Return on Investment
(SROI) analysis
of the initiative was
conducted jointly with Deloitte, highlighting its
significant impact.
The analysis demonstrated that
for every
€1 invested
by the Bank,
value equivalent to
€5.11 is generated
for
society.
2.2.
Education
By 2025, Eurobank,
together with the
other three systemic
banks and
under the coordination
of the
Hellenic Bank Association,
participated in the “Marietta Giannakou” program for the renovation and accessibility upgrade of 430 school
buildings, with a total
budget of €100 million, thereby improving the daily life
and learning experience of thousands of students across Greece.
The Moving Education Forward initiative—one of Greece’s longest-standing CSR programs—also completed its 23rd year.
Eurobank
recognized 939 outstanding students in the national examinations, raising the cumulative total of honorees to 24,494. Awards were
presented during dedicated ceremonies in Athens, Thessaloniki, Heraklion, Ioannina, Larissa,
Patras, Tripoli, Veria,
and Xanthi.
Eurobank also funded
the full-time
MSc in Digital Transformation
at the
Athens University of
Economics and Business
for Group
employees and other graduates selected on the basis of academic excellence. Beneficiaries received very low tuition fees, while job
placement
was
guaranteed
for
the
top
10
performers.
Additional
initiatives
included
professional
support
through
mprostagiatinpaideia.gr, a platform connecting university students with the
job market through
job placements, internships, training,
and mentoring.
The Bank collaborated with the Bodossaki Foundation
to fund the establishment of 6 STEM laboratories in public
schools in the Evros
Prefecture, Lesvos, and Ikaria, offering students in small
schools in remote areas the opportunity to engage in hands-on learning in
physics,
chemistry,
and
biology.
It
also
continued
its
major
sponsorship
of
CTY
Greece,
along
with
its
participation
in
the
extracurricular program
of Anatolia
College for
young students
from
Pomak villages,
who, under
the guidance
of experienced
educators, learn English through a wide range
of educational and creative workshops.
Finally,
through the
Hellenic Bank
Association, Eurobank
participated in
the landmark
restoration
of the
Zografeion
Lyceum in
Istanbul—one of the most historic schools
of the Greek diaspora,
founded in 1893—which had been
facing issues related to structural
deterioration and seismic safety.
2.3.
Social Resilience
From an extensive set of
initiatives supporting the State and
civil society, particular emphasis in 2025 was placed on
sponsorships and
donations in the fields of health and accessibility.
More specifically, the Bank provided financial support to
Laiko Hospital for the staffing of the liver transplant clinic,
whose innovative
operation benefits a significant
number of patients each year. It also
financed the purchase of modern gastroscopy equipment
for
Konstantopouleio Hospital, as well
as the renovation of the Diabetology Clinic at the Salamis
Naval Base.
26
The calculation of SROI for the Initiative ‘Putting Family Forward’ is based on verified operational data and a set of working assumptions.
EUROBANK S.A.
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ADDITIONAL INFORMATION
RELATED TO SUSTAINABILITY
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With regard to accessibility, Eurobank funded the development of a
dedicated feature within the mobile application of the NGO Safe
Water Sports, which provides
nationwide mapping of beaches equipped
with access infrastructure for people
with physical disabilities
and limited mobility, including
the elderly.
2.4.
Culture
In 2025,
Eurobank played
a central
role in
the study
and implementation
of the ambitious
renovation plan
for the
historic Old
Parliament building, which houses the National Historical Museum of Greece. The
Bank continued to support the Benaki Museum
as
sponsor of its entire exhibition program,
sponsored the exhibition “Cycladic
Blues” by Marlene Dumas at the
Museum of Cycladic Art,
one of the most distinctive and radical figures in international contemporary art, and supported
the exhibition of Nikolas Kontaxis at
the Basil & Elise Goulandris Museum, an
acclaimed visual artist who
explores and embraces his neurodiversity
through creation, color,
and art.
Eurobank financed the Sacred Music Festival
of the Greek National Opera, a
series of interfaith and unifying performances
held in
both open-air and indoor
venues across Athens, as well as the
Syros Classical Music Festival, which brings together
outstanding artists
from the international music scene for
both local audiences and visitors to the island.
Finally, within the framework of Eurobank’s award-winning women’s
leadership empowerment program, Women in Banking, and in
collaboration with the Historical Archive responsible for
the Bank’s art collection, a selection of
female portraits was presented at the
Bank’s training
center. The
exhibition was
presented in
dialogue with texts
and reflections
by members
of Women
in Banking,
addressing the role and position of women in contemporary society.
For further information regarding Eurobank's CSR footprint, please
refer to its dedicated
Societal Impact Report 2025
.
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AUDIT COMMITTEE ACTIVITY REPORT FOR THE
YEAR 2025
Purpose
1.
In accordance with the Law 4449/2017 as amended, the Audit Committee
(AC) of Eurobank S.A. (Eurobank or Bank) should
submit an annual report to the Shareholders’ Annual General Meeting on the issues
dealt with by the AC during the previous
year, also including therein a
description of the sustainability policy followed by the entity.
2.
The current 2025 AC Activity Report of Eurobank which is also part of the 2025 Annual Financial Report,
refers to the AC
activity during 2025 and the issues addressed. In addition, it describes Eurobank’s sustainability
policy.
3.
In addition, taking into consideration that:
a)
in accordance with the Law 4449/2017 as amended,
the Audit Committee (AC) of Eurobank Ergasias
Services and
Holdings S.A. (Eurobank Holdings or HoldCo or Company) had also the responsibility to submit
an annual report to the
Shareholders’ Annual General Meeting on the issues dealt with by the HoldCo AC during the previous year, also including
therein the description of its sustainability policy,
b)
Eurobank Holdings was absorbed by Eurobank
on 12 December 2025, pursuant to the General Meeting approvals of the
shareholders of both entities, and the receipt of all necessary permits
and approvals from the competent authorities,
the current 2025 AC Activity Report of Eurobank also covers the respective matters of Eurobank Holdings until the date
of the
merger.
4.
No deviations from the AC’s Terms
of Reference (ToR)
have been identified.
AC Composition / Membership
5.
Following Mr.
Jawaid Mirza’s
resignation dated 18.06.2025 from the position of member of the Bank
and HoldCo BoD and
member of the Bank and HoldCo BoD Committees he served, effective
as of 27.06.2025 and the Bank and HoldCo Nomination
& Corporate Governance Committee’s relevant recommendation, the Bank and HoldCo BoD of 27.06.2025 decided the Bank
and HoldCo ACs to continue their operation with the remaining independent non-executive directors. In this context, the Bank
and HoldCo ACs decided on their constitution and on the appointment of their Chairman,
6.
Following the above, the AC consists exclusively of BoD members, four (4)
in total, all of which
are independent non-executive
Directors, according to the provisions of article 9 of L. 4706/2020. In particular,
AC consists of the following
members: 1.
Burkhard Eckes (Chairperson of the Audit Committee, independent non-executive BoD member), 2. Irene Rouvitha-Panou
(Audit Committee member,
independent non-executive BoD member), 3. Rajeev Kakar (Audit Committee
member,
independent non-executive BoD member) and
4. Alice Gregoriadi (Audit Committee
member, independent non-executive BoD
member).
7.
All AC members have sufficient
knowledge in the field of Bank activities
and the necessary skills and experience to carry out
their duties. Moreover, it is noted that the Chairman of the AC has adequate knowledge and solid experience in accounting and
auditing, while participated at the AC meetings
for the approval of the Bank and HoldCo financial statements.
8.
Information regarding current Bank AC composition and short biographical details
of its members may
be found at the Bank’s
website (www.eurobank.gr).
Bank and HoldCo AC Meetings Held During the Period & Attendance
9.
During 2025, the Bank Audit Committee held seventeen (17) meetings
(vs. fourteen (14) meetings
in 2024), while the HoldCo
Audit Committee held fourteen (14) meetings
(vs. fifteen (15) meetings,
in 2024).
10.
The average ratio of attendance at the meetings
by the Bank AC members stood at 100% (vs.
98% in 2024), while the average
ratio of attendance at the meetings
by the HoldCo AC members stood at 98% (vs. 97%
in 2024). The Bank and HoldCo AC
members provided proxies for all missed
AC meetings, they were eligible
to attend.
11.
The quarterly meetings were attended in person and the rest
were held via conference calls.
This practice was allowed
by the
Bank and HoldCo AC ToR and was
consistent across all Bank
and HoldCo BoD Committees.
12.
The submissions for the Bank and HoldCo AC meetings
have become available to all
Bank and HoldCo BoD Members through
the Diligent platform.
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13.
The Bank and HoldCo BoD Chair has regularly attended the Bank and HoldCo AC meetings as
a guest. All Bank and HoldCo AC
meetings were attended by the Internal Audit and Group Compliance.
14.
The External Auditor of 2024 and 2025 financial statements
(KPMG) has been invited and attended meetings as
required.
15.
The Bank and HoldCo AC Chair updated the Bank and HoldCo Board members, at the respective meetings
of the Bank and
HoldCo Board, on the material matters
covered during the Bank and HoldCo AC meetings.
16.
In 2025, the Bank and HoldCo AC members have been invited and participated in the Bank and HoldCo Board Risk
Committee
(BRC) meetings
and similarly the members
of the Bank and HoldCo BRC have been invited and participated in the Bank and
HoldCo Audit Committee meetings (joint Bank
and HoldCo Audit Committee and Board Risk Committee
meetings) for the
discussion / approval of items
that fall under the responsibility of both Committees.
17.
The AC Chair had regular private meetings with the Head of Group Internal
Audit, Head of Group Compliance and Group CFO as
well as the External
Auditors and with the chairs of the AC of subsidiaries.
18.
The AC Chair informed the AC on his annual meeting with
the JST.
Highlights of Issues of Importance during 2025
Internal Controls System and Risk Management
Eurobank
19.
The AC, in accordance with its Terms of Reference, reviews the adequacy of the Internal Control and Risk Management
systems
and the compliance with rules and regulations of the monitoring
process.
20.
During 2025, the Bank AC:
●
received recurring and non-recurring reports, covering matters of the System of
Internal Controls, Risk Management
and Compliance with rules and regulations and updates on legal
and regulatory issues.
●
acknowledged the annual Group Internal Audit (Group IA) Evaluation Report of the System
of Internal Controls of the
Bank, a requirement of the Bank of Greece Act 2577/9.3.2006 (in
force that time). The said report along with
the AC’s
own assessment of the
evaluation was further submitted to the BoD and subsequently to BoG in
June 2025.
●
ensured that the issues regarding weaknesses in internal controls and the progress on actions taken to address them,
were monitored by Group IA. In addition, the AC discussed with
Management several pending issues and ensured that
the time plans and deadlines were
followed up.
●
In 2025, the members of the AC have been invited and participated in the Board Risk Committee (BRC)
meetings and
similarly the members
of the BRC have been invited and participated in the Audit Committee
meetings (joint Audit
Committee and Board Risk Committee
meetings) for the discussion
/ approval of items that
fall under the
responsibility of both Committees. More specifically, at the BRC meetings the AC members
have participated, among
others various issues including risk related accounting policies,
risk related issues such as
the operational and non-
financial risks, Group Top ten
non-financial risks report, Semi-annual COO/CIO
report, Risk Culture policy, the
Information and Communication Technology risk (ICT risk) and security (incl. Cyber Security and Digital
Operational
Resilience Act (DORA)),
the climate-related and environmental
risks, the
Minimum Requirement for Own Funds
and
Eligible Liabilities
(MREL) plan, the Resolvability Progress
Report, the Outsourcing report the Environmental and Social
Governance (ESG)
and the
General Data Protection Regulation (GDPR)
have been discussed.
●
reviewed and further submitted to the BoD for approval the Related
Party Transactions Policy.
●
Reviewed the Corporate and Sustainability report
●
in accordance with the provisions of Law 2533/1997, was informed of the
substantial stock transactions performed by
the Bank’s Directors and General Managers
in listed securities and notified the Board.
●
received quarterly the Customer Complaints Report prepared by the Client Relations Office.
Eurobank Holdings
21.
The Eurobank Holdings AC, in accordance with its Terms
of Reference, reviewed the adequacy of the Internal Control and Risk
Management systems
and the compliance with rules and regulations of the monitoring
process.
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22.
From the beginning of 2025 until 12 December 2025, the HoldCo AC:
●
received update by IA and Compliance and other Bank Units as required, covering matters of
the System of Internal
Controls, Risk Management, Compliance with rules and regulations
and legal issues.
●
through the Group IA Activity Report, received updates on the significant weaknesses in
internal controls and the
progress of actions taken to address them,
discussed with Management several
pending issues (including External
Auditors’ Management Letter) and ensured that the time
plans and deadlines will be followed
up.
●
acknowledged the annual Internal Audit Evaluation Report of the System
of Internal Controls, a requirement of the
Bank of Greece Act 2577/9.3.2006 (in force that
time). The said report along with
the AC’s own assessment
of the
evaluation was further submitted to the BoD and subsequently to BoG in June 2025.
●
In 2025, the members of HoldCo AC have been invited and participated in the HoldCo Board Risk
Committee (BRC)
meetings and similarly
the members of the HoldCo BRC have been invited and participated in
the HoldCo Audit
Committee meetings (joint HoldCo Audit Committee
and Board Risk Committee meetings)
for the discussion /
approval of items that fall under the responsibility of both Committees. More
specifically, at the HoldCo BRC meetings
that the HoldCoAC members have participated, among others various issu
es including, the operational and non-
financial risks, the Information and Communication Technology
(ICT risk) and security risk Management Framework,
the climate-related and environmental
risks and outsourcing have been discussed.
●
Reviewed the Corporate and Sustainability report
●
reviewed and submitted to the HoldCo BoD for approval the revised Related
Party Transactions Policy.
●
in accordance with the provisions of Law 2533/1997, reviewed reports on substantial stock transactions performed by
the Company’s Directors and General Managers in listed
securities and notified the Board.
Internal Audit
Eurobank
23.
Group Internal Audit (Group IA) of Eurobank is an independent objective assurance and consulting function (third line of
defense) designed to add value and improve the operations of Eurobank and its subsidiaries.
In order to safeguard its
independence, the Group IA reports functionally to the Audit Committee and administratively (for example,
day-to-day
operations) to the CEO. It is adequately organized, has unrestricted access to any pertinent information and operates
efficiently
and effectively in compliance with the Standards
of the Institute of Internal Auditors.
24.
During 2025, the Bank AC:
●
approved the revised Group Internal Audit Mandate and Terms of
Reference.
●
received confirmation from the Chief Audit Executive (CAE) regarding
Group IA’s independence for 2024.
●
approved and submitted to the BoD for info, the Group IA Annual Plan for
2026 and the Group IA Mid Term Plan
(2026-2028).
●
monitored the progress of the Group IA Audit Plan through the
receipt of quarterly Group IA Activity and Performance
reports. In addition, through the Group IA Activity reports monitored
the progress of the foreign banking subsidiaries’
IA Audit Plans.
●
at the quarterly AC meetings, Group IA has submitted the Group IA Activity Reports and presented the key highlights.
Group IA submitted and presented also, on a quarterly basis to the AC,
the status and follow up of IA,
competent
authorities, external auditors’ and other third party findings as well
as information on Management Accepts Risk
(MAR) findings. Similarly,
Group IA presented special investigations
and reviews in the AC meetings
as required.
●
received information on the Special Audit Assignments,
covering the period from 1st January 2024 until 31st
December 2024, to ensure completeness and transparency.
●
regarding the Quality Assurance Issues, the AC discussed the
Quality Assurance activities for 2024, received update on
the review of Quality Assurance & Improvement Program
and approved the Quality Assurance Plan 2026.
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●
discussed the annual review of Internal Audit Activities
for 2024 including its overall performance, human resources
developments, Quality Assurance, training and Data Analytics
Center of Excellence (DAnCoE) initiatives in 2024.
●
received information on Group IA Budget 2025 - Submitted
vs. Allocated and discussed any changes and rationale
●
received update on the progress of Group IA budget consumption.
●
approved Group IA Strategy (2026-2028)
●
approved the Group IA Training Strategy
for 2025, Group IA Human Resources and Training
Strategy for 2026 and
Group IA Financial Budget for 2026.
●
received update on Group IA “Next-Gen Audit Lab" (NGAL)
(previous Data Analytics Center of Excellence (DAnCoE)
which has been renamed as part of the transition
to the new organizational structure). NGAL
presented, among
others, the Team’s
purpose, their achievements in 2024 and 2025, the key goals and actions for 2025 and 2026 and
the exploratory initiatives for new tools and functionalities.
●
received updates regarding Group IA’s
meetings with the SSM.
●
received regular updates, separately or through the Group IA Activity Report, on the integration of the Internal Audit
function of the Hellenic Bank.
●
Monitored, through the Group IA Activity Report, the Supervisory Review and Evaluation Process (SREP)
2024 Report
of Internal Audit, including action taken to address the 2024 decision on Internal Audit staffing
and noted that the
goals set, had been achieved in June 2025, as
planned.
●
with the assistance of
Group IA, continued and improved its initiatives to strengthen its monitoring of
the
effectiveness of the IA functions of
subsidiaries (in Greece and abroad).
●
carried out the assessment for 2024, of the Chief
Audit Executive.
Eurobank Holdings
25.
The Internal Audit (IA) function of HoldCo was independent (Internal Audit had a functional reporting line to
the AC and a
dotted reporting line for administrative matters
to the CEO), adequately organized, had unrestricted access
to any pertinent
information and operated efficiently and effectively
in compliance with the Standards of the Institute
of Internal Auditors.
26.
From the beginning of 2025 until 12 December 2025, the Eurobank Holdings AC:
●
received confirmation from the Chief Internal Auditor (CIA) regarding
IA’s independence for 2024.
●
discussed the performance of the IA Annual Plan for 2024.
●
monitored the progress of the IA Audit Plan for 2025 through the IA Activity Reports.
●
at the Quarterly AC meetings, discussed the key highlights
of the IA Activity Reports (including the follow-up of the
external auditors’ Management Letter points).
●
Discussed the progress of the actions for the resolution of IA findings.
●
Carried out the assessment of the Internal Auditor’s performance for
2024.
Compliance
Eurobank
27.
The Group Compliance of the Bank is a permanent and independent
function (second line of defense) (it reports functionally to
the Audit Committee and for administrative purposes to the CEO of the Bank), is
adequately organized, has unrestricted access
to any pertinent information and operates efficiently and effectively.
28.
During 2025, the Bank AC:
●
approved the revised Group Compliance Mandate.
●
approved the amended Group Compliance Organizational Structure and discussed the Group Compliance skillset
mapping.
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●
approved and further submitted to the BoD for information the Compliance Medium Term
Plan (2025-2027).
●
jointly with the BRC discussed and further submitted to the
BoD for discussion the Business Risk
Assessment Exercise
(AML, CFT, Sanctions)
and the Compliance Risk Assessment
for the Bank and international subsidiaries. In addition,
approved and further submitted to the BoD for information the Compliance Annual Plan for 2026.
●
at the Quarterly AC meetings, discussed the key highlights
of the Compliance and AML Activity Reports (CAARs),
submitted by Group Compliance.
●
reviewed and depending on the case, approved or approved and further submitted to the BoD for approval /
information the revision of a) the Compliance Policy,
b) the Policy governing marketing communications of MiFID
II
investment products-services c) the Inducements Policy, d) the new European Market Infrastructure Regulation
(EMIR) Policy, e)
the Policy on Safekeeping of Clients’ Financial
Instruments and Funds, f) the Appropriateness
Assessment Policy,
g) the Suitability Assessment
Policy, h) the Insider Dealing Guideline,
i) the Group Anti-trust
Compliance Policy, j) the Client/Investor Categorization Policy, k) the Conflict of Interest Policy,
l) the Anti-Bribery and
Corruption Policy, m) the Order Execution Policy, n) the Policy for the Prevention and Detection of Market Abuse, o)
the Policy for Reporting Illegal
or Unethical Conduct or Violations of European Union Law, p) the AML/CFT
and
Sanctions Policy, q) the Code of Conduct and Ethics, r) the Policy for governance of MiFID II financial products
(MiFID II
Product Governance).
●
In joint session with the BRC and the Board Digital Transformation Committee (BDTCo), approved the Policy regarding
the Responsible AI Framework. The
objective of this Policy is to set the principles for
the implementation of a
Responsible AI Framework in the Bank and its Subsidiaries and define the roles
and responsibilities for AI Governance.
●
in accordance with the relevant legal
and regulatory requirements and in the context of the Bank’s Policy for
Reporting Illegal or Unethical
Conduct or Violations of European Union Law, approved and further submitted to the
BoD for approval the renewal of terms of the Report Receiving & Monitoring Officer (RRMO) and the assistant RRMO.
●
in line with the BoG requirements,
approved the Annual Group Compliance Report on AML for 2024 as per BoG
Decision 281/2009 and acknowledged the Annual Group Compliance Report as per BoG Act 2577/9.3.2006 (in force
that time), including MiFID report, submitted by Group Compliance.
The said reports were further submitted to the
BoD and subsequently to the BoG in March and June 2025
respectively, whereas their AC's assessment was submitted
to the BoD and subsequently to the BoG in June 2025.
●
discussed and submitted to the BoD for information the External
Auditors' evaluation on safeguarding of
client's
assets per BoG Executive Act
147/2018.
●
acknowledged and submitted to the BoD for information the External Auditors’ evaluation of
adherence to Dormant
Accounts per Law 4151/2013.
●
carried out the assessment for 2024, of the Group Chief
Compliance Officer / Money Laundering Reporting Officer
(MLRO).
●
in the presence of NomCo members for consultation, proposed to the BoD for approval the appointment of a new
Money Laundering Reporting Officer (MLRO),
with effective date
February 1st, 2025, pursuant to the provisions of
article 38 of L. 4557/2018 and the Decision 281/17.3.2009 of the Banking and Credit Matters
Committee of Bank of
Greece. Until the effective
date of the appointment, the Group Chief Compliance Officer continued to hold the
position of MLRO in parallel.
●
discussed and further submitted to the BoD for discussion the Ethics Hotline
Reports received during 2024 and
discussed the Eurobank Ethics Committees’ Annual Report for 2024 which covers cases
in Greece and international
subsidiaries.
●
discussed and further submitted to the BoD for discussion the Anti-
Bribery and Corruption Annual Report.
●
discussed the legal and regulatory framework
for EU’s Anti-Money Laundering Authority (AMLA) along with the
progress of the respective implementation timeline
and projects for Eurobank and its banking subsidiaries.
●
requested the presentation of deep dives in several Compliance topics and in this
context received updates (as
separate deliverable and in addition to the quarterly Group Compliance and AML Activity Reports) on various areas,
i.e. the results of the Compliance Risk
Assessment in the theme of
Market Conduct (MiFID and related) as well
as a
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detailed walkthrough of the quarterly reporting pack, compliance matters relating
to Eurobank Bulgaria, Eurobank
Cyprus and Hellenic Bank, the Financial Crime area, the results of the Business Risk
Assessment exercises
(AML, CFT,
Sanctions) and
selected incoming regulations, taking
into account their potential impact on the Bank.
●
jointly with the BRC, discussed the regulatory fines
imposed to the Bank for the period 2019-2023.
●
received update on the Group Compliance matters and the meetings of
Group Compliance with SSM and other
regulatory authorities.
●
received regular updates, separately or through the CAARs, on BoG’s
On-Site Inspection (OSI)
on AML issues.
●
received regular updates, separately or through the CAARs, on the integration of the Compliance
function of the
Hellenic Bank and after the merger
of Eurobank Ltd.
●
Received update on the management review of
the Compliance Management System
(in the context of ISO 37301)
and noted that it fulfils the requirements of
ISO 37301 standard.
●
In the context of Group Compliance’s strengthened oversight of international subsidiaries,
discussed various
compliance issues of subsidiaries.
Eurobank Holdings
29.
The Compliance of HoldCo was a permanent and independent function (the Head of Compliance reported functionally to the
AC and for administrative purposes to the CEO of Holdings)
adequately organized, had unrestricted access to any pertinent
information and operated efficiently and effectively.
30.
From the beginning of 2025 until 12 December 2025, the Eurobank Holdings AC:
●
reviewed and approved the Compliance Mandate.
●
at the Quarterly AC meetings, discussed the key highlights
of the Compliance Activity Reports, including the progress
of the 2025 Compliance Annual Plan.
●
discussed and further submitted to the BoD for discussion the Ethics Hotline
Reports received during 2024.
●
discussed and further submitted to the BoD for discussion the Anti-
Bribery and Corruption Annual Report
●
reviewed and depending on the case, ratified, approved or approved and further submitted to the BoD for approval /
information the revision of a) the Compliance Policy,
b) the Insider Dealing Guideline, c) the Group Anti-trust
Compliance Policy, d) Policy for the Prevention and Detection of Market Abuse, e) Policy for Reporting
Illegal or
Unethical Conduct or Violations of European Union Law, f)
Conflict of Interest Policy, g)
Anti-Bribery and Corruption
Policy.
●
In joint session with the BRC,
approved the Policy regarding the Responsible AI Framework. The
objective of this
Policy is to set the principles for the implementation
of a Responsible AI Framework
in the Bank and its Subsidiaries
and define the roles and responsibilities for
AI Governance.
●
In accordance with the relevant legal and regulatory requirements
and in the context of the Policy for Reporting
Illegal or Unethical Conduct or Violations of European Union Law,
approved and further submitted to the BoD for
approval the renewal of terms of
the Report Receiving & Monitoring Officer (RRMO)
and the assistant RRMO.
●
In line with the BoG requirements, received the Annual Group Compliance Report as
per BoG Act 2577/9.3.2006 (in
force that time), including MiFID
report for acknowledgement.
The said report along with the AC’s assessment
was
further submitted to the BoD and subsequently to the BoG in June 2025.
●
Carried out the assessment of the performance of the Head
of Compliance for 2024.
Financial reporting
Eurobank
31.
The Bank AC, in accordance with its Terms
of Reference, monitors the financial
reporting and sustainability reporting process
and submits recommendations and proposals to ensure its integrity.
In addition, it supervises and assesses whether
the
internal controls related to financial
reporting are adequate and effective and that these controls are
adjusted to reflect any
major changes in the risk profile of the Bank.
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32.
During the Bank AC meetings in 2025:
●
the AC reviewed and proposed to the BoD for approval the Annual Financial Reports for 2024 (including standalone
and consolidated financial statements).
In addition, the AC discussed various matters of the External
Auditors and
reviewed and proposed to the BoD for approval the Consolidated Pillar III report, and
●
the AC discussed, mainly through the presentation of the financial statements
by Group Finance, various issues such
as accounting policies, complex transactions, critical accounting
estimates and significant one off items
impacting the
financial statements,
major variations between periods, important disclosures and significant
tax issues.
●
Jointly with BRC, reviewed and cleared for submission to the BoD updates and/or new accounting policies introduced
within the year.
●
The AC discussed various issues regarding
the Corporate Sustainability Reporting Directive (CSRD), including
the
Sustainability reporting process and the Group Internal Audit Report on CSRD, and received update on the status
of
CSRD outlining key milestones
and highlights of the 2025 Sustainability
Statement.
●
With the assistance of Group Finance, the AC maintained oversight of the merger of
Eurobank with Eurobank Holdings
(Project Square) and received regular updates on the project’s progress. In this
context, the AC reviewed the final
prospectus for the submission to Hellenic Capital
Markets Committee (HCMC) and subsequently each of the BoD
members signed the endorsement letter,
which was signed following
the AC’s clearance of the final
prospectus.
Eurobank Holdings
33.
The HoldCo AC, in accordance with its Terms
of Reference, monitored the financial
reporting and sustainability reporting
process and submitted recommendations and proposals to ensure
its integrity. In addition, it supervised and assessed whether
the internal controls related to financial
reporting were adequate and effective and whether these controls were
adjusted to
reflect any major changes in the risk
profile of Holdings.
34.
During the HoldCo AC meetings,
from the beginning of 2025 until 12 December 2025:
●
the AC, among others, reviewed and approved the quarterly results, semi-annual and annual Accounts and Financial
Statements, Annual General
Meeting (AGM) matters
and matters of the External auditors. In addition, the AC
reviewed and proposed to the BoD for approval the Consolidated Pillar III report.
●
Group Finance made presentations on issues such as
accounting policies, critical accounting estimates,
significant
one-off items impacting
the Financial Statements,
major variations between periods, important disclosures,
significant issues
with tax authorities, as
well as Group Control issues.
●
Group Legal Services presented the Outstanding Significant
Litigations and Provisions.
●
Jointly with BRC, the AC reviewed and cleared
for submission to the BoD updates and/or new accounting policies
introduced within the year.
●
The AC discussed various issues regarding
the Corporate Sustainability Reporting Directive (CSRD), including
the
Sustainability reporting process, the Sustainability
IT Platform and the Group Internal Audit Report on CSRD, and
received update on the status of CSRD outlining key milestones
and highlights of the 2025 Sustainability
Statement.
●
IA performed a high level review of
material submitted to the AC for
the clearance of the financial results
and
reported significant items to
the AC Chairman for his attention.
●
with regards to the monitoring of the Actual
vs Budget Report, the AC received quarterly updates by Group Finance
which were subsequently submitted to the BoD for discussion.
●
The AC discussed Group Finance’s planned steps to improve its reporting process (increased international subsidiaries
oversight) as requested by the SSM.
External Auditors
Eurobank
35.
The AC, in accordance with its Terms
of Reference, is
responsible for the performance and independence of the External
Auditors, KPMG. In addition, the AC reviews the scope of audit work and audit approach and assesses
the process for
identifying and responding to key audit and internal control risks.
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36.
During the AC meetings in 2025:
●
KPMG presented and discussed with the AC members a
summary of audit work done, major findings, including a
summary of unadjusted differences, and other issues
of importance.
●
KPMG presented its 2025 Audit Plan to the AC. The AC has also,
in line with its ToR,
reviewed the Engagement letter
for the 2025 Statutory Audit of the Bank.
●
the AC has reviewed the 2024 KPMG Management Letter (ML)
and has discussed the issues raised,
with KPMG and
Management.
●
the AC has discussed with Management
the annual assessment of the External
Auditors for the 2024 audit. In
addition, the AC has proposed to the BoD for approval and subsequent recommendation to the Annual General
Meeting of shareholders for approval the re-appointment of KPMG as
statutory auditors of the standalone and
consolidated financial statements
of Eurobank for the year 2025.
●
the AC approved the External Auditors’ Bank Group Audit and Assurance Fees for 2025.
●
the AC has received the External Auditors’ Independence written confirmation, while it monitored the independence
of the External Auditors through the Auditors independence monitoring tool submitted quarterly by Group Finance,
depicting the value of non-audit services provided as compared to the limits
set by the revised Group External
Auditor’s Independence Policy, approved by the AC in 4Q 2025. In line with the Group External Auditor’s
Independence Policy, the AC in 2025 reviewed and approved all non-audit
services. Among the non-audit services
reviewed and approved, the following services, exceeding €50k, were included: a)
the engagement of KPMG for
Agreed upon Procedures re Comfort Letter to ERB Bulgaria
for Covered Bond Issuance and b) the provision of
Advisory Services to Eurobank Limited (Cyprus) re eLearning Platform Services and c) engagement
of KPMG for audit
assurance related work on the Credit Risk and ESG Disclosures
of the Consolidated Pillar 3 Report for the year ending
31.12.2025.
●
the AC received updates from Group Finance about the timeline, the process followed
for the External Auditor’s
tendering process for the Group statutory audit of 2027 due to mandatory firm rotation. Following
the completion of
the tendering process the AC made a recommendation to the BoD for the selection
of the new Group External
Auditors for 2027.
●
the AC discussed with the external auditor accounting issues relevant
to the integration with Hellenic
Bank (step up
acquisition accounting).
●
the AC requested and discussed the provision of limited assurance review
by the external auditors for the CSRD
reporting.
●
The AC reviewed and approved the updated Policy on External Auditors’ Independence.
●
the AC reviewed the External Auditor’s Report and the Additional Report
to the AC, as well as the Report on Key Audit
Issues and met with the External
Auditors (with and without Management’s
presence) to discuss issues relevant
to
the audit, in addition to any significant issues
related to the External Auditors’ audit plan.
Eurobank Holdings
37.
The HoldCo AC, in accordance with its Terms
of Reference, was
responsible for the selection, performance and independence
of the External Auditors, KPMG. In addition, the AC reviewed the scope of audit work and audit approach and assessed the
process for identifying and responding to key audit and internal control risks.
38.
During the HoldCo AC meetings from the beginning of 2025 until 12 December 2025:
●
KPMG presented its 2025 Audit Plan to the AC. The AC has also,
in line with its ToR,
reviewed the Engagement letter
for the 2025 Statutory Audit of the Company.
●
KPMG presented and discussed with the AC members a
summary of audit work done, major findings, including a
summary of unadjusted differences, and other issues
of importance. The AC has received the 2024 KPMG
Management Letter (ML) and has
discussed the issues raised with
KPMG and Management.
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●
The annual assessment of
the External Auditors for the 2024 audit was discussed
by the AC members and
Management. At the same
AC meeting, the AC decided to propose to the BoD for approval and subsequent
recommendation to the Annual General Meeting of shareholders
for approval, the reappointment of KPMG as
statutory auditors for the separate and consolidated Financial Statements of Eurobank Holdings for
the financial year
of 2025. The AC has discussed and approved the Global Group Audit and assurance Fees
of 2025.
●
The AC has received the External Auditors’ Independence written confirmation, while it monitored the independence
of the External Auditors through the Auditors independence monitoring tool submitted quarterly by Group Finance,
depicting the value of non-audit services provided as compared to the limits
set by the Group External Auditor’s
Independence Policy that was also updated during 2025.
●
In line with the Group External Auditor’s Independence Policy, the AC in 2025 reviewed and approved all non-audit
services including the audit assurance related work, ensuring that the independence
limits are complied
with. Among
the non-audit services reviewed and approved, the following services, exceeding €50k, were included: a) engagement
of KPMG for Agreed upon Procedures re Comfort Letter to ERB Bulgaria for Covered Bond Issuance, b) engagement of
KPMG for audit assurance related work re FFH
annual requirement for the reconciliation from IFRS
to U.S. GAAP of
Eurobank Holdings’ consolidated Total
Equity and Profit & Loss for the year ending 31.12.2024, c) provision of
Advisory Services to Eurobank Limited (Cyprus) re eLearning Platform Services and d) engagement
of KPMG for audit
assurance related work on the Credit Risk and ESG Disclosures
of the Consolidated Pillar 3 Report for the year ending
31.12.2025.
●
The AC reviewed the services (non-audit engagements)
assigned to the Big
Audit Firms in 2024 vs 2023-2021.
●
The AC was informed about a comparison between Eurobank Holdings Group and peers in Greece for Audit and Non-
Audit fees, according to the disclosure note included in the published consolidated Financial Statements
for the year
ending 31.12.2024.
●
The AC met with the External Auditors (with
and without Management’s presence) to discuss
issues related to the
audit, in addition to any significant issues
related to the External Auditors’ audit plan.
●
The AC reviewed the External Auditor’s Report, the Additional Report to the Audit Committee,
as well as
the Report
on Key Audit Issues.
●
The AC reviewed and approved the updated Policy on External Auditors’ Independence.
●
the AC worked with Group Finance to complete the External Auditor’s tendering process for the Group statutory audit
of 2027 due to mandatory firm rotation More specifically, the AC after clearing the time-plan and short-listed
eligible
audit firms, (i)
reviewed and approved proposals by the audit firms, as well
as their independence statements
considering also feedback received from the International Banking Subs
Groups ACs, (ii) held meetings
with each of
the short-listed audit firms with the presence of Senior Management and (iii) concluded on the proposed selection, in
accordance with the provisions of the Group’s External Auditors Tendering
Policy & Procedure. Further to the above,
the AC made a recommendation to the BoD for the selection of
the new Group External Auditors for 2027.
●
The AC discussed with the external auditor accounting issues
among others relevant to the integration with
Hellenic
Bank (step up acquisition accounting).
●
The AC requested and discussed the provision of limited assurance review
by the external auditors for the CSRD
reporting and the Agreed upon Procedures (AUP) report on Credit Risk Disclosures
of the Consolidated Pillar III Report
as of 31.12.2024.
Bank’s Oversight of Subsidiary ACs
39.
The AC has communicated effectively
during the year with the Audit Committees of the International Subsidiaries
and has
monitored their memberships, modus operandi and activities, while
the AC Chairman received the quarterly Financial Results
Review of International Subsidiaries.
40.
In addition, in accordance with the Group Governance Policy which, among others, sets out the general governance principles
for the group entities, the AC a) approved the appointment of the AC Chairperson for Eurobank Bulgaria and b) discussed with
the Chairpersons of Eurobank Bulgaria, Eurobank Luxembourg and the former Eurobank Cyprus
and former Hellenic Bank (now
merged into Eurobank Limited) the respective key Audit Committee issues
of each entity.
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41.
The Group AC chair has visited the international subs., attended as
a guest the local ACand met the local
management, heads
of IA and Compliance as well
as had one-on-one discussions with the local AC chairs.
The local AC chairs performed annual or
biannual
presentations at the Group AC level.
AC’s Performance Evaluation
42.
The AC’s performance is evaluated annually according to the provisions of Bank’s
Board and Board Committees Evaluation
Policy.
43.
The AC’s 2025 evaluation by BoD members that are
not members of the AC, confirmed the Committee’s
enhanced ability to
support the Board and to communicate its work clearly and effectively.
The improvements noted reflect strengthened
reporting, clearer articulation of key issues and robust oversight across financial reporting,
internal control and audit matters as
well as subsidiaries
monitoring.
44.
Similarly,
the AC’s 2025 evaluation by its members confirms
a very high level of effectiveness.
The results reflect a mature,
well-functioning Committee with
strong leadership, disciplined processes and comprehensive mandate coverage,
while also
pointing to limited areas where
further fine-tuning could enhance effectiveness.
45.
In this context, the AC members identified a
focused set of priority areas for further enhancement. These priorities largely
reflect the growing complexity of the Group, the expansion of international
activities, and the increasing regulatory,
technological
and supervisory demands placed on the Audit Committee.
Other AC Matters
46.
The Bank and HoldCo ACs have reviewed and proposed to the BoD for approval their respective Terms
of Reference.
47.
The Bank and HoldCo ACs have approved and notified the respective Boards for further submission to the Annual General
Meeting, their annual Activity Report for 2024.
48.
The Bank AC has discussed its annual Plan
for 2026.
49.
The HoldCo AC received updates from its Chairman on the matters
discussed during his annual meeting with
the SSM.
EUROBANK S.A.
AUDIT COMMITTEE ACTIVITY REPORT
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Sustainability Overview
50.
Eurobank supports the transition towards a sustainable
economy and considers sustainability and climate
change as an
opportunity. A key strategic objective is to adapt its business and operation in a way that addresses climate change challenges,
accommodates social needs within
its business model and safeguards
prudent governance for itself and its counterparties, in
accordance with supervisory initiatives, and following international standards/ best practice. Adopting a strategic approach for
the management of risks
and the identification of opportunities in relation to sustainability and climate
change, the Bank
follows, and accelerates where possible, a detailed roadmap prioritizing actions
for the effective management
of sustainability
and climate-related & environmental (CR&E) risks in alignment with the supervisory expectations included at the ECB Guide on
Climate-Related and Environmental Risks. The IA is informed on the Group’s Climate Risk Roadmap
agreed with the supervisor
and other developments around sustainability risk. The respective developments are considered in IA risk-based audit
approach. In 2025, IA issued two assurance assignments
one on sustainability disclosures (CSRD)
and one on the Group’s Net-
Zero Commitments as
part of the CR&E Risk Management
Framework.
51.
The AC for the year 2025, through the monthly joined meetings with the BRC, has
been informed (and contributed) by the
GSSO and/or the Senior Risk
Executive Officer and/or the Head of the Group Sustainability
Risk for a significant
number of
topics as stated below:
-
Monitoring of CSRD reporting project progress (3 sessions during 2025)
-
Semi-annual update by the responsible BoD member for climate
-related and environmental risks
-
Progress Update on EBA Guidelines
on the Management of ESG Risks
-
Omnibus Key Implications for the Bank
-
Climate & Environmental Risks
Dashboard
______________________
Burkhard Eckes
AC Chairman
Athens, March 2026
CONSOLIDATED
FINANCIAL STATEMENTS
FOR THE YEAR
ENDED
31 DECEMBER
2025
8 Othonos Str, Athens 105 57, Greece
eurobank.gr, Tel.: (+30) 210
333 7000
General Commercial Registry
No: 154558160000
.
.
Index to the Consolidated Financial Statements .....................................................................................Page
Consolidated Balance Sheet ........................................................................................................................354
Consolidated Income Statement .................................................................................................................355
Consolidated Statement of Comprehensive Income
...................................................................................356
Consolidated Statement of Changes in Equity.............................................................................................357
Consolidated Cash Flow Statement .............................................................................................................358
Notes to the Consolidated Financial Statements
1.
General information ...........................................................................................................................359
2.
Basis of preparation and material accounting policies
.......................................................................359
2.1
Basis of preparation............................................................................................................................359
2.2
Material accounting policies...............................................................................................................362
3.
Critical accounting estimates and judgments in applying accounting policies
...................................394
4.
Capital Management ..........................................................................................................................406
5.
Financial risk management and fair value ..........................................................................................409
5.2.1 Credit Risk ...........................................................................................................................................411
5.2.2 Market risk..........................................................................................................................................445
5.2.3 Liquidity risk........................................................................................................................................450
5.2.4 Sustainability risks ..............................................................................................................................453
5.3
Fair value of financial assets and liabilities
.........................................................................................455
6.
Net interest income ............................................................................................................................459
7.
Net banking fee and commission income...........................................................................................460
8.
Income from non banking services
.....................................................................................................462
9.
Net trading income and gains less losses from investment securities ...............................................463
10.
Other income/ (expenses) ..................................................................................................................464
11.
Operating expenses ............................................................................................................................465
12.
Other impairments, risk provisions and restructuring costs...............................................................466
13.
Income tax and special tax levy ..........................................................................................................466
13.1. Income tax ..........................................................................................................................................466
13.2. Special tax levy....................................................................................................................................470
14.
Earnings per share ..............................................................................................................................471
15.
Cash and balances with central banks
................................................................................................471
16.
Cash and cash equivalents and other information on cash flow statement.......................................472
17.
Due from credit institutions................................................................................................................472
18.
Securities held for trading ..................................................................................................................473
19.
Derivative financial instruments and hedge accounting.....................................................................473
20.
Loans and advances to customers
......................................................................................................478
21.
Impairment allowance for loans and advances to customers
............................................................482
.
.
22.
Investment securities..........................................................................................................................484
23.
Group composition .............................................................................................................................487
23.1.
Merger of Eurobank Ergasias Services and Holdings S.A. with Eurobank S.A.....................................487
23.2
Shares in subsidiaries..........................................................................................................................488
23.3
Corporate actions in relation to Hellenic Bank
...................................................................................492
23.4
Acquisition of CNP Cyprus Insurance Holdings Limited
......................................................................493
24.
Investments in associates and joint ventures.....................................................................................494
25.
Structured Entities ..............................................................................................................................497
26.
Property and equipment ....................................................................................................................500
27.
Investment property...........................................................................................................................501
28.
Intangible assets .................................................................................................................................503
29.
Other assets
........................................................................................................................................504
30.
Disposal groups classified as held for sale and discontinued operations
...........................................504
31.
Due to central banks and credit institutions.......................................................................................505
32.
Due to customers................................................................................................................................505
33.
Debt securities in issue .......................................................................................................................505
34.
Other liabilities ...................................................................................................................................507
35.
Insurance contracts and insurance risks
.............................................................................................508
35.1
Insurance contract (assets)/liabilities and reinsurance contract assets
.............................................508
35.2
Insurance risks ....................................................................................................................................513
36.
Standard legal staff retirement indemnity obligations (SLSRI) and termination benefits
..................515
37.
Share capital, share premium and treasury shares ............................................................................517
38.
Share options
......................................................................................................................................519
39.
Reserves and retained earnings..........................................................................................................520
40.
Additional Tier 1 capital instruments..................................................................................................521
41.
Transfers
of financial assets................................................................................................................522
42.
Leases .................................................................................................................................................523
43.
Contingent liabilities and other commitments
...................................................................................524
44.
Operating segment information .........................................................................................................525
45.
Post balance sheet events ..................................................................................................................531
46.
Related parties....................................................................................................................................531
47.
External Auditors ................................................................................................................................532
48.
Board of Directors...............................................................................................................................533
APPENDIX – Disclosures under Law 4261/2014...........................................................................................534
Consolidated Balance Sheet
.
354
|
Page
31 December 2025 Consolidated Financial Statements
31 December
2025
2024
Note
€ million
€ million
ASSETS
Cash and balances with
central
banks
15
15,628
16,131
Due from credit institutions
17
2,356
2,196
Securities
held for
trading
18
516
285
Derivative
financial instruments
19
780
838
Loans and advances
to customers
20
54,663
50,953
Investment
securities
22
24,884
22,184
Investments
in associates and
joint ventures
24
251
203
Property and equipment
26
1,067
975
Investment property
27
1,331
1,404
Intangible
assets
28
511
415
Deferred
tax assets
13.1
3,629
3,780
Other assets
29
2,032
1,695
Assets of disposal groups
classified as held
for sale
30
328
91
Total assets
107,976
101,150
LIABILITIES
Due to
central
banks
31
1,001
-
Due to credit institutions
31
2,850
2,800
Derivative
financial instruments
19
915
1,120
Due to customers
32
82,704
78,593
Debt securities
in issue
33
7,352
7,056
Insurance contract
liabilities
35.1
684
108
Other liabilities
34
1,847
2,574
Total liabilities
97,353
92,251
EQUITY
Share capital
37
799
809
Share premium
37
1,140
1,145
Reserves and
retained
earnings
39
7,594
6,945
Additional Tier
I capital
instruments
40
1,090
-
Total equity
10,623
8,899
Total equity
and liabilities
107,976
101,150
Note: Following the completion of the merger by
absorption of Eurobank Holdings by Eurobank S.A. in
December 2025, Eurobank S.A.
Group represents the continuation of the Eurobank Holdings Group. Accordingly, the comparative
information corresponds to that
of
the Eurobank Holdings Group.
Notes on pages
359
to
533
form an integral part of these
consolidated financial statements.
Consolidated Income Statement
.
355
|
Page
31 December 2025 Consolidated Financial Statements
Year ended
31 December
2025
2024
Restated
⁽¹⁾
Note
€ million
€ million
Interest income
4,850
5,096
Interest
expense
(2,301)
(2,589)
Net interest
income
6
2,549
2,507
Banking fee and
commission income
793
705
Banking fee and
commission expense
(162)
(144)
Net banking fee
and commission income
7
631
561
Income from
non banking services
8
139
105
Net trading
income/(loss)
9
(26)
94
Gains less losses from
investment
securities
9
70
13
Other income/(expenses)
10
67
61
Operating income
3,430
3,341
Operating expenses
11
(1,285)
(1,099)
Impairment
losses relating
to loans and
advances to customers
21
(379)
(303)
Other impairments,
risk provisions
and related
costs
12
(35)
(60)
Restructuring costs
12
(62)
(168)
Special tax levy on credit
institutions
13.2
(35)
(22)
Share of results
of associates and joint
ventures
24
47
161
Profit before tax from continuing
operations
1,681
1,850
Income tax
13.1
(310)
(339)
Net profit from continuing operations
1,371
1,511
Net loss from
discontinued
operations
30
(9)
(7)
Net profit
1,362
1,504
Net profit attributable to non
controlling interests
0
56
Net profit
attributable to
equity holders
οf the parent
company
1,362
1,448
€
€
Earnings per share
-Basic earnings per
share
14
0.37
0.40
-Diluted
earnings per
share
14
0.37
0.39
Earnings per share from
continuing operations
-Basic and diluted
earnings per
share
14
0.37
0.40
(1)
Following the completion of the merger by absorption
of Eurobank Holdings
by Eurobank S.A. in December
2025, Eurobank S.A.
Group represents
the continuation of the Eurobank Holdings
Group. Accordingly, the
comparative information
corresponds to that of
the Eurobank Holdings Group.
In
addition,
the special
tax levy on
credit institutions
is
presented separately,
whereas it was
previously included
within
Income
tax.
Notes on pages
359
to
533
form an integral part of these
consolidated financial statements.
Consolidated Statement
of Comprehensive Income
.
356
|
Page
31 December 2025 Consolidated Financial Statements
Year ended
31 December
2025
2024
€ million
€ million
Net profit
1,362
1,504
Other comprehensive
income:
Items that are or
may be reclassified
subsequently to
profit or
loss:
Cash flow hedges
- changes in
fair value,
net of tax
9
21
- transfer to
net profit,
net of tax
(11)
(1)
(22)
(1)
Debt securities
at FVOCI
- changes in
fair value,
net of tax
(note 22)
11
58
- transfer to
net profit,
net of tax
(note 22)
2
14
(36)
22
Foreign currency
translation
- foreign operations'
translation differences
(0)
0
- transfer to
net profit
on the
sale/liquidation
of
foreign subsidiaries
(note 23.2)
1
1
-
0
Associates and joint
ventures
- changes in
the share
of other comprehensive
income,
net of tax
(note 24)
1
1
(9)
(9)
14
12
Items that will
not be reclassified
to profit
or loss:
- Gains/(losses) from equity
securities
at
FVOCI, net of
tax
1
(8)
- Actuarial gains/(losses) on
post employment
benefit
obligations,
net of tax
(1)
(2)
- Changes in the
share of other
comprehensive
income
of
associates and Joint
ventures,
net of tax
(0)
1
(0)
(9)
Other comprehensive
income
14
3
Total comprehensive
income attributable
to:
Εquity holders of
the parent
company
- from continuing
operations
1,385
1,458
- from discontinued
operations
(9)
(7)
Non controlling interests
- from continuing
operations
0
56
- from discontinued
operations
-
-
1,376
1,507
Note: Following the completion of the merger by
absorption of Eurobank Holdings by Eurobank S.A. in December 2025, Eurobank
S.A.
Group represents the continuation of the Eurobank Holdings Group. Accordingly, the comparative
information corresponds to that of
the Eurobank Holdings Group
Notes on pages
359
to
533
form an integral part of these
consolidated financial statements
Consolidated Statement
of Changes in Equity
.
357
|
Page
31 December 2025 Consolidated Financial Statements
Share
capital
Share
premium
Reserves and
retained
earnings
AT1 capital
instruments
Non
controlling
interests
Total
€ million
€ million
€ million
€ million
€ million
€ million
Balance at 1
January 2024
818
1,161
5,920
-
0
7,899
Net profit
-
-
1,448
-
56
1,504
Other comprehensive income
-
-
3
-
0
3
Total comprehensive income for the
year ended 31 December 2024
-
-
1,451
-
56
1,507
Dividend distribution to shareholders
-
-
(342)
-
-
(342)
Consolidation
of Hellenic
Bank group
-
-
-
-
696
696
Changes in participating
interest/consolidation
percentage
in
subsidiaries
-
-
(134)
-
(753)
(887)
Share options
plan
3
0
18
-
-
20
Purchase/sale and
cancellation
of treasury
shares
(12)
(16)
33
-
-
5
(9)
(16)
(426)
-
(56)
(507)
Balance at 31
December
2024
809
1,145
6,945
-
0
8,899
Balance at 1 January 2025
809
1,145
6,945
-
0
8,899
Net profit
-
-
1,362
-
0
1,362
Other comprehensive income
-
-
14
-
0
14
Total comprehensive income for
the year ended 31 December
2025
-
-
1,376
-
0
1,376
Dividend
distribution
to shareholders
(note 39)
-
-
(556)
-
-
(556)
Issue of AT1 capital
instruments
(note 40)
-
-
-
1,090
-
1,090
Coupon payment
to AT1 capital
holders, net
of tax
-
-
(12)
-
-
(12)
Share options
plan (note
38)
2
0
14
-
-
16
Purchase/sale and
cancellation
of treasury
shares (notes 37
and 39)
(12)
-
(172)
-
-
(184)
Other
-
(5)
(2)
-
(0)
(7)
(10)
(5)
(727)
1,090
(0)
348
Balance at 31 December
2025
799
1,140
7,594
1,090
0
10,623
Note 37
Note 37
Note 39
Note 40
Note: Following the completion of the merger by
absorption of Eurobank Holdings by Eurobank S.A. in December 2025, Eurobank
S.A.
Group represents the continuation of the Eurobank Holdings Group. Accordingly, the comparative
information corresponds to that of
the Eurobank Holdings Group.
Notes on pages
359
to
533
form an integral part of these
consolidated financial statements.
Consolidated Cash Flow Statement
.
358
|
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31 December 2025 Consolidated Financial Statements
Year ended 31 December
2025
2024
Restated⁽¹⁾
Note
€ million
€ million
Cash flows from continuing operating activities
Profit before income tax from continuing operations
1,681
1,850
Adjustments for :
Impairment losses relating to loans and advances to customers
21
379
303
Other impairments, risk provisions and restructuring costs
12
97
228
Depreciation and amortisation
11
152
135
Other (income)/losses οn investment securities
16
(223)
(123)
Valuation of investment property
10
(34)
(17)
(Income)/losses on debt securities in issue
16
57
1
Other adjustments
16
(88)
(254)
2,021
2,123
Changes in operating assets and liabilities
Net (increase)/decrease in cash and balances with central banks
(118)
(344)
Net (increase)/decrease in securities held for trading
(242)
125
Net (increase)/decrease in due from credit institutions
95
556
Net (increase)/decrease in loans and advances to customers
(4,297)
(3,476)
Net (increase)/decrease in other assets
(125)
(18)
Net (increase)/decrease in derivative financial instruments
225
(290)
Net increase/(decrease) in due to central banks and
credit institutions
1,073
(4,140)
Net increase/(decrease) in due to customers
4,112
6,166
Net increase/(decrease) in other liabilities
346
(286)
1,069
(1,707)
Income tax paid
(172)
(120)
Net cash from/(used in) continuing operating activities
2,918
296
Cash flows from continuing investing activities
Acquisition of fixed and intangible assets
26,27,28
(278)
(197)
Proceeds from sale of fixed and intangible assets
26,27
24
42
(Purchases)/sales and redemptions of investment securities
(2,524)
(1,807)
Acquisition of subsidiaries, net of cash acquired
23
(210)
5,500
Acquisition of holdings in associates and joint ventures, participations in capital increases
24
1
(284)
Disposal of subsidiaries, net of cash disposed
10,23,30
12
11
Dividends from investment securities, associates and joint ventures
16,24
8
20
Net cash from/(used in) continuing investing activities
(2,967)
3,285
Cash flows from continuing financing activities
(Repayments)/proceeds from debt securities in issue
16
266
1,860
Repayment of lease liabilities
42
(39)
(38)
Dividends Paid
(556)
(342)
Τransactions with non-controlling interests
23.3
(885)
(6)
Proceeds from AT1 capital instruments
1,090
-
Coupon payment to AT1 capital holders
(17)
-
(Purchase)/sale of treasury shares and exercise of share options
37
(182)
8
Costs related to the issue of new shares
(7)
-
Net cash from/(used in) continuing financing activities
(330)
1,482
Net increase/(decrease) in cash and cash equivalents from continuing operations
(379)
5,063
Cash and cash equivalents at beginning of year
16
15,908
10,845
Cash and cash equivalents at end of year
16
15,529
15,908
(1)
Following the completion of the merger by absorption
of Eurobank Holdings
by Eurobank S.A. in December
2025, Eurobank S.A. Group represents
the continuation of the Eurobank Holdings
Group. Accordingly, the
comparative information
corresponds to that of
the
Eurobank Holdings
Group.
In
addition, the special tax
levy on credit
institutions previously
included in
income tax paid
is included
within Profit
before tax
from continued
operations.
Notes on pages
359
to
533
form an integral part of these
consolidated financial statements.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
1.
General information
On 12 December 2025, the merger by absorption of “Eurobank Ergasias Services and Holdings S.A.” (Eurobank Holdings) by Eurobank
S.A. (Eurobank or the Bank) was completed and Eurobank S.A. became the ultimate parent company of the Group (note 23.1).
The
Bank
along with its subsidiaries (the Group)
are active in retail, corporate and private banking, asset management, treasury, capital
markets, insurance and other services (note 44).
The Group operates mainly in Greece and in Bulgaria, Cyprus and Luxembourg.
The
Bank is incorporated in Greece
, with its registered office at
8 Othonos Street, Athens 105 57
and its shares are listed on the Athens
Stock Exchange and the Cyprus Stock Exchange.
These consolidated financial statements, which include the
Appendix, were approved
by the Board of Directors on
5 March 2026. The
Independent Auditor’s Report of the Financial Statements
is included in the section E.I of the Annual Financial
Report.
The website address, where the annual
financial statements
of the consolidated non-listed Bank’s subsidiaries are uploaded, along
with the independent Auditors’ reports and the Board of Directors’ Reports for these entities is:
www.eurobank.gr.
2.
Basis of preparation and material
accounting policies
The consolidated financial statements of the Bank have been prepared on a going concern basis and
in accordance with the material
accounting policies set out below:
2.1
Basis of preparation
The consolidated financial
statements have been
prepared in accordance
with International Financial
Reporting Standards (IFRS)
issued by the International Accounting Standards Board (IASB), as endorsed
by the European Union (EU), and in particular
with those
standards and
interpretations,
issued and
effective or
issued and
early adopted
as at
the time
of preparing
these consolidated
financial statements.
The consolidated financial
statements are
prepared under the historical cost basis
except for the
financial assets
measured at fair
value through other comprehensive income,
financial assets
and financial liabilities (including derivative instruments) measured at
fair-value-through-profit-or-loss and investment property measured at fair
value.
The accounting policies for the
preparation of the consolidated financial statements have been
consistently applied to the years 2025
and 2024, after taking into account the amendments in
IFRSs as described in section 2.1.1
(a) “New and amended standards adopted
by the Group as of 1 January 2025”.
Following the
completion of
the merger
in December 2025,
the Bank
became the
ultimate parent
of the entire
Group and
the
Eurobank S.A.
Group represents
the continuation
of the former
Eurobank Holdings
Group. Accordingly,
taking into
account the
substance of the transaction in the context of Group’s reorganization, which reflects that no change in ownership interests or share
value occurred, the retrospective approach
has been adopted and the comparative
information corresponds to that of
the former
Eurobank
Holdings Group.
In
addition,
where necessary,
comparative
figures have
been
adjusted to
conform
to
changes
in
presentation in the current year.
The preparation of financial statements in accordance
with IFRS requires the use
of estimates and judgements
that affect the reported
amounts of assets and liabilities and disclosure of contingent liabilities
at the date of the consolidated financial statements, as well
as
the
reported
amounts
of
revenues
and
expenses
during
the
reporting
period.
Although
these
estimates
are
based
on
management's best
knowledge of current events and conditions, actual results ultimately
may differ from
those estimates.
The Group’s presentation currency is the Euro (€) being the functional
currency of the parent company. Except as indicated, financial
information presented in Euro
has been rounded to the nearest
million. The figures
presented in the primary financial statements
and the notes may not sum precisely to the totals
provided due to rounding.
Going concern considerations
The annual financial statements
of the Group for the year ended 31 December 2025 have been prepared on a going concern basis,
taking into consideration the following:
a)
The major macroeconomic risks and uncertainties in Greece
and the region for
the next 12 months, including (a)
the elevated
geopolitical and economic uncertainty stemming from the fragile situation in the
Middle East, especially due to the war between
Iran and USA/Israel,
for which the
assessment of any impact is premature, as well as the United States foreign and trade policy
Notes to the Consolidated Financial Statements
.
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|
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31 December 2025 Consolidated Financial Statements
decisions and the ongoing war in Ukraine,
(b) the persistent above target inflation in Greece and Bulgaria, and (c) the
challenges
in fully absorbing
European Union (EU)
funds and implementing structural
reforms as the relevant deadlines
approach. These
factors may have adverse effects on financial
volatility, economic growth, inflation, employment, competitiveness, international
trade, and monetary policy outlook (further information is presented in the section “Macroeconomic Outlook and
Risks” of the
Report of the
Directors for 2025). In 2025,
amid a challenging international environment, the
macroeconomic conditions remained
supportive across the Group’s three core
markets. The economies of Greece, Bulgaria
and Cyprus exhibited remarkable resilience,
sustaining their expansionary momentum and are expected to remain in positive growth territory in 2026, overperforming most
of their EU peers. Growth
in the Group’s three core markets
is also supported by the mobilisation
of the EU investment funds,
mainly through the
Recovery and
Resilience Facility (RRF)
, with the deadline
for completing the
associated investments and
reforms in August 2026.
b)
The Group’s profit generation
capacity and capital adequacy; specifically
in the year ended
31 December 2025, the
net profit
attributable to equity holders οf the parent
company amounted to € 1,362 million (2024:
€ 1,448 million). The adjusted
net profit,
which excludes the
restructuring costs (note 12),
the gain on
the acquisition of
CNP Cyprus Insurance Holdings
(note 10), the
impairment for
the held
for sale
loans-
related projects
(note 21),
the estimated
cost for
the contribution
to Greek
State’s
infrastructure projects (note 11), the income
related to recognition of deferred tax asset on previous
years temporary differences
(note 13.1), and the net
loss from discontinued operations
(note 30), amounted to €
1,412 million (2024: €
1,484 million), of which
€ 741 million profit was related to the international
operations (2024: € 709 million profit). Further information is
provided in the
section “Financial Results Review and Outlook” of the Report of the Directors for 2025.
At 31 December 2025, the Group’s
Total Capital Adequacy (total CAD) and
Common Equity Tier 1 (CET1) ratios amounted
to 19,5%
(31 December 2024: 18.2%) and 15.2%
(31 December 2024: 15.4%) respectively, including,
inter alia, the impact of (a) the accrual
for profit payout (subject to regulatory and AGM
approvals in relation to 2025 financial year) and
(b) the issuance of € 500 million
and € 600 million of AT1 Capital instruments in June and November 2025 respectively
(note 38). Pro-forma for the completion of
the project “Sun
(ex-Solar)”and “Wave III”
upsize, the total
CAD and CET1
ratios would be
20% and 15.6%
respectively. At 31
December 2025, the Bank’s
MREL ratio at consolidated level,
including the impact of
the accrual for
profit payout, stands at 29.
39
%
of RWAs (31 December 2024: 27.36%) (note 4).
c)
The Group’s liquidity position, with the
Liquidity Coverage ratio (LCR)
reaching 172.2% as at 31
December 2025 (31 December
2024: 188.2%). The Group’s (net) loans to deposits (L/D)
ratio stood at 66.1% (31 December 2024: 64.8%). In the context of the
2025 ILAAP (Internal Liquidity
Adequacy Assessment Process), the liquidity stress tests
results indicate that the
Bank has adequate
liquidity buffer to cover the potential outflows that could occur in all scenarios regarding the short term (1 month), the 3-month
and the medium-term horizon (1 year).
d)
The Group’s asset quality with the Group’s NPE ratio standing at 2.6%,
(31 December 2024: 2.9%, excluding the NPE covered by
the Asset Protection Scheme in Cyprus (APS)). The
respective NPE coverage ratio improved to 95.2%
(31 December 2024: 88.4%).
In December 2025, in the context of the NPE
deleveraging strategy, the Group initiated
the disposal process for a secured retail
NPE portfolio of € 126 million (note 20).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
2.1.1
New and amended standards and interpretations
(a) New and amended standards adopted by the Group as of 1 January 2025
The following
amendments to existing standards
as issued by the
IASB and endorsed
by the EU,
that are relevant
to the Group’s
activities apply
as of 1 January 2025:
IAS 21, Amendments, Lack of Exchangeability
The amendment to
IAS 21 ”The Effects
of Changes in Foreign
Exchange Rates”,
specifies how an entity
can determine whether a
currency is exchangeable
into another currency at
the measurement date
and when such exchangeability
does not
exist, how to
determine the
spot exchange
rate to
be applied.
In addition,
when a
currency is
not
exchangeable an
entity should
disclose
information that would enable users
of its financial statements
to understand the related effects and risks
in the entity’s financial
performance, financial position and cash flows, as well as the estimated rates and techniques applied.
The adoption of the amendment had no impact on the consolidated financial statements.
(b) New and amended standards not yet adopted by the Group
A number of new standards and amendments to existing standards are effective after
2025, as they have not yet been endorsed by
the EU or have not been early applied by the Group. Those that may be relevant to the Group are set
out below:
IFRS 18, Presentation and Disclosure in Financial Statements (effective 1 January 2027)
In April 2024, the IASB published the new standard IFRS 18 “Presentation and Disclosure in Financial Statements” which will replace
IAS 1 “Presentation of
Financial Statements”
with many of the existing
principles of IAS 1 retained with
limited changes. The
new
standard sets out the requirements for presentation and disclosures in the financial statements with focus on the income
statement
and reporting
of financial performance,
in order
to ensure that
financial statements
provide relevant
information that
faithfully
represents an entity’s financial position, performance, and cash
flows.
Specifically, the main changes of the new standard relate to the presentation and structure of the income statement, by introducing
specified totals and subtotals, new classification categories
of income and expenses
depending on
the entity’s specified main business
activities, while it
also introduces limited
changes to other primary financial
statements. The new
standard requires disclosure
of
information for Management
-defined Performance Measures (MPMs)
and introduce new
presentation options of
the analysis
of
operating expenses on the face of income statement while it also
includes new requirements for aggregation and disaggregation of
financial information on the face
of financial statements
and in the notes.
The new standard is effective for
annual periods beginning on or after January 1, 2027, with early adoption permitted and will
also
apply to comparative information.
The Group
is currently assessing
the effect of
IFRS 18
on the
presentation of
its consolidated
financial statements
and relevant
disclosures.
IFRS 9 & IFRS
7, Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026)
In May 2024, the IASB issued
“Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9
and IFRS 7”.
The amendments clarify the requirements related to the derecognition of financial liabilities settled through electronic
payment systems,
provide additional
guidance for
the SPPI
assessment of
financial instruments
with contingent
features,
non-
recourse features, as well
as for transactions that are
contractually linked instruments.
Additionally, the amendments introduce disclosure
requirements regarding financial instruments with contingent features, as well
as
for investment in equity instruments designated at
FVOCI.
The adoption of the amendments is not expected to have a significant
impact to the consolidated financial statements.
Annual improvements to IFRSs - Volume 11 (effective
1 January 2026)
In July 2024, the IASB issued amendments to several IFRS
standards, which resulted from the IASB’s annual improvements process.
This volume includes minor amendments to several
standards namely:
-IFRS 1 “First-time Adoption of International Financial Reporting Standards” on Clarifications on hedge accounting for first-time
adopters,
Notes to the Consolidated Financial Statements
.
362
|
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31 December 2025 Consolidated Financial Statements
-IFRS 7 “Financial
Instruments: Disclosures” and its accompanying Guidance on
implementing IFRS
7
in disclosures related
to
derecognition, fair value and credit risk,
-IFRS 9 “Financial
Instruments” on clarifications about lessee
derecognition of lease liabilities and on definition of transaction
price over the initial measurement of trade
receivables,
-IFRS 10 “Consolidated Financial
Statements” on the determination of a
'De Facto Agent' and
-IAS 7 “Statement
of Cash-Flows” on definition of
cost method.
The adoption of the amendments is not expected to impact the consolidated financial
statements.
2.2
Material accounting policies
2.2.1
Consolidation
(i) Subsidiaries
Subsidiaries are all entities controlled by
the Group. The Group controls an entity
when it is exposed, or has rights
to, variable returns
from its
involvement with
the entity,
and has
the ability
to affect
those returns
through its
power over
the entity.
The Group
consolidates an entity only when all the above three elements of
control are present.
Power over the entity may arise from voting rights granted by equity instruments such as shares or,
in other cases, may result from
contractual arrangements.
Where voting rights are
relevant, the Group is deemed to have
control where it holds, directly
or indirectly, more than
half of the
voting rights over an entity, unless there is evidence that another investor has the practical ability to unilaterally direct
the relevant
activities.
The Group
may have
power, even
when it
holds less
than a
majority of
the voting
rights of
the entity,
through a
contractual
arrangement with
other vote
holders, rights
arising from
other contractual
arrangements, substantive
potential voting
rights,
ownership of the largest block of voting rights in a situation where the remaining rights are widely dispersed (‘de facto power’), or a
combination of the
above. In
assessing whether the Group
has de
facto power,
it considers
all relevant facts
and circumstances
including the relative
size of
the Group’s
holding of voting rights
and dispersions of
holdings of other
vote holders to
determine
whether the Group has the practical ability to direct the relevant activities.
In assessing whether the Group has the ability to use its power to affect the amount of returns from its involvement with an
entity,
the Group determines whether in exercising its decision-making rights, it is acting as an agent or as a principal. The
Group acts as an
agent when it is engaged to act on behalf and for the benefit of another party, and as a result does not control an entity. Therefore,
in such cases,
the Group does
not consolidate the
entity. In
making the above
assessment, the Group
considers the
scope of its
decision-making authority over the entity, the rights held by other parties, the remuneration to which the Group is entitled from its
involvement, and its exposure to variability of returns from other interests
in that entity.
The Group has interests
in certain entities
which are structured so
that voting rights are
not the dominant factor in
deciding who
controls the entity, such as when any
voting rights relate to administrative tasks only
and the relevant activities are directed by
means
of contractual rights. In determining whether the Group has control over
such structured entities, it considers the following
factors:
•
The purpose and design of the entity;
•
Whether the Group has certain rights that
give it the ability to
direct the relevant activities
of the entity unilaterally, as
a
result of existing contractual arrangements
that give it the power to govern the entity and direct its activities;
•
In case another entity
is granted decision making rights, the
Group assesses whether this
entity acts as an agent of
the Group
or another investor;
•
The existence of any special relationships
with the entity; and
•
The extent of the Group’s exposure
to variability of returns from its involvement with the entity,
including its exposure in
the most subordinated securitization notes issued by
the entity as well as subordinated loans or other
credit enhancements
that may be granted to the entity,
and if the Group has the power to affect
such variability.
Information about the Group’s structured entities is set
out in note 25.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The Group reassesses whether it controls an
entity if facts and circumstances indicate
that there are changes
to one or
more elements
of control.
This includes
circumstances in
which the
rights held
by the
Group and
intended to
be protective
in nature
become
substantive upon a breach of a covenant or default on
payments in a borrowing arrangement, and lead to the Group having power
over the investee.
Subsidiaries are fully consolidated from the date on which control
is transferred to the Group and are
no longer consolidated from
the date that
control ceases.
Total comprehensive
income is attributed
to the
owners of
the parent
and to
the non-controlling
interests even if this results
in the non-controlling interests having a deficit
balance.
In determining the proportion of profit or loss and changes in
equity allocated to the Group and non-controlling interests, the Group
takes
into account
current ownership
interests,
also including
in-substance current
ownership interests,
after
considering the
eventual exercise of any potential voting rights and other derivatives that currently give
the Group access to the returns associated
with an ownership interest.
Changes in the Group's ownership interest in subsidiaries that do not result in a loss
of control are recorded as equity transactions.
Any difference between the consideration and the share of the
new net assets acquired is recorded directly in equity. Gains or losses
arising from disposals of ownership interests that do not result in a loss of control by the Group are also recorded directly in equity.
For disposals of ownership interests that result in a loss of control, the
Group derecognizes the assets and liabilities of the subsidiary
and any related non-controlling interest and other components
of equity and recognizes gains and losses in the income statement.
When the Group
ceases to have
control, any
retained interest in
the former subsidiary
is re-measured to
its fair value,
with any
changes in the
carrying amount recognized
in the income
statement. The Group
considers the eventual exercise
of any potential
voting rights
and other derivatives
and whether
they currently
give the
Group access
to the
returns associated
with a
retained
ownership interest, in determining whether that ownership interest
should be derecognised or not.
Intercompany transactions, balances and intragroup gains on transactions between Group entities are eliminated; intragroup losses
are also eliminated
unless the transaction provides evidence of impairment of the asset
transferred.
(ii) Business combinations
The purchase method of accounting
is used to account for the acquisition
of subsidiaries by the Group. The consideration
transferred
for an acquisition is measured at the fair value of the assets given, equity
instruments issued or exchanged and liabilities undertaken
at the
date of
acquisition, including the
fair value of
assets or liabilities
resulting from a
contingent consideration
arrangement.
Acquisition related costs are expensed as incurred. Identifiable assets acquired and liabilities and contingent liabilities
assumed in a
business combination are measured initially at
their fair values at the
acquisition date irrespective of
the extent of
any non-controlling
interest. Any previously held
interest in the acquiree
is remeasured to fair value at the
acquisition date with
any gain or loss recognized
in the income statement.
The Group recognizes on
an acquisition-by-acquisition basis any non-controlling
interest in the acquiree
either at fair value or at
the non-controlling interest's proportionate share of the acquiree's net assets.
The excess of the consideration transferred, the amount of any non-controlling interest in the acquiree and the acquisition-date fair
value of any previous equity
interest in the acquiree over
the fair value of
the identifiable net assets
of the subsidiary acquired, is
recorded as goodwill. If
this is less
than the fair value of the net assets
of the acquiree, the difference is recognized
directly in the
income statement.
If the initial
accounting for a business combination is
incomplete by the end of
the reporting period in which
it occurs, the
Group
reports
provisional
amounts for
the
items for
which the
accounting
is
incomplete. Those
provisional amounts
are
adjusted
retrospectively during
the measurement period
to reflect
the new information
obtained about the
facts and circumstances
that
existed at the acquisition date that, if
known, would have affected the amounts
recognized at that date. The measurement
period
adjustments, as mentioned above, affect
accordingly the amount of goodwill that was
initially recognized, while the measurement
period cannot exceed one year from the acquisition date.
Commitments to purchase non-controlling interests
through derivative financial
instruments with the non-controlling interests, as
part of a
business combination are accounted
for as a
financial liability,
with no non-controlling interest recognized
for reporting
purposes. The
financial
liability
is
measured
at
fair
value,
using
valuation
techniques
based
on
best
estimates
available
to
Management. Any difference between the fair value of the financial liability upon
initial recognition and the nominal non-controlling
interest's share of net assets is recognized as part
of goodwill. Subsequent revisions
to the valuation of the derivatives
are recognized
in the income statement.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Agreements to acquire or dispose shares in an
entity that will be settled at a future date and will result in
a business combination are
accounted for by the Group as executory
contracts and not as derivatives, under
the relevant accounting standards. The term of such
agreements should
not
exceed
a
reasonable period
normally necessary
to obtain
any
required
approvals
and
complete
the
transaction.
For acquisitions of
subsidiaries not
meeting the definition
of a
business, the
Group allocates
the consideration to
the individual
identifiable assets and liabilities based on their relative fair values at the date of acquisition. Such transactions or events do not give
rise to goodwill.
A listing of the Bank’s
subsidiaries is set
out in note 23.
(iii) Business combinations involving entities under common control
Pursuant to IAS 8 ‘Accounting
Policies, Changes in Accounting Estimates
and Errors’, since business combinations
between entities
under common control are excluded from
the scope of IFRS
3 ‘Business Combinations’,
such transactions are accounted for in the
Group’s financial statements by using the pooling
of interests method (also known as merger accounting),
with reference to the most
recent pronouncements of other standard-setting bodies that use
a similar conceptual framework and comply with
the IFRSs general
principles, as well as
accepted industry practices.
Under the pooling of
interests method, the
Group incorporates the assets
and liabilities of the acquiree
at their pre-combination
carrying amounts, as derived from the highest level of common control
unless the substance of the transaction and the underlying
facts and
circumstances indicate
a different
value, without
any fair
value adjustments.
Any difference
between the
cost of
the
transaction and the carrying amount of the net assets acquired is
recorded in Group's equity.
The Group accounts for the cost of such business
combinations at the fair value of the consideration given,
being the amount of cash
or shares issued or if that cannot be reliably measured,
the consideration received.
Formation of a new Group entity to effect a business combination
Common control transactions that involve the
formation of a new Group entity to effect a business
combination by bringing together
two or more previously uncombined businesses under the new Group entity are also accounted for by using the pooling of interests
method.
Other common control transactions that involve the acquisition of a single existing Group entity or a single group of businesses by a
new entity formed for this purpose are accounted for as capital reorganizations,
on the basis that there is no business combination
and no substantive economic change in the Group. Under a
capital reorganization, the acquiring entity incorporates the assets
and
liabilities of the acquired entity at their carrying amounts, as presented in the books of that acquired entity, rather
than those from
the highest level of common control. Any difference between the cost of the transaction
and the carrying amount of the net assets
acquired is recognized in the
equity of the new entity.
Capital reorganization transactions do not
have any
impact on the Group’s
consolidated financial statements.
(iv) Associates
Investments in associates are accounted for using the
equity method of accounting in the consolidated financial statements. These
are undertakings over which the Group exercises significant
influence but which are not controlled.
Equity accounting involves recognizing in the income statement
the Group's share of the associate's profit
or loss for the year.
The
Group's interest in the associate is carried on the balance sheet
at an amount that reflects its share of the net assets of the associate
and any goodwill identified on acquisition net of
any accumulated impairment losses.
If the Group's share of losses of an
associate
equals or exceeds its interest
in the associate, the Group discontinues recognizing its
share of further losses, unless
it has incurred
obligations or made payments on behalf of the associate.
When the Group obtains or ceases to have significant influence, any previously held or retained interest in the entity is remeasured
to its fair value, with any change in the carrying amount
recognized in the income statement, except in cases where an investment in
associate becomes an investment in a
joint venture where no remeasurement of the interest retained
is performed and use of the
equity method continues to apply.
Notes to the Consolidated Financial Statements
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(v) Joint arrangements
A joint
arrangement is
an arrangement
under which the
Group has joint
control with
one or more
parties. Joint
control is
the
contractually agreed sharing of control
and exists only when decisions about relevant
activities require the unanimous consent
of the
parties sharing control. The Group evaluates the contractual terms of joint arrangements to determine
whether a joint arrangement
is a joint operation or a joint venture. All joint arrangements
in which the Group has an interest are
joint ventures.
As investments
in associates,
the Group's interest
in joint
ventures is
accounted for
by using
the equity method
of accounting.
Therefore, the accounting policy described in note 2.2.1 (iv) applies also
for joint ventures.
A listing of the Group's
associates and joint ventures is
set out in note 24.
2.2.2 Foreign currencies
(i) Translation of foreign subsidiaries
Assets and liabilities of foreign subsidiaries are translated into the Group’s presentation currency at the exchange rates prevailing at
each reporting date whereas income and expenses are translated
at the average exchange
rates for the period reported. Exchange
differences arising
from the translation of
the net investment in
a foreign subsidiary,
including exchange differences
of monetary
items receivable or payable to the foreign subsidiary for which settlement is neither planned
nor likely to occur that form part of the
net investment in the foreign
subsidiaries, are recognized in
other comprehensive income. Exchange differences from
the Group
’s
foreign subsidiaries are
released to the income statement
on their disposal.
(ii) Transactions in foreign currency
Foreign currency transactions
are translated
into the functional
currency using the exchange
rates prevailing
at the dates
of the
transactions. Foreign exchange
gains and losses
resulting from the
settlement of
such transactions are
recognized in the
income
statement.
Monetary assets and liabilities
denominated in foreign currencies are translated into the functional currency at the exchange
rates
prevailing at each reporting date and exchange differences are recognized in the income statement, except when deferred in equity
as qualifying cash flow
or net investment hedges.
Non-monetary assets and liabilities are translated into the functional currency at the exchange rates prevailing at initial recognition,
except for non-monetary items denominated in foreign currencies that are measured at fair value
which are translated at the rate of
exchange at the date the fair value is determined. The exchange differences relating to these items are treated
as part of the change
in fair value and are recognized in the income statement or directly in other comprehensive income depending
on the classification
of the non-monetary item.
2.2.3 Derivative financial instruments and hedging
Derivative financial instruments that mainly include foreign exchange
contracts, forward currency agreements, currency and
interest
rate options (both written and purchased), as well as currency and
interest rate swaps are initially recognized in the balance sheet at
fair value, on the date on which
the derivative contracts are entered into, and subsequently are re-measured
at their fair value. All
derivatives are carried as assets
when fair value is positive
and as liabilities
when fair value is negative.
The principles for the
fair value measurement
of financial instruments, including derivative financial
instruments, are described in
notes 3.2 and 5.3.
Embedded derivatives
Embedded derivatives are components of
hybrid contracts that also
include non-derivative hosts with
the effect that
some of the
cash flows of the combined instruments
vary in a way similar
to stand-alone derivatives.
Financial assets
that
contain embedded
derivatives are
recognised in
the
balance sheet
in
their
entirety in
the
appropriate
classification category, following the instruments’ assessment of their contractual cash flows and their business model as described
in note 2.2.9.
On the other hand,
derivatives embedded in
financial liabilities, such as bonds
issued by the
Group, are treated as separate derivatives
when their risks and characteristics are assessed
not to be closely related to those of the host contract and the host contract is
not
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
carried at fair
value through profit
or loss. These embedded
derivatives are separated
in the balance
sheet and accounted
for as
stand-alone derivatives measured at
fair value with changes
in fair value recognized in the income
statement.
Derivatives held for hedge accounting
The use of derivative financial instruments
is inherent in the Group’s activities
and aims principally at managing
risks effectively.
Accordingly, the Group, as part of
its risk management strategy, may enter
into transactions with external counterparties to hedge
partially or fully its exposure to interest rates, foreign currency rates, equity prices
and other market factors that are generated from
its activities.
The objectives of hedging with derivative financial
instruments include:
•
Reduce interest rate exposure that is
in excess of the Group’s interest
rate limits;
•
Manage efficiently interest rate risk and achieve optimization and stabilization
of the evolution of net interest margin and
net interest income by tracking the evolution of interest rates and spreads and hedging
the movements of the benchmark
interest rates represented by the prevailing
reference rates;
•
Manage the overall fair value
exposure on settled or unsettled (forward) transactions
•
Reduce the variability deriving from the fair
value changes of derivatives embedded in financial
assets;
•
Manage future variable cash flows;
•
Reduce foreign currency or inflation risk;
•
Reduce variability of the consideration to be paid/received to acquire/sell
a debt security under a forward transaction,
•
Reduce accounting exposure, i.e. the variability
in the Group’s equity
arising from translating
a foreign net investment at
different exchange rates.
Hedge accounting
The Group has elected, as a policy choice permitted under IFRS 9, to continue to apply hedge accounting in accordance with IAS 39,
as endorsed by the European Union (IAS 39 “carve out'’).
Under the EU carve-out version of IAS 39, certain requirements related to
hedge accounting were removed, in order to
facilitate (a)
the application of fair value hedge accounting to the macro-hedges
used
for structural hedges including demand deposits and (b) the hedge effectiveness assessment
by permitting the use of bottom layer
approach for the determination of the fair value of hedged item,
attributable to interest rate risk.
For hedge
accounting purposes,
the Group
forms
a
hedging relationship
between a
hedging instrument
or
group of
hedging
instruments and a related item or
group of items to
be hedged. A
hedging instrument is a designated derivative
or group
of designated
derivatives, or a designated non-derivative financial
asset or financial liability whose
fair value or cash flows
are expected to offset
changes in the
fair value or cash
flows of a
designated hedged item
or group of hedged
items. Specifically,
the Group designates
certain derivatives as: (a) hedges of the exposure
to changes in the fair value of recognized assets or
liabilities on a single or portfolio
basis or unsettled forward transactions
(fair value hedging), (b) hedges of the
exposure to variability
in cash flows of recognized assets
or liabilities
or unsettled forward transactions, or highly probable forecasted transactions
(cash flow hedging)
or, (c) hedges
of the
exposure to
variability in
the value
of a
net investment
in a
foreign operation
which is
associated with
the translation
of the
investment's net assets
in the Group's functional currency (net investment hedging).
In
order to
apply
hedge accounting,
specified
criteria should
be
met. Accordingly,
at
the inception
of the
hedge accounting
relationship, the Group documents the relationship between hedging instruments and hedged items, as well as its risk
management
objective and strategy for undertaking the hedge transaction, together with the method
that will be used to assess the effectiveness
of the hedging relationship. The Group also
documents its assessment,
both at inception of the hedge and on an ongoing basis,
of
whether the derivatives that are used
in the hedging transactions are highly
effective in offsetting changes in fair values or cash
flows
of hedged items
and whether the actual results of
each hedge are within a
range of 80-125%. If
a relationship does not
meet the
abovementioned hedge
effectiveness criteria,
the Group
discontinues hedge
accounting prospectively.
Similarly,
if the
hedging
derivative expires or is
sold, terminated or exercised,
or the hedge designation
is revoked, then hedge
accounting is discontinued
prospectively.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
(i) Fair value hedging
The Group applies fair value hedging primarily to hedge exposures to changes in the fair value attributable to interest rate
risk with
respect to the applicable benchmark rate and currency risk.
Hedged items
The items that qualify for fair
value hedge accounting include financial assets
and liabilities such as:
•
fixed rate investment securities
measured at AC or FVOCI,
•
fixed rate term deposits and debt securities
issued measured at AC;
•
portfolios of floating-rate loans
and debt securities with embedded interest rate options (such as
purchased interest rate
floors) measured at AC;
•
portfolios of
fixed
rate amortizing
loans (macro
hedging) including
securitization notes
issued
and held
by the
Group
measured at AC.
•
portfolios of liabilities (macro hedging) and more specifically demand deposits
with interest rates determined by the Group
and announced
on its
pricing list
(sight/savings
deposit rate)
that are
identified as
interest rate-insensitive
liabilities
measured at AC. More specifically,
demand deposits (sight or savings)
are liabilities with no contractual maturity that the
customers have the flexibility to withdraw at any time. Despite their contractual terms, and due to their
nature, part of the
demand deposits
behaves as
a portfolio of
longer-term fixed
rate liabilities,
as they remain insensitive
to interest
rate
movements. This part of demand deposits represents the core deposits.
Hedge effectiveness assessment
The Group uses predominantly
the regression analysis at inception (prospective
measurement) and on
an ongoing basis (retrospective
measurement), in order to assess the effectiveness of fair value hedges on a
single or portfolio basis or portfolios hedging of interest
rate
risk (macro-hedging).
Specifically, the
regression
analysis is
the
default method
of assessing
effectiveness which
provides
evidence of a strong historical economic relationship between the hedged item and the hedging instrument. Based on this evidence
and the
terms/characteristics
of the
hedged item
and hedging
instrument, the
Group concludes
that the
hedge relationship
is
expected to be highly effective over the forthcoming hedge period. If the regression coefficient of the equation, that represents the
effectiveness ratio, ranges between -0.8 to -1.25, the hedge relationship is expected to be highly effective, further supported by the
coefficient of determination (R2) which should be greater than 80% to confirm the statistical level of high effectiveness. For hedging
relationships, that regression analysis is not available the
Group performs a comparison of
the change in the fair value of the hedging
instrument with the change in the fair value of the hedged
item attributable to the hedged risk. The
above comparison constitutes
the dollar-offset ratio
and should be within the range of 80% -125%
for the hedge to be highly effective.
The Group may also apply the
hypothetical derivative method, an approach to the dollar
offset method,
where the hedged risk is
modelled through a hypothetical derivative, which replicate the embedded
derivative. The fair value of the hypothetical derivative is
used as a
proxy for
the net present
value of
the hedged future
cash flows
against which changes
in value of
the actual hedging
instrument are compared to assess effectiveness
and measure ineffectiveness. Hedge ineffectiveness may arise in case of potential
differences in the critical terms between the hedged
item and the hedging instrument such as maturity, interest rate
reset frequency
and discount curves as well as
differences between expected and actual cash
flows.
In addition, for portfolio hedges of assets with similar characteristics where the critical terms of the
hedged items match the ones of
the hedging instruments it is presumed
that by construction, effectiveness is expected to be highly effective.
The Group has identified the following
sources of ineffectiveness:
•
Differences in the repricing frequency of the hedged items
and hedging instruments
•
The use of different interest
rate curves applied to discount the hedged items and hedging instruments.
Fair value hedging adjustments and discontinuation of
hedge accounting
Notes to the Consolidated Financial Statements
.
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Changes in the fair value of
derivatives that are designated and qualify
as fair value hedges are recorded in
the income statement line
“net trading income/(loss)” together with the changes in the fair value of the hedged assets or liabilities that are attributable to the
hedged risk (fair
value hedging adjustments). Fair
value hedging adjustments to the hedged items measured
at amortised cost are
recorded as part of their carrying value in the balance sheet,
with the exception of hedging adjustments for portfolios of
fixed rate
assets in the context of macro
-hedging (see below).
The Group discontinues hedge accounting prospectively in case
the hedging instrument expires or is sold, terminated
or exercised,
the hedge no longer meets the qualifying criteria for hedge accounting, or designation is
revoked. In such cases, any adjustment to
the carrying amount of
the hedged item, for which the
effective interest method is applied, is amortized to
profit or loss in the
income
statement line interest
income/expense over the remaining period to maturity with
amortization commencing no later
than when
the hedged
item ceases to
be adjusted
for changes
in its fair
value attributable
to the risk
being hedged.
If the
hedged item
is
derecognised, the unamortised fair value adjustment is
recognised immediately in the income
statement.
Portfolio hedging of interest
rate risk (macro-hedging)
With reference
to portfolio
hedging of
interest rate
risk, a
dynamic hedging
strategy is
applied according
to which
the Group
voluntarily designates and de-designates the hedge relationship
on a monthly
basis or more frequently
for portfolios where the
Group
applies a more active strategy
to manage interest rate
risk.
For portfolios of financial assets, the Group
determines the designated hedged
amount by identifying
portfolios of homogenous fixed
rate assets based on their
contractual interest rates, maturity and other risk
characteristics. Assets within the identified portfolios are
allocated into repricing time periods based on their repricing/maturity dates with assumptions made
for expected prepayments and
principal repayments. The hedging instruments are groups of interest rate swaps replicating in aggregate the amortization profile of
the assets
and designated
appropriately to
their repricing
time periods.
Following the
above
allocation into
time buckets,
the
designated hedged
principal and
the resulting
percentage of
the asset
portfolio hedged
(hedge ratio)
for each
time bucket
are
determined.
For the core
deposits’ portfolios, the Group
determines their aggregated
balances and allocation into time
buckets by
applying a
modelled approach that is based
on regulatory standards. More
specifically, the portfolio of core
deposits to be hedged
is determined
by an internal designated behavioral model that utilizes a number of assumptions
regarding the behavior and evolution of demand
deposits balances, which are assessed, monitored
and documented in
accordance with the Group’s risk
management framework. The
approach involves
the allocation
of demand deposits
in sub-categories
considering their
nature, i.e.
retail and
wholesale, their
idiosyncratic behavioral analysis per portfolio, their sensitivity on
interest rates and their withdrawal patterns and expected maturity
profile analyzed in time
buckets for a
maximum period of ten
years. Furthermore, the model
performs a capacity check
per time
bucket to ensure that there is sufficient hedge capacity
on the hedged item amortizing profile, compared
to the hedging
instruments’
profile in order to ensure that there is no over hedge.
Against this modelled interest rate exposure, the Group then uses groups of interest rate swaps with maturity up to ten years,
that
receive fixed interest rate
and pay floating interest rate
based on the benchmark rate hedged.
The groups of swaps are staggered to cover different periods in time replicating the estimated balances of the hedged core deposits
per time bucket. Following the above allocation into time buckets, the designated hedged principal and the resulting percentage
of
the portfolio hedged (hedge ratio) for each time bucket are determined.
In addition, in order to hedge the variability in
the fair value
exposure of the core deposits’
portfolio due to movements
in the benchmark interest
rate below a specified level (hedge of
one-sided
risk), the Group utilizes purchased swaptions (with underlying variable interest rate swaps)
of short-
to medium-term duration that
are physically settled, providing the option at maturity to enter into interest
rate swaps of one to ten years duration, depending on
the target strategy, and having notional equal
to the hedged core deposits. The underlying
interest rate swaps receive a fixed interest
rate equal to the strike price of
the option and pay
a floating interest rate based on
the benchmark rate. The designation is performed
for each swaption separately forming an individual
hedge relationship for a period equal to the duration of the swaption
and regards
only their intrinsic value whereas their cost/premium and any subsequent changes in the time
value are recognized in the profit
or
loss.
Fair Value
hedging adjustments do
not affect
the carrying amount
of the
hedged assets or
liabilities pool,
but instead they
are
presented as a separate
line item within balance
sheet lines loans and advances to
customers and due to
customers respectively.
Considering the designation and de-designation
process for a portfolio
hedging of interest
rate risk is
performed on a monthly
or
more frequent
basis, the
hedging adjustments
are
recorded in
the income
statement
line
“net trading
income/(loss)”,
begin
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.
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31 December 2025 Consolidated Financial Statements
amortization on the period
they occur and are amortized per
bucket, until the maturity
of the last designated time bucket. For hedges
with swaptions, any hedging adjustments occurring in the event the swaptions become
in-the-money, begin amortization at the end
of the hedge designation period which is the maturity of the swaptions and are fully amortized
until the maturity of the underlying
swaps.
Furthermore, the pool of hedging instruments is managed dynamically and
therefore when new derivatives are added in the pool of
hedging instruments, they are
included in the next period’s hedge
assessment and consequently the
change in fair value in
the month
of their inception affects the P&L. Similarly, when existing swaps are de-designated, either to improve expected hedge effectiveness
or to be liquidated, the respective change in fair value
from de-designation up to the next designation or
liquidation date, affects the
P&L.
(ii) Cash flow hedging
The Group applies cash flow hedging to
hedge exposures to variability in cash flows primarily attributable
to the interest rate risk and
currency risk associated with a recognized asset or liability or a highly probable forecast transaction. Additionally, cash flow hedging
may be applied to hedge
the variability of the
consideration to be paid
in order to acquire assets under
unsettled forward transactions
(All-In-One Cash flow
hedge).
The items that qualify for cash flow hedging
include recognized assets and liabilities such as variable rate deposits
or loans measured
at amortized cost, variable rate debt securities in issue, foreign currency variable rate loans and fixed or variable rate debt securities
to be purchased under unsettled forward transactions. The interest rate risk
with respect to the applicable benchmark rate may be
hedged using interest rate swaps
and cross currency swaps. The foreign
currency risk may be hedged using currency forwards
and
currency swaps. The variability of
the consideration to be paid
to acquire assets under unsettled forward transactions may
be hedged
using debt securities under
forward transactions treated as
derivatives and considered eligible hedging instruments.
Furthermore, cash flow hedging is
used for hedging highly probable forecast transactions such as
the anticipated future rollover of
short-term deposits
or
repos
measured at
amortized cost.
Specifically,
the forecast
variable interest
payments
of a
series of
anticipated rollovers of these
financial liabilities
are aggregated and hedged as a
group with respect to changes in the
benchmark
interest rates, eliminating cash flow variability. In addition, cash flow hedging
applies to hedges of currency
risk arising from probable
forecasted sales
of financial assets
or settlement of financial
liabilities in foreign
currency.
If the hedged item
is documented as a
forecast transaction, the Group assesses
and verifies that there is a
high probability of the
transaction occurring.
In order to
assess the
effectiveness of cash
flow hedges
of interest rate
risk, the Group
uses regression analysis
which provides
evidence of a strong historical economic relationship between the hedged item and the hedging instrument. Based on this evidence
and the
terms/characteristics
of the
hedged item
and hedging
instrument, the
Group concludes
that the
hedge relationship
is
expected to be highly effective over the forthcoming hedge
period. For assessing the effectiveness of cash flow
hedges of currency
risk and debt securities under unsettled forward transactions, the
Group uses the dollar-offset method as it is described in section (i)
above.
The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income whereas the ineffective portion
is recognized in the income statement line “net
trading income/(loss)”.
Amounts accumulated in equity are recycled to
the income statement in the periods in
which the hedged item will
affect profit or
loss (for example,
when the forecast sale that
is hedged takes place).
When a hedging instrument expires or
is sold, or when a hedge
no longer meets the criteria
for hedge accounting, the cumulative
gain or loss existing
in equity at that time remains
in equity until the hedged cash flows affect
the income statement.
When a forecast transaction is
no longer expected to occur, the cumulative
gain or loss that was
reported in equity is immediately
transferred to the income statement.
(iii) Net investment hedging
The Group applies net
investment hedging to hedge exposures
to variability in the
value of a net
investment in foreign
operation
(including monetary items that form part of the net investment), such
as foreign subsidiaries, associates or other foreign operations,
associated with
the translation
of the
net investment’s
carrying amount into
the Group’s
presentation currency.
Any exchange
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
differences deriving from the translation are deferred in OCI until the net investment is disposed of
or liquidated, at which time they
are recognized in the profit or loss.
The foreign
currency exposure
that arises
from the
fluctuation in spot
exchange rates
between the net
investment’s functional
currency and the Group’s presentation
currency may be hedged using
currency swaps, currency
forward contracts and their
economic
equivalents, as well
as cash instruments.
The effectiveness of net investment
hedges is assessed
with the Dollar-Offset
Method as described above for fair value hedge.
Hedges of net
investments in foreign operations
are accounted for similarly
to cash flow hedges. Any
gain or loss
on the hedging
instrument relating to the effective portion of the hedge is recognized in equity; the gain or loss relating to the ineffective portion is
recognized in the income statement. Gains and losses accumulated in equity
are included in the income statement when the foreign
operation is disposed of as part of the gain
or loss on the disposal.
Derivatives not designated as hedging instruments for hedge accounting
purposes
Changes in the
fair value of
derivative financial instruments
that are entered
into for trading
purposes or as economic
hedges of
assets, liabilities or net positions in
accordance with the
Group’s hedging objectives and
risk management policies that may
not qualify
for hedge accounting are recognized in the income statement.
The fair values of derivative instruments
held for trading, including those entered
into as economic hedges, and hedge
accounting
purposes are disclosed in note 19.
2.2.4
Offsetting financial instruments
Financial assets
and liabilities are offset
and the net amount
is presented in
the balance sheet
when, and only
when, the Group
currently has a legally
enforceable right to set
off the recognized amounts
and intends either to
settle them on a
net basis,
or to
realize the asset
and settle the liability simultaneously.
2.2.5 Income statement
(i) Interest income and expense
Interest income and expense are recognized
in the income statement for all interest
bearing financial instruments on an
accrual basis,
using the effective
interest rate
(EIR) method. The
effective interest rate
is the rate
that exactly discounts
estimated future cash
payments or receipts through
the expected life of the financial instrument
or, when appropriate, a
shorter period
to the gross carrying
amount of the financial asset or to the amortized cost of a financial liability. When calculating the
EIR for financial instruments other
than purchased or originated credit-impaired, the
Group estimates future cash flows considering all contractual
terms of the financial
instrument but does
not consider expected credit
losses. For
purchased or originated credit
impaired (POCI) financial
assets, the
Group calculates the
credit-adjusted EIR, which
is the
interest rate
that upon the
original recognition of
the POCI financial
asset
discounts the estimated future cash flows
(including expected credit losses) to the fair
value of the POCI asset.
The amortized cost
of a
financial asset or
liability is the
amount at
which it is
measured upon initial
recognition minus principal
repayments, plus or minus cumulative amortization using the EIR (as
described above) and for financial assets it is adjusted
for the
expected credit loss allowance. The gross carrying
amount of a financial asset is its amortized
cost before adjusting for ECL allowance.
The EIR calculation includes fees and points paid or received that are an integral part
of the effective interest rate, transaction costs,
and other premiums or discounts.
Transaction costs include incremental costs that are
directly attributable to the acquisition or issue
of a financial asset
or liability.
The Group calculates interest income and expense by applying the EIR to the gross carrying amount of non-impaired financial assets
(exposures in Stage 1 and 2)
and to the amortized cost of financial
liabilities respectively.
For financial assets that have become credit-impaired subsequent to initial recognition (exposures in Stage 3), the Group calculates
interest income by applying the effective interest rate to
the amortized cost of the financial asset (i.e. gross carrying
amount adjusted
for the expected credit loss
allowance). If the asset
is no longer credit-impaired, then the EIR is applied again
to the gross carrying
amount with the exception of POCI assets for
which interest income does not revert to gross basis
calculation.
For inflation-linked instruments the Group recognizes
interest income and expense by adjusting the effective
interest rate on each
reporting period due to changes in expected future cash flows, incorporating changes in inflation expectations over the term of
the
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
instruments. The adjusted effective
interest rate is
applied in order to
calculate the new gross
carrying amount on each reporting
period.
Interest income and expense are presented separately in the income statement
for all interest bearing financial instruments within
net interest income.
(ii) Fees and commissions
Fee and commission received or
paid that are integral to
the effective interest rate on a
financial asset or financial
liability are included
in the effective interest
rate.
Other fee
and commission
income such as
account servicing
and asset management
fees (including
performance based fees)
is
recognised over
time as
the related
services are being
provided to
the customer,
to the
extent that it
is highly probable
that a
significant reversal of the revenue amount recognized will not occur. Transaction
-based fees such as foreign exchange transactions,
imports-exports, remittances, bank charges and brokerage activities are recognised at the point in time when the
transaction takes
place. Other fee
and commission expenses
relate mainly to
transaction and service fees,
which are expensed
as the services are
received.
In the case of a contract with a customer that results in the recognition of a financial instrument in the Group’s financial statements
which may be partially
in the scope of
IFRS 9 and
partially in the scope
of IFRS 15, the
Group first applies
IFRS 9 to separate
and
measure the part of the contract that is in
the scope of IFRS 9 and subsequently applies IFRS
15 to the residual part.
2.2.6 Property, equipment and Investment property
(i) Property and equipment
Property and equipment are measured at cost less accumulated depreciation and any accumulated
impairment losses. Cost includes
expenditure that is directly attributable to the acquisition of the asset. Subsequent expenditure is recognized in the asset's
carrying
amount only when it is
probable that future economic
benefits will flow
to the Group and the cost
of the asset
can be measured
reliably. All other repair and maintenance
costs are recognized in the income statement
as incurred.
Depreciation is calculated using the straight-line method to write down the cost of property and equipment, to their residual values
over their estimated useful life
as follows:
•
Land: no depreciation;
•
Freehold buildings:
40-50 years
and up
to 70
years (for
specific strategic
properties constructed
or heavily
renovated
according to the
best practices and
guidelines of sustainable
construction and renovation,
using resilient
materials and
designs);
•
Leasehold improvements: over the lease term or the useful life
of the asset if shorter;
•
Computer hardware and related integral software:
4-10 years;
•
Other furniture and equipment: 4-20 years; and
•
Motor vehicles: 5-7 years.
(ii) Investment property
Property held for
rental yields and/or
capital appreciation that is
not occupied by the
Group’s entities
is classified
as investment
property.
Investment property is
measured initially at
its cost, including
related transaction costs,
and subsequently at
fair value with
any
change therein recognized in income statement line ‘’other income / (expenses)’’. Subsequent expenditure is charged to the asset’s
carrying amount only when it is probable that future economic benefits associated with
the item will flow to the Group and the cost
of the item can
be measured reliably. Such expenditure includes
enhancements that increase the value of
the asset and its
future
income-earning potential, as well
as costs to
comply with environmental
and other legal
requirements. Repairs and maintenance
costs are recognized to the income statement
during the financial period in which they are incurred.
Any gain or loss on
disposal (calculated as
the difference between the net proceeds from disposal and the
carrying amount of the
asset) is recognized
in income statement.
Notes to the Consolidated Financial Statements
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If an investment
property becomes owner-occupied, it
is reclassified
as property and equipment and
its fair value
at the date
of
reclassification becomes its deemed cost. If an item of
property and equipment becomes an
investment property because its use has
changed, any resulting decrease between the carrying amount and the fair value of this item at the date of transfer is recognized
in
income statement while any resulting increase, to the extent that the increase reverses previous impairment loss
for that property,
is recognized
in income
statement while
any remaining
part of
the increase
is recognized
in other
comprehensive income
and
increases the revaluation surplus within equity.
If a repossessed asset
becomes investment property, any difference between the
fair value of the property at
the date of transfer
and its previous carrying amount is recognized in income statement.
Reclassifications among own used, repossessed assets and
investment properties may occur
when there is a change
in the use of such
properties. Additionally, an investment property may be reclassified to ‘non-current assets held for sale’ category to the extent that
the criteria described in note 2.2.26 are met.
2.2.7 Intangible assets
(i) Goodwill
Goodwill arising on business combinations
is included in
‘intangible assets’
and is measured at cost
less accumulated impairment
losses.
Goodwill arising on acquisitions of associates and
jointly controlled entities is neither
disclosed nor tested separately for impairment,
but instead is included in ‘investments in associates’
and ‘investments in jointly controlled entities’.
(ii) Computer software
Computer software is
measured at cost less
accumulated amortisation and accumulated impairment
losses. Costs associated with
the
maintenance of
existing
computer software
programs are
expensed
as
incurred. Development
costs
associated with
the
production of identifiable assets
controlled by the Group are
recognized as intangible assets
when they are expected to generate
economic benefits and can be
measured reliably. Internally generated computer software assets are amortized using the
straight-line
method over 4 to 15 years, except for core systems
whose useful life
may extend up to 20 years.
(iii) Other intangible assets
Other intangible assets
are assets that are
separable or arise
from contractual or
other legal rights
and are amortized
over their
estimated useful lives.
These include intangible assets
acquired in business combinations.
Intangible assets that
have an indefinite useful life
are not subject to amortization and are tested
annually for impairment.
2.2.8 Impairment of non-financial assets
(i) Goodwill
Goodwill is tested for impairment annually or more frequently if there are any indications that impairment may
have occurred. The
Group considers external information such as prevailing economic conditions, persistent slowdown in financial markets, volatility in
markets and changes in levels of market and exchange
risk, an unexpected decline in an
asset’s market value or market capitalization
being below the book value of equity, together with a deterioration in internal
performance indicators, in assessing whether there is
any indication of impairment.
For the purpose of impairment testing, goodwill acquired in a business combination is allocated to each
Cash Generating Unit (CGU)
or groups of CGUs that are expected to benefit from
the synergies of the combination.
The Group impairment model compares the
carrying value of a
CGU or group of CGUs with
its recoverable amount. The
carrying value
of a CGU is based on the assets and liabilities of each CGU. The recoverable amount is determined on the basis of the present value
of the future cash flows expected to be derived from the CGU or group
of CGUs. The estimated future cash flows are discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the time value
of money and the risks
specific to the asset or CGU
and the countries where the CGUs operate.
An impairment loss arises if the carrying amount of an asset or CGU exceeds
its recoverable amount and is recognized in the income
statement. Impairment losses
are not
subsequently reversed.
Gains and losses
on the
disposal of
an entity include
the carrying
amount of goodwill relating to
the entity sold.
Notes to the Consolidated Financial Statements
.
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Goodwill arising in a
business combination is not tested for impairment
during the measurement period extending
up to one year
from the acquisition date that is allowed for the completion of the purchase accounting and allocation of goodwill, unless there has
been a triggering event or changes in other facts and circumstances, suggesting that the acquired goodwill might be impaired, even
if the allocation process is
not complete.
(ii) Other non-financial assets
Other non-financial assets, including property
and equipment and other intangible assets, are assessed for indications of
impairment
at each reporting date by considering both external and internal sources of information such as a significant reduction in the asset’s
value and
evidence that the
economic performance of
the asset is
or will be
worse than
expected. When events
or changes in
circumstances indicate that the carrying amount may not be recoverable, an impairment loss is recognized for the amount by which
the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs
to sell
and value in
use. For
the purposes of
assessing impairment,
assets are grouped
at the
lowest levels
for which
there are
separately identifiable cash
flows, where applicable.
Non-financial assets,
other than goodwill, for
which an impairment
loss was
recognized in prior reporting periods, are reviewed for possible reversal
of such impairment at each reporting date.
Impairment losses arising from the Group’s associates and joint ventures are determined in accordance with this accounting policy.
2.2.9 Financial assets
Financial assets - Classification and measurement
The Group
classifies financial
assets based
on the
business model
for managing
those assets
and their
contractual cash
flow
characteristics. Accordingly, financial
assets on initial recognition are
classified into one of the following
measurement categories:
amortized cost, fair
value through other comprehensive income or fair value through profit or loss.
Purchases and sales
of financial assets
are recognized on trade date, which is
the date the Group commits
to purchase or sell
the
assets. Loans originated by the Group are recognized
when cash is advanced to the borrowers.
Financial Assets measured
at Amortized Cost (‘AC’)
The Group classifies and measures a financial asset at AC only if both of the following conditions are met and is not designated as at
FVTPL:
(a) The financial
asset is held within
a business model whose objective is to collect contractual cash
flows (hold-to-collect business
model) and
(b) The contractual terms
of the financial asset
give rise on specified dates
to cash flows that are
solely payments of principal and
interest on the principal amount outstanding (SPPI).
These financial assets
are recognized initially at fair value plus or minus
direct and incremental transaction costs and fees
received
that are attributable to the acquisition of
these assets, and are subsequently measured
at amortized cost, using the effective interest
rate (EIR) method (as
described in note 2.2.5 above).
Interest income, realized gains
and losses on derecognition, and changes in expected credit losses
from assets classified at
AC, are
included in the income statement.
Financial Assets measured
at Fair Value through Other Comprehensive
Income (‘FVOCI’)
The Group classifies and measures a financial asset at FVOCI only
if both of the following conditions
are met and is not designated as
at FVTPL:
(a) The financial asset is held within
a business model whose objective
is achieved by
both collecting contractual
cash flows and selling
financial assets
(hold-to-collect-and-sell business model)
and
(b) The contractual terms of the financial
asset give rise
on specified dates to cash flows
that are SPPI.
Financial assets
that meet these
criteria are
debt instruments and
are measured initially
at fair
value, plus
or minus direct
and
incremental transaction costs that are
attributable to the acquisition of these assets.
Notes to the Consolidated Financial Statements
.
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Subsequent to initial
recognition, FVOCI debt instruments
are re-measured at
fair value through
OCI, except for
interest income,
related foreign exchange gains or losses and expected credit losses, which are
recognized in the income statement. Cumulative gains
and losses previously recognized in
OCI are transferred from OCI to the income
statement when the debt
instrument is derecognised.
Equity Instruments designated at FVOCI
The Group may make an irrevocable
election to designate an equity
instrument at FVOCI. This designation, if elected,
is made at initial
recognition and on an
instrument by instrument
basis. Gains and losses
on these instruments,
including when derecognized,
are
recorded in
OCI and
are not subsequently
reclassified to
the income statement.
Dividends received are
recorded in
the income
statement. Equity instruments at
FVOCI are not subject to an impairment
assessment.
Financial Assets
measured at Fair Value
through Profit and Loss (“FVTPL”)
The Group classifies
and measures all other
financial assets
that are not classified
at AC or
FVOCI, at FVTPL.
Derivative financial
instruments are measured at
FVTPL with changes in fair
value recognized in the
income statement, unless
they are designated
as
effective hedging instruments, where
hedge accounting requirements under IAS 39 apply (as described in note 2.2.3 above).
Furthermore, a financial asset that meets the above conditions
to be classified at AC or FVOCI, may be irrevocably designated by the
Group at FVTPL at
initial recognition, if doing so eliminates,
or significantly reduces an accounting mismatch that
would otherwise
arise.
Financial assets measured at FVTPL are initially recorded at fair value
and any unrealized gains or losses arising due to changes in fair
value are included in the income statement.
Business model
and contractual characteristics assessment
The business model assessment determines how the Group manages a group of assets to generate cash flows. That is, whether the
Group's objective is solely to collect
contractual cash flows from
the asset, to realize
cash flows from the sale
of assets, or both to
collect contractual cash flows and cash flows from the sale of assets. In
addition, the business model is determined after aggregating
the financial assets
into groups (business lines) which
are managed similarly
rather than at an individual instrument’s level.
The business model is
determined by the Group’s
key management
personnel consistently with the operating model, considering
how financial assets are managed in order
to generate cash flows, the objectives
and how performance
of each portfolio
is monitored
and reported and any available information on past sales
and on future sales’ strategy,
where applicable.
Accordingly, in making
the above assessment,
the Group will consider a
number of factors including the
risks associated with
the
performance of the business model and how those risks are evaluated and managed, the related
personnel compensation, and the
frequency, volume and reasons of past sales,
as well as
expectations about future sales activity.
Types of business
models
The Group’s business models fall
into three categories, which are indicative
of the key strategies used to generate
returns.
The hold-to-collect (HTC)
business model has the
objective to hold the
financial assets
in order to collect
contractual cash flows.
Financial assets
classified within this
business model
include investment
securities, due
from banks
and loans
and advances
to
customers including securitization notes issued
by special purpose entities
established by the Group and recognized
in its balance
sheet, which are measured at amortized cost. Sales within this model are monitored per financial asset class and may be performed
for reasons which are not
inconsistent with this business model. More
specifically, sales of financial assets due to
credit deterioration,
as well as sales close to the maturity
are considered consistent with the objective of
hold-to-collect contractual cash flows regardless
of value and frequency.
Sales for other reasons
may be consistent with
the HTC model such
as liquidity needs
in any stress
case
scenario or sales
made to
manage high
concentration level
of credit risk.
Such sales
are monitored and
assessed depending
on
frequency and value to conclude whether they are consistent with the HTC model.
The hold-to-collect-and-sell business
model (HTC&S) has
the objective
both to collect
contractual cash
flows and sell
the assets.
Activities such as liquidity management, interest yield and duration are
consistent with this business model, while sales of assets are
integral to achieving the objectives of this business model. Financial assets classified
within this business model include investment
securities which are measured at
FVOCI, subject to meeting the SPPI assessment
criteria.
Notes to the Consolidated Financial Statements
.
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Other business models include financial assets which are managed and evaluated on a fair value
basis as well as portfolios that are
held for trading. This is a residual category
for financial assets not meeting the criteria of the
business models of HTC or HTC&S, while
the collection of contractual cash flows may
be incidental to achieving the business models’ objective.
The Group’s business
models are reassessed
at least annually or
earlier, if
there is a
sales’ assessment
trigger or if there are
any
changes in the Bank’s strategy
and main activities, as
evidenced by the Bank’s business plan, budget and NPE strategy.
Cash flow characteristics assessment
For a financial
asset to be measured at
AC or FVOCI, its contractual
terms must give rise
on specified dates to cash flows
that are
solely payments of principal and interest (SPPI) on the principal amount outstanding. For the purpose of this assessment principal is
defined as the fair value of the asset at initial recognition and interest as the consideration for
the time value of money, credit risk,
other basic lending risks and a profit margin.
More specifically,
at initial recognition
of a financial
asset, an assessment
is performed of whether the
financial asset contains
a
contractual term that could change the amount or timing of contractual cash flows in a way that it would not be consistent with the
above
condition. The
Group
considers the
existence
of various
features, including
among
others,
contractually linked
terms,
prepayment
terms, deferred
interest-free
payments,
extension and
equity
conversion
options,
terms that
introduce
leverage
including index linked payments, as well as environmental,
social and governance
linked features (ESG) where the
contractual interest
rate is
adjusted if the
borrower meets, or
fail to
meet specific sustainability
performance targets.
Where the contractual
terms
introduce exposure to risk or volatility
that are inconsistent with a
basic lending arrangement, the related
financial asset
does not
meet the SPPI criterion and is measured
at FVTPL.
In addition, if a contractual feature could have
an effect that is de-minimis on the contractual cash
flows of the financial asset, it does
not affect its classification. Furthermore, a contractual feature is considered
as not genuine by
the Group, if it affects the instrument’s
contractual cash flows only on the occurrence of an event that is extremely rare, highly abnormal and very unlikely to occur. In such
a case, it does not affect
the instrument’s classification.
Moreover, for the securitization notes issued by special purpose entities and held by the Group, the cash flow characteristics
of the
notes and the underlying pool of financial assets as well as the credit risk inherent in each securitization’s
tranche compared to the
credit risk of all of the underlying pool of financial assets,
are considered.
In case of special lending
arrangements such as non-recourse loans,
in its assessment
of the SPPI criterion,
the Group considers
various
factors such
as the
nature of
the borrower
and its
business, the
pricing of
the loans,
whether it
participates in
the economic
performance of the underlying asset and the extent to which the collateral represents all or a
substantial portion of the borrower’s
assets. Moreover, for non-recourse
loans, the Group takes into consideration the borrower’s
adequacy of loss absorbing capital
by
assessing jointly the criteria of equity sufficiency, Loan to Value ratio (LTV), the Average Debt Service Coverage ratio (ADSCR) as well
as the existence of corporate and personal guarantees.
In certain cases when the time value of money element is modified in that the financial asset’s interest rate is periodically reset
but
the reset frequency does not match the tenor of the interest rate or
when a financial asset’s interest rate is periodically reset
to an
average of particular short-term and
long-term interest rates, a quantitative assessment is
performed (the “Benchmark
Test”) in order
to determine whether the contractual cash flows
are SPPI.
In particular, the Group assesses
the contractual cash flows of the “real
instrument”, whose interest rate
is reset with a
frequency
that does not match the
tenor of the interest rate, and
those of the “benchmark
instrument”, which are identical in all respects except
that the tenor of the interest rate matches exactly the interest period. If the undiscounted cash flows of the former are significantly
different from the benchmark cash
flows due to the modified time
value of money element, the financial asset
does not meet the
SPPI criterion. In its assessment, the Group considers both the
effect of the modified time value of money element in each reporting
period and
cumulatively over the
life of
the instrument. This
is done,
as far
as the
lifetime of
the instrument
is
concerned, by
comparing the cumulative
projected undiscounted cash
flows of
the real
and the benchmark instrument,
and for each
quarterly
reporting period, by comparing the projected
undiscounted cash flows of the two
instruments for that quarterly
reporting period,
based on predefined thresholds.
The Group performs the SPPI
assessment for its lending exposures on
a product basis for the retail and
part of the wholesale portfolio
where contracts
are of
standardized form,
whereas for
the remaining wholesale
portfolio, securitization notes
issued by
special
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
purpose entities, either established by
the Group or third
parties, and held by the
Group, as well as for debt securities, the
assessment
is performed on an individual basis.
Derecognition of financial assets
The Group
derecognizes a
financial asset when
its contractual
cash flows
expire, or
the rights
to receive
those cash
flows are
transferred in an outright sale in which substantially all risks and
rewards of ownership have been transferred. In addition, a financial
asset is derecognized even if rights to receive cash flows are retained but
at the same time the Group assumes an obligation to pay
the received cash flows without a
material delay (pass through agreement) or when
substantially all the risks and rewards are neither
transferred nor retained but the Group has transferred
control of the asset. Control is transferred if,
and only if, the transferee
has
the practical ability to sell the asset in its entirety to unrelated third party and is able to exercise that ability unilaterally and without
imposing additional restrictions on the transfer.
The main transactions that are subject to the above de-recognition
rules are securitization transactions, repurchase agreements and
stock lending transactions. In the case
of securitization transactions, in order to assess
the application of the above mentioned de-
recognition principles,
the Group
considers the
structure of
each securitization
transaction including
its exposure
to the
more
subordinated tranches
of the
notes issued
and/or credit enhancements
provided to
the special
purpose entities, as
well as
the
securitization’s contractual terms that may indicate that the Group retains control of
the underlying assets. In the case of repurchase
transactions and stock lending, the assets transferred are not derecognised since the terms of
the transaction entail the retention of
all their risks and rewards.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of
(i) the consideration
received (including
any new
asset obtained
less any
new liability
assumed) and
(ii) any
cumulative gain
or loss
that had
been
recognized in OCI
for financial assets
at FVOCI, is recognized
in income statement, except for
cumulative gains or losses
of FVOCI
equity instruments which are not reclassified
from OCI to income statement
at the date of derecognition.
Modification of financial assets that may result in derecognition
In addition, derecognition of financial
asset arises when its contractual
cash flows are
modified and the modification is considered
substantial enough so
that the original
asset is
derecognized and a
new one is
recognised. Substantial modifications
resulting in
derecognition may include among others
change in borrower, change
in the asset’s
denomination currency, debt consolidation of
unsecured exposure into a single new secured asset entailing significant impact on the
variability of cash flows and the risk profile of
the original instrument subject to modification. The Group records the modified asset as a
‘new’ financial asset at fair value plus any
eligible transaction costs and the
difference with the
carrying amount of the existing
one is recorded in
the income statement
as
derecognition gain or loss.
The Group may modify the contractual terms of a lending exposure either as a concession granted to a client facing or that is
about
to face
financial difficulties
or due to
other commercial reasons
such as changes
in market
conditions, competition or customer
retention.
In addition, the Group
may occasionally enter,
in the context of
loans’ modifications, into debt-for-equity transactions.
These are
transactions where the terms of a lending exposure are renegotiated and as a result, the borrower
issues equity instruments (voting
or no voting) in
order to extinguish part or
all of its financial
liability to the Group. Such
transactions may include also
exercise of
conversion rights embedded into convertible or exchangeable bonds and enforcement of shares held as collateral.
In debt-for-equity transactions, the modified loan is derecognized while the equity instruments received in exchange are recognized
at their fair value, with
any resulting gain or loss recognized
in the Group’s income statement.
2.2.10 Reclassifications of financial assets
The Group reclassifies a financial asset only when it changes its business model for managing financial assets. Generally, a change in
the business model is expected to be rare
and occurs when the Group either begins
or ceases to perform an activity
that is significant
to its operations; for example, when a business line is acquired, disposed of or terminated. In the rare event when there is a change
to the existing business models, the updated assessment is approved by the Group’s competent Committees and the amendment is
reflected appropriately in the Group’s budget and business plan.
Notes to the Consolidated Financial Statements
.
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Changes in intention related
to particular financial assets
(even in circumstances of significant
changes in market conditions),
the
temporary disappearance of a particular market for financial assets or a transfer of financial assets between parts of the Group with
different business models, are
not considered by the Group changes in business model.
The reclassification
is applied prospectively from the reclassification
date, therefore previously recognized gains,
losses (including
impairment losses)
or interest are not restated.
2.2.11 Financial liabilities
Financial liabilities
- Classification and measurement
The Group classifies
its financial liabilities in the following
categories: financial liabilities measured at
amortized cost and financial
liabilities measured
at fair-value-through-profit-or-loss (FVTPL).
Financial liabilities at FVTPL comprise two sub categories: financial
liabilities held for
trading and financial liabilities designated at fair-
value-through-profit-or-loss upon initial recognition.
Financial liabilities
held for trading, which include short positions of debt securities (sold but not yet purchased), are liabilities
that
the Group incurs
principally for the purpose of
repurchasing in the near
term for short
term profit or
in the context
of economic
hedging strategies
of groups of assets and/or liabilities
or net positions for which hedge accounting is not applied.
Additionally, the Group
may also, at initial
recognition, irrevocably designate financial liabilities
at fair-value-through-profit-or-loss
when certain criteria are met.
Financial liabilities held for trading or designated at
FVTPL are initially recognized at fair value. Changes
in fair value are recognized in
the income statement, except for changes in the fair value of liabilities designated at fair-value-through-profit-or-loss attributable to
changes in the Group’s own credit risk, which are
recognised in OCI and are not subsequently reclassified to the income statement
upon derecognition of
the liabilities. However, if such treatment creates or
enlarges an accounting
mismatch in the income statement,
all gains or losses of this financial liability, including the effects of changes in the
credit risk, are recognized in the income statement.
Derecognition of financial liabilities
A financial
liability is
derecognized when the
obligation under
the liability is
discharged, cancelled
or expires. When
an existing
financial liability of the Group is replaced
by another from the same counterparty on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as an extinguishment of the original
liability
and the recognition of a new liability and any difference
arising is recognized
in the income statement.
The Group considers the terms to be substantially different, if the discounted present value of the cash flows
under the new terms,
including any fees paid net of any
fees received and discounted using the
original effective interest rate, is at least 10% different from
the discounted present value of the remaining cash flows
of the original financial liability.
If an exchange of
debt instruments or modification of terms
is accounted for as
an extinguishment, any costs
or fees incurred are
recognized as part of the
gain or loss on
the extinguishment. If the
exchange or modification
is not accounted
for as an extinguishment,
any costs or
fees incurred adjust the
carrying amount of the
liability and are amortized
over the remaining
term of the
modified
liability.
Similarly,
when
the Group
repurchases any
debt
instruments
issued
by
the
Group,
it
accounts
for
such
transactions
as
an
extinguishment of debt.
2.2.12 Fair value measurement of financial instruments
Fair value
of financial instruments
is the price
that would be
received to sell
an asset or
paid to transfer
a liability
in an
orderly
transaction between market participants at the
measurement date under current
market conditions in the principal
or, in its absence,
the most advantageous market to which the Group has
access at that date. The fair value of a liability reflects its
non-performance
risk.
When available, the Group measures the fair value of an instrument using the quoted price in an active market for that instrument.
A market is
regarded as active
if transactions for
the asset or liability
take place with
sufficient frequency and volume
to provide
pricing information
on an
ongoing basis.
If there
is no
quoted price
in an
active market,
then the
Group uses
other valuation
Notes to the Consolidated Financial Statements
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techniques that maximize the use of relevant observable inputs and minimize the use of unobservable inputs. The chosen valuation
technique incorporates all of the factors that market
participants would take into account in pricing a transaction.
The Group has elected to use mid-market
pricing as a practical
expedient for fair value measurements
within a bid-ask spread.
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price, i.e.
the fair value
of the consideration
given or received unless the
Group determines that the
fair value at initial recognition differs from the
transaction
price. In this case, if the
fair value is evidenced by
a quoted price in
an active market for an identical asset or
liability (i.e. Level 1 input)
or based on a valuation technique that uses
only data from observable markets, a day one
gain or loss is recognized
in the income
statement. On the
other hand, if the
fair value is evidenced
by a valuation technique
that uses unobservable inputs, the
financial
instrument is initially measured
at fair value, adjusted to defer
the difference
between the fair value at initial
recognition and the
transaction price (day one gain or loss). Subsequently the deferred gain or loss
is amortized on an appropriate basis over the life of
the instrument or released earlier if a quoted price in an active market or observable market data become available or the financial
instrument is closed out.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy based on the lowest level input that is
significant to the fair
value measurement as a
whole.
For assets and liabilities that are measured at fair value on
a recurring basis, the Group recognizes transfers into
and out of the fair
value hierarchy levels at the beginning of
the quarter in which a financial instrument's
transfer was
effected.
2.2.13 Impairment of financial assets
The Group recognizes
allowance for expected
credit losses (ECL)
that reflect changes
in credit quality
since initial
recognition to
financial assets that are measured at AC and
FVOCI, including loans, securitization
notes issued by
special purpose entities established
by the Group, lease receivables, debt
securities, as well as
financial guarantee contracts
and loan commitments. ECL
are a probability-
weighted average estimate of credit losses that reflects the time value of
money. Upon initial recognition
of the financial instruments
in scope of the impairment policy, the Group records a loss allowance equal to 12-month ECL, being the ECL that result from default
events that
are possible
within the
next twelve
months. Subsequently,
for those
financial instruments
that have experienced
a
significant increase
in credit risk
(SICR) since initial
recognition, a loss allowance
equal to
lifetime ECL is
recognized, arising
from
default events that are
possible over the expected
life of the instrument.
If upon initial recognition,
the financial asset meets
the
definition of purchased or originated credit impaired (POCI), the loss allowance is based
on the change in the ECL over the life of the
asset.
Loss allowances for trade receivables are always measured at an amount
equal to lifetime ECL. For all other financial assets subject
to impairment, the general three-stage
approach applies.
Accordingly, ECL are recognized using a
three-stage approach based on the extent of credit deterioration since origination:
•
Stage 1 – When there is
no significant increase
in credit risk since initial recognition of a
financial instrument, an amount
equal to 12-month ECL
is recorded. The 12 –
month ECL represent a portion
of lifetime losses, that result from default events
that are possible within the next 12 months
after the reporting date and is equal to the
expected cash shortfalls over the
life of the instrument or group of instruments, due to loss events probable within the next 12 months. Not credit-impaired
financial assets
that are
either
newly originated
or
purchased,
as
well as
assets
recognized
following a
substantial
modification accounted for as a derecognition, are classified
initially in Stage
1.
•
Stage 2 – When a financial instrument experiences a SICR subsequent to origination but is not considered to be in default,
it is included in Stage 2. Lifetime
ECL represent the expected credit losses that result from all possible default
events over
the expected life of the financial
instrument.
•
Stage 3
– Financial
instruments that are
considered to
be in
default are
included in
this stage.
Similar to
Stage 2,
the
allowance for credit losses
captures the lifetime expected credit losses.
•
POCI
-
Purchased
or originated
credit
impaired
(POCI) assets
are
financial assets
that are
credit
impaired on
initial
recognition. They are not subject
to stage allocation and are always measured on
the basis of lifetime expected
credit losses.
Accordingly, ECL are only recognized to the extent that there is a subsequent change in the assets’ lifetime expected credit
losses. Any
subsequent favorable
change to
their expected
cash flows
is recognized
as impairment gain
in the
income
statement even
if the
resulting expected
cash flows
exceed the estimated
cash flows
at initial
recognition. Apart
from
purchased assets
directly from
the market
or through
a business
combination, POCI
assets
may also
include financial
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.
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instruments that are
considered new assets,
following a substantial
modification accounted for
as a derecognition
(see
section 2.2.9).
Definition of default
To determine the risk of
default, the Group applies a default definition
for accounting purposes,
which is consistent with the European
Banking Authority (EBA) definition
for non-performing exposure and regulatory definition
of default as applied by
the Group on
1
January 2021 (refer to note 5.2.1.2 (a)).
The accounting definition of default is also
consistent with the one used for internal credit
risk management purposes.
A financial asset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash
flows of
that exposure have occurred:
•
The borrower faces a significant
difficulty in meeting his
financial obligations.
•
There has been a breach
of contract, such as
a default or unpaid amounts, above
specified materiality thresholds,
for 90
consecutive days.
•
The Group, for economic or contractual reasons relating to the borrower’s financial difficulty, has granted to the borrower
a concession(s) that the Group would not otherwise consider.
•
There is a probability that the borrower will enter
bankruptcy or other financial re-organization.
•
For POCI financial assets,
a purchase or origination at a
deep discount that reflects
incurred credit losses is considered a
detrimental event. The Group assesses
the deep discount criterion following a principle
-based approach with the aim
to
incorporate all
reasonable and supportable
information which
reflects market
conditions that
exist at
the time
of the
assessment.
For debt securities, the Group determines the risk
of default using an internal credit rating scale. The Group considers
debt securities
as credit impaired if the internal rating of the issuer/counterparty corresponds
to a rating equivalent to "C" (Moody's rating scale) or
the external rating of the issuer/counterparty at the reporting date
is equivalent to “C” (Moody’s rating scale) and the
internal rating
is not available.
Significant increase in credit risk
(SICR) and staging allocation
Determining whether a loss allowance should
be based on
12-month expected credit
losses or lifetime expected credit losses depends
on whether there has been a significant increase in credit risk
(SICR) of the financial assets, issued loan commitments and financial
guarantee contracts, since initial
recognition.
At each reporting date, the Group performs an assessment as to whether
the risk of a default occurring over the remaining expected
lifetime of the exposure has increased significantly from the
expected risk of a default estimated at origination for that point in time.
The assessment
for SICR
is
performed using
both qualitative
and
quantitative criteria
based on
reasonable and
supportable
information that is available
without undue cost or effort
including forward looking
information and macroeconomic scenarios
as
well as historical experience. Furthermore, regardless of the outcome of
the SICR assessment based on the above triggers, the credit
risk of a financial asset
is deemed to have increased significantly
when contractual payments are more than 30 days past
due.
As a primary criterion
for SICR assessment, the Group compares the residual
lifetime probability of default (PD)
at each reporting date
to the residual lifetime
PD for the same point in time which was
expected at the origination.
The Group may also consider as a SICR trigger when the residual lifetime
PD at each reporting date exceeds certain predetermined
values. The criterion may be applied in order to capture cases where the relative PD
comparison does not result to the identification
of SICR although the absolute value of PD is at
levels which are considered high based on the Group’s risk
appetite framework.
Internal credit risk rating (on a borrower basis) is also used as a basis for the identification of SICR with regards to lending exposures
of the Wholesale portfolio. Specifically,
the Group takes into consideration
the changes of internal ratings
by a certain number
of
notches. In addition, a watchlist status is also
considered by the Group as a trigger for
SICR identification. Internal credit risk rating
models include borrower specific information as well as,
forward-looking information regarding the prospects
of the industry
in which
it operates. For securitization notes issued by special purpose
entities established by the Group,
the SICR assessment is performed by
considering the performance
of the underlying
assets, where the
level of
their expected cash
flows is
compared to the
carrying
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amount of the securitized notes. In addition, the assessment of SICR for debt securities is performed
on an individual basis based on
the number of notches downgrade in the internal credit rating scale
since the origination date.
Forbearance measures as monitored by the Group are considered as a
SICR trigger and thus the exposures are allocated into Stage 2
upon forbearance, unless
they are considered
credit-impaired or
the net present
value of
their cash
flows before
and after
the
restructuring exceed the threshold of 1%, in
which cases they are classified as Stage 3. Furthermore,
regardless of the outcome of the
SICR assessment
based on the
above triggers, the
credit risk of
a financial
asset is deemed to
have increased
significantly when
contractual payments are more than 30 days past
due.
Transfers from
Stage 2 to Stage 1
A financial asset, which is classified to Stage 2 due to Significant Increase in Credit Risk
(SICR), is reclassified to Stage 1, as long as it
does not meet anymore any of the Stage 2
Criteria.
Where forbearance measures have been applied, the Group
uses a probation period of two years, in order to fulfill the requirements
for a transfer
back to Stage
1. If at the
end of that period
the borrowers have
made regular payments
of a significant
aggregate
amount, there are no past due amounts over 30 days and the loans are neither credit impaired, nor any other SICR criteria are met,
they exit forborne status and are classified
as stage 1.
Transfers from
Stage 3 to Stage 2
A financial asset
is transferred from Stage
3 to Stage 2, when the criteria
based on which the
financial asset was
characterized as
credit impaired are no longer
exist and the applicable
probation period for the assets’
return in non impaired status, ranging
from
three to twelve months, has passed.
Criteria for grouping of exposures based on shared credit
risk characteristics
The assessment of loss allowance is performed either on an individual basis or on a collective
basis for groups of similar items
with
homogeneous credit risk
characteristics. The Group
applies the
same principles for
assessing SICR
since initial recognition
when
estimating ECL on a collective
or on an individual basis.
The Group
segments its
lending exposures
on the
basis of
shared credit
risk characteristics
for the
purposes of
both assessing
significant increase
in credit risk
and measuring loan
loss allowance on
a collective basis.
The different segments
aim to capture
differences in PDs and in the rates
of recovery in the event of default.
The shared credit
risk characteristics
used for the segmentation
of exposures include
several elements such
as: instrument type,
portfolio type, asset
class, product type,
industry, originating
entity, credit
risk rating,
remaining term
to maturity,
geographical
location of the borrower, value of collateral
to the financial asset, forbearance
status and days in arrears.
The Group identifies individually significant
exposures and performs the ECL measurement based on borrower specific information
for both retail and wholesale
portfolios. This measurement is
performed at a borrower level, hence the criteria are defined at
this
level, while both qualitative and quantitative factors
are taken into consideration including forward looking information.
For the
remaining retail
and wholesale
exposures, ECL
are measured
on
a collective
basis. This
incorporates borrower
specific
information, collective historical experience of losses
and forward-looking information. For debt securities
and securitization notes
issued by special purpose entities established
by the Group, the measurement
of impairment losses
is performed on an individual
basis.
Measurement of Expected Credit Losses
The measurement of ECL is an unbiased
probability-weighted average estimate of credit losses that reflects the time value of
money,
determined by evaluating a range
of possible outcomes. A credit loss is
the difference between the cash flows
that are due to the
Group in accordance with the
contractual terms of the instrument
and the cash flows
that the Group expects to receive
(i.e. cash
shortfalls) discounted
at the
original effective
interest rate
(EIR) of
the same
instrument, or
the credit-adjusted
EIR in
case of
purchased or originated
credit impaired
assets (POCI). In
measuring ECL, information
about past
events, current
conditions and
reasonable and supportable
forecasts of
future conditions are
considered. For undrawn
commitments, ECL are
calculated as
the
present value of the difference between the contractual cash flows due if the commitment was drawn and the cash flows
expected
to be received, while for financial guarantees ECL are measured as the
expected payments to reimburse the holder less any amounts
that the Group expects to receive.
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.
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The Group estimates
expected cash shortfalls, which reflect
the cash flows expected from all
possible sources, including collateral,
guarantees and other
credit enhancements that are part
of the contractual terms
and are not recognized
separately. In
case of a
collateralized financial instrument, the estimated expected cash flows related to the collateral reflect the amount
and timing of cash
flows that are
expected from liquidation
less the discounted
costs of obtaining
and selling the collateral,
irrespective of whether
liquidation is probable.
ECL are calculated over the maximum contractual period over which the Group is exposed to credit risk, which is determined based
on the substantive terms of the
instrument, or in
case of revolving credit
facilities and credit cards, by taking into
consideration factors
such as the Group’s
expected credit risk management
actions to mitigate
credit risk and past practice.
More specifically, regarding
Stage 2
exposures, the
determination of
period of
exposure is
based on
an analysis
of historic
data regarding
the behavioural
characteristics of the facilities from the time a SICR
has occurred until
their exit from Stage 2. For lending
exposures allocated to Stage
3 the period of exposure reflects the time to liquidation.
Receivables from customers arising from the Group’s activities other
than lending, are presented
under Other
Assets and are typically
short term. Therefore, considering
that usually there is
no significant financing component,
the loss allowance for such
financial assets
is measured at an amount equal
to the lifetime expected credit losses
under the simplified approach.
ECL Key Inputs
The ECL calculations are based on the term structures of the probability
of default (PD), the loss given default (LGD), the exposure at
default (EAD) and other input parameters such as the credit conversion factor (CCF) and the prepayment rate. Generally,
the Group
derives these parameters from internally developed statistical models and observed point-in-time
and historical data, leveraging the
existing infrastructure development for the regulatory framework
and risk management practices.
The PD represents the likelihood of
default assessed on the prevailing
economic conditions at the reporting date, adjusted to
take
into account estimates of future economic conditions that are
likely to impact the risk of default,
over a given time horizon.
The Group uses Point in Time (PiT) PDs in
order to remove any bias towards historical data thus
aiming to reflect management’s view
of the future as at the reporting date, incorporating relevant forward
looking information including macroeconomic scenarios.
Two types of PD are used for calculating
ECL:
•
12-month PD, which is the estimated probability of default occurring within the next 12 months (or over the remaining life
of the financial asset
if this is less
than 12 months). It is used to calculate
12-month ECL for Stage
1 exposures.
•
Lifetime PD, which is the estimated probability of a default occurring
over the remaining life of the financial asset. It is used
to calculate lifetime
ECL for Stage 2, Stage
3 and POCI exposures.
For debt securities, PDs are obtained by an international rating agency using risk methodologies that maximize
the use of objective
non-judgmental variables and market data. The
Group assigns internal credit ratings to each issuer/counterparty
based on these PDs.
In case of counterparties for which no information is
available, the Group assigns
PDs which are derived from internal models.
The Exposure at default (EAD)
is an estimate
of the exposure at a future default date, taking
into account expected changes in the
exposure after the reporting date, including repayments of principal and interest and expected drawdowns on committed facilities.
The EAD includes both on and off balance sheet
exposures. The on balance sheet exposure corresponds
to the total amount that has
been withdrawn and is due to be paid, which includes the outstanding principal,
accrued interest and any past due amounts. The off
balance sheet exposure represents the credit that is available
to be withdrawn, in excess of
the on balance sheet exposure.
Furthermore, the CCF factor
is used to convert the amount
of a credit facility and
other off-balance sheet amounts to
an EAD amount.
It is a modelled assumption which represents a proportion of any undrawn exposure that is expected to be drawn prior to a default
event occurring.
In addition,
the prepayment rate
is an
estimate of early
prepayments on
loan exposure
in excess of
the contractual
repayment
according to the repayment schedule and
is expressed as a percentage applied to
the EAD at each period, reducing
the latter amount
accordingly.
LGD represents the Group's expectation
of the extent of loss on
a defaulted exposure and it
is the difference between the contractual
cash flows due and those that the Group expects to receive including any amounts from collateral liquidation. LGD varies by type of
counterparty, type and seniority of claim, availability of collateral or other
credit support, and is usually
expressed as a percentage of
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.
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EAD. The Group distinguishes its loan portfolios into two broad categories i.e. secured and unsecured. The Group estimates the LGD
component using
cure
rates that
reflect
cash
recoveries, estimated
proceeds from
collateral
liquidation, estimates
for timing
realization, realization
costs, etc.
Where the
LGD’s
component values are
dependent on
macro –
economic data,
such types
of
dependencies are reflected by
incorporating forward looking information, such
as forecasted price indices into
the respective models.
The estimation
of the
aforementioned component values
within LGD
reflects available
historical data
which cover
a reasonable
period, i.e. a full economic cycle.
For debt
securities, the
LGD is
typically based
on historical
data derived
mainly from
rating agencies’
studies but
may also
be
determined considering the existing and expected liabilities
structure of the obligor and macroeconomic environment.
Furthermore, the seniority of the debt security,
any potential collaterals by the
obligor or any other type of coverage
is taken
into
account for the calculation.
Forward-looking information
The measurement
of expected
credit losses
for each
stage
and the
assessment of
significant increases
in credit
risk consider
information about
reasonable and
supportable forecasts
of future
events and
macroeconomic conditions.
The estimation
and
application
of forward-looking information requires significant
judgment.
The Group uses three macroeconomic scenarios
(i.e. base, adverse and optimistic) to
achieve the objective of
measuring ECL in a way
that reflects an unbiased and probability weighted outcome.
The baseline scenario represents the most likely scenario and is aligned
with the information used by the Group for strategic
planning and budgeting purposes.
The scenarios are reflected in
the risk parameters,
and, namely 12-month PD, Lifetime
PD and LGD, hence 3 sets of
each of these
parameters are used, in line
with the scenarios developed.
The Group then proceeds to the calculation of weights for each scenario, which represent the
probability of occurrence for each of
these scenarios. These weights
are applied on
the 3 sets
of calculations of
the parameters
in order
to produce a
single scenario
weighted
risk parameter
value
which is
subsequently used
in
both SICR
assessment
and
ECL measurement.
ECL calculation
incorporates forward
-looking macroeconomic
variables, including
GDP growth
rates, house
price indices,
unemployment rates,
interest rates, inflation,
etc. In order
to capture material
non – linearities in
the ECL model, in
the case of
individually significant
exposures, the Group considers the relevance of
forward looking information to each specific group
of borrowers primarily on the
basis of the business sector they belong and other drivers of credit risk (if
any).
Modified Financial Assets
In cases where
the contractual cash
flows of a financial
asset have been
modified and the
modification is considered substantial
enough (for the triggers of derecognition, refer to Derecognition of Financial assets in section 2.2.9 above), the modification date is
considered to
be the
date of
initial recognition
for impairment
calculation purposes,
including for the
purposes of
determining
whether a significant increase in credit risk has occurred.
Such a modified asset is typically classified as Stage 1 for ECL measurement
purposes. However, in some circumstances following a modification that results in derecognition
of the original financial asset, there
may be evidence that the new financial asset is credit-impaired at initial recognition, and
thus, the financial asset is recognized as an
originated credit-impaired financial
asset (POCI).
In cases where the contractual cash flows of a financial asset have been modified and the modification is not considered substantial
enough, the Group recalculates the gross carrying amount of the financial asset and
recognizes the difference as a modification gain
or loss in the income statement and determines if the financial asset’s
credit risk has increased significantly since initial recognition
by comparing the risk of a default occurring at initial recognition based on the original unmodified contractual terms and the risk of
a default occurring at the reporting date, based on the modified contractual terms.
Presentation of impairment
allowance
For financial assets measured at amortized cost, impairment allowance is recognized as a loss allowance reducing the gross carrying
amount of the financial assets in the balance sheet.
For debt instruments measured at FVOCI, impairment allowance is recognized in
other comprehensive income and does not
reduce the carrying amount of the debt instruments
in the balance sheet. For
off-balance
sheet financial items arising from lending activities, impairment allowance is
presented in Other
Liabilities. The respective ECL for the
above financial items is
recognised within impairment losses.
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.
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Write-off of financial
assets
Where the Group has
no reasonable expectations of
recovering a financial
asset either in
its entirety or
a portion of it,
the gross
carrying amount of that instrument is reduced directly, partially or
in full, against the impairment allowance. The amount written-off
is considered as derecognized.
Subsequent recoveries of amounts
previously written off
decrease the amount
of the impairment
losses in the income statement.
Financial assets
that are written off could still be subject to
enforcement activities in order to comply with the Group’s
procedures
for recovery of amounts due.
2.2.14 Sale and repurchase agreements, securities lending and borrowing
(i) Sale and repurchase agreements
Securities sold subject to repurchase agreements (repos) continue to be recorded in the Group's Balance Sheet as the Group
retains
substantially all risks and rewards of ownership, while the liability
to the counterparty is included in amounts due to other banks or
due to customers, as appropriate, and measured at amortized cost. Securities purchased under agreements to resell (reverse repos)
are recorded as loans and
advances to other banks or customers,
as appropriate, and measured at
amortized cost. The difference
between the sale and repurchase price in case of
repos and the purchase and resale price in case of reverse
repos is recognized as
interest and accrued over the period of the repo or reverse repo agreements using the effective
interest method.
(ii) Securities lending and borrowing
Securities lent to counterparties
against the receipt of a fee continue
to be recognized in
the financial statements. Securities borrowed
are recognized as
trading liabilities
when sold to third parties and
measured at fair
value with any
gains or losses
included in the
income statement.
2.2.15 Leases
T
he Group enters into leases either as a lessee or as a lessor. At inception of a contract, the Group assesses whether a contract is, or
contains, a lease.
(i) Accounting for leases as lessee
When the Group becomes the
lessee in a lease
arrangement, it recognizes
a lease liability and a corresponding right-of-use
(RoU)
asset at the commencement
of the lease term when the Group acquires control of the physical
use of the asset.
Lease liabilities are presented within Other liabilities and RoU assets within Property
and equipment and investment property. Lease
liabilities are measured based on the
present value of the
future lease payments over
the lease term, discounted
using an incremental
borrowing rate. The interest expense on lease
liabilities is
presented within net interest income.
The lease liability is remeasured when there is a change in future lease payments arising from a
change in an index or rate, a change
in the Group’s estimate of the
amount expected to
be payable under a
residual value guarantee or if the
Group changes its assessment
of whether
it
will exercise
a purchase,
extension or
termination option.
When the
lease liability
is remeasured
in this
way,
a
corresponding adjustment is made to
the carrying amount of
the right-of-use asset,
or is recorded in profit
or loss if
the carrying
amount of the right-of-use asset
has been reduced to zero.
The RoU asset is initially recorded at an amount equal to the lease liability and is adjusted for rent
prepayments, initial direct costs,
or lease incentives received. Subsequently,
the RoU asset is
depreciated over the shorter of the lease term or the useful
life of the
underlying asset, with the depreciation presented within operating expenses.
When a lease contains extension or termination options that the Group considers reasonably certain
to be exercised, the expected
future lease payments or costs of early
termination are included within the lease payments
used to calculate the lease liabil
ity.
The Group has elected not to recognise right-of-use assets and lease liabilities
for leases of low-value assets and short-term leases.
The Group recognises the lease payments
associated with these leases
as an expense on a straight-line
basis over the lease term.
(ii) Accounting for leases as lessor
At inception date of the lease, the Group, acting as
a lessor, classifies each of its leases as either an operating lease or a
finance lease
based on whether the lease transfers substantially all of the risks and rewards incidental to the ownership of the underlying asset. If
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.
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this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Group considers
certain indicators such as whether the lease
is for the major part of the economic life
of the asset.
Finance leases
At commencement date, the Group derecognizes the carrying amount of the underlying assets held under finance lease, recognizes
a receivable at an amount equal to the net investment in the lease and recognizes, in income statement, any profit or loss from the
derecognition of the asset
and the recognition of the net investment.
The net investment in the
lease is calculated
as the present
value of the future lease payments in the same
way as for the lessee.
After commencement date,
the Group
recognizes finance income
over the
lease term,
based on
a pattern
reflecting a
constant
periodic rate of return on the lessor’s net
investment in the lease. The
Group also recognizes income from variable payments that are
not included in the net investment in the lease. After lease commencement, the net investment in a lease is not remeasured unless
the lease is modified
or the lease term is revised.
Operating leases
The Group continues to recognize the underlying asset and does not recognize a net investment in
the lease on the balance sheet or
initial profit (if
any) on the income statement.
The Group recognizes lease payments from the lessees as income on a straight
-line basis or another systematic basis considered as
appropriate. Also it recognizes
costs, including depreciation, incurred in
earning the lease
income as an expense. The
Group adds
initial direct costs incurred in obtaining an operating lease to the carrying
amount of the underlying asset and recognizes those costs
as an expense over the lease term on the same
basis as the lease
income.
Subleases
The Group, acting as a lessee, may enter
into arrangements to sublease a leased asset
to a third
party while the original
lease contract
is in effect. The Group acts as both the
lessee and lessor of the same underlying asset. The
sublease is a separate lease agreement, in
which the intermediate lessor classifies
the sublease as a finance
lease or an operating lease
as follows:
•
if the head lease is
a short-term lease, the sublease
is classified
as an operating lease; or
•
otherwise, the sublease
is classified
by reference
to the
right-of-use asset
arising from
the head
lease, rather
than by
reference to the underlying asset.
2.2.16 Insurance and reinsurance contracts
Definition and classification of insurance and reinsurance contracts
The Group undertakes both life insurance and
non-life insurance business and issues insurance (including unit
linked) and investment
contracts through its insurance subsidiaries.
Insurance contracts
are contracts
under which the
Group (the insurer)
accepts significant
insurance risk from
a
policyholder by
agreeing to compensate the policyholder
and/or the policyholder’s beneficiaries if a specified
uncertain future event
adversely affects
the policyholder.
In making the assessment of whether a contract transfers
significant insurance risk, all substantive rights and obligations, including
those arising from law
or regulation, are considered.
Insurance contracts are classified as direct participating contracts or contracts without direct participation features. The
unit-linked
contracts issued by
the Group are
classified as
direct participating contracts. Such
contracts allow policyholders
to participate
in
investment returns
with the
Group, in
addition to
compensation for
losses from
insured risk.
These contracts
are substantially
investment
service-related
contracts
where
the
returns
on
the
underlying
portfolios
of
investment
assets
are
shared
with
policyholders.
Contracts that have a legal form of insurance but do not transfer significant insurance risk and expose the Group to financial risk are
classified as
investment contracts, and they follow financial
instruments accounting under IFRS 9. These contracts
are classified as
financial liabilities and are measured at fair value,
where the fair value is dependent
on the fair value
of the underlying
financial assets
which are linked to these contracts.
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In addition,
the Group
holds reinsurance
contracts that
transfer significant
insurance risk
or are
deemed to
transfer significant
insurance risk
since they
transfer to
the reinsurer
substantially all
the insurance
risk relating
to the
reinsured portions
of
the
underlying insurance contracts.
Separating components from insurance and reinsurance contracts
The Group assesses its insurance contracts to
determine whether they
contain any derivatives or
investment components or
promises
to transfer
to policyholders’
distinct goods
or services
other than
insurance coverage
and investment
services which
must
be
accounted for under a different IFRS
than IFRS 17. An investment component comprises of the amounts that an insurance contract
requires the
Group to
repay to
a
policyholder in all
circumstances, regardless
of whether
an insured
event occurs.
Investment
components that are highly interrelated
with the insurance contract of which
they form a part of, are considered non-distinct and
are
not separately accounted
for.
Based on the Group’s
technical assessment
and application on its existing
groups of insurance
and
reinsurance contracts, the Group does not separate components from insurance and reinsurance contracts.
The Group issues some contracts which include an embedded derivative (surrender option) and/or investment component (account
balance) under which the surrender value is paid to the policyholder on maturity or
earlier lapse of the contract. These components
have been assessed to meet
the definition of a highly related and/or non-distinct component. The
surrender option is interrelated
with the
value of
the insurance contract
and as
such, is not
separated. Concerning the
account balance, the
Group is unable
to
measure the investment
component separately from
the contract and
the policyholder is
unable to benefit
from the investment
component unless the insurance component is also present and as such they are not separated.
The Group issues certain contracts which include a promise to transfer a good or
non-insurance service. These transfers of a good or
non-insurance service are not distinct and therefore not separated from the contracts.
Once the embedded derivatives, investment components
and the goods and services
components are separated, the Group assesses
whether the contract
should be
separated into
several insurance components
that, in
substance, should be
treated as
separate
contracts.
To determine whether a single legal contract does not reflect the substance of the transaction and its insurance components should
be recognized and measured separately
instead, the Group considers
whether there is an interdependency
between the different
risks covered, whether
components can lapse
independently of each other
and whether the
components can be
priced and sold
separately.
When the
Group
enters
into one
legal
contract with
different insurance
components
operating independently
of each
other,
insurance components are recognized and measured separately applying IFRS
17.
Concerning the
contracts with
supplementary benefits
(riders) the
Group has
determined that
the legal
contract
reflects the
substance of the transaction and as such the insurance components are not separated.
Reinsurance contracts
held,
may provide
cover
for underlying
contracts whose
risks are
not
similar.
Nevertheless, the
Group
concludes that the reinsurance contract’s legal form of a single contract reflects the substance of the Group’s contractual rights and
obligations, considering that the different covers lapse together and are not sold separately.
As a result, the reinsurance contract is
not separated into multiple insurance components that relate
to different underlying groups.
Aggregation level
For insurance contracts issued and reinsurance contracts held, the Group identifies and allocates these to portfolios of contracts for
measurement purposes. A portfolio comprises contracts subject to similar
risks and managed together.
The Group has defined portfolios
of insurance contracts issued
based on its product
lines, due to the fact that
the products are subject
to similar risks and managed
together. Reinsurance contracts
held have been grouped into portfolios taking into consideration
the
nature of the risk and the type of reinsurance cover.
Each portfolio is sub-divided into groups of contracts
(annual cohorts) to which the recognition and measurement requirements of
IFRS 17 are applied. At initial recognition, the Group
segregates contracts based on when they were issued. A portfolio
contains all
contracts that were issued within a 12-month
period. Each annual cohort is then
further disaggregated into three groups of contracts
based on the profitability of contracts:
●
any contracts that are onerous on initial recognition;
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●
any contracts that, on initial recognition, have no significant
possibility of becoming onerous subsequently; and
●
any remaining contracts in the annual cohort.
If insurance contracts
within a portfolio would
fall into different
groups only because law
or regulation specifically
constrains the
Group’s practical
ability to set a
different price or level
of benefits for policyholders
with different
characteristics, the Group may
include those contracts in the same group.
Portfolios
of reinsurance
contracts held
are
assessed for
aggregation separately
from portfolios
of insurance
contracts issued.
Applying the grouping requirements to reinsurance contracts held, the Group
aggregates reinsurance contracts held into groups
of
contracts:
●
contracts for which there is a net gain
at initial recognition, if
any;
●
contracts for which, at initial
recognition, there is no significant possibility
of a net gain arising
subsequently; and
●
remaining contracts in the portfolio, if
any.
The Group makes an evaluation of whether a set of
contracts can be treated together in making the profitability assessment
based
on reasonable
and supportable information.
In the
absence of
such information
the Group
assesses each
contract individually.
The determination of whether a contract or a group of insurance contracts issued
is onerous is based on the expectations as at
the
date of initial recognition, with fulfilment cash flow expectations determined
on a probability-weighted basis. The Group determines
the appropriate level at which reasonable
and supportable information is available to
assess whether the contracts are
onerous at
initial recognition and whether
the contracts not
onerous at initial
recognition have a
significant possibility of
becoming onerous
subsequently. A similar assessment is done for reinsurance contracts held to determine the contracts for which there is a
net gain at
initial recognition or whether contracts
for which there is not a net
gain at initial recognition have a
significant possibility of a net gain
subsequently.
For contracts applying the Premium Allocation Approach
(“PAA”) the Group assumes that contracts are not onerous (for reinsurance
contracts there is
not a net
gain) on initial
recognition unless there are
facts and circumstances
indicating otherwise. The
Group
assesses the likelihood of changes in
applicable facts and circumstances to determine whether
contracts not onerous
(for reinsurance
contracts there is
not a net
gain) at
initial recognition belong to
a group with
no significant possibility
of becoming onerous
(for
reinsurance contracts no significant possibility of
a net gain) in the future.
The composition
of groups
established at
initial recognition
is
not subsequently
reassessed,
unless the
contracts included
are
subsequently modified.
Initial Recognition
The Group recognizes groups of insurance contracts that it
issues from the earliest
of the following:
●
The beginning of the coverage period of the group of contracts;
●
The date when the first payment from a policyholder
in the group is due, or when the
first payment is received if there is no
due date;
●
When the Group determines that a group of contracts becomes onerous.
Concerning onerous contracts,
such contracts expected on initial recognition
to be loss-making are grouped
together and such groups
are measured and presented separately.
The Group recognizes initially a
group of reinsurance contracts held as follows:
●
If the reinsurance
contracts provide proportionate
coverage, at the
later of the beginning
of the coverage
period of the
group, or the initial recognition of any underlying contract;
●
In all other cases, from the beginning
of the coverage period of the first contract in the group.
If the
Group entered into
the reinsurance contract
held at
or before the
date when
an onerous group of
underlying contracts is
recognized prior to the beginning of the coverage period of the group of reinsurance contracts
held, the reinsurance contract held is
recognized at the same time
as the group of underlying insurance contracts is recognized.
The Group adds new contracts to the group when they meet the recognition criteria.
An insurance or
reinsurance contract acquired
in a
transfer of contracts
or a
business combination is recognized
on the
date of
acquisition.
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Contract Boundaries
The measurement of
a group of
contracts includes all
the future
cash flows
within the boundary
of each contract
in the group,
determined as described below for insurance and reinsurance contracts.
Insurance Contracts
Cash flows are within the boundary of
an insurance contract if they arise from substantive rights and
obligations that exist during the
reporting period in which
the Group can
compel the policyholder to
pay the premiums,
or in which the
Group has a
substantive
obligation to provide the policyholder with services.
Cash flows within the boundary
of an insurance contract are those that relate directly
to the fulfilment of the contract, including cash
flows for which the Group has discretion
over the amount or timing.
A substantive obligation to provide services ends when:
●
The Group has the practical ability to reassess the risks
of the particular policyholder
and, as a result, can set a price
or level
of benefits that fully reflects
those risks; or
●
Both of the following criteria
are satisfied:
o
the Group has the
practical ability to
reassess the risks
of the portfolio of
insurance contracts that
contain the
contract and, as a result, can set
a price or level of benefits that fully
reflects the risk of that portfolio, and
o
the pricing of the premiums for coverage up to the date when the risks are reassessed does not take into account
the risks that relate to periods after
the reassessment date.
Reinsurance contracts
For groups
of reinsurance contracts
held, cash
flows are
within the
contract boundary
if they
arise from
substantive rights
and
obligations of the cedant that exist during the reporting period in which the Group is compelled to pay amounts to
the reinsurer or
has a substantive right to receive insurance
contract services from the reinsurer.
A substantive right to receive services from
the reinsurer ends when the reinsurer:
●
has the practical
ability to reassess the risks
transfer to it
and can set a price or
level of benefits
that fully reflects those
reassessed risks; or
●
has a substantive right to terminate
the coverage.
The boundary of a reinsurance contract held includes cash flows resulting from the underlying contracts covered by the reinsurance
contract. This includes cash flows from insurance contracts
that are expected to
be issued by
the Group in the
future if these contracts
are expected to be issued within the boundary of the reinsurance contract held.
Insurance acquisition cashflows
Insurance acquisition cash flows arise
from the costs of selling,
underwriting and starting a group of insurance contracts (issued
or
expected to be issued)
that are directly attributable to the
portfolio of insurance contracts to
which the group belongs.
Such cash
flows include cash flows that are not
directly attributable to individual
contracts or groups of insurance contracts
within the portfolio.
Insurance acquisition cash flows
that are directly attributable to a group
of insurance contracts are allocated
to that group
and to
renewal groups of insurance contracts using
a systematic
and rational method and considering, in an unbiased way,
all reasonable
and supportable information that is available
without undue cost or effort.
A systematic and rational
method is also used to allocate
insurance acquisition cash flows directly attributable
to a portfolio.
Measurement
The General Measurement Model (GMM) is
the standard measurement model and the
Premium Allocation Approach (PAA) is
the
simplified approach for the measurement
of the contracts that fall under the scope of IFRS
17. The Variable Fee
Approach (VFA) is
mandatory to apply for insurance contracts with direct participation features upon meeting the eligibility criteria. While the GMM
is
the default measurement model, the Group applies the
VFA primarily to insurance contracts in the unit-linked life portfolio. The PAA
is an optional simplification applicable for measuring the Liability for Remaining Coverage (LRC) for contracts with coverage
periods
of one year or less, or when doing so
approximates the GMM; it is primarily applied by the Group to non-life insurance
contracts and
to non-individual life insurance contracts. For the rest of
the insurance contracts, the Group applies the GMM approach.
Notes to the Consolidated Financial Statements
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Measurement of Insurance Contracts Issued
Insurance contract liabilities comprise:
●
Liability for Remaining
Coverage (LRC): obligation for insured events not yet occurred, including fulfilment
cash flows and
the unearned Contractual Service Margin (CSM).
●
Liability for Incurred Claims (LIC): obligation for claims
from past events, including reported and unreported claims. It also
includes the Group’s
liability to pay
amounts to the
policyholder under the terms
of a contract,
including repayment of
investment
components, when a contract is derecognized.
The carrying amount of insurance contracts equals the sum of
the LRC and LIC.
Fulfilment Cash Flows (FCF)
FCF represent unbiased, probability-weighted estimates of future cash
inflows and outflows, discounted for
the time value of money,
including the financial risks
related to future cash flows,
to the extent that
the financial risks are not
included in the estimates
of
future cash
flows, and
adjusted for
non-financial risk.
Estimates include
all
relevant cash
flows
within
the contract
boundary
(premiums, claims, benefits, expenses, and acquisition
costs) and are updated
at each reporting period
based on current
assumptions.
Non-performance risk is excluded.
Risk Adjustment (RA)
The RA reflects compensation required for bearing uncertainty from non-financial
risks, considering diversification and the Group’s
risk appetite. It is determined using a
risk-based capital approach aligned with
Solvency II principles.
Discount Rates
Discount rates reflect
the time value
of money, characteristics,
and liquidity of the
contracts, and are
consistent with observable
market data. A bottom-up approach is used for cash flows
not varying with underlying returns.
Contractual Service Margin (CSM)
The CSM represents unearned
profit and is released to
income as coverage is provided,
based on coverage
units. On initial recognition,
any net inflow creates a CSM; a net
outflow indicates onerous contracts and an immediate loss. The amount
of CSM at the
end of the
reporting period is adjusted in order to reflect the effect of any new contracts
added to the group, changes to fulfilment cash flows
relating to future service and the amount recognized as
insurance revenue because of the transfer of services in
the period.
Experience adjustments relating
to current
or past service
are recognized
in profit or
loss as
part of insurance
service expenses.
Experience adjustments relating to future service are
included in the LRC by adjusting the CSM.
Premium Allocation Approach (PAA)
The PAA is applied to
short-term contracts (coverage ≤ 1 year)
or when it approximates
the General Measurement Model (GMM).
The LRC equals premiums received
less revenue recognized. Acquisition
costs are expensed as incurred
for the life insurance company
whereas deferred acquisition cost is
applied for the non-life insurance company. Discounting is
not applied due to immaterial
time
value effects.
Measurement of Reinsurance Contracts Held
Reinsurance contracts are measured analogously to insurance contracts, comprising an Asset for Remaining
Coverage (ARC) and an
Asset for Incurred Claims
(AIC). The CSM for
reinsurance reflects the net
cost or gain
on purchase and is
released as reinsurance
services are received. Risk adjustments represent the
transfer of risk to the reinsurer. Gains are recognized immediately for coverage
of past events.
For reinsurance covering onerous contracts,
a loss-recovery component
is recognized, reflecting expected recoveries from
reinsurers.
The PAA is also
applied to certain short-term reinsurance contracts where appropriate.
Modifications and Derecognition
Contracts
are
derecognized
when
extinguished,
cancelled,
expired,
or
substantially
modified
(resulting
in
a
new
contract).
Modifications not meeting these criteria are
treated as changes in fulfilment
cash flow estimates.
Notes to the Consolidated Financial Statements
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Presentation
Portfolios of insurance
and reinsurance contracts
are presented separately
as assets or liabilities.
The statement of profit
or loss
disaggregates:
●
Insurance service result: insurance revenue and service expenses, including the effect of changes
in risk adjustment; and
●
Insurance finance income or expense: effects of discounting and financial
risk.
Reinsurance income and expenses are shown separately
from direct insurance results.
Insurance Revenue
Revenue represents consideration for insurance
services provided during
the period, excluding investment components
and financing
effects. It
includes the release
of the
CSM, expected claims
and expenses for
current services, and
experience adjustments. For
insurance contracts under the
PAA, insurance revenue is based on
the expected premium received
for providing services in the
period.
CSM Release
The CSM is recognized in profit or loss
over the coverage period in proportion to coverage
units, reflecting the quantity of benefits
and duration of coverage.
Loss Component
If any onerous contracts arise, a loss component is established and
adjusted prospectively for changes in expected future cash flows.
Insurance Service Expenses
Service expenses include
incurred claims, acquisition cost amortization, losses on onerous
contracts, changes in fulfilment cash flows,
and impairment of acquisition cash flow assets. Insurance service expenses arising from insurance contracts are recognised in profit
or loss generally as they are incurred.
Reinsurance Results
Net reinsurance expenses comprise premiums ceded
less recoveries. Reinsurance commissions
not contingent on
claims are deducted
from premiums paid.
Insurance Finance Income or Expense
Represents changes from the time value of money and
financial risks. The Group presents insurance finance results partly
in profit or
loss and partly
in other comprehensive
income (OCI), depending on
the portfolio. For
VFA contracts, changes
in the fair
value of
underlying items are recognised in insurance finance income
or expenses.
2.2.17
Income tax
Income tax consists of current and deferred tax.
(i) Current income tax
Income tax payable on profits, based on the applicable tax law in each jurisdiction and the tax rate enacted at
the reporting date, is
recognized as an expense in the period in which profits
arise.
(ii) Deferred tax
Deferred tax
is provided
in full, using
the liability method,
on temporary
differences arising
between the tax
base of assets
and
liabilities and their carrying amounts in the consolidated financial statements. Deferred tax assets and
liabilities are measured at the
tax rates that are expected to apply to the
period when the asset is realized or the
liability is settled, based on tax
rates (and tax laws)
that have
been enacted
or substantively
enacted
by the
balance sheet
date. The
principal temporary
differences
arise from
impairment/valuation and
accounting write-offs
relating to
loans, Private
Sector Initiative
(PSI+) tax
related losses,
losses from
disposals and crystallized write-offs of loans, depreciation of
property and equipment, fair value adjustment of investment property,
pension and
other retirement
benefit obligations,
and revaluation
of certain
financial assets
and liabilities,
including derivative
financial instruments.
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.
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Deferred tax
assets are
recognized where
it is probable
that future taxable
profit will
be available against
which the temporary
differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Any such
reduction is reversed to the extent that
it becomes probable that sufficient taxable
profit will be available.
The Group recognises a
previously unrecognised deferred tax asset to
the extent that
it has become probable that
future taxable profit will allow the deferred
tax asset to be recovered.
Deferred tax
related
to debt
securities at
FVOCI and
cash
flow hedges
is
recognized
to other
comprehensive income,
and is
subsequently recognized in the income statement together with
the deferred gain or loss.
The deferred tax asset on income tax losses carried forward is recognized as an asset
when it is probable that future taxable profits
will be available
against which these losses
can be utilized.
The Group has applied the mandatory temporary exception (relief) to the requirement of IAS 12 and does not recognise or disclose
information about deferred taxes arising
from the Pillar Two
Income taxes.
(iii) Uncertain tax positions
The Group determines and assesses all material tax positions
taken, including all, if any, significant uncertain positions,
in all tax years
that are still
subject to assessment (or when the litigation
is in progress) by
relevant tax authorities. In
evaluating tax positions in
various states, local, and foreign
jurisdictions, the Group examines all
supporting evidence (Ministry of Finance circulars, individual
rulings, case law,
past administrative
practices, ad hoc
tax/legal opinions etc.)
to the extent
they are
applicable to
the facts and
circumstances of the particular Group’s
case/ transaction.
In addition, judgments concerning the recognition of a provision against the possibility of losing some of the tax positions are highly
dependent on advice received from internal/ external
legal counselors. For uncertain tax positions with
a high level of uncertainty,
the Group recognizes, on a transaction
by transaction basis, or together
as a group, depending on which
approach better predicts the
resolution of the uncertainty using an expected value
(probability-weighted average) approach: (a) a provision against tax receivable
which has been booked for the
amount of income tax already paid
but further pursued in courts
or (b) a liability for the
amount which
is expected to be paid to the tax authorities. The
Group presents in its balance sheet all uncertain tax balances as current
or deferred
tax assets or liabilities.
The Group as a general rule has opted to obtain for the Group’s Greek companies an ‘Annual Tax Certificate’,
which is issued after a
tax audit is performed by the same statutory auditor
or audit firm that audits the annual financial statements. Further information in
respect of the Annual Tax Certificate and the related tax legislation,
as well as the unaudited tax years for the Group’s companies is
provided in note 13.
2.2.18 Employee benefits
(i) Short term benefits
Short term employee benefits are those expected to be
settled wholly before twelve months after the end of the
annual reporting
period in which the employees render the related services and are expensed as these services
are provided.
(ii) Pension obligations
The Group provides a
number of defined contribution
pension plans where annual contributions
are invested and allocated to specific
asset categories.
Eligible employees
are
entitled to
the overall
performance of
the investment.
The Group's
contributions are
recognized as employee benefit expense in the year in
which they are paid.
(iii) Standard legal staff retirement indemnity obligations (SLSRI) and termination benefits
The Group
operates
unfunded defined
benefit plans
in Greece
and Bulgaria,
under broadly
similar
regulatory frameworks.
In
accordance with the local
labor legislation, the Group provides
for staff retirement
indemnity obligation for employees which
are
entitled to a
lump sum payment based
on a) the
number of years
of service, as of
the date when
employee service first
leads to
benefits under the plan until the date when further employee service will lead to no material amount
of further benefits, and b) the
level of remuneration at the date of retirement, if they
remain in the employment of the Group until normal retirement age.
More
specifically, in
line with the decision of
IFRIC Committee for IAS
19 fact pattern issued
in May 2021, the attribution
of the benefit
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begins from the date when the employee service first leads to benefits
under the terms of the plan, and not from the employment
date, until the date when further employee service will
lead to no material amount of further benefits.
In addition,
the Group
provides termination
benefits mainly
in respect
of the
Voluntary Exit
Schemes (VES),
which have
been
implemented through either lump-sum payments or long-term leaves during which the employees will be receiving a percentage of
a monthly salary, or a combination thereof. Provision has been made for the actuarial value of the lump sum payable on retirement
(SLSRI) and
termination benefits
using
the projected
unit credit
method. Under
this
method the
cost of
providing retirement
indemnities and termination benefits is charged to the income
statement so as
to spread the cost over the period of service of the
employees, in accordance with the respective actuarial valuations,
which are performed every year.
The SLSRI and termination benefits obligation is calculated as the present value of the estimated future cash outflows using interest
rates of high quality corporate bonds. In countries where
there is no deep market in such
bonds, the yields on government bonds are
used. The currency and term to maturity of the bonds
used are consistent with the currency and estimated term of the retirement
and termination benefit obligations.
Actuarial gains and losses
that arise in calculating
the Group’s SLSRI
and termination benefits
obligations are recognized directly in other comprehensive income in the period in which they
occur and are not reclassified to the
income statement in subsequent periods.
Interest cost on
the staff
retirement indemnity and termination benefits
obligations, as well
as service cost, consisting
of current
service cost, past service cost and gains
or losses on settlement are recognized
in the income statement.
Termination benefits are payable when employment is terminated by the Group before the
normal retirement date, or whenever an
employee accepts voluntary redundancy in exchange for these
benefits (including those in the context of
the VES implemented
by
the Group).
The Group recognizes
termination benefits at
the earlier
of the following
dates: (a)
when the Group
can no
longer
withdraw the offer
of those benefits;
and (b)
when the Group
recognizes costs
for a
restructuring that involves
the payment of
termination benefits. Any reversals of the SLRSI obligation arising from employees that are included in the long-term leaves scheme
are accounted for as
a curtailment gain recognized
in the income statement. In the
case of an offer made
to encourage voluntary
redundancy, the termination benefits
are measured based on the number of employees expected to accept
the offer. Termination
benefits falling
due more than 12 months after the end of the reporting period are discounted to their present value.
(iv) Performance-based cash payments
The Group's Management awards high performing employees with bonuses
in cash, from time to time, on
a discretionary basis. Cash
payments requiring only Management
approval are recognized as employee
benefit expenses on an accrual basis.
Cash payments
requiring General Meeting approval as distribution of profits to staff are recognized as employee benefit
expense in the accounting
period that they are approved by the Group’s shareholders.
(v) Share-based payments
The Group’s Management awards employees with bonuses in
the form of shares and share options
on a discretionary basis and after
taking into account the current legal framework. Non-performance related shares vest in the period granted. Share based payments
that are contingent upon the achievement of a performance and service condition, vest only if both conditions are satisfied.
The fair value of the share
options granted is recognized as
an employee benefit expense over
the vesting period, with an
equal credit
in equity, i.e.no impact on the
Group’s equity. The amount ultimately
recognised as an expense is based
on the number of awards
that meet the related service and non-market performance
conditions at the vesting date.
The fair value of the share options at
grant date is determined by using an
adjusted option pricing model which takes into account
the exercise
price, the exercise
dates, the
term of
the option, the
share price
at grant
date and expected
price volatility
of the
underlying share, the expected dividend
yield and the risk-free interest
rate for the term
of the options. The
expected volatility is
measured at the grant date
of the options and is based on the historical volatility of the share
price.
For share-based payment awards with non-vesting conditions, the fair value of the share
-based payment at grant date also reflects
such conditions and there is no true-up for differences between expected and actual outcomes.
When the options are exercised and new shares are issued, the proceeds received net
of any directly attributable transaction costs
are credited to share capital (par
value) and share premium.
Notes to the Consolidated Financial Statements
.
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2.2.19 Repossessed properties
Land and buildings repossessed through an auction process to recover impaired loans are, except where otherwise stated, included
in ‘Other Assets’. Assets acquired from an auction process
are held temporarily for liquidation and are
valued at the lower of cost and
net realizable value, which
is the estimated
selling price, in the ordinary course of business, less
costs necessary to make the sale.
In cases where the Group makes use of repossessed properties as part of
its operations, they may be reclassified to own occupied or
investment properties, as appropriate.
Any gains or losses on liquidation are
included in the income statement.
2.2.20 Related party transactions
Related parties of the Group include:
(a) an entity that has control over the Group and entities controlled,
jointly controlled or significantly influenced by this entity,
as well as
members of its key management
personnel and their close family members;
(b) an entity that has significant
influence over the Group and entities controlled by this entity,
(c) members of key management personnel of
the Group, their close
family members and entities controlled or
jointly controlled
by the abovementioned persons;
(d) associates
and joint ventures of the Group;
(e) fellow
subsidiaries;
(f) post-employment benefit plans established
for the benefit of the Group’s employees.
Transactions of similar
nature are disclosed on an aggregate
basis. All banking transactions entered into with related parties
are in
the normal course of business and are conducted on an arm's length basis.
2.2.21 Provisions and contingent liabilities
Provisions are recognized when the Group has a present legal or constructive obligation as a result of past
events, it is probable that
an outflow of resources embodying economic benefits
will be required to settle the obligation, and reliable estimates of the amount
of the obligation can be made.
The amount recognized as a provision
is the best estimate of the expenditure
required to settle a present obligation at each reporting
date, taking into account the risks
and uncertainties surrounding the amount of
such expenditure. Where the effect of the time value
of money is material, the amount of the provision is the present
value of the estimated future expenditures expected to be required
to settle the obligation.
Provisions are reviewed
at each reporting
date and adjusted
to reflect the
current best estimate.
If, subsequently, it
is no longer
probable that an outflow
of resources embodying
economic benefits will be required
to settle the obligation, the
provision is reversed.
A provision is not
recognized and a contingent
liability is disclosed when it is not
probable that an
outflow of resources will be required
to settle the obligation, when the amount of the obligation cannot be measured reliably or in case that the obligation is
considered
possible and is subject to the occurrence or non -occurrence of one or more uncertain future events.
2.2.22
Operating segment
An operating segment
is a component of the
Group that engages
in business activities from
which it may earn
revenue and incur
expenses within a particular economic
environment. Operating segments
are identified on the basis
of internal reports, regarding
operating results, of components of the Group that are regularly reviewed by the chief operating decision
maker in order to allocate
resources to the
segment and to assess
its performance. The chief
operating decision maker
has been identified as
the Strategic
Planning Committee that is responsible for
strategic decision making. Segment
revenue, segment expenses and
segment performance
include transfers
between business
segments. Such
transfers
are
accounted for
at
competitive prices
in
line with
charges
to
unaffiliated customers
for similar services.
2.2.23
Share capital
Ordinary shares and preference shares are classified as equity. Incremental costs directly attributable to
the issue of new
shares or
options are shown in equity as a deduction from the proceeds, net of tax.
Notes to the Consolidated Financial Statements
.
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Dividend distribution
on shares
is recognized
as a
deduction in
the Group’s
equity when
approved by
the General
Meeting of
shareholders and the
required regulatory approvals,
if any,
are obtained. Interim
dividends are recognized
as a
deduction in the
Group's equity when approved by the Board of Directors.
Intercompany non-cash
distributions that
constitute transactions
between entities
under common
control are
recorded in
the
Group’s equity by reference to the book value of the assets distributed.
Where any Group entity purchases
the Company’s equity share capital (treasury shares), the
consideration paid including
any directly
attributable incremental costs (net of income taxes), is
deducted from shareholders’ equity until the shares are
cancelled, reissued
or disposed of. Where such shares are subsequently sold or reissued, any consideration received is included in shareholders’ equity.
2.2.24
Additional Tier 1 capital instruments
The Additional Tier 1 capital instruments issued
by the Group
are classified as equity once
there is no contractual obligation to deliver
to the holders cash or another financial asset.
The incremental costs directly attributable to the
issue of Additional Tier 1 capital instruments are
presented in the Group’s equity as
a deduction from the proceeds, net of tax. Moreover, the coupon payment on Additional Tier 1 capital instruments
is recognized as
a deduction in the Group’s equity on the date it is due.
Where Additional Tier
1 capital instruments,
issued by the
Group, are repurchased,
the consideration paid
including any directly
attributable
incremental
costs
(net
of
income
taxes),
is
deducted
from
shareholders’
equity.
Where
such
instruments
are
subsequently sold, any consideration received is included in shareholders’ equity.
2.2.25
Financial guarantees and commitments to extend credit
Financial guarantees
Financial guarantee contracts are contracts that require the issuer to make
specified payments to reimburse the holder for a loss it
incurs because a specified
debtor fails to make payments
when due, in accordance with the terms
of a debt instrument. Financial
guarantees granted by the Group
to financial institutions and other bodies on
behalf of customers to secure loans, overdrafts
and
other banking facilities,
are initially recognized at
fair value, being
the premium
received. Subsequent to
initial recognition,
such
guarantees are measured at the higher of the amount of the ECL allowance, and the amount initially recognised less any cumulative
amortization of the fee earned, where
appropriate.
Financial guarantees purchased by the Group that are considered as integral to the contractual terms of the guaranteed instrument
are not accounted for
separately and the cash
flows from the guarantee are taken into
account in the
measurement of the guaranteed
instrument’s expected credit losses, whereas any fees paid or
transaction costs incurred for the acquisition
of the financial guarantee
are considered as part of the guaranteed asset’s
effective interest rate.
On the other hand, financial
guarantees purchased that are not considered as
integral to the contractual
terms of the guaranteed
instruments are accounted for separately where
a reimbursement asset is recognized and included
in Other Assets once
is its virtually
certain that, under the terms and conditions
of the guarantee, the Group will be
reimbursed for the credit loss incurred.
The changes
in the carrying amount of the above reimbursement asset arising from financial
guarantees, entered into to mitigate the credit
risk
of lending exposures measured at amortized
cost, are recognized under ‘Impairment losses’
in the Group’s income statement.
Commitments to extend
credit
Commitments represent off-balance sheet items
where the Group commits, over the duration of the agreement, to provide a loan
with pre-specified terms
to the
customer.
Such contractual commitments
represent commitments
to extend credit
and standby
letters and they are part of the normal lending activities
of the Group, for which an ECL allowance is
recognised under IFRS 9.
ECL allowance for off-balance sheet exposures (financial guarantees granted and commitments) is included within Other Liabilities.
2.2.26
Non-current assets classified as held for sale and discontinued operations
Non-current assets are
classified as
held for sale if their carrying amount will
be recovered through a sale
transaction rather than
through continuing use.
For a non-
current asset
to be classified
as held for sale,
it is available
for immediate
sale in its
present
condition, subject to terms that are usual and customary for sales of such assets, and
the sale is considered to be highly probable. In
such cases, management is committed to the sale and actively markets the
asset for sale at a price that is reasonable
in relation to
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
the current
fair value. The
sale is also
expected to
qualify for recognition
as a completed
sale within
one year from
the date
of
classification. Before
their classification
as held for
sale, such
assets or disposal
groups are
remeasured in
accordance with
the
respective accounting standard.
Assets held for sale are subsequently
remeasured at the lower of their
carrying amount and fair value less cost to
sell. Any loss arising
from the above measurement is recorded
in profit or loss and
can be reversed in the future.
When the loss relates to a disposal group,
it is allocated
to the assets
within that disposal group.
Those assets and
liabilities that are
not in the
scope of the measurement
requirements of IFRS
5 ‘Non-current assets
held for sale and
discontinued operations’,
such as
financial instruments ,investment
properties measured at fair value and
groups of insurance contracts
continue to be measured in
accordance with the
Group’s relevant
accounting policies, despite their classification
as held for sale.
The Group presents
discontinued operations in a
separate line in the consolidated
income statement. if a Group
entity or a
component
of a Group entity has been disposed of or is classified
as held for sale and:
(a) Represents a
separate major line of
business or geographical area of
operations;
(b) Is part of a single
coordinated plan to dispose of a separate major line
of business or geographical area
of operations; or
(c) Is a subsidiary acquired exclusively with
a view to resale.
Profit or loss from
discontinued operations includes the profit or loss before
tax from discontinued operations, the gain
or loss on
disposal
before tax
or
measurement to
fair value
less costs
to sell
and
discontinued operations
tax
expense.
Intercompany
transactions between
continuing and
discontinued operations
are presented
on a
gross basis
in the
income statement.
Upon
classification of a Group entity as a discontinued operation, the Group restates prior periods in the consolidated income statement.
2.2.27
Cash and cash equivalents
Cash and cash
equivalents include cash in
hand, unrestricted deposits with central
banks, due from credit
institutions that are
all
carried at amortised cost and other
short-term highly liquid investments with
original maturities of three months or
less that are held
for trading.
2.2.28 Government grants
Government grants are recognized when
there is reasonable assurance that the
grant will be received and
the Group will comply with
the conditions attached to it.
The grants are
recognized in the income statement
on a systematic basis
to match the way that
the
Group recognizes the
expenses for which
the grants are
intended to
compensate. In case of
subsequent changes in
the Group’s
expectations of
meeting the
conditions attached
to the
government grants,
the effect
of such changes
is recognised
in income
statement.
2.2.29 Fiduciary activities
The Group provides custody, trustee, corporate administration, investment
management and advisory services to third parties that
result in the holding or investing of assets on behalf of its clients. Those assets that are held in a fiduciary capacity are
not assets of
the Group and are not recognized in the financial statements. In addition, the Group does not guarantee these
investments and as a
result it is not exposed to any credit risk in relation to them.
3.
Critical accounting estimates and judgments in applying accounting policies
In the process of applying the Group’s accounting policies, Management makes various judgments, estimates
and assumptions that
may affect the reported amounts of
assets and liabilities,
revenues and expenses recognized in the financial statements
within
th
e
next financial year and the accompanying disclosures. Estimates and judgments are continually evaluated
and are based on current
conditions, historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances.
Revisions to
estimates are
recognized
prospectively. The
most
significant areas
in which
the Group
makes
judgments, estimates
and assumptions in applying its accounting policies
are set out below:
3.1
Impairment losses on loans and advances to customers
In 2025, amid the elevated geopolitical and economic uncertainty mainly stemming from US foreign
and trade policy decisions, the
on-going war in Ukraine and fragile situation in Middle East, the macroeconomic conditions
remained supportive across the Group
’s
three core markets. More specifically, the economies of Greece,
Bulgaria and Cyprus exhibited remarkable resilience, sustaining their
expansionary momentum in 2025 and
are expected to
remain in positive growth
territory in 2026.
In addition, the
Group's asset
Notes to the Consolidated Financial Statements
.
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quality continued its solid performance
as demonstrated by the level
of its credit quality indicators
in terms of NPE ratio
and NPE
coverage (note 2).
In response to the heightened geopolitical risks mentioned above,
the Group’s risk management units perform ongoing assessments
of potential impacts on the lending portfolios. These actions include
enhanced monitoring of country
and sector specific exposures,
targeted reviews of borrowers operating in vulnerable industries or regions, inclusion of geopolitical risk element into the credit risk
assessment process, and periodic reassessment
of key assumptions used in expected credit loss estimates.
The Group remains cautious for any developments in the macroeconomic trends and geopolitical front and closely monitors all loan
portfolios, focusing on most vulnerable sectors, so as
to revise, if needed, the respective estimates
and assumptions.
Expected Credit Loss (ECL) measurement
The ECL measurement requires Management to apply judgment, in particular, to the estimation of the amount and timing of future
cash flows and collateral values when determining impairment losses
and the assessment of
a significant increase in credit
risk. These
estimates are driven by a
number of factors, changes in which
can result in significant changes to the
timing and amount of allowance
for credit loss to be recognized.
The Group’s ECL calculations are outputs
of complex models with a
number of underlying
assumptions regarding the choice of
variable
inputs and
their interdependencies.
In
addition, temporary
adjustments may
be required
to
capture new
developments
and
information available, which
are not reflected yet in the ECL calculation through the risk models.
The elements of the ECL models that
are considered significant accounting judgments
and estimates include:
Determination of a significant
increase of credit risk
IFRS 9 does not include a definition of
what constitutes a significant
increase in credit risk (SICR).
An assessment of whether credit
risk has increased significantly since initial recognition is performed at each reporting period by considering primarily the change
in
the risk of default occurring
over the remaining life of the financial instrument. The
Group assesses whether a SICR has occurred
since
initial recognition
based on
qualitative and
quantitative reasonable
and supportable
forward-looking information
that includes
significant management
judgment (note 2.2.13).
Retail lending
For retail lending exposures the primary criterion is the change in the residual cumulative lifetime
Probability of Default (PD) above
specified thresholds. These thresholds vary per portfolio, origination year, product type as well
as origination PD level.
As at 31 December 2025 and 2024, the upper PD thresholds based on the above segmentation, that trigger the allocation to stage 2
for Greece’s retail
exposures are set out below:
Retail exposures
31 December 2025
31 December 2024
Upper SICR threshold
Mortgage
170%
170%
Home Equity
80%
80%
SBB
130%
130%
Consumer
100%
100%
Wholesale lending
For wholesale lending exposures, the origination PD curves
and the residual lifetime PD curves at each reporting
date are mapped to
credit rating bands. Accordingly,
SICR thresholds are based on the comparison
of the origination and reporting date credit
ratings,
whereby rating downgrades represent changes in residual lifetime
PD. Similar to retail exposures, the wholesale lending exposures
are segmented based on asset class, loan type and credit rating at
origination.
In addition, for securitization notes issued by special
purpose entities established by the
Group, the SICR assessment is
performed by considering
the performance of the
underlying assets.
As at
31 December
2025 and
2024, the
credit rating
deterioration thresholds
per rating
bands for
Greece’s
wholesale lending
exposures that trigger allocation to stage 2 are set out below.
In addition, any downgrade to rating band 6 or high-risk rating bands
(7,8 or 9) is considered as SICR
event to all corporate lending portfolios:
.
Notes to the Consolidated Financial Statements
.
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Wholesale internal
rating bands
Minimum SICR threshold
range
1
Five notches
2
Four notches
3
Three notches
4
Two notches
5-8
One notch
Determination of scenarios, scenario
weights and macroeconomic factors
To achieve the objective of measuring ECL, the Group evaluates a range of possible outcomes in line
with the requirements of IFRS 9
through the application of three macroeconomic scenarios, i.e. baseline, adverse and optimistic,
in a way that reflects an unbiased
and probability weighted outcome. As at 31 December 2025
and 2024, the probability weights for the above mentioned scenarios
as
assessed by the Bank,
were as follows:
adverse 30% - base 50% -
optimistic 20%. The weight allocation among IFRS 9 ECL scenarios
as
assessed and applied by the Group subsidiaries is the same as the one applied by the Bank with the exception of Eurobank Bulgaria
AD that applied
the following weights:
adverse 35% -
base 40% -
optimistic 25% (31
December 2024: adverse
30% - base
40% -
optimistic 30%) considering macroeconomic, market
and other country -specific factors.
The baseline scenario for Greek lending portfolios assumes broadly stable macroeconomic conditions, with real GDP growth easing
gradually from 2.2% in
2025 to 1.9% in
2028, supported by sustained investment
and labor market resilience,
while external risks
remain contained.
Geopolitical tensions are assumed to remain manageable,
with no
material escalation in regional conflicts or
global
trade fragmentation, and only limited spillovers to energy markets, trade flows and financial conditions. RRF inflows, complemented
by Multiannual Financial
Framework and EIB funding, provide a
steady 0.3–0.5pp annual growth
contribution through 2028. GGB
spreads continue narrowing post-investment grade
upgrade, underpinned by primary surpluses above 2%. Private deposits remain
on an upward though flattening
-
trend, reflecting RRF
related activity and economic expansion. Credit growth is led by corporates
benefiting from low
cost RRF
financing, while banks focus
on volumes amid
lower rates. Property
prices (RRE
and CRE) continue
increasing moderately. Gross Value Added (GVA) grows steadily, driven by investment and services. Following rate cuts through mid-
2025, the Deposit Facility Rate
stabilises at
2% through 2028.
The adverse scenario reflects
a moderate GDP slowdown due to weaker
external demand, energy volatility and
softer confidence.
This environment is associated with a moderate escalation in geopolitical tensions-stemming from regional instability, trade
frictions
and renewed uncertainty in energy markets-which increases risk premia and
temporarily weighs on cross-border flows and financing
conditions, without triggering systemic financial stress. Temporary RRF delays dampen near-term growth, while sovereign yields rise
modestly amid
higher risk premia.
Inflation moderates
and unemployment
increases temporarily.
Deposit growth
flattens, loan
demand weakens-particularly for households-while RRF
loans continue supporting
corporates. Property prices decelerate
sharply
with mild declines, and
GVA slows
across cyclical sectors.
The ECB cuts
rates to 1.50%
by Q2
2026, though transmission
remains
constrained by tighter financial conditions.
The optimistic scenario assumes slightly GDP
growth supported
by improved
euro area conditions, easing energy
pressures and firmer
confidence. Geopolitical risks are assumed to ease gradually, with improved regional stability and
reduced trade tensions supporting
energy-market normalization and external demand, while
uncertainty declines without giving rise
to excessive risk-taking. Faster RRF
implementation boosts investment, sovereign spreads compress mildly
and funding conditions
remain stable. Deposits increase more
strongly, particularly from corporates, while loan demand
recovers and
household lending stabilizes. Property
price rise at a solid but
sustainable pace
and GVA
strengthens ,
led by
investment and
export-oriented sectors.
The ECB
adopts a
mildly firmer
stance
gradually raising rates
toward 2.50% by mid-2026.
Forward-looking information
The Group ensures that impairment estimates and
macroeconomic forecasts applicable for business
and regulatory purposes
are f
ully
consistent. Accordingly, the IFRS 9 baseline scenario applied
in the ECL
calculation coincides with the
one used for ICAAP
and
business
planning purposes. In
addition, relevant experience
gained from the
stress tests
imposed by
the regulator,
has been taken
into
account in the process
of developing the macroeconomic scenarios, as
well as impairments
for stress testing
purposes have been
forecasted in line with IFRS
9 ECL methodology.
Notes to the Consolidated Financial Statements
.
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In terms of macroeconomic assumptions, the Group assesses a number
of indicators in projecting the risk parameters, namely Gross
Domestic Product (GDP), Unemployment, Residential and Commercial
Property Price
Indices, inflation as well as interest and
FX rates,
considering portfolio, macroeconomic and other country
-specific factors. The
arithmetic averages
of the key annual forecasts per
macroeconomic scenario for the next four year period following
the reporting date used in the ECL measurement of Greek lending
portfolios for the year ended 31 December 2025 and 2024, are set in the following
table:
Key macroconomic
indicators
31 December 2025
Average (2026
-2029) annual forecast
31 December 2024
Average (2025
-2028) annual forecast
Optimistic
Base
Adverse
Optimistic
Base
Adverse
Gross Domestic Product growth
3.37%
1.99%
0.57%
3.35%
2.15%
0.94%
Unemployment Rate
7.18%
7.97%
8.83%
7.04%
8.84%
10.72%
Residential
property
prices' index
8.42%
4.30%
0.19%
6.39%
4.20%
1.64%
Commercial
property
prices' index
7.06%
2.47%
-2.12%
4.05%
1.84%
-1.18%
Inflation rate
2.70%
2.28%
1.97%
1.50%
2.15%
1.55%
Note: The annual average forecasts for the medium to long-term horizon, i.e. from the fifth year and onwards, begin to present a stable trend.
The table below provides
the respective arithmetic averages of the
key annual forecasts used in
the ECL measurement in the
countries
where the Group operates with a significant
contribution to the Group ECL:
Key macroconomic
indicators
31 December 2025
Average (2026
-2029) annual forecast
31 December 2024
Average (2025
-2028) annual forecast
Optimistic
Base
Adverse
Optimistic
Base
Adverse
Bulgaria
Gross Domestic Product growth
4.94%
2.78%
0.74%
5.18%
2.70%
0.61%
Unemployment Rate
3.15%
3.96%
4.85%
3.73%
4.57%
5.49%
Residential
property
prices' index
9.86%
4.49%
1.14%
9.87%
4.60%
1.33%
Cyprus
Gross Domestic Product growth
4.04%
3.11%
0.70%
3.54%
2.91%
1.51%
Gross fixed capital
formation
13.17%
9.70%
4.06%
6.70%
5.18%
2.38%
Real Consumption growth
3.95%
3.10%
0.64%
3.58%
3.08%
1.53%
Unemployment Rate
3.58%
4.29%
6.51%
4.48%
5.20%
6.35%
Residential
property
prices' index
4.13%
2.61%
-1.61%
2.60%
1.95%
0.22%
Commercial
property
prices' index
3.69%
1.60%
-3.79%
2.32%
1.66%
0.05%
Inflation rate
2.95%
2.04%
2.72%
1.99%
1.76%
2.86%
Changes in the scenarios and weights, the corresponding set of macroeconomic variables and the
assumptions made around those
variables for the forecast horizon would have
a significant effect on the ECL amount. The Group independently validates all
models
and underlying methodologies
used in the
ECL measurement
through competent
resources, who are
independent of the
model
development process.
Development of ECL models, including the various formulas, choice of
inputs and interdependencies
For the purposes of ECL measurement the Group performs the necessary model parameterization
based on observed point-in-time
data on a granularity of monthly
intervals. The ECL calculations are based on input parameters,
i.e. exposure at default (EAD), PDs,
loss given
default (LGD),
credit conversion
factors (CCFs)
etc. incorporating
Management’s view
of the
future. The
Group also
determines the links between macroeconomic scenarios
and, economic inputs, such as unemployment levels and collateral
values,
and the effect on PDs, EADs and LGDs.
Furthermore, the PDs
incorporate relevant
forward looking
information including macroeconomic
scenarios. The forecasting
risk
parameters models
incorporate a
number of
macroeconomic variables, such
as GDP,
unemployment etc.
and portfolio
specific
variables such as seasonal
flag etc., which are
used as independent variables for optimum predictive capability.
The ECL models
are based on
linear and
logistic regressions
and run under
the different
macroeconomic scenarios and
relevant
changes and shocks in the macro environment are reflected
accordingly.
Notes to the Consolidated Financial Statements
.
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Segmentation of financial
assets when their ECL is
assessed on a collective basis
The Group segments its exposures on the basis of shared credit risk characteristics upon initial recognition for
the purposes of both
assessing significant
increase in credit risk and measuring
loan loss allowance on a
collective basis. The different
segments aim
to
capture differences in PDs and
in the rates of recovery in
the event of default. On subsequent periods,
the Group re-evaluates the
grouping of its
exposures at
least on an
annual basis, in
order to
ensure that the
groups remain homogeneous
in terms of
their
response to the
identified shared credit risk
characteristics. Re-segmentation
reflects management’s
perception in respect to the
change of credit risk associated with
the particular exposures compared to initial recognition.
Modeling and Management overlays / adjustments
A number
of sophisticated
models have
been developed
or modified
to calculate
ECL, while
temporary collective
management
adjustments may be required to capture new developments and information available, which are
not yet adequately reflected in the
ECL calculation
through the
credit risk
models. Such
adjustments are
governed by
the Group’s
IFRS9 ECL
Model Adjustments’
framework which aims to ensure timely identification of non-modeled risks,
if any, that may have an impact on lending portfolios, as
well as sufficient
quantification of such
risks based on
sound methodologies and
processes. As at
31 December 2025,
the Group
determined
that
no
post-model
adjustment
was
required
for
potentially
adverse
macroeconomic
developments,
including
geopolitical risks and uncertainties, since these are reflected in the forward-looking information as applied to the IFRS 9 ECL models
(2024: € 14 million).
The risk models are
governed by the
Group’s validation framework
which aims to
ensure their independent verification.
The risk
models as well as the management adjustments, if any, are approved
by the Board Risk Committee (BRC) as per the
internal approval
processes.
Sensitivity analysis on lending portfolios
The sensitivity analysis when performed
on certain key parameters can provide meaningful information only for
portfolios where the
risk parameters have a significant impact on the overall credit risk of a lending
portfolio, particularly where such sensitivities are also
used for internal credit risk management purposes. Otherwise, a
sensitivity analysis on certain combinations
of some risk parameters
may not produce meaningful results, as in reality there are interdependencies between the various economic inputs, rendering any
changes in the parameters,
changes correlated in other factors.
The sensitivity analysis presented in the tables below is applied in the modeled ECL output and assumes a favorable and an adverse
shift in
the scenario weighting,
compared to the
one applied
in the ECL
measurement. As at
31 December
2025 and 2024,
the
favorable shift assumes an increase in the weighting of the
optimistic scenario at 50% and a stable weighting of the
baseline scenario
at 50%, while the adverse
shift assumes
an increase in the weighting
of the adverse scenario at 50% and a
stable weighting of
the
baseline scenario at 50%.
The tables below present the
estimated effect in the
ECL measurement (including off-balance sheet
items) per stage and per
country
with significant contribution to the Group ECL, upon a positive and an adverse shift in the scenario
weighting as described
above :
Notes to the Consolidated Financial Statements
.
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Estimated effect per stage as at 31 December 2025
Positive change
Adverse change
12-month ECL
- Stage 1
Lifetime ECL
- Stage 2
Lifetime ECL
credit-impaired
31 December
2025
12-month ECL
- Stage 1
Lifetime ECL
- Stage 2
Lifetime ECL
credit-impaired
31 December
2025
Greece
Ιmpact in € million
(13)
(31)
(33)
(77)
10
27
23
60
Ιmpact in % allowance
(8)
(7)
(7)
(7)
7
6
5
6
Bulgaria
Ιmpact in € million
(2)
(3)
(2)
(7)
2
2
2
6
Ιmpact in % allowance
(8)
(6)
(2)
(4)
6
4
1
3
Cyprus
Ιmpact in € million
(5)
(1)
(3)
(9)
3
1
2
6
Ιmpact in % allowance
(22)
(7)
(4)
(8)
15
5
3
5
Total
Ιmpact in € million
(20)
(35)
(38)
(93)
15
30
27
72
Ιmpact in % allowance
(10)
(7)
(6)
(7)
7
6
4
5
Estimated effect per stage as at 31 December 2024
Positive change
Adverse change
12-month ECL
- Stage 1
Lifetime ECL
-
Stage 2
Lifetime ECL
credit-impaired
31 December
2024
12-month ECL
- Stage 1
Lifetime ECL
-
Stage 2
Lifetime ECL
credit-impaired
31 December
2024
Greece
Ιmpact in € million
(12)
(38)
(20)
(70)
9
30
14
53
Ιmpact in % allowance
(8)
(12)
(3)
(7)
6
10
2
5
Bulgaria
Ιmpact in € million
(1)
(1)
(2)
(4)
1
1
2
4
Ιmpact in % allowance
(4)
(2)
(2)
(2)
4
2
2
2
Cyprus
Ιmpact in € million
(2)
(1)
(3)
(6)
2
0
3
5
Ιmpact in % allowance
(13)
(6)
(4)
(5)
12
5
3
5
Total
Ιmpact in € million
(15)
(40)
(25)
(80)
12
31
19
62
Ιmpact in % allowance
(7)
(11)
(3)
(6)
6
9
2
5
The Group
updates and
reviews the
reasonability and performs
back-testing of
the main
assumptions used
in its
methodology
assessment for SICR and ECL measurement, at least on an annual basis or earlier, based on facts and circumstances. In this
context,
experienced and dedicated staff within the
Group’s Risk Management function monitor
the risk parameters applied
for the estimation
of ECL. Furthermore, as part of the well-defined governance
framework, any revisions to the methodology used are approved by the
Group competent committees and ultimately
the Board Risk Committee (BRC).
3.2
Fair value of financial instruments
The fair value of financial instruments is
the price that would be received to sell an asset
or paid to transfer a liability
in an orderly
transaction between market participants
in the principal (or most
advantageous) market at the
measurement date
under current
market conditions (i.e.
an exit price) regardless
of whether that
price is directly
observable or estimated
using another valuation
technique.
The fair value
of financial instruments that are
not quoted in an
active market is determined
by using other valuation
techniques
including the use of valuation models. In
addition, for financial instruments that trade infrequently
and have little price transparency,
fair value is
less objective and
requires varying degree
of judgment
depending on liquidity,
concentration, uncertainty of market
factors, pricing assumptions
and other risks
affecting the
specific instrument. In
these cases,
the fair
values are
estimated from
observable data in respect of similar
financial instruments or using other valuation techniques.
Notes to the Consolidated Financial Statements
.
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The valuation models used
include present value methods
and other models based mainly on
observable inputs and to
a lesser extent
to non-observable inputs, in order to maintain the reliability of the fair
value measurement.
Where valuation models are used to determine the fair values of financial instruments that are not quoted in an active market, they
are validated
and periodically reviewed
by qualified personnel
independent of the
personnel that
created them.
All models are
certified before they are used and are calibrated to ensure that outputs
reflect actual data and comparative market prices. The main
assumptions and estimates,
considered by management when applying a valuation model include:
●
the likelihood and expected timing of future cash flows;
●
the selection of the appropriate discount rate, which is based on an assessment of what a market participant would
regard
as an appropriate spread of the rate over the risk-free
rate; and
●
judgment to determine what model to use in
order to calculate fair value.
To the extent practicable, models use only
observable data, however
areas such as credit risk
(both own and
counterparty), volatilities
and correlations require Management to make estimates to reflect uncertainties in fair values resulting
from the lack of market data
inputs. Inputs into valuations based on unobservable data are inherently uncertain because there is little or no current market data
available. However,
in most cases there will
be some historical data on which to base
a fair value measurement
and consequently
even when unobservable inputs are used, fair values will
use some market observable inputs.
Information in respect of the fair valuation
of the Group’s financial assets
and liabilities is
provided in note 5.3.
3.3
Classification of financial instruments
The Group applies significant judgment in assessing the classification of its financial instruments and especially, in the below
areas:
Business model assessment
Judgment is exercised in order to determine the
appropriate level at which to assess
the business model. In assessing the business
model of financial instruments, these are aggregated into groups
(business lines) based on their
characteristics, and the way they are
managed in order to achieve the Group’s business objectives. In general, the assessment
is performed for lending exposures at the
level
of business
units that
manage the
respective portfolio,
including securitization
notes issued
by
special purpose
entities
established by the Group and at the level of the measurement category for debt securities. However, further disaggregation may be
performed by business strategy or region.
In assessing the business model for financial instruments, the
Group performs a past sales evaluation
of the financial instruments and
assesses their expected evolution
in the future. Judgment is
exercised in determining the effect of
sales to a “hold to collect”
business
model depending on their objective and their acceptable level of volume and frequency.
Contractual cash flow characteristics test
(SPPI test)
The Group
performs the
SPPI assessment
of lending exposures
and debt
securities by
considering all
the features
which might
potentially lead to SPPI failure. The
above assessment may be particularly
challenging for more complex instruments with
contractual
terms including leverage, prepayment or extension options, securitizations where the cash flows are linked to the underlying assets,
non-recourse arrangements,
as well as
environmental, social and
governance linked
features (sustainability
linked). Judgment
is
applied by the responsible
business units when considering
whether certain contractual features significantly affect future cash flows,
are de-minimis or not genuine.
Accordingly, for non-recourse financial assets, the Group assesses jointly criteria such as the
adequacy of equity, LTV (Loan-to-Value)
and DSCR (Debt-Service-Coverage-Ratio) ratios as well as the existence of corporate and personal guarantees. For the securitization
notes issued
by special purpose
entities, either established
by the
Group or
third parties,
and held by
the Group,
the cash
flow
characteristics of the notes and
the underlying
pool of financial assets as well as
the credit risk
inherent in each securitization’s tranche
compared to the credit risk of
all of the underlying pool of financial
assets, are assessed.
Furthermore, in order to assess whether
any variability
in the cash
flows is introduced
by the
modified time value
of money element,
the
Group performs a
quantitative
assessment (as described in note 2.2.9). For the SPPI assessment of sustainability linked instruments that include features that may
change the contractual cash flows, by reducing or increasing the interest rate depending on whether the borrower meets or fails
to
meet predetermined ESG targets,
the Group considers whether such targets
are referenced to
an index that is not
specific to the
borrower,
as
well as
whether the
related contractual
cash
flows’ change
introduces compensation
for non-basic
lending risks
(information about the Group’s exposure in sustainability linked instruments is provided in note 20). Moreover, the Group evaluates
Notes to the Consolidated Financial Statements
.
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certain cases on whether the existence of performance-related terms exposes the
Group to asset risk rather to the borrower's credit
risk.
The Group has established a comprehensive
framework to perform the necessary assessments in accordance with
Group’s policies in
order to ensure appropriate classification of financial instruments, including reviews by experienced staff for lending exposures and
debt securities.
3.4
Assess control over investees
Management exercises judgment in order to assess if the Group
has control over another entity based on the control elements set
out in note 2.2.1 (i).
In particular, as part of
its funding activity and
non-performing loans’ management strategy, the Group sponsors
certain securitization
vehicles, the relevant activities of which have been predetermined as part of their initial design by the Group. The Group is exposed
to variability of returns
from these vehicles through
the holding of debt
securities issued by them
or by providing
credit enhancements
in accordance with the respective
contractual terms. In assessing whether it has control,
the Group considers whether it
manages the
substantive decisions that could affect these vehicles’ returns. Accordingly, the Group assesses on a case-by-case basis the structure
of securitization transaction, including the respective contractual arrangements,
in order to conclude if it controls these vehicles.
In addition,
the Group
is involved
in the
initial design
of various
mutual funds
in order
to provide
customers with
investment
opportunities. The Group primarily acts as
an agent in exercising
its decision making authority as it is
predefined by the applicable
regulated framework.
As a result, the Group has concluded that it does not control these funds.
Further information in respect of the structured entities the Group is involved, either consolidated or not, is provided in note 25.
3.5
Income tax
The Group is subject to income taxes in various jurisdictions and estimates are required
in determining the liability for income taxes.
The Group recognizes
liabilities for anticipated
tax audit issues based on
estimates of
whether additional taxes will
be due
or for
anticipated tax disputes. Where the
final tax outcome of these matters
is different from
the amounts that were initially
recorded,
such differences will impact the income tax and deferred tax in the period in
which such determination is made. Further information
in relation to the above is provided in note 13.
In addition, the Group recognizes
deferred tax assets to the extent
that it is probable that sufficient
taxable profit will
be available
against which
unused tax
losses and deductible
temporary differences
can be utilized.
Recognition therefore
involves judgment
regarding the future financial performance of the particular Group legal entity in which the deferred tax asset has been recognized.
Particularly, in order to determine the amount of deferred tax assets that can be recognized, significant management judgments are
required regarding the likely timing and
level of future taxable profits.
In making this
evaluation, the Group
has considered all available
evidence, including management’s projections of future taxable
income and the tax legislation
in each jurisdiction.
The most significant judgment exercised by Management relates to
the recognition of
deferred tax assets in respect of losses realized
in Greece. In the event that,
the Group assesses that it would not
be able to recover any
portion of the recognized deferred tax assets
in the future, the unrecoverable portion would impact the deferred tax balances in the period in which such judgment is
made.
Further information in
respect of
the deferred tax
assets recognized by
the Group and
the assessment
for their recoverability is
provided in note 13.
3.6
Retirement and termination benefit obligations
The present value of the retirement and termination
benefits’ obligations depends on a
number of factors that are determined on an
actuarial basis using a number of
assumptions, such as the discount
rate and future salary
increases. Any change in
these assumptions
impacts the carrying amount of the respective benefits’ obligations.
The Group determines the appropriate discount
rate used to calculate the present
value of the estimated retirement and termination
benefits’ obligations, at the end
of each year
with reference to interest
rates of high-quality corporate
bonds. In countries where
there is no deep market in such bonds, the yields
on government bonds are used. The currency
and term to maturity of the bonds
used are consistent with the currency and estimated average term to maturity of the retirement benefit obligations. The salary rate
increase assumption
is
based on
future inflation
estimates reflecting
also
the Group's
reward
structure and
expected market
conditions.
Notes to the Consolidated Financial Statements
.
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Other assumptions for
retirement and
termination benefits’ obligations,
such as
future inflation estimates,
are based
in part
on
current and expected market conditions.
For information in respect
of the sensitivity analysis of the Group’s
retirement and termination benefits’ obligations
to reasonably
possible, at the time of preparation of these financial statements,
changes in the abovementioned key actuarial assumptions, refer
to note 36.
3.7
Investment properties
Investment property is carried at
fair value, as determined by external, independent
and certified valuators on an annual basis,
or
more frequently if deemed appropriate
upon assessment of any relevant
circumstances. The primary valuation method
applied in
determining the fair value of the Group’s investment properties is
the Discounted Cash Flow (DCF) method which is considered the
most appropriate in cases of income generating assets. This method is based on discounting the net future cash flows generated by
a property over the assumed holding period, by using an appropriate market derived discount rate.
Accordingly, the main factors underlying the determination of fair value under the DCF method, are related
with rental income from
current leases and assumptions about
its future growth in
the light of current
market conditions, including
CPI indexation that is based
on CPI predictions for
the next 10 years, as well as exit
yields that are determined
based on each
property’s characteristics/use, future
prospects of the economy and property market in general as forecasted by the IMF
or other internationally recognized institutions.
In addition, potential legal or
other restrictions on the aforementioned
rental income levels are taken into account, where
applicable.
The present value of each property is derived by discounting the above projected net cash flows series with an appropriate, market-
derived discount.
Such discount
rate
is calculated
by
taking into
consideration the
initial yield
of the
investment
property, the
expected return, the real rental growth and annual obsolescence of the property.
Other assumptions incorporated
in the valuations include future
vacancy rates and periods, the
level of future maintenance and other
operating costs, as well
as sustainability issues,
where applicable.
Where the
fair value is
determined based on
market prices
of comparable
transactions those
prices are
subject to
appropriate
adjustments, in
order to
reflect
current
economic conditions
and Management’s
best estimate
regarding
the future
trend
of
properties market based on advice received from its independent external valuers.
Further information in respect of the fair valuation
of the Group’s investment properties is
provided in note 27.
3.8
Provisions and contingent liabilities
Considering the subjectivity and uncertainty
inherent in the determination of
the probability and
amount of the abovementioned
outflows, the Group takes into account a number of factors including primarily legal advice,
the progress of the matter and historical
evidence from similar
cases. In the case of an
offer made within the context of
the Group’s voluntary exit scheme,
the number of
employees expected to accept
the abovementioned
offer along with their age cluster is
a significant factor affecting the measurement
of the outflow for the termination benefits.
Further information in relation to the Group’s provisions and contingent liabilities
is provided in notes 34 and 43.
3.9
Share-based payments
The Group grants shares
and share options to its
employees as a common feature
of employee remuneration. IFRS 2
requires the
recognition of an expense for those shares and
share options at their fair value on the grant
date (equity-settled plans). For shares
granted to employees, the fair value is measured directly at the market
price of the entity’s shares, adjusted to take into account the
terms and conditions upon which the shares were
granted. For share options granted to employees, in many cases market prices are
not available because the options granted are subject to terms and conditions that do not
apply to traded options. If this is the case,
the Group estimates the fair value of the equity instruments granted using a valuation technique, which is consistent with generally
accepted valuation methodologies.
The valuation method and the inputs used to measure the share options granted
to employees of the Group are presented in note
38.
Notes to the Consolidated Financial Statements
.
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3.10
Leases
The Group, as a lessee, determines the lease term as the non-cancellable term
of the lease, together with any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease if it
is reasonably certain not to be exercised.
The Group applies judgement in evaluating whether it is
reasonably certain or not to exercise an option
to renew or terminate the
lease, by considering all relevant factors
and economic aspects that create
an economic incentive. The Group reassesses
the lease
term if there
is a significant
event or change in circumstances that
is within its control
that affects
its ability to exercise
or not to
exercise the option to renew or to terminate, such as
significant leasehold improvements or significant customization of the leased
asset.
In measuring lease
liabilities, the Group uses the lessees’
incremental borrowing rate (‘IBR’)
when it cannot readily determine the
interest rate implicit in the lease. The IBR is the rate of interest that the Group would have to pay to borrow over a similar term, and
with a
similar security,
the funds
necessary to obtain
an asset of
a similar
value to the
right-of-use asset
in a
similar economic
environment.
Therefore, estimation is
required when no observable rates are
available (such as
for subsidiaries that do not enter
into financing
transactions) or when they need to be adjusted to reflect the terms and
conditions of the lease. The Group estimates the IBR using
observable inputs (such as the Euro swap curves) as a starting point
when available, and performs certain additional entity-specific
adjustments, such as credit spread
adjustments or adjustments to reflect
the lease terms
and conditions. For the Bank and
Greek
subsidiaries, the IBR is derived from the estimated
covered bonds yield curve, which is constructed based on observable Euro swap
rates, while for international subsidiaries the IBR is determined
on a country basis, taking into consideration specific local conditions.
3.11
Insurance contracts
The measurement of insurance contract
liabilities involves the exercise of judgment,
estimates, and assumptions,
especially in relation
to mortality and morbidity rates, claims, lapse and surrender rates, and costs. Judgment is also applied in determining
the discount
rate in discounting the expected future cash flows, as well as in determining
the techniques for estimating risk adjustment for non-
financial risk and the coverage units provided under a contract.
The basic approaches used in the measurement of insurance
contract liabilities are
described in Note 2.2.16.
The following assumptions
were used when estimating
future cash flows:
Mortality and morbidity rates
:
Mortality and morbidity risks are inherent
in most lines of business. The Group performs
an investigation, at least on an annual basis,
to ensure the
validity of
the mortality assumptions,
and when deemed necessary
the assumptions are adjusted
accordingly.
The
assumptions are set based on the internal experience of the Group when there are sufficient volumes
of data to support a credible
investigation.
When internal experience is not sufficient, the
assumptions are set with reference to industry
experience and commonly used tables.
Expenses
:
Assessment
of directly attributable cash flows
The Group applies judgement in assessing whether cash flows are directly attributable to a specific portfolio of insurance contracts.
Insurance acquisition
cash flows
are
included in
the measurement
of a
group of
insurance contracts
only if
they are
directly
attributable to either the individual contracts in a
group, or to the group itself, or
the portfolio of insurance contracts to which
the
group belongs. The Group also considers
as attributable cash flows fixed and variable overheads
directly attributable to the fulfilment
of insurance contracts.
Expense basis for cashflow
projections
The Group performs a detailed expense investigation, at least on an annual
basis, to determine the expense assumptions used in the
cashflow projections. The expense basis is set in accordance with the budgeted attributable expenses and the projected volumes of
business. The Group also determines an assumption
for the future expense inflation for the cashflow
projections of life activities.
Notes to the Consolidated Financial Statements
.
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Lapse and surrender rates
:
Lapse and surrenders assumptions relate to the rate by which policyholders cancel/surrender their policies.
The assumptions are set
in line with recent Group experience, by adjusting for expected improvements/deteriorations where
necessary.
Discount rates
The Group uses the bottom-up
approach in determining the
discount rates and hence
uses a risk-free rate, plus an illiquidity
premium
for all entities.
For ERB Cyprialife, the risk free rates are
determined by reference to the European Insurance and Occupational Pensions Authority
(EIOPA) yields and
an illiquidity premium calculated
based on the
entity’s own portfolio
data reflecting
the characteristics of
the
entity’s portfolio. For ERB Asfalistiki
portfolio the EIOPA yields and EIOPA’s
volatility adjustment was
used for 2025.
As at 31 December 2025, the ranges
of yield curves used to discount the cash flows
of insurance contracts per portfolios’ duration
are presented below:
ERB Cyprialife
1 year
3 years
5 years
10 years
20 years
2.22% - 2.64%
2.42% - 2.85%
2.62%- 3.05%
3.00 - 3.43%
3.35% - 3.78%
ERB Asfalistiki
1 year
3 years
5 years
10 years
20 years
2.22%
2.42%
2.62%
3.00%
3.35%
Risk adjustments for non-financial risk
The risk adjustment for non-financial risk represents
the compensation that the Group
requires for bearing the uncertainty about the
amount and timing of the cash flows
arising from insurance risk and other non-financial
risks such as lapse risk and expense
risk.
It measures the degree of variability of expected future cash flows and the Group-specific price for bearing that risk and reflects the
degree of the Group’s risk aversion.
The Group
estimates the risk
adjustment using a
risk-based capital
approach which is
closely linked to
the Solvency
II standard
formula.
The risk adjustment is determined subject to a
confidence level of a range of 80%
to 85% depending on the subsidiary.
CSM amortization
The CSM is a component of the measurement of the
group of insurance contracts that represents the unearned profit the Group
will
recognise as it provides services in the future.
An amount of the CSM for a group of insurance contracts is recognised
in profit or loss
as insurance revenue in each period
to reflect the insurance contract services provided
under the group of insurance
contracts in that
period. The amount is determined by:
●
Identifying the coverage units in the group.
●
Allocating the CSM at the
end of the
period (before recognising any amounts in
profit or loss to
reflect the insurance contract
services provided in the period) equally to each coverage unit provided in the current period and expected to be provided
in the future.
●
Recognising in profit or loss
the amount allocated to coverage units provided in the period
The number
of coverage
units in a
group is
the quantity
of insurance contract
services provided by
the contracts
in the
group,
determined by considering the quantity of
the benefits provided and
the expected coverage period.
These are reassessed
at each
reporting period.
For reinsurance contracts held, the CSM amortisation reflects the
level of service received and depends
on the number of underlying
contracts in-force.
The Group used significant judgement to determine
adjustments required to reflect the market participant’s
view.
Liability for incurred claims
Notes to the Consolidated Financial Statements
.
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The ultimate cost of outstanding
claims is estimated by using a range of standard actuarial claims
projection techniques
such as Chain
Ladder method and Bornhuetter-Ferguson Method. The main assumption underlying these techniques is that a Group’s past claims
development experience
can be
used to
project
future claims
development and
hence
ultimate claims
costs. These
methods
extrapolate the development
of paid and incurred losses, average costs per
claim (including claims handling
costs), and claim numbers
based on the observed development of earlier years and expected loss ratios.
Expected premiums receipts
for insurance contracts measured under
PAA
The Group assesses expected premiums receipts using past experience
on loss rates i.e. amounts that
have not been settled after the
assessment period of 5 years. The
Group assesses at each reporting
date the current economic
conditions,
as well as any other
internal
or external factors
and conditions that
are relevant
during the period
over which the
historical data
has been collected
and the
Group’s view of these conditions over the expected lives of the premiums
due.
3.12
Other accounting estimates and judgments
Information in respect of other estimates and judgments that are made by the Group is provided in notes 20, 23.4, 24, 28, and 30.
.
Notes to the Consolidated Financial Statements
.
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4.
Capital Management
The Group’s capital adequacy position is presented in the following
table:
31 December
2025⁽¹⁾
31 December
2024⁽¹⁾
€ million
€ million
Total equity before ΑT1 capital
instruments
9,533
8,899
Less: Accrual for profit payout
(657)
(674)
Less: Other regulatory adjustments
(742)
(507)
Common Equity Tier 1 Capital
8,134
7,718
Add: ΑT1 capital instruments (note 40)
1,090
-
Total Tier 1 Capital
9,224
7,718
Tier 2 capital-subordinated debt (note 33)
1,215
1,375
Total Regulatory Capital
10,439
9,093
Risk Weighted Assets
53,646
49,977
Ratios:
%
%
Common Equity Tier 1
15.2
15.4
Pro-forma Common Equity Tier 1⁽²⁾
15.6
15.7
Tier 1
17.2
15.4
Pro-forma Tier 1⁽²⁾
17.7
15.7
Total Capital
Adequacy
19.5
18.2
Pro-forma Total
Capital Adequacy ⁽²⁾
20.0
18.5
(1)
As at 31 December 2025, the above
capital ratios include the profit
attributable to the equity holders οf
the Parent Company for
the year amounting to €
1,362 million (31 December 2024: € 1,448 million) less the payout accrual of € 547 million
based on the
profits for the financial year 2025 in accordance with
the Group shareholders’ remuneration policy (31 December 2024: € 674 million), subject to regulatory and AGM approval,
and following the distribution of an
interim cash dividend of € 170 million,
in the fourth quarter of 2025. At the
same date, the outstanding payout accrual from 2024 profits in the form
of share
buyback amounted to € 110.5 million (note 37). Comparative information has been adjusted accordingly to include the accrual for profit payout.
(2)
As of 31 December 2025
,
pro-forma with the completion of the project “Sun (ex-Solar)” and Wave III upsize (note 20), and as of 31 December 2024, with the
completion of the projects “Sun (ex-Solar)”, “Leon” and “Wave VI”.
Notes:
a) As of 31 December 2025, the decrease in CET1 ratio, compared to 31 December 2024, is mainly attributed to the Group’s organic profitability which is offset
by the payout
accrual, the DTC
acceleration and
the increase of the
RWAs mainly
due to i) the
new production of
loans, ii)
the acquisition of
CNP Cyprus
Insurance Holdings Limited and iii) the implementation of Basel IV,
which is partially offset by the decrease in RWAs of Operational Risk.
b)
As of the period ended 31 December 2025, in line with the Bank's initiative to enhance the quality of its regulatory capital, the amortisation of Deferred tax
credits (DTC) against the Greek State amounting to € 2,832 million at
the end of the period (note 13), is accelerated for regulatory purposes.
As a result, as at
31 December 2025, the DTC included in the calculation of the Group’s capital ratios stand at €2,624 million, representing 32.3%
of CET 1 capital.
The Group has sought
to maintain an
actively managed capital
base to cover risks
inherent in the
business. The adequacy of
the
Group's capital
is monitored
using, among other
measures, the rules
and ratios established
by the
Basel Committee
on Banking
Supervision (BIS rules/ratios) which have been
incorporated in the European
Union (EU) legislation through the
Directive 2013/36/EU
(known as
CRD IV)
along with the
Regulation 575/2013/EU (known
as CRR),
as they are
in force.
The above Directive
has been
transposed into Greek legislation by Law
4261/2014, as in force.
On 19 June 2024, Regulation 2024/1623/EU and Directive 2024/1619/EU of the European Parliament and of the
Council of 31 May
2024, amending
Regulation 575/2013/EU
and Directive
2013/36/EU, respectively,
were
published in
the Official
Journal of
the
European Union. The
revised CRR (CRR3-
Basel IV) became,
in general, applicable from
1 January 2025, with a
transitional period
envisaged for certain rules set out therein. EU member states will
need to transpose the revised CRDIV (CRD6) into national law,
to
be applied from 11 January 2026.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Supplementary to the above, in the context of
Internal Capital Adequacy Assessment Process (ICAAP), the
Group considers a broader
range of risk types
and the Group’s risk management capabilities. ICAAP aims
ultimately to
ensure that the
Group has sufficient capital
to cover all material risks
that it is exposed to, over a three-year horizon.
Based on Council Regulation No 1024/2013,
the European Central Bank (ECB) conducts annually
a Supervisory Review and Evaluation
Process (SREP) in order to define the prudential requirements of the institutions under its supervision. The key purpose of the SREP
is to
ensure that institutions
have adequate arrangements,
strategies, processes
and mechanisms as well
as capital and
liquidity
to ensure a sound management and coverage of
their risks, to which
they are or might be exposed, including
those revealed by stress
testing and risks the institution may
pose to the financial system.
According to the 2024 SREP decision, from December
2024 the P2R for the Group is set at 2.85%
in terms of total capital (or at 1.60%
in terms of CET1 capital). The change in the P2R is the outcome of the consolidation of Hellenic Bank. Based on the ECB’s ‘Guide
on
the supervisory
approach to
consolidation in
the banking
sector’,
in case
of M&As,
the P2R
of the
combined entity/group
is
determined based on the weighted
average of the P2R (based
on RWAs)
of the two entities (i.e.
Eurobank Group: 2.75%, Hellenic
Bank: 3.45%). Based on the
2025 SREP decision, from 1 January 2026 the
P2R is reduced to 2.75% (or 1.55% in terms of
CET1 capital),
reflecting the Group’s progress in the areas assessed by the ECB, and particularly in the integration of Hellenic Bank into
the Group.
Thus, as of
31 December 2025, the
Group is required
to meet a
Common Equity Tier 1
Ratio of at
least 10.98% (including Tier
2
shortfall) and a
Total Capital
Adequacy Ratio of
at least 15.28% (Overall
Capital Requirement
or OCR) including
Combined Buffer
Requirement of 4.43%, which is
covered with CET1 capital and sits on top of the Total
SREP Capital Requirement
(TSCR).
In addition,
in accordance
with the
Executive Committee
Act 235/07.10.2024
of the
Bank of
Greece, from
1 October
2025, a
countercyclical
capital buffer
rate
of 0.25%
applies
to
banks’
exposures to
Greece,
which has
increased
the Group’s
capital
requirements by 15bps.
The countercyclical capital
buffer is updated
on a quarterly
basis in accordance
with the
countercyclical
capital buffer rates applicable in each country to which
the Group has exposures. Under Executive Committee Act 248/1/06.10.2025,
the Bank of Greece has decided to set the CCyB
rate for Greece at 0.5% from
1 October 2026, resulting in a further increase of
the
Group’s capital requirements by 15bps.
The breakdown of the Group’s CET1 and Total
Capital requirements, as of 31
December 2025, is presented below:
31 December 2025
CET1 Capital
Requirements
Total Capital
Requirements
Minimum regulatory requirement
4.50%
8.00%
Pillar 2 Requirement (P2R)
1.60%
2.85%
Total SREP Capital Requirement (TSCR)
6.10%
10.85%
Combined Buffer Requirement (CBR)
Capital conservation buffer (CCoB)
2.50%
2.50%
Countercyclical capital buffer (CCyB)
0.68%
0.68%
Other systemic institutions buffer
(O-SII)
1.25%
1.25%
Overall Capital Requirement (OCR), excluding shortfall
10.53%
15.28%
Tier 2 capital shortfall
0.45%
-
Overall Capital Requirement (OCR), including shortfall
10.98%
15.28%
The above CET1 capital
The above CET1 capital
requirement of 10.98% takes
into account i)
that the Group
issued in June and
in
November 2025 AT1 instruments
of € 500
and € 600 million,
respectively, fully utilizing
its capacity to issue AT1,
as well as
ii) the
redemption, in September 2025, of the Tier 2 instrument
of € 950 million issued to the Hellenic Republic (note
24), resulting in a Tier
2 shortfall of 45bps. Assuming the Group had fully utilized the Tier 2
capital capacity, the CET1 requirement would stand at
10.53%
as of 31 December 2025.
Considering the reduction in P2R mentioned above, on 1 January 2026, the Group
is required to meet a Common Equity Tier 1 Rat
io
of at least 10.89% (including Tier 2 shortfall) and a
Total Capital Adequacy Ratio of
at least 15.18% (Overall Capital Requirement or
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
OCR) including Combined Buffer Requirement of 4.43%, which is covered with CET1 capital and sits on top of the Total SREP Capital
Requirement (TSCR).
In November 2025, Eurobank Holdings successfully completed
the issuance of € 600 million AT1 instrument,
fully utilizing its capacity
to issue
AT1. The
proceeds from the
issue will support
the Group’s
strategy to
ensure ongoing compliance
with its total
capital
adequacy and MREL.
Further disclosures regarding capital adequacy in accordance with the Regulation 575/2013
are provided in the Consolidated Pillar 3
Report on the Company’s website.
Minimum Requirements for Eligible Own Funds and Eligible Liabilities (MREL)
Under the Directive 2014/59 (Bank Recovery and Resolution Directive) as
in force, which was transposed into the Greek
legislation
pursuant to Law 4335/2015 as in force, European banks are required to meet the minimum requirement for own funds and eligible
liabilities (MREL). The Single Resolution Board (SRB) has determined Eurobank
S.A. as the Group’s resolution entity
and a Single Point
of Entry (SPE) strategy for resolution purposes. The applicable MREL target for
Eurobank S.A. on a consolidated basis is set at 27.88%
of its total risk weighted assets (RWAs), including a combined buffer requirement (CBR) of 4.43%. The
MREL target is updated by the
SRB on an annual basis.
As at 31 December 2025, the Bank’s
MREL ratio at consolidated level stands
at 29.39% of RWAs
including
profit for the year ended 31 December 2025,
after deducting payout accrual (31 December 2024: 27.36%), while,
the Bank’s MREL
ratio
at
consolidated level,
including profit
for
the year,
after
deducting
aforementioned payout
accrual, pro-forma
with
the
completion of the projects “Sun (ex-Solar)” and “Wave III” stands at 30.17% of RWAs
,
exceeding the MREL target, as
stated above.
In July 2025, the Bank successfully completed the
issuance of € 500 million senior preferred notes. Furthermore, in September 2025,
the
Bank successfully completed, through a private placement, a tap of € 200 million to the aforementioned senior preferred notes
of € 500 million,
issued in July 2025. The proceeds from the issues will
support the Group’s strategy to ensure ongoing compliance
with its MREL requirements
(note 24).
Post balance sheet event
In January 2026, Eurobank
S.A. successfully completed the issuance of
€ 400 million
Subordinated Tier 2
debt instrument, fully utilizing
its capacity to issue Tier 2. The proceeds from the
issue will support the Group’s strategy to ensure ongoing compliance with its total
capital adequacy and MREL requirements (note 33).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
5.
Financial risk management and fair value
5.1
Use of financial instruments
By their nature
the Group's activities
are principally related
to the
use of
financial instruments including
derivatives. The
Group
accepts deposits from customers, at both fixed and floating rates, and for various
periods and seeks to earn above average interest
margins by investing these funds in high quality assets. The Group
seeks to increase these margins by consolidating short-term funds
and lending for longer periods at higher rates, while
maintaining sufficient
liquidity to meet all claims
that might
fall due.
The Group
also seeks
to raise
its interest
margins by
obtaining above
average margins,
net of
provisions, through
lending to
commercial and retail borrowers within a range of
credit standing. Such exposures include
both on-balance sheet loans and advances
and off-balance sheet guarantees and other commitments
such as letters of credit.
The Group also trades in financial instruments
where it takes positions in
traded and over
the counter financial instruments, including
derivatives, to take advantage of short-term market movements in
the equity and bond markets and in currency and interest
rates.
5.2 Financial risk factors
Due to its activities, the Group is exposed to several financial risks, such as credit risk, market risk (including currency,
interest rate,
spread,
equity
and
volatility
risk),
liquidity,
non-financial
risks
such
as
operational
(e.g.
conduct, legal,
cyber,
outsourcing),
reputational, as well as to sustainability risks. The Group's overall risk management strategy seeks to
minimize any potential adverse
effects on its financial
performance, financial position and cash flows.
Financial risks undertaken by the
Group’s insurance entities are monitored separately
and under a different
regulatory framework
(Solvency II). Specifically, information on the interest rate risk of the Group’s insurance
entities and the credit risk arising from their
reinsurance contracts is presented in note 35.2. In addition,
information on their exposure to liquidity risk, currency risk and
credit
risk from debt securities held is presented together with
the other Group activities.
Risk Management objectives and policies
The Group acknowledges that taking risks is an integral part of
its operations in order to achieve its
business objectives. Therefore,
the Group’s management sets adequate mechanisms to identify those risks at an early stage and assesses
their potential impact on
the achievement of these objectives.
Due to the fact that economic, industry, regulatory and operating conditions will continue to change, risk management mechanisms
are set in a manner that enable the Group to identify and deal with the risks associated
with those changes. The Group’s structure,
internal processes and existing control
mechanisms ensure both the
independence principle
and the exercise of
sufficient supervision.
The Group's Management considers effective
risk management as a top priority, as
well as a
major competitive advantage, for the
organization. As such, the Group has allocated significant resources for
upgrading its policies, methods and
infrastructure, in order to
ensure compliance with the
requirements of the European
Central Bank (ECB) and of
the Single Resolution Board (SRB), the guidelines
of the
European Banking
Authority (EBA)
and the
Basel Committee
for Banking
Supervision and
the best
international banking
practices.
The
Group
implements
a
well-structured
credit
approval
process,
independent
credit
reviews
and
effective
risk
management policies for all material risks it is exposed to,
both in Greece and in
each country of its international operations. The risk
management policies implemented
by the Group are reviewed mainly annually.
The amount of risk which the Group is willing to
assume in the pursuit
of its strategic objectives is articulated via a set of quantitative
and qualitative
statements
for specific
risk types,
including specific
tolerance levels
as described
in the
Group’s
Risk Appetite
Framework. The objectives are to
support the Group’s business growth,
balance a strong capital position
with higher returns on
equity
and to ensure the Group’s adherence to regulatory requirements.
The Risk Appetite that is
clearly communicated throughout
the Group, determines risk
culture and forms the
basis on which the
Group
establishes its risk limits and risk policies. Aiming to identify its material risks, the Group maintains a well-defined Risk Identification
and Materiality Assessment
(RIMA) Framework.
The identification and the assessment of all risks is the cornerstone for the effective Risk Management. The Group aiming to ensure
a collective view
on the risks
linked to
the execution of
its strategy,
acknowledges the new developments
at an
early stage
and
assesses the potential impact.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Board Risk Committee (BRC)
The Board Risk Committee (BRC) is a committee of
the Board of Directors
(BoD) and its task is to
advise and support
the BoD regarding
the monitoring of Group’s overall actual
and future risk appetite and
strategy, taking into account all types of risks
to ensure that they
are in line with the
business strategy, objectives, corporate culture and
values of the institution.
The BRC assists the BoD in overseeing
the implementation of Group’s risk strategy
and the corresponding limits set. It also oversees the implementation
of the strategies
for capital and liquidity risk management as well as for all material risks, including financial and
non-financial risks, indicatively credit
risk, market risk, interest rate risk and credit spread risk in the
banking book, counterparty risk, operational risk, climate risk, country
risk, reputational risks, conduct risk, risks stemming from strategic projects, in
order to assess their adequacy against
the approved
risk appetite limits.The BRC consists of five (5) non-executive directors, meets at least 10 times per year and reports to the BoD on a
quarterly basis and on ad hoc instances if it is
needed.
Management Risk Committee
The Management Risk Committee (MRC) is a management committee
established by the
CEO and its main responsibility
is to oversee
the risk management framework of the Group. As part of
its responsibilities, the MRC facilitates reporting to the BRC on
the range of
risk-related topics under its purview,. The MRC proactively supports the Group Chief Risk Officer
,
Chairman of the MRC,
to identify
material risks, in
addition to those identified independently by
the Group CRO and the
Group Risk Management,
and to promptly
escalate them to the BRC and assists the Group CRO in ensuring that the necessary
policies and procedures are in place to prudently
manage risks and to comply with
regulatory requirements.
Group Risk Management
The Group’s
Risk Management
Unit which
is headed
by the
Group Chief
Risk Officer
(GCRO), operates independently
from the
business units and is responsible for the identification, assessment, monitoring, measurement and
management of the risks that the
Group is exposed to. It comprises of the Group Credit (GC), the Group Credit Control (GCC), the Group Credit Risk Capital Adequac
y
Control (GCRCAC), the Group Market
and Counterparty Risk (GMCR), the Group Operational
and Non-Financial Risks
(GONFR), the
Group Model & Data Validation (GMDV), the Group Risk Management Strategy &
Oversight (GRMS&O), the Group Sustainability Risk
(GSR), the Supervisory Relations
and Resolution Planning (SRRP),
and the Risk Analytics (RA)
Units.
Group Risk Management Strategy
and Oversight
As part
of the
Group’s ongoing
commitment to
strengthening its
risk management
framework, the
Bank established
in 2025
a
dedicated Group Risk Management Strategy & Oversight (GRMS&O) Unit to further
enhance the coordination and integration of risk
management practices across
the Group. The Unit serves as a central
coordinating body, ensuring that all
Risk Management units
operate in a cohesive and aligned
manner, creating synergies
and promoting consistent standards across the organization.
Its core
objective
is
to
implement
and maintain
a
single,
coherent governance
framework that
supports a
holistic
approach to
risk
management. This framework
is designed to ensure
that all material
risks are identified,
assessed, managed,
and monitored in a
comprehensive and
integrated manner.
Aligned with the
best practices
of Enterprise
Risk Management,
the Unit
enhances risk
culture, supports informed decision-making at
all levels, and strengthens
the Group’s ability to anticipate and respond to risks in
a
proactive and coordinated manner
Furthermore, the Group continues
the process of aligning the former Hellenic Bank
(currently Eurobank
Ltd) risk management policies
and practices with those of the Group across key risk types, following the acquisition of control in the third quarter of 2024
and the
completion of the Take Over Bid process in the first half of 2025 which resulted in the acquisition
of 100% of the entity’s shares. This
is in line
with the policies alignment
process that takes place
with all international subsidiaries
and includes harmonizing key
risk
policies, standardizing regulatory as
well as internal
risk reporting, and aligning risk methodologies.
Non-Performing Exposures (NPEs) management
The Bank realizes the NPE Strategy Plan through its implementation by doValue Greece for the assigned portfolio and the successful
securitization transactions.
Troubled Assets Committee
The Troubled
Assets Committee (TAC)
is established
according to the
regulatory provisions
and its
main purpose is
to act
as an
independent body, closely monitoring the Bank’s troubled assets portfolio and the execution of its
NPE Management Strategy.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Remedial and Servicing Strategy (RSS)
The Remedial Servicing and Strategy (RSS) is responsible: a) for the
management of the non-performing
and early arrears loans of
the
Bank, b) for structured transactions which create
capital (such as Synthetic SRT STS securitizations) and/or offer credit protection
and
c) for cooperation with the other units of Group Strategy for
other transactions and initiatives.
RSSis closely
monitoring the overall performance of the NPE portfolio as
well as the relationship
of the Bank with doValue Greece.
Furthermore,
following Eurobank’s
commitments against
the significant
risk transfer
(SRT) monitoring
regulatory requirements
pertaining to Bank’s concluded transactions, RSS has a pivotal role in ensuring that relevant process is performed smoothly and in a
timely manner and that
any shortcomings are appropriately
resolved, while providing any
required clarifications or additional material
required by the regulatory authorities.
The Head of RSS reports to
the General Manager of Group
Strategy.
In this context,
RSS
has been assigned inter alia
with the following
responsibilities:
●
Structure new transactions
and perform the
execution of
any transaction processes,
by also establishing
negotiation of
Commercial / Legal
Terms as
well monitoring of these transactions
●
Develop and actively monitor the NPE targets and reduction plan
●
Set the strategic
principles, priorities, policy framework and KPIs under which doValue Greece is
servicing the portfolio
●
Closely monitor the execution of
the approved strategies, as well as all contractual provisions
under the
relevant contractual
agreements for Eurobank’s portfolio assigned
to doValue Greece
including the securitized portfolio of ERB Recovery DAC
●
Monitoring of the performance of the senior notes of
the securitizations in collaboration with
Group Risk so as to ensure
compliance to significant risk
transfer (SRT)
and to the Hellenic Asset Protection Scheme
(HAPS)
●
Budget and monitor the Bank’s expenses and revenues associated
with the assigned portfolio
●
Cooperate closely with doValue Greece on a daily basis
in achieving the Group’s objectives
●
Maintain supervisory dialogue
5.2.1 Credit
Risk
Credit risk is the risk that a
counterparty will be unable to fulfill
its payment obligations in full
when due. Credit risk is also related
with country risk and settlement risk, specified below:
a)
Country risk is the risk
of losses arising
from cross-border lending and investment activities
and refers to the
uncertainty
associated with exposure in
a particular country. This
uncertainty may relate to a
number of factors including the
risk of
losses following
nationalization, expropriation, debt restructuring and foreign exchange rates’
movement.
b)
Settlement risk
is the risk
arising when payments
are settled, for
example for
trades in financial
instruments, including
derivatives and currency
transactions. The risk
arises when the
Group remits payments
before it
can ascertain that
the
counterparties’ payments have been received.
Credit risk
arises principally from
the wholesale and
retail lending
activities of the
Group, as
well as from
credit enhancements
provided, such as financial guarantees and letters of credit. The Group is also exposed to credit risk
arising from other activities such
as investments in debt securities, trading, capital markets and
settlement activities. Taking into account that credit
risk is the primary
risk the Group is exposed to, it is very closely managed
and monitored by specialised risk units, reporting to the GCRO.
(a) Credit approval process
The credit approval and credit review
processes are centralized both in
Greece and in the International operations.
Segregation of
duties ensures
independence among
executives responsible
for the
customer relationship,
the approval
process and
the loan
disbursement, as well
as monitoring of the loan during its lifecycle.
Credit Committees
The credit approval process in Corporate Banking
is centralized through establishment
of Credit Committees with escalating
Credit
Approval Levels. Main Committees of the Bank are
the following:
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
•
Credit Committees (Central and Local) authorized to approve new financing, renewals or amendments mainly for domestic
groups in the existing
credit limits, in accordance with their
credit approval authority, depending on total limit amount of
the customer/group and risk category (i.e. high, medium
or low), as well
as the value and type of security;
•
Special Handling Credit Committees
authorized to approve credit requests and take actions for distressed clients;
•
International
Credit
Committees
(Regional
and
Country)
established
for
the
wholesale
borrowers
of
the
Group’s
international bank subsidiaries, authorized to
approve new limits, renewals or amendments to existing limits, in accordance
with their credit approval authority, depending on total customer exposure and risk category (i.e. high, medium or low), as
well as the value and type of security; and
•
International
Special
Handling
Committees established
for
handling
distressed
wholesale
borrowers
of
the
Group’s
international bank subsidiaries.
The Credit Committees meet on a weekly basis
or more frequently, if needed.
Group Credit (GC)
Within an environment of increased
risk requirements, Group
Credit (GC) mission is to safeguard the Group’s asset side,
by evaluating
credit risk and making
recommendations, so that borrower’s credit exposure
is acceptable and within
the approved Risk Appetite
Framework. GC is headed by the Group Chief Credit Officer
(GCCO) with direct reporting to the Group Chief Risk Officer
(GCRO).
GC operations are comprised of two functions,
i.e. the Corporate Credit, including both the domestic
and the foreign underwriting
activities (the latter only for
material exposures of International Subsidiaries),
and Retail Credit
respectively, covering the underwriting
needs of the SBB portfolio and the Individuals Lending (mortgage,
consumer loans, auto-moto loans and credit cards).
1.
Corporate Credit
(a) Domestic and Greek related portfolio:
the underwriting function
includes the review of credit
requests originating from Corporate
Units handling large and medium
scale corporate entities of every risk category and
specialised lending units such as Shipping
and
Structured Finance (Commercial Real Estate, Hotels & Leisure, Project Finance, M&A Financing) and Private Banking. Major tasks
of
the respective workstream and involved credit units pertain to the following:
•
Evaluation
of
credit applications
and
issuance of
an independent
Risk
Opinion
when required
according
to
internal
procedures, which includes:
(i) assessment
of the
customer credit
profile based
on the
qualitative and
quantitative risk
factors identified
(market,
operational, structural and financial)
(ii) recommendations for the formulation of bankable,
well-secured and well-controlled transactions (credit facility), as well
as
(iii) review and confirmation
of the ratings of each separate
borrower to reflect the risks acknowledged
•
Participation with voting right in all
credit committees as
per the Credit Approval procedures
•
Active participation in the
regulatory audits and
major internal projects of
the Bank, providing
at the same time credit related
knowledge, expertise and support to other Units
•
Preparation of specialised reports to Management on a
regular basis, with regards
to the Top 25 largest,
in terms of total
exposure, borrower Groups, statistics on the new approved financings and leveraged
transactions.
(b) International
Subsidiaries’ portfolio: The
GC through
its specialized
International Corporate Credit
Unit (IC)
is responsible
to
actively participate
in the
evaluation of
credit applications
that exceed
a
certain threshold
for the
wholesale portfolio
of the
International Subsidiaries
covering Bulgaria, Cyprus, and portion
of the loan portfolio
of Luxemburg
(and London). Moreover,
the
respective unit’s tasks and responsibilities
are highlighted below:
•
Participation with voting right in all International
Committees (Regional and Special Handling) and Country
Risk Committees
(CRCs)
•
Participation in
the sessions of
Special Handling Monitoring
Committees for
Bulgaria which monitor
and decide on
the
strategy of problematic corporate
relationships with loan outstanding exceeding a
certain threshold, that is jointly
set by
ICC and Country TAG
•
Advice on best practices to the Credit Risk Units of International
Subsidiaries
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GC is also responsible for the preparation of all credit committees’ agendas, distribution
of the respective material and maintenance
of the respective Credit Committees’ minutes.
2.
Retail Credit
The scope of the Retail Credit is the assessment of credit applications submitted by Retail Business Units, in relation to Borrowers of
the performing retail credit portfolio
(SBB loans
and Individual Banking). Such applications refer to new
loans, review /
renewal of
existing lines and after
sales requests.
The main tasks of Retail
Credit function are outlined below:
•
Assess credit requests in alignment
with the credit risk assessment
criteria and methodology provided in the appropriate
Credit Policy Manual, in accordance with the defined approval levels.
•
Analyze and evaluate risk factors depending
on the type
of credit request based
on both financial and
qualitative information
•
Prepare an independent Credit Opinion ensuring that the risks identified are dully reflected in the Borrower’s Rating
•
Participate with voting rights in the credit committees as per the credit approval process, according to the Approval Levels
defined in the CPM
•
Active participation in the
regulatory audits and
major internal projects of
the Bank, providing
at the same time credit related
knowledge, expertise and support to other units
(b)
Credit risk monitoring
Group Credit Control
The Group Credit Control
(GCC) monitors and assesses the quality of all of the Group’s
loan portfolios and operates independently
from the business units of the Bank. The GCC reports directly to the GCRO.
The main responsibilities of
the GCC are to:
•
supervise, support and
maintain the credit rating and
impairment systems used to assess the wholesale
and Large SB lending
customers;
•
monitor and review the performance of all of the Group’s
loan portfolios;
•
supervise and control the foreign subsidiaries’ credit risk management
units;
•
monitor on a regular basis
and report on a quarterly basis
to the Board of Directors and
the BRC of risk exposures, along
with accompanying analyses;
•
monitor and evaluate the efficiency of adopted strategies and proposed solutions in terms of dealing with Non-Performing
Exposures (NPEs) and the achievement
of targets for NPEs
reduction, as communicated and agreed with
the Supervisory
Authorities;
•
conduct field reviews and prepare written
reports to the Management
on the quality of all of the Group’s
loan portfolios
and adherence with EBA prevailing regulations;
•
monitor the proper EBA classifications
in accordance with the relevant provisions and guidelines;
•
participate in the approval of new credit policies and new
loan products;
•
participate in the Troubled Asset Committee;
•
attend meetings of Credit Committees
and Special Handling Committees,
without voting right;
•
formulate the Group’s
credit impairment policy and
measure the provisions
of the Greek
loan portfolios along
with the
relevant reporting to Management;
•
regularly review the adequacy of provisions of all of the Group’s
loan portfolios;
•
formulate, in collaboration with the responsible lending
Units the credit policy manuals for performing
borrowers;
•
provide guidance and monitor the process of designing and reviewing
credit policies before approved by Management.
•
Through field / thematic reviews on a sample basis
monitor the proper application of Real Estate collaterals’
valuation, as
per the Banks’ Collateral Valuation
policy and procedures;
•
monitor the supervisory, regulatory developments, emerging trends and best practices within its purview in order to keep
Management abreast and propose required actions;
•
Lead or participate in various risk related projects including but not limited to supervisory
investigations, stress tests, Asset
Quality Reviews, process improvement
projects etc.
Notes to the Consolidated Financial Statements
.
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•
Contribute to the overall
credit risk management strategy
of the Group, ensuring alignment with business
objectives and
regulatory requirements.
Group Credit Risk Capital Adequacy Control
The Group Credit Risk Capital Adequacy Control
develops and maintains the credit
risk assessment models for the loans portfolio and
securitized exposures of
the Group,
performs capital adequacy
calculations and assessment
for the loan
portfolios of the
group,
conducts internal & external
stress test exercises as well as well as forecasting of risk parameters, impairments
in the context of
IFRS9
and RWAs
and the
three year
business plan. In
addition, prepares the
Pillar 2 assessment
for credit
risk, foreign
exchange risk,
concentration risk and securitisation risk. The Unit reports directly to the GCRO.
Specifically, the main
responsibilities of the Group Credit Risk Capital
Adequacy Control are to:
•
control, measure
and monitor the
capital requirements
arising from the
Group’s loan
portfolio along with
the relevant
reporting to Management and regulators (ECB/SSM);
•
perform significant Risk
Transfer (SRT)
tests and monitor independent synthetic and traditional securitsations
•
manage the models development, implementation and monitoring of the internal models and IFRS9 models of Probability
of Default (PD), Loss Given Default
(LGD) and Exposure at Default (EAD)
for evaluating credit risk
•
measure and monitor the risk parameters (PD, LGD, EAD) for the purposes of internal capital adequacy assessment, as well
as the estimation of risk related
parameters (such as forecast 12-m
PD, forecast lifetime PD) for
IFRS 9 impairment calculation
purposes;
•
review the grouping of lending exposures and ensuring their homogeneity in accordance with the Group’s IFRS accounting
policies
•
development and monitoring of the significant increase
in credit risk (SICR) thresholds under IFRS9
standard;
•
prepare monthly capital adequacy calculations (Pillar 1) and relevant management,
as well as regulatory reports (COREPs,
SREP) on a quarterly basis;
•
projection of asset quality and capital requirements for the loan book (projected impairments and
RWAs), in the context of
the business plan, ICAAP and recovery plan and participation in the relevant committees;
•
perform stress tests,
both internal and external (EBA/SSM),
and maintain the credit risk stress
testing infrastructure;
•
coordinate the stress testing exercises
for the loan portfolios at Group Level;
•
prepare the credit risk analyses for Internal Capital
Adequacy Assessment (ICAAP)/ Pillar
2 purposes;
•
prepare the Basel Pillar 3
and relevant IFRS9 disclosures
for credit risk;
•
regularly report
to the
GCRO, to
the Management
Risk Committee
and to
the Board
Risk Committee
on: risk
models
performance, risk parameters
(PD, LGD,
EAD), forbearance
reporting, vintage
analysis and
default /
redefault statistics
portfolios forward looking analysis and new
disbursements quality.
•
guide, monitor and supervise the Credit Risk divisions
of the subsidiaries on modelling, credit
stress testing and other credit
risk related regulatory issues.
•
monitor and guide Group’s international subsidiaries on credit risk related ICAAP, stress testing and other regulatory credit
risk related issues, based on Group standards.
Review of local credit
risk stress test exercises;
•
support the business units in the use of credit risk models in business decisions, for funding
purposes, in the capital impact
assessment of strategic initiatives and the development and usage of risk related metrics such as risk adjusted pricing, Risk
Adjusted Return on Capital (RAROC)
etc.; and
•
assist Remedial
Servicing Strategy in the risk assessment
and risk impact of various programs and products.
Group Model & Data Validation
1.
Group Model
& Data
Validation was
set up with key mandates:
•
the establishment of a comprehensive model
validation and governance framework, and
•
the independent validation of significant models (credit risk, pricing,
profitability etc.) used by
the Group, in order to ensure
that the results produced are correct, cover fully business needs, as well as that
the methodologies and tools applied are in
alignment with industry standards and the corresponding regulatory requirements.
Notes to the Consolidated Financial Statements
.
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2.
In more detail, the tasks of
the Unit are outlined as follows:
•
Prepare
and update
the
Group’s
Models Framework
(to include
model definition,
roles
involved
per model,
model
classification principles and methodology,
model validation principles,
materiality classifications
and thresholds, models’
registry governance, etc)
•
Establish and update the Group’s Models Registry
•
Review models’ classification,
in accordance with the methodology provided in the Group Models Framework
•
Support and advise Group subsidiaries in the implementation of the Group Models Framework
•
Prepare and update the Group Models Validation Framework
•
Design and update the methodologies and procedures used for model validation tests, as defined in the Models Validation
Framework.
•
Prepare annual models’ validation/revalidation plan.
•
Propose and escalate for approval the quantitative thresholds, in order to assess
the results of the validation tests.
•
Conduct model validation tests in alignment
with the Group Model Validation Framework
and regulatory requirements.
•
Prepare detailed reports with the model valuation results according to the specific requirements of the model validated, if
any
•
Support and
advise Group
subsidiaries with
regards to
the preparation
and implementation
of their
model validation
framework.
•
Disseminate models’ validation
results within the Group, as appropriate.
•
Prepare action plan for remediation actions, if any, as a result of the model validation tests implemented, and escalate the
plan for its approval by the appropriate Management Authority
•
Participate in the sign-off
of new models for assessing
ratings’ system
accuracy and suitability.
•
Monitor industry practices on the development and use of models as well
as related ECB guidelines
and restrictions.
•
Monitor changes in ECB guidelines on models’ validation.
3.
As of
September 2024,
the Unit
has additionally
assumed responsibility for
the validation
of Eurobank’s
compliance to
the
requirements of BCBS 239 (Risk Data Aggregation and Risk Reporting
framework). In this context, the relevant tasks
of the unit are
outlined as follows:
•
Design and maintain an effective RDARR Validation Framework describing the relevant
methodologies and processes based
on most recent relevant regulatory guidelines and other requirements.
•
Prepare annual RDARR compliance validation
plan.
•
Perform Periodic validations of
level of compliance with regards
to the implementation of
the BCBS 239 Principles in the
Group’s RDARR processes
and systems, in a timely
manner, in line with
the RDARR Validation
Framework
•
Perform periodic reviews of the validation activities
carried out by material subsidiaries.
•
Report the Group’s level of compliance
with the BCBS 239 Principles
in the annual
validation report, in the form of
an overall
compliance score, reflecting
the overall results derived
following the completion of
all its annual
validation activities, as
described in the RDARR Validation
Framework
•
Disseminate validation results
within the Group, as appropriate.
•
Prepare action plan for remediation actions, if any,
as a result of the validation tests implemented, and escalate the
plan for
its approval by the appropriate Management Authority
•
Supervise and
review of
changes in
the BCBS
239
Overarching Framework,
in
order to
proceed with
the
necessary
amendments (if any)
in the RDARR Validation
Framework
Group Market and Counterparty Risk
Group Market and Counterparty Risk (GMCR) is responsible for the measurement, monitoring and periodic reporting of the Group’s
exposure to counterparty risk (issuer risk and market driven counterparty risk), which is the risk of loss due to the customer’s failure
to meet its
contractual obligations in
the context of
treasury positions, such as
debt securities,
derivatives, repos, reverse
repos,
interbank placings, etc.
In addition, GMCR monitors, controls and regularly
reports country limits, exposures and
escalates breaches to the Management and
to Committees. GMCR uses a comprehensive methodology approved by the BRC, for determining the acceptable country risk level,
including the countries in which the Group has a strategic
presence.
Notes to the Consolidated Financial Statements
.
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The Group sets
limits on the
level of
counterparty risk that are
based mainly
on the counterparty’s credit
rating, as
provided by
international rating agencies, the product
type and the maturity of
the transaction (e.g. control
limits on net open derivative positions
by both amount and term, sovereign bonds exposure, corporate securities, asset backed securities
etc.).
GMCR maintains and updates the limits’ monitoring systems and ensures the correctness and compliance of all financial institutions
limits with the Bank’s
policies as approved by the Group’s relevant bodies.
The utilization of the abovementioned limits, any excess of
them, as well as the aggregate exposure per Group’s entity, counterparty
and product type are monitored by GMCR on a daily basis. Risk mitigation contracts are taken into account for the calculation of the
final exposure.
Also, GMCR ensures that the
exposure arising from counterparties
complies with the approved
country limits framework. The GMCR’s
exposure measurement
and reporting tool
is also
available to
the Group’s
subsidiaries treasury divisions, thus
enabling them
to
monitor each counterparty’s exposure and the limit availability.
Additionally, for
the Banks’
corporate bond
portfolio, GMCR
measures and
monitors daily
the total
notional limits, the
sectoral
concentration and the maximum
size per issuer.
It uses a measurement
tool for monitoring any downgrades and any idiosyncratic
spread widening from purchase and any breach is communicated
to the Management and to the relevant Committees.
GMCR implements the market’s best practices and
safeguards the compliance
of all involved parties
to limits’ policies and
procedures.
To this
direction, for various units and International
subsidiaries, GMCR provides support and guidance
for implementation of
the
limits’ guidelines
and policies.
Furthermore, GMCR prepares specialized
reports for the Management/Committees
along with regular reporting that includes the
exposure to the
Hellenic Republic and
a report that
is based on
the calculation of
the Lifetime Expected
Losses for the
exposure
towards the Hellenic Republic
(HR).
(c) Credit related commitments
The primary purpose
of credit related commitments is to ensure that
funds are available to a customer
as agreed. Financial guarantee
contracts carry the same credit risk as loans since they
represent irrevocable assurances that the Group will make
payments in the
event that a customer cannot meet its obligations to third parties. Documentary and commercial letters of credit, which are written
undertakings by the Group on behalf of a customer authorizing a third party to draw drafts on the Group up to a stipulated amount
under specific terms and conditions, are secured by the underlying shipment of goods to which they relate and therefore carry
less
risk than a loan. Commitments to extend credit represent contractual commitments to provide credit under
pre-specified terms and
conditions (note 43) in the
form of loans, guarantees or letters of credit
for which the Group usually receives
a commitment fee. Such
commitments are irrevocable over the life
of the facility or revocable only in response to a material
adverse effect.
(d) Concentration risk
The Group structures the levels of credit risk
it undertakes by placing
exposure limits by borrower, or groups of
borrowers, and
by
industry segments. The exposure to each borrower
is further restricted by sub-limits
covering on and off-balance sheet exposures,
and daily delivery risk limits in relation to trading
items such as forward
foreign exchange contracts.
Such risks are monitored
on a revolving basis and
are subject to an
annual or more
frequent review. Risk concentrations are
monitored
regularly and reported
to the
BRC. Such
reports include
the 25
largest exposures,
major watch
list and
problematic customers,
industry analysis, analysis by rating/risk class,
by delinquency bucket, and loan portfolios by country.
(e) Rating systems
Rating of wholesale
lending exposures
The Group has decided upon the
differentiation of rating models for wholesale lending activities, in
order to reflect appropriately the
risks arising
from
customers with
different characteristics.
Accordingly, the
Group employs
the following
rating models
for the
wholesale portfolio:
•
Moody’s Risk Analyst model (“MRA” or “Fundamental Analysis”-“FA”)
is used to assess the risk of borrowers for Corporate
Lending.
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.
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•
RiskCalc (international rating model) is used for
assessing the creditworthiness
of international lending -
primarily companies
located and operating abroad.
•
Internal Credit Rating model (“ICR”)
is used for those customers that cannot be rated
by MRA.
•
Slotting rating models are employed in view of assessing the risk of specialized exposures,
which are part of the Specialized
Lending corporate portfolio.
•
Transactional Rating model (“TR”) has been developed in order to assess
the risk of transactions taking into consideration
their collaterals/guarantees.
•
Finally, an
assessment of
the borrowers’
viability and
the identification
of impairment
triggers is
performed using
the
“Unlikely to Pay” (“UTP”) / impairment
test.
MRA, ICR, Slotting and ”UTP” functions are
supported by the CreditLens (“CL”) computing platform provided by an external provider
(Moody’s Analytics), while the TR is
internally developed and is being supported by the core applications of the Bank.
MRA follows the Moody’s fundamental
analysis (FA)
approach. The FA models belong to a family
of models defined as Knowledge
Based Systems and rely on a
probabilistic reasoning approach. They
use quantitative and qualitative information of individual
obligors
in order
to assess
their creditworthiness and determine
their credit rating.
In particular,
MRA takes
into account the
company's
balance sheets, profit & loss accounts
and cash flow statements to calculate key ratios. Its ratio analysis includes
assessments of each
ratio’s trend across multiple periods, both in terms of the slope and volatility of the trend. It also compares the value of the ratio for
the most recent period with the quartile values for a comparable peer group. Moreover, MRA is supplied with a commonly used set
of qualitative factors relating
to the quality of the company’s management,
the standing of the company, including the company’s
transaction behavior towards the Bank,
and the perceived riskiness
of the industry. MRA is used
for the assessment of all legal entities
with full accountancy tax books irrespective of their legal
form, and is calibrated
on the Greek corporate environment.
The MRA is not employed for certain types
of entities that use different accounting methods to prepare their
financial statements,
such as Insurance companies and brokerage firms. Moreover, entities such as start-ups that
have not produced financial information
for at least two annual accounting periods are not rated with MRA. In such cases, the Internal Credit Rating (“ICR”) is utilized, which
is a scorecard
consisting of a
set of
factors grouped
into 3 main
sections corresponding to
particular areas of
analysis: Financial
Information, Qualitative
Criteria, and
Behavior Analysis.
In
addition, the
Group
performs an
overall
assessment
of wholesale
customers, based both on their rating (MRA or ICR)
and the collaterals and guarantees
regularly at every credit assessment.
With reference to Specialized Lending portfolio (for which
the Bank is using Slotting rating models) and in
line with European Banking
Authority (EBA) definitions, it comprises types of
exposures towards entities specifically created to finance
or operate physical assets,
where the primary source of income and repayment of the obligation lies directly with the assets being financed. Accordingly, three
of its product lines
that are included in the
Specialized Lending exposure class:
Project Finance (assessed with
the Project Finance
Scorecard), Commercial Real Estate (assessed with the CRE investor & CRE Developer Scorecards) and Object Finance (assessed with
the Object Finance Scorecard tailored for the Shipping portfolio).
In addition, the Group
has developed an Unlikely
to Pay/Impairment test. Unlikeliness to pay refers to
circumstances when a Borrower
is assessed as unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any past due
amount or of the days past due (i.e. to
exposures less than 90 dpd). The impairment test , which
is performed to all borrowers during
every credit assessment is implemented in the CL
platform and includes clearly defined indicators of unlikeliness to pay (UTP). These
indicators are separated in “Hard”
and “Soft” UTP triggers.
•
Hard UTP indicators lead directly to a recognition of non-performing (automatic NPE classification),
as in most cases these
events, by their very nature, directly fulfil the definition of UTP and there is little
room for interpretation.
•
Soft UTP
triggers when
applied, do
not automatically
mean that
an exposure
is non-performing,
but that
a
thorough
assessment should be performed (assessment
prior to NPE classification).
The Group has further
enhanced its wholesale credit risk assessment models
linking risk parameters estimation
with macro-economic
factors allowing
the forecasting of rating
transitions under different macroeconomic scenarios (base,
adverse and optimistic).
The rating systems described above are an integral part of the wholesale banking decision-making and risk management processes:
•
the credit approval or rejection, both at the origination and review process;
•
the allocation of competence levels for credit approval;
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.
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•
risk-adjusted pricing;
•
the calculation of Economic Value
Added (EVA) and internal capital
allocation; and
•
the impairment calculation (staging
criteria and subsequent ECL estimation of forecasted
risk parameters).
Rating of retail lending exposures
The Group assigns
credit scores to its retail
customers using a number of statistically
-based models both at the origination and on
ongoing basis through behavioral scorecards. These
models have been developed to predict, on the basis
of available information,
the probability of default, the loss given
default and the exposure at default. They cover
the entire spectrum of retail products (credit
cards, consumer lending, unsecured revolving credits, car loans, personal loans, mortgages
and small business loans).
The
Bank’s
models
were
developed based
on
historical
data
and
credit
bureau
data.
Behavioral
scorecards
are
calculated
automatically on a monthly basis, thus ensuring that
the credit risk assessment is
up to date.
The models
are applied
in the
credit approval
process, the
credit limits
management, as
well as
the collection
process for
the
prioritization of the accounts
in terms of handling. Furthermore,
the models are often
used for the
risk segmentation of the customers
and the risk based
pricing of particular segments
or new products introduced
as well as
in the calculation of the
Economic Value
Added (EVA) and Risk Adjusted Return
on Capital (RaRoC) measures.
In the context of IFRS9 implementation, the Bank
has further enhanced
its retail credit risk assessment models linking
risk parameters
estimation with macro-economic factors allowing their forecasting
over one
year and lifetime horizon under
different macroeconomic
scenarios (base, adverse and optimistic) and supporting the
staging analysis and allocation to risk classes under homogeneous pools.
The Group Credit Risk
Capital Adequacy Control monitors
the capacity of
rating models and scoring systems
to classify customers
according to risk, as well as to predict the probability of default and loss given default
and exposure at default on an ongoing basis.
The Group Model & Data Validation
implements the Bank's validation policy which complies
with international best practices and
regulatory requirements. The Bank verifies the
validity of the rating models and
scoring systems on an annual
basis and the validation
includes both quantitative and qualitative aspects. The validation procedures are documented,
and regularly reviewed and reported
to the BRC.
The Group’s Internal Audit also independently reviews the validation process in
wholesale and retail rating
systems annually.
(f) Credit risk mitigation
A key component of the Group's business strategy is to
reduce risk by utilizing various risk
mitigating techniques. The most important
risk mitigating
means are collaterals'
pledges, guarantees and master
netting arrangements.
Types of collateral commonly
accepted by the Group
The Group has internal policies in
place which set out
the following types of collateral
that are usually accepted
in a credit relationship:
•
residential real estate,
commercial real estate
(offices, shopping malls,
etc.), industrial buildings and land;
•
receivables (trade debtors) and post dated cheques;
•
securities, including listed shares
and bonds;
•
deposits;
•
guarantees and letters of
support;
•
insurance policies; and
•
equipment, mainly, vehicles and vessels.
A specific coverage ratio
is pre-requisite, upon
the credit relationship’s
approval and on ongoing basis,
for each collateral type, as
specified in the Group’s credit policy.
For exposures, other
than loans to
customers (i.e. reverse
repos, derivatives), the
Group accepts as
collateral only cash
or liquid
bonds.
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Valuation principles of collaterals
In defining the maximum
collateral ratio for
loans, the Group considers all relevant information
available, including the collaterals’
specific characteristics,
if market participants would
take those
into account when
pricing the relevant
assets. The valuation
and
hence eligibility is based on the following
factors:
•
the collateral’s fair value, i.e. the exit price that would be received to sell
the asset in an orderly transaction under current
market conditions;
•
the fair value reflects
market participants’ ability to generate
economic benefits by using the asset in its
highest and best
use or by selling it;
•
a reduction in the collateral’s value is considered if the type, location or condition (such
as deterioration and obsolescence)
of the asset indicate so; and
•
no collateral value is assigned
if a pledge is
not legally enforceable.
The Group
performs
collaterals’
valuation
in accordance
with
its
processes
and policies.
The Group
has
an
approved list
of
independent and qualified appraisers, which is updated
on an annual basis or at shorter
intervals if necessary.
With the exception of
special cases (e.g. syndicated loans), the real estate collaterals of all units are valued by Cerved Property Services S.A. (“CPS”) who is
the successor of the Bank’s
former subsidiary, Eurobank Property Services S.A.
CPS is regulated by the Royal Institute
of Chartered
Surveyors and
employs internal
or
external qualified
appraisers based
on predefined
criteria (qualifications
and expertise).
All
appraisals take
into account
factors such
as the
region, age
and marketability
of the
property, and
are
further reviewed
and
countersigned by experienced staff. The valuation methodology employed is based on International Valuation Standards (IVS), while
quality controls are in place, such as reviewing mechanisms, independent
sample reviews by independent well established valuation
companies.
In order to monitor the valuation of residential property
held as collateral, the Group uses the Residential Property Index of
the Bank
of Greece. The index has been created by the Real Estate Market Analysis
Section of BoG using detailed information collected from
all Credit Institutions and
Real Estate
Investment Companies (REIC) operating
in Greece. The Residential
Property Index is used in
combination with physical inspection and desktop valuation, depending on the EBA status and the balance of
the loan.
For commercial
real estates, the
Group uses the Commercial
Real Estate
Index developed by CPS. This index
is derived through a
combination of CPS & BoG CRE indices
and it is based on
internationally accepted methodology. It constitutes a tool for
the statistical
monitoring of possible changes
of the values
of the commercial
properties as well as
for the trends in
the particular market. The
Commercial Real
Estate Index is used in combination with
physical inspection and desktop valuation, depending on the EBA status
and the balance of the loan.
To ensure the quality of the post-dated cheques accepted as collateral, the Bank has developed a pre-screening system, which takes
into account
a number
of criteria
and risk
parameters, so
as to
evaluate their
eligibility. Furthermore,
the post-dated
cheques’
valuation is monitored through the use of advanced statistical reports and through the review of detailed information regarding the
recoverability of cheques, referrals and bounced cheques, per issuer broken down.
Collateral policy and documentation
Regarding collaterals, Group’s policy emphasizes the need that collaterals and relevant
processes are timely and prudently executed,
in order to
ensure that collaterals
and relevant documentation
are legally enforceable
at any
time. The Group
holds the right
to
liquidate collateral in the event
of the obligor’s financial distress and
can claim and control
cash proceeds from the
liquidation process.
Guarantees
The guarantees used as credit risk mitigation by the Group are largely issued by
central and regional governments in the countries in
which it
operates. The
Hellenic Development
Bank (HDB)
and similar
funds, banks and
insurance companies
are also
significant
guarantors of credit risk.
Management of repossessed
properties
The objective of
the repossessed
assets’ management
is to minimize
the time cycle of
the asset’s
disposal and to
maximize the
recovery of the capital engaged.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
To this end, the management of repossessed assets aims at improving rental and other income from the exploitation of such assets,
and at the same time reducing
the respective holding
and maintenance costs. Additionally, the
Group is actively engaged in
identifying
suitable potential buyers for its portfolio of repossessed assets (including specialized funds
involved in acquiring
specific portfolios of
properties repossessed), both in Greece and abroad, in order to reduce its stock of properties with a time
horizon of 3-5 years.
Repossessed assets are closely monitored based on
technical and legal due diligence reports, so that their market value is accurately
reported and updated in accordance with market trends.
Counterparty risk
The Group
mitigates
counterparty risk arising
from treasury
activities by
entering into master
netting arrangements
and similar
agreements, as well as collateral agreements with counterparties with which it undertakes a significant volume of transactions. The
respective credit risk is reduced through
a master netting agreement to the extent that
if an event of default occurs, all amounts with
the counterparty are terminated and settled on a net basis.
In the case of derivatives, the Group makes use of International Swaps and Derivatives Association (ISDA)
contracts, which limit the
exposure
via the
application of
netting, and
Credit Support
Annex
(CSAs),
which further
reduce
the total
exposure
with
the
counterparty. Under these agreements, the total exposure
with the counterparty is calculated on
a daily basis taking into account any
netting arrangements and collaterals.
The same process is
applied in the case of
repo transactions where standard Global
Master Repurchase Agreements
(GMRAs) are
used. The exposure (the net difference between repo cash and the market value
of the securities) is calculated on a daily basis
and
collateral is transferred
between the counterparties thus minimizing the exposure.
Following the
European Market
Infrastructure Regulation
(EMIR), the
Bank performs
centrally cleared
transactions for
eligible
derivative contracts through an EU authorized European central
counterparty (CCP), recorded in trade repositories. The use of
CCP
increases market transparency and reduces counterparty credit and operational risks inherent in derivatives markets.
The Bank uses a comprehensive collateral management system for the monitoring of ISDA, CSAs and GMRAs, i.e. the daily valuation
of the derivatives and the market value of the securities are used for the calculation of each counterparty’s exposure. The collateral
which should be posted or requested by the relevant counterparty is calculated daily.
With
this
system, the
Bank monitors
and
controls the
collateral
flow in
case
of derivatives
and repos,
independently
of the
counterparty. The effect of any market movement that increases the
Bank’s exposure is reported and the Bank
proceeds to collateral
call accordingly.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
5.2.1.1
Maximum exposure to credit
risk before collateral held
2025
2024
€ million
€ million
Credit risk exposures relating to on-balance sheet assets are as
follows:
Due from credit institutions
2,357
2,197
Less: Impairment allowance
(1)
2,356
(1)
2,196
Debt securities held for trading
180
186
Derivative financial instruments
780
838
Loans and advances to customers at amortised
cost:
- Wholesale lending⁽¹⁾
34,670
31,663
- Mortgage lending
12,925
12,466
- Consumer lending
4,814
4,533
- Small
business lending
3,568
3,583
Less: Impairment allowance
(1,309)
54,668
(1,309)
50,936
Fair value changes of
loans in portfolio hedging of
interest rate risk
(28)
(3)
Loans and advances to customers measured at
FVTPL
23
19
Investment securities:
- Debt securities measured at amortised
cost
19,852
17,677
Less: Impairment allowance
(25)
19,827
(26)
17,651
Debt securities measured at FVOCI⁽⁵⁾
4,057
4,090
Debt securities measured at FVTPL
⁽⁴⁾
22
(11)
Other financial assets⁽²⁾
387
149
Less: Impairment allowance
(29)
358
(23)
126
Credit risk exposures relating to off-balance sheet items
(note 43):
- Loan commitments⁽³⁾
15,511
13,653
- Financial guarantee
contracts and other commitments
4,255
3,517
Total
102,009
93,198
(1)
Includes loans to public sector.
(2)
Refers to financial assets subject to IFRS 9 impairment requirements, which are recognised within other assets
(3)
The comparative figures have been adjusted to include € 3.2 billion of unconditionally cancellable, undrawn overdraft facilities (note 43)
(4)
It presents debt securities at
FVTPL, excluding those backing unit-linked
insurance and investment contract
liabilities of € 311 million (2024:
€ 18 million).
Comparative information has been adjusted accordingly.
(5)
The comparative information has been adjusted to align with the current year presentation.
The above table represents the Group’s maximum credit risk exposure as at 31 December 2025 and 31 December
2024 respectively,
without taking account of
any collateral
held or other credit
enhancements that do not
qualify for offset
in the Group's
financial
statements.
For on-balance sheet assets,
the exposures set out above are based on the carrying amounts as
reported in the balance sheet. For
off-balance sheet items,
the maximum
exposure is
the nominal amount
that the Group
may be
required to
pay if
the financial
guarantee contracts and other commitments are called upon and the loan commitments are
drawn down. Off-balance sheet credit
risk exposures presented above, include revocable loan commitments to extend credit of € 8.4 billion (2024: € 7.9 billion,
containing
€ 3.2 billion undrawn overdraft facilities)
that are subject to ECL measurement.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
5.2.1.2
Loans and advances to customers
The section below provides
an overview of the
Group’s exposure to credit risk arising from its customer lending
portfolios, in line with
the guidelines set by
the Hellenic Capital
Markets Commission and the Bank of
Greece (BoG) released
on 30 September 2013, as
updated by the Group in order to comply with the revised IFRS 7 ‘Financial Instruments: Disclosures’, following the adoption of IFRS
9 from
2018. In
addition, the
types of
the Group’s
forbearance programs
are in
line with
the BoG’s
Executive Committee
Act
42/30.05.2014 and its amendments.
(a) Credit quality of loans and advances to customers
Loans and advances to customers carried at amortised
cost are classified
depending on how ECL is measured.
Accordingly, loans reported
as non-impaired include loans
for which a ‘12-month
ECL allowance’ is
recognized as they
exhibit no
significant increase in credit risk since initial recognition
and loans for which a ‘Lifetime ECL allowance’ is recognized as they exhibit a
significant increase
in credit risk since initial recognition but are not considered to be in default.
Credit impaired loans category includes
loans that are considered to be in
default, for which a loss allowance equal to
a ‘Lifetime ECL’
is recognized, and loans classified
as ’Purchased or originated credit impaired’ (POCI) which
are always measured on the basis
of a
‘Lifetime ECL’.
The Group
applies a
default definition
for accounting
purposes, which
is consistent
with the
European Banking
Authority (EBA) definition for non-performing exposure and regulatory definition of default.
Loans and
advances to
customers carried
at FVTPL
are not
subject to
ECL measurement and
therefore are
not included in
the
quantitative information provided in the
below sections for loans and advances measured
at amortised cost, except where
indicated.
The Group’s accounting policy for impairment of financial
assets is set
out in note 2.2.13.
Quantitative information
The following
quantitative analysis
presents information
about the
total gross
carrying amount
of loans
and advances including
securitization
notes issued
by
special
purpose entities
established by
the Group,
and
the
nominal
amount of
credit related
commitments, that are classified as non-impaired (stage 1 and stage 2) and those classified as credit-impaired (stage
3 and POCI). It
also presents the impairment allowance
recognized in respect of all loans
and advances and credit related commitments, analyzed
into individually or collectively
assessed, based on how the
respective impairment allowance has
been calculated, the carrying
amount
of loans and
advances, as well
as the value
of collateral held
to mitigate
credit risk which
is capped to
the respective gross
loan
amount. In particular, the following
four tables for 2025
and 2024
provide:
●
a summary
of the
credit quality
of lending
exposures and
credit related
commitments, presenting
product line,
stage
allocation, respective impairment allowance
and collateral held
●
the classification of lending
exposures and credit related commitments into the internal
credit rating categories,
●
the movement of the gross carrying amounts for loans
and advances to customers by product line and stage,
●
the ageing analysis
of credit impaired (Stage
3 and POCI) loans and advances to customers
Public Sector lending exposures include exposures to the central government, local authorities, state-linked companies and entities
controlled and fully or partially owned by the state, excluding public and private companies with commercial activity. For credit
risk
management purposes, exposures to Public Sector are incorporated in wholesale
lending.
.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The following tables present summary information
about the
credit quality (stage analysis, impairment
allowance and collateral held
per product
line) of loans and
advances to customers carried
at amortised
cost and credit related commitments.
In addition, they include the fair value changes of loans
in portfolio hedging of interest rate risk and
the loans and advances to customers
carried at FVTPL for the
purpose of reconciliation with the total carrying amount of loan and advances to customers:
.
31 December 2025
Impairment allowance
Lifetime ECL - Stage 3
Lifetime ECL - Stage 3
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
POCI
Total gross carrying
amount/nominal
exposure
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
POCI
Carrying
amount
Value of
collateral
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
16,633
3,614
59
857
143
21,306
(121)
(444)
(35)
(340)
(9)
20,356
15,284
- Mortgage
9,841
2,560
34
422
68
12,925
(62)
(332)
(23)
(118)
(4)
12,386
Value of collateral
9,759
2,383
23
359
66
12,590
- Consumer
3,345
391
1
142
66
3,945
(33)
(46)
(1)
(86)
(4)
3,776
Value of collateral
701
11
0
6
65
782
- Credit card
767
62
0
39
1
869
(8)
(4)
(0)
(29)
(1)
826
Value of collateral
28
1
0
0
1
30
- Small business
2,680
602
24
255
7
3,568
(18)
(62)
(11)
(107)
(1)
3,368
Value of collateral
1,218
485
14
158
7
1,881
Wholesale Lending
32,689
1,243
307
140
55
34,435
(61)
(49)
(161)
(86)
(2)
34,077
20,924
- Large corporate
22,686
650
142
30
22
23,530
(46)
(30)
(61)
(23)
(0)
23,370
Value of collateral
11,680
457
112
12
22
12,283
- SMEs
6,019
593
165
111
34
6,922
(16)
(19)
(100)
(63)
(1)
6,723
Value of collateral
4,005
429
119
73
33
4,658
- Securitization notes⁽¹⁾
3,984
-
-
-
-
3,984
-
-
-
-
-
3,984
Value of collateral
3,984
-
-
-
-
3,984
Public Sector
235
-
-
0
1
236
(0)
-
-
(0)
(0)
235
6
- Greece
8
-
-
0
-
8
(0)
-
-
(0)
-
7
Value of collateral
-
-
-
0
-
0
- Other countries
227
-
-
-
1
228
(0)
-
-
-
(0)
228
Value of collateral
6
-
-
-
0
6
Fair value changes of loans in portfolio hedging of
interest rate risk
(28)
-
Loans and advances to customers at FVTPL
23
23
Total
49,558
4,857
365
998
198
55,977
(183)
(493)
(196)
(426)
(11)
54,663
36,237
Total value of collateral
31,379
3,765
268
608
194
Credit related commitments
19,167
524
37
26
11
19,766
(24)
(2)
(21)
(7)
(1)
Loan commitments
15,016
472
9
7
7
15,511
(19)
(2)
0
(1)
(1)
Financial guarantee contracts and other
commitments
4,151
52
28
19
5
4,255
(6)
(1)
(21)
(7)
(1)
Value of collateral
2,247
136
12
8
10
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Impairment allowance
Lifetime ECL - Stage 3
Lifetime ECL - Stage 3
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
POCI
Total gross carrying
amount/nominal
exposure
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
POCI
Carrying amount
Value of
collateral
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
15,743
3,733
62
715
329
20,582
(132)
(315)
(43)
(374)
(23)
19,695
14,806
- Mortgage
9,249
2,706
36
323
151
12,466
(64)
(218)
(30)
(147)
(10)
11,997
Value of collateral
9,090
2,405
20
258
147
11,919
- Consumer
3,064
317
1
127
152
3,660
(42)
(42)
(0)
(90)
(10)
3,475
Value of collateral
711
7
1
7
148
874
- Credit card
767
75
0
29
1
873
(8)
(5)
(0)
(23)
(1)
835
Value of collateral
29
1
0
0
1
30
- Small business
2,663
635
24
237
24
3,583
(17)
(50)
(13)
(113)
(1)
3,389
Value of collateral
1,296
507
13
142
24
1,982
Wholesale Lending
29,687
1,184
532
140
89
31,632
(58)
(39)
(244)
(77)
(4)
31,211
20,012
- Large corporate
20,189
568
272
17
38
21,082
(42)
(23)
(115)
(10)
(2)
20,889
Value of collateral
10,637
372
152
9
36
11,206
- SMEs
5,130
617
260
124
51
6,182
(16)
(16)
(129)
(67)
(2)
5,953
Value of collateral
3,653
468
188
78
51
4,438
- Securitization notes⁽¹⁾
4,368
-
-
-
-
4,368
(0)
-
-
-
-
4,368
Value of collateral
4,368
-
-
-
-
4,368
Public Sector
30
-
-
0
1
31
(0)
-
-
(0)
-
30
4
- Greece
12
-
-
0
-
13
(0)
-
-
(0)
-
12
Value of collateral
-
-
-
0
-
0
- Other countries
18
-
-
-
1
18
(0)
-
-
-
-
18
Value of collateral
3
-
-
-
0
4
Fair value changes of loans in portfolio
hedging of
interest rate risk
(3)
Loans and advances to
customers at FVTPL
19
19
Total
45,460
4,917
593
856
419
52,245
(191)
(354)
(287)
(451)
(27)
50,953
34,841
Total value of collateral
29,787
3,760
373
495
407
Credit related commitments
16,810
263
40
26
33
17,170
(22)
(4)
(21)
(7)
(9)
Loan commitments⁽²⁾
13,420
212
8
7
6
13,653
(15)
(4)
(0)
(0)
(1)
Financial guarantee contracts and other
commitments
3,389
50
32
19
26
3,517
(7)
(1)
(21)
(6)
(8)
Value of collateral
2,077
74
20
5
11
(1)
It refers to the notes of securitizations of loans originated by Group
entities measured at amortised cost, that are collateralized by the underlying pool of loans
held by the respective securitization vehicles (note 20). The amount of
the securitize
d
loan portfolios presented as collateral has been capped to the gross carrying amount of the senior notes. Moreover, the senior notes of the Cairo, Mexico and Leon securitizations are guaranteed by the Hellenic Republic in the context of
Hellenic
Asset Protection Scheme (note 20).
(2)
The comparative figures have been adjusted to include € 3.2 billion of unconditionally cancellable, undrawn overdraft facilities (note 43).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The Group assesses the credit quality of its loans and advances
to customers and credit related commitments that are subject to ECL
using internal credit rating systems for the wholesale portfolio, which are based on a variety of quantitative
and qualitative factors,
while the credit quality of the retail
portfolio is based on the allocation of risk classes
into homogenous pools.
The following tables present the distribution of the gross carrying amount of loans
and advances and the nominal exposure of credit
related commitments based
on the credit quality classification categories
and stage allocation:
31 December 2025
Internal credit
rating
12-month
ECL-Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL
-
Stage 3
POCI
Total gross
carrying
amount
Retail Lending
€ million
€ million
€ million
€ million
€ million
- Mortgage
PD<2.5%
9,450
183
-
32
9,665
2.5%<=PD<4%
274
1,404
-
1
1,679
4%<=PD<10%
70
374
-
3
447
10%<=PD<16%
36
145
-
5
185
16%<=PD<99.99%
11
455
-
1
467
100%
-
-
456
26
481
- Consumer
PD<2.5%
1,754
3
-
19
1,777
2.5%<=PD<4%
883
5
-
15
903
4%<=PD<10%
562
34
-
12
608
10%<=PD<16%
107
21
-
3
130
16%<=PD<99.99%
39
329
-
2
369
100%
-
-
143
15
158
- Credit card
PD<2.5%
337
2
-
0
339
2.5%<=PD<4%
314
23
-
0
337
4%<=PD<10%
115
13
-
0
128
10%<=PD<16%
1
11
-
0
12
16%<=PD<99.99%
0
13
-
0
13
100%
-
-
39
1
40
- Small business
PD<2.5%
1,752
9
-
1
1,761
2.5%<=PD<4%
543
26
-
1
570
4%<=PD<10%
324
176
-
0
501
10%<=PD<16%
44
194
-
0
237
16%<=PD<99.99%
17
197
-
0
214
100%
-
-
279
5
283
Wholesale Lending
- Large corporate
Strong
15,276
91
-
-
15,367
Satisfactory
6,957
364
-
4
7,325
Watch list
453
195
-
6
654
Impaired (Defaulted)
-
-
172
12
183
- SMEs
Strong
1,831
20
-
-
1,851
Satisfactory
3,985
270
-
13
4,269
Watch list
203
303
-
7
514
Impaired (Defaulted)
-
-
275
13
288
- Securitization
notes
Strong
3,984
-
-
-
3,984
Public Sector
All countries
Strong
36
-
-
-
36
Satisfactory
199
-
-
1
199
Watch list
-
-
-
-
-
Impaired (Defaulted)
-
-
0
-
0
Total
49,558
4,857
1,363
198
55,977
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Internal credit
rating
12-month ECL
- Stage 1
Lifetime ECL
-
Stage 2
Lifetime ECL
-
Stage 3
POCI
Total gross
carrying
amount
Retail Lending
€ million
€ million
€ million
€ million
€ million
- Mortgage
PD<2.5%
8,905
1,534
-
33
10,471
2.5%<=PD<4%
197
18
-
0
215
4%<=PD<10%
93
754
-
7
854
10%<=PD<16%
43
148
-
3
194
16%<=PD<99.99%
12
252
-
4
269
100%
-
-
359
104
463
- Consumer
PD<2.5%
995
2
-
15
1,012
2.5%<=PD<4%
1,484
4
-
14
1,502
4%<=PD<10%
443
34
-
20
497
10%<=PD<16%
103
12
-
4
119
16%<=PD<99.99%
38
264
-
8
310
100%
-
-
128
92
219
- Credit card
PD<2.5%
353
2
-
0
355
2.5%<=PD<4%
381
25
-
-
406
4%<=PD<10%
31
16
-
0
47
10%<=PD<16%
1
4
-
0
5
16%<=PD<99.99%
0
28
-
0
28
100%
-
-
29
1
30
- Small business
PD<2.5%
1,563
21
-
1
1,585
2.5%<=PD<4%
696
32
-
0
728
4%<=PD<10%
374
355
-
0
729
10%<=PD<16%
28
148
-
3
179
16%<=PD<99.99%
2
79
-
0
81
100%
-
-
261
20
280
Wholesale Lending
- Large corporate
Strong
14,005
29
-
-
14,034
Satisfactory
5,898
360
-
9
6,268
Watch list
285
178
-
12
475
Impaired (Defaulted)
-
-
288
17
305
- SMEs
Strong
1,593
24
-
0
1,616
Satisfactory
3,334
312
-
14
3,661
Watch list
203
281
-
9
493
Impaired (Defaulted)
-
-
383
28
412
- Securitization
notes
Strong
4,368
-
-
-
4,368
Public Sector
All countries
Strong
13
-
-
-
13
Satisfactory
17
-
-
1
18
Watch list
-
-
-
-
-
Impaired (Defaulted)
-
-
0
-
0
Total
45,460
4,917
1,449
419
52,245
Notes to the Consolidated Financial Statements
.
427
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31 December 2025 Consolidated Financial Statements
31 December 2025
31 December 2024
Internal credit
rating
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL
-
Stage 3 and
POCI
Total
nominal
amount
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL
-
Stage 3 and
POCI
Total
nominal
amount
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Credit Related Commitments
Retail Lending
Loan commitments
PD<2.5%
1,719
5
1
1,724
1,571
8
0
1,579
2.5%<=PD<4%
1,340
45
0
1,384
1,571
45
0
1,615
4%<=PD<10%
745
57
0
802
492
51
0
544
10%<=PD<16%
41
25
0
66
41
12
0
54
16%<=PD<99.99%
0
10
0
10
0
28
0
28
100%
-
-
5
5
-
-
4
4
Financial guarantee
contracts
and other commitments
PD<2.5%
27
0
0
27
38
0
0
38
2.5%<=PD<4%
116
0
-
116
118
0
-
118
4%<=PD<10%
43
1
-
43
38
1
-
39
10%<=PD<16%
1
0
-
1
-
-
-
-
16%<=PD<99.99%
-
-
-
-
-
-
-
-
100%
-
-
5
5
-
-
6
6
Wholesale Lending
Loan commitments
Strong
7,555
24
0
7,579
6,601
2
-
6,603
Satisfactory
3,329
153
1
3,483
2,911
57
1
2,968
Watch list
287
154
1
442
233
9
0
242
Impaired (Defaulted)
-
-
14
14
-
-
16
16
Financial guarantee
contracts
and other commitments
Strong
2,906
1
0
2,906
2,396
1
-
2,398
Satisfactory
1,003
30
1
1,034
728
27
-
755
Watch list
55
20
(1)
75
70
21
-
91
Impaired (Defaulted)
-
-
47
47
-
-
72
72
Total
19,167
524
75
19,766
16,810
263
98
17,170
The table below depicts the internal credit rating bands (MRA rating scale or equivalent)
for the wholesale portfolio that correspond
to the credit quality classification categories
presented in the above tables:
Wholesale Lending
Credit Quality classification categories
Internal Credit Rating
Large Corporate
Internal Credit Rating
SMEs
Strong
1-4
1-3
Satisfactory
5-6
4-6
Watch list
7-9
7-9
Impaired (Defaulted)
10
10
Notes to the Consolidated Financial Statements
.
428
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31 December 2025 Consolidated Financial Statements
The following tables present the movement of the gross carrying
amounts for loans and advances to customers by product
line and stage and is calculated by reference to the opening and
closing balances
for the reporting years from 1 January 2025 to 31 December 2025 and 1 January 2024 to 31 December 2024:
31 December 2025
Wholesale
Mortgage
Consumer
Small business
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
POCI
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
POCI
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
POCI
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
POCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount at 1
January
29,717
1,184
672
90
9,249
2,706
359
151
3,831
392
157
153
2,663
635
261
24
52,245
New loans and advances
originated or purchased
7,858
-
-
2
1,773
-
-
-
1,195
-
-
-
739
-
-
-
11,566
Transfers between
stages
-to 12-month ECL
313
(304)
(9)
-
97
(87)
(11)
-
113
(104)
(9)
-
43
(37)
(6)
-
-
-to lifetime ECL
(558)
608
(50)
-
(360)
431
(71)
-
(275)
286
(10)
-
(128)
156
(28)
-
-
-to lifetime ECL credit-impaired
loans
(49)
(26)
76
-
(81)
(248)
330
-
(71)
(57)
129
-
(46)
(90)
137
-
-
Loans and advances
derecognised/ reclassified as
held for sale during the year
(0)
-
(74)
(8)
(1)
(0)
(91)
(98)
(1)
(0)
(30)
(32)
(0)
-
(41)
(17)
(394)
Amounts written-off⁽¹⁾
-
-
(55)
(1)
-
-
(32)
(2)
-
-
(47)
(2)
-
-
(18)
(1)
(157)
Repayments
(4,162)
(270)
(107)
(21)
(979)
(125)
(36)
(26)
(1,020)
(69)
(20)
(25)
(633)
(50)
(30)
(3)
(7,577)
Foreign exchange differences
and other movements
(194)
52
(7)
(7)
144
(117)
7
42
340
7
13
(27)
43
(12)
4
4
293
Gross Carrying amount at 31
December
32,924
1,243
447
56
9,841
2,560
456
68
4,112
453
181
67
2,680
602
279
7
55,977
Impairment allowance
(62)
(49)
(247)
(2)
(62)
(332)
(142)
(4)
(41)
(50)
(116)
(5)
(18)
(62)
(118)
(1)
(1,309)
Carrying amount at 31
December
32,863
1,194
201
54
9,780
2,227
314
64
4,071
403
66
62
2,661
540
160
6
54,668
Notes to the Consolidated Financial Statements
.
429
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31 December 2025 Consolidated Financial Statements
31 December 2024
Wholesale
Mortgage
Consumer
Small business
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount at 1
January
24,005
1,198
688
21
6,909
2,618
411
4
2,942
369
119
5
2,480
728
276
0
42,773
New loans and advances
originated or purchased
8,427
-
-
-
1,090
-
-
-
1,189
-
-
-
674
-
-
-
11,380
Arising from acquisition
2,593
-
-
71
2,229
-
-
159
617
-
-
160
111
-
-
27
5,965
Securitization notes
281
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
281
Transfers between
stages
-to 12-month ECL
265
(257)
(8)
-
107
(97)
(10)
-
116
(105)
(10)
-
99
(91)
(9)
-
-
-to lifetime ECL
(672)
689
(17)
-
(354)
436
(82)
-
(218)
240
(22)
-
(110)
157
(47)
-
-
-to lifetime ECL credit-impaired
loans
(82)
(54)
136
-
(66)
(136)
203
-
(75)
(49)
124
-
(59)
(89)
148
-
-
Loans and advances
derecognised/ reclassified as
held for sale during the year
(25)
-
(21)
-
(7)
(1)
(133)
-
(4)
(0)
(15)
(3)
(0)
(1)
(70)
-
(279)
Amounts written-off⁽¹⁾
-
-
(14)
(0)
-
-
(9)
(1)
-
-
(47)
(1)
-
-
(13)
(0)
(84)
Repayments
(5,092)
(428)
(83)
(6)
(992)
(209)
(42)
(14)
(823)
(61)
(33)
(14)
(625)
(93)
(35)
(6)
(8,556)
Foreign exchange differences
and other movements
17
36
(9)
5
334
96
21
3
88
(4)
41
7
93
23
11
4
766
Gross Carrying amount at
31
December
29,717
1,184
672
90
9,249
2,706
359
151
3,831
392
157
153
2,663
635
261
24
52,245
Impairment allowance
(58)
(39)
(321)
(4)
(64)
(218)
(177)
(10)
(51)
(48)
(114)
(11)
(17)
(50)
(126)
(1)
(1,309)
Carrying amount at 31
December
29,659
1,145
351
86
9,185
2,489
182
141
3,780
344
43
142
2,645
585
135
23
50,936
(1)
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2025 and that are still subject to enforcement activity is € 146 million (2024: € 68 million).
Note 1: Wholesale product line category includes also Public sector loans portfolio.
Note 2: “Loans and advances derecognised/ reclassified as held for sale during
the year” presents loans derecognized due to a)sale and securitization transactions,
b) debt to equity transactions and those that have been reclassified as held for
sale during the year (notes 20 and 30).
Notes to the Consolidated Financial Statements
.
430
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31 December 2025 Consolidated Financial Statements
Credit impaired loans and advances to customers
The following tables
present the ageing analysis
of credit impaired (Stage
3 and POCI) loans and advances by product line
at their
gross carrying amounts, as well
as the respective impairment allowance
and the value of collaterals held to mitigate
credit risk.
For denounced loans, the Group ceases to
monitor the delinquency status and therefore the respective
balances have been included
in the ‘over 360 days’ time band,
with the exception of consumer
exposures which continue to be monitored
up to 360 days past due.
31 December 2025
Retail lending
Wholesale lending
Public sector
Lifetime ECL credit-
impaired
Mortgage
Consumer
Credit card
Small
business
Large
corporate
SMEs
Greece and
other countries
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
up to 90 days
337
103
5
139
139
154
1
879
90 to 179 days
46
30
8
24
0
11
-
120
180 to 360 days
42
35
9
29
10
15
-
139
more than 360 days
99
41
18
94
44
128
0
424
Total gross carrying
amount
524
209
40
286
193
309
1
1,562
Impairment allowance
(145)
(90)
(30)
(119)
(84)
(164)
(0)
(633)
Carrying amount
379
118
10
167
109
145
1
928
Value of Collateral
448
71
1
179
146
224
0
1,070
31 December 2024
Retail lending
Wholesale lending
Public sector
Lifetime ECL credit-
impaired
Mortgage
Consumer
Credit card
Small
business
Large
corporate
SMEs
Greece and
other countries
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
up to 90 days
235
133
6
125
185
236
1
920
90 to 179 days
43
25
7
21
0
7
-
103
180 to 360 days
76
38
10
49
6
13
-
192
more than 360 days
156
84
8
90
135
179
0
653
Total gross carrying
amount
511
280
30
285
326
435
1
1,868
Impairment allowance
(188)
(101)
(24)
(127)
(127)
(197)
(0)
(765)
Carrying amount
323
179
6
158
199
238
1
1,103
Value of Collateral
425
156
1
179
198
316
0
1,275
Note: As at 31 December 2025, total gross carrying amount of credit impaired loans includes POCI loans of € 198 million (2024: € 419 million).
Notes to the Consolidated Financial Statements
.
431
|
Page
31 December 2025 Consolidated Financial Statements
(b) Collaterals and repossessed assets
Collaterals
The Loan-to-Value (LTV)
ratio of the mortgage lending
reflects the gross loan exposure at
the balance sheet date over
the market
value of the property held as collateral.
The LTV ratio of
the mortgage portfolio is presented below:
2025
2024
€ million
€ million
Mortgages
Less than 50%
4,963
4,740
50%-70%
3,486
3,221
71%-80%
1,876
1,689
81%-90%
1,285
1,041
91%-100%
493
599
101%-120%
397
502
121%-150%
189
333
Greater than
150%
236
343
Total exposure
12,925
12,466
Average LTV
43.07%
44.64%
The breakdown of collateral and guarantees
for loans and advances to customers at
amortised cost is presented below:
31 December 2025
Value of
collateral received
Guarantees
received⁽¹⁾
Real Estate
Financial
Other
Total
€ million
€ million
€ million
€ million
€ million
Retail Lending
13,883
703
698
15,284
818
Wholesale
Lending
7,522
1,498
11,904
20,924
413
Public sector
1
4
2
6
-
Total
21,405
2,205
12,604
36,214
1,232
31 December 2024
Value of collateral
received
Guarantees
Received⁽¹⁾
Real Estate
Financial
Other
Total
€ million
€ million
€ million
€ million
€ million
Retail Lending
13,421
701
684
14,806
857
Wholesale
Lending
6,864
1,601
11,547
20,012
613
Public sector
1
3
0
4
-
Total
20,285
2,306
12,231
34,822
1,470
(1)
In addition to
the above presented
guarantees, the Group
has entered into
financial guarantees
contracts (projects ‘Wave’)
related to
the portfolios of
performing SME, SBB and large corporate loans of € 4.3 billion as at 31 December 2025
(31 December 2024: € 4.3 billion).
The collaterals presented in the above table under category “Other”,
include assigned receivables, equipment, inventories, vessels,
etc. They also include the amount
of the securitized loans held by the securitizations
vehicles that issued the related senior
notes.
The amount of the securitized loans has been capped to the gross carrying amount of the senior notes. In addition, the senior notes
of the Cairo,
Mexico and Leon
securitizations are guaranteed
by the Hellenic
Republic in the context
of Hellenic
Asset Protection
Scheme (note 20).
Notes to the Consolidated Financial Statements
.
432
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31 December 2025 Consolidated Financial Statements
Repossessed assets
The Group recognizes collateral assets on the balance sheet by taking possession usually through legal
processes or by calling upon
other credit enhancements. As
at 31 December 2025, the carrying
amount of repossessed assets which are
included in “Other
assets”
amounted to € 474 million (31 December
2024: € 527
million), note 29. These assets are carried
at the lower of cost
and net realizable
value (note 2.2.19).
The main type of collateral
that the Group repossesses against
repayment or reduction of the outstanding loan
is real estate.
The
below table
presents the
movement of
repossessed real
estate assets
during the
year,
including a)
those transferred
to
the
appropriate category based on their use by the
Group as part of its operations i.e. investment property or own-used
(notes 2.2.6, 26,
and 27) and b) those reclassified
to “held for sale” category (notes 30).
2025
2024
Real estate
Real estate
Residential
Commercial
Total
Residential
Commercial
Total
€ million
€ million
€ million
€ million
€ million
€ million
Balance at 1 January
187
338
525
195
298
493
Arising from acquisition (note 23)
-
-
-
4
105
109
Additions⁽¹⁾
10
13
23
7
26
33
Transfers to investment property
-
-
-
(2)
(18)
(20)
Disposals
(33)
(45)
(78)
(14)
(45)
(59)
Valuation losses
(1)
(7)
(8)
(2)
(26)
(28)
Held for Sale (note 30)
-
(0)
(0)
(1)
(0)
(1)
Other
(0)
10
10
(0)
(2)
(2)
Balance at 31 December
163
309
472
187
338
525
(1)
The carrying amount of
the real estate properties
obtained during the year
and held at the year
ended 31 December 2025
amounted to €
22 million (31
December 2024: € 32 million).
In addition, the Group repossesses other types of collaterals mainly referring to equity positions due to the participation in debt for
equity transactions as part of forbearance measures.
(c) Geographical and industry concentrations of loans and advances to customers
As described above
in note
5.2.1, the Group
holds diversified
portfolios across markets
and countries and
implements limits
on
concentrations arising from the geographical location
or the activity
of groups of borrowers
that could be
similarly affected by changes
in economic or other conditions, in order to mitigate credit risk.
Notes to the Consolidated Financial Statements
.
433
|
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31 December 2025 Consolidated Financial Statements
The following tables break down the Group’s exposure
into loans and advances to customers
and credit related commitments at
their gross carrying amount and nominal amount respectively by stage,
product line, industry and geographical region and impairment allowance
by product line, industry and geographical region:
31 December 2025
Greece
Rest of Europe
Other Countries
Gross carrying/nominal
amount
Gross carrying/nominal
amount
Gross carrying/nominal
amount
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Impairment
allowance
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
8,114
3,053
749
0
(769)
8,430
561
166
140
(181)
90
0
0
2
(0)
-Mortgage
4,338
2,415
397
-
(490)
5,477
145
58
67
(50)
27
0
-
1
(0)
-Consumer
1,164
61
60
0
(62)
2,117
330
82
65
(107)
63
0
0
2
(0)
-Credit card
580
34
33
-
(34)
187
28
6
1
(8)
0
0
0
0
(0)
-Small business
2,032
544
259
-
(183)
648
58
20
7
(17)
-
-
-
-
-
Wholesale Lending
15,893
699
293
3
(209)
12,598
520
148
52
(144)
4,198
24
6
0
(5)
-Commerce and
services⁽¹⁾
6,172
278
158
0
(108)
7,318
120
80
24
(78)
434
17
1
0
(2)
-Manufacturing
3,148
232
74
3
(65)
899
99
12
7
(18)
57
-
-
-
(0)
-Shipping
109
-
-
-
(0)
655
8
-
7
(1)
3,321
-
1
-
(2)
-Construction
1,504
50
18
-
(14)
1,379
52
15
12
(15)
228
7
4
-
(1)
-Tourism
1,672
125
38
-
(13)
555
106
9
1
(10)
30
-
-
-
(0)
-Energy
3,242
1
4
-
(7)
473
43
-
0
(3)
9
-
-
-
(0)
-Other
46
14
1
-
(2)
1,319
92
32
2
(18)
119
-
-
-
(0)
Public Sector
8
-
0
-
(0)
82
-
-
1
(0)
145
-
-
-
(0)
Total
24,014
3,752
1,042
3
(979)
21,110
1,081
314
193
(325)
4,434
24
6
2
(6)
Of which:
Cyprus
-
-
-
-
-
6,592
263
91
186
(101)
-
-
-
-
-
Bulgaria
-
-
-
-
-
7,869
772
207
4
(198)
-
-
-
-
-
Credit related
Commitments
12,817
413
44
-
(45)
5,304
111
19
11
(11)
1,047
0
0
0
0
-Loan commitments
10,156
371
0
-
(14)
3,858
101
16
7
(7)
1,002
0
0
-
0
-Financial guarantee
contracts
and other commitments
2,661
42
44
-
(31)
1,446
10
3
5
(4)
44
-
0
0
(0)
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Greece
Rest of Europe
Other Countries
Gross carrying/nominal
amount
Gross carrying/nominal
amount
Gross carrying/nominal
amount
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3
POCI
Impairment
allowance
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
8,038
3,324
624
0
(683)
7,625
408
153
327
(203)
80
0
0
2
(1)
-Mortgage
4,476
2,595
302
0
(410)
4,759
111
57
150
(59)
14
0
0
1
(0)
-Consumer
986
72
55
0
(68)
2,012
244
72
151
(117)
66
0
0
1
(0)
-Credit card
568
41
23
0
(28)
199
34
6
1
(9)
0
0
0
0
(0)
-Small business
2,008
615
243
-
(177)
655
20
18
24
(17)
0
-
-
-
(0)
Wholesale Lending
14,000
622
518
12
(298)
11,579
551
151
77
(120)
4,107
11
3
0
(4)
-Commerce and
services⁽¹⁾
5,717
271
248
9
(136)
7,000
104
83
39
(50)
580
3
1
0
(2)
-Manufacturing
2,927
204
182
3
(119)
839
52
19
9
(14)
69
-
0
-
(0)
-Shipping
76
-
-
-
(0)
589
1
3
8
(1)
3,112
-
1
-
(2)
-Construction
1,318
30
24
-
(16)
1,192
59
11
10
(9)
217
7
0
-
(0)
-Tourism
1,406
110
59
-
(18)
472
159
11
1
(9)
-
-
-
-
-
-Energy
2,505
0
4
-
(6)
249
7
0
0
(3)
-
-
-
-
-
-Other
51
8
1
-
(3)
1,238
169
24
10
(34)
130
-
-
-
(0)
Public Sector
12
-
0
-
(0)
18
-
-
1
(0)
-
-
-
-
-
Total
22,051
3,947
1,142
12
(982)
19,222
959
304
404
(323)
4,188
11
3
2
(4)
Of which:
Cyprus
6,319
221
113
389
(108)
Bulgaria
6,802
695
182
12
(197)
Credit related
Commitments
11,761
144
47
0
(44)
4,583
116
18
32
(19)
465
3
0
0
(0)
-Loan commitments
9,620
119
1
0
(12)
3,347
91
14
6
(8)
453
3
0
0
(0)
-Financial guarantee
contracts
and other commitments
2,141
25
47
-
(32)
1,236
25
4
26
(11)
12
0
0
0
(0)
(1)
The operations in Rest of Europe include € 3,984 million related to the notes of securitizations
of loans originated by Group entities (2024: € 4,368 million).
As at 31 December 2025, the carrying amount of Group's loans measured at FVTPL of € 23 million was included in Wholesale lending portfolio, which was held
by operations in Rest of Europe (2024: € 19
million).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
(d) Forbearance practices on lending activities
Modifications of
the loans’ contractual
terms may
arise due
to various
factors, such
as changes in
market conditions, customer
retention and other
factors as well as due to the
potential deterioration in the
borrowers’ financial condition.
The Group has
employed
a range of forbearance solutions in order to enhance the management of customer relationships and the effectiveness of collection
efforts, as well
as to improve the recoverability of cash flows
and minimize credit losses
for both retail and wholesale
portfolios.
Forbearance practices’ classification
Forbearance practices as monitored and reported by the Group, based on the European
Banking Authority Implementing Technical
Standards (EBA ITS)
guidelines, occur only in the cases where the contractual payment terms
of a loan have been modified,
as the
borrower is considered unable to comply with the existing loan’s terms due to apparent financial difficulties, and the Group
grants a
concession by providing more favorable
terms and conditions that
it would not otherwise
consider had the borrower not
been in
financial difficulties.
All other types of modifications
granted by the Group, where there is
no apparent financial difficulty of
the borrower and may
be
driven by factors of a business
nature are not classified as
forbearance measures.
Forbearance solutions
Forbearance solutions are granted following an assessment of the borrower’s
ability and willingness to repay and
can be of a short or
longer term nature.
The objective is
to assist
financially stressed borrowers by
rearranging their repayment cash
outflows into
a
sustainable modification,
and
at the
same time,
protect
the Group
from
suffering
credit losses.
The Group
deploys targeted
segmentation strategies with the objective to tailor different
short or long term and sustainable management solutions to selected
groups of borrowers for addressing their specific
financial needs.
The nature and type of forbearance options may include but is not necessarily limited
to, one or more of the following:
●
arrears capitalization;
●
arrears repayment plan;
●
reduced payment above interest only;
●
interest-only payments;
●
reduced payment below interest only;
●
grace period;
●
interest rate reduction;
●
loan term extensions;
●
split balance;
●
partial debt forgiveness/write-down;
●
operational restructuring; and
●
debt to equity swaps.
Specifically for
unsecured consumer
loans (including
credit cards),
forbearance programs
(e.g. term
extensions), are
applied
in
combination with debt consolidation whereby
all existing consumer balances are pooled together. Forbearance solutions are
applied
in
order to
ensure a
sufficient
decrease
on
installment
and a
viable solution
for
the
borrower.
In selected
cases,
the
debt
consolidations may be combined with mortgage
prenotations to convert unsecured lending exposures to secured ones.
In the case of mortgage loans, a decrease of installment may be achieved through forbearance measures such as extended
payment
periods and capitalization of arrears.
Wholesale exposures are subject to forbearance when there are indications of financial difficulties
of the borrower, evidenced by a
combination of factors including the deterioration of financials,
credit rating downgrade, payment delays and other.
i.
Classification of Forborne loans
Loans for which forbearance measures have been
applied after origination or acquisition,
are classified either as non-impaired (stage
2), or impaired (stage
3) by assessing their delinquency and credit quality status.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Credit impaired forborne loans enter initially a probation period of one year
where the borrowers’ payment performance is closely
monitored. If at the end of the abovementioned period, the borrowers have complied with the terms of the program and there are
no past due amounts and concerns regarding the loans’ full repayment, the loans are then reported as non-impaired forborne loans
(stage 2). In addition, non-impaired forborne loans, including those that were
previously classified as credit impaired and complied
with the terms
of the program, are monitored over
a period of two
years. If, at
the end of that
period, the borrowers have made
regular payments of a significant
aggregate amount, there are
no past due amounts over 30 days
and the loans are neither
credit
impaired nor any other SICR criteria are met
they exit forborne status and are classified
as stage 1.
Particularly, the category
of credit impaired
forborne loans includes those
that (a)
at the date
when forbearance measures
were
granted, were more than 90
days past due or assessed
as unlikely to pay, (b) at
the end of the one
year probation period met the
criteria of entering the non -impaired status and during the two years monitoring period new forbearance measures were extended
or became more than 30 days past due, and (c) were initially classified as non-
impaired and during the two years monitoring period
met the criteria for entering the credit impaired
status.
Furthermore, forborne
loans that
fail to
perform under
the new modified
terms and
are
subsequently denounced cease
to be
monitored as part of the Group’s forbearance activities and are
reported as denounced credit impaired loans (stage 3) consistently
with the Group’s management
and monitoring of all denounced loans.
ii.
Impairment assessment
Where forbearance measures are extended, the Group performs an assessment
of the borrower’s financial condition and its ability
to repay,
under the Group’s impairment
policies, as described in notes 2.2.13
and 5.2.1. Accordingly,
forborne loans to wholesale
customers, retail
individually significant
exposures and
financial institutions
are assessed
on an
individual basis.
Forborne retail
lending portfolios are
generally assessed for
impairment separately from
other retail loan
portfolios on a
collective basis as
they
consist of large homogenous portfolio.
iii.
Loan restructurings
In cases
where the
contractual cash
flows of
a forborne
loan have
been substantially
modified, the
original
forborne loan
is
derecognized and a
new loan is recognized.
The Group records
the modified asset
as a ‘new’ financial
asset at fair
value and the
difference with the carrying amount of the
existing one is recorded in the income statement as derecognition
gain or loss. In the case
that the new financial
asset is credit impaired
at initial recognition, it is recognized
as an originated credit-impaired financial
asset
(POCI).
In cases where the modification as a result of forbearance measures is not considered substantial, the Group
recalculates the gross
carrying amount of
the loan and recognizes the
difference as a modification gain or
loss in the income
statement. The Group continues
to monitor the modified forborne
loan in order to determine
if the financial asset exhibits significant increase in credit
risk since initial
recognition during the forbearance period.
As at 31 December 2025, the carrying amount of Group's forborne loans measured at
FVTPL was nil
(2024: nil).
The following tables
present an analysis of Group’s
forborne activities for loans measured at amortised
cost. In order to align with
the quantitative information provided in
section (a) based on
IFRS 7 requirements, the relevant tables below
are presented on a gross
carrying amount basis, while cumulative
impairment allowance is presented separately,
in line with the Group’s internal
credit risk
monitoring and reporting.
Notes to the Consolidated Financial Statements
.
437
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31 December 2025 Consolidated Financial Statements
The following table presents
a summary of the types of the Group’s
forborne activities:
2025
2024
€ million
€ million
Forbearance measures:
Split balance
194
275
Loan term
extension
744
693
Arrears capitalisation
56
77
Reduced payment below interest owed
33
34
Interest rate reduction
104
153
Reduced payment above interest owed
67
98
Arrears repayment
plan
25
56
Interest only
39
27
Grace period
58
92
Partial debt
forgiveness/Write
-down
1
19
Operational
restructuring
9
11
Other
46
55
Total gross carrying
amount
1,376
1,588
Less: cumulative
impairment
allowance
(270)
(321)
Total carrying
amount
1,106
1,267
The following tables
present a summary of the credit quality of forborne loans and advances to customers:
31 December 2025
Total loans &
advances at
amortised cost
Forborne
loans &
advances
% of Forborne
loans &
advances
€ million
€ million
Gross carrying amounts:
12-month ECL-Stage
1
49,558
24
0.0
Lifetime
ECL-Stage 2
4,857
674
13.9
Lifetime
ECL-Stage 3
1,363
629
46.2
POCI
198
49
24.6
Total Gross Amount
55,977
1,376
2.5
Cumulative ECL
Loss allowance:
12-month ECL-Stage
1
(183)
(0)
Lifetime
ECL-Stage 2
(493)
(41)
Lifetime
ECL-Stage 3 of which:
(622)
(226)
- Individually
assessed
(196)
(93)
- Collectively
assessed
(426)
(133)
POCI
(11)
(3)
Total carrying
amount
54,668
1,106
2.0
Collateral
received
36,214
1,077
Notes to the Consolidated Financial Statements
.
438
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31 December 2025 Consolidated Financial Statements
31 December 2024
Total loans
&
advances at
amortised cost
Forborne loans
& advances
% of Forborne
loans &
advances
€ million
€ million
Gross carrying
amounts:
12-month ECL-Stage
1
45,460
50
0
Lifetime
ECL-Stage 2
4,917
788
16.0
Lifetime
ECL-Stage 3
1,449
559
38.6
POCI
419
191
45.6
Total Gross Amount
52,245
1,588
3.0
Cumulative
ECL Loss allowance:
12-month ECL-Stage
1
(191)
(0)
Lifetime
ECL-Stage 2
(354)
(49)
Lifetime
ECL-Stage 3 of which:
(738)
(258)
- Individually
assessed
(287)
(118)
- Collectively
assessed
(451)
(140)
POCI
(27)
(13)
Total carrying
amount
50,936
1,267
2.5
Collateral
received
34,822
1,211
Note: As at 31 December 2024, performing forborne loans of € 50 million acquired from Hellenic Bank, are presented at stage 1.
The following table presents
the movement of forborne loans and advances:
2025
2024
€ million
€ million
Gross carrying amount at
1 January
1,588
1,509
Arising from acquisition
-
275
Forbearance
measures in
the year
532
377
Forborne loans
derecognised/
reclassified
as held
for sale during
the year
⁽¹⁾
(109)
(29)
Write-offs of forborne
loans
(52)
(5)
Repayment
of loans
(340)
(310)
Loans & advances
that exited
forbearance status
⁽²⁾
(322)
(328)
Other
78
99
Less: cumulative
impairment
allowance
(270)
(321)
Carrying amount at 31
December
1,106
1,267
(1)
“Forborne loans derecognised/
reclassified as held
for sale during
the year” presents loans
derecognized during the year
due to
sale and securitization
transactions and those that have been reclassified as held for sale during the year (notes 20 and 30).
(2)
In 2025, an amount of € 74 million loans and advances that exited forbearance status refers to loans that were denounced (2024: € 46
million).
Notes to the Consolidated Financial Statements
.
439
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31 December 2025 Consolidated Financial Statements
The following table presents
the Group’s exposure to forborne loans and advances by product line:
2025
2024
€ million
€ million
Retail Lending
764
813
- Mortgage
458
437
- Consumer
121
183
- Credit
card
3
4
- Small business
181
188
Wholesale Lending
612
775
-Large corporate
277
282
-SMEs
336
493
Total gross carrying
amount
1,376
1,588
Less: cumulative
impairment
allowance
(270)
(321)
Total carrying
amount
1,106
1,267
The following table presents
the Group’s exposure to forborne loans and advances by geographical region:
2025
2024
€ million
€ million
Greece
958
947
Rest of Europe
415
636
Other countries
3
6
Total gross carrying
amount
1,376
1,588
Less: cumulative
impairment
allowance
(270)
(321)
Total carrying
amount
1,106
1,267
The following
table provides
information on
modifications due
to forbearance
measures on
lending exposures
which have
not
resulted in
derecognition. Such financial
assets were modified
while they had a
loss allowance
measured at an
amount equal to
lifetime ECL.
2025
2024
Modified
lending exposures
€ million
€ million
Loans modified
during the year
with loss allowance measured
at an amount equal to
lifetime
ECL
Gross carrying amount
at 31 December
629
396
Modification
gain / (loss)
1
(5)
Loans modified
since initial
recognition
at a time when
loss allowance was based on
lifetime
ECL
-
Gross carrying amount
at 31 December
for which
loss allowance
has changed to
12-month
ECL measurement
149
244
In the year
ended 31 December 2025,
the gross
carrying amount of loans
previously modified for
which the loan allowance
has
reverted to being measured at an amount equal to lifetime
ECL amounted to € 403 million (2024: € 300 million).
Notes to the Consolidated Financial Statements
.
440
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31 December 2025 Consolidated Financial Statements
5.2.1.3
Debt Securities
The following
tables present an analysis
of debt securities by
external credit rating
agency designation at 31
December 2025
and
2024, based on Moody's ratings or their equivalent:
31 December 2025
12-month ECL-
Stage 1
Lifetime
ECL-
Stage 2
Lifetime
ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
Debt securities
at amortised cost
Aaa
5,194
-
-
5,194
Aa1 to Aa3
2,368
-
-
2,368
A1 to A3
3,359
-
-
3,359
Lower than
A3
8,715
23
-
8,738
Unrated
165
-
27
192
Gross Carrying Amount
19,802
23
27
19,852
Impairment
Allowance
(15)
(0)
(10)
(25)
Carrying Amount
19,787
23
17
19,827
Debt securities
at FVOCI
Aaa
488
-
-
488
Aa1 to Aa3
328
-
-
328
A1 to A3
955
-
-
955
Lower than
A3
2,197
19
-
2,216
Unrated
70
-
-
70
Carrying Amount
4,038
19
-
4,057
31 December 2024
12-month ECL-
Stage 1
Lifetime
ECL-
Stage 2
Lifetime
ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
Debt securities
at amortised
cost
Aaa
6,661
-
-
6,661
Aa1 to Aa3
855
-
-
855
A1 to A3
1,833
4
-
1,837
Lower than
A3
8,110
15
-
8,125
Unrated
163
-
36
199
Gross Carrying Amount
17,621
20
36
17,677
Impairment
Allowance
(15)
(1)
(9)
(26)
Carrying Amount
17,606
19
26
17,651
Debt securities
at FVOCI
Aaa
514
-
-
514
Aa1 to Aa3
551
-
-
551
A1 to A3
546
-
-
546
Lower than
A3
2,385
28
-
2,414
Unrated
64
-
-
64
Carrying Amount
4,061
28
-
4,090
Notes to the Consolidated Financial Statements
.
441
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31 December 2025 Consolidated Financial Statements
31 December 2025
Debt securities
held for
trading
Debt securities
measured at
FVTPL⁽¹⁾
€ million
€ million
Debt securities
at FVTPL
Aaa
22
4
Aa1 to Aa3
-
3
A1 to A3
10
7
Lower than
A3
147
7
Carrying Amount
180
22
31 December 2024
Debt securities
held for trading
Debt securities
measured at
FVTPL⁽¹⁾
€ million
€ million
Debt securities
at FVTPL
Aaa
19
5
Aa1 to Aa3
-
5
A1 to A3
10
1
Lower than
A3
158
0
Carrying Amount
186
11
(1)
Debt securities of €311 million
(2024: €7 million) that are backing
unit-linked insurance and investment
contract liabilities are not
included. Comparatives
have been adjusted accordingly.
The carrying amount of debt securities rated
lower than A3, amounting to €
11,097 million (2024: € 10,684 million),
is analyzed as
follows:
2025
2024
Sovereign
Banks and
Corporate
Sovereign
Banks and
Corporate
€ million
€ million
€ million
€ million
Debt securities
Greece
5,795
1,374
5,919
1,399
Other Eurozone
members
988
927
762
775
Other EU members
⁽¹⁾
1,131
98
990
73
Other countries
219
564
240
527
Carrying Amount
8,133
2,964
7,911
2,773
(1)
It includes debt securities with carrying value of € 719 million issued by Bulgaria, Eurozone member as of January 1, 2026 (note 5.2.2) (2024: € 660 million).
Following a series
of sovereign rating
upgrades between 2023 and
2025,
the Greek government’s
long-term debt securities were
rated as investment grade by all five Eurosystem approved External Credit Assessment Institutions (DBRS: BBB,
stable outlook;
Fitch:
BBB, stable outlook; Scope: BBB, positive outlook; S&P: BBB, stable outlook; Moody’s:
Βaa3,
stable outlook) as of end January 2026.
The carrying amount of unrated debt securities of € 253 million (2024: € 254 million) comprise € 204 million Greek corporate bonds
(2024: € 188 million),
€ 35
million Cyprus corporate
bonds (2024: €
42 million) and €
14 million corporate
bonds issued in
other
European countries (2024: € 24 million).
As at 31 December 2025, the nominal
value of the Group’s Russian
debt exposures, which have been classified
as credit impaired,
amounted to
€ 26
million, with
an impairment
allowance of
€
8 million (2024:
€ 39
million nominal
value with
an impairment
allowance of € 7 million).
For the year ended 31 December 2025, the Group proceeded with
the disinvestment of debt securities of face value of € 514 million
measured at amortized cost, resulting in a derecognition gain of € 17 million. The
sale was assessed to be consistent with the held to
collect business model in accordance with the Group’s
accounting policy.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The following tables present the Group's exposure
in debt securities, as categorized by stage, counterparty's geographical region and
industry sector:
31 December 2025
Greece
Other European countries
Other countries
12-month ECL-
Stage 1
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Debt securities at
amortised cost
Sovereign
5,052
-
6,360
-
-
1,287
-
12,698
Banks
1,133
-
2,664
-
-
716
-
4,513
Corporate
310
5
1,390
17
22
891
6
2,641
Gross Carrying Amount
6,495
5
10,413
17
22
2,894
6
19,853
Impairment Allowance
(8)
(2)
(6)
(0)
(8)
(1)
(0)
(25)
Net Carrying Amount
6,487
3
10,407
17
14
2,893
6
19,827
Debt securities at
FVOCI
Sovereign
670
-
1,527
-
-
343
-
2,540
Banks
17
-
208
-
-
9
-
234
Corporate
122
-
721
19
-
421
-
1,283
Carrying Amount
809
-
2,456
19
-
773
-
4,057
31 December 2024
Greece
Other European
countries
Other countries
12-month ECL-
Stage 1
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Debt securities
at amortised cost
Sovereign
5,039
-
4,004
-
-
1,434
-
10,477
Banks
1,097
-
2,621
-
-
832
-
4,551
Corporate
304
5
1,499
14
31
791
6
2,649
Gross Carrying Amount
6,440
5
8,124
14
31
3,057
6
17,677
Impairment Allowance
(9)
(2)
(5)
(1)
(7)
(1)
(0)
(26)
Net Carrying Amount
6,431
3
8,119
13
24
3,056
6
17,651
Debt securities
at FVOCI
Sovereign
803
-
1,566
-
-
449
-
2,817
Banks
16
-
164
-
-
-
-
179
Corporate
177
-
612
28
-
276
-
1,093
Carrying Amount
995
-
2,342
28
-
725
-
4,090
31 December 2025
Greece
Other
European
countries
Other countries
Total
€ million
€ million
€ million
€ million
Debt securities
at FVTPL⁽¹⁾
Sovereign
-
9
-
9
Banks
-
7
-
7
Corporate
0
5
-
6
Carrying Amount
0
21
-
22
Debt securities
held for
trading
Sovereign
76
34
-
110
Corporate
-
62
8
70
Carrying Amount
76
96
8
180
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Greece
Other
European
countries
Other countries
Total
€ million
€ million
€ million
€ million
Debt securities
at FVTPL
Sovereign
-
10
-
10
Banks
-
0
-
0
Corporate
0
0
-
0
Carrying Amount
0
11
-
11
Debt securities
held for
trading
Sovereign
80
19
19
118
Corporate
-
62
6
69
Carrying Amount
80
81
25
186
(1)
Debt securities of €311 million (2024: €7
million) that are backing
unit-linked insurance and investment
contract liabilities are not included. Comparatives
have been adjusted accordingly.
5.2.1.4
Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are offset according to IAS 32 ‘Financial
Instruments and the net amount is presented in the
balance sheet when, there is a legally enforceable right to set off the recognized amounts and there is
an intention to settle on a net
basis, or to realize the asset and settle the
liability simultaneously (the offsetting criteria), as also set out in Group's
accounting policy
2.2.4.
Financial instruments that meet
the offsetting criteria include the eligible
repos and reverse repos under global master repurchase
agreements (GMRAs)
and the CCP (Central
Counterparty) cleared OTC
derivative financial instruments.
Regarding the
latter,
the
Group has assessed the terms of the clearing agreements for the
derivatives entered into with Clearing Members and has concluded
that the offsetting criteria are met, in respect of
the cash accounts used for variation margin purposes
for such derivatives, which are
also used for the
settlement of all
payments thereunder.
Accordingly, derivative assets
of € 652 million
(2024: € 619 million)
and
derivative liabilities
of € 349
million (2024: €
420 million)
(note 19)
were offset
against € 363
million (2024: €
240 million)
cash
collateral received (note 31) and € 60
million (2024: € 42 million)
cash collateral pledged (note 17).
Financial instruments under master netting arrangements and similar agreements that do not meet the criteria for offsetting in
the
balance sheet
include derivatives
(bilateral agreements)
as well as
repos and
reverse repos,
for which
a) the
right of
set-off is
enforceable only
following an
event of
default, insolvency or
bankruptcy of
the Group
or the
counterparties or
following other
predetermined events and/or b)
the Group and its counterparties may not intend to settle on
a net basis or to realize the assets and
settle the liabilities
simultaneously.
The following tables present financial assets and financial liabilities that meet the criteria for offsetting and thus are presented on a
net basis
in the
balance sheet,
as
well as
amounts that
are
subject to
enforceable
master netting
arrangements and
similar
agreements for which the offsetting criteria mentioned above are not
satisfied. In respect of the latter,
the Group may receive and
provide collateral
in the
form of
marketable securities
and cash
that are
included in
the tables
below under
columns ‘financial
instruments’ and ‘cash collateral’.
Notes to the Consolidated Financial Statements
.
444
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31 December 2025 Consolidated Financial Statements
31 December 2025
Related amounts not
offset in
the BS
Gross amounts
of recognised
financial assets
Gross amounts of
recognised
financial
liabilities offset in
the balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
(incl. non-cash
collateral)
Cash
collateral
received
Net
amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Assets
Reverse
repos with
banks
1,742
(1,280)
462
(460)
-
2
Derivative
financial instruments
1,408
(652)
756
(434)
(225)
97
Other financial
assets
1
(1)
-
-
-
-
Deposits to
banks pledged
as collateral
586
(60)
526
(53)
474
Total
3,737
(1,993)
1,744
(947)
(225)
572
31 December 2025
Related amounts not
offset in
the BS
Gross amounts
of recognised
financial
liabilities
Gross amounts of
recognised
financial assets
offset in
the
balance sheet
Net amounts of
financial
liabilities
presented in the
balance sheet
Financial
instruments
(incl. non-cash
collateral)
Cash
collateral
pledged
Net
amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Liabilities
Derivative
financial instruments
1,237
(349)
888
(745)
(53)
90
Repurchase
agreements
with banks
3,185
(1,280)
1,905
(1,905)
-
0
Other financial
liabilities
1
(1)
-
-
-
-
Deposits from banks received as collateral
702
(363)
339
(225)
-
115
Total
5,125
(1,993)
3,132
(2,875)
(53)
205
31 December 2024
Related
amounts not offset
in the
BS
Gross amounts
of recognised
financial assets
Gross amounts of
recognised
financial liabilities
offset in the
balance sheet
Net amounts
of
financial assets
presented in the
balance sheet
Financial
instruments (incl.
non-cash
collateral)
Cash
collateral
received
Net amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Assets
Reverse
repos with
banks
481
(447)
34
(32)
-
2
Derivative
financial instruments
1,447
(619)
828
(550)
(153)
125
Other financial
assets
4
(4)
-
-
-
-
Deposits to
banks pledged
as collateral
622
(42)
580
(150)
-
430
Total
2,554
(1,112)
1,442
(732)
(153)
557
Notes to the Consolidated Financial Statements
.
445
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31 December 2025 Consolidated Financial Statements
31 December 2024
Related
amounts not offset
in the
BS
Gross amounts
of recognised
financial
liabilities
Gross amounts of
recognised
financial assets
offset in the
balance sheet
Net amounts
of
financial
liabilities
presented in the
balance sheet
Financial
instruments (incl.
non-cash
collateral)
Cash
collateral
pledged
Net amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Liabilities
Derivative
financial instruments
1,510
(420)
1,090
(783)
(150)
157
Repurchase
agreements
with banks
2,399
(447)
1,952
(1,952)
-
-
Other financial
liabilities
4
(4)
-
-
-
-
Deposits from banks received as collateral
358
(240)
118
(118)
-
-
Total
4,271
(1,111)
3,160
(2,853)
(150)
157
Derivative financial assets
and liabilities not under master netting
arrangements and similar
agreements of carrying value of
€ 24
million and € 27 million,
respectively, (2024: € 10 million and €
30 million, respectively) are not presented in the above tables.
Financial assets and financial liabilities are disclosed in the above tables at their recognized amounts, either at fair value (derivative
assets and liabilities)
or amortized cost (all other financial
instruments), depending on the type of financial instrument.
5.2.2
Market risk
The Group takes on exposure to market risk, which is
the risk of potential financial loss due
to an adverse change in market variables.
Changes in interest rates, foreign exchange rates, credit spreads, equity prices,
commodity prices and other relevant factors, such as
the implied volatilities,
can affect the Group’s
income or the fair
value of its financial
instruments. The market risks, the
Group is
exposed to, are monitored, controlled and estimated by Group Market and Counterparty Risk (GMCR).
GMCR is responsible for the measurement, monitoring,
control and reporting of all market
risks, including the interest rate risk in the
Banking Book (IRRBB) and the credit spread risk in the Banking Book (CSRBB) of the Group.
GMCR reports to the GCRO and its main
responsibilities include:
●
Monitoring of all key market, IRRBB
and CSRBB risk indicators;
●
Implementation of Stress
Testing methodologies
for market risk, IRRBB
and CSRBB (historical
and hypothetical);
●
Monitoring and reporting of market and IRRBB and CSRBB
risk limits utilization;
●
Development, maintenance and expansion of risk management infrastructure.
The market risks the Group is exposed to, are
the following:
(a) Interest rate risk
The Group takes on exposure to the effects of fluctuations in the prevailing
levels of market interest rates on its cash flows
and the
fair value of
its financial positions. Cash
flow interest rate
risk is the
risk that
the future cash
flows of
a financial instrument
will
fluctuate because of changes in market interest rates. Fair value
interest rate risk is the risk that the value
of a financial instrument
will fluctuate because of changes in market interest rates. Fair value interest rate risk is further split into ‘General’ and ‘Specific’. The
former refers to changes in the fair valuation of positions due to the movements of benchmark interest rates, while the latter refers
to changes in the fair valuation of
positions due to the movements of specific issuer
yields and credit spreads.
(b) Currency risk
The Group takes on exposure to the effects of fluctuations in the prevailing foreign currency exchange rates on its financial
position
and cash flows.
(c) Equity risk
Equity price risk is the risk
of the decrease of fair values as a
result of changes in the
levels of equity indices
and the value of individual
stocks. The equity risk that the Group undertakes arises mainly from
the investment portfolio.
Notes to the Consolidated Financial Statements
.
446
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31 December 2025 Consolidated Financial Statements
(d) Commodity risk
The Group is
exposed to a very
limited level of commodity
risk, arising primarily from
effectively facilitating
clients’ requests and
hedging purposes of the relevant exposures.
(e) Implied volatilities
The Group carries limited implied
volatility (vega) risk, mainly
as a result of open positions on options.
The BoD and
Board Risk Committee set
limits on the level of exposure to market
risks, which are monitored on a daily basis.
Market risk
in Greece
and International
Subsidiaries is
managed and monitored
mainly using
Value at
Risk (VaR)
methodology.
Sensitivity and stress test
analysis is additionally performed.
(i) VaR summary
for 2025
and 2024
VaR is a methodology used in measuring financial risk by estimating the potential negative change in the market value of a portfolio
at a given confidence level
and over a specified
time horizon. The VaR
that the Group measures
is an estimate
based upon a 99%
confidence level and a holding period
of 1 day and the methodology used
for the calculation is Monte Carlo simulation (full re-pricing
of the positions is performed).
The VaR models are designed to measure market risk
in a normal market environment. It is
assumed that any changes occurring in
the risk factors affecting
the normal market environment will follow
a normal distribution.
Although VaR
is an important tool for measuring
market risk, the assumptions on which the model is
based do give rise to certain
limitations. Given this, actual outcomes are monitored regularly, via back testing process, to test the validity of the assumptions and
the parameters used in the VaR
calculation.
The perimeter of the VaR analysis includes Eurobank
S.A. and its banking
subsidiaries, taking into account the
FVTPL, including trading
and FVOCI portfolios. Consequently,
the potential impact as
it is depicted in
the VaR
figures would directly affect
Group’s Capital
(income statement or equity).
Since VaR constitutes an integral
part of the Group's market risk control regime, VaR
limits have been established for all
the above
operations (trading
and investment
portfolios measured
at fair
value)
and actual
exposure is
reviewed daily
by
management.
However, the use of this approach does not prevent losses outside of these limits in the event of extraordinary market movements.
VaR by risk type - Greece
and International Subsidiaries
(1)
.
2025
(Average)
2025
2024
(Average)
2024
€ million
€ million
€ million
€ million
Interest
Rate Risk
6
4
6
6
Foreign Exchange
Risk
1
0
0
1
Equities Risk
1
0
1
1
Total VaR
6
4
6
6
(1)
Includes all portfolios measured at fair value.
The aggregate VaR of the interest rate, foreign exchange and equities VaR benefits from diversification effects. The largest portion of
the Group’s Interest Rate VaR figures is attributable to the
risk associated with interest rate and credit
spread sensitive debt securities
and derivatives. The average VaR of 2025
remains relatively stable at low levels, consistent with
the average VaR
observed in 2024.
(ii) Interest rate gap and sensitivity
The following table provides
the interest rate repricing
gap of the Group, excluding
insurance companies (presented separately in
note 35.2) which analyses the structure of interest rate mismatches within the balance sheet. The Group’s financial assets/liabilities
are included at their notional/outstanding amounts and categorized based on
either (i) the next contractual repricing date if floating
rate or (ii) the maturity/call date (whichever
is first) if fixed rate. The
below analysis provides an approximation of the interest rate
risk exposure since transactions with different
duration are aggregated together per time
bucket.
Notes to the Consolidated Financial Statements
.
447
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31 December 2025 Consolidated Financial Statements
31 December
2025⁽²⁾
less than 1
month
1-3 months
3-12 months
1-5
years
More than 5
years
€ million
€ million
€ million
€ million
€ million
Balances with
central
banks
14,604
-
-
-
-
Due from credit institutions
2,034
879
580
60
-
Debt securities⁽¹⁾
1,545
833
1,232
8,047
11,845
Loans and advances
to customers
16,234
14,765
13,268
7,211
3,998
34,417
16,477
15,080
15,318
15,843
Due to
central
banks
(1,000)
-
-
-
-
Due to credit institutions
(3,106)
(776)
(591)
(17)
-
Due to customers
(65,355)
(7,299)
(9,325)
(552)
-
Debt securities
in issue
(580)
(433)
(1,018)
(4,196)
(1,008)
(70,041)
(8,508)
(10,934)
(4,765)
(1,008)
Derivative
financial instruments
(8,547)
(511)
495
16,375
(7,961)
Interest rate
gap
(44,171)
7,458
4,641
26,928
6,874
31 December
2024⁽²⁾
less than 1
month
1-3 months
3-12 months
1-5
years
More than 5
years
€ million
€ million
€ million
€ million
€ million
Balances with
central
banks
15,512
-
-
-
-
Due from credit institutions
2,185
355
7
60
-
Debt securities⁽¹⁾
1,518
1,086
1,532
8,121
8,988
Loans and advances
to customers
18,023
11,724
12,563
6,225
3,510
37,238
13,165
14,102
14,407
12,499
Due to credit institutions
(2,936)
(596)
(0)
(10)
-
Due to customers
(53,944)
(8,155)
(11,024)
(3,157)
(2,071)
Debt securities
in issue
(660)
(0)
(335)
(3,771)
(2,165)
(57,540)
(8,752)
(11,360)
(6,938)
(4,237)
Derivative
financial instruments
(6,382)
(776)
(171)
11,573
(4,375)
Interest
rate gap
(26,684)
3,638
2,571
19,042
3,887
(1)
Including short positions in debt securities (note 34).
(2)
Amounts are before offsetting (note 5.2.1.4).
The Group performs a sensitivity analysis to
assess the impact on net
interest income (NII) and on
other comprehensive
income (OCI),
to a hypothetical change in the market interest rates.The sensitivity analysis of the
Group’s insurance companies is presented in note
35.2.
.
The impact on NII is calculated
under the scenario of an instantaneous parallel shift
of all interest rates
by +/- 100bps, for a 1-year
period, assuming a static balance sheet approach. As at
31 December 2025 the impact on NII, under the
scenario of a parallel shift in
the yield curves, stands at € 85 million (+100bps) and € -122 million (-100bps) (31 December 2024: € 122 million and € -167 million,
respectively).
The impact on
OCI is calculated
as the fair
value movement
of all financial
assets measured at
FVOCI, net of hedging
and of any
hedging instruments designated in qualifying cash flow hedge relationships
.
As at 31 December 2025 the impact on OCI, under the
scenario of a parallel shift in the yield curves, stands at € -92 million (+100bps) and € 99 million (-100bps) (31 December 2024: € -71
million and € 75 million, respectively).
.
Notes to the Consolidated Financial Statements
.
448
|
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31 December 2025 Consolidated Financial Statements
(iii) Foreign exchange risk
The following tables
present the Group’s exposure to foreign currency exchange risk as at
31 December 2025 and 2024:
31 December 2025
USD
CHF
GBP
RON
BGN
OTHER
EUR
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
ASSETS
Cash and balances with
central
banks
18
2
9
0
1,276
3
14,320
15,628
Due from credit
institutions
676
30
31
21
-
86
1,512
2,356
Securities
held for
trading
0
-
3
-
2
-
510
516
Derivative
financial
instruments
9
0
1
-
-
1
769
780
Loans and advances
to
customers
4,110
1,455
1,090
4
6,690
5
41,308
54,663
Investment
securities
1,746
0
87
-
88
0
22,963
24,884
Other assets⁽¹⁾
11
2
2
2
390
0
8,414
8,822
Assets of disposal
groups
classified as held
for sale
(note
30)
-
37
-
-
-
0
292
328
Total Assets
6,570
1,526
1,223
27
8,446
95
90,088
107,976
LIABILITIES
Due to
central
banks and
credit institutions
24
0
1
0
1
-
3,824
3,851
Derivative
financial
instruments
10
2
1
0
0
-
902
915
Due to customers
7,116
86
632
3
6,909
162
67,797
82,704
Debt securities
in issue
25
-
-
-
-
-
7,328
7,352
Other liabilities⁽²⁾
29
1
8
0
83
2
2,407
2,531
Total Liabilities
7,204
89
643
3
6,993
163
82,257
7,353
Net on balance
sheet
position
(634)
1,437
581
23
1,453
(68)
7,831
10,623
Derivative forward
foreign
exchange position
678
(1,439)
(566)
(14)
-
80
646
(615)
Total Foreign
Exchange
Position
44
(2)
15
9
1,453
12
8,477
10,008
Notes to the Consolidated Financial Statements
.
449
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31 December 2025 Consolidated Financial Statements
31 December 2024
USD
CHF
GBP
RON
BGN
OTHER
EUR
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
ASSETS
Cash and balances with
central
banks
18
2
7
0
684
2
15,417
16,131
Due from credit
institutions
641
47
62
27
0
70
1,349
2,196
Securities
held for
trading
19
-
28
-
20
-
219
285
Derivative
financial
instruments
29
0
1
0
-
1
808
838
Loans and advances
to
customers
3,936
1,690
985
6
6,078
6
38,251
50,953
Investment
securities
1,985
-
121
-
103
190
19,784
22,184
Other
assets ⁽¹⁾
12
2
1
19
308
0
8,130
8,472
Assets of disposal
groups
classified as held
for sale
(note 30)
-
0
-
5
-
-
85
91
Total Assets
6,641
1,743
1,205
56
7,193
269
84,043
101,150
LIABILITIES
Due to
central
banks and
credit institutions
32
3
4
0
2
3
2,755
2,800
Derivative
financial
instruments
10
3
1
0
0
2
1,104
1,120
Due to customers
7,489
80
610
6
5,541
165
64,702
78,593
Debt securities
in issue
76
-
-
-
-
-
6,980
7,056
Other
liabilities⁽²⁾
47
1
6
37
99
1
2,491
2,682
Total Liabilities
7,654
87
621
43
5,643
171
78,032
92,251
Net on balance
sheet
position
(1,013)
1,656
583
13
1,550
98
6,011
8,899
Derivative forward foreign
exchange
position
1,040
(1,705)
(571)
(7)
(439)
(107)
1,777
(12)
Total Foreign
Exchange
Position
27
(49)
12
6
1,112
(9)
7,788
8,887
(1)
Other assets include Investments in associates
and joint ventures, Property and equipment, Investment property, Intangible
assets, Deferred tax assets and
Other assets.
(2)
Other liabilities include liabilities of disposal group classified as held for sale (note 30) and Insurance contract liabilities (note 35.1).
Post Balance Sheet Event
On 1 January 2026, Bulgaria adopted
the euro as its official currency. Following this, the functional
currency of the Group’s entities in
Bulgaria - which were primarily associated with the Group’s exposure in BGN presented above - has changed from BGN to the euro.
Notes to the Consolidated Financial Statements
.
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5.2.3
Liquidity risk
The Group is exposed to
daily calls
on its available cash
resources due to deposits withdrawals,
maturity of medium or long-term
notes, maturity of
secured or unsecured funding
(interbank repos and
money market takings),
loan drawdowns and
forfeiture of
guarantees. Furthermore, margin calls on secured
funding transactions (with ECB and
the market), on risk mitigation contracts (CSAs,
GMRAs) and on centrally cleared transactions (CCPs) result in liquidity exposure. The Group maintains cash resources to meet
all of
these needs. The Board Risk Committee sets liquidity limits to
ensure that sufficient funds are available to meet such contingencies.
Past experience shows that liquidity requirements to support
calls under guarantees and standby
letters of credit are considerably
less than the amount of the commitment. This is also the case with credit commitments where the outstanding contractual amount
to extend credit does not
necessarily represent future cash requirements, as
many of these commitments
will expire or terminate
without being funded.
The matching
and
controlled mismatching
of the
maturities and
interest
rates of
assets
and liabilities
is fundamental
to
the
management of the Group. It is unusual for banks to be completely matched, as
transacted business is often of uncertain term and
of different types. An unmatched position potentially enhances profitability,
but also increases the risk of losses.
The maturities of assets and liabilities and the ability to replace, at an acceptable cost,
interest bearing liabilities as they mature, are
important factors in assessing
the liquidity of the Group.
Liquidity Risk Management Framework
The Group’s Liquidity Risk Policy defines the following
supervisory and control structure:
●
Board Risk Committee's role is to approve all strategic liquidity risk management decisions and to monitor the quantitative
and qualitative aspects of liquidity risk;
●
Group Assets and
Liabilities Committee
has the mandate to
form and implement
the liquidity policies
and guidelines in
conformity with Group's risk appetite, and to review at
least monthly the overall liquidity position of the Group;
●
Group Treasury is responsible for the
implementation of the Group's liquidity
strategy, taking into account the
latest funding
plan and for the daily management of
the Group’s liquidity;
●
Group Market and Counterparty Risk Sector
is responsible for measuring, controlling, monitoring and
reporting the liquidity
risk of the Group.
The main items related
to liquidity risk that are monitored on a periodic basis are summarized
as follows:
●
The analysis of liquidity buffer held on Group level per asset
type and per subsidiary;
●
The Liquidity Coverage Ratio (LCR) both in solo and group level;
●
The Net Stable Funding Ratio
(NSFR)
both in solo and group level;
●
Liquidity stress test
scenarios. These scenarios evaluate the impact
of a number of stress
events on the Group's liquidity
position;
●
Market sensitivities affecting
liquidity;
●
The Additional Liquidity Monitoring Metrics (ALMM) both in solo and group level;
●
The Asset Encumbrance (AE) both in solo and group level;
●
Monitoring and implementation of the funding plan.
Notes to the Consolidated Financial Statements
.
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Maturity analysis of assets
The following tables present maturity analysis of Group
assets as at 31 December 2025 and 2024,
based on their carrying values. The
Group has established credit risk mitigation contracts with its interbank counterparties
(ISDA/CSA). Under these contracts the Group
has posted
or received
collateral,
which covers
the corresponding net
liabilities or
net assets
from derivative
transactions. The
collateral posted
is not
presented in
the below tables.
For derivative
assets not
covered by
ISDA/CSA agreements
the
positive
valuation is presented at fair
value in the ‘over 1 year’ time bucket.
31 December 2025
Less than 1
month
1 - 3
months
3 months
to 1 year
Over 1
year
Total
€ million
€ million
€ million
€ million
€ million
- Cash and balances
with central
banks
15,628
-
-
-
15,628
- Due from
credit
institutions
1,488
153
100
137
1,878
- Loans and advances
to customers
4,082
1,572
4,202
44,807
54,663
- Debt Securities
61
423
907
23,006
24,397
- Equity securities
-
-
-
1,003
1,003
- Derivative
financial instruments
-
-
-
20
20
- Other assets⁽¹⁾
322
22
58
8,419
8,821
- Assets of disposal
groups classified
as held for
sale (note
30)
117
-
211
-
328
Total
21,698
2,170
5,478
77,392
106,738
31 December 2024
Less than 1
month
1 - 3
months
3 months
to 1 year
Over 1
year
Total
€ million
€ million
€ million
€ million
€ million
- Cash and balances
with central
banks
16,131
-
-
-
16,131
- Due from
credit
institutions
1,275
121
50
250
1,696
- Loans and advances
to customers
3,304
1,557
3,894
42,198
50,953
- Debt Securities
246
332
1,275
20,092
21,945
- Equity securities
-
-
-
524
524
- Derivative
financial instruments
-
-
-
6
6
- Other assets⁽¹⁾
60
16
8
8,388
8,472
- Assets of disposal
groups classified
as held for
sale
-
12
79
-
91
Total
21,016
2,038
5,306
71,458
99,818
(1)
Other assets include Investments in associates and joint ventures, Property and equipment, Investment property,
Intangible assets, Deferred tax assets and
Other assets.
Notes to the Consolidated Financial Statements
.
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Liquidity reserves
The Group
holds a
diversified portfolio
of cash
and highly
liquid assets
to support
payment obligations
and contingent
deposit
withdrawals in a stressed market environment. The Group's assets held for managing liquidity risk
(cash value) are analyzed
below.:
2025
2024
€ million
€ million
Cash and balances with
Central Banks
in excess
of MRR
13,631
14,475
Securities
and other
assets eligible
for ECB funding⁽¹⁾
21,325
19,537
Debt securities
eligible
for funding under
repurchase
agreements
7,046
6,774
Due from banks maturing within
one month
901
1,216
Liquidity reserves
– highly liquid
assets
42,903
42,002
Other unencumbered
assets eligible
as collateral
for funding
5,760
4,785
(1)
For 2025, it includes € 9 billion (cash value) (2024: € 7 billion) held by Group’s subsidiaries for which regulatory restrictions are
applied and currently limit the
level of its transferability between group entities.
The above liquidity reserves include High Quality Liquid Assets (HQLAs) of € 24.2 billion (2024: € 23.7 billion), which are used in
the
calculation of the Group’s Liquidity Coverage Ratio (LCR).
As at 31 December 2025, the Group’s LCR stood at
172.2% (31 December
2024: 188.2%), significantly above the minimum
regulatory threshold of 100%.
Further disclosures regarding liquidity risk management
are provided in the Consolidated Pillar 3 Report on the Bank’s website.
Maturity analysis of liabilities
The amounts disclosed in
the tables below are the
contractual undiscounted
cash flows for the years 2025
and 2024. Liabilities without
contractual maturities (sight
and saving deposits) are presented in the ‘less
than 1 month’ time bucket. The Group has established
credit risk mitigation
contracts with its interbank counterparties (ISDA/CSA).
Due to these contracts the Group has
already posted
collateral which covers the valuation of its net liabilities from interbank
derivatives. For derivative liabilities not covered by ISDA/CSA
agreements the negative valuation
is presented at fair
value in the ‘less than 1 month’ time
bucket.
It should be noted that this table represents the worst case scenario
since it is based on the assumption that all liabilities will be paid
at maturity and they will not be
rolled over
(e.g. all term deposits are withdrawn at their contractual maturity.
Even in an adverse
scenario of a systemic
financial crisis the likelihood of
such an event is remote.
31 December 2025
Gross nominal
Less than
1 - 3
3 months
Over
(inflow)/
1 month
months
to 1 year
1 year
outflow
€ million
€ million
€ million
€ million
€ million
Non-derivative
liabilities:
- Due to
central
banks and credit
institutions
1,681
949
706
577
3,913
- Due to
customers
65,323
7,098
9,756
587
82,764
- Debt securities
in issue
98
370
786
7,426
8,680
- Lease liabilities
3
7
29
167
206
- Insurance contract
liabilities
12
4
91
577
684
- Other liabilities
562
654
385
71
1,672
67,679
9,082
11,753
9,405
97,919
Derivative
financial instruments
4
-
-
-
4
Off-balance sheet items
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Less than
Over
1 year
1 year
€ million
€ million
Credit related commitments
7,809
11,957
Contractual
commitments⁽¹⁾
57
Total
7,866
11,957
31 December 2024
Gross nominal
Less than
1 - 3
3 months
Over
(inflow)/
1 month
months
to 1 year
1 year
outflow
€ million
€ million
€ million
€ million
€ million
Non-derivative
liabilities:
- Due to credit institutions
992
1,032
251
1,109
3,384
- Due to
customers
59,640
7,912
10,166
984
78,702
- Debt securities
in issue
90
36
478
8,096
8,700
- Lease liabilities
4
7
29
181
221
- Insurance contract
liabilities
-
5
15
88
108
- Other liabilities
482
1,471
433
-
2,386
61,208
10,463
11,372
10,458
93,501
Derivative
financial instruments
6
-
-
-
6
Off-balance sheet items
Less than
Over
1 year
1 year
€ million
€ million
Credit related
commitments⁽²⁾
9,405
7,767
Contractual
commitments⁽¹⁾
51
Total
9,456
7,767
(1)
It
refers
to
contractual
commitments
for
the
purchase
of
own
used,
investment
property
and
intangible
assets
(note
43).
(2)
The comparative figures have been adjusted to include € 3.2 billion of unconditionally cancellable, undrawn overdraft facilities (note 43).
5.2.4 Sustainability risks
Sustainability risks are neither new nor stand-alone risks, rather they are transverse risks, manifesting through existing risk types. As
sustainability risks interact with other risks
and result in direct distributional
impacts and indirect macroeconomic impacts, the
Group
understands that careful consideration
of the cross-cutting nature thereof is
necessary in order
to ensure the optimal implementation
of adaptation activities.
Specifically, sustainability
risks are defined as potential losses
arising from any negative
financial impact for the Group,
stemming
from
current
or
prospective
impacts
of
any
climate-related
&
environmental,
social
or
governance
factors
on
the
Group’s
counterparties or invested assets.
Definitions of sustainability risks
include the following:
•
Climate-Related
and Environmental risks: Climate-related
and environmental risks are
defined as the
risks deriving from
potential loss or negative impact to the Group, including loss/ damage to physical assets, disruption of business
or system
failures,
transition
expenditures
and
reputational
effects
from
the
adverse
consequences
of
climate
change
and
environmental degradation.
•
Social risk: Social risk refers to potential losses arising from any negative financial impact on the Group stemming from the
current or
prospective impacts
of social
factors (such
as human
rights violation,
income inequality,
customer safety
&
protection and consumers’ changing preferences) on the Group’s counterparties or invested assets.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
•
Governance risk:
Governance risk
refers to
potential losses
arising from
any negative
financial impact
on the
Group
stemming from the current or prospective impacts of
governance factors (such as anti-financial crime, non-compliance with
policies or regulations and governance practices) on the Group’s counterparties or invested assets.
The Group is adopting a strategic approach towards sustainability, climate change risk identification and risk
management, signifying
the great importance that
is given in the
risks and opportunities arising
from the transitioning to
a low-carbon
and more circular
economy. In this context, the Bank has approved and implements its
Financed Impact Strategy,
which focuses on:
●
Client engagement and awareness – Helping clients transition to more sustainable business models
by raising awareness of
climate change challenges
and opportunities.
●
Supporting clients
in transition
– Facilitating
the transition of
clients towards
sustainable practices
by offering
eligible
financing solutions under the Bank’s Sustainable
Finance Framework (SFF).
●
Enablers and tools for sustainable financing – Providing frameworks, tools, and products
to underpin sustainable financing.
●
Assessment and management of sustainability-related risks –
Identifying and managing the
sustainability-related risks within
its loan and investment portfolios, including assessing
exposure to transition and physical risks linked to climate
change.
To facilitate
the classification of sustainable/green financing opportunities in a structural manner, the Group has developed
its SFF.
Through its SFF, the Group
is able to classify sustainable lending solutions offered to its clients,
specifying the applied classification
approach and the activities defined as eligible to access sustainable financing (eligible green and
social assets). Moreover, the Group
maintains
a
Sustainable Investment
Framework (SIF),
which outlines
the
Group’s
various sustainable
investment
approaches/
strategies based on criteria observed as per international market
practices, the process for the selection of eligible investments,
as
well as the monitoring frequency applicable to the sustainable
portfolio.
Furthermore, the Group
maintains its Sustainability Governance structure
with clearly defined roles and responsibilities
supporting
the
roll-out of
the
Sustainability Strategy
and
the
integration
of sustainability
risks,
through the
involvement of
various
key
stakeholders
(i.e.
Business &
Risk
Units,
Committees,
etc.).
The
Group
applies
an
established
model
of defined
roles
and
responsibilities regarding the management
of sSustainability risks
and aspects across the 3 Lines of Defense.
Taking into account the significant impact of sustainability risks both on financial institutions and on the global economy, the Group
also maintains a Sustainability Risk Management Policy
which aims at fostering a holistic understanding
of the effects of sustainability
risks on its business
model, as well
as support decision-making regarding these matters and provide a robust governance under its
Risk Management Framework.
The purpose of the Policy is to
provide an overview and a common
understanding of Group’s
main
governance arrangements, as well as roles & responsibilities undertaken by the Group Sustainability Risk (GSR), in the
context of the
Group’s overall Sustainability
risks management activities.
GSR has the overall
responsibility for overseeing, monitoring, and managing sustainability
risks. More specifically,
GSR:
●
prepares and
maintains the
Bank’s Sustainability
Risk Management
Policy,
as well
as relevant
policies, processes
and
methodologies (e.g. ESG Risk Assessment
(see below), Climate Risk
Scorecard, exclusion lists) in
collaboration with the Group
Sustainability Unit, Business
& Risk Units.
●
leads the development and implementation
of the Sustainability
risk related framework, as
well as relevant
policies and
processes (e.g., Sustainability
Risk Management Framework,
Climate Risk Stress
Test Framework
documents) across the
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Group, in
coordination with
other involved
units, as
well as
the development
and update
of the
Sustainable Finance
Frameworks.
●
monitors and reports to the
Group Senior Sustainability Officer (GSSO) the progress of
the implementation of the developed
Climate Risk action plan and reports to the Board for
Sustainability Risk matters.
●
monitors and challenges the involved stakeholders in
setting Net Zero targets and the Financed Impact Strategy and
reports
financial targets
and KPIs.
●
leads the 2nd Line of Defense independent sustainable lending re-assessment process (i.e. provides opinion on
sustainable
financings regarding
the CIB Portfolio,
as part
of a
bespoke process
and the
characterization of products
of the Retail
Portfolio as sustainable)
against the Sustainable
Finance criteria (as
per pre-determined thresholds).
●
develops and maintains
the Climate Risk Stress
Testing (CRST)
Framework, as well as
scenario analysis and stress testing
methodologies, and coordinates the
performance of sustainability risk scenario analysis and
relevant stress test exercises at
Group level.
ESG Risk Assessment
Eurobank has developed an
ESG Risk Assessment to assess and
classify the Group's clients based
on ESG criteria, in
line with regulatory
requirements. The Bank uses
an internal ESG Risk
Scoring method, resulting in one of three
ESG risk categories:
High, Medium,
or
Low.
This
assessment
informs
credit
decisions,
by
incorporating
ESG
risks,
potential
mitigation
actions
and
due
diligence
considerations.
The
framework
includes
ESG
due
diligence
triggers
and
escalation
mechanisms,
with
the
Bank
providing
recommendations for appropriate mitigating actions. Obligors are expected
to submit an ESG action
plan within 12 months
to address
identified risks and opportunities.
Eurobank’s ESG Risk Assessment framework determines whether mitigation actions are
required based on
the borrowers’ overall ESG
score and transaction characteristics such as tenor and exposure. Based on these
factors, ESG mitigation actions are mandatory for
high-risk borrowers, while medium-risk
borrowers may also undergo this process.
The overall approach, which
is presented in detail in
section 2.4.4 of the Sustainability
Statement, aligns
with Eurobank's business
strategy, enhances ESG
risk awareness, supports sustainable
financing, and ensures compliance with the Group's risk appetite and
credit policies. This process has been fully adopted by the Group’s relevant entities in Greece and
Cyprus, while in 2025, the similar
processes and tools for the monitoring and management
of sustainability risks were
incorporated in Bulgaria.
Further information on sustainability risks is
provided in the Group’s Sustainability Statement
as at 31 December 2025.
5.3
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants in the principal (or most advantageous) market at
the measurement date under current market conditions (i.e. an
exit
price). When
a quoted
price for
an identical
asset or
liability is
not observable, fair
value is
measured using
another valuation
technique that is appropriate in
the circumstances and maximizes
the use of relevant observable inputs and
minimizes
the use of
unobservable inputs. Observable inputs are developed using
market data, such as publicly available information about actual events
or transactions, and reflect assumptions that market
participants would use when
pricing financial instruments, such as quoted
prices
in active markets for similar
instruments, interest rates
and yield curves, implied volatilities and credit spreads.
The Group’s financial instruments measured at fair value or
at amortized cost for which fair value
is disclosed are categorized into the
three levels of the fair value
hierarchy based on whether the inputs to the fair values are observable or unobservable, as follows:
(a) Level
1-Financial instruments measured based on quoted
prices (unadjusted) in active markets for identical financial instruments
that the Group can access at the measurement date. A market is considered active when quoted prices are readily and regularly
available from
an exchange,
dealer, broker,
industry group,
pricing service, or
regulatory agency and
represent actually
and
regularly occurring transactions.
Level 1
financial instruments include
actively quoted debt instruments
held or issued
by the
Group, equity and derivative instruments traded on exchanges, investment contract liabilities, as well as mutual funds that have
regularly and frequently published quotes.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
(b) Level
2-Financial instruments
measured using
valuation techniques
with inputs,
other than
level 1
quoted prices,
that are
observable either directly or
indirectly, such as: i) quoted
prices for similar financial instruments in active
markets, ii) quoted prices
for identical or similar financial instruments in markets that are not
active, iii) inputs other than quoted prices that are directly or
indirectly observable, mainly interest rates
and yield curves observable at commonly quoted intervals, forward exchange rates,
equity prices, credit spreads and
implied volatilities obtained from internationally recognized market
data providers and iv) other
unobservable inputs which are insignificant to the entire fair value measurement. Level 2 financial instruments
include over the
counter (OTC)
derivatives, less liquid debt
instruments held or issued
by the Group,
investment contract liabilities
and equity
instruments.
(c)
Level 3-Financial
instruments
measured using
valuation techniques
with
significant unobservable
inputs. When
developing
unobservable inputs,
best information
available is
used, including
own
data, while
at
the same
time market
participants'
assumptions are reflected (e.g. assumptions about
risk). Level 3 financial instruments
include unquoted
equities or equities traded
in markets that are not considered
active, certain OTC derivatives, loans and
advances to customers including securitization notes
of loan portfolios
originated by the Group
and recognized in
financial assets
and certain debt securities held or
issued by the
Group.
Financial instruments carried
at fair value
The fair value hierarchy categorization of
the Group's financial assets and
liabilities measured at
fair value is presented
in the following
tables:
31 December 2025
Level 1
Level 2
Level 3
Total
€ million
€ million
€ million
€ million
Securities
held for
trading
514
2
-
516
Investment
securities
at FVTPL
637
216
99
952
Derivative
financial instruments⁽¹⁾
2
777
1
780
Investment
securities
at FVOCI
3,848
206
52
4,105
Loans and advances
to customers
mandatorily
at FVTPL
-
-
23
23
Financial assets measured
at fair value
5,001
1,200
174
6,376
Derivative
financial instruments⁽¹⁾
1
914
-
915
Trading liabilities
76
-
-
76
Investment contract liabilities
52
20
-
72
Financial liabilities
measured at fair
value
129
933
-
1,062
31 December 2024
Level 1
Level 2
Level 3
Total
€ million
€ million
€ million
€ million
Securities
held for
trading
285
0
-
285
Investment
securities
at FVTPL
259
33
92
384
Derivative
financial instruments⁽¹⁾
0
838
-
838
Investment
securities
at FVOCI
3,881
191
77
4,148
Loans and advances
to customers
mandatorily
at FVTPL
-
-
19
19
Financial assets measured
at fair value
4,425
1,062
188
5,675
Derivative
financial instruments⁽¹⁾
1
1,119
-
1,120
Trading liabilities
43
-
-
43
Financial liabilities
measured at
fair value
44
1,119
-
1,163
(1)
Amounts
are presented after offsetting € 652 million
and € 349 million level 2 derivative
financial assets and liabilities, respectively, against cash
collateral
received/pledged (2024: after offsetting € 619 million and € 420 million derivative financial assets and liabilities, respectively) (note 5.2.1.4).
The Group recognizes
transfers into and
out of the fair
value hierarchy levels
at the beginning of
the quarter in which
a financial
instrument's transfer was
effected. During the year ended
31 December 2025, the Group
transferred debt securities
measured at
FVOCI of € 21 million from
level 3 to level 2, due to availability
of observable data.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Reconciliation of Level 3 fair
value measurements
2025
2024
€ million
€ million
Balance at 1 January
188
132
Arising from acquisition
⁽²⁾
-
20
Transfers into
Level
3
2
27
Transfers out
of Level
3
(21)
(0)
Additions, net
of disposals and redemptions
⁽¹⁾
9
12
Total gain/(loss)
for the year
included
in profit
or loss
0
1
Total gain/(loss)
for the year
included
in other
comprehensive
income
(2)
1
Foreign exchange
differences
and other
(3)
(4)
Balance at 31 December
174
188
(1)
Including capital returns on equity instruments.
(2)
It refers to Level 3 fair value measurements of Hellenic Bank group, which was consolidated as of the third quarter of 2024 (note 23.3).
Group's valuation processes and techniques
The Group’s processes and procedures governing the fair
valuations are established by the Group Market Counterparty Risk Sector
in line with the Group’s
accounting policies. The Group
uses widely recognized valuation
models for determining the
fair value
of
common financial instruments
that are not quoted
in an active
market, such as
interest and
cross currency swaps,
that use
only
observable market data and require little management estimation and judgment. Specifically, observable prices or model inputs are
usually available
in the
market for
listed debt
and equity
securities, exchange-traded
and simple
over-the-counter derivatives.
Availability of
observable market
prices and model
inputs reduces
the need for
management judgment and
estimation and also
reduces the uncertainty associated with determining fair values. For the
classification of debt securities into the three levels
of the
fair value hierarchy, the Group also assigns a rating scale for each debt security,
based on the quality and quantity
of the market data
inputs used to calculate
its fair value
at a specific date.
The debt securities are then
allocated into levels
based on specific
rating
thresholds representing highly liquid to thinly traded debt securities.
Where valuation techniques are used to determine the fair values of financial
instruments that are not quoted in an active market,
they
are
validated
against
historical
data
and,
where possible,
against
current
or
recent
observed transactions
in different
instruments, and
periodically reviewed
by qualified personnel
independent of
the personnel
that created
them. All models
are
certified before they are used and models are calibrated to
ensure that outputs reflect actual data and comparative market prices.
Fair values’ estimates obtained from
models are adjusted for any other factors,
such as liquidity risk or model uncertainties, to the
extent that market participants would take them into account in pricing the instrument. Fair values also reflect the credit risk of the
instrument and include adjustments to take account of the credit risk of the Group and the counterparty, where appropriate.
Valuation controls applied by the Group may include verification of observable pricing, re-performance of model valuations, review
and approval process for new models and/or
changes to models, calibration and
back-testing against observable market transactions,
where available, analysis of significant valuation
movements, etc. Where
third parties' valuations
are used for fair
value measurement,
these are reviewed in order to ensure compliance with the requirements
of IFRS 13.
The fair values of OTC derivative financial instruments are estimated by discounting expected cash flows using market interest rates
at the measurement date. Counterparty
credit risk adjustments and own
credit risk adjustments are applied
to OTC derivatives, where
appropriate. Bilateral credit risk adjustments consider the expected cash flows between the Group and its counterparties under the
relevant terms of the derivative instruments and the effect of the credit risk
on the valuation of these cash flows. As appropriate in
circumstances, the Group considers also
the effect of any credit
risk mitigating
arrangements, including collateral agreements
and
master netting agreements on the calculation of
credit risk valuation adjustments (CVAs). CVA calculation
uses probabilities of default
(PDs) based on observable market data
such as credit default swaps
(CDS) spreads, where appropriate, or based on internal rating
models. The
Group applies
similar methodology for
the calculation
of debit-value-adjustments
(DVAs), when
applicable. Where
valuation techniques are based on internal
rating models and the relevant CVA
is significant
to the entire fair value measurement,
such derivative
instruments
are
categorized as
Level 3
in the
fair value
hierarchy.
A reasonably
possible
change in
the
main
unobservable input (i.e. the
recovery rate), used in their
valuation, would not
have a significant effect on their
fair value measurement.
Notes to the Consolidated Financial Statements
.
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The Group determines
fair values for debt
securities held using quoted
market prices in active
markets for securities
with similar
credit risk, maturity
and yield, quoted
market prices in
non active
markets for identical
or similar
financial instruments, or using
discounted cash flows method.
Unquoted equity instruments at FVTPL,
included in Level 3, are estimated using
mainly (i) third parties' valuation reports based
on
investees' net
assets, where
management does
not perform
any further
significant adjustments,
and (ii)
net assets'
valuations,
adjusted where considered necessary.
Loans and advances to
customers including securitization notes of loan
portfolios originated by the
Group with contractual cash flows
that do not represent solely payments of principal and interest (SPPI failures), are measured mandatorily at fair value through profit
or loss. Quoted market prices are not available as there are no active markets where these instruments are traded. Their fair values
are estimated on an individual loan basis by discounting
the future expected cash flows over the time period they
are expected to be
recovered, using an appropriate discount
rate or by reference to other comparable assets of the
same type that have
been transacted
during a recent
time period. Expected
cash flows,
which incorporate credit
risk, represent significant
unobservable input in
the
valuation and as such, the entire fair value
measurement is categorized
as Level 3 in the fair
value hierarchy.
The fair
values
of investment
contract
liabilities are
determined by
reference to
the financial
assets held
within
the relevant
investment portfolios linked to the financial liabilities.
Financial instruments not
measured at fair value
The fair value hierarchy categorization of the Group’s financial assets and liabilities not measured at fair value on the balance sheet,
is presented in the following tables:
31 December 2025
Level 1
Level 2
Level 3
Fair value
Carrying
amount
€ million
€ million
€ million
€ million
€ million
Loans and advances
to customers
-
-
55,490
55,490
54,640
Investment
securities
at amortised
cost
15,988
2,613
1,167
19,768
19,827
Financial assets not
measured at fair
value
15,988
2,613
56,657
75,258
74,467
Debt securities
in issue
6,807
126
680
7,613
7,352
Financial liabilities
not measured at fair
value
6,807
126
680
7,613
7,352
31 December 2024
Level 1
Level 2
Level 3
Fair value
Carrying
amount⁽¹⁾
€ million
€ million
€ million
€ million
€ million
Loans and advances
to customers
-
-
51,923
51,923
50,934
Investment
securities
at amortised
cost
12,716
3,237
1,313
17,267
17,651
Financial assets not
measured at
fair value
12,716
3,237
53,236
69,190
68,585
Debt securities
in issue
5,371
351
1,588
7,310
7,056
Financial liabilities
not measured
at fair value
5,371
351
1,588
7,310
7,056
(1)
In the comparative period,
provisional fair value adjustments resulting
from the acquisition of Hellenic
Bank (note 23.2), are
not reflected in the
carrying
amount of the acquired financial assets and liabilities.
The assumptions and methodologies underlying the calculation
of fair values of financial instruments not measured at fair value, are
in line with those used to calculate
the fair values for financial
instruments measured at fair
value. Particularly:
(a)
Loans and advances to customers including securitization notes of loan portfolios originated by
the Group: quoted market prices
are not available as there are no active
markets where these instruments are traded. The
fair values are estimated by discounting
future expected cash flows
over the time period they are expected
to be recovered, using appropriate risk-adjusted
rates (i.e.,
discounted expected cash
flows technique). More
specifically, loans
to customers
are grouped into
homogenous assets with
similar
characteristics,
as
monitored
by
Management,
such
as
lending
business
unit,
products’
characteristics,
and
performing/nonperforming status, in order to improve the accuracy of the estimated valuation outputs. In estimating the future
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
cash flows of lending portfolios, the
Group makes assumptions on
expected prepayments, products’
spreads over risk-free interest
rates, where applicable. The discount
rates applied for the discounting
of loans’ expected cash
flows incorporate inputs that would
be taken into account by independent market participants, such as risk-free interest rates, expected credit losses, cost
of equity
requirements and funding. For credit impaired-loans, the timing of collateral realization is taken into account for the
estimation
of the future cash flows which are discounted by non-credit risk adjusted rates. In addition, the fair value of securitization senior
notes of loan portfolios originated by
the Group is estimated
by discounting the expected cash flows using appropriate
market
interest rates of other comparable assets
with similar quality and duration;
(b)
Investment securities measured at amortized cost: the fair values are determined using prices quoted in an active market when
these are available. In other
cases, fair values
are determined using quoted market prices for securities
with similar credit risk,
maturity and yield,
quoted market
prices in non
active markets for
identical or
similar financial
instruments, or by using
the
discounted cash flows method. In
addition, for certain high quality corporate
bonds for which quoted prices are not available,
fair
value is determined
using prices that
are derived from
reliable data
management platforms
while part of them
is verified by
market participants (e.g. brokers).
In certain cases,
prices are implied by liquidity
agreements (e.g. repos, pledges)
with other
financial institutions; and
(c)
Debt securities in issue: the fair values are determined using
quoted market prices, if available. If quoted prices are
not available,
fair values are determined based on third party valuations, quotes for
similar debt securities or by discounting the expected cash
flows at a risk-adjusted rate, where the Group's
own credit risk
is determined using inputs
indirectly observable, i.e. quoted
prices
of similar securities
issued by the Group or other Greek issuers.
For other financial instruments, which are short term or re-price at frequent intervals (cash and balances
with central banks, due
from credit institutions, due to central
banks, due to credit institutions and due to
customers), the carrying amounts represent
reasonable approximations of fair values.
6.
Net interest
income
2025
2024
€ million
€ million
Interest income
Customers
2,332
2,479
- measured at
amortised cost
2,332
2,479
- measured at
FVTPL
-
0
Banks and other
assets⁽¹⁾
382
583
Securities
770
618
- measured at
amortised cost
627
492
- measured at
FVOCI
134
119
- measured at
FVTPL
9
7
Derivatives
(hedge accounting)
539
507
Derivatives
(no hedge
accounting)
827
909
4,850
5,096
Interest expense
Customers ⁽¹⁾
(552)
(655)
Banks ⁽¹⁾
(111)
(291)
Debt securities
in issue ⁽¹⁾
(369)
(300)
Derivatives
(hedge accounting)
(490)
(454)
Derivatives
(no hedge
accounting)
(776)
(886)
Lease liabilities
- IFRS 16
(3)
(3)
(2,301)
(2,589)
Total from continuing operations
2,549
2,507
(1)
Measured at amortized cost.
.
Interest income and expense by major type of financial asset and liability reported above, have been recognized on an accrual basis
using the effective interest
rate (EIR) method (note 2.2.5(i)).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
In 2025, the increase of circa 2% in net interest income against the comparative period is primarily attributable to the consolidation
of the former Hellenic Bank group as of the third quarter 2024 and the
loan growth partly offset by the lower average interest rates.
Interest income recognized by quality of Loans and Advances and Product Line is further analyzed below:
31 December 2025
Interest income
on non-impaired
loans and
advances
Interest
income on
impaired loans
and advances
Total
€ million
€ million
€ million
Retail lending
952
31
983
Wholesale
lending⁽¹⁾
1,322
27
1,349
Total interest income from customers
2,274
58
2,332
31 December 2024
Interest income
on non-impaired
loans and
advances
Interest
income on
impaired
loans
and advances
Total
€ million
€ million
€ million
Retail lending
1,007
36
1,043
Wholesale
lending⁽¹⁾
1,408
28
1,436
Total interest
income
from customers
2,415
64
2,479
(1)
Including interest income on loans and advances to Public Sector.
7.
Net banking fee and commission income
The following tables include banking fee and commission
income and expenses from contracts with customers in the scope of IFRS
15, disaggregated by major type of services and operating segments (note 44). The fees
and commissions are recognized over time
as the
respective service such
as accounts
servicing and
management, asset
management is
being provided
to the
customers.
Moreover, the transaction-based fees including those from foreign currency
transactions and remittances, imports-exports activities,
security brokerage services are recognized
at the point in time when the transaction takes
place. The fee and commission
expense
relate mainly to transaction and service fees,
which are recognized as the service is
received:
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2025
Retail
Corporate
Markets
International
Asset
management
& other⁽²⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
Lending related
activities
10
113
30
39
3
195
Asset management
⁽¹⁾
25
3
5
21
81
136
Network activities
and other
⁽³⁾
122
25
21
221
2
391
Capital markets
-
19
41
9
4
72
Commission income
from continuing
operations
156
160
98
289
90
793
31 December 2025
Retail
Corporate
Markets
International
Asset
management
& other⁽²⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
Lending related
activities
(2)
(10)
(1)
(5)
(2)
(20)
Asset management
⁽¹⁾
(4)
(1)
(1)
(4)
(12)
(21)
Network activities
and other
⁽³⁾
(42)
(8)
(3)
(45)
0
(98)
Capital markets
-
(10)
(11)
(3)
1
(23)
Commission expense
from continuing
operations
(48)
(28)
(15)
(57)
(13)
(162)
Net banking fees
and commission income
108
132
83
232
77
631
31 December 2024
Retail
Corporate
Markets
International
Asset
management
& other⁽²⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
Lending related
activities
9
128
33
28
5
204
Asset management
⁽¹⁾
24
3
2
18
61
108
Network activities
and other
⁽³⁾
127
8
41
165
2
343
Capital markets
-
15
26
8
1
50
Commission income from continuing operations
160
154
103
219
69
705
31 December 2024
Retail
Corporate
Markets
International
Asset
management
& other
⁽²⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
Lending related
activities
(2)
(8)
(1)
(4)
(4)
(18)
Asset management
⁽¹⁾
(2)
(1)
(1)
(4)
(9)
(16)
Network activities
and other
⁽³⁾
(51)
(0)
(9)
(34)
0
(94)
Capital markets
-
(8)
(7)
(2)
0
(16)
Commission expense
from continuing
operations
(54)
(17)
(17)
(43)
(12)
(144)
Net banking
fees and commission
income
⁽⁴⁾
106
137
86
176
57
561
(1)
It includes mutual funds, assets under management and bank assurance.
(2)
Includes “Remedial and Servicing Strategy” and “Other and elimination center” segments.
(3)
Including income from credit cards related services.
(4)
It includes the effect from the former Hellenic Bank group, which was consolidated as of the third quarter of 2024 (note 44).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
8.
Income from non banking services
Income from non banking services from
continuing operations includes (a)
net insurance income of € 43.9
million (see
below) (31
December 2024
€8.1million),
attributable to the insurance operations of i) ERB
Cyprus Insurance Holdings Ltd and its subsidiaries,
which were consolidated as of
the second quarter
of 2025 (note 23.4)
and ii) former Hellenic Life and
Pancyprian insurance companies,
which were consolidated as of the third quarter of 2024 (note
23.3), (b) rental income of € 94.5 million
(31 December 2024: € 95.8
million) from real estate properties and (c) income
of € 0.8 million (31 December
2024: € 1.1 million) from IT services provided
by the
Group entities.
The breakdown of the net insurance income is set out below.
31 December 2025
Life
insurance
Non-Life
insurance
Total
€ million
€ million
€ million
Insurance revenue
68
118
186
Insurance service
expenses
(36)
(72)
(108)
Insurance service
result from
insurance contracts
issued
32
46
78
Allocation
of reinsurance
premiums
(15)
(36)
(51)
Amounts recoverable
from reinsures
12
6
17
Net expense
from reinsurance
contracts held
(3)
(30)
(33)
Net insurance service
result
29
16
45
Finance income/(expense)
from
insurance/reinsurance
contracts
(29)
(1)
(30)
Return on
assets backing insurance
contract
liabilities
29
-
29
Total
29
15
44
31 December 2024
Life
insurance
Non-Life
insurance
Total
€ million
€ million
€ million
Insurance revenue
11
22
33
Insurance service
expenses
(5)
(19)
(24)
Insurance service
result from
insurance contracts
issued
6
3
9
Allocation
of reinsurance
premiums
(4)
(10)
(14)
Amounts recoverable
from reinsures
5
9
14
Net expense
from reinsurance
contracts held
1
(1)
(0)
Net insurance service
result
7
2
9
Finance income/(expense)
from
insurance/reinsurance
contracts
(1)
(0)
(1)
Total
6
2
8
Return on assets backing insurance contract liabilities refers to € 29 million investment income on assets backing insurance contract
liabilities measured
under the VFA comprising € 20 million realized/unrealized
gains/losses, € 6 million interest income,
€ 2 million
dividend income from investment securities and € 1 million
income from investment properties.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Insurance service expenses include operating expenses directly attributable to insurance operations, which are analysed as follows:
2025
€ million
Staff costs
(22)
Administrative
expenses
(7)
Depreciation
of real estate
properties
and equipment
(1)
Amortisation of
intangible
assets
(1)
Other expenses
-
Total
(31)
9.
Net trading income and gains less losses
from investment
securities
2025
2024
€ million
€ million
Net trading income/(loss)
Debt securities, including short positions
(4)
(3)
Derivative financial instruments
(28)
84
Equity securities⁽¹⁾
3
8
Revaluation on foreign exchange positions
3
5
Total
(26)
94
Gains less losses from investment securities
Debt securities
52
2
- measured at FVOCI
⁽²⁾
34
13
- measured at AC (note
5.2.1.3)
19
(12)
- measured at FVTPL
(1)
1
Equity securities
18
11
Total from continuing operations
70
13
(1)
Includes € 63 million loss relating to derivatives on
equity instruments which is presented along with
equity securities that hedge economically (2024: €
16
million loss).
(2)
It includes termination fees from related derivatives in single hedging relationships amounting to € 12 million income (2024: € 5 million income).
Loss from derivative financial instruments of € 28 million comprise mainly of a) € 10 million loss resulting from fair value changes of
derivatives not designated
in hedge accounting
relationships (31 December 2024:
€ 6 million
loss) and b)
€ 15
million loss from
interest rate risk hedge ineffectiveness of single fair value
hedge relationships (31 December 2024: € 88 million gains from portfolio
hedging of interest rate risk)
(notes 2.2.3(i) and 19).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
10.
Other income/ (expenses)
2025
2024
€ million
€ million
Gain from change
in fair value
of investment
property (note 27)
34
17
Gain from acquisition/increase
in shareholding⁽¹⁾
58
99
Derecognition
gain/(loss) on loans measured
at
amortised cost
(note 20)
(30)
5
Loss on loans' modifications
and related
adjustments
(33)
(97)
Fee expense
related
to the
deferred
tax credits
(note 13.1)
(5)
(5)
Dividend and related income
34
8
Gains/(losses) on loans
at FVTPL
5
8
Gain on sale
of real estate
properties
16
12
Change in provisional
fair value adjustments
related
to the
acquisition
of subsidiaries⁽²⁾
(6)
17
Buy back loss for
subordinated
Tier 2 notes
(note 33)
(10)
-
Other ⁽³⁾
4
(3)
Total from continuing operations
67
61
(1)
For 2025, it
reflects the provisional gain
on acquisition of
CNP Cyprus Insurance Holdings
Limited (note23.4), while for
2024 it reflects
the gain from
the
increase in ownership interest in Hellenic Bank as an associate (note 23.3).
(2)
The change in provisional fair value adjustments due to
subsequent measurement of the related assets and liabilities, is
reflected from the acquisition date
of CNP Cyprus Insurance Holdings Limited in 2025 and Hellenic Bank in 2024 until the reporting dates.
(3)
Includes € 10 million income related to the transaction with KEDIPES (note 20).
In December 2025, Eurobank
Limited distributed to its
sole shareholder,
the Bank, a net
dividend of €
133 million. Following
this
distribution, the Bank, as a non Cypriot tax resident,
claimed an amount of € 25.9 million related to the Special Defense Contribution
(SDC) that had been withheld
and paid in Cyprus by the
former Hellenic Bank (currently Eurobank Limited) on
the underlying retained
earnings out
of which
the dividend
was distributed,
in accordance
with
Cypriot tax
legislation. The
amount claimed
has
been
recognized in other assets with
the corresponding income within the line “Dividend and related income” presented above.
In the context of the increased interest rates environment, the Bank had
introduced since 2023 the probability of prepayment on its
floating rate
loans, focusing
on long
term
retail portfolios
with increasing
interest
rate spread
(step-up) over
the next
years.
Accordingly, the Bank had
assessed that the combined increase
of the reference interest rates and
the pre-determined client spreads,
increased
the probability
of the
borrowers’
prepaying or
refinancing
their loans
at
prevailing market
rates
earlier than
their
contractual maturity. The prepayment probability incorporated in the aforementioned
retail loans’ expected cash flows, as revised in
the first half
of 2025, resulted in
the recognition of ca.
€ 14 million loss
that is presented under
“Loss on loans’ modification
and
related adjustments” (31 December 2024: € 86 million).
In the fourth quarter
of 2025, the Bank, aiming to
address the structural weaknesses of retail loans
with embedded step-up in
interest
rate spread and aligning their pricing with the Bank’s current pricing levels, introduced a new product that
was offered horizontally
to the perimeter of euro denominated loans in performing status that had an increasing interest rate spread
over the next years. In
accordance with the terms
of the new
product, the converted loans
have an interest
rate cap, throughout
their life, which
limits
significantly the interest
rate risk undertaken by the
borrowers, reduces the volatility
of the underlying cash flows,
which become
more predictable, and removes any prepayment/repricing
risk. In line with the Group’s accounting
policy for modifications of lending
exposures’ contractual terms, the aforementioned change introduced by the new
product was accounted as derecognition and thus,
resulted in
the recognition
of a
derecognition loss of
€ 35.6
million that is
presented under
‘’Derecognition gain/(loss)
on loans
measured at amortized cost’’.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
11.
Operating expenses
2025
2024
€ million
€ million
Staff costs
(707)
(601)
Administrative expenses
(367)
(315)
Regulatory contributions and charges
(32)
(21)
Depreciation of real estate properties and equipment
(54)
(47)
Depreciation of right of use assets
(38)
(37)
Amortisation of intangible assets
(60)
(51)
Contribution to Greek State’s infrastructure
projects
(27)
(27)
Total from continuing operations ⁽¹⁾
(1,285)
(1,099)
(1)
It includes the effect from the former Hellenic Bank group, which was consolidated as of the third quarter of 2024 (note 44).
In the third quarter of 2025, as part
of its corporate social responsibility initiatives, the Bank recognized
a provision of € 27 million for
its contribution to infrastructure projects of the Greek State. This primarily relates to the Bank’s € 25 million
share in the expansion
of systemic banks’ participation in the Greek State’s
school renovation program, which was launched in 2024.
Furthermore, the four Greek systemic banks announced that, as
part of their activities of giving back to society, intend,
based on a
relevant evaluation
that will
take
place, to
make
a
corresponding additional
contribution for
the two
-year
period 2026-2027,
depending on the progress of the above program, its requirements, and the prevailing financial
conditions.
According to the announcement
of the Single Resolution Board on
10 February 2025,
the target level of at least 1% of
covered deposits
held in Banking Union Member States remains reached
at the end of 2024, similarly to
the end of 2023. As a
result, no regular annual
contributions were collected also in 2025 from the institutions falling
within the scope of the Single Resolution
Fund.
As of the period ended 30
September 2025, expenses related to third-party
personnel engaged by the Group to
cover operational
needs, which
were previously
presented under
administrative
expenses, have
been reclassified
under staff
costs.
In addition,
supervisory fees that were previously presented under administrative expenses, have been classified under regulatory contributions
and charges.
Comparative figures have been adjusted accordingly, reflecting an
increase in staff costs and in regulatory contributions
and charges of € 13 million
and € 10 million respectively and a corresponding decrease in administrative
expenses of € 23 million.
Staff costs
2025
2024
€ million
€ million
Wages, salaries
and performance remuneration
(540)
(459)
Social security costs
(70)
(62)
Additional pension and other post employment costs
(34)
(27)
Other
(63)
(53)
Total from continuing operations
(707)
(601)
Operating expenses of € 31 million, of which € 22 million relates to staff costs, are
directly attributable to insurance operations and
are included in insurance service expenses (Note 8).
The average number of employees during the year was 12,393
(2024: 11,810). As at 31 December
2025, the number of branches and
business/private banking centers of the Group amounted to 562 (2024: 568).
Notes to the Consolidated Financial Statements
.
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12.
Other impairments,
risk provisions and restructuring costs
2025
2024
€ million
€ million
Impairment
and valuation
losses on real
estate properties⁽¹⁾
(7)
(21)
Impairment
losses on computer
hardware and
software (notes 26,
28)
(15)
(19)
Impairment
(losses)/reversal on
bonds
(6)
(12)
Other impairments,
litigation
and conduct-related
provisions and
costs
(7)
(8)
Other impairments,
risk provisions and related
costs
(35)
(60)
Voluntary exit
schemes and other
related
costs (note
36)
(38)
(161)
Other restructuring costs
(24)
(7)
Restructuring costs
(62)
(168)
Total from continuing operations
(97)
(228)
(1)
For 2024, it includes € 9.4 million remeasurement/impairment loss on real estate properties of IMO Property Investments Bucuresti S.A.,
(note 23.2).
For the year ended 31 December 2025, a cost of ca. € 26
million has been recognised in the Group’s income statement for employee
termination benefits in respect of
the Voluntary Exit Scheme
(VES) that was launched
by Hellenic Bank in
February 2025 for
employees
of the bank and its insurance subsidiaries. The saving
in personnel expenses is estimated
at ca. € 11 million
on an annual basis.
Additionally, in the
year ended 31
December 2025, restructuring costs of
€ 18
million were recognized in
relation to the
Group’s
corporate reorganization and the integration of its
business operations in Cyprus.
For the year ended 31 December 2024, a cost of ca. € 131 million, net of the discounting effect, had
been recognised in the Group’s
income statement for employee termination benefits in respect of the Voluntary Exit Scheme (VES) that was launched by the Group
in February 2024 for eligible units in Greece
and offered mainly to employees over a specific
age
limit.
13.
Income tax and special tax levy
13.1.
Income tax
2025
2024
€ million
€ million
Current
tax ⁽¹⁾
(140)
(119)
Deferred
tax⁽²⁾
(170)
(220)
Total income
tax from continuing
operations
(310)
(339)
(1)
As of 31 December 2025, the special tax levy on Cypriot credit institutions, which was previously included within current income
tax, is presented separately
in the income statement. Comparative information has been restated accordingly, resulting
in a € 22 million reduction in current income tax (note 13.2).
(2)
Based on DTA
recoverability assessment performed at 31
December 2025, the Group recognised
€ 25 million deferred tax
asset on temporary differences
originating from previous years.
According to
Law 4172/2013
currently in
force, the
nominal Greek
corporate tax
rate for
credit institutions
that fall
under the
requirements of article 27A of Law
4172/2013 regarding eligible deferred
tax assets (DTAs)/deferred
tax credits (DTCs) agains
t
the
Greek State is 29%. The Greek corporate
tax rate for legal entities other
than the aforementioned
credit institutions is 22%. In
addition,
the withholding tax rate for
dividends distributed,
other than intragroup dividends,
is 5%. In particular, the intragroup
dividends under
certain preconditions are relieved from both income and withholding tax.
As at 31 December
2025, the nominal corporate
tax rates applicable in
the banking subsidiaries incorporated in
the international
segment of the Group
(note 44) are as follows: Bulgaria 10%,
Cyprus 12.5%
and Luxembourg 23.87%.
In December 2025,
in accordance
with tax reform legislation enacted in Cyprus,
the corporate income tax rate increased from 12.5% to 15%,
effective for tax periods
beginning on or after 1
January 2026. The
remeasurement of the deferred tax
assets and liabilities of the Bank’s subsidiaries in
Cyprus,
following the above change in
tax rate, did not
result in a material
effect on the Group’s income statement
for the year ended
31
December 2025.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Pillar Two income taxes
The Group is subject to the top up tax under the Pillar Two legislation that introduces a global minimum effective tax rate at 15% on
multinational entities with consolidated revenues over € 750 million, effective as of 1 January 2024. The Pillar Two effective tax rate
is lower than 15% in respect of Group’s
operations in Bulgaria and Cyprus (note 44), mainly
due to the nominal corporate tax rates
(CIT) applying in
these jurisdictions (see
above).
For the year
ended 31 December 2025,
the Group has
recognized a
current tax
expense of €
17.1 million (31
December 2024: €
21.6 million) related
to the
top up tax
applicable on the
profits earned in
the
aforementioned jurisdictions.
The Group has applied a temporary mandatory relief
from deferred tax accounting for the impacts
on the top up tax and accounts
for it as a current tax when it
is incurred.
Tax certificate and open tax years
The Bank and its subsidiaries, associates and joint
ventures, which operate in Greece (notes 23
and 24) have in principle up to 6 open
tax years. For fiscal years starting from 1 January 2016 onwards, pursuant to the Tax
Procedure Code, an ‘Annual Tax Certificate’
on
an optional basis, is provided for
the Greek entities, with annual financial statements audited compulsorily, which is issued
after a tax
audit is performed by the same statutory
auditor or audit firm that audits the
annual financial statements. The Bank and, as a general
rule, the Group’s Greek companies have opted to obtain such certificate.
The Bank’s open tax years are 2022-2025
(the open tax years of Eurobank Holdings before its merger with the Bank are 2020-2024).
The tax certificates of the Bank and the other
Group’s entities, which operate in Greece, are unqualified for
their open tax years until
2024. In addition, for the year ended 31 December 2025, the tax audits from external auditors are
in progress.
In accordance with the Greek tax
legislation and the respective Ministerial
Decisions issued, additional taxes and penalties
may be
imposed by the Greek tax authorities following
a tax audit within the applicable
statute of limitations (i.e.
in principle five years as
from the
end of
the fiscal
year within
which the
relevant tax
return should
have been
submitted), irrespective
of whether
an
unqualified tax certificate has
been obtained from the tax paying company. In
light of the above, as a general
rule, the right of the
Greek State to impose taxes up to tax
year 2019
(included) has been time-barred for the Group’s Greek entities
as at 31 December
2025.
The open tax years
of the foreign banking
entities of the Group
are as follows:
(a) Eurobank Limited, 2022-2025
(a tax audit
is in
progress for the open tax years 2018-2025 of ERB Cyprus
Holdings Ltd - former Eurobank Cyprus Ltd before
its merger with Eurobank
Limited in 2025), (b) Eurobank Bulgaria
AD, 2020-2025 and (c) Eurobank Private Bank Luxembourg
S.A., 2021-2025. The remaining
foreign entities of the Group (notes 23 and 24), which operate in countries where a statutory tax audit is explicitly stipulated by law,
have in principle up to 6 open tax years, subject to certain preconditions of the applicable tax legislation
of each jurisdiction.
In reference to its total uncertain tax
positions, the Group assesses all relevant developments (e.g. legislative changes, case law,
ad
hoc tax/legal opinions, administrative
practices) and raises adequate
provisions.
Deferred tax
Deferred tax is calculated on all deductible temporary
differences under the liability method as well as for unused tax
losses at the
rate in effect
at the time the reversal is
expected to take place.
The net deferred tax is analyzed
as follows:
2025
2024
€ million
€ million
Deferred
tax assets
3,629
3,780
Deferred
tax liabilities
(54)
(43)
Net deferred
tax
3,575
3,737
The movement on deferred tax is as
follows:
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
2025
2024
€ million
€ million
Balance at 1 January
3,737
3,963
Arising from acquisition⁽¹⁾
(2)
(14)
Income statement
credit/(charge)
from continuing
operations
(170)
(220)
Investment
securities
at FVOCI
(6)
2
Cash flow hedges
1
0
Actuarial gains/(losses)
1
1
Equity transactions⁽²⁾
7
-
Discontinued
operations
(note 30)
4
3
Other
3
2
Balance at 31 December
3,575
3,737
(1)
For 2025,
it refers to deferred tax liability upon acquisition of CNP Cyprus subgroup (note 23.4).
(2)
it mainly refers to deferred tax on coupon payment to AT1 capital holders (note
38).
Deferred income tax (charge)/credit
is attributable to the following
items:
2025
2024
€ million
€ million
Impairment/
valuation relating
to loans, disposals
and write-offs
(121)
(251)
Tax deductible
PSI+ losses
(50)
(50)
Carried forward
debit difference
of law 4831/2021
(2)
111
Change in fair
value and other
temporary differences
3
(30)
Deferred
income tax (charge)/credit
from continuing
operations
(170)
(220)
Deferred tax assets/(liabilities)
are attributable to the following
items:
2025
2024
€ million
€ million
Impairment/
valuation relating
to loans and
accounting
write-offs
787
803
PSI+ tax
related
losses
801
851
Losses from disposals
and crystallized
write-offs of loans
1,893
1,998
Carried forward
debit difference
of law 4831/2021
148
150
Other impairments/
valuations through
the income
statement
(34)
(94)
Cash flow hedges
7
6
SLSRI and employee
termination
benefits
29
40
Real estate
properties,
equipment
and intangible
assets
(144)
(122)
Investment
securities
at FVOCI
(27)
(21)
Other⁽¹⁾
115
126
Net deferred
tax
3,575
3,737
(1)
It includes, among others, DTA on deductible temporary differences relating to operational risk provisions and the leasing operations.
Further information, in relation to the aforementioned categories
of deferred tax assets
as at 31 December 2025, is
as follows:
(a) €
787
million refer
to deductible
temporary differences
arising from
impairment/valuation relating
to loans
including the
accounting debt write-offs according to the Greek tax law 4172/2013, as in force. These temporary differences can be utilized in
future periods with no specified time limit
and according to current tax legislation of each jurisdiction;
(b) € 801 million refer
to losses resulted from the Group’s
participation in PSI+ and the Greek’s state
debt buyback program which
are subject to amortization for tax purposes
over a thirty-year period, i.e.
1/30 of losses per year starting from year
2012 onwards
(see below – DTCs section);
(c) € 1,893 million refer to the unamortized part
of the crystallized tax losses arising from write-offs and disposals of loans, which are
subject to amortization over a twenty-year period (see
below - tax regime
for loan losses);
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Assessment of the recoverability of deferred tax assets
The recognition of the deferred tax assets
is based on management’s assessment that the Group’s legal entities will have sufficient
future taxable profits, against which the deductible
temporary differences and the unused
tax losses can be utilized. The
deferred tax
assets are
determined on the
basis of the
tax treatment
of each deferred
tax asset
category,
as provided by
the applicable
tax
legislation of each jurisdiction and the eligibility of carried forward losses for offsetting with future taxable profits.
Additionally, the
Group’s assessment on the recoverability of recognized deferred
tax assets,
the great majority of which refer to the Bank,
is based
on (a) the future performance expectations (projections of operating results) and growth opportunities
relevant for determining the
expected future
taxable profits,
(b) the expected
timing of reversal
of the deductible
and taxable
temporary differences,
(c) the
probability that the Group entities will have
sufficient taxable profits in the
future, in the
same period as the reversal
of the deductible
and taxable temporary differences
or in the years
into which the tax
losses can be carried forward,
and (d) the
historical levels of
Group entities’ performance in combination with the previous years’ tax
losses caused by one off or non-recurring events.
In particular, for the year ended 31 December
2025, the deferred tax asset (DTA) recoverability assessment
has been based on the
three-year Business Plan that was
approved by the Board of Directors
in January 2026,
for the period up to
the end of 2028
(also
submitted to the Single Supervisory Mechanism -SSM-). For the years
beyond 2028, the forecast of operating results was
based on
the management projections considering the growth opportunities
of the Greek and European economy, the banking sector and the
Group itself.
Specifically, the
management projections
for the
Group’s
future profitability
adopted in
the Business
Plan, have
considered, among others, (a) the gradual stabilization of interest rates, (b) the
sustainable increase in loan volumes with
pressure in
business lending spreads and the growth, at a relatively lower pace, of customer deposits with almost flattish betas, (c) the increase
in fee and commission income
mostly driven by assets under management
,
network activities and capital markets,
along with the
expected acquisition of Eurolife contributing
in the increase of
Net Insurance income,
(d) the discipline to
operating expenses’ targets
, (e) the further decrease of NPE ratio, (f) the resilient asset quality with
lower cost of risk, which is expected to carry the effect from
the improved macroeconomic outlook
driven by the
resilient growth of
Greek economy,
above European average,
as well as
the
unemployment rate at single digit levels, close to historical lows and (g) the fulfilment of
MREL targets throughout the plan period.
The major initiatives introduced in the context
of the Group’s transformation
plan “Eurobank 2030”, will
contribute to meeting its
financial objectives.
The Group closely monitors
and constantly assesses
the developments on the macroeconomic and
geopolitical front (note 2)
and
their potential effect on the achievement of its
Business Plan targets
in terms of asset quality and profitability and will
continue to
update its estimates
accordingly.
Deferred tax credit against the Greek State
and tax regime for loan losses
As at 31 December 2025, pursuant to
the Law 4172/2013, as in force, the Bank’s eligible DTAs/deferred tax credits (DTCs) against the
Greek State amounted to € 2,832 million (31 December
2024: € 3,022 million). For regulatory purposes
however, the DTC included in
the calculation of the Group’s capital ratios stands at € 2.624 million, due
to the acceleration of its amortization from 2025, as
part of
the Bank's initiative to enhance the quality of its
regulatory capital (note 4).
The DTCs
are accounted
for on:
(a) the unamortised
losses from the
Private Sector
Involvement (PSI)
and the Greek
State Debt
Buyback Program, which are subject to amortisation over a thirty-year period and (b)
on the sum of (i) the unamortized part of the
DTC eligible crystallized tax losses arising from write-offs and disposals of loans,
which are subject to
amortization over a twenty-year
period, (ii) the accounting debt write-offs and (iii) the
remaining accumulated provisions and other
losses in general due to credit risk
recorded up to 30 June
2015. The DTCs will be converted
into directly enforceable claims (tax credit) against the Greek State provided
that the Bank’s after tax
accounting result for the year is a loss.
According to
the Law 4831/2021
(article 125),
which amended Law
4172/2013, the amortization
of the
PSI tax
related losses is
deducted from the taxable income at a priority
over that of the crystallized tax losses (debit
difference) arising from write-offs and
disposals of loans. In addition,
the amount of the annual tax amortization of
the above crystallized tax losses is limited to the amount
of the annual taxable profits,
calculated before the deduction of such losses
and following the annual tax deduction
of the PSI tax
related losses. The unutilized part of the annual tax amortization of the crystallized loan losses can be carried forward for offsetting
over a period of 20
years. If at the end of
the 20-year utilization period, there
are balances that have not been
offset, these will qualify
as a tax
loss, which is
subject to the
5-year statute
of limitation.
The above provisions apply as
of 1
January 2021 and
cover the
crystallized tax losses
that have arisen from write-offs
and disposals of loans as
of 1 January 2016 onwards.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Taking into
account the
tax
regime in
force,
the recovery
of the
Bank’s deferred
tax
asset recorded
on loans
and advances
to
customers and
the regulatory
capital structure
are
further safeguarded,
contributing substantially
to
the achievement
of NPE
management targets
through write-offs and disposals,
in line with the regulatory framework and SSM
requirements.
According to tax Law 4172/2013 as
in force, an annual
fee of 1.5% is imposed on
the excess amount of deferred tax
assets guaranteed
by the Greek State, stemming from the difference between the current tax rate
for the eligible credit institutions (i.e. 29%) and the
tax rate applicable on 30 June 2015
(i.e. 26%). For the year ended 31
December 2025, an amount of € 4.9
million has been recognized
in “Other income/(expenses) (31 December 2024: € 5.2 million).
Income tax reconciliation and unused tax losses
The tax on the Group's profit before tax differs from the theoretical amount that would arise using the
Bank’s applicable tax rate of
29% as follows:
2025
2024
€ million
€ million
Profit before
tax
1,681
1,850
Tax at the
applicable
tax rate
(487)
(537)
Tax effect
of:
- income
not subject
to tax and
non deductible
expenses
(18)
(22)
- effect of different
tax rates in
different
countries
151
134
- share of results
of associates/joint
ventures
and related
income
13
76
- tax deductible
losses for which
DTA had not
been recognised
18
18
- Pillar Two
income
taxes
(17)
(22)
- other⁽¹⁾
30
14
Total income tax from continuing
operations
(310)
(339)
(1)
It includes € 25 million relating to the
recognition of deferred tax assets on temporary differences originating from previous years, based on the
recoverability
assessment performed as at 31 December 2025.
For the year ended 31 December 2025, the Group’s effective tax
rate stood at 18% (2024: 18%).
As at 31 December 2025, the
Bank has
not recognised deferred tax asset (DTA) on unused tax losses amounting to
€ 21 million (2024:
€ 362 million
,
including the unused tax
losses of Eurobank Holdings
that matured in
2025). The analysis
of unrecognized DTA
on
unused tax losses of the Bank per year of maturity of
related tax losses is
presented in the table below:
Unrecognized
DTA
€ million
Year of maturity
of unused tax
losses
2026
15
2027
2
2028
2
2029
1
Total
21
13.2 Special tax levy
According to Cypriot law “The Imposition of a
Special Tax
on Credit Institutions Law of 2011” (84(I)/2011), as in
force, a special tax
levy is imposed on credit institutions
operating in Cyprus, on
a quarterly basis, at the rate of 0.0375%
on qualifying customer deposits
held by each credit institution at the end of
the previous quarter. Following
an amendment to the law in 2017, the contribution to
the Single Resolution Fund, when collected by the Single
Resolution Board (note 11), is offset
against the special tax
levy up to the
amount of the total annual special tax
levy charge for the same year.
The special tax levy imposed on the Group’s banking entity in Cyprus “Eurobank Limited” (including the special tax levy imposed
on
Eurobank Cyprus Ltd prior
to the transfer
of its banking business to
Eurobank Limited, note 23.2),
was previously included within
current income tax. For the year 2025,
the levy amounted to € 35
million and has been presented
separately in the income statement
Notes to the Consolidated Financial Statements
.
471
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31 December 2025 Consolidated Financial Statements
line “Special tax levy on credit institutions”. The comparative information for income
tax has been restated accordingly, resulting in
a € 22 million reduction in current income tax.
14.
Earnings per share
Basic earnings per share,
in principle, is calculated by dividing the net
profit attributable to ordinary shareholders by the
weighted
average number of ordinary
shares in issue during the year, excluding
the average number of ordinary
shares purchased by the Group
and held as treasury shares.
The diluted earnings per share, in principle, is calculated by adjusting the weighted average
number of ordinary shares outstanding
to assume
conversion of
all dilutive
potential ordinary shares
during the
period. As
at 31
December 2025,
the Group’s
dilutive
potential ordinary shares relate to the
share options that were allocated to employees of Eurobank
and its affiliated companies (note
38). The weighted average number of shares is adjusted for the share options by calculating the
weighted average number of shares
that could have been acquired at fair
value (determined as the average
market price of the
shares for the period). The number
of
shares resulting from the above
calculation is added to
the weighted average number of
ordinary shares in
issue in order to
determine
the weighted average number of ordinary shares used for
the calculation of the diluted earnings per share.
Year ended
31 December
2025
2024
Net profit for the year attributable
to equity
holders of
the parent
company
€ million
1,362
1,448
Coupon payment
to AT1 capital
holders, net
of tax
€ million
(12)
-
Net profit
for the
year attributable
to ordinary shareholders
of the parent
company
€ million
1,350
1,448
Net profit
for the year
from continuing
operations
attributable
to ordinary
shareholders
of the parent
company (after
deducting
coupon payment
to
AT1 capital
holders, after
tax)
€ million
1,359
1,455
Weighted
average number
of ordinary shares
used for basic
earnings per
share
Number of shares
3,652,694,104
3,665,235,475
Weighted
average number
of ordinary shares
used for diluted
earnings per
share
Number of shares
3,670,010,310
3,682,680,282
Earnings per share
- Basic earnings per
share
€
0.37
0.40
- Diluted
earnings per
share
€
0.37
0.39
Earnings per share from
continuing operations
- Basic and diluted
earnings per
share
€
0.37
0.40
Basic and diluted losses
per share from discontinued operations
for the year ended
31 December 2025
amounted to € 0.003
(31
December 2024: € 0.0019 losses).
Information regarding the share buyback programme, which commenced in May 2025, along with the number of shares
purchased
in the period 1 January – 27 February 2026, is provided in note 37.
15.
Cash and balances with central banks
2025
2024
€ million
€ million
Cash in hand
887
617
Balances with
central
banks
14,741
15,514
Total
15,628
16,131
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The Bank
and its
banking subsidiaries
in Eurozone
(Cyprus and
Luxemburg),
are required
to hold
a minimum
level
of deposits
(minimum reserve requirement - MRR) with their national central bank on an average basis over maintenance periods (i.e. six week
periods); these deposits are
calculated as 1% of
certain liabilities, mainly
customers’ deposits, and can be withdrawn
at any
time
provided that the MRR is met over
the determined period of time. Similar obligations for the
maintenance of minimum reserves with
its national central bank were also applied to the banking subsidiary
in Bulgaria until 31 December 2025 (Eurozone member since 1
January 2026). As at 31 December
2025, the mandatory reserves (i.e. those that
the Group entities maintain
in order to meet the
MRR) with central
banks amounted to € 1,770
million (2024: € 1,652 million).
MRR deposits placed to the European Central
Bank
(ECB) are remunerated at
zero (0%) .
.
16.
Cash and cash equivalents and other
information on cash flow statement
For the purpose of the cash flow
statement, cash and cash
equivalents comprise the following balances
with original maturities of
three months or less:
2025
2024
€ million
€ million
Cash and balances with
central
banks (excluding
mandatory and collateral
deposits with
central
banks) (note 15)
13,858
14,479
Due from credit institutions
1,652
1,398
Securities
held for
trading
19
31
Total
15,529
15,908
Other (income)/losses on investment
securities presented in continuing operating activities
are analyzed as follows:
2025
2024
€ million
€ million
Amortisation of
premiums/discounts
and accrued
interest
(119)
(102)
(Gains)/losses from investment
securities
(70)
(13)
Dividends
(34)
(8)
Total
(223)
(123)
In the year ended
31 December 2025,
other adjustments of € 88
million mainly include a) €
58 million gain
on acquisition of CNP
Cyprus subgroup (note
23.4) and b)
€ 46 million Group’s
share of results
(income) in associates
and joint ventures (note
24), (31
December
2024: € 253 million mainly include
a) € 99 million gain on acquisition
of additional holding
in Hellenic Bank (note 23.2) and
b) € 161 million Group’s share
of results (income) in associates
and joint ventures,
note 24).
Changes in liabilities arising from financing activities
During the year ended
31 December 2025, changes in
the Group’s liabilities arising from financing activities, other
than lease liabilities
(note 42), are attributable to: a)
debt issuance amounting to € 1,501 million
(2024:
€ 2,649 million) (net of issuance
costs), b) debt
repayment amounting
to €
1,234 million
(2024:
€ 789 million)
and c)
accrued interest
and amortisation
of debt
issuance costs
amounting to € 57 million (2024:
€ 1.4 million).
17.
Due from credit institutions
2025
2024
€ million
€ million
Pledged
deposits with
banks⁽¹⁾
526
580
Placements
and other
receivables
from banks⁽¹⁾
1,286
1,112
Current
accounts and settlement
balances with
banks
544
504
Total
2,356
2,196
(1)
The amounts presented are after offsetting (note 5.2.1.4).
As at 31 December 2025,
the Group’s pledged deposits with banks include: a) € 503 million mainly cash collaterals on risk mitigation
contracts for derivative transactions and
repurchase agreements (CSAs, GMRAs) and b) € 23
million cash collateral relating to the
sale
of former Romanian subsidiaries.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The Group's
exposure arising
from credit
institutions, as
categorized by
counterparty's geographical
region, is
presented in
the
following table:
2025
2024
€ million
€ million
Greece
107
14
Other European
countries
1,901
1,874
Other countries
348
307
Total
2,356
2,196
18.
Securities held for trading
2025
2024
€ million
€ million
Debt securities
(note 5.2.1.3)
180
186
Equity securities
336
99
Total
516
285
19.
Derivative financial instruments
and hedge accounting
The Group uses derivative financial instruments
both for hedging and non-hedging purposes.
The table below presents the fair values
of the Group’s derivative financial instruments by product
type and hedge relationship along
with their
notional amounts.
The notional
amounts of
derivative instruments
provide a
basis for
comparison with
instruments
recognized on the balance sheet but do not necessarily indicate the amounts of future cash
flows involved or the current fair value
of the instruments and, therefore, are not indicative of the Group’s
exposure at the reporting date.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2025
31 December 2024
Contract / notional
amount
Fair values
Contract / notional
amount
Fair values
Assets
Liabilities
Assets
Liabilities
€ million
€ million
€ million
€ million
€ million
€ million
Derivatives for which hedge accounting is not
applied/ held for trading
- Interest rate swaps
36,790
1,023
871
34,439
1,096
937
- Interest rate options ⁽¹⁾
6,106
30
26
8,265
45
47
- Foreign exchange contracts ⁽²⁾
4,398
27
20
4,700
54
26
- Other
⁽³⁾
1,130
6
13
893
3
14
1,086
930
1,199
1,025
Derivatives designated as fair value hedges
- Interest rate swaps
16,439
295
296
12,171
244
442
- Interest rate swaps/options (portfolio hedges)
12,700
44
2
7,800
6
2
- Interest rate floors
4,883
-
10
5,647
-
31
- Cross currency interest
rate swaps
155
4
0
112
-
1
- Bond Forwards
191
2
-
55
1
-
346
308
251
477
Derivatives designated as cash flow hedges
- Cross currency interest
rate swaps
189
-
26
819
7
38
-
26
7
38
Offsetting (note 5.2.1.4)
- Interest rate swaps
(652)
(349)
(619)
(420)
Total derivatives assets/liabilities
780
915
838
1,120
(1)
Interest rate options include interest rate caps and floors and swaptions.
(2)
It includes currency swaps, forwards and options
(3)
It includes credit default swaps, warrants, commodity derivatives, futures and exchange traded equity options.
Information on the fair value measurement
and offsetting of derivatives is
provided in notes 5.3 and 5.2.1.4, respectively.
The Group
uses certain
derivatives and
other financial
instruments, designated
in a
qualifying hedge
relationship, to
reduce its
exposure to market risks. The hedging practices applied by the Group, as well as the relevant accounting treatment are disclosed in
note 2.2.3. In particular:
(a) Fair
value hedges
The Group hedges a portion of its
existing interest rate
risk resulting from any potential change in
the fair value of fixed
rate debt
securities, held or issued, or fixed rate loans,
denominated both in local and
foreign currencies, using interest rate and cross currency
interest rate
swaps whereby the
fixed legs
represent the economic
risks of
the hedged items.
The Group uses
pay fixed/receive
floating interest rate swaps to hedge its fixed rate debt securities held and
loans and pay floating/receive fixed interest rate swaps to
hedge its fixed rate liabilities. The Group also
hedges the changes in
the fair value of debt
securities to be disposed
in the future under
forward transactions. In
2025, the Group recognized a
gain of €
285 million (2024: €
34 million loss)
from changes in the carrying
amount of the hedging instruments
and € 300 million loss (2024: € 27
million gain) from changes in the fair value of
the hedged items
attributable to the hedged
risk. The amount of hedge ineffectiveness
recognized for 2025 in
“Net trading income/(loss)”
was € 15
million loss (2024: € 7
million loss).
(b) Fair value hedges
– portfolios of assets and liabilities
The Group hedges a portion of its existing interest rate risk
resulting from any potential change in
the fair value of a portfolio of fixed
rate loans including securitization notes initially issued
and subsequently
held by the
Group (macro-hedging), using a group of interest
rate swaps. The
Group primarily designates
the change in fair value attributable
to changes in the
benchmark interest rate as
the
hedged risk including also assumptions for prepayment risk and, accordingly, enters into interest
rate swaps whereby the fixed legs
represent the economic risks of the
hedged items. In 2025,
the Group recognized a
gain of € 19.7 million
(2024:
€ 20 million gain)
Notes to the Consolidated Financial Statements
.
475
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31 December 2025 Consolidated Financial Statements
from changes in the carrying amount of the hedging instruments and
€ 20.2 million loss (2024:
€ 18 million loss)
from changes in the
fair value
of
the designated
hedged
items attributable
to
the hedged
risk.
Accordingly,
the amount
of hedge
ineffectiveness
recognized for 2025 in “Net trading income/(loss)”
was € 1 million
loss (2024:
€ 2 million gain).
The Group also hedges the variability deriving from the fair value changes
of purchased interest rate floors embedded in portfolios
of floating rate loans
and debt securities
by writing the floors in
the market. In
2025,
the Group recognized a
gain of € 14
million
(2024:
€ 15 million gain) from changes in
the carrying amount of the hedging instruments, and € 14 million loss
(2024:
€ 15 million
loss) from changes
in the fair value of the hedged items
attributable to the hedged risk.
Finally, similar
to portfolio hedging of interest rate
risk for
assets, the Group hedges
part of its interest
rate exposure of
demand
deposit portfolios attributable to changes in the benchmark interest rates (macro-hedging). Despite their contractual terms and due
to their nature, part of the demand deposits are interest rate-insensitive and hence behave similarly to fixed interest rate liabilities.
Accordingly, the Group enters into a group
of interest rate swaps that receives fixed interest rate and
pays floating interest rate based
on the benchmark rate and its volume is re-assessed on a monthly basis. In
2025, the Group recognized a gain of € 9 million (2024: €
1 million loss)
from changes in the
carrying amount of the hedging
instruments and €
9 million
loss (2024: € 2 million
gain) from
changes in
the
fair value
of the
designated hedged
items
attributable
to the
hedged risk.
Accordingly,
the amount
of hedge
ineffectiveness recognized for
2025
in “Net trading income/(loss)”
was immaterial
(2024: € 1 million gain).
(c) Cash flow hedges
The Group hedges
a portion of its existing interest rate and
foreign currency risk
resulting from any cash flow
variability due
to changes
in market interest rates on floating rate loans, denominated in foreign currency, using cross currency interest rate swaps, where the
variable legs are based on the benchmark rates of the hedged items. The interest rate risk with respect to the benchmark reference
rate - swap curve of such items,
which share the same benchmark interest rate risk may be
hedged on a single item or group basis
using interest rate swaps of similar maturity. For the year ended 31 December 2025, an amount of € 0.5 million gain was recognised
in other comprehensive income
in relation to derivatives designated
as cash flow hedges
(2024: € 1
million loss). Furthermore, in
2025,
the ineffectiveness recognized in the income
statement that arose from
cash flow hedges was
nil (2024: nil).
In addition, the Group uses other derivatives, not designated in a qualifying hedge relationship, to manage its exposure primarily to
interest rate and foreign currency
risks. Non qualifying hedges are
derivatives entered into as
economic hedges of assets and liabilities
for which hedge accounting was not applied. The said derivative instruments are monitored and have been classified for accounting
purposes along with those held for trading.
The fair value
of Group's
derivative financial assets,
as categorized
by counterparty's geographical
region and industry
sector, is
presented in the following tables:
31 December 2025
Greece
Other
European
countries
Other
countries
Total
€ million
€ million
€ million
€ million
Sovereign
82
-
-
82
Banks
7
603
-
610
Corporate
61
22
4
88
Total
150
625
4
780
31 December
2024⁽¹⁾
Greece
Other
European
countries
Other
countries
Total
€ million
€ million
€ million
€ million
Sovereign
167
-
-
167
Banks
5
545
-
550
Corporate
113
6
2
121
Total
285
551
2
838
(1)
Comparative information has been adjusted to align with current year’s presentation.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
As at 31 December 2025,
the net carrying value of the derivatives with the Hellenic Republic amounted to a liability of € 310 million
(31 December 2024: € 233 million liability).
At 31 December 2025 and 2024, the maturity profile of the nominal amount of the financial instruments
designated by the Group in
hedging relationships is presented in the tables
below:
31 December 2025
Fair Value
Hedges
Cash Flow Hedges
1 - 3
months
3 - 12
months
1-5 years
Over 5
years
Total
3 - 12
months
1-5 years
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Interest
rate swaps⁽¹⁾
15
612
7,172
8,639
16,439
-
-
-
Interest rate options
-
-
800
4,083
4,883
-
-
-
Cross currency
interest
rate
swaps
-
-
155
-
155
189
-
189
Bond Forwards
191
-
-
-
191
-
-
-
Total
206
612
8,127
12,722
21,667
189
-
189
31 December 2024
Fair Value
Hedges
Cash Flow Hedges
1 - 3
months
3 - 12
months
1-5 years
Over 5
years
Total
3 - 12
months
1-5 years
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Interest
rate swaps⁽¹⁾
-
90
6,721
5,361
12,171
-
-
-
Interest rate options
-
-
800
4,847
5,647
-
-
-
Cross currency
interest
rate swaps
-
-
112
-
112
618
201
819
Bond Forwards
55
-
-
-
55
-
-
-
Total
55
90
7,633
10,208
17,985
618
201
819
(1)
Nominal amount
of interest rate swaps designated as fair value macro hedges is not included.
(a) Fair
value hedges
The following tables present data relating
to the hedged items under fair value hedges for
the years ended 31 December 2025 and
2024:
2025
Carrying
amount/Exposure
designated as
hedged
Accumulated
amount of FV
hedge
adjustments
related to the
hedged item
Change in value
as the basis for
recognising hedge
ineffectiveness
Accumulated amounts of FV hedge
adjustments remaining in the balance
sheet related to hedged items that
have ceased to be adjusted for
hedging gains and losses
€ million
€ million
€ million
€ million
Assets
Loans and advances to customers⁽¹⁾
6,319
(63)
(50)
(21)
Debt securities AC⁽¹⁾
8,659
(37)
(232)
29
Debt securities FVOCI
2,140
27
(2)
51
Liabilities
Debt securities in issue
6,553
(2)
(49)
-
Due to customers⁽¹⁾
11,700
1
(9)
7
Notes to the Consolidated Financial Statements
.
477
|
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31 December 2025 Consolidated Financial Statements
2024
Carrying amount/
Exposure
designated as
hedged
Accumulated
amount of FV
hedge adjustments
related to the
hedged item
Change in value as
the basis for
recognising hedge
ineffectiveness
Accumulated amounts of FV hedge
adjustments remaining in the balance
sheet related to hedged items that
have ceased to be adjusted for
hedging gains and losses
€ million
€ million
€ million
€ million
Assets
Loans and advances to customers⁽¹⁾
6,939
(46)
(16)
8
Debt securities AC⁽¹⁾
5,568
195
41
218
Debt securities FVOCI
1,736
(26)
30
(28)
Liabilities
Debt securities in issue
5,864
47
61
2
Due to customers⁽¹⁾
4,700
(9)
(2)
5
(1)
For hedges of loans and
advances to customers,
debt securities at amortised cost included
in portfolio and
due to customers, the exposure
designated as
hedged is presented.
(b) Cash flow hedges
The cash flow hedge reserves for active hedges as at 31 December 2025 were € 50 ths gain (2024: € 0.5 million loss), which relate to
loans and advances to customers.
As at 31 December 2025, the balances remaining in the cash flow hedge reserve from any cash flow hedging relationships for which
hedge accounting is no longer applied was €
23 million loss (2024: € 20
million loss).
The reconciliation of the components of Group’s special reserves
including cash flow hedges is
provided in note 39.
Notes to the Consolidated Financial Statements
.
478
|
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31 December 2025 Consolidated Financial Statements
20.
Loans and advances to customers
2025
2024
€ million
€ million
Loans and advances
to customers
at amortised
cost
- Gross carrying amount
55,977
52,245
- Impairment
allowance
(1,309)
(1,309)
Carrying Amount
54,668
50,936
Fair value
changes of loans in
portfolio
hedging of interest
rate risk
(28)
(3)
Loans and advances
to customers
at FVTPL
23
19
Total
54,663
50,953
The table below presents the carrying amount of loans
and advances to customers per product line and per stage as at 31 December
2025:
31 December 2025
31 December 2024
12-month ECL-
Stage 1
Lifetime
ECL-
Stage 2
Lifetime ECL -
Stage 3
POCI
Total amount
Total amount
€ million
€ million
€ million
€ million
€ million
€ million
Loans and advances to customers at
amortised cost
Mortgage lending:
- Gross carrying amount
9,841
2,560
456
68
12,925
12,466
- Impairment allowance
(62)
(332)
(142)
(4)
(539)
(469)
Carrying Amount
9,780
2,227
314
64
12,386
11,997
Consumer lending:
-
-
-
-
-
- Gross carrying amount
4,112
453
181
67
4,814
4,533
- Impairment allowance
(41)
(50)
(116)
(5)
(212)
(223)
Carrying Amount
4,071
403
66
62
4,602
4,310
Small Business lending:
-
-
-
-
-
- Gross carrying amount
2,680
602
279
7
3,568
3,583
- Impairment allowance
(18)
(62)
(118)
(1)
(199)
(194)
Carrying Amount
2,661
540
160
6
3,368
3,389
Wholesale lending:⁽¹⁾⁽²⁾
-
-
-
-
-
- Gross carrying amount
32,924
1,243
447
56
34,670
31,663
- Impairment allowance
(62)
(49)
(247)
(2)
(358)
(422)
Carrying Amount
32,863
1,194
201
54
34,312
31,241
Total loans and advances to customers at
AC
-
-
-
-
-
- Gross carrying amount , of which:
49,558
4,857
1,363
198
55,977
52,245
Non Performing exposures (NPE)
-
-
1,363
71
1,434
1,719
- Impairment allowance
(183)
(493)
(622)
(11)
(1,309)
(1,309)
Carrying Amount
49,375
4,365
741
187
54,668
50,936
Fair value changes of loans in portfolio
hedging of interest rate risk
(28)
(3)
Loans and advances to customers at FVTPL
Carrying Amount⁽³⁾
23
19
Total
54,663
50,953
des
(1)
Includes € 3,984 million related to the notes of securitizations of loans
originated by Group entities measured at amortised cost, which have been categorized
in Stage 1.
(2)
Includes loans to public sector.
(3)
Includes the mezzanine notes of securitizations of loans
originated by the Bank.
Notes to the Consolidated Financial Statements
.
479
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31 December 2025 Consolidated Financial Statements
As at 31 December
2025, the Group’s
NPE stock and NPE
ratio amounted to
€ 1,434 million (31
December 2024: € 1,530
million,
excluding the NPE
covered by the
APS in Cyprus) and
2.6% (31 December 2024:
2.9%) respectively, while
the NPE coverage
ratio
improved
to 95.2% (31 December 2024: 88.4%).
Sustainability linked loans
In line with
its Sustainable
Finance Framework, the
Group grants loans,
which as part
of their contractual
terms, incentivize
the
borrower’s achievement
of predetermined
sustainability performance
targets (SPTs).
Specifically, these
SPTs consist
of a
list
of
environmental (E), social (S), and governance (G) targets, the fulfillment of which by the client is
determined by meeting respective
KPIs, i.e., metrics
to quantify the client’s
performance, for example
climate-related targets,
such as reducing carbon emissions
or
social targets, such as increasing the level of diversity
at Board level. As part of the terms of these loans, the
contractual interest rate
is increased if the borrower fails
to meet specific targets
linked to its activity.
The abovementioned loans held as of 31 December 2025
have been assessed, in
line with the Group’s accounting policies
(note 2)
that their contractual cash flows
are SPPI pass.
As at 31 December 2025,
the carrying amount of the sustainability
linked loans measured at amortized
cost amounted to €
1,402
million (2024: € 1,024 million).
Project Sun (ex-Solar)
In the context
of its NPE
management strategy,
the Group had participated,
since 2018, in a
joint initiative with
the other Greek
systemic banks,
to structure
an NPE
securitization transaction (project
‘Solar’) under the
provisions of
Hellenic Asset Protection
Scheme (HAPS), that was finally abandoned in the first half of 2025. As Management remained committed to its plan to recover the
carrying amount of the respective loan portfolio through its disposal, the Group retained
the classification of the underlying loans as
held for sale. In December 2025, negotiations with potential investors regarding the sale
of the loan portfolio were concluded for a
consideration of ca. € 23 million. The sale and
legal transfer of the abovementioned loan
portfolio is expected to be completed
within
the first half of 2026.
As at 31 December
2025, the carrying amount of
Sun loan portfolio reached
€ 18 million, comprising loans with gross carrying amount
of € 240 million and impairment allowance of
€ 222 million, including the
additional impairment loss of € 25
million recognized within
2025 and calculated by reference to
the expected consideration as adjusted to
reflect the loans’ collections from the transaction’s
reference date up to 31 December 2025 and the estimated selling
costs.
Project Moon
In December 2025, the Group, as part
of its NPE strategy plan, initiated a structured process for the disposal of
a portfolio of secured
non-performing retail exposures of
gross carrying amount of ca.
€ 126 million. As
at the reporting date,
given the Management’s
commitment to the
abovementioned portfolio’s
disposal plan that
is expected
to be
completed by the
end of
2026, the
Group
classified the respective loans
as held for sale. Moreover,
in accordance with the
Group’s accounting policy for
the impairment
of
financial assets,
the
Group remeasured
the
portfolio’s
expected credit
losses by
reference
to the
estimated
selling price
and
recognized an impairment loss
of ca. € 47 million.
As at 31 December 2025,
the carrying amount of the
aforementioned loan portfolio reached € 61 million, comprising loans
with gross
carrying amount of € 126 million, which carried an impairment
allowance of € 65 million.
Other loans held for sale (including project ‘’Leon’’)
As of
31 December
2025, the
Group classified
its loan
exposure to
the Avramar
Group as
held for
sale. More
specifically, the
Management considers the sale
highly probable given the existence
of an active disposal
plan, jointly undertaken by all
syndicate
lenders, and the ongoing negotiations with potential investors. The sale transaction is expected to be completed within the first half
of 2026.
Accordingly, the Group, in line with its accounting
policy for impairment of financial assets, remeasured the
loan exposures’ expected
credit losses by reference to the consideration expected to be received from their sale and released an amount of ca. € 34 million in
profit or loss line “Impairment losses
relating to loans and advances to customers”.
As at 31 December 2025, the carrying amount of the aforementioned loan portfolio classified
as held for sale reached € 68 million,
which carried approx. €1 million impairment allowance.
Notes to the Consolidated Financial Statements
.
480
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31 December 2025 Consolidated Financial Statements
In December 2023, the Group, in the context of its NPE reduction plan, initiated the sale process of a
mixed NPE loan portfolio that
was concluded on 13 September 2024 via a
securitization structure (SPV-LEON
CAPITAL FINANCE DAC)
under the requirements of
Hellenic Asset Protection Scheme
law.
Accordingly, as of
the aforementioned date, the
Group derecognized the underlying loan
portfolio on the basis
that it transferred
substantially all risks and rewards of the portfolio’s ownership and relinquished its control over
it, and recognized the retained notes
on its balance sheet, i.e.
100% of the senior and 5% of the mezzanine
and junior notes of Leon securitization, at fair
value. In April
2025, the Group obtained the HAPS approval for the senior note and in June 2025 the confirmation by ECB regarding the significant
risk transfer (SRT) recognition for the “Leon” loan portfolio. At 31 December
2025
the carrying amount of the retained notes is € 274
million (31 December 2024: € 276 million).
As at 31 December 2025, the
remaining loan portfolio designated for sale that was not
finally included in the securitization structure,
with a gross carrying amount
of € 42 million and
an equal impairment allowance,
was written off in
its entirety, as the
Group concluded
that there was no reasonable expectation of recovering the portfolio’s
expected cash flows.
Eurobank Limited agreement with KEDIPES
In April 2025, Eurobank Limited
(former Hellenic Bank)
announced that it has signed a pre-settlement
agreement with the Cyprus
Asset Management Company Limited
(“KEDIPES”) for
the buyback by KEDIPES
of a portfolio
of non-performing
exposures of net
carrying amount € 192 million (with reference date
30 September 2024) at a consideration of €
180 million, the termination of the
Asset Protection Scheme
(“APS”) which
was granted
in 2018
as part
of the acquisition
of a
loan portfolio
of the former
Cyprus
Cooperative Bank (“CCB”) for an amount of € 17.5 million payable to Eurobank Limited, and the settlement of disputes arising from
the agreement
to acquire
certain assets
and liabilities
of CCB
for an
amount of €
10 million
payable to
Eurobank Limited
(the
“Transaction”).
In September
2025, the
respective Transaction
agreements between
Eurobank Limited
and KEDIPES
were signed,
following the
approvals granted by the Ministry
of Finance and the Directorate-General for Competition. The
Transaction was subject to customary
approvals including the Cyprus Commission for the Protection of Competition and was expected to be completed early in 2026.
The non-performing loans’ sale to KEDIPES
would take place via
their transfer to Creditum Holdings
Limited, a newly incorporated
Cypriot private limited liability company, wholly owned by Eurobank Limited, which would be
eventually sold to KEDIPES (note 23.2).
Following the above, since
30 September 2025,
the loan portfolio under sale
and the corresponding indemnification
asset arising
from the APS have been classified as held for sale. As at 31 December 2025, the carrying
amount of the loan portfolio reached € 108
million, comprising loans with
gross carrying amount of €
155 million, which carried
an impairment allowance
of € 47 million
and
indemnification asset of € 9.5 million.
The impact of the classification, which was calculated by reference to the currently estimated
net consideration expected to be received from
the Transaction as adjusted to reflect the loans’ collections and expenses from
the
Transaction’s reference
date up to 31 December 2025, was insignificant
to the Group’s results.
Furthermore, as at
31 December 2025, the
Group recognized under
‘Other income/(expenses)’,
the € 10 million
receivable from
KEDIPES for the settlement of the disputes
arising from the agreement
to acquire certain assets and liabilities
of CCB.
Post balance sheet event
On 30 January 2026, following the receipt of
the remaining customary regulatory approvals, the Transaction
between KEDIPES and
Eurobank Limited was completed
resulting in the non-performing loans’ derecognition and the termination of APS
scheme.
Law 5264/25 for loans denominated in CHF
On 19 December 2025, Law 5264/25 was voted by the Greek
parliament, giving the option to performing retail borrowers to convert
their lending exposures denominated in CHF to Euro,
under favorable terms that vary
based on the borrowers’ financial
profile.
In
particular, the
lending exposures will
be converted to
Euro at a
preferential exchange
rate (ie.
a discount to
the current market
exchange rate will be applied that ranges between 15%-50%), whereas following the conversion
into Euro, the loans will bear a fixed
interest rate that ranges between 2.3%-2.9%. In addition, upon borrowers' request, the repayment of the converted loan exposures
may be extended by 5yrs.
The Law is immediately effective for borrowers eligible for a 15% discount in exchange rate and 2.9%
fixed interest rate, whereas for
the remaining categories
it is enacted in February 2026.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
As at 31
December 2025, the
gross carrying amount
of the Group’s
retail loans
denominated in CHF
that may receive
the Law’s
beneficial terms amounted to ca.
€ 1,580 million and carried an impairment
allowance of ca. € 300 million,
which also incorporate
current assumptions regarding the borrowers’ take-up rate
of ca. 50% and the borrowers’ segment, considering the
most available
financial information. Accordingly,
the provisions coverage of the aforementioned CHF retail
portfolio in Greece reached 19%.
Securitizations of other loan portfolios originated by the Group
The Group in the
context of the achievement
of its NPE reduction
targets has entered into
the securitization of various classes
of
primarily NPE through the issue of
senior, mezzanine
and junior notes, which resulted, as described below, in the derecognition
of
the underlying loan portfolios and the recognition of the retained notes.
‘Mexico’ securitization
In May 2021, the
Group, through its special
purpose financing vehicle (SPV) ‘Mexico Finance Designated
Activity Company’ issued
senior, mezzanine and junior notes of total face value of ca.
€ 5.2 billion, via a securitization of a
mixed portfolio comprising primarily
NPE. The Group included
‘’Mexico” securitization under the
Hellenic Asset Protection
Scheme (HAPS)
thus the senior note of
the
securitization became entitled to the Greek State’s
guarantee.
In December 2021, the sale of 95% of the
mezzanine and junior notes of Mexico securitization to doValue S.p.A. was completed and,
as a result, the Group ceased to control the SPV and derecognized the underlying loan portfolio from its balance sheet, on the basis
that it transferred
substantially all risks
and rewards of the
portfolio’s ownership and ceased
to have control
over the securitized
loans and recognized the retained notes on its balance
sheet i.e. 100% of the senior and 5%
of the mezzanine and junior notes. At 31
December 2025, the carrying amount of the retained notes is € 1,165 million
(31 December 2024: € 1,290 million).
‘Cairo’ securitization
In June 2019, the Group, through the
special purpose financing vehicles (SPVs)
‘Cairo No. 1 Finance Designated Activity Company’,
‘Cairo No. 2 Finance Designated Activity Company’ and ‘Cairo No. 3 Finance Designated
Activity Company’, issued senior, mezzanine
and junior notes of total face value of ca. € 7.5 billion, via a
securitization of a mixed portfolio consisting primarily of non-performing
loans (NPE)
(“Cairo” securitization). In
December 2019, the
Group announced that
it has entered
into a
binding agreement
with
doValue S.p.A. for the
sale of 20% of the
mezzanine and 50.1% of the
junior notes of
“Cairo” securitization. The Group
included “Cairo”
securitization under the Hellenic Asset
Protection Scheme (HAPS) thus the senior note of the securitization
became entitled to the
Greek State’s
guarantee.
In June 2020, the sale of the aforementioned notes
was completed and, as a result, the Group ceased to
control the Cairo SPVs on
the basis that it does not have the power to direct their relevant activities. Furthermore, in June 2020, Eurobank Holdings, following
a decision of the Board of Directors (BoD), proceeded to the contribution of the retained Cairo notes, i.e. 75% of the mezzanine and
44.9% of the junior notes,
along with an amount of
€ 1.5 million
in cash to its
Cyprus-based subsidiary Mairanus Ltd, renamed to
‘Cairo Mezz Plc’, in exchange for the newly
-issued shares of the aforementioned subsidiary. In July 2020, the General Shareholders’
Meeting of the Company
approved the distribution of
Cairo Mezz Plc shares to
Eurobank Holding’s shareholders through the
decrease
in kind of its share capital.
In September 2020, following the completion of the distribution of the Cairo Mezz Plc shares,
the underlying loan portfolio and the
related assets and liabilities were derecognized from the Group’s balance sheet, on the basis that at
that time the Group transferred
substantially all
risks
and rewards
of the
portfolio’s
ownership and
ceased
to have
control over
the securitized
portfolio
and
recognized the retained notes on its balance sheet, i.e. 100%
of the senior notes, 5% of mezzanine and junior
notes.
At 31 December
2025, the carrying amount of the retained notes is € 1,663 million
(31 December 2024: € 1,790 million).
‘Pillar’ securitization
In June 2019,
the Group, through
the special purpose financing
vehicle (SPV)
‘Pillar Finance Designated Activity Company’ issued
senior, mezzanine
and junior notes
of total value
of ca.
€ 2 billion,
via a
securitization of residential
mortgage primarily NPE.
In
September 2019, the Group sold 95% of the above-mentioned
mezzanine and junior notes to Celidoria S.A R.L. Upon the completion
of the sale,
the Group ceased to control the SPV
and derecognized the underlying loan portfolio in its
entirety, on the
basis
that it
transferred substantially all the risks and rewards of
the underlying loan portfolio’s ownership and recognized the
retained notes, i.e.
100% of the senior, 5%
of the mezzanine and junior notes, on its
balance sheet. At 31 December 2025, the carrying amount
of the
retained notes is € 905 million
(31 December 2024: € 966 million).
Notes to the Consolidated Financial Statements
.
482
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31 December 2025 Consolidated Financial Statements
21.
Impairment allowance for loans and advances
to customers
The following tables present the movement
of the impairment allowance on loans and advances to customers
(expected credit losses – ECL):
31 December 2025
Wholesale
Mortgage
Consumer
Small business
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
POCI
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
POCI
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
POCI
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
POCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Impairment allowance as at 1 January
58
39
321
4
64
218
177
10
51
48
114
11
17
50
126
1
1,309
New loans and advances originated
or
purchased
15
-
-
-
1
-
-
-
24
-
-
-
5
-
-
-
45
Transfers between
stages
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
- to 12-month ECL
11
(8)
(4)
-
6
(4)
(2)
-
14
(9)
(5)
-
6
(3)
(3)
-
0
- to lifetime ECL
(4)
10
(5)
-
(8)
34
(26)
-
(3)
10
(7)
-
(1)
11
(10)
-
(0)
- to lifetime ECL credit
-impaired loans
(7)
(1)
8
-
(3)
(23)
26
-
(2)
(8)
9
-
(1)
(8)
9
-
(0)
Impact of ECL net remeasurement
(17)
9
(14)
(10)
3
145
63
20
(44)
6
89
2
(6)
17
44
8
315
Recoveries
from written - off loans
-
-
22
2
-
-
8
2
-
-
15
9
-
-
5
6
68
Loans and advances derecognised/
reclassified as held for sale during the year⁽¹⁾
(0)
-
(6)
(1)
(0)
(0)
(46)
(24)
(0)
(0)
(29)
(11)
(0)
-
(21)
(4)
(143)
Amounts written off⁽²⁾
-
-
(55)
(1)
-
-
(32)
(2)
-
-
(47)
(2)
-
-
(18)
(1)
(157)
Unwinding of Discount
-
-
(5)
-
-
-
(3)
-
-
-
(3)
-
-
-
(2)
-
(13)
Foreign exchange and
other movements
5
(0)
(14)
8
(1)
(37)
(24)
(4)
2
2
(20)
(5)
(2)
(5)
(11)
(9)
(114)
Impairment allowance as at 31 December
62
49
247
2
62
332
142
4
41
50
116
5
18
62
118
1
1,309
Notes to the Consolidated Financial Statements
.
483
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31 December 2025 Consolidated Financial Statements
31 December 2024
Wholesale
Mortgage
Consumer
Small business
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
POCI
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
POCI
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
POCI
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
POCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Impairment allowance
as at 1 January
72
58
314
4
20
154
207
1
53
53
101
3
25
65
128
0
1,258
New loans and advances
originated or
purchased
38
(0)
-
-
3
-
-
-
26
-
-
-
6
-
-
-
73
Transfers
between stages
- to 12-month ECL
16
(11)
(5)
-
4
(3)
(1)
-
20
(14)
(6)
-
10
(7)
(3)
-
-
- to lifetime
ECL
(6)
12
(5)
-
(3)
30
(27)
-
(3)
16
(13)
-
(1)
15
(13)
-
-
- to lifetime
ECL credit-impaired
loans
(1)
(4)
5
-
(5)
(12)
17
-
(2)
(8)
9
-
(1)
(10)
11
-
-
Impact of ECL net
remeasurement
(46)
(12)
41
(4)
47
47
52
3
(36)
4
79
(1)
(33)
(11)
59
(7)
181
Recoveries
from written - off
loans
-
-
10
0
-
-
8
4
-
-
15
5
-
-
5
5
51
Loans and advances
derecognised/reclassified
as held for sale
during the year⁽¹⁾
(0)
-
(29)
-
(0)
(0)
(37)
-
(0)
(0)
(15)
-
-
-
(24)
-
(105)
Amounts written
off⁽²⁾
-
-
(14)
(0)
-
-
(9)
(1)
-
-
(47)
(1)
-
-
(13)
(0)
(84)
Unwinding of Discount
(0)
-
(7)
-
-
-
(0)
-
-
-
(1)
-
-
-
(1)
-
(10)
Foreign exchange
and other movements
(14)
(3)
11
4
(2)
2
(32)
3
(7)
(3)
(8)
5
12
(2)
(25)
3
(55)
Impairment allowance
as at 31
December
58
39
321
4
64
218
177
10
51
48
114
11
17
50
126
1
1,309
(1)
It represents the impairment allowance of loans derecognized due to a) sale and securitization transactions, b) debt to equity transactions and those that have been reclassified as held for sale during the year (notes 20 and 30).
(2)
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2025 and that are still subject to enforcement activity is €
146 million (2024: € 68 million).
Notes to the Consolidated Financial Statements
.
484
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31 December 2025 Consolidated Financial Statements
The impairment losses relating to loans and advances to customers recognized in the Group’s income statement for the
year ended
31 December 2025 amounted to € 379 million,
including € 71 million impairment losses relating to projects
Sun (ex-Solar) and Moon
(note 20) (2024: € 303 million including €
16 million impairment release
relating to project Leon) and are analyzed
as follows:
2025
2024
€ million
€ million
Impairment loss on loans and advances to customers
(359)
(255)
Net income / (loss)
from financial guarantee
contracts⁽¹⁾
(28)
(44)
Modification gain / (loss)
on loans and advances to customers
1
(5)
Impairment (loss)/
reversal for credit related commitments
8
(0)
Total from continuing operations
(379)
(303)
(1)
It refers to financial guarantee contracts held, not integral to
the guaranteed loans (including projects Wave and the Asset Protection
Scheme (“APS”) for a
loan portfolio of former Hellenic Bank).
22.
Investment
securities
2025
2024
€ million
€ million
Investment securities at amortised
cost
19,827
17,651
Debt securities at FVOCI
4,057
4,089
Equity securities at FVOCI
48
59
Debt securities at FVTPL
333
18
Equity securities at FVTPL
619
367
Total
24,884
22,184
Note: information on debt securities of the investment portfolio is presented in note 5.2.1.3.
As part of its strategic and other initiatives, the Group
has elected to designate the following equity securities at initial recognition
as
measured at FVOCI.
2025
2024
€ million
€ million
Plum Fintech Ltd
12
12
Prosperty re Ltd
5
-
JCC Payment Systems Ltd
13
13
Demetra Holdings Plc
-
30
Other
18
3
Total
48
59
In January 2025, the Bank
announced the completion of the sale of
its 8.58% holding in
Demetra Holdings Plc for a cash
consideration
of ca. € 27 million.
This transaction was part of
the Bank’s broader agreement with
Demetra and Logicom for the acquisition
of an
additional 24.66% stake in Hellenic
Bank.
On 13 March 2025, the Group acquired 24.34% of the total share capital (25.67% of the voting rights) of Prosperty RE Ltd for
a cash
consideration of € 5 million. Under the terms of the relevant subscription agreement, the Group is entitled to appoint a permanent
attendee in the
company’s Board of
Directors with no voting
rights, whereas its
consent is required only
for specific governance,
financing, or structural
issues of a
protective nature.
Given the above,
the Group
has assessed
that it does
not have
significant
influence over the Company and elected to designate the acquired shares at FVOCI
.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
As at 31 December 2025,
investment securities backing insurance contract liabilities measured under
the variable fee approach (VFA)
and investment contract liabilities, amounted to € 614 million, of which
€ 589 million measured at FVTPL (31 December 2024: €
54
million measured at FVTPL).
Sustainability linked bonds
As at 31 December
2025, the Group holds positions
in sustainability linked bonds
with Sustainability Performance Targets (SPTs)
(note
20) of carrying value of € 170 million, of which
€ 90 million measured at FVOCI and € 80 million at
AC (2024: € 248 million, of which €
156 million at FVOCI and € 92 million
at AC). The Group has assessed the ESG features
of the aforementioned debt instruments, in
line with the Group’s accounting policies (note 2) and has concluded that they do not create
exposure to risks that are inconsistent
with a basic lending arrangement
and therefore the SPPI criteria are met.
22.1
Movement of investment securities
The tables below present the movement of the carrying amount of investment securities per measurement category and per stage:
31 December 2025
Debt securities at FVOCI
Investment securities at amortised cost
Investment
securities at
FVTPL
Equity
securities at
FVOCI
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount
at 1
January
4,061
28
17,622
20
36
385
59
22,210
Arising from acquisition
(note
23.4)
179
-
-
-
-
506
16
701
Additions, net
of disposals and
redemptions
(171)
(18)
2,741
(2)
0
32
(27)
2,555
Transfers
between stages
(10)
10
(6)
6
-
-
-
Net gains/(losses)
from changes in
fair value for
the year
12
(0)
-
-
-
35
1
47
Amortisation of
premiums/discounts
and interest
14
(0)
89
(1)
1
(1)
-
102
Changes in fair value
due to hedging⁽¹⁾
-
-
(422)
0
1
-
-
(421)
Exchange adjustments
and other
movements⁽²⁾
(48)
(0)
(220)
(0)
(11)
(5)
-
(285)
Gross carrying amount
at 31
December
4,038
19
19,803
23
27
952
48
24,909
Impairment allowance
-
-
(15)
(0)
(10)
-
-
(25)
Net carrying amount
at 31
December
4,038
19
19,787
23
17
952
48
24,884
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Debt securities
at FVOCI
Investment securities
at amortised cost
Investment
securities at
FVTPL
Equity
securities at
FVOCI
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount
at 1 January
3,427
48
10,935
7
32
263
17
14,729
Arising from acquisition
36
-
5,203
0
0
140
14
5,394
Additions, net
of disposals and
redemptions
453
(22)
1,368
-
0
(23)
39
1,815
Transfers
between stages
3
(3)
(12)
12
-
-
-
0
Net gains/(losses)
from changes in fair
value for the
year
66
5
-
-
-
16
(11)
76
Amortisation of
premiums/discounts
and interest
18
1
82
0
1
0
-
102
Changes in fair value
due to hedging⁽¹⁾
-
-
5
0
1
-
-
6
Exchange adjustments
and other
movements⁽²⁾
57
0
40
0
2
(12)
-
88
Gross carrying amount
at 31
December
4,061
28
17,622
20
36
385
59
22,210
Impairment allowance
-
-
(15)
(1)
(9)
-
-
(26)
Net carrying amount
at 31 December
4,061
28
17,606
19
27
385
59
22,184
(1)
Changes in fair value due to active and discontinued hedging relationships amount to € 233 million
loss and € 189 million loss, respectively (2024: € 41 million
gain and € 35 million loss, respectively).
(2)
Other movements include fair value adjustments
of € 45 million (credit balance) for
former Hellenic Bank’s investment securities at
AC, which in prior year
were included in other assets. Other movements in the comparative year include debt
securities of face value of € 3 million at FVOCI,
€ 31 million at AC and €
25 million at FVTPL, eliminated for consolidation purposes following the acquisition of former Hellenic Bank.
22.2
Movement of ECL
The table below presents the ECL movement per portfolio, including ECL movement
analysis per stage:
31 December 2025
31 December 2024
Measured at
amortised cost
Measured at
FVOCI
Total
Measured at
amortised cost
Measured at
FVOCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
Balance at 1 January
26
8
33
18
8
26
New financial
assets purchased
5
2
6
6
4
10
- of which
12-month ECL-Stage
1
5
2
6
6
4
10
Transfers between
stages
- (from)/to 12-month
ECL-Stage 1
0
(0)
(0)
(0)
0
0
- (from)/to lifetime
ECL-Stage 2
(0)
0
0
0
(0)
(0)
Remeasurement
due to
change in
ECL risk parameters
(2)
0
(2)
4
1
4
- of which
12-month ECL-Stage
1
(5)
0
(5)
1
(1)
0
- of which
lifetime ECL-Stage
2
(0)
0
0
1
2
2
- of which
lifetime ECL-Stage
3
3
-
3
2
-
2
Financial assets disposed
during the
year
(1)
(3)
(4)
(1)
(5)
(6)
- of which
12-month ECL-Stage
1
(1)
(3)
(3)
(1)
(3)
(4)
Financial assets redeemed
during the
year
(2)
(0)
(3)
(0)
(0)
(1)
- of which
lifetime ECL-Stage
3
(2)
-
(2)
-
-
-
Foreign exchange
and other
movements
0
1
2
0
0
0
Balance as at 31
December
25
8
33
26
8
33
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
22.3
Equity reserve: revaluation of the investment securities at FVOCI
Gains and losses
arising from
the changes
in the fair
value of
investment securities
at FVOCI are
recognized in
a
corresponding
revaluation reserve in equity. The movement of the reserve is
as follows:
2025
2024
€ million
€ million
Balance at
1 January
57
48
Net gains/(losses) from
changes in fair
value
12
60
Tax (expense)/benefit
(0)
(10)
12
50
Net (gains)/losses transferred
to net
profit on
disposal
(22)
(7)
Net (gains)/losses from
fair value changes
of hedged items
25
(45)
ECL transferred
to net
profit
2
4
Tax (expense)/benefit
on net
(gains)/losses transferred
to net
profit
(3)
12
2
(36)
Revaluation
reserve from
associated undertakings,
net of tax
-
(5)
Revaluation
reserve on
equities
securities
transferred
to R/E
9
(0)
Balance at 31 December
80
57
23.
Group composition
23.1
Merger of Eurobank Ergasias Services and Holdings S.A. with Eurobank S.A.
..
On 19 December
2024, Eurobank Holdings announced
that its Board
of Directors decided the
initiation of the
merger process of
Eurobank Holdings with the Bank through absorption of the former by the latter (the Merger), in order that operational effici
encies
and a leaner group structure be achieved.
On 30 April 2025, the Board of Directors of both companies approved the draft merger agreement and on 19 May 2025, announced
the completion of its publicity formalities.
On 22 October 2025 and 3
December 2025 the Extraordinary General Meetings of
Eurobank S.A. and Eurobank Holdings respectively,
approved the above Merger
in accordance with the
provisions of article 16 of
law 2515/1997, articles 6-21,
30-34 and 140 of law
4601/2019 and the applicable
provisions of law 4548/2018, as in force
and under the specific
terms and conditions set out in
the
Draft Merger Agreement,
and the rest of the documents, as submitted to the General
Meetings. The merger has also received the
approval of the competent supervisory authority the European Central Bank pursuant to article 16 of law 2515/1997.
On 12 December
2025, following the registration with the
General Commercial Registry
of the decision
of the Ministry
of Development
under protocol number 3831464 ΑΠ/12.12.2025, the above Merger was completed and the following
effects occurred:
(a) The Bank,
pursuant to Article
16 of Law
2515/1997 and Article
18 (2) of
Law 4601/2019,
as currently in
force, succeeded by
operation of law,
through universal succession, to the entire estate (assets
and liabilities) of Eurobank Holdings, as reflected in
the
transformation balance sheet dated 31 December 2024 and as
it had evolved until the completion of the Merger.
(b) Eurobank Holdings was
dissolved without liquidation and ceased to exist,
while its shares
were delisted from the Athens
Stock
Exchange (ATHEX).
(c) Any pending litigation of Eurobank Holdings shall continue automatically in
the name of the Bank, without any further procedural
formalities, in accordance with
Article 16 of Law 2515/1997 and Article
18(3) of Law 4601/2019, as
in force.
(d) The shareholders of Eurobank
Holdings became shareholders of the Bank, on
the basis of the following agreed exchange ratio: for
each one existing common registered share with voting rights of Eurobank Holdings, with a nominal value of € 0.22 each, its
holder
received one new common
registered dematerialized share with voting rights of the
Bank, with a nominal value
of € 0.22, in
the share
capital of the Bank as formed in the context of the Merger (note 37).
The shareholders therefore retained, following the Merger, the
same number of shares as
they held prior to the Merger.
In addition, following
the approval on
26 November 2025
by the
Hellenic Capital Markets
Commission of the Bank’s
Prospectus,
prepared in accordance with the applicable legal framework, the ATHEX on 12 December 2025 approved
the admission to trading of
3,631,510,801 new common registered shares of the Bank,
with commencement date of trading on 15 December 2025 and starting
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
price the closing price of Eurobank Holdings share on
9 December 2025, which was the last date
of trading on the ATHEX prior to the
completion of the Merger. In addition, the commencement of trading on the Main Market of the Cyprus Stock Exchange took place
19 December 2025.
Further information is provided on the relevant corporate announcements published on the Bank’s website.
.
23.2
Shares in subsidiaries
The following is a listing of the Bank's subsidiaries as at 31 December 2025, included
in the consolidated financial statements for the
year ended 31 December 2025:
Name
Note
Percentage
holding
Country of
incorporation
Line of business
Be Business Exchanges Single Member Societe Anonyme of
Business Exchanges Networks and Accounting and Tax Services
100.00
Greece
Business-to-business e-commerce,
accounting, tax and sundry services
Eurobank Asset Management Mutual Fund Mngt Company
Single Member S.A.
100.00
Greece
Mutual fund and asset management
Eurobank Equities Investment Firm Single Member S.A.
100.00
Greece
Capital markets and advisory services
Eurobank Leasing Single Member S.A.
100.00
Greece
Leasing
Eurobank Factors Single Member S.A.
100.00
Greece
Factoring
Cyprialife Greece Single Member S.A.⁽²⁾
100.00
Greece
Life Insurance
Herald Greece Single Member Real Estate development and
services S.A. 1
100.00
Greece
Real estate
Piraeus Port Plaza 1 Single Member Development S.A.
100.00
Greece
Real estate
(Under liquidation) Anchor Hellenic Investment Holding Single
Member S.A.
100.00
Greece
Real estate
Athinaiki Estate Investments Single Member S.A.
100.00
Greece
Real estate
Piraeus Port Plaza 2 Single Member Development S.A.
100.00
Greece
Real estate
Piraeus Port Plaza 3 Single Member Development S.A.
100.00
Greece
Real estate
Tenberco Real Estate Single Member S.A.
100.00
Greece
Real estate
Value Touristiki Single Member Development S.A.
100.00
Greece
Real estate
Insignio Single Member S.A.
100.00
Greece
Real estate
Anaptyxeis Plagias Single Member S.A.⁽²⁾
100.00
Greece
Real estate
Eurobank Ananeosimes Single Member S.A.
100.00
Greece
Production and distribution of solar generated
electric energy
Eurobank Bulgaria AD
99.99
Bulgaria
Banking
PB Personal Finance EAD
99.99
Bulgaria
Pension assurance intermediary business
Berberis Investments Ltd
100.00
Channel Islands
Holding company
Eurobank Limited⁽¹⁾
e
100.00
Cyprus
Banking
Hellenic Bank (Investments) Ltd⁽¹⁾
100.00
Cyprus
Investment banking, asset management and
brokerage
HB Data Analytics Ltd⁽¹⁾
100.00
Cyprus
Auxiliary services
HB Insurance Holding Ltd⁽¹⁾
100.00
Cyprus
Insurance services
Ezmero Holdings Ltd⁽¹⁾
100.00
Cyprus
Real estate
Anolia Industrial Ltd⁽¹⁾
100.00
Cyprus
Real estate
Drypto Holdings Ltd⁽¹⁾
100.00
Cyprus
Real estate
Arzetio Holdings Ltd⁽¹⁾
100.00
Cyprus
Real estate
Katlero Holdings Ltd⁽¹⁾
100.00
Cyprus
Real estate
ERB Cyprus Insurance Holdings Ltd⁽²⁾
100.00
Cyprus
Holding company
ERB Cyprialife Ltd⁽²⁾
h
100.00
Cyprus
Life Insurance
ERB Asfalistiki Ltd⁽²⁾
h
100.00
Cyprus
General Insurance
ERB Cyprus Properties Ltd⁽²⁾
100.00
Cyprus
Holding company
ERB Cyprus Tower Ltd⁽²⁾
100.00
Cyprus
Real estate
Cyprialife Insurance Brokers Ltd⁽²⁾
100.00
Cyprus
Insurance Brokerage
Laiki Brokers (Insurance & Consultancy Services) Ltd⁽²⁾
100.00
Cyprus
Insurance Brokerage
Laiki Insurance Agencies Ltd⁽²⁾
100.00
Cyprus
Insurance agency services
LCYL Karpenisiou Properties Ltd⁽²⁾
100.00
Cyprus
Real estate
LCYL Kiti Properties Ltd⁽²⁾
100.00
Cyprus
Real estate
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Name
Note
Percentage
holding
Country of
incorporation
Line of business
LCYL Dramas Properties Ltd⁽²⁾
100.00
Cyprus
Real estate
LCYL Properties Ltd⁽²⁾
100.00
Cyprus
Real estate
CL Archangelos Anaptyxis Ltd⁽²⁾
100.00
Cyprus
Real estate
CL Archangelos Properties Ltd⁽²⁾
100.00
Cyprus
Real estate
Montper Enterprises Ltd⁽²⁾
100.00
Cyprus
Holding company
CL (Mesa Geitonia) Properties Ltd⁽²⁾
100.00
Cyprus
Real estate
Foramonio Ltd
100.00
Cyprus
Real estate
Lenevino Holdings Ltd
100.00
Cyprus
Real estate
Rano Investments Ltd
100.00
Cyprus
Real estate
Neviko Ventures Ltd
100.00
Cyprus
Real estate
Zivar Investments Ltd
100.00
Cyprus
Real estate
Amvanero Ltd
100.00
Cyprus
Real estate
Revasono Holdings Ltd
100.00
Cyprus
Real estate
Volki Investments Ltd
100.00
Cyprus
Real estate
Adariano Investments Ltd
100.00
Cyprus
Real estate
Elerovio Holdings Ltd
100.00
Cyprus
Real estate
Ovedrio Holdings Ltd
100.00
Cyprus
Real estate
Primoxia Holdings Ltd
100.00
Cyprus
Real estate
Severdor Ltd
100.00
Cyprus
Holding company
Eurobank Private Bank Luxembourg S.A.
100.00
Luxembourg
Banking
Eurobank Fund Management Company (Luxembourg) S.A.
100.00
Luxembourg
Fund management
ERB Lux Immo S.A.
100.00
Luxembourg
Real estate
ERB New Europe Funding B.V.
100.00
Netherlands
Finance company
ERB New Europe Funding II B.V.
100.00
Netherlands
Finance company
ERB IT Shared Services S.A.
100.00
Romania
Informatics data processing
Seferco Development S.A.
99.99
Romania
Real estate
ERB Leasing A.D. Beograd-in Liquidation
100.00
Serbia
Leasing
IMO Property Investments A.D.
Beograd
100.00
Serbia
Real estate services
Karta II Plc
-
United Kingdom
Special purpose financing vehicle
Astarti Designated Activity Company
-
Ireland
Special purpose financing vehicle
ERB Recovery Designated Activity Company
-
Ireland
Special purpose financing vehicle
(1)
Entities of the
former Hellenic Bank
group, which was
consolidated as of
the third quarter of
2024. As of
November 2024, following
the share purchase
agreements with certain shareholders of Hellenic Bank and Eurobank’s squeeze-out right to acquire the
remaining shares of Hellenic Bank, the entity is included
in the Group’s financial statements with 100%
consolidation percentage. As of June 2025, following the completion
of the Squeeze Out procedure, the Bank’s
holding in the company’s share capital reached 100% (note 23.3).
(2)
CNP Cyprus Insurance Holdings Limited and its subsidiaries (former “CNP Cyprus subgroup”) were acquired by Hellenic Bank in April 2025 (note 23.4).
Note: In the third quarter of 2025, in the context of the sale of non-performing loans to KEDIPES, the Bank’s
subsidiary Eurobank Limited, established “Kladozo
Holdings Ltd”,
which was subsequently renamed
to “Creditum Holdings Ltd”.
In January 2026, in
the context of
the completion of
the agreement between
Eurobank Limited and KEDIPES, the latter acquired 100% of the shares of Creditum Holdings Ltd (note 20).
The following entities
are not included in the consolidated financial statements
due to immateriality:
(i) the Group’s
special purpose financing
vehicles and the
related holding
entities:
a) Anaptyxi
APC Ltd, which
is dormant/under
liquidation and
b) Themeleion
III Holdings
Ltd, Themeleion
IV Holdings
Ltd,
Themeleion Mortgage
Finance Plc,
Themeleion II
Mortgage Finance Plc, Themeleion III Mortgage
Finance Plc, Themeleion IV Mortgage
Finance Plc, Themeleion V Mortgage Finance
Plc, Themeleion VI Mortgage Finance Plc and Byzantium II Finance Plc , which were dormant and/or are under liquidation and were
dissolved in February 2026.
(ii) the holding entity of Karta II
Plc: Karta II Holdings Ltd.
(iii) dormant entity: Enalios Real
Estate Development S.A.
(iv) entities controlled by the Group
pursuant to the terms of the relevant
share pledge agreements: Finas
S.A., Rovinvest S.A. and
Promivet S.A.
In 2025, the changes in the Group structure due to: a) acquisitions and mergers of companies, b) sales and other corporate actions,
which resulted in
loss of control,
c) transactions with
the non-controlling interests,
which did not
result in loss
of control and
d)
liquidations, are as follows:
Notes to the Consolidated Financial Statements
.
490
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31 December 2025 Consolidated Financial Statements
(a) Oscar Estate EAD,
Bulgaria
In March 2025, the Bank’s subsidiary Eurobank Bulgaria AD acquired
100% of the shares of Oscar Estate EAD for a cash consideration
of € 39.2 million.
In line with IFRS
3 requirements, the acquisition was accounted for as an asset
acquisition rather than a business
combination, since substantially all of the fair value of
the gross assets acquired was concentrated in a single identifiable
asset and
no substantive business processes were
acquired. Accordingly, no goodwill
was recognized, whereas
the acquired property, along
with other assets/other liabilities,
were recognized in the Group’s balance
sheet by allocating the purchase price
to the individual
identifiable assets and liabilities on the basis of their relative fair values. Following the above treatment,
at the acquisition date the
total assets of the company
amounted to € 39.3
million, of which € 31.2
million referred to own used
property and € 8 million referred
to investment property,
while total liabilities
amounted to € 0.1 million.
In December 2025, the
merger of Oscar Estate
EAD with
Eurobank Bulgaria AD was
completed by absorption of the former by the latter.
(b) Hellenic Insurance Agency Ltd, Cyprus
In March 2025, the dissolution οf the company was completed with an
immaterial effect
for the Group.
(c) Pancyprian Insurance Ltd, Cyprus – see also below item (i)
In May 2025, the Bank’s subsidiary Hellenic Bank Public Company Limited acquired an
additional participation interest of 0.0361% in
the company, therefore its holding in the company’s share
capital reached 100%.
(d) IMO Property Investments Bucuresti S.A., Romania
In June
2024, the sale
of IMO
Property Investments
Bucuresti S.A. was
considered highly probable,
therefore the company
was
classified as held for sale in accordance
with IFRS 5. Accordingly, in the second quarter of
2024, a remeasurement/impairment loss of
€ 9.4 million on real estate properties was recognised in the income statement line “Other impairments,
risk provisions and related
costs”. In April 2025, the sale of
the Group’s participation interest of
100% in IMO Property Investments
Bucuresti S.A. was completed
for a cash consideration of
€ 7.5 million, including other receivables
based on the sale agreement.
The resulting loss from
the sale
amounted to € 1 million before tax, following the recyclement to the income statement of
ca. € 1 million cumulative losses relating
to currency translation differences, previously recognized in other comprehensive income.
(e) Merger of Hellenic Bank Public Company Limited and Eurobank Cyprus Ltd, Cyprus
On 29
August 2025,
the Bank
announced the
receipt of
all required
regulatory approvals
for the
merger of
its wholly
owned
subsidiaries in Cyprus,
i.e. Hellenic
Bank and Eurobank
Cyprus. Effective
1 September
2025, and in
accordance with the
Cyprio
t
Transfer of Banking
Business and Collateral Law
of 1997, all assets
and liabilities of Eurobank Cyprus were
transferred to Hellenic
Bank. The transaction was executed through the issuance of new
common shares by Hellenic Bank to Eurobank Cyprus,
representing
36.15% of its share capital
,
while the remaining 63.85%
was held by Eurobank S.A. Following the transaction, Eurobank Cyprus Ltd
was renamed to ERB
Cyprus Holdings Ltd and Hellenic Bank Public Company Limited was
renamed to Eurobank Limited.
On 3 December 2025,
the merger of the
two organizations was completed. On the same date, a) the
share capital of Eurobank
Limited
was reduced by € 116.8 million corresponding to the shares held by ERB Cyprus Holdings, which were cancelled and b) increased by
the same amount through the issuance of an equivalent number of shares allocated to Eurobank S.A. As a result of these corporate
actions, Eurobank S.A. became the sole shareholder of Eurobank Limited and ERB
Cyprus Holdings Ltd was dissolved.
The merger of the two
organizations is in line
with the Bank’s strategy
to create a
single, strong and modern financial
institution,
which will
be able to
provide upgraded banking
and insurance services
to its customers,
contributing to the
development of
the
Cypriot economy.
(f) Afinopio Investments Ltd, Cyprus
In August 2025, the Bank’s subsidiary Eurobank Cyprus Ltd
signed an agreement for the sale of its
participation interest of 100% in
Afinopio Investments Ltd to a third party for a cash consideration of € 0.4 million. The resulting gain on the disposal was
immaterial
for the Group.
(g) ERB New Europe Holding B.V.,
Netherlands
In December 2025, the liquidation οf the company was completed.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
(h) Herald Greece Single Member Real
Estate development and services S.A. 2, Greece
In October
2025, the Bank
sold its participation
interest of 100%
in Herald Greece
Single Member Real
Estate development and
services S.A. 2 to a third party for a cash
consideration of € 10.8 million, with a
resulting loss of € 0.5 million
for the Group.
(i) Merger of Group’s Cypriot insurance companies
In October 2025, the merger of the Group’s Cypriot insurance companies was completed. This involved the transfer of
all insurance
portfolios, assets, and liabilities of Hellenic Life
Insurance Company Ltd and Pancyprian Insurance Ltd to ERB Cyprialife Ltd
and ERB
Asfalistiki
Ltd, respectively. Accordingly, Hellenic
Life Insurance Company Ltd and Pancyprian Insurance Ltd were dissolved.
Agreement with Fairfax for the acquisition of Eurolife FFH Life Insurance and the partial disposal of ERB Asfalistiki Ltd
On 13 October 2025,
Eurobank Ergasias Services and Holdings S.A. and
its subsidiary, Eurobank
S.A. together (“Eurobank”),
announced
that Eurobank Holdings has signed a term sheet with Fairfax Financial Holdings Limited (“Fairfax”) pursuant to which Eurobank shall
acquire the remaining
80% of the
life insurance
business (“Eurolife Life”)
(the Transaction)
for a net cash
consideration of €
813
million. Following this acquisition, Eurobank
will hold 100% of Eurolife Life and
will retain its 20% interest in Eurolife Holdings’ general
insurance business (“Eurolife General
Insurance”).
Eurolife Life stands as a leading life insurer in Greece, holding
a market share of c.
21%, while for 2025, it is projected to achieve gross
written premiums of c. €
600 million. The Transaction
will enable Eurobank to enhance its
profitability base by fully
consolidating
Eurolife Life’s
financial results, further
diversify its
revenue streams through
increased fees
and commissions,
and maximize
the
potential of its bancassurance platform.
In addition to the
aforementioned Transaction, Fairfax
shall procure that certain affiliates
of Fairfax will
acquire 45% of the share
capital of ERB Asfalistiki (“ERBA”),
the non-life (property and casualty) insurance company of Eurobank Limited in Cyprus, for a cash
consideration of € 59 million. Fairfax will also have the
right to acquire the remaining 55%
of the share capital of ERBA over time. This
strategic
partnership
will
allow
both companies
to
combine
their
strengths
in
underwriting, risk
management,
and
product
development, driving greater operational efficiency and unlocking new market opportunities in Greece and Cyprus.
The above transactions are expected to increase Eurobank Group’s
fees and commissions by c. 12%, driving the contribution
of asset
management and insurance to total fees,
in excess of 30%.
The signing of both share purchase agreements is expected within the first quarter of 2026 whilst the completion within the second
quarter of 2026. Both transactions
are subject to the required approvals from the relevant
authorities and the process for related
party transactions. Further information is available
in the relevant announcement on the Bank’s website.
Post balance sheet events
(i)
In January 2026, the liquidation of Severdor Ltd was decided.
(ii)
In February 2026, the
Group entered into
an agreement for
the acquisition of
a controlling interest
in a software
company in
Bulgaria, for an upfront consideration of c.
€ 18 million plus additional consideration
that is contingent on future profitability. The
completion of the transaction is subject to customary regulatory
approvals and is expected to be finalized within the first quarter
of 2026.
In 2024, the significant changes in
the Group structure were as follows:
(i) Reco Real Property A.D. Beograd, Serbia
In February 2024, the Bank signed an agreement for the sale of its participation interest of 100%
in Reco Real Property A.D. Beograd
to a
third party for
a cash consideration
of €
11.5 million. Following
the above, the
company was classified
as held for
sale and
measured by reference to the agreed consideration, being lower than
its carrying amount. Accordingly, in the first quarter of 2024, a
fair value remeasurement loss of € 1.8 million for the company’s main asset, relating to investment property, was recognized
in the
income statement line “Other income/(expenses)”. In June 2024, the sale of the company was completed, with an immaterial effect
on the Group’s income statement.
(ii) Special purpose financing vehicle for the securitization of Bank’s loans and related real estate company
In the context
of Project “Leon”,
on 8
July 2024, the
Bank proceeded to a
securitization transaction through the
special purpose
financing vehicle “LEON CAPITAL
FINANCE DESIGNATED
ACTIVITY COMPANY”. In September
2024, the Group disposed 95% of
the
Notes to the Consolidated Financial Statements
.
492
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31 December 2025 Consolidated Financial Statements
mezzanine and junior notes
of the abovementioned securitization
to a third
party, therefore ceased to control the
SPV and the related
real estate company “Leon Capital Estate
Single Member S.A.”
(note 20).
(iii) ADEXA Real
Estate Single Member S.A., Greece
In December 2024, the merger of the Bank and its wholly owned subsidiary ADEXA Real Estate Single Member S.A. was completed,
by absorption of the latter by the former
.
(iv) Severdor Ltd, Cyprus and Insignio Single Member S.A., Greece
In December 2024, the Bank acquired 100% of the shares
of Severdor Ltd for a cash consideration of ca. € 34 million. The main asset
of Severdor Ltd was the participation in the whole of the issued share capital of Insignio Single Member S.A., which in turn owns an
investment property as its
main asset. In line
with IFRS
3 requirements, the acquisition was
accounted for as an
asset acquisition
rather than a business combination, since substantially all of the fair value of the gross assets acquired was concentrated in a single
identifiable asset
and no
substantive business
processes were
acquired. Accordingly,
no goodwill
was recognized,
whereas the
acquired property, along with other assets/other liabilities, were recognized in the Group’s balance sheet by allocating the purchase
price to the individual identifiable assets and liabilities on
the basis of their
relative fair values. Following the above treatment, at the
acquisition date the total assets of both
companies amounted to ca. € 86 million, of
which ca. € 75 million investment property, while
total liabilities
amounted to ca. € 52 million, of which
ca. € 44 million intragroup funding.
Significant restrictions on the Group's ability to access or use the assets and settle the liabilities of the Group
The Group does not have any significant restrictions on its ability to access or use its assets and settle its liabilities
other than those
resulting from regulatory, statutory and contractual
requirements, set out below:
●
Banking and other financial institution subsidiaries are subject
to regulatory restrictions and central
bank requirements in the
countries in which the
subsidiaries operate. Such supervisory framework
requires the subsidiaries
to maintain minimum
capital buffers and certain capital adequacy and liquidity ratios, including
restrictions to limit exposures and/or the transfer
of funds to the Bank and other subsidiaries within the Group. Accordingly, even if
the subsidiaries’ financial assets are not
pledged at
an individual entity
level, their
transfer within
the Group
may be
restricted under
the existing
supervisory
framework. As
at 31
December 2025,
the carrying
amount of
the Group
financial institution
subsidiaries’ assets
and
liabilities, before intercompany eliminations, amounted to € 47.9 billion and € 42.5 billion,
respectively (2024: € 44.1 billion
and € 39.3 billion,
excluding Eurobank S.A.).
●
Subsidiaries are subject to statutory requirements mainly relating with the level of capital and total equity
that they should
maintain, restrictions on
the distribution of
capital and special
reserves, as well
as dividend payments
to their ordinary
shareholders.
●
Insurance subsidiaries, which are also subject to regulatory
and statutory restrictions, hold financial assets (Due from credit
institutions and Investment securities) of € 922 million (2024:
€ 128 million), (before intercompany eliminations)
in order to
satisfy their obligations to
policy holders.
●
The Group uses its financial
assets as collateral
for repo and derivative transactions, secured borrowing from central
and
other banks, issuances of covered
bonds, as well as securitizations. As a
result of financial assets’
pledge, their transfer within
the Group is not permitted. Information relating to the Group’s pledged financial assets is provided in notes 17, 29 and 41.
●
The Group is required to maintain mandatory and
collateral deposits with central banks. Information for these deposits is
provided in note 15.
23.3 Corporate
actions in relation to Hellenic Bank group
Hellenic Bank Public Company Ltd (“Hellenic Bank”), a financial institution based in Cyprus was accounted for as a Group’s associate
under the equity method from April 2023 until 30 June 2024.
In June 2024, the Bank acquired
an additional 26.3% holding in Hellenic Bank and
also announced, pursuant to the
Takeover Bids Law
of 2007 of the Republic of Cyprus (“Law”), the submission of a Mandatory Takeover
Bid to all shareholders of Hellenic Bank for
the
acquisition of up to 100% of its issued share capital. The
acceptance period for the Mandatory Takeover Bid expired on 30 July 2024,
eliminating any restrictions imposed by the Law on the Bank’s ability to exercise its voting rights in full. Considering
the provisions of
the Law, the Cyprus’ legal framework including the Companies Law Cap. 113, as well as the Hellenic Bank’s articles of
association in
Notes to the Consolidated Financial Statements
.
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relation to
the exercise of
shareholders’ rights, including
the timing for
convening a general
meeting of the
shareholders, it
was
assessed that the Bank acquired control over Hellenic Bank group within July, despite being the holder of 55.48% of Hellenic
Bank’s
shares as at
30 June 2024.
Accordingly, Hellenic
Bank and its
subsidiaries were included
in the Company’s
consolidated financial
statements from the beginning of the third quarter
of 2024. The total percentage of acceptance of
the Takeover Bid reached 0.481%,
giving Eurobank total participation of 55.962% in the issued share capital
of Hellenic Bank.
Moreover, in November 2024, the Bank
announced that: (a) it had
entered into share purchase agreements with certain shareholders
of the Hellenic Bank, pursuant
to which it agreed
to acquire an
additional total holding of
37.51% in the entity,
for a total consideration
of ca. € 750 million,
corresponding to € 4.843 per share and, (b) it
would exercise its squeeze-out right
to acquire any outstanding
shares of Hellenic Bank and take all necessary
steps for the delisting of Hellenic Bank's shares from the Cyprus
Stock Exchange. In the
consolidated financial statements
for the year ended 31 December 2024, the above transactions, including the Bank’s
squeeze-out
right for the acquisition of the remaining shares of Hellenic Bank,
were accounted for as forward contracts at a fixed price to acquire
shares in a subsidiary that are held by
non-controlling interests and were deemed to provide present access to the
risks & rewards of
ownership of
these shares
to
the Bank.
Accordingly,
as
of November
2024, Hellenic
Bank is
included in
the Group’s
financial
statements with
100% consolidation percentage.
Detailed information regarding
the consolidation of
the former Hellenic
Bank group is
provided in note 23.2
of the consolidated
financial statements
for the year ended 31 December 2024.
On 11 February 2025, after the receipt of the relevant regulatory approvals, the acquisition of a total 37.51% stake in Hellenic Bank,
as mentioned above, was completed resulting in
the Bank’s total holding in Hellenic Bank at
93.47%. The financial liability of ca. € 750
million that
had respectively
been recognised
to reflect
the Bank’s
unconditional obligation
to deliver
cash
to non-controlling
shareholders for the acquisition of the 37.51% stake in Hellenic Bank was settled in cash at the completion date of the transactions.
Following that and
pursuant to the
provisions of the
Takeover Bids
Law in Cyprus,
the Bank also
announced the submission
of a
Mandatory Takeover Bid to the shareholders of Hellenic Bank for the acquisition
of up to 100% of the issued share capital of Hellenic
Bank for a consideration of € 4.843 per share. The acceptance period of the Takeover Bid commenced on 11 March 2025 and ended
on 9 April 2025.
On 25 April
2025, the Bank announced
that the total percentage
of acceptance of the
Takeover Bid
reached 4.525%, as the
valid
Acceptance and Transfer Forms submitted were for
18,678,262 shares of Hellenic Bank resulting in the Bank’s total participation of
97.994% in the issued
share capital of
Hellenic Bank. Moreover,
on 28 April
2025, the Bank applied
to the Cyprus
Securities and
Exchange Commission for the exercise of the Squeeze Out right provided by Article 36 of the Takeover
Bids Law, for the acquisition
of the remaining shares of
Hellenic Bank.
On 11 June 2025, the Bank announced the completion of the Squeeze Out procedure. It acquired the remaining 8,279,967 shares of
Hellenic Bank, representing 2.006% of its
issued share capital, at the price of € 4.843
per share. Following this transaction,
the Bank’s
holding in the company’s share capital reached 100%.
As of the second
quarter of 2025, the fair
value exercise performed by the Group
to measure the identifiable
assets acquired and
liabilities incurred from the acquisition
of Hellenic Bank has been
completed, without any
significant differences identified,
compared
to the
acquisition values
that were
presented in
the consolidated
financial statements
for the
year ended
31 December
2024.
Moreover, from 1 January
2025, the fair value adjustments that were previously included on a
provisional basis within the balance
sheet lines ‘Other assets’
and ‘Other liabilities’,
are presented to the respective balance sheet lines they relate
to.
23.4 Acquisition of CNP Cyprus Insurance
Holdings Limited
On 16 April 2025,
Hellenic Bank (currently Eurobank
Limited) announced that
following the receipt of all relevant
regulatory approvals,
the acquisition of the entire
share capital of CNP Cyprus Insurance
Holdings Limited from
CNP Assurances (the “Transaction”) was
completed, for
a total
cash consideration
of €
182 million.
As of
May 2025,
the acquired
entity has been
renamed ERB
Cyprus
Insurance Holdings Limited.
The acquisition of CNP Cyprus Insurance Holdings Limited and its subsidiaries (former “CNP Cyprus subgroup”) was accounted
for as
a business combination using the purchase method of
accounting, where provisional values have been applied. The
respective fair
value exercise for the measurement of the identifiable assets
acquired and liabilities incurred is expected to be completed no
later
than
the
one
year
initial
measurement period
from
the
acquisition date.
During
the
measurement
period, the
Group
may
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
retrospectively adjust the provisional amounts to reflect new
information obtained about facts and circumstances that existed at the
acquisition date.
The following table presents the provisional values of the identifiable assets and liabilities of the former CNP Cyprus subgroup as at
31 March 2025, including provisional fair value
adjustments of € 20.4 million recognized in
the third quarter, which increased the net
assets acquired accordingly.
Provisional
values on
acquisition
€ million
ASSETS
Due from credit institutions
36
of which
intercompany
balances with
the Group
22
Investment
securities
701
Property and equipment
25
Investment property
47
Other assets ⁽¹⁾
34
Total assets
⁽²⁾
843
LIABILITIES
Insurance contract
liabilities
508
Other liabilities
⁽³⁾
92
Total liabilities
600
Net assets acquired
243
(1)
Other assets include € 18 million reinsurance contract assets, € 6 million intangible assets and other receivables.
(2)
net cash outflow on acquisition, after cash and cash equivalents acquired and acquisition-related costs, amounted to € 171 million.
(3)
Other liabilities include € 65 million investment contract liabilities.
The acquisition resulted
in a
provisional gain
of €
58.4 million,
net of acquisition
-related costs
of €
2.5 million,
which has
been
recognized in ‘Other income/(expenses)’. This gain is
mainly attributed to the terms of the acquisition, with the total
consideration
being equal to former CNP Cyprus
subgroup’s book value as of 31 December 2023.
The transaction is in line with Eurobank’s strategic
objective to
expand in
the Cypriot insurance
market. The
acquired entity’s subsidiaries,
hold a
leading position in
Cyprus in
the
insurance sector and
offer life and
general insurance products
and services through
a large network of
independent agents. The
Transaction is
expected to
further
expand and
strengthen the
existing position
of Eurobank
Limited in
the insurance
market,
increasing significantly
its market share in the life
and general insurance sectors.
The results of the former
CNP Cyprus subgroup were incorporated
in the Group’s
financial statements
prospectively, as of 1 April
2025. For the year ended 31 December 2025, former CNP Cyprus subgroup
has contributed € 48 million to the Group's net revenues
from international operations and €
34 million to its
net profit. If the acquisition had occurred on
1 January 2025, the former CNP
Cyprus subgroup would have contributed € 8 million to the Group's net revenues from international operations for the period up to
31 March 2025.
24.
Investments
in associates and joint ventures
.
.
As at 31 December 2025,
the carrying amount of the
Group’s investments in associates and joint ventures amounted
to € 251 million
(2024: € 203 million).
The following is the listing
of the Group’s associates
and joint ventures as at 31 December 2025:
.
Notes to the Consolidated Financial Statements
.
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Name
Country of
incorporation
Line of business
Group's
share
Femion Ltd
Cyprus
Special purpose investment vehicle
66.45
(Under liquidation) Global Finance S.A.
Greece
Investment financing
33.82
Odyssey GP S.a.r.l.
Luxembourg
Special purpose investment vehicle
20.00
Eurolife FFH Insurance Group Holdings S.A.
Greece
Holding company
20.00
Alpha Investment Property Commercial Stores S.A.
Greece
Real estate
30.00
Peirga Kythnou P.C.
Greece
Real estate
50.00
doValue Greece Loans and Credits Claim Management S.A.
Greece
Loans and Credits Claim Management
20.00
Perigenis Business Properties S.A.
Greece
Real estate
18.90
Notes:
a) In the first
half of 2024, in the context
of Solar securitization, the Bank
along with the other
Greek systemic banks established
“REOCO SOLAR S.A.”
with
participation holding 23.4%. Given the abandonment of
the Solar Project (note 20),
the aforementioned entity that remains
dormant since its establishment
will be dissolved.
b) On 16 July 2025,
Eurobank along with other Greek
lending banks triggered the
acceleration clause on the loan agreements
of Avramar Aquaculture S.A.,
making them immediately due and payable. Following the acceleration notice, and pursuant to the terms
of the relevant share pledge agreements, the banks
became the sole beneficiaries of
the voting rights attached to the shares
of Avramar Aquaculture S.A and the pledged shares
of other Avramar group companies,
with no direct shareholding. As a result,
the aforementioned companies are considered to be jointly controlled by the lending banks, based on
the proportionate
participation of each lender in the respective loans. As of 31 December 2025, the
Group classified its loan exposure to the Avramar group as held
for sale. For
further details, please refer to Note 20 Loans and advances to customers.
Omega Insurance and Reinsurance Brokers
S.A. in which the Group holds 26.05% is not accounted under the equity
method in the
consolidated financial statements. The Group is not
represented in the
Board of Directors of
the company, therefore does
not exercise
significant influence over it.
Femion Ltd. is accounted for
as a joint venture of the
Group based on the substance and the purpose of
the arrangement and the
terms of the shareholder’s
agreement which require the
unanimous consent of
the shareholders for significant decisions and
establ
ish
shared control through the equal representation of the shareholders in the management bodies of the company.
Perigenis Business Properties S.A. is accounted for as an associate of
the Group based on the Bank’s representation in the Board
of
Directors and the decision-making process as prescribed in the company’s
articles of association.
As at 31 December 2025, the Group’s
share of results of associates
and joint ventures amounted to €
47 million gain, while
in the
comparative period the respective amount stood
at € 161 million
gain, of which € 133 million
gain relates to the Group’s
share of
results from the former Hellenic Bank group, as
adjusted in the third quarter of
2024, based on its published financial information for
the first half of 2024.
In the second quarter
of 2024, following the acquisition of
an additional holding
of 26.28% in Hellenic Bank,
the Group had
recognised
a gain of € 99.4 million
in the income statement line
“Other income/(expenses)”.
Post balance sheet event
Global Finance S.A., Greece
In February 2026, the liquidation of the company was resolved and its name
was updated accordingly.
Associates and joint ventures material to the Group
With regards to the Group’s associates and joint ventures, Eurolife FFH Insurance
Group Holdings S.A. and doValue
Greece Loans and
Credits Claim Management S.A. are considered individually material for the Group. Financial information regarding those entities is
provided in the tables below:
Notes to the Consolidated Financial Statements
.
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Eurolife FFH
Insurance Group Holdings S.A.
2025
2024
€ million
€ million
Current assets
3,856
3,544
Non-current assets
283
290
Total assets
4,139
3,834
Current liabilities
364
389
Non-current liabilities
2,930
2,783
Total liabilities
3,294
3,172
Equity
845
662
Group’s carrying amount of the investment
169
132
Operating income
279
211
Net profit
177
90
Other comprehensive income
6
(46)
Total comprehensive income
183
45
Dividends paid to the Group
-
12
doValue Greece Loans and Credits Claim
Management S.A.
2025
2024
€ million
€ million
Current assets
228
212
Non-current assets
314
309
Total assets
542
521
Current liabilities
127
117
Non-current liabilities
49
86
Total liabilities
176
203
Equity
366
318
Group's share in equity
73
64
Goodwill and other adjustments
(4)
(6)
Group’s carrying amount of the investment
69
58
Operating income
103
110
Net profit
51
56
Total comprehensive income
51
56
Dividends paid to the Group
-
-
Note:
Goodwill and other adjustments
comprise a) € 6 million
Goodwill included in the carrying
amount of the investment
(2024: € 6 million),
and b) €
-10
million adjustment from the elimination of the Group’s
share of the associate’s income relating
to upstream transactions with the Bank (2024:
€ -12 million)
,
of which € 1
million gain (2024: €
2 million loss)
was recognised during the
year.
The Group’s share of
the associate’s
results after the
above adjustments,
including cut off differences, amounts to € 11 million income (2024: € 10 million income).
The carrying amount, in aggregate, of the Group's
joint ventures as at 31 December
2025 amounted to € 4 million (2024: € 4 million).
The Group’s share of profit and loss and total comprehensive income of the above entities
was € 0.1 million loss (2024: immaterial).
The carrying amount,
in aggregate,
of the Group's
associates excluding
Eurolife FFH
Insurance Group Holdings
S.A. and
doValue
Greece Loans
and Credits
Claim Management S.A.
which are
presented above
(i.e. Global
Finance S.A., Odyssey
GP S.a.r.l.
,
and
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Perigenis Business Properties S.A.)
as at 31 December 2025 amounted to € 9 million (2024: €
9 million). The Group’s share of profit
and loss and total comprehensive income of the above entities
amounted to € 0.4 million (2024: immaterial).
The Group has not recognized losses in relation to its interest in its joint ventures, as its share of losses exceeded
its interest in them
and no incurred obligations exist
or any payments were performed on behalf of
them. For the year ended 31 December 2025,
the
unrecognized share of losses for the Group’s joint ventures amounted to €
0.1 million (2024: € 0.1 million). The cumulative amount
of unrecognized share of losses for
the joint ventures amounted to € 4 million (2024: € 4 million).
As at 31
December 2025, the
Group has no
unrecognized commitments
in relation to
its participation in
joint ventures
nor any
contingent liabilities regarding its participation in associates or joint ventures, which
could result to a future outflow of cash or other
resources.
The insurance subsidiaries of the
Group’s associate Eurolife FFH Insurance Group Holdings S.A are subject to
regulatory and statutory
restrictions and are required to maintain sufficient
capital to satisfy
thei
r
insurance obligations.
Except as described above, no
significant restrictions exist
(e.g. resulting from loan
agreements, regulatory requirements or
other
contractual arrangements) on the ability of associates or joint
ventures to transfer funds to the Group either as dividends or to repay
loans that have been financed by the Group.
25.
Structured Entities
The Group is involved in various types of structured entities, such as securitization
vehicles, mutual funds and private equity funds.
A structured entity is an entity
that has been designed so that voting or similar
rights are not the dominant factor in deciding
who
controls the entity, such as when any
voting rights relate to administrative tasks only
and the relevant activities are directed by
means
of contractual arrangements. A structured entity often
has restricted activities, a narrow well-defined objective,
insufficient equity to
permit it to finance
its activities without subordinated financial
support and financing in the
form of multiple
contractually linked
instruments to investors that create concentrations of
credit or other risks.
An interest
in a structured
entity refers to
contractual and non-contractual
involvement that exposes
the Group to
variability of
returns from the performance
of the structured entity. Examples
of interest in structured entities
include the holding of debt
and
equity instruments, contractual arrangements, liquidity support, credit enhancement, residual value.
Structured entities may be established by the Group or by a third party and are consolidated when the substance
of the relationship
is such that the structured entities are controlled by
the Group, as set out in note 2.2.1(i). As a
result of the consolidation assessment
performed, the Group has involvement with both consolidated and unconsolidated structured entities, as described below.
Consolidated structured
entities
The Group, as
part of its
funding activity,
enters into
securitization transactions of
various classes
of loans (corporate, small
and
medium enterprise, mortgage, consumer loans, credit
card and bond loans), which
generally result in the transfer of
the above assets
to structured entities (securitization
vehicles), which, in turn issue debt securities
held by investors and the
Group’s entities.
The
Group monitors the credit quality of the securitizations’ underlying
loans, as well as the credit ratings of the debt instruments
issued,
when applicable, and provides either credit
enhancements to the securitization vehicles
and/or transfers new loans
to the pool of
their underlying assets, whenever necessary, in accordance with the terms
of the relevant contractual arrangements
in force.
A listing of the Group’s
consolidated structured entities is set out in note 23.
As at 31 December 2025, the face value of debt securities
issued by the securitizations sponsored by
the Group amounted to € 2,294
million, of which € 1,741 million were held by
the Bank (2024: € 2,724 million, of which
€ 2,171 million were held by the Bank)
(notes
20 and 33).
The Group did not provide
any non contractual financial or other
support to these structured
entities, where applicable, and currently
has no intention to do so in the foreseeable future.
Unconsolidated structured entities
The Group enters
into transactions with
unconsolidated structured entities,
which are those
not controlled by
the Group,
in the
normal course of business, in order to provide fund management services or take advantage
of specific investment opportunities.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Moreover, the Group
in the context of its
NPE reduction targets has
entered into the securitization of various classes
of primarily
NPE loan portfolios originated or acquired by the Group through the issue of senior, mezzanine
and junior notes (note 20).
Group managed funds
The Group establishes and manages structured entities in order to provide customers, either retail or institutional, with investment
opportunities. Accordingly, through
its subsidiaries Eurobank Asset
Management Mutual Fund
Mngt Company S.A.
and Eurobank
Fund Management Company (Luxembourg) S.A., it
is engaged with the management
of different types of
mutual funds, including
fixed income, equities, funds of funds and money market.
Additionally, the Group is entitled
to receive management and other fees
and may hold investments in such mutual funds for own
investment purposes as well as
for the benefit of its customers.
The Group is involved in the initial design of the
mutual funds and, in its capacity as fund
manager, takes investment decisions on the
selection of
their investments,
nevertheless within
a predefined,
by relevant
laws and
regulations, decision
making framework.
Τherefore, the Group has determined that it has no power over these funds.
Furthermore, in its capacity as
fund manager,
the Group primary acts as an
agent in exercising its
decision making authority
over
them. Based on the above,
the Group has assessed that it has no
control over these mutual
funds and as a result does
not consolidate
them. The Group does
not have any contractual obligation to provide
financial support to the
managed funds and does not
guarantee
their rate of return.
Non-Group managed funds
The Group purchases and
holds units of
third party managed funds including
mutual funds, private equity
and other
investment funds.
Securitizations
The Group has interests in unconsolidated
securitization vehicles by investing in residential mortgage backed and
other asset-backed
securities issued by these entities.
The table
below sets
out the
carrying amount of
the Group’s
interests in
unconsolidated structured
entities, recognized in
the
consolidated balance sheet
as at
31 December
2025, representing
its maximum exposure
to loss
in relation
to these
interests.
Information relating to the total
income derived from interests
in unconsolidated structured entities, recognized either in profit
or
loss or other comprehensive income during 2025 is
also provided (i.e. fees, interest
income, net gains or losses
on revaluation and
derecognition):
31 December 2025
Unconsolidated structured entity type
Securitizations
Group managed
funds
Non-
Group
managed
funds⁽²⁾
Total
€ million
€ million
€ million
€ million
Group's interest-
assets
Loans and advances to customers
4,007
-
-
4,007
Investment securities⁽¹⁾
1,763
98
77
1,938
Other Assets
-
2
-
2
Total
5,770
99
77
5,946
Total comprehensive income from
Group interests
109
106
0
215
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Unconsolidated structured entity type
Securitizations
Group managed
funds
Non- Group
managed
funds⁽²⁾
Total
€ million
€ million
€ million
€ million
Group's interest-
assets
Loans and advances to customers
4,387
-
-
4,387
Investment securities⁽¹⁾
2,008
89
63
2,160
Other Assets
-
2
-
2
Total
6,395
91
63
6,549
Total comprehensive income from
Group interests
158
77
3
238
(1)
It includes asset-backed securities held by Group entities from third-party issuances.
(2)
Investment securities
of €
265 million
(2024: €
50 million)
that are
backing unit-linked
insurance and
investment contract
liabilities are
not included.
Comparatives have been adjusted accordingly.
For the year
ended 31 December 2025,
total comprehensive income
related to
the Group’s
interests from securitizations
mainly
includes: (i) € 104.1
million interest income of debt
securities retained by the Group measured
at amortized cost,
at FVOCI and FVTPL,
(ii) €
0.8 million
from gains
or losses
on revaluation
recognized
in other
comprehensive income
and (iii)
€ 3.9
million gain
on
revaluation of mezzanine securitization notes. Total income from Group interests in relation to Group managed funds consists of: (i)
€
93.9 million income referring to management and related fees for the Group managed funds and (ii) € 12.1 million gains or losses
on revaluation or from sale of the Group’s
holding in funds recognized in profit or loss. In
addition, total income in relation to non-
Group managed funds consists
mainly of gains or losses
on revaluation or from sale
of the Group’s
holding in funds and has
been
recognized in profit or loss.
As at 31 December 2025, the total assets
of funds under the Group’s management amounted to € 7.7
billion (2024: € 5.9 billion).
For the securitization notes included in
the balance sheet line “Loans and advances to customers”, referring to the senior, mezzanine
and junior notes of the securitizations of loans originated by Group entities (note 20), the notional amount of total issuances by the
unconsolidated securitization vehicles amounted to € 14.8 billion (202
4: € 15.2 billion). As
at 31 December 2025
and 2024, for the
securitization notes included in the
balance sheet line “Investment
securities” the Group did
not hold a significant
position of the
notional amount of total issuances by the unconsolidated securitization vehicles.
Notes to the Consolidated Financial Statements
.
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26.
Property and equipment
31 December 2025
Land, buildings,
leasehold
improvements
Furniture,
equipment,
motor
vehicles
Computer
hardware,
software
Right of use assets
(RoU)⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
Cost:
Balance at 1 January
878
255
389
375
1,897
Arising from acquisitions (note 23)
51
4
2
3
60
Transfers
9
(5)
13
-
17
Additions
60
30
13
13
116
Disposals, write-offs and adjustment to RoU ⁽¹⁾
(11)
(11)
(6)
(2)
(30)
Impairment
-
-
(1)
-
(1)
Balance at 31 December
987
273
410
389
2,059
Accumulated depreciation:
Balance at 1 January
(225)
(188)
(302)
(207)
(922)
Arising from acquisitions (note 23)
-
(3)
(1)
(2)
(6)
Transfers
-
-
(3)
-
(3)
Disposals, write-offs and adjustment to RoU ⁽¹⁾
-
11
5
8
25
Charge for the year
(16)
(13)
(22)
(35)
(86)
Balance at 31 December
(241)
(193)
(323)
(236)
(992)
Net book value at 31 December
746
80
87
153
1,067
31 December 2024
Land, buildings,
leasehold
improvements
Furniture,
equipment,
motor
vehicles
Computer
hardware,
software
Right of use assets
(RoU)⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
Cost:
Balance at 1 January
697
191
316
338
1,542
Arising from acquisitions
148
54
51
15
268
Transfers
21
(3)
3
-
21
Transfers from/to repossessed assets
2
(1)
-
-
1
Additions
26
21
26
15
88
Disposals, write-offs and adjustment to RoU⁽¹⁾
(16)
(7)
(2)
7
(18)
Impairment
-
-
(5)
-
(5)
Balance at 31 December
878
255
389
375
1,897
Accumulated depreciation:
Balance at 1 January
(220)
(140)
(241)
(168)
(769)
Arising from acquisitions
(1)
(45)
(42)
(8)
(96)
Transfers
0
1
-
-
1
Disposals, write-offs and adjustment to RoU⁽¹⁾
11
7
2
3
23
Charge for the year
(15)
(11)
(21)
(34)
(81)
Balance at 31 December
(225)
(188)
(302)
(207)
(922)
Net book value at 31 December
653
67
87
168
975
Notes to the Consolidated Financial Statements
.
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(1)
The respective lease liabilities are presented in “other liabilities” (note 34).
Adjustment to RoU refers to termination, modifications
and remeasurements of
RoU. It includes the remeasurement from revised
estimates of the lease term during the
year, considering all facts and circumstances
that affect the Group’s
housing needs.
As at 31 December 2025, the
RoU assets
amounting to € 153 million (31
December 2024: € 168 million) refer
to leased office and
branch premises, ATM locations, residential properties of € 144 million (31 December 2024: € 159 million) and motor vehicles of € 9
million (31 December 2024: € 9 million).
Leasehold improvements relate to premises
occupied by the Group for its own activities.
27.
Investment property
The Group
applies
the fair
value model
regarding the
measurement of
Investment
Property according
to
IAS 40
“Investment
property”.
The movement of investment property is as follows:
2025
2024
€ million
€ million
Balance at 1 January
1,404
1,357
Additions
5
8
Arising from acquisition (note 23)
56
84
Transfers
from/to repossessed assets
3
33
Other transfers
(10)
(20)
Disposals
(27)
(41)
Net gain/(loss)
from fair values adjustments
37
9
Held for sale
(137)
(26)
Balance at 31 December
1,331
1,404
As at 31 December 2025, RoU assets that meet the definition of investment property amount to € 17 million (31
December 2024: €
17 million). The respective lease
liabilities are
presented in “other liabilities” (note 34).
Changes in
fair
values
of
investment
property
are
recognized
as
gains/(losses)
in profit
or
loss
and included
in
the
"Other
Income/(expense)" (note 10). All
gains/(losses)
are unrealized.
During the year
ended 31 December 2025, an
amount of €
89 million (2024: €
90 million)
was recognized as
rental income from
investment property in income from non banking services (note 8).
The main classes of investment property have been determined based on the
nature, the characteristics and the risks of the Group’s
properties. The fair value measurements
of the Group’s investment property, which are categorized
within level 3 of the fair
value
hierarchy, are presented in the below table.
2025
2024
€ million
€ million
Residential
7
4
Commercial
1,289
1,373
Land Plots
33
27
Industrial
2
-
Total
1,331
1,404
The basic
methods used
for estimating
the fair
value of
the Group’s
investment property
are
the income
approach (income
capitalization/discounted cash flow
method) and the comparative method, which may also
be used in combination if necessary.
The discounted cash flow (DCF) method is the primary method
used for estimating the fair value of the Group’s investment property
and is used mainly for the commercial class of investment property but also for other classes of investment
property and when and
if necessary, in conjunction with other methods. Under DCF method, the fair value is calculated through the projection of a
series of
cash flows using explicit assumptions regarding the benefits and liabilities of ownership (income and operating costs, vacancy rates,
income growth), including the residual value anticipated at the end of the
projection period. To this projected cash flows series,
an
appropriate, market-derived discount rate is applied to establish
its present value.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Under the
income capitalization
method, also
used for
the commercial
class of
investment property,
a property’s
fair value
is
estimated based on the normalized net operating income generated by the property, which is divided by the capitalization rate (the
investor's rate of return).
The comparative method is used for the residential, commercial and
land plot classes of investment property. Fair value is estimated
based on data for comparable transactions, by analyzing either real transaction prices of similar properties, or by asking prices after
performing the necessary adjustments.
The Group’s investment property
valuations are performed taking into consideration the highest and best
use of each asset that
is
physically possible, legally permissible
and financially feasible.
The main method used to
estimate the fair value of Group’s Investment property portfolio as of
31 December 2025, is the discounted
cash flow method. Significant unobservable
inputs used in the
fair value measurement of the relevant portfolio
are the rental income
growth and the discount rate. Increase in rental income growth would result in increase in the carrying amount while an increase in
the discount rate
would have the
opposite result. The discount
rate used ranges
from 7% to
12.5%. As at
31 December 2025, an
increase or decrease of 5% in the discount rate
used in the DCF analysis, would result in a
downward or upward adjustment of the
carrying value of the respective investment properties by € 39 million.
In the context of properties’
valuation, sustainability and environmental matters encompass a wide range of
physical, climate change,
social, corporate responsibility and economic factors, including
key environmental risks such as flooding, energy efficiency, as well as
matters of design, configuration, accessibility and legislation, that impact their
value. The Group is gradually upgrading
its
real-estate
portfolio, aiming to reduce its environmental
footprint and shift towards high-end, modern,
environmentally friendly buildings, given
that such buildings are in
high demand. In
addition, the Group has introduced
“green” certifications to its real estate assets, validating
their sustainability value and at the same time maximizing their return
and market value. On the other hand, environmental risks are
taken into account in properties’ valuation in cases where there is an indication that the valued property is subject to physical risks,
such as floods, is contaminated
or is adversely affected by existing
environmental laws/regulations.
On an annual
basis, the Group
aims at the
evaluation of an
increased number of
selected properties included in
the investment
property portfolio for their gradual certification in accordance with international
standards, while actively investing to improve the
energy efficiency of its properties’ portfolio and its environmental
profile.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
28.
Intangible assets
As at 31 December 2025, the carrying amount of intangible assets was € 511 million (31 December 2024: €
415 million), comprising:
a) € 469 million primarily related to purchased and developed
computer software, and b) € 42 million goodwill (31 December
2024 €
42 million).
The table below presents the movement of Intangible
assets:
2025
2024
€ million
€ million
Cost:
Balance at 1 January
711
515
Arising from acquisitions (note 23)
17
107
Transfers
(13)
(2)
Additions
171
117
Disposals and write-offs
(10)
(13)
Impairment
(14)
(13)
Balance at 31 December
862
711
Accumulated amortisation:
Balance at 1 January
(338)
(225)
Arising from acquisitions (note 23)
(6)
(74)
Transfers
3
-
Amortisation charge for the year
(62)
(51)
Disposals and write-offs
10
12
Balance at 31 December
(393)
(338)
Net book value at 31 December
469
373
Impairment testing of goodwill
As at 31 December 2025, the
carrying amount of goodwill in the
Group is € 42 million,
arising from the acquisition of BNP
Paribas
Personal Finance Bulgaria
by Eurobank Bulgaria A.D in May 2023, and is attributed to the Group’s International, Bulgaria
segment.
For the purpose of impairment testing, goodwill is fully allocated to the Consumer Lending business of Eurobank Bulgaria A.D, being
the CGU that
is expected to
benefit from the abovementioned business
combination. No impairment
losses of the CGU to
which
goodwill has been allocated were
identified during the year ended 31 December 2025.
In particular, the recoverable amount of the CGU was determined to be its fair value less costs of disposal, calculated by discounting
the future cash flows expected to be generated
from the continuing use of the CGU’s assets and their ultimate
disposal. The CGU’s
future cash flows for a three-year period are in
accordance with the officially approved three-year
business plan, which already takes
into account factors such as expected market growth, inflation, as well as
expectations of future outcomes taking into account past
experience. A long-term growth rate (terminal value growth
rate) was used to extrapolate cash flows beyond the three-year horizon.
The terminal value
growth rate is
determined by
considering factors such
as the expected
long-term inflation rate
and real-GDP
growth rate in Bulgaria. The discount rate applied is constructed using the Capital Assets Pricing Model methodology (CAPM), based
on the rate of
10-year Bulgarian government bonds,
adjusted for a risk
premium to reflect both
the increased risk of
investing in
equities generally and the systematic risk of the
specific CGU. The discounting of
the budgeted cash flows and terminal values is done
on an after-tax cash flow
basis.
The key assumptions used in the calculation of the CGU’s
fair value less
costs of disposal were
as follows:
Budgeted operating income growth
(average for the 3-year period)
Discount Rate
Growth rate beyond
initial cash flow
Key assumption value
3%
13.25%
2%
The estimated cost of
disposal used is 3% and is
based on observed averages from global industry practice.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The values assigned to the above key assumptions represent Management’s assessment
of future trends in the relevant sector and
have been based on historical data from both external and internal sources.
The recoverable amount of the CGU to which
goodwill has been allocated is
sensitive to the above key assumptions. A decrease
in
the operating income by 5% or
an increase in the discount rate of
1% are considered reasonably possible
changes in key assumptions.
If the aforementioned changes occur, goodwill
of the remaining CGU will
continue to be recoverable.
The key assumptions described above may change as economic
and market conditions change. The Group estimates that reasonably
possible changes in these assumptions would
not cause the recoverable amount
of either CGU to decline below the carrying
amount.
29.
Other assets
2025
2024
€ million
€ million
Repossessed properties
and relative
prepayments
480
541
Pledged
amount for a
Greek sovereign
risk financial
guarantee
248
242
Balances under
settlement⁽¹⁾
93
55
Deferred
costs and accrued
income
148
144
Other guarantees
361
262
Income tax
receivable⁽²⁾
107
98
Insurance and
reinsurance
contract
assets (note 35)
48
30
Receivable
from Deposit
Guarantee and
Investment
Fund
72
70
Other assets⁽³⁾
475
253
Total
2,032
1,695
(1)
Includes settlement balances with customers and brokerage activity.
(2)
Includes withholding taxes, net of provisions.
(3)
In 2024 it includes provisional fair value adjustments for Hellenic Bank group assets (decrease) of ca. € 66 million (note 23.3).
As at 31 December 2025, other assets net of provisions, amounting
to € 475 million include, among others, receivables related to (a)
prepayments to
suppliers, (b)
public entities,
(c) property
management activities,
(d) legal
cases and
(e) the
sale of
the Bank’s
Merchant Acquiring Business.
30.
Disposal groups classified as held for
sale and discontinued operations
2025
2024
€ million
€ million
Assets of disposal groups
Real estate
properties
65
33
Loans portfolios
and related
assets (note 20)
264
46
IMO Property
Investments
Bucuresti
S.A.
-
12
Total
328
91
Liabilities of
disposal groups
IMO Property
Investments
Bucuresti
S.A.
-
2
Other liabilities
related
to loans portfolios
(notes 20
and 34)
-
1
Total
-
3
Real estate properties
On 16
July 2025,
the Group
signed a
preliminary agreement with
Praktiker Hellas
S.A. for
the sale of
a portfolio of
investment
properties currently
leased to the
aforementioned company,
for a
total consideration
of €
138 million.
The sale was
subject to
customary procedures for real
estate property transfers
and was expected to be
completed within one year
from the date of
the
agreement.
Accordingly, the underlying properties with a
carrying amount of c. € 137
million, being their fair value under
the Group’s
Notes to the Consolidated Financial Statements
.
505
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31 December 2025 Consolidated Financial Statements
accounting policy for the measurement of investment properties, were classified as held for sale. As of
31 December 2025, the sale
of most properties out of this portfolio, having a carrying amount of c. €
95 million, was completed, while the remaining properties
with a carrying amount of c. € 42 million
continue to be classified as held for
sale.
Moreover, in the context
of its strategy for
the active management of
its real estate
portfolio (repossessed, investment properties
and own used properties), the
Group has gradually classified
as held for sale certain
pools of real estate assets
of total remaining
carrying amount ca. € 23 million as at 31
December 2025 (31 December
2024: € 33 million), after their remeasurement in accordance
with the IFRS
5 requirements.
The Group remains committed to its plan to sell the aforementioned assets, which are gradually being disposed, and undertakes
all
necessary actions towards this direction.
The above non-recurring fair value measurements were categorized
as Level 3 of the fair
value hierarchy due to the significance
of
the unobservable inputs used, with no change occurring up to 31 December 2025.
Discontinued operations
In the year ended 31 December 2025, a loss of € 13 million (€ 9.2 million net of tax) was recognised in relation to the sale of former
subsidiaries of the Bank, previously presented as discontinued operations (31 December 2024: € 10 million loss (€ 7.1 million net of
tax)). These losses
were calculated based on specific
indemnity clauses included in the relevant Sale
and Purchase Agreements.
31.
Due to central banks and credit institutions
2025
2024
€ million
€ million
Secured
borrowing from
ECB⁽²⁾
1,001
-
Secured borrowing from credit institutions⁽¹⁾
1,905
1,952
Borrowings from
international
financial and
similar institutions
356
457
Deposits from
banks received
as collateral⁽¹⁾
339
118
Current
accounts and settlement
balances with
banks
135
104
Interbank takings
115
169
Total
3,851
2,800
(1)
The amounts presented are after offsetting (note 5.2.1.4).
(2)
Refers to ECB’s main refinancing operations (MRO).
Borrowings from international financial and similar institutions include
borrowings from European
Investment Bank and other
similar
institutions.
32.
Due to customers
2025
2024
€ million
€ million
Savings and current accounts
55,261
49,993
Term deposits
27,432
28,604
Carrying amount
82,692
78,597
Fair value changes of
deposits in portfolio hedging of interest rate
risk
12
(4)
Total
82,704
78,593
For the year ended 31 December 2025, due to customers
for the Greek and International operations amounted to €
45,164 million
and € 37,540 million, respectively (2024: € 43,287 million
and € 35,306 million, respectively).
33.
Debt securities in issue
Notes to the Consolidated Financial Statements
.
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|
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31 December 2025 Consolidated Financial Statements
2025
2024
€ million
€ million
Securitisations
553
554
Subordinated
notes (Tier
2)
1,220
1,758
Medium-term
notes (EMTN)
5,498
4,664
Credit linked notes
81
80
Total
7,352
7,056
Subordinated Tier 2 notes
In January 2025, Eurobank Holdings announced that it has successfully priced the issuance of € 400 million subordinated
Tier II debt
instruments (New Instruments) which mature in April 2035, are callable at
par from 30 January 2030 until 30 April 2030, offering
a
coupon of 4.25% per annum and are
listed on the Luxembourg Stock Exchange’s
Euro MTF market. In addition, Eurobank Holdings
announced an any-and-all exchange offer for Hellenic
Bank’s outstanding € 200 million Tier 2 notes, out of which € 33 million were
held by Group entities, with additional
Eurobank Holdings Tier 2
subordinated notes, issued
under a single series and
with same terms
with the € 400 million subordinated notes. The offer
period was set from 21 January 2025 until 27 January 2025.
On 28 January 2025, Eurobank Holdings announced that it has decided to accept
all existing notes offered for exchange, pursuant to
the exchange offer, with nominal value of € 157 million. The nominal value of new instruments issued is € 188.5 million, which form
a
single
series with
the
New
Instruments
with
a
combined
aggregate
nominal amount
of €
589 million.
As
a
result
of
the
aforementioned exchange, the Group recognized a buy-back loss of approximately € 9 million,
in the income statement line “Other
income/(expenses)”.
Following the merger
of Eurobank Holdings with the Bank (note 23.1) the latter
assumed the above mentioned instruments.
The purpose of
the Exchange Offer
and the issuance
of the Eurobank
Holdings subordinated notes
is to
optimize the regulatory
efficiency of Bank’s
capital base while
the proceeds will be used for general
financing purposes.
In September 2025 Eurobank Holdings proceeded with the early redemption of the Tier 2 capital instruments of face value of € 950
million, issued in 2018 in replacement of the preference shares which had been
issued in the context of the first stream of Hellenic
Republic’s plan to support liquidity in the Greek economy under Law 3723/2008.
Medium-term notes (EMTN)
In February
2025, Eurobank
S.A. successfully
completed the
issuance of
€ 350
million senior preferred
notes through
a private
placement. The bonds mature on 7 February
2036, are callable at par on 7
February 2035 offering a coupon of
4% per annum and are
listed on the Luxembourg Stock Exchange’s Euro MTF market. The proceeds
from the issue will support Eurobank
Group’s strategy to
ensure ongoing compliance with its MREL
requirements.
In July 2025, Eurobank S.A. successfully completed the issuance of
€ 500 million senior preferred notes which mature on 7 July 2028,
are callable at par on 7 July 2027 and offer a coupon of 2.875% per annum. In September,
the Bank proceeded with an additional €
200 million issue
of the aforementioned notes
through private placement,
which together with
the initial issue will
form a single
series. The
notes are
listed on
the Luxembourg
Stock Exchange’s
Euro MTF
market. The
proceeds from
the issues
will support
Eurobank Group’s strategy to ensure ongoing
compliance with its MREL requirements and
will be used for Eurobank’s
general funding
purposes.
Securitisations
In May 2025,
the Bank’s special
purpose financing vehicle, Karta II
Plc, modified the
contractual terms of its
class A asset
-backed
security of face value €
303 million, by adjusting the
security’s interest rate spread
at market terms and extending
its contractual
maturity until May 2030.
Post balance sheet event
Subordinated Tier 2 notes
In January
2026, the
Bank announced
that it
has successfully
completed the
pricing of
€ 400
million subordinated
Tier II
debt
instruments which mature in April
2037, are callable at par from 29
January 2032 until 29 April
2032, offering a coupon of 4.125% per
Notes to the Consolidated Financial Statements
.
507
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31 December 2025 Consolidated Financial Statements
annum and are listed
on the Luxembourg Stock Exchange’s
Euro MTF market. The proceeds from the
issues will
support Eurobank
Group’s strategy to ensure ongoing
compliance with its MREL requirements and
will be used for Eurobank’s
general funding purposes.
34.
Other liabilities
Following the acquisition of CNP Cyprus Insurance Holdings
Ltd (note 23.4), the Group’s insurance contract
liabilities amounting to
€ 684 million as at 31 December
2025 (31 December 2024: €
108 million), previously included
within “Other liabilities”, are presented
separately on the balance sheetThe analysis
of “Other liabilities”
following the above presentation change, is
set out below:
2025
2024
€ million
€ million
Balances under
settlement⁽¹⁾
486
439
Lease liabilities
175
190
Deferred
income
and accrued
expenses
273
269
Other provisions
145
154
ECL allowance for credit related
commitments (note 5.2.1.2)
56
63
Standard legal
staff retirement
indemnity
obligations
and employee
termination
benefits
(note 36)
104
143
Sovereign
risk financial
guarantee
26
29
Income taxes
payable
55
70
Deferred
tax liabilities
(note 13.1)
54
43
Trading liabilities
76
43
Investment contract liabilities
72
-
Obligation relating
to the
acquisition
of NCI in Hellenic
Bank (note 23.3)
-
880
Other liabilities⁽²⁾⁽³⁾
325
251
Total
1,847
2,574
(1)
Includes settlement balances relating to bank cheques and remittances, credit card transactions, other banking and brokerage activities
(2)
In 2024 it includes liabilities of disposal groups classified as held for sale of
€ 3 million (note 30).
(3)
In 2024 it includes provisional fair value adjustments for Hellenic Bank group liabilities (increase) of ca. € 33 million (note
23.3).
As at
31 December
2025,
other liabilities
amounting to
€ 325 million
mainly consist of
payables relating
with (a)
suppliers and
creditors, (b) contributions to insurance organizations, and (c) duties,
other taxes and (d) advance consideration received in respect
of the disposal of assets.
As at 31 December 2025, other provisions amounting to € 145 million (2024: €
154 million) mainly include: (a) € 38 million for claims
in dispute and
outstanding litigations against the Group (note 43), (b) € 37 million relating to the sale of Bank’s
former subsidiaries
based on specific indemnity clauses
in the relevant Sale
Purchase Agreements, of which €
27 million for
the tax audit assessment
issued to Bancpost S.A. in 2018,
(c) € 11 million for representation and warranties provided to investors in the context of the Mexico
NPE securitization transaction (note 20), d) € 14 million for other operational risk events and e) € 39 million
relating to contribution
Greek State infrastructure projects (note
11).
The Bank, in cooperation with Banca Transilvania (the legal successor to Bancpost
S.A.), challenged the tax audit assessment issued
to Bancpost S.A. before the
competent Romanian courts. On 16
October 2025, the Romanian
Supreme Court registry notified the
involved parties, including the Bank,
that the court had accepted its position
on the majority of the tax matters challenged. Following
this development, the
Bank, in collaboration
with its legal
advisors, is
in the process
of finalizing
the assessment of
the positive
financial impact, pending the disclosure of the full
text of the Supreme Court’s decision.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The movement of the Group's other provisions, is presented in the following
tables:
31 December 2025
Litigations and
claims in
dispute
Other
Total
€ million
€ million
€ million
Balance at 1 January
33
121
154
Arising from acquisition
4
-
4
Amounts charged
during the
year
7
49
56
Amounts used during
the year
(4)
(55)
(59)
Amounts reversed
during the
year
(2)
(8)
(10)
Balance at 31 December
38
107
145
31 December 2024
Litigations
and
claims in
dispute
Other
Total
€ million
€ million
€ million
Balance at 1
January
38
78
116
Arising from acquisition
8
5
13
Amounts charged
during the
year
3
59
62
Amounts used during
the year
(13)
(12)
(25)
Amounts reversed
during the
year
(2)
(7)
(9)
Foreign exchange
and other
movements
(1)
(2)
(3)
Balance at 31
December
33
121
154
35. Insurance contracts and insurance
risks
35.1 Insurance
contract (assets)/liabilities and reinsurance contract assets
Following Hellenic Bank group inclusion in the Bank’s consolidated financial statements
from the third quarter of 2024 (note 23.3),
and the acquisition of CNP Cyprus Insurance Holdings Ltd and
its subsidiaries, which were consolidated as of the second quarter
of
2025, the Group
has assumed
liabilities from
insurance contracts issued and acquired
assets from reinsurance
contracts that are
presented with other assets (note 29).
The Group applies the three measurement models under IFRS 17 Insurance contracts for the measurement of its insurance contract
liabilities and reinsurance contract assets, i.e. the variable fee
approach ("VFA”), the premium allocation approach (“PAA”)
and the
general measurement model
(“GMM”), depending on the characteristics of each relevant
group of contracts.
The breakdown of the
insurance contract (assets)/liabilities and reinsurance contract
assets per line of business
and per measurement
method applied, is set out below.
31 December 2025
Life
Non - Life
Net Insurance
contract
(assets)/liabilities⁽¹⁾
Reinsurance
contract assets
Insurance contract
liabilities
Reinsurance
contract assets
€ million
€ million
€ million
€ million
VFA
569
-
-
-
PAA
11
2
98
21
GMM
5
17
1
8
Total
585
19
99
29
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Life
Non - Life
Net Insurance
contract
(assets)/liabilities⁽¹⁾
Reinsurance
contract assets
Insurance contract
liabilities
Reinsurance
contract assets
€ million
€ million
€ million
€ million
VFA
61
-
-
-
PAA
8
0
37
3
GMM
(1)
11
1
14
Total
68
12
38
17
(1)
For 2025 insurance contract assets were nil (2024: € 1 million).
At 31 December 2025, the insurance contract liabilities presented above
are analyzed by major product grouping into a) investment-
linked insurance policies of € 569 million, b) long term life protection contracts of € 5
million, c) short term life protection, accident
and health contracts of € 14
million, d) motor and property-related contracts of €
72 million, and e) liability-related and other
general
insurance contracts of € 24 million.
The following table presents the movement per line of
business for the period 1 January – 31 December 2025 of the
net insurance
contract (assets)/liabilities for remaining coverage (“LRC”) and incurred
claims (“LIC”) from insurance contracts measured under VFA
and GMM.
31 December 2025
Life
Non - Life
Liabilities for
remaining
coverage
Liabilities for
incurred
claims
Liabilities for
remaining
coverage
Liabilities for
incurred
claims
Total
€ million
€ million
€ million
€ million
€ million
Net insurance contract (assets)/liabilities
as at 1 January
57
3
-
1
61
Arising from acquisition
438
9
-
-
447
Insurance revenue
(44)
-
(1)
-
(45)
Ιnsurance service expenses
-
Incurred claims and other insurance
service expenses
-
21
-
0
21
Amortization of insurance acquisition cash flows
2
-
0
-
2
Adjustments to liabilities for incurred
claims
0
1
-
(0)
1
Insurance service result
(42)
21
(1)
0
(21)
Insurance finance expenses
(23)
52
-
-
29
Other⁽¹⁾
1
1
-
-
2
Total changes in the income statement
(65)
75
(1)
0
10
Premiums received
146
-
1
-
147
Insurance acquisition cash flows
(14)
-
-
-
(14)
Claims and other insurance
service expenses paid
-
(75)
-
(0)
(75)
Total cash flows
132
(75)
1
(0)
58
Net insurance contract (assets)/liabilities
as at 31 December
562
12
(0)
1
575
(1)
It refers to the change in provisional
fair value adjustments of insurance contract liabilities
from the acquisition date of CNP Cyprus Insurance Holdings
Limited
until the end of 2025, arising from the subsequent measurement of the related assets and liabilities (note 23.4).
The
following
table
presents
the
movement for
the
period 1
January
–
31
December
2025
of
the
net
insurance
contract
(assets)/liabilities
for remaining coverage (“LRC”)
and incurred claims (“LIC”) from insurance contracts measured
under PAA.
Notes to the Consolidated Financial Statements
.
510
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31 December 2025 Consolidated Financial Statements
31 December 2025
Liabilities for
remaining
coverage
Liabilities for
incurred claims
Total
Estimates of PV
of future cash
flows
Risk
adjustment
€ million
€ million
€ million
Net insurance contract (assets)/liabilities
as at 1 January
5
38
2
46
Arising from acquisition
59
-
-
59
Insurance revenue
(142)
-
-
(142)
Ιnsurance service expenses
-
Incurred claims and other insurance
service expenses
-
74
2
76
Amortization of insurance acquisition cash flows
26
-
-
26
Adjustments to liabilities for incurred
claims
-
(8)
(1)
(9)
Insurance service result
(116)
66
1
(49)
Insurance finance expenses
-
1
-
1
Other⁽¹⁾
(10)
17
1
8
Total changes in the income statement
(126)
84
2
(40)
Premiums received
142
-
-
142
Insurance acquisition cash flows
(24)
-
-
(24)
Claims and other insurance
service expenses paid
-
(74)
-
(74)
Total cash flows
118
(74)
-
44
Net insurance contract (assets)/liabilities
as at 31 December
56
48
4
109
(1)
It refers to the change in provisional
fair value adjustments of insurance contract liabilities
from the acquisition date of CNP Cyprus Insurance Holdings
Limited
until the end of 2025, arising from the subsequent measurement of the related assets and liabilities (note 23.4).
The following table presents the movement
per line of business
for the period
1 July - 31
December 2024 of the
net insurance contract
(assets)/liabilities for
remaining coverage (“LRC”) and incurred
claims (“LIC”) from insurance
contracts measured
under the three
measurement models (GMM, VFA
and PAA).
Notes to the Consolidated Financial Statements
.
511
|
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31 December 2025 Consolidated Financial Statements
31 December 2024
Life
Non - Life
Liabilities for
remaining
coverage
Liabilities for
incurred
claims
Liabilities for
remaining
coverage
Liabilities for
incurred
claims
Total
€ million
€ million
€ million
€ million
€ million
Net insurance contract (assets)/liabilities
as at 1 January
62
12
6
25
104
Insurance revenue
(11)
-
(22)
-
(34)
Incurred claims and other insurance service expenses
0
5
3
17
25
Insurance service result
(11)
5
(19)
17
(9)
Insurance finance expenses
(2)
3
0
1
2
Total changes in the income statement
(13)
8
(19)
18
(7)
Premiums received
11
-
22
-
33
Claims and other insurance
service expenses paid
(3)
(8)
(3)
(10)
(24)
Total cash flows
8
(8)
19
(10)
9
Net insurance contract (assets)/liabilities
as at 31 December
57
11
5
33
106
As at 31 December 2024, the net insurance
contract (assets)/liabilities under the PAA measurement model amounted to €
46 million
(1 July 2024 € 46 million), comprising a) a LIC of € 41 million (1 July 2024 € 33 million) including € 38 million in relation
to estimates
of the present value
of the future cash
flows and €
2 million in relation
to risk adjustment for
non-financial risk (1 July
2024 € 31
million and € 2 million respectively)
and b) a LRC of € 5 million
(1 July 2024 € 13 million).
The following
tables present the movement for
the period 1 January
– 31 December 2025
and 1 July
- 31 December 2024
of net
insurance contract (assets)/liabilities for life business under the VFA and GMM measurement models by measurement
component.
Notes to the Consolidated Financial Statements
.
512
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31 December 2025
Life
Estimates of PV
of
future
cash flows
Risk
adjustment
Contractual
service
margin
Total
€ million
€ million
€ million
€ million
Net insurance contract
(assets) /
liabilities as at 1
January
39
2
19
60
Arising from acquisition
309
34
104
446
Contractual
service margin
(CSM)
recognised
for services
provided
-
-
(14)
(14)
Risk, experience
and other
adjustments
(6)
(2)
-
(9)
Changes that relate
to current
services
(6)
(2)
(14)
(22)
Contracts initially
recognised in the
period
(7)
3
4
1
Changes in estimates
reflected
in the
CSM
(29)
6
23
1
Changes in estimates
that do not
adjust
the CSM
-
-
-
-
Changes that relate
to future
services
(36)
9
28
1
Adjustments to
liabilities
for
incurred
claims
1
-
-
1
Insurance service
result
(42)
7
14
(21)
Insurance finance
expenses
29
-
-
29
Other⁽¹⁾
(0)
-
2
2
Total changes
in the income
statement
(13)
7
16
10
Total cash
flows
57
-
0
58
Net insurance contract
(assets)/liabilities
as at 31 December
392
42
140
574
(1)
It refers to
the change in
provisional fair value adjustments
of insurance contract
liabilities from the acquisition
date of
CNP Cyprus Insurance
Holdings
Limited until the end of 2025, arising from the subsequent measurement of the related assets and liabilities (note 23.4).
Notes to the Consolidated Financial Statements
.
513
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31 December 2025 Consolidated Financial Statements
31 December 2024
Life
Estimates of PV
of
future
cash flows
Risk
adjustment
Contractual
service
margin
Total
€ million
€ million
€ million
€ million
Net insurance contract
(assets) /
liabilities as at 1
January
41
2
15
58
Contractual
service margin
(CSM)
recognised
for services
provided
-
-
(1)
(1)
Risk, experience
and other
adjustments
1
(0)
-
1
Changes that relate
to current
services
1
(0)
(1)
(0)
Contracts initially
recognised in the
period
(2)
0
2
0
Changes in estimates
reflected
in the
CSM
(3)
0
3
(0)
Changes in estimates
that do not
adjust
the CSM
(0)
(0)
-
(0)
Changes that relate
to future
services
(5)
0
5
0
Adjustments to
liabilities
for
incurred
claims
(2)
(0)
-
(2)
Insurance service
result
(6)
0
3
(2)
Insurance finance
expenses
0
0
1
1
Total changes
in the income
statement
(6)
0
4
(1)
Total cash
flows
3
-
-
3
Net insurance contract
(assets)/liabilities
as at 31 December
39
2
19
60
The following
tables set out when the Group
expects to recognize the
remaining Contractual Service Margin (CSM)
in the income
statement after the reporting date
for contracts measured under the GMM and the VFA.
31 December 2025
Less than
1-2
2-3
3-4
4-5
5-10
More than 10
1 year
years
years
years
years
years
years
€ million
€ million
€ million
€ million
€ million
€ million
€ million
GMM
3
3
2
2
2
7
2
VFA
10
9
9
8
8
32
43
Total CSM
13
12
11
10
9
39
45
31 December 2024
Less than
1-2
2-3
3-4
4-5
5-10
More than 10
1 year
years
years
years
years
years
years
€ million
€ million
€ million
€ million
€ million
€ million
€ million
GMM
2
1
1
1
1
4
1
VFA
1
1
1
1
1
3
3
Total CSM
2
2
2
2
1
7
3
An analysis of insurance contracts liabilities
based on their contractual maturity is provided in note 5.2.
3.
35.2 Insurance
risks
The Group through its
subsidiary ERB Cyprus Insurance Holdings Ltd
operates three companies that
provide both life and non-life
insurance. Insurance
risk management
ensures that
sufficient reserves
are maintained
to meet
potential liabilities
arising from
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
insurance policies and underwriting risks. The risk associated with
any insurance contract stems from the possibility that the insured
event occurs and the uncertainty over the amount
of the resulting claim. By their nature, insurance contracts involve risks
that are
random and therefore inherently unpredictable.
For a portfolio
of insurance contracts,
the Group’s main
risk is that
actual claims and
benefit payments may
exceed the
carrying
amount of
the insurance
liabilities. This
could occur
because the
frequency or
severity of
claims and
benefits are
greater than
estimated. Insurance events are random, and the actual number and amount of claims and
benefits will vary from year to year from
the level established
using statistical
techniques. Experience shows that the larger the portfolio of similar
insurance contracts, the
lower the relative variability of the expected outcome
will be. In addition, a more diversified portfolio is less likely
to be affected by a
change in any subset of the portfolio.
The Group
insurance entities
manage these
risks through
their underwriting
policies, adequate
reinsurance arrangements
and
proactive claims handling. The underwriting policies aim to
ensure that only
acceptable risks are assumed by
the Group. Underwriting
limits and directions are in place
to enforce appropriate risk selection criteria. The Group has set
in place conservative reinsurance
arrangements with the aim of mitigating its risk exposures within acceptable limits.
The claims handling strategy of the Group aims
for efficient
and effective handling
of each claim
from the
point of notification,
so as
to proceed to quick
settlement and
avoid
undesirable developments and increased costs.
The risk management governance of the Group’s
insurance entities ensures clear accountability,
appropriate segregation of duties
and effective oversight
at all
levels of
the insurance subgroup,
including the
entities’ directors, executive
management, the
Risk
Management Function (RMF) and the business
units. Risks are identified,
assessed, managed, monitored and reported in line with
established governance arrangements,
which are structured around the
“Three Lines of Defense” model. The
first line of defense
comprises the operational and functional
departments of the Group’s insurance entities, which
assume day-to-day ownership of risks
within their respective areas of responsibility. The second line of defense consists primarily of the RMF and the Legal & Compliance
Function of
the Group’s
insurance entities, which
oversee and
challenge risk-taking
activities and
ensure adherence
to policies,
regulatory requirements and the approved risk
appetite. The Actuarial Function, in its advisory capacity, further
supports both the
first and second lines of defense. The third
line of defense is the Internal Audit Function
(IAF) of the Group’s insurance entities, which
provides independent assurance to their
Audit & Risk Committee and the entities’ directors
regarding the effectiveness of the overall
risk management framework
and internal control environment.
The directors
of the
Group’s
insurance entities
retain responsibility
for approving
their risk strategy,
policies and
risk appetite,
supported by specialized committees,
such as their Audit & Risk Committee,
Risk & Reserving Committee,
Investment Committee,
Underwriting Committee and Reinsurance Committee.
These committees provide structured oversight and expert input across key
risk areas
such as
underwriting, reserving,
investments and
reinsurance arrangements.
Risk management
is embedded
within
business planning, capital management
and strategic decision-making processes,
including the Own Risk and Solvency Assessment
(ORSA), and is
supported by
formal escalation and reporting
mechanisms to the
Group. This framework
is subject
to continuous
enhancement to address emerging risks
and evolving regulatory requirements.
Sensitivities
The following table presents information on
how CSM, profit
before tax and equity
would have been affected by
changes in significant
insurance risk variables that were reasonably possible as at 31
December 2025. The analysis shows the effect for insurance contracts
issued after
risk mitigation
by
reinsurance contracts
held and
is based
on a
change in
one variable
at a
time, while
all
other
assumptions remain unchanged. In practice, this is
unlikely to occur, as changes in certain
assumptions may be correlated.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Ιmpact in € million on:
Change in
assumption
CSM
Profit
before
tax
Equity
Life insurance
contracts⁽¹⁾
Mortality rate
10%
-10.9
-1.8
-2.2
-10%
11
0.7
1.3
Lapse rate
10%
-7.1
-1.1
-1.1
-10%
7.2
0.2
0.4
Expenses
10%
-8.9
-0.9
-0.9
-10%
8.9
0.9
0.8
Non life
insurance contracts⁽¹⁾
Incurred but not reported
10%
N/A
-2.1
-2.1
claims (IBNR)
(1)
Accident and health insurance contracts issued by ERB Cyprialife Ltd are included in non-life insurance contracts.
Interest rate risk
Interest rate risk on
insurance operations refers to the
risk that the
fair value or future
cash flows of a financial instrument or
insurance
contract or reinsurance contract will fluctuate due to changes in market interest rates.
As at 31 December 2025, a +100 bps change
in interest rates would result in an impact on profit before
tax and equity of € 0.7 million and € -3.0 million, respectively. At
the same
date, a -100 bps change in interest rates would result in an impact on profit before tax and equity of € -0.9 million and € 2.8 million,
respectively.
Credit risk from reinsurance contracts
Credit risk from contracts within IFRS 17 scope relates mainly to reinsurance contracts held (risk of default by reinsurers
that would
no longer allow them to assume a
share of the
amount due to
them). Counterparty
risk management on reinsurers is achieved
through
rigorous selection
of reinsurers,
negotiation of
collateral
provided and
regular monitoring
of major
exposures.
The maximum
exposure to reinsurance assets amounts to € 48
million.
Liquidity risk
An analysis of insurance contracts issued
that are liabilities
based on their contractual undiscounted cash flows is provided in
note
5.2.3.
36.
Standard legal staff retirement
indemnity obligations (SLSRI) and termination
benefits
The Group provides for staff retirement indemnity obligation for its
employees in Greece and
abroad, who are
entitled to a lump sum
payment based on the
number of years
of service and the
level of remuneration
at the date
of retirement, if
they remain in
the
employment of the
Group until normal retirement age, in accordance
with the local labor
legislation. The above retirement indemnity
obligations typically expose the Group to
actuarial risks such as interest rate risk and
salary risk. Therefore, a decrease in the discount
rate used to calculate the present value of the estimated future cash outflows or an increase in future salaries will increase the staff
retirement indemnity obligations of the Group.
In addition, the Group has
provided employee termination benefits mainly in
respect of the Voluntary
Exit Schemes (VES), which have
been implemented through
either lump-sum payments or long-term
leaves during which the
employees will be
receiving a percentage
of a monthly salary, or a combination thereof.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The table below presents the breakdown of defined benefit obligations.
31 December
2025
31 December
2024
€ million
€ million
SLSRI obligation
27
21
Employee
termination
benefits
77
122
Total
104
143
The table below
presents a reconciliation from
the opening to
the closing balance
for staff retirement
indemnity obligations
and
employee termination benefits.
2025
2024
€ million
€ million
Balance at 1 January
143
59
Current
service cost
3
3
Interest cost
3
2
Past service
cost and (gains)/losses on
settlements
28
132
Remeasurements:
Actuarial (gains)/losses
arising from changes
in financial
assumptions
2
1
Actuarial (gains)/losses
arising from changes
in demographic
assumptions
(0)
(0)
Actuarial (gains)/losses
arising from experience
and other
adjustments
0
2
Benefits paid
(76)
(56)
Balance at 31 December
104
143
For SLSRI obligations
the significant actuarial
assumptions (expressed as weighted
averages) were
as follows:
2025
%
2024
%
Discount rate
3.4
3.0
Future salary increases
4.4
3.3
As at 31 December
2025, the assumption for the
price inflation (weighted
average) is
2.0% (2024: 2.0%) and has been
taken into
account in determining the above actuarial assumptions for future salaries
increases.
As at 31 December
2025, the average duration of the
standard legal staff retirement indemnity obligation was 7 years (2024: 7 years).
A quantitative sensitivity analysis
based on reasonable changes to
significant actuarial
assumptions as at 31
December 2025 is as
follows:
An increase/(decrease) of the discount rate assumed, by 50 bps/(50 bps), would result in a (decrease)/increase of the standard
legal
staff retirement
obligations by (€ 0.9 million)/
€ 0.9 million.
An increase/(decrease) of the future salary growth assumed, by 0.5%/(0.5%) would result in an increase/(decrease) of the standard
legal staff
retirement obligations by € 0.9 million/(€
0.9 million).
The above sensitivity analysis is based on a change in
an assumption while holding all other assumptions constant. In practice, this is
unlikely to occur, and changes in some of the assumptions
may be correlated.
The methods and
assumptions used in
preparing the above
sensitivity analysis were
consistent with those
used to estimate
the
retirement benefit obligation and did not change compared to the previous year.
For employee
termination benefits, the
discount rate
(weighted average)
is the
significant actuarial
assumption, which as
at 31
December 2025
stood at 2.4% (2024: 2.5%) based on the applicable tenor
of the liabilities. On the same date, an
increase/(decrease)
of the discount rate assumed, by 50 bps/(50 bps), would result in a
(decrease)/increase of employee termination benefits by (€ 0.7
million)/ € 0.7 million.
Notes to the Consolidated Financial Statements
.
517
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31 December 2025 Consolidated Financial Statements
37.
Share capital, share premium
and treasury shares
As at 31 December
2024, the total share
capital of Eurobank
S.A. amounted to €
3,941,071,968.10 divided
into 3,683,244,830 common
voting shares of nominal value of € 1.07 each. The total number of Eurobank shares was
held by Eurobank Holdings, which was the
sole shareholder of Eurobank. On the same date,
the total share capital of Eurobank Holdings amounted
to € 808,881,992.38 divided
into 3,676,736,329 common voting shares of nominal value of € 0.22 each.
The movements of the share capital and
share premium, during the period from
1 January 2025 until
12 December 2025, i.e.
the date
of the completion of the merger by absorption of Eurobank
Holdings by Eurobank S.A. (The Merger - note 23.1) and the comparative
information, are set out in the table below:
Share capital
Share
premium
€ million
€ million
Balance at 1 January 2024
817.6
1,161.4
Cancellation of treasury shares
(11.5)
(16.3)
Share capital increase following the exercise of share options
2.7
0.1
Balance at 31 December 2024
808.9
1,145.2
Balance at 1 January 2025
808.9
1,145.2
Share capital increase following the exercise of share options
2.0
0.1
Share capital decrease following the cancellation of treasury shares
(11.9)
-
Balance at 12 December 2025 of Eurobank Holdings
798.9
1,145.3
Balance at 31 December 2025 of Eurobank S.A.
798.9
1,140.4
Share capital increase
Following the exercise of share options granted to executives of the Group
under the current share options’ plan (see below), and by
virtue of the decision of
the Board of Directors of Eurobank Holdings on
29 August 2025, its share capital increased by
€ 1,980,630.52
through the issue of
9,002,866 new common voting shares of a nominal
value of € 0.22 per
share and exercise price
of € 0.23 per
share. The difference between the exercise price of
the new shares and their nominal value, net of the
expenses directly attributable
to the equity transaction, amounted
to € 71 thousand and was recorded in
the account “Share premium”. The new shares were listed
on the Athens Exchange on 11 September 2025.
Share buy back programme
On 7
May 2025,
Eurobank Holdings
announced the
commencement of
the implementation
of the
share
buyback Programme
(‘Programme’) as approved by the AGM of its shareholders held on
30 April 2025. The Programme is conducted in accordance with
the provisions of Article 49 of Law 4548/2018 and under the following terms: (i) the total cost of the Programme will not exceed the
amount of € 287,942,685.45, and in any case, the
own shares that will be acquired will not exceed 10% of the paid-in share
capital in
accordance with the legislation in force, (ii) the duration of the Programme will not exceed twelve months, i.e. it will remain in force
until 29 April 2026 and (iii)
the minimum and maximum price range for the acquisition of the shares
under the Programme, will be
the nominal value of the share (€ 0.22)
and € 10, respectively.
The buyback of own shares by Eurobank Holdings was paused on 21 October 2025, prior to the convocation of the general meeting
of its shareholders for
the approval of the
Merger (note 23.1)
of Eurobank Holdings with
the Bank (“Phase A”).
Up to that
date,
Eurobank Holdings had acquired
54,228,394 treasury shares within the
framework of the Programme
with a total cost
of € 165.1
million. On 12 December
2025, the said treasury
shares were canceled with a corresponding
reduction of the
share capital of Eurobank
Holdings.
The Bank, as the universal successor of Eurobank Holdings, continued
the implementation of the Programme after the completion
of
the Merger (see below
Bank’s AGM decisions).
The Bank intends to use the own
shares it will
acquire in order to reduce its
share
capital in accordance with Article 49 of Law 4548/2018, and/or for
distribution to the Bank’s employees and/or the
members of its
management and/or its
affiliated companies,
and/or for other purposes as provided by the applicable law.
Notes to the Consolidated Financial Statements
.
518
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31 December 2025 Consolidated Financial Statements
Extraordinary General Meeting (22.10.25) decisions
On 22 October 2025, the General Meeting (GM) of the shareholders of the Bank
approved the Merger with Eurobank Holdings (note
23.1) and:
●
The amendment of article 5 of the Bank’s Articles of Association to reflect the following changes in the Bank’s share capital
as a result of the Merger:
(i)
the increase of the Bank’s share capital by the amount of
€ 798,932,376.22 through the issuance of 3,631,510,801
ordinary, dematerialized, registered
voting shares, each having a nominal
value of € 0.22, and
(ii)
the decrease
of the
Bank’s share
capital
by the
amount of
€ 3,941,071,968.10,
through the
cancellation of
3,683,244,830 shares of the Bank, each with a
nominal value of €1.07.
●
The continuation of the implementation of the share buyback programme originally established by Eurobank Holdings (see
above),
following the completion of the merger by absorption of Eurobank Holdings by the Bank and the commencement
of trading of the shares of the Bank on the ATHEX (note 23.1). The total cost of the Programme will not exceed the amount
of €122,919,881.27, which corresponds to the remaining amount of the existing Programme.
●
The continuation of the stock options
plan originally established by Eurobank Holdings,
by means of the resolution of the
AGM of its shareholders dated 28 July 2020 (note
38).
Following the above, as at 31 December
2025, the share capital of the
Bank amounts to € 798,932,376.22, divided
into 3,631,510,801
ordinary, dematerialized, registered
voting shares, each having a nominal
value of € 0.22.
Treasury shares
As at 31 December 2025, the Bank held 3,546,449 treasury shares acquired within the framework of its buyback programme, with a
total cost
of €
12.4 million.
On the
same date,
the number
of treasury shares
held by
the Bank’s
subsidiary Eurobank
Equities
Investment Firm Single
Member S.A. (in the ordinary course of its business),
was 3,869,292 and its carrying amount (debit
balance
within reserves) was € 13,1 million (31 December
2024: € 3.9
million). In addition,
the number of
the Bank’s shares held by
the Group’s
associates in the ordinary course of their insurance and investing activities was 64,037,790
in total (31 December 2024: 64,163,790).
The analysis of the movement in the number of shares outstanding, taking into account that the shareholders of Eurobank Holdings
retained the same number of shares
upon completion of the Merger as they held prior to the Merger, is set
out below:
Number of shares
Issued
Shares
Treasury
Shares
Net
Balance at 1 January 2024
3,716,479,777
(56,427,239)
3,660,052,538
Share capital increase following the exercise of share options
12,337,225
-
12,337,225
Cancellation of treasury shares
(52,080,673)
52,080,673
-
Purchase of treasury shares
-
(1,475,008)
(1,475,008)
Sale of treasury shares
-
3,907,033
3,907,033
Balance at 31 December 2024
3,676,736,329
(1,914,541)
3,674,821,788
Balance at 1 January 2025
3,676,736,329
(1,914,541)
3,674,821,788
Share capital increase following the exercise of share options
9,002,866
-
9,002,866
Purchase of treasury shares under the share buyback programme
-
(57,774,843)
(57,774,843)
Cancellation of treasury shares
(54,228,394)
54,228,394
-
Other (purchases)/sales of treasury shares
-
(1,954,751)
(1,954,751)
Balance at 31 December 2025
3,631,510,801
(7,415,741)
3,624,095,060
Post balance sheet event
In the period 1 January - 27 February 2026,
as part of the implementation of its share buyback
programme, the Bank proceeded with
additional purchases of 14,449,642 own shares, with a
total cost of € 58 million.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
38.
Share options
The Annual General Meeting
of the shareholders of Eurobank Holdings
held on 28 July 2020
approved the establishment
of a five
year shares award
plan, starting from 2021, in
the form of share
options rights by issuing
new shares with a
corresponding share
capital increase, in accordance with the
provisions of article 113 of
law 4548/2018, awarded to executives and personnel of Eurobank
Holdings and its affiliated companies according to article 32 of law 4308/2014.
The maximum number of rights that can be approved
was set at
55,637,000 rights,
each of
which would correspond to
one new share
with exercise
price equal to €
0.23. The Annual
General Meeting authorized the
Board of Directors of
Eurobank Holdings to define
the eligible staff
and determine the remaining
terms and conditions of the plan.
The final terms
and the
implementation of the
share options plan,
which is a
forward-looking long-term incentive
aiming at the
retention of key executives, are defined and approved annually by the Board of Directors
in accordance with the applicable legal and
regulatory framework, as well
as the policies of the Group.
The options are exercisable in portions
annually during a
period from one to five years.
Each portion may be
exercised wholly or partly
and converted
into shares at
the employees’
option, provided that
they remain
employed by
the Group until
the first
available
exercise date.
Each portion is treated
as a separate
award with a
different vesting period and
different fair
value. The corporate
actions that adjust the number and the price of shares also
adjust accordingly the share options.
The movement of share options during the year is analysed
as follows:
Share options granted
2025
2024
Balance at 1 January
21,348,600
26,863,702
Options awarded
during the
year
5,979,992
6,822,123
Options cancelled/expired
during the
year
(206,142)
-
Options exercised
during the
year
(9,002,866)
(12,337,225)
Balance at 31 December
18,119,584
21,348,600
In the second quarter of 2025 , the Group awarded to its executives 5,979,992 new share options, exercisable in annual portions up
to 2030, out of which 2,719,083 options were exercised during the third quarter of 2025.
From the total number of granted share options exercisable in 2025, 9,002,866
options were exercised during the year, resulting in
the issue of an equal number of new common voting shares.
The share options outstanding at the end of the year totaled to 18,119,584 (31
December 2024: 21, 348,600) and have the following
expiry dates:
Share options
Expiry date ⁽¹⁾
31 December 2025
2026
6,414,735
2027
6,300,309
2028
3,817,289
2029
1,182,919
2030
404,332
Weighted
average remaining
contractual
life of share
options outstanding
at the end
of the period
20 months
(1)
Based on the earliest contractual exercise date.
In accordance with the Group’s
accounting policy on employees’ share based
payments, the grant date fair
value of the options is
recognized as an expense with a
corresponding increase in equity over the vesting period.
The fair value
at grant date
is determined using an
adjusted form of the Black
-Scholes model for Bermudan equity
options which
takes into account
the exercise price, the exercise
dates, the term of
the option, the share price
at grant date and
expected price
volatility of the underlying share, the expected dividend yield and the risk-free interest rate
for the term of the options.
The weighted average fair value of the share options granted in 2025 was € 2.10 (2024:
€ 1.66). The significant inputs into the model
were a share price of € 2.48 (2024: € 2.021)
at the grant date, exercise price of € 0.23, a dividend
yield of 4.24%
(2024: 3%), expected
average volatility of 32%
(2024: 32%), expected option life
of 1-5 years, and a
risk-free interest rate
corresponding to the options’
maturities, based on the Euro swap yield curve. The expected volatility is measured at the grant date of the options and is based on
the average historical volatility
of the share price.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
39.
Reserves and retained earnings/losses
Statutory
reserves
Non-taxed
reserves
Fair value reserve
Other
reserves
Retained
earnings/(losses)
Total
€ million
€ million
€ million
€ million
€ million
€ million
Balance at 1 January 2024
227
829
48
2,147
2,670
5,920
Net profit
-
-
-
-
1,448
1,448
Arising from acquisition
260
-
-
-
(260)
-
Transfers between reserves
44
1
(1)
383
(428)
-
Debt securities at FVOCI
-
-
22
-
-
22
Cash flow hedges
-
-
-
(1)
-
(1)
Foreign currency translation
-
-
-
-
0
0
Gains/(losses) from equity securities at FVOCI
-
-
(8)
-
-
(8)
Associates and joint ventures
-changes in the share of other comprehensive
income, net of tax
-
-
(5)
(3)
(0)
(8)
Actuarial gains/(losses) on post employment
benefit obligations, net of tax
-
-
-
(2)
(2)
Dividend distribution to shareholders
-
-
-
(342)
-
(342)
Changes in participating interest/consolidation
percentage in subsidiaries
-
-
-
-
(134)
(134)
Share options plan
-
-
-
-
18
18
Purchase/sale and cancellation of treasury shares
-
-
-
97
(64)
33
Other
-
-
-
-
(1)
(1)
Balance at 31 December 2024
532
830
57
2,281
3,246
6,945
Balance at 1 January 2025
532
830
57
2,281
3,246
6,945
Net profit
-
-
-
-
1,362
1,362
Arising from acquisition (note 23.2)
-
-
-
-
-
-
Transfers between reserves
38
2
9
182
(230)
-
Debt securities at FVOCI
-
-
14
-
-
14
Cash flow hedges
-
-
-
(2)
-
(2)
Foreign currency translation
-
-
-
1
0
1
Gains/(losses) from equity securities at FVOCI
-
-
1
-
-
1
Associates and joint ventures
-changes in the share of other comprehensive
income, net of tax
-
-
(1)
2
(0)
1
Actuarial gains/(losses) on post employment
benefit obligations, net of tax
-
-
-
(1)
(1)
Dividend distribution to shareholders (see below)
-
-
-
(556)
1
(556)
Issue of AT1 capital instruments (note 38)
-
Coupon payment to AT1 capital holders, net of
tax
-
-
-
-
(12)
(12)
Changes in participating interest/consolidation
percentage in subsidiaries (note 23.2)
-
-
-
-
-
-
Share options plan (note 38)
-
-
-
-
14
14
Purchase/sale and cancellation of treasury shares
(note 37)
-
-
-
(22)
(151)
(172)
Other
0
(1)
0
1
(2)
(2)
Balance at 31 December 2025
570
830
80
1,886
4,227
7,594
As at 31 December 2025, other reserves
comprise, among others, a) € 1,375 million reserves relating to
dividends and gains from the
sale of participations (2024: €
1,752 million), b) corporate
law reserves of
€ 8 million,
pursuant to the
provisions of the
Greek company
law in force (2024: € 8 million), c) € 25 million (debit
balance) relating to the carrying amount of
the treasury shares held by the Bank
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
and its subsidiary Eurobank Equities Investment Firm Single Member S.A. (2024: € 4
million) (note 37), d) € 16 million accumulated
loss from cash flow hedging (2024: € 15 million accumulated loss) and e) € 2 million accumulated loss relating to foreign operations’
translation differences (2024: €
3 million accumulated loss).
Dividends/Shareholders’ remuneration
On 29 April 2025, Eurobank Holdings
received the approval from the
European Central Bank (ECB) to remunerate
its shareholders
with an amount of € 674 million for the financial year 2024, with a combination of cash and share buyback, corresponding to a 50%
payout ratio
of the Group’s
net profit for
2024 less
the gain on
acquisition of a
shareholding in Hellenic
Bank of
€ 99.5 million.
Following the above, on 30 April 2025, the Annual General Meeting (AGM) of
the shareholders of Eurobank Holdings, among others,
approved:
•
The distribution of
a cash
dividend of €
386,057,314.55 from the
“Special Reserves” account,
corresponding to a
gross
dividend of € 0.105 per share.
•
A share buyback programme (“Programme”)
as described above in note 37.
•
The distribution of € 437,670 to
executives and employees of Eurobank Holdings
from the “Special Reserves”
account. In
addition, it was noted in AGM that the respective amount that was approved to be distributed to executives and employees
of
the Bank amounts to € 31,222,662.
In May 2025, the Bank,
further to the distribution
of € 240 million in December
2024, proceeded with the distribution
of an additional
amount of € 405 million from its non-mandatory
reserves, as part of the Banks’ overall contribution to
its sole shareholder, Eurobank
Holdings, in order to enable the latter to remunerate
its shareholders out of the profits of the financial
year 2024.
In October 2025, the Board of Directors of Eurobank Holdings approved, in accordance with the provisions of paragraph 3
of article
162 of Law 4548/ 2018 and in line with
its shareholders’ remuneration policy, the distribution of an interim
cash dividend of € 170
million for the financial
year 2025 from its non-mandatory reserves.
Eurobank Holdings obtained the necessary approval
from the
ECB in late October and proceeded with the payment of the interim
dividend to its shareholders in November 2025.
Based on the Group’s financial performance for the financial year 2025, the
Bank intends to remunerate its shareholders with a total
amount of € 717 million, of which €170 million has already been distributed in the form of an interim dividend, as noted above. This
corresponds to a
55% payout ratio
of the Group’s
net profit for
2025 less the
€ 58 million gain
on acquisition of
the CNP Cyprus
subgroup and is
subject to
approval of the
Annual General
Meeting of its
shareholders and the
regulatory authorities. The
final
remuneration will be delivered through a combination of a
cash dividend and a share buyback programme.
40.
Additional Tier 1 capital instruments
On 4 June 2025, Eurobank Holdings issued fixed rate reset Additional Tier 1 perpetual contingent temporary write
-down notes (the
“Notes” – first issuance)
of nominal value € 500 million. On the same
date, the Bank issued notes of equivalent terms,
which were
held by Eurobank Holdings until its merger with
the Bank in
December 2025 (note 23.1). Upon completion
of the merger, these notes
were cancelled, and the
Bank assumed the corresponding
Notes held by
third parties. The Notes,
subject to their
terms and conditions,
are redeemable in full at the
Bank’s sole and full discretion on
any interest payment date falling on or
after 4 June 2031 (the first reset
date) or at any time
following the occurrence of certain events. They bear
non-cumulative interest, which is cancellable
subject to
conditions, at a fixed rate of 6.625% per annum until the first reset date, and thereafter at a reset rate based on the aggregate of 5-
year mid-swap rate plus a margin of 445.4 bps. The interest is payable semi-annually
in arrears, commencing on 4 December 2025.
In addition, on 10 November
2025, Eurobank Holdings issued fixed rate reset Additional
Tier 1 perpetual contingent
temporary write-
down notes (the
“Notes” – second
issuance) with a
nominal value of
€ 600 million.
On the same
date, the Bank
issued notes of
equivalent terms,
which were
held by
Eurobank Holdings
until its
merger with
the Bank
in December
2025 (note
23.1). Upon
completion of the merger, these notes were cancelled,
and the Bank assumed the
corresponding Notes held by
third parties. The said
Notes are callable by the Bank, subject to their terms and conditions, on any interest payment date falling on or after 10 November
2033 and bear non-cumulative interest at a fixed
rate of 6.250% per annum until the first reset
date, and thereafter at a reset
rate
based on the aggregate of 5-year mid-swap rate plus a margin of 379 bps, payable semi-annually in arrears, commencing on 10 May
2026.
The issued Notes are listed
on the Euro MTF market of the Luxembourg Stock Exchange.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Based on their terms, such as the fully discretionary and non-cumulative
nature of interest, perpetual maturity, and loss-absorbing
features that relate to specific regulatory requirements or trigger events, the
Notes from both issues have been classified as equity
instruments with coupon payments, if any, to be recognized as dividends in accordance with the principles of IAS 32. The Notes also
qualify as Additional Tier
1 capital instruments
under the Capital Requirements
Regulation (CRR)
(note 4). For the
year ended 31
December 2025, the coupon payment to AT1 capital holders amounted to € 16.5 million
(€ 12 million after
tax).
The issuances are in line with the Group’s strategy to further optimize its capital structure
and enhance its capacity to support future
strategic initiatives.
Further information is available
on the Bank’s website.
41.
Transfers of financial assets
The Group enters
into transactions by which
it transfers recognized
financial assets
directly to third parties
or to Special
Purpose
Entities (SPEs).
(a) The Group sells, in exchange for cash, securities under an agreement to repurchase them (repos) and assumes a liability to repay
to the counterparty the cash
received. In addition, the
Group pledges, in exchange for cash,
securities, covered bonds, as well as loans
and receivables and assumes a liability to repay to the counterparty the cash received. The Group may also transfer securities under
securities lending agreements with no exchange of cash or pledging
of other financial assets as collateral. For all the aforementioned
transactions, the Group has determined that
it retains substantially
all the risks, including associated
credit and interest rate risks,
and rewards of these financial assets and therefore has
not derecognized them. As a result, the Group is unable to
use, sell or pledge
the transferred assets for the duration
of the transaction. The related liability,
where applicable, is recognized in Due
to central banks
and credit institutions (note 31), Due to customers (note 32)
and Debt securities in issue (note 33), as
appropriate.
The Group enters
into securitizations of
various classes of loans
(corporate, small
and medium enterprise, consumer and
various
classes of non-performing loans), under which
it assumes an obligation to pass on the cash
flows from the loans to the holders of the
notes. The Group has determined that it retains substantially all risks, including
associated credit and interest rate risks, and rewards
of these loans and therefore
has not derecognized them. As a
result of the above transactions,
the Group is unable to
use, sell or
pledge the transferred assets
for the duration of their retention by the
SPE. Moreover, the note holders'
recourse is limited
to the
transferred loans. As at 31 December 2025, the carrying value of the securitizations’ issues held by third parties amounted to €
553
million (2024: € 554 million)
(note 33).
The table below sets out
the details of Group's financial assets that have
been sold or
otherwise transferred to third
parties, but which
do not qualify for derecognition:
Carrying amount⁽¹⁾
2025
2024
€ million
€ million
Loans and advances
to customers
5,236
2,801
-securitized loans
731
727
-pledged loans
under covered
bond program
2,691
1,794
-pledged loans
with central
banks
1,583
-
-other pledged
loans
232
280
Investment
securities
1,251
1,200
Carrying amount of
assets
6,487
4,001
Associated liabilities⁽²⁾
4,739
2,954
(1)
The amounts presented above do not
include securitised loans and assets pledged under
cover bond program or with central
banks, which have not been
utilised for secured financing.
(2)
Amounts are before offsetting repo agreements in the balance sheet against reverse repo deals of € 1,280 million (2024: € 447 million) (note 5.2.1.4)
(b) The Group may sell or re-pledge any securities borrowed or obtained through
reverse repos and has an obligation to return the
securities. The
counterparty
retains substantially
all
the risks
and rewards
of ownership
and therefore
the securities
are
not
recognized by the Group. As at
31 December 2025, the securities obtained
through reverse repo by the
Group of face value of € 1,329
million had not been sold or re-pledged (2024:
€ 583 million face value
obtained through reverse repo not sold or re-pledged).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The Group’s
financial assets
pledged as
collaterals
for repos,
derivatives, securitizations
and other
transactions other
than
the
financial assets
presented in the table above are provided in notes 17 and 29.
42.
Leases
Group as a lessee
The Group leases office and branch premises,
ATM locations, residential
properties for the Group’s personnel, and motor vehicles.
The majority of the Group’s property
leases are under long term agreements (for a term of
12 years or more in
the case of leased real
estate assets),
with options to
extend or
terminate the
lease according to
the terms
of each contract
and the usual
terms
and
conditions of commercial
leases applicable in each
jurisdiction, while motor vehicles generally
have lease terms
of up to 4
years.
Extension options held by the Group are included in
the lease term when it is reasonably certain that they will be
exercised based on
its assessment. For contracts having an indefinite remaining life, the
lease term has been determined
at an average of 7 years for the
Bank, after considering
all relevant facts
and circumstances.
For new or
modified lease contracts
with an indefinite
life, that
are
effective from the fourth quarter
of 2023 onwards, the
estimated lease term has been revised
to 5 years. Where
applicable,
depending
on the terms of each lease contract, lease payments are
adjusted annually in line with the consumer Price Index, as published by the
Greek Statistical
Authority, plus an agreed fixed percentage.
Information about the leases for which the Group is
a lessee is
presented below:
Right-of-Use Assets
As at 31 December 2025, the right-of-use assets included in property plant
and equipment amounted to € 153 million (31 December
2024: € 168 million) (note 26), while those that meet the definition of investment property amounted to € 17 million (31 December
2024: € 17 million) (note 27).
Lease Liabilities
The lease liability
included under other liabilities
amounted to € 175
million as at
31 December 2025
(31 December 2024: €
190
million) (note 34). The maturity analysis of
lease liabilities as at 31
December 2025, based on
the contractual undiscounted
cash flows,
is presented in note 5.2.3.
Amounts recognised in profit or loss
Interest on lease liabilities is presented in note
6 and the lease expense relating to short
term leases is ca. € 1.8 million (31 December
2024: € 1.2 million).
The Group had total cash outflows for leases
of € 38 million in 2025 (2024: €
41 million).
Group as a lessor
Finance lease
The Group leases out certain real estate
properties and equipment under finance leases, in its capacity as
a lessor.
The maturity analysis of finance lease receivables,
based on the
undiscounted lease payments to be
received after the reporting date,
is provided below:
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
2025
2024
€ million
€ million
Not later
than one year
205
205
1-2 years
90
88
2-3 years
83
74
3-4 years
55
64
4-5 years
43
36
Later than
5 years
106
116
Lease Payments:
582
583
Gross investment
in finance
leases
582
583
Less: unearned
finance income
(57)
(60)
Net investment
in finance
leases
525
523
Less: impairment
allowance
(59)
(80)
Total
466
443
Operating Leases
The Group
leases out
its investment
property under
the usual
terms and
conditions
of commercial
leases applicable
in each
jurisdiction. When such leases
do not transfer substantially
all of the risks
and rewards incidental
to the ownership of
the leased
assets, the Group classifies these lease as operating leases. Information
relating to operating leases of investment property, including
the rental income recognised
by the Group
during the year, is provided
in note 27. The maturity
analysis of operating lease receivables,
based on the undiscounted lease payments to be received after the reporting date, is
provided below:
2025
2024
€ million
€ million
Not later
than one year
79
85
One to two
years
72
75
Two to three years
68
67
Three to
four years
53
61
Four to five
years
46
47
More than five
years
178
153
Total
496
488
43.
Contingent liabilities and other
commitments
The Group presents in the below table the
following three categories of the credit related commitments it has undertaken
within the
context of its lending related activities: (a) financial guarantee contracts, which refer to guarantees and standby letters of credit that
carry the same credit risk as loans (credit
substitutes), (b) commitments to extend credit,
which comprise firm commitments that are
irrevocable over
the life
of the
facility or
revocable only
in response
to a
material adverse
effect and
(c)
other credit
related
commitments, which refer
to documentary and commercial letters
and other guarantees of medium and low risk according
to the
Regulation No 575/2013/EU.
Credit related commitments are
analyzed as follows:
2025
2024
€ million
€ million
Financial guarantee contracts
2,042
2,221
Commitments to extend credit
7,109
5,783
Other credit
related commitments
2,212
1,298
Total
11,363
9,302
As at 31 December 2025, the credit related commitments in total amounted to € 18.4
billion, including revocable loan commitments
of €
8.4 billion.
The respective
figures as
at 31
December 2024:,
were €
17.2 billion
and €
7.9 billion, containing
€ 3.2
billion
unconditionally cancellable undrawn overdraft facilities for which, zero
credit conversion factor (CCF) is estimated for the purpose of
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
ECL measurement under IFRS 9 impairment requirements. The impairment allowance for credit related commitments amounted to
€ 56 million as at
31 December 2025 (31 December 2024:
€ 63 million).
In addition, the Group has issued a
sovereign risk financial guarantee of € 0.25 billion
(31 December 2024: € 0.24 billion) for which
an
equivalent amount has been deposited under the relevant pledge agreement (note 29).
Other commitments
(a) The Bank has signed
irrevocable payment commitment (IPC) and collateral
arrangement agreements with the Single Resolution
Fund (SRF) amounting in total to € 29 million as at 31
December 2025 (2024: € 29 million).
According to the agreements, which are
backed by cash collateral of an equal amount, the Bank undertook to pay to the SRF an amount up to the above IPC, in case of a call
and demand for payment made by
it, in relation to a resolution action taken
for another European bank. The IPC had been accounted
for as a contingent liability on
the basis that a contribution
call by the SRF was not probable,
whereas the said cash collateral has been
recognized as a financial
asset measured at
amortized cost in the Group’s
balance sheet line “Other Assets”
(note 29).
By a ruling in October 2023, the General Court of the European Union dismissed the appeal of a French credit institution
against the
Single Resolution
Board (SRB)
following the
rejection, by
the
latter,
of
the request
for return
of collateral
linked
to ex-ante
contributions provided in the form of IPC.
The reimbursement of the collateral
linked to the IPC, requested by the institution after
the withdrawal of its license, had been
refused by the SRB, arguing that the return of IPC collateral required
the prior payment of the
compulsory contribution for which the institution was liable.
Moreover, by
its judgment of 13
November 2025, the Court of Justice
of the European Union
dismissed the appeal lodged by
the
French credit institution in January 2024 and ruled that the latter is required to
pay the SRF an amount equivalent to its IPC for
the
return of collateral to take place.
The aforementioned
court decision
confirmed the
existence of
a present
obligation for
credit institutions
operating under
the
resolution mechanism, in the event of
the withdrawal of their banking license, which would
unavoidably result in the payment of the
IPC to the SRF.
For the purpose of estimating the relevant provision amount,
the Group does not expect a resolution action
in the European Banking
sector to occur, that could trigger a call for contribution by the Group to take place, or the occurrence of events that would result in
the cessation of the Group’s banking operations, over an extended time horizon. Accordingly, as of 31 December 2025, no provision
has been recognized within the Group’s liabilities
in relation to IPCs.
(b) As at 31 December
2025, the contractual commitments for the
acquisition of own used
property, investment property, equipment
and intangible assets amounted to €
57 million (2024: € 51 million).
Legal proceedings
As at 31 December 2025,
the provisions for legal proceedings outstanding against the Group amounted to € 38 million (note 34). As
at 31 December 2024:
the Group had recognized respective provisions of €
33 million and contingent liabilities
at a provisional fair
value of € 4 million on the acquisition of Hellenic
Bank group (note 23.2).
Furthermore, in the normal course of its business,
the Group has been involved in a number of
legal proceedings, which are either at
still a premature or at an advanced trial instance. The final settlement of these cases may require the lapse of a certain time so that
the litigants exhaust the legal remedies provided
for by the law. Management, is closely monitoring
the developments to
the relevant
cases and having considered the advice of Legal
Services, does not expect that there will be an outflow
of resources and therefore
does not acknowledge the need for a provision.
44.
Operating segment
information
Management has determined the operating segments based on the internal reports reviewed by the
Strategic Planning Committee
that are
used to allocate
resources and to
assess their
performance in order
to make
strategic decisions. The
Strategic Planning
Committee considers the business both
from a business unit and geographic
perspective. Geographically, management considers the
performance of its business activities
originated from Greece and other countries in Europe (International).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Greece is further segregated into retail, corporate, markets, investment property and remedial and servicing
strategy. International
is monitored and reviewed on
a country basis. The Group aggregates
segments when they exhibit similar
economic characteristics
and profile and are expected to have similar
long-term economic development.
In more detail, the Group is organized
in the following reportable segments:
-
Retail: incorporating customer current accounts, savings, deposits and investment savings products, credit and debit
cards,
consumer loans, small business
banking and mortgages.
-
Corporate: incorporating
current accounts,
deposits, overdrafts,
loan and
other credit
facilities, foreign
currency and
derivative
products
to
corporate
entities,
custody and
clearing
services, cash
management
and
trade
services and
investment banking services including corporate finance, merger and acquisitions
advice.
-
Markets: incorporating
financial instruments
trading, services
to institutional
investors,
as well
as, specialized
financial
advice and intermediation, aw well
as equity brokerage.
-
International: incorporating operations
in a) Bulgaria,
b) Cyprus, containing
the operations of
Eurobank Limited (former
Hellenic Bank Public Company Limited) following the transfer of the banking business
of Eurobank Cyprus Ltd to the entity
in the third quarter of 2025 and the completion of the merger with ERB Cyprus Holdings Ltd (former
Eurobank Cyprus Ltd)
in the fourth
quarter of 2025.
These operations
were previously reported
separately (note 23.3).
The operations of
the
former Hellenic Bank group
were included in
the Company’s consolidated financial
statements as
of the third quarter of
2024 (note 23.3). Additionally, from the second quarter of 2025, the operations of the former Hellenic Bank group include
those of the former CNP Cyprus
subgroup, which was acquired in April 2025
(note 23.4), c) Luxembourg and d) Romania
and Serbia, which as of the third quarter of 2024 are
presented in “Other” segment of the International operations.
-
Investment Property:
incorporating investment
property activities
relating to
a diversified
portfolio of
commercial real
estate assets.
-
Remedial and Servicing Strategy (RSS): incorporating the
management of non
- performing assets, the property
management
(repossessed assets),
the notes of the securitizations of loans
originated by the Bank, which were retained by
the Group,
and the Group’s share of results of
doValue Greece Loans and Credits Claim
Management S.A.
Other segment
of the
Group refers
mainly to
(a) property
management (own
used property
& equipment), (b)
other investing
activities (including equities’ positions),
(c) mutual fund products, institutional asset
management which were
previously reported
under Global markets & Asset management (d) private banking
services to medium and high net worth individuals, (e) the Group’s
share of results of Eurolife
Insurance group and (f) the results related to the Group’s
transformation projects and initiatives.
The Group's
management reporting
is
based on
International Financial
Reporting Standards
(IFRS)
as adopted
by
the EU.
The
accounting policies of the Group's operating segments
are the same with those described in the principal accounting policies.
Revenues from transactions between business segments are allocated on a mutually agreed basis at rates that approximate market
prices.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
44.1
Operating segments
31 December 2025
Retail
Corporate
Markets
Investment
Property
RSS
International
Other and
Elimination
center
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Net interest
income
827
357
241
(13)
(33)
1,219
(49)
2,549
Net banking fee and
commission income
108
132
83
(0)
3
232
74
631
Other net revenue
(72)
0
31
126
46
121
(2)
250
Total external revenue
863
489
355
112
16
1,572
22
3,430
Inter-segment revenue
72
52
(28)
2
(0)
(3)
(96)
-
Total revenue
935
542
327
114
16
1,570
(73)
3,430
Operating expenses
(421)
(138)
(51)
(35)
(60)
(558)
(22)
(1,285)
Impairment losses relating to
loans
and advances to customers
(309)
46
-
-
(20)
(61)
(34)
(379)
Other impairments, risk provisions
and related costs
(note 12)
(4)
(0)
(7)
(0)
(5)
(4)
(15)
(35)
Restructuring costs (note 12)
(6)
(1)
(1)
(0)
-
(46)
(8)
(62)
Special tax levy on credit institutions
-
-
-
-
-
(35)
-
(35)
Share of results of
associates and
joint ventures
-
-
0
-
11
-
35
47
Profit/(loss) before tax from continuing operations
193
449
268
80
(57)
866
(117)
1,681
Loss before
tax from discontinued operations
(note 30)
-
-
-
-
-
-
(13)
(13)
Profit/(loss) before tax attributable to non controlling
interests
-
-
-
(0)
-
0
-
0
Profit/(loss)
before tax attributable
to equity holders of the parent company
193
449
268
80
(57)
866
(130)
1,668
31 December 2025
Retail
Corporate
Markets
Investment
Property
RSS
International
Other and
Elimination
center⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Segment assets
11,714
21,965
16,321
1,384
7,346
45,186
4,060
107,976
Segment liabilities
34,033
13,493
4,755
237
1,377
40,030
3,429
97,353
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
The International segment is further analyzed
as follows:
31 December 2025
Bulgaria
Cyprus
Luxembourg
Other
Total
International
€ million
€ million
€ million
€ million
€ million
Net interest
income
407
758
50
3
1,219
Net banking fee
and commission income
94
124
14
(0)
232
Other net revenue
10
111
1
(1)
121
Total external
revenue
511
994
65
2
1,572
Inter-segment revenue
-
-
(3)
-
(3)
Total revenue
511
994
62
2
1,570
Operating expenses
(195)
(325)
(36)
(2)
(558)
Impairment losses
relating to loans and
advances to customers
(55)
(10)
0
4
(61)
Other impairments,
risk provisions
and
related costs
(3)
0
(0)
(1)
(4)
Restructuring costs (note 12)
-
(45)
(1)
-
(46)
Special tax levy
on credit institutions
-
(35)
-
-
(35)
Profit/(loss) before tax from continuing
operations
258
579
25
4
866
Profit/(loss) before tax attributable to non
controlling interests
0
0
-
-
0
Profit/(loss)
before tax attributable
to equity holders of the parent company
258
579
25
4
866
31 December 2025
Bulgaria
Cyprus
Luxembourg
Other
Total
International
€ million
€ million
€ million
€ million
€ million
Segment assets⁽²⁾
13,580
28,742
3,031
82
45,186
Segment liabilities⁽²⁾
12,014
25,396
2,712
158
40,030
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
31 December 2024
Retail
Corporate
Markets
Investment
Property
RSS
International
Other and
Elimination
center
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Net interest
income
1,170
405
21
(13)
(37)
1,023
(62)
2,507
Net banking fee and
commission income
106
137
86
0
3
176
54
561
Other net revenue
(51)
19
76
108
(31)
61
91
272
Total external revenue
1,225
560
182
95
(65)
1,261
82
3,341
Inter-segment revenue
59
49
(27)
2
(0)
(6)
(77)
Total revenue
1,283
610
155
97
(65)
1,255
5
3,341
Operating expenses
(391)
(131)
(46)
(33)
(60)
(416)
(23)
(1,098)
Impairment losses relating to
loans and advances to
customers
(230)
(3)
34
(61)
(43)
(303)
Other impairment losses,risk
provisions and related
costs (note 12)
(4)
(0)
(11)
(1)
(9)
(18)
(16)
(59)
Restructuring costs (note 12)
(15)
(2)
(1)
(1)
(0)
(2)
(147)
(168)
Special tax levy on credit institutions
(22)
(22)
Share of results of
associates and joint ventures
(0)
10
133
18
161
Profit/(loss) before tax from continuing operations
643
474
97
64
(91)
869
(205)
1,850
Profit before tax from
discontinued operations
-
-
-
-
-
-
(10)
(10)
Profit/(loss) before
tax attributable to non controlling
interests
-
-
-
(0)
-
66
(0)
66
Profit/(loss)
before tax attributable
to shareholders
643
474
97
64
(91)
803
(215)
1,774
31 December 2024
Retail
Corporate
Markets
Investment
Property
RSS
International
Other and
Elimination
center⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Segment assets
11,921
18,825
14,560
1,474
7,734
42,318
4,317
101,150
Segment liabilities
32,270
12,215
4,373
221
1,288
37,874
4,011
92,251
Notes to the Consolidated Financial Statements
.
530
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31 December 2025 Consolidated Financial Statements
31 December 2024
Cyprus
Bulgaria
Eurobank Cyprus
Hellenic Bank
Luxembourg
Other
Total
International
€ million
€ million
€ million
€ million
€ million
€ million
Net interest
income
394
273
295
58
4
1,023
Net banking fee
and commission income
83
42
40
11
(1)
176
Other net revenue
9
4
48
1
(1)
61
Total external
revenue
486
320
382
70
2
1,261
Inter-segment revenue
0.08
0.01
-
(6)
(0)
(6)
Total revenue
486
320
382
64
2
1,255
Operating expenses
(194)
(59)
(127)
(32)
(3)
(416)
Impairment losses
relating to loans and
advances to customers
(49)
(7)
(9)
0
4
(61)
Other impairments,
risk provisions
and
related costs
(4)
(1)
(2)
(1)
(10)
(18)
Restructuring
costs
(1)
(1)
(2)
Special tax levy
on credit institutions
-
(11)
(11)
-
-
(22)
Share of results
of associates and
joint
ventures
-
-
133
-
-
133
Profit/(loss) before tax from continuing
operations
239
243
364
31
(8)
869
Profit/(loss) before tax attributable to non
controlling interests
0
-
66
-
-
66
Profit/(loss) before tax attributable to
shareholders
239
243
298
31
(8)
802
31 December 2024
Cyprus
Bulgaria
Eurobank Cyprus
Hellenic Bank
Luxembourg
Other
Total
international
€ million
€ million
€ million
€ million
€ million
€ million
Segment assets⁽²⁾
11,529
9,275
18,262
3,240
128
42,318
Segment liabilities⁽²⁾
10,193
8,074
16,501
3,005
215
37,874
(1)
Interbank and debt securities in issue eliminations between International and the other Group’s segments are included.
(2)
Intercompany balances among the Countries have been excluded from the reported assets and liabilities of International segment.
44.2
Entity wide disclosures
Breakdown of the Group's revenue for each group of similar
products and services is as follows:
2025
2024
€ million
€ million
Lending related
activities
1,381
1,203
Deposits, network
and asset management
activities
1,549
2,011
Markets and Treasury
activities
329
(31)
Non banking and
other services
171
158
Total from continuing operations
3,430
3,341
Information on the Country by Country Reporting based on Law 4261/2014 is provided in the Appendix.
Notes to the Consolidated Financial Statements
.
531
|
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31 December 2025 Consolidated Financial Statements
45.
Post balance sheet events
Details of post balance sheet events
are provided in the following notes:
Note 4
– Capital Management
Note 5.2.2
– Market risk
Note 20
– Loans and advances to customers
Note 23.2
– Shares in subsidiaries
Note 24
– Investments in associates
and joint ventures
Note 33
– Debt securities in issue
Note 37
– Share capital, share
premium and treasury shares
46.
Related parties
Eurobank S.A. (the Bank) along with its subsidiaries form the Eurobank S.A. Group
(the Group).A number of banking transactions are
entered into with related parties in the normal course of business and are conducted on an arm's
length basis. These include loans,
deposits and guarantees. In addition,
as part of its normal course
of business in investment banking activities, the
Group at times may
hold positions in debt and equity instruments of related parties.
The outstanding balances of the transactions with (a) Fairfax group, which is considered to have significant influence over the Bank,
(b) the key management
personnel (KMP) and the entities controlled or jointly controlled
by KMP and (c) other
related parties, as
well as the relating
income and expenses are as follows:
31 December 2025
31 December 2024
Fairfax
Group⁽²⁾
KMP and Entities
controlled or jointly
controlled by KMP⁽¹⁾
Other Related
Parties⁽³⁾
Fairfax
Group⁽²⁾
KMP and Entities
controlled or jointly
controlled by
KMP⁽¹⁾
Other Related
Parties⁽³⁾
€ million
€ million
€ million
€ million
€ million
€ million
Loans and advances
to customers
135.25
6.31
4.20
152.23
5.32
0.17
Assets of disposal groups classified
as
held for
sale⁽⁴⁾
-
-
67.39
-
-
-
Other assets
11.66
0.01
94.70
11.97
-
99.77
Due to credit institutions
-
-
-
-
-
-
Due to customers
44.54
22.82
109.12
23.35
18.05
96.11
Debt securities
in issue
-
0.30
0.89
-
0.91
1.23
Other liabilities
0.01
1.08
17.17
0.01
0.19
8.43
Net interest income
6.36
(0.06)
(4.26)
8.28
(0.11)
(1.10)
Net banking
fee and commission
income
0.02
0.06
11.64
0.03
0.04
13.57
Gains less losses from
investment
securities
-
-
-
-
-
1.20
Impairment losses relating to loans
and
securities
including
relative
fees
0.85
-
(19.58)
0.72
-
(69.50)
Other operating
income/(expenses)
4.66
0.09
(20.04)
9.77
(8.83)
(13.16)
Guarantees issued
2.04
-
0.46
2.48
-
0.45
(1)
Includes the key management personnel of the Group and their close family members.
Information about KMP compensation is set out below.
(2)
The balances with the Group’s associate Eurolife
FFH Insurance Group Holdings S.A.,
which is also a member of Fairfax Group are presented
in the column
other related parties.
(3)
Other related parties include associates (Hellenic Bank was accounted for as
a Group’s associate until the end of the second quarter
of 2024, note 24), joint
ventures and the Eurobank Group’s personnel occupational insurance fund.
(4)
Includes the loan exposures to the entities of the Avramar group that were classified as held for sale, as these entities are considered
to be jointly controlled
by the Bank together with the other Greek lending banks (note 24).
For the year ended 31 December 2025, a
reversal of impairment
of € 33.5 million (2024:
€ 0.01 million) has been recorded against
loan balances with Group’s associates and joint ventures, while the respective impairment allowance amounted
to € 0.72 million (31
December 2024: € 0.02 million).
The aforementioned balances for 2025, primary refer
to the entities of Avramar group (note 24).
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
Key management compensation (directors and other key management personnel of the Group)
Key management personnel are entitled to compensation in
the form of short-term employee benefits of
€ 11.9 million (2024:
€ 11.8
million) including
€ 2.1
million in
upfront variable
remuneration awarded
as profit
sharing (2024:
€ 2.2
million),
and long-term
employee benefits amounting to € 5 million (2024:
€ 5.3 million) including € 2.8 million in deferred variable remuneration awarded
as profit sharing and payable in equal installments over the next 4-5 years (2024:
€ 3.2 million).
In addition, KMP have been granted
€ 4.9 million in variable remuneration through
share options (2024: € 5.5 million),
€ 2.9 million of which
relates to options exercisable
in equal portions over the next 4-5 years (2024: € 3.3
million). The variable remuneration was awarded following the Annual General
Meetings of the shareholders of the Eurobank Holdings and the Bank taken place on 30 April 2025 (note 37), in accordance with the
Eurobank Holdings and the Bank’s remuneration policy. Furthermore, as at
31 December 2025, the defined benefit
obligation for the
KMP amounts to € 2.2 million (2024: € 2.1 million) while the respective cost for
the period through the income statement amounts
to € 0.2 million (2024: € 0.1
million) and the other comprehensive income
(actuarial loss) amounts to € 0.2
million (2024: € 0.3 million
actuarial loss).
47.
External Auditors
The Group
has adopted
a Policy
on
External Auditors’
Independence which
provides amongst
others, for
the definition
of the
permitted and non-permitted
services the Group auditors may
provide further to the
statutory audit. For
any such services to
be
assigned to the Group’s auditors there are specific controlling mechanisms in order
for the Bank’s Audit Committee to ensure that a)
the non-audit services assigned to “KPMG Certified Auditors S.A.”, along
with the KPMG network (KPMG), have been reviewed and
approved as required and b) there is proper balance between audit and permitted non-audit work.
The total fees of the Group’s
principal independent auditor KPMG, for audit and other services provided are analyzed as follows:
2025
2024
€ million
€ million
Statutory audit⁽¹⁾
(4.9)
(3.0)
Tax certificate
(0.5)
(0.5)
Other audit related assignments
(2.0)
(1.5)
Non audit assignments
(0.2)
(0.5)
Total
(7.6)
(5.5)
(1)
Includes fees for statutory audit of the annual separate and consolidated financial statements.
It is noted that the non-audit assignment fees
of “KPMG Certified Auditors S.A.” Greece,
statutory auditor of the Group, amounted
to € 0.05 million.
Notes to the Consolidated Financial Statements
.
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31 December 2025 Consolidated Financial Statements
48.
Board of Directors
The Board of Directors (BoD) was elected by the Annual
General Meeting of the Shareholders (AGM) held on 23
July 2024 for a three
- year term of office that will expire on 23 July
2027, prolonged until the end of the period the
AGM for the year 2027 will take place.
On 18 June 2025, Mr. Jawaid
Mirza, Non-Executive Independent Member of the Board of Directors of Eurobank S.A.,
submitted his
resignation, effective as of 27 June
2025, due to no longer fulfilling the independence
criteria of Article 9 of
Law 4706/2020, as he has
cumulatively served nine (9) years as a
member of the Bank’s BoD.
The BoD is as follows:
G. Zanias
Chairman, Non-Executive Member
F. Karavias
Chief Executive Officer
S. Ioannou
Deputy Chief Executive Officer
K. Vassiliou
Deputy Chief Executive Officer
B.P. Martin
Non-Executive Member
A. Gregoriadi
Non-Executive Independent Member
I. Rouvitha Panou
Non-Executive Independent Member
R. Kakar
Non-Executive Independent Member
C. Basile
Non-Executive Independent Member
B. Eckes
Non-Executive Independent Member
J. A. Hollows
Non-Executive Independent Member
E. Kotsovinos
Non-Executive Independent Member
Athens, 5 March 2026
Georgios P.
Zanias
Fokion C. Karavias
Harris V. Kokologiannis
I.D. No A02555306
I.D. No A02555309
I.D. No AN582334
CHAIRMAN
OF THE BOARD OF
DIRECTORS
CHIEF EXECUTIVE OFFICER
GENERAL MANAGER OF
GROUP FINANCE
CHIEF FINANCIAL OFFICER
Notes to the Consolidated Financial Statements
.
534
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31 December 2025 Consolidated Financial Statements
APPENDIX – Disclosures under
Law 4261/2014
Country by Country Reporting
Pursuant to article 81 of Law 4261/2014, which
incorporated article 89 of Directive 2013/36/EC into the Greek legislation, the Group
provides the following information for each country in which it has
an establishment:
(i)
Names, nature of activities
and geographical location.
(ii)
The operating income (turnover), the profit/(loss) before tax, the tax on profit/ (loss) and
the current tax on a consolidated
basis for each country; intercompany transactions among countries are eliminated through the line ‘Intra-Group
amounts’.
The amounts disclosed are prepared
on the same basis as the Group’s financial statements for the year
ended 31 December
2025.
(iii)
The number of employees on a full time
equivalent basis.
(iv)
The public subsidies received.
For the listing of the Bank’s subsidiaries at 31 December 2025, the country of their incorporation and the line of their business refer
to note 23.2.
The information per country is set out below:
Year ended
31 December
2025
Operating
income
Profit/(loss)
before
tax
Tax on profit/(loss)
Current
tax
Number of
employees at 31
December
€ million
€ million
€ million
€ million
Greece
1,835
726
(176)
(12)
6,022
Bulgaria
511
267
(40)
(36)
3,324
Romania
(4)
(4)
(0)
(0)
-
Cyprus
995
590
(81)
(79)
2,905
Serbia
1
-
-
(0)
6
Luxembourg⁽¹⁾
94
56
(13)
(13)
151
Netherlands
(1)
(1)
-
-
-
Other countries
-
(0)
-
-
-
Intra-Group amounts
(1)
-
-
-
-
Total from continuing operations
3,430
1,634
(310)
(140)
12,408
Total from
discontinued operations
-
(13)
4
-
-
Total
3,430
1,621
(306)
(140)
12,408
(1)
The operations of Eurobank Private Bank Luxembourg S.A.’s
branch in London are included within Luxembourg.
Article 82 of Law 4261/2014
For 2025, the Group’s return on assets (RoA) was 1.32 %. RoA is calculated by
dividing the net profit for the year ended
31 December
2025 by the Group’s average total assets
for the year.
FINANCIAL STATEMENTS
FOR THE YEAR
ENDED
31 DECEMBER
2025
8 Othonos Str, Athens 105 57, Greece
eurobank.gr, Tel.: (+30) 210
333 7000
General Commercial Registry
No: 154558160000
.
.
Index to the Financial Statements ............................................................................................................Page
Balance Sheet ..............................................................................................................................................538
Income Statement .......................................................................................................................................539
Statement of Comprehensive Income .........................................................................................................540
Statement of Changes in Equity...................................................................................................................541
Cash Flow Statement ...................................................................................................................................542
Notes to the Financial Statements
1.
General information ...........................................................................................................................543
2.
Basis of preparation and material accounting policies
.......................................................................543
2.1
Basis of preparation............................................................................................................................543
2.2
Material accounting policies...............................................................................................................546
3.
Critical accounting estimates and judgments in applying accounting policies
...................................570
4.
Capital Management ..........................................................................................................................578
5.
Financial risk management and fair value ..........................................................................................580
5.2.1 Credit Risk ...........................................................................................................................................582
5.2.2 Market risk..........................................................................................................................................615
5.2.3 Liquidity risk........................................................................................................................................620
5.2.4 Sustainability risks ..............................................................................................................................623
5.3
Fair value of financial assets and liabilities
.........................................................................................624
6.
Net interest income ............................................................................................................................629
7.
Net banking fee and commission income...........................................................................................630
8.
Income from non banking services
.....................................................................................................630
9.
Dividend income .................................................................................................................................630
10.
Net trading income and gains less losses from investment securities ...............................................631
11.
Other income/ (expenses) ..................................................................................................................632
12.
Operating expenses ............................................................................................................................633
13.
Other impairments, risk provisions and restructuring costs...............................................................634
14.
Income tax ..........................................................................................................................................634
15.
Cash and balances with central banks
................................................................................................638
16.
Cash and cash equivalents and other information on cash flow statement.......................................638
17.
Due from credit institutions................................................................................................................639
18.
Securities held for trading ..................................................................................................................640
19.
Derivative financial instruments and hedge accounting.....................................................................640
20.
Loans and advances to customers
......................................................................................................644
21.
Impairment allowance for loans and advances to customers
............................................................648
22.
Investment securities..........................................................................................................................650
23.
Merger of Eurobank Ergasias Services and Holdings S.A. with Eurobank S.A.....................................652
.
.
24
Shares in subsidiaries..........................................................................................................................655
24.1
Corporate actions in relation to Hellenic Bank group.........................................................................657
25.
Investments in associates and joint ventures.....................................................................................658
26.
Property and equipment ....................................................................................................................659
27.
Investment property...........................................................................................................................660
28.
Intangible assets .................................................................................................................................662
29.
Other assets
........................................................................................................................................662
30.
Disposal groups classified as held for sale
..........................................................................................663
31.
Due to central banks and credit institutions.......................................................................................663
32.
Due to customers................................................................................................................................664
33.
Debt securities in issue .......................................................................................................................664
34.
Other liabilities ...................................................................................................................................665
35.
Standard legal staff retirement indemnity obligations (SLSRI) and termination benefits
..................666
36.
Share capital, share premium and treasury shares ............................................................................667
37.
Share options
......................................................................................................................................669
38.
Reserves and retained earnings..........................................................................................................670
39.
Additional Tier 1 capital instruments..................................................................................................671
40.
Transfers
of financial assets................................................................................................................671
41.
Leases .................................................................................................................................................672
42.
Contingent liabilities and other commitments
...................................................................................674
43.
Post balance sheet events ..................................................................................................................676
44.
Related parties....................................................................................................................................676
45.
External Auditors ................................................................................................................................678
46.
Board of Directors...............................................................................................................................679
Balance Sheet
.
538
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31 December 2025 Financial Statements
31 December
2025
2024
Note
€ million
€ million
ASSETS
Cash and balances with
central
banks
15
5,438
5,415
Due from credit institutions
17
3,576
2,272
Securities
held for
trading
18
178
149
Derivative
financial instruments
19
762
812
Loans and advances
to customers
20
34,503
32,690
Investment
securities
22
13,761
12,508
Shares in subsidiaries
24
3,297
2,365
Investments
in associates and
joint ventures
25
36
37
Property and equipment
26
622
603
Investment property
27
933
1,047
Intangible
assets
28
261
218
Deferred
tax assets
14
3,627
3,775
Other assets
29
1,565
1,418
Assets of disposal groups
classified as held
for sale
30
211
86
Total assets
68,770
63,395
LIABILITIES
Due to
central
banks
31
1,001
-
Due to credit institutions
31
5,218
4,025
Derivative
financial instruments
19
922
1,139
Due to customers
32
45,356
43,742
Debt securities
in issue
33
7,568
7,053
Other liabilities
34
920
943
Total liabilities
60,985
56,902
EQUITY
Share capital
36
799
3,941
Share premium
36
1,140
-
Corporate
law reserves
38
242
177
Special reserves
38
1,375
440
Other reserves
38
1,241
61
Retained
earnings
38
1,898
1,874
Additional Tier
I capital
instruments
39
1,090
-
Total equity
7,785
6,493
Total equity
and liabilities
68,770
63,395
Notes on pages
543
to
679
form an integral part of these
financial statements.
Income Statement
.
539
|
Page
31 December 2025 Financial Statements
Year ended
31 December
2025
2024
Note
€ million
€ million
Interest income
3,471
3,892
Interest
expense
(2,185)
(2,446)
Net interest
income
6
1,286
1,446
Banking fee and
commission income
426
425
Banking fee and
commission expense
(87)
(87)
Net banking fee
and commission income
7
339
338
Income from
non banking services
8
74
77
Dividend income
9
224
398
Net trading
income/(loss)
10
(29)
63
Gains less losses from
investment
securities
10
64
5
Other income/(expenses)
11
(25)
(92)
Operating income
1,933
2,235
Operating expenses
12
(711)
(663)
Impairment
losses relating
to loans and
advances to customers
21
(315)
(241)
Other impairments,
risk provisions
and related
costs
13
(60)
(303)
Restructuring costs
13
(16)
(162)
Profit before
tax
831
866
Income tax
14
(156)
(197)
Net profit
675
669
Notes on pages
543
to
679
form an integral part of these
financial statements.
Statement of Comprehensive Income
.
540
|
Page
31 December 2025 Financial Statements
Year ended
31 December
2025
2024
€ million
€ million
Net profit
675
669
Other comprehensive
income:
Items that are or
may be reclassified
subsequently to
profit or
loss:
Cash flow hedges
- changes in
fair value,
net of tax
9
21
- transfer to
net profit,
net of tax
(11)
(2)
(22)
(1)
Debt securities
at FVOCI
- changes in
fair value,
net of tax
(note 22)
(3)
28
- transfer to
net profit,
net of tax
(note 22)
7
4
(25)
3
2
2
Items that will
not be reclassified
to profit
or loss:
- Gains/(losses) from equity
securities
at
FVOCI, net of
tax
1
(8)
- Actuarial gains/(losses) on
post employment
benefit
obligations,
net of tax
(1)
(2)
(1)
(10)
Other comprehensive
income
2
(8)
Total comprehensive
income
676
661
Notes on pages
543
to
679
form an integral part of these
financial statements
Statement of Changes in Equity
.
541
|
Page
31 December 2025 Financial Statements
Share
capital
Share
premium
Reserves and
retained
earnings
AT1 capital
instruments
Total
€ million
€ million
€ million
€ million
€ million
Balance at 1
January 2024
3,941
-
2,114
-
6,055
Net profit
-
-
669
669
Other comprehensive income
-
-
(8)
(8)
Total comprehensive income for the
year ended 31 December 2024
-
-
661
-
661
Merger with
ADEXA Real Estate
Single Member
S.A.
-
-
(1)
(1)
Share options
plan
-
-
18
18
Dividend distribution to shareholders
-
-
(240)
(240)
-
-
(223)
-
(223)
Balance at 31
December
2024
3,941
-
2,552
-
6,493
Balance at 1 January 2025
3,941
-
2,552
-
6,493
Net profit
-
-
675
-
675
Other comprehensive income
-
-
2
-
2
Total comprehensive income for
the year ended 31 December
2025
-
-
676
-
676
Dividend
distribution
to shareholders
(note 38)
-
-
(405)
-
(405)
Issue of AT1 capital
instruments
(note
39)
1,092
1,092
Coupon payment
to AT1 capital
holders, net
of tax
(12)
(12)
Merger with
Eurobank Holdings
S.A. (note 23)
(3,142)
1,140
1,942
(2)
(61)
Share options
plan (note
37)
-
-
14
-
14
Purchases of treasury
shares (notes 36)
-
-
(12)
-
(12)
(3,142)
1,140
1,527
1,090
616
Balance at 31 December
2025
799
1,140
4,756
1,090
7,785
Note 36
Note 36
Note 38
Note 39
Notes on pages
543
to
679
form an integral part of these
financial statements.
Cash Flow Statement
.
542
|
Page
31 December 2025 Financial Statements
Year ended 31 December
2025
2024
Note
€ million
€ million
Cash flows from operating activities
Profit before income tax
831
866
Adjustments for :
Impairment losses relating to loans and advances to customers
21
315
241
Other impairments, risk provisions and restructuring costs
13
76
465
Depreciation and amortisation
12
96
93
Other (income)/losses οn investment securities
16
(127)
(63)
(Gain)/loss on sale of subsidiaries, associates and joint ventures
11
9
-
Dividends from subsidiaries, associates and joint ventures
9
(223)
(397)
Valuation of investment property
11
(36)
(12)
Other adjustments
16
67
21
1,008
1,214
Changes in operating assets and liabilities
Net (increase)/decrease in cash and balances with central banks
(94)
(246)
Net (increase)/decrease in securities held for trading
(23)
90
Net (increase)/decrease in due from credit institutions
(1,041)
567
Net (increase)/decrease in loans and advances to customers
(2,290)
(2,097)
Net (increase)/decrease in other assets
(19)
146
Net (increase)/decrease in derivative financial instruments
213
(217)
Net increase/(decrease) in due to central banks and
credit institutions
2,194
(4,228)
Net increase/(decrease) in due to customers
1,611
3,002
Net increase/(decrease) in other liabilities
69
(270)
620
(3,253)
Income tax paid
(1)
(2)
Net cash from/(used in) operating activities
1,627
(2,041)
Cash flows from investing activities
Acquisition of fixed and intangible assets
26,27,28
(147)
(119)
Proceeds from sale of fixed and intangible assets
26,27
14
36
(Purchases)/sales and redemptions of investment securities
(1,680)
(610)
Acquisition of subsidiaries, associates, joint ventures and participation in capital increases
24
(991)
(339)
Proceeds from disposal/liquidation/capital decrease of holdings in subsidiaries, associates and joint
ventures
24
34
12
Dividends from investment securities, associates and joint ventures
9,16
198
398
Net cash from/(used in) investing activities
(2,572)
(622)
Cash flows from financing activities
(Repayments)/proceeds from debt securities in issue
16
517
2,039
Repayment of lease liabilities
41
(25)
(25)
Dividends Paid
(405)
(240)
Proceeds from AT1 capital instruments
1,092
-
Coupon payment to AT1 capital holders
39
(17)
-
Purchase of tresury shares
36
(12)
-
Costs related to the issue of new shares
36
(7)
-
Net cash from/(used in) financing activities
1,143
1,774
Net increase/(decrease) in cash and cash equivalents
198
(889)
Cash and cash equivalents at beginning of year
16
5,715
6,604
Cash and cash equivalents at end of year
16
5,913
5,715
Notes on pages
543
to
679
form an integral part of these
financial statements.
Notes to the Financial Statements
.
543
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Page
31 December 2025 Financial Statements
1.
General information
On 12 December 2025, the merger by
absorption of “Eurobank Ergasias Services and Holdings S.A.” (Eurobank
Holdings) by Eurobank
S.A. (Eurobank or the
Bank) was completed and
Eurobank S.A. became the ultimate
parent company of the Group
(note 23). The
Bank, which along with its subsidiaries form the Eurobank S.A. Group (the Group), is active
in retail, corporate and private banking,
asset management,
treasury, capital markets,
insurance and other
services. The Bank
operates mainly in Greece
and through its
subsidiaries in Bulgaria, Cyprus and Luxembourg. The Bank is incorporated in Greece,
with its registered office at 8 Othonos Street,
Athens 105 57 and its shares are
listed on the Athens Stock Exchange and the Cyprus Stock Exchange.
These financial statements
were approved by
the Board of
Directors on 5
March 2026. The
Independent Auditor’s Report of
the
Financial Statements
is included in the section E.I of the Annual Financial
Report.
2.
Basis of preparation and material
accounting policies
The financial statements of the Bank have been prepared on
a going concern basis and in accordance with the material accounting
policies set out below:
2.1
Basis of preparation
The financial statements of the Bank have
been prepared
in accordance with International Financial Reporting Standards (IFRS)
issued
by the
International Accounting Standards
Board (IASB),
as endorsed by
the European
Union (EU), and
in particular
with those
standards and interpretations, issued and
effective or issued and early
adopted as at the time of
preparing these financial statements.
The financial statements are prepared under the historical
cost basis except for the financial
assets measured at fair value through
other comprehensive
income, financial
assets and
financial liabilities
(including derivative
instruments) measured
at fair-value-
through-profit-or-loss and investment property measured at fair
value.
The accounting policies for the preparation of the financial statements of the Bank have been consistently applied to the years 2025
and 2024, after taking into account the amendments in IFRSs as described
in section 2.1.1
(a) “New and amended standards adopted
by the Bank as of 1 January 2025”. Moreover, following the completion of the merger in December 2025, the assets and liabilities
of
Eurobank Holdings were
incorporated prospectively in the
Bank’s financial
statements at
their pre-combination carrying amounts
(note 23).
Where necessary, comparative figures
have been adjusted to conform to changes in presentation in the current year.
The preparation of financial statements in accordance
with IFRS requires the use
of estimates and judgements
that affect the reported
amounts of assets and liabilities and disclosure of
contingent liabilities at the date of the
financial statements, as well
as the reported
amounts of
revenues
and expenses
during the
reporting period.
Although these
estimates
are
based on
management's
best
knowledge of current events and conditions, actual results ultimately
may differ from
those estimates.
The Bank’s presentation currency is
the Euro (€). Except as
indicated, financial information
presented in Euro has been rounded to
the nearest million.
The figures presented
in the primary
financial statements
and the notes may
not sum precisely
to the totals
provided due to rounding.
Going concern considerations
The annual financial statements
of the Bank for the year ended 31
December 2025 have been prepared on
a going concern basis,
taking into consideration the following:
a)
The major macroeconomic risks and uncertainties in Greece
and the region for
the next 12 months, including (a)
the elevated
geopolitical and economic uncertainty stemming from the fragile situation in the Middle
East, especially due to the war between
Iran and USA/Israel,
for which the
assessment of any impact is premature, as well as the United States foreign and trade policy
decisions and the ongoing war in Ukraine,
(b) the persistent above target inflation in Greece and Bulgaria, and (c) the challenges
in fully absorbing
European Union (EU)
funds and implementing structural reforms
as the relevant deadlines
approach. These
factors may have adverse effects on financial volatility, economic growth, inflation, employment, competitiveness, international
trade, and monetary policy outlook (further information is presented in the section “Macroeconomic
Outlook and Risks” of the
Report of the
Directors for 2025). In 2025,
amid a challenging international environment, the
macroeconomic conditions remained
supportive across the Group’s three core markets. The
economies of Greece, Bulgaria and Cyprus
exhibited remarkable resilience,
sustaining their expansionary momentum and are expected to remain in positive growth territory in 2026, overperforming most
of their EU peers. Growth
in the Group’s three core markets
is also supported by the mobilisation
of the EU investment funds,
Notes to the Financial Statements
.
544
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Page
31 December 2025 Financial Statements
mainly through the
Recovery and
Resilience Facility
(RRF) , with the
deadline for
completing the associated
investments and
reforms in August 2026.
b)
The Group’s profit
generation capacity and
capital adequacy; specifically
in the year ended
31 December 2025, the
net profit
attributable to equity holders οf the parent company amounted
to € 1,362 million (2024: €
1,448 million), while
the Bank’s net
profit amounted to € 675 million (2024: €
669 million). At 31 December 2025, the Group’s Total Capital Adequacy (total CAD) and
Common Equity
Tier
1 (CET1)
ratios
stood at
19.5% (31
December
2024: 18.2%)
and 15.2%
(31 December
2024:
15.4%)
respectively, including, inter
alia, the impact
of (a)
the accrual for
profit payout
(subject to regulatory
and AGM approvals
in
relation to 2025
financial year) and (b) the
issuance of € 500 million
and € 600 million
of AT1 Capital instruments
in June and
November 2025 respectively (note 39).
Pro-forma for
the completion of the project “Sun
(ex-Solar)”and
“Wave III” upsize, the
total CAD and CET1 ratios
would be 20% and 15.6% respectively.
At the same
date, the Total CAD
and CET1 ratios of the Bank
stood at 19.8% (2024: 19.8%) and 13.9%
(2024: 16.3%) respectively. At 31 December 2025,
the Bank’s MREL ratio at consolidated
level, including the impact of the accrual for
profit payout, stands at 29.39% of RWAs
(31 December 2024: 27.36%) (note 4).
c)
The Group’s liquidity position,
with the Liquidity Coverage ratio
(LCR) reaching 172.2% as
at 31 December 2025 (31 December
2024: 188.2%), while for
the Bank the LCR stood at 187.8% (2024: 180.5%).
In the context of the 2025 ILAAP (Internal
Liquidity
Adequacy Assessment Process), the liquidity stress tests results indicate that the Bank has adequate liquidity buffer to cover the
potential outflows that could
occur in all scenarios regarding the
short term (1 month), the
3-month and the
medium-term horizon
(1 year).
d)
The Group’s asset quality, with the Group’s NPE stock standing at €
1.4 billion, (Bank: € 1 billion) (31
December 2024: € 1.5
billion,
excluding the NPE covered by the Asset Protection Scheme in
Cyprus (APS), Bank: € 1.1 billion) driving the Group’s
NPE ratio to
2.6% at 31 December
2025 (31 December
2024: 2.9%, excluding the NPE
covered by the Asset Protection
Scheme in Cyprus (APS)),
while the respective NPE coverage ratio improved to 95.2% (31 December 2024: 88.4%).
In December 2025, in the context of the
NPE deleveraging strategy, the Group initiated the disposal process for a secured retail NPE
portfolio of € 126 million (note 19).
Notes to the Financial Statements
.
545
|
Page
31 December 2025 Financial Statements
2.1.1
New and amended standards and interpretations
(a) New and amended standards adopted by the Bank as of 1 January 2025
The following
amendments to existing
standards as
issued by the
IASB and
endorsed by the
EU, that are
relevant to the
Bank’s
activities apply as of 1 January 2025:
IAS 21, Amendments, Lack of Exchangeability
The amendment to
IAS 21 ”The Effects
of Changes in Foreign
Exchange Rates”,
specifies how an entity
can determine whether a
currency is exchangeable
into another currency at
the measurement date
and when such exchangeability
does not
exist, how to
determine the
spot exchange
rate to
be applied.
In addition,
when a
currency is
not
exchangeable an
entity should
disclose
information that would enable users
of its financial statements
to understand the related effects and risks
in the entity’s financial
performance, financial position and cash flows,
as well as
the estimated rates
and techniques applied.
The adoption of the amendments had no impact on the financial statements.
(b) New and amended standards not yet adopted by the Bank
A number of new standards and amendments to existing standards are effective after
2025, as they have not yet been endorsed by
the EU or have not been early applied by the Bank. Those that may be relevant to the Bank
are set out below:
IFRS 18, Presentation and Disclosure in Financial Statements (effective 1 January 2027)
In April 2024, the IASB published the new standard IFRS 18 “Presentation and Disclosure in Financial Statements” which will replace
IAS 1 “Presentation of
Financial Statements”
with many of the existing
principles of IAS 1 retained with
limited changes. The
new
standard sets out the requirements for presentation and disclosures in the financial statements with focus on the income
statement
and reporting
of financial performance,
in order
to ensure that
financial statements
provide relevant
information that
faithfully
represents an entity’s financial position, performance, and cash
flows.
Specifically, the main changes of the new standard relate to the presentation and structure of the income statement, by introducing
specified totals and subtotals, new classification categories
of income and expenses
depending on
the entity’s specified main business
activities, while it
also introduces limited
changes to other primary financial
statements. The new
standard requires disclosure
of
information for Management
-defined Performance Measures (MPMs)
and introduce new
presentation options of
the analysis
of
operating expenses on the face of income statement while it also
includes new requirements for aggregation and disaggregation of
financial information on the face
of financial statements
and in the notes.
The new standard is effective for
annual periods beginning on or after January 1, 2027, with early adoption permitted and will
also
apply to comparative information.
The Bank is currently assessing
the effect of IFRS
18 on the presentation of its financial statements
and relevant disclosures.
IFRS 9 & IFRS
7, Amendments to the Classification and Measurement of Financial Instruments (effective 1 January 2026)
In May 2024, the IASB issued
“Amendments to the Classification and Measurement of Financial Instruments – Amendments to IFRS 9
and IFRS 7”.
The amendments clarify the requirements related to the derecognition of financial liabilities settled through electronic
payment systems,
provide additional
guidance for
the SPPI
assessment of
financial instruments
with contingent
features,
non-
recourse features, as well
as for transactions that are
contractually linked instruments.
Additionally, the amendments introduce disclosure
requirements regarding financial instruments with contingent features, as well
as
for investment in equity instruments designated at
FVOCI.
The adoption of the amendments is not expected to have a significant
impact to the financial statements.
Annual improvements to IFRSs - Volume 11 (effective
1 January 2026)
In July 2024, the IASB issued amendments to several IFRS
standards, which resulted from the IASB’s annual improvements process.
This volume includes minor amendments to several
standards namely:
-IFRS 1 “First-time Adoption of International Financial Reporting Standards” on Clarifications on hedge accounting for first-time
adopters,
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
-IFRS 7 “Financial
Instruments: Disclosures” and its accompanying Guidance on
implementing IFRS
7
in disclosures related
to
derecognition, fair value and credit risk,
-IFRS 9 “Financial
Instruments” on clarifications about lessee
derecognition of lease liabilities and on definition of transaction
price over the initial measurement of trade
receivables,
-IFRS 10 “Consolidated Financial
Statements” on the determination of a
'De Facto Agent' and
-IAS 7 “Statement
of Cash-Flows” on definition of
cost method.
The adoption of the amendments is not expected to impact the financial
statements.
2.2
Material accounting policies
2.2.1 Investments in subsidiaries, associates and joint ventures
Investments in subsidiaries, associates and joint ventures, including
investments acquired through common control transactions, are
accounted at cost less
any impairment losses.
Cost is the fair value of
the consideration given being the amount of
cash or shares
issued, or if that cannot be determined reliably,
the consideration received together with any directly attributable costs.
As an exception
to the
above measurement basis,
when the Bank transfers
an existing Group entity
or business sector
to a new
subsidiary formed for this purpose in a share for share exchange that does not
have commercial substance, the Bank’s investment in
that newly formed subsidiary is recognized
at the carrying amount of the transferred entity.
Legal mergers that involve the combination of the Bank
with one or more of its subsidiaries are accounted
for by using the pooling of
interest method (also
known as merger accounting)
pursuant to IAS
8 “Accounting
Policies, Changes in Accounting Estimates
and
Errors” with reference to the most recent
pronouncements of other standard-setting bodies that use
a similar conceptual framework
and comply with the IFRS general principles, as well as accepted industry practices. Under the pooling of interest method, the Bank
incorporates the acquired assets and liabilities
of the merged subsidiary at their carrying amounts in
the financial statements as of
the date of the legal merger without any fair
value adjustments. Any difference between the carrying amount
of the investment in
the merged subsidiary before the legal
merger, and the carrying amount of net assets
acquired is recognized in the Bank’s
equity.
Legal mergers that involve the absorption of an entity by
the Bank, other than an entity under
common control, are accounted for by
using the
purchase method
of accounting
pursuant to
IFRS 3
for business
combinations. The
consideration transferred
for an
acquisition is measured at the fair value of the assets given, equity
instruments issued or exchanged and liabilities undertaken at the
date of acquisition, including the fair value of assets or liabilities resulting from a contingent consideration
arrangement. Acquisition
related costs are expensed
as incurred. Identifiable assets
acquired and liabilities and contingent liabilities
assumed are measured
initially at their
fair values at
the acquisition date. Any
previously held interest in
the acquiree is
remeasured to fair
value at
the
acquisition date with any gain or loss
recognized in the income statement.
The excess of the consideration
transferred and the acquisition-date fair
value of any previous equity interest
in the acquiree over
the fair value of the identifiable net assets of the entity acquired, is recorded as goodwill. If this is less than the fair value
of the net
assets of the acquiree, the difference
is recognized directly in the income statement.
If the
initial accounting for
the acquisition is
incomplete by the
end of the
reporting period in which
it occurs, the
Bank reports
provisional amounts for the items
for which the accounting is incomplete.
Those provisional amounts are adjusted retrospectively
during the
measurement period
to reflect
the new information
obtained about the
facts and
circumstances that
existed at
the
acquisition date that, if known, would have affected the amounts recognized at that date. The measurement period adjustments, as
mentioned above, affect
accordingly the amount of
goodwill that was
initially recognized, while the
measurement period cannot
exceed one year from the acquisition date.
Agreements to acquire or dispose shares in an
entity that will be settled at a future date and will result in
a business combination are
accounted for by the Bank as executory contracts and not as derivatives, under the relevant accounting standards. The term of such
agreements should
not
exceed
a
reasonable period
normally necessary
to obtain
any
required
approvals
and
complete
the
transaction.
Moreover, agreements
to acquire or dispose shares
in an existing
subsidiary of the Bank
that will be settled
at a future
date, are
measured as forward contracts
at fair value through profit or loss.
Notes to the Financial Statements
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For acquisitions of entities not meeting the
definition of a business, the Bank
allocates the consideration to the individual identifiable
assets and liabilities
based on their relative
fair values at
the date of
acquisition. Such transactions
or events do
not give rise
to
goodwill.
A listing of the Bank’s
subsidiaries, associates
and joint ventures is set out in notes 23 and 24, respectively.
2.2.2 Foreign currencies
Foreign currency transactions
are translated
into the functional
currency using the exchange
rates prevailing
at the dates
of the
transactions. Foreign exchange
gains and losses
resulting from the
settlement of
such transactions are
recognized in the
income
statement.
Monetary assets and liabilities
denominated in foreign currencies are translated into the functional currency at the exchange
rates
prevailing at each reporting date and exchange differences are recognized in the income statement, except when deferred in equity
as qualifying cash flow
hedges.
Non-monetary assets and liabilities are translated into the functional currency at the exchange rates prevailing at initial recognition,
except for non-monetary items denominated in foreign currencies that are measured at fair value
which are translated at the rate of
exchange at the date the fair value is determined. The exchange differences relating to these items are treated
as part of the change
in fair value and are recognized in the income statement or directly in other comprehensive income depending
on the classification
of the non-monetary item.
2.2.3 Derivative financial instruments and hedging
Derivative financial instruments that mainly include foreign exchange
contracts, forward currency agreements, currency and
interest
rate options (both written and purchased), as well as currency and
interest rate swaps are initially recognized in the balance sheet at
fair value, on the date on which
the derivative contracts are entered into, and subsequently are re-measured
at their fair value. All
derivatives are carried as assets
when fair value is positive
and as liabilities
when fair value is negative.
The principles for the
fair value measurement
of financial instruments, including derivative financial
instruments, are described in
notes 3.2 and 5.3.
Embedded derivatives
Embedded derivatives are components of
hybrid contracts that also
include non-derivative hosts with
the effect that
some of the
cash flows of the combined instruments
vary in a way similar
to stand-alone derivatives.
Financial assets
that
contain embedded
derivatives are
recognised in
the
balance sheet
in
their
entirety in
the
appropriate
classification category, following the instruments’ assessment of their contractual cash flows and their business model as described
in note 2.2.10.
On the other hand, derivatives embedded
in financial liabilities, such as bonds issued
by the Bank, are
treated as separate derivatives
when their risks and characteristics are assessed
not to be closely related to those of the host contract and the host contract is
not
carried at fair
value through profit
or loss. These embedded
derivatives are separated
in the balance
sheet and accounted
for as
stand-alone derivatives measured at
fair value with changes
in fair value recognized in the income
statement.
Derivatives held for hedge accounting
The use of derivative financial instruments
is inherent in the Bank’s activities
and aims principally at managing
risks effectively.
Accordingly, the Bank,
as part of its risk
management strategy,
may enter into transactions with external
counterparties to hedge
partially or fully its exposure to interest rates, foreign currency rates, equity prices
and other market factors that are generated from
its activities.
The objectives of hedging with derivative financial
instruments include:
•
Reduce interest rate exposure that is
in excess of the Bank’s
interest rate limits;
•
Manage efficiently interest
rate risk and achieve optimization and stabilization
of the evolution of net interest margin and net
interest income by tracking the evolution of interest rates and
spreads and hedging the movements of the benchmark interest
rates represented by the prevailing reference rates;
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
•
Manage the overall fair value
exposure on settled or unsettled (forward) transactions;
●
Reduce the variability deriving from the fair
value changes of derivatives embedded in financial
assets;
•
Manage future variable cash flows;
•
Reduce variability of the consideration to be paid/received to acquire/sell
a debt security under a forward transaction;
•
Reduce foreign currency or inflation risk;
Hedge accounting
The Bank has elected, as a policy choice
permitted under IFRS 9, to continue to apply hedge accounting
in accordance with IAS 39, as
endorsed by the European
Union (IAS 39 “carve
out'’).
Under the EU carve-out version of IAS
39, certain requirements related
to
hedge accounting were removed, in order to
facilitate (a)
the application of fair value hedge accounting to the macro-hedges
used
for structural hedges including demand deposits and (b) the hedge effectiveness assessment
by permitting the use of bottom layer
approach for the determination of the fair value of hedged item,
attributable to interest rate risk.
For hedge
accounting purposes,
the
Bank forms
a
hedging relationship
between a
hedging instrument
or
group
of hedging
instruments and a related item or
group of items to
be hedged. A
hedging instrument is a designated derivative
or group
of designated
derivatives, or a designated non-derivative financial asset
or financial liability whose fair
value or cash flows are expected to offset
changes in the fair value
or cash flows of a designated hedged
item or group of
hedged items. Specifically, the Bank designates certain
derivatives as: (a) hedges of the exposure to changes in the fair value of recognized
assets or liabilities on a single or portfolio basis
or unsettled forward transactions (fair value hedging), or (b) hedges of the exposure to variability in cash flows of recognized assets
or liabilities or unsettled forward
transactions, or highly probable forecasted transactions (cash
flow hedging).
In
order to
apply
hedge accounting,
specified
criteria should
be
met. Accordingly,
at
the inception
of the
hedge accounting
relationship, the Bank documents the relationship between hedging instruments and hedged items, as well
as its risk management
objective and strategy for undertaking the hedge transaction, together with the method
that will be used to assess the effectiveness
of the hedging relationship. The
Bank also documents its
assessment, both at inception
of the hedge and on
an ongoing basis,
of
whether the derivatives that are used
in the hedging transactions are highly
effective in offsetting changes in fair values or cash
flows
of hedged items
and whether the actual results of
each hedge are within a
range of 80-125%. If
a relationship does not
meet the
abovementioned hedge
effectiveness
criteria, the
Bank discontinues
hedge accounting
prospectively.
Similarly,
if the
hedging
derivative expires or is
sold, terminated or exercised,
or the hedge designation
is revoked, then hedge
accounting is discontinued
prospectively.
(i) Fair value hedging
The Bank applies fair value
hedging primarily to hedge exposures to changes in the fair
value attributable to interest rate
risk with
respect to the applicable benchmark rate and currency risk.
Hedged items
The items that qualify for fair
value hedge accounting include financial assets
and liabilities such as:
●
fixed rate investment securities
measured at AC or FVOCI,
●
fixed rate term deposits and debt securities
issued measured at AC;
●
portfolios of floating-rate loans
and debt securities with embedded interest rate options (such as
purchased interest rate
floors) measured at AC;
●
portfolios of fixed rate amortizing loans (macro
hedging) including securitization
notes issued and
held by the
Bank measured
at AC.
●
portfolios of liabilities (macro hedging) and more specifically demand deposits with interest rates determined by the Bank
and announced
on its
pricing list
(sight/savings
deposit rate)
that are
identified as
interest
rate-insensitive liabilities
measured at AC. More specifically,
demand deposits (sight or savings)
are liabilities with no contractual maturity that the
customers have the flexibility to withdraw at any time. Despite their contractual terms, and due to their nature, part
of the
demand deposits
behaves as a
portfolio of
longer-term fixed
rate liabilities,
as they remain
insensitive to
interest rate
movements. This part of demand deposits represents the core deposits.
Hedge effectiveness assessment
Notes to the Financial Statements
.
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The Bank uses predominantly the regression analysis at inception
(prospective measurement) and on an
ongoing basis (retrospective
measurement), in order to assess the effectiveness of fair value hedges on a
single or portfolio basis or portfolios hedging of interest
rate
risk (macro-hedging).
Specifically, the
regression
analysis is
the
default method
of assessing
effectiveness which
provides
evidence of a strong historical economic relationship between the hedged item and the hedging instrument. Based on this evidence
and the terms/characteristics of the hedged item and
hedging instrument, the Bank
concludes that the
hedge relationship is expected
to
be highly
effective over
the
forthcoming hedge
period.
If
the regression
coefficient of
the equation,
that represents
the
effectiveness ratio, ranges between -0.8 to -1.25, the hedge relationship is expected to be highly effective, further supported by the
coefficient of determination (R2) which should be greater than 80% to confirm the statistical level of high effectiveness. For hedging
relationships that regression analysis is not available the Bank performs a comparison of the change in the fair value of the hedging
instrument with the change in the fair value of the hedged
item attributable to the hedged risk. The above comparison constitutes
the dollar-offset ratio
and should be within the range of 80% -125%
for the hedge to be highly effective.
The Bank may
also apply the
hypothetical derivative method,
an approach to
the dollar offset
method, where the hedged
risk is
modelled through a hypothetical derivative, which replicate the embedded
derivative. The fair value of the hypothetical derivative is
used as a
proxy for
the net present
value of
the hedged future
cash flows
against which changes
in value of
the actual hedging
instrument are compared to assess effectiveness
and measure ineffectiveness. Hedge ineffectiveness may arise in case of potential
differences in the critical terms between the hedged
item and the hedging instrument such as maturity, interest rate
reset frequency
and discount curves as well as
differences between expected and actual cash
flows.
In addition, for portfolio hedges of assets with similar characteristics where the critical terms of the
hedged items match the ones of
the hedging instruments it is presumed
that by construction, effectiveness is expected to be highly effective.
The Bank has identified the following
sources of ineffectiveness:
•
Differences in the repricing frequency of the hedged items
and hedging instruments
•
The use of different interest
rate curves applied to discount the hedged items and hedging instruments.
Fair value hedging adjustments and discontinuation of
hedge accounting
Changes in the fair value of
derivatives that are designated and qualify
as fair value hedges are recorded in
the income statement line
“net trading income/(loss)” together with the changes in the fair value of the hedged assets or liabilities that are attributable to the
hedged risk (fair
value hedging adjustments). Fair
value hedging adjustments to the hedged items measured
at amortised cost are
recorded as part of their carrying value in the balance sheet,
with the exception of hedging adjustments for portfolios of fixed
rate
assets in the context of macro
-hedging (see below).
The Bank discontinues hedge accounting prospectively
in case the hedging instrument expires
or is sold, terminated or exercised, the
hedge no longer meets the qualifying criteria for hedge accounting, or designation is
revoked. In such cases, any adjustment to the
carrying amount of the hedged item, for which the effective interest method
is applied, is amortized to profit or loss in the
income
statement line interest
income/expense over the remaining period to maturity
with amortization commencing no later
than when
the hedged
item ceases to
be adjusted
for changes
in its fair
value attributable
to the risk
being hedged.
If the
hedged item
is
derecognised, the unamortised fair value adjustment
is recognised immediately
in the income statement
.
Portfolio hedging of interest
rate risk (macro-hedging)
With reference to portfolio hedging of
interest rate risk, a dynamic hedging
strategy is applied according to
which the Bank voluntarily
designates and de-designates the hedge relationship on a monthly basis or more frequently for portfolios where the Bank applies a
more active strategy to manage
interest rate risk.
For portfolios of financial assets, the Bank determines the designated hedged amount
by identifying portfolios of homogenous fixed
rate assets based on their
contractual interest rates, maturity and other risk
characteristics. Assets within the identified portfolios are
allocated into repricing time periods based on their
repricing/maturity dates
with assumptions made for expected
prepayments and
principal repayments. The hedging instruments are groups of interest rate swaps replicating in aggregate the amortization profile of
the assets
and designated
appropriately to
their repricing
time periods.
Following the
above
allocation into
time buckets,
the
designated hedged
principal and
the resulting
percentage of
the asset
portfolio hedged
(hedge ratio)
for each
time bucket
are
determined.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
For the core
deposits’ portfolios, the
Bank determines their
aggregated balances
and allocation
into time
buckets by applying
a
modelled approach that is based
on regulatory standards.
More specifically, the portfolio of core
deposits to be hedged
is determined
by an internal designated behavioral model that utilizes a number of assumptions
regarding the behavior and evolution of demand
deposits balances, which are assessed, monitored and documented
in accordance with the Bank’s risk management framework. The
approach involves
the allocation
of demand deposits
in sub-categories
considering their
nature, i.e.
retail and
wholesale, their
idiosyncratic behavioral analysis per portfolio, their sensitivity
on interest rates and their withdrawal patterns and expected maturity
profile analyzed in time
buckets for a
maximum period of ten
years. Furthermore, the model
performs a capacity check
per time
bucket to ensure that there is sufficient hedge
capacity on the hedged item amortizing profile, compared
to the hedging
instruments’
profile in order to ensure that there is no over hedge.
Against this modelled interest
rate exposure, the Bank then uses
groups of interest rate
swaps with maturity
up to ten years
that
receive fixed interest rate and pay floating interest rate based on the benchmark rate hedged The groups of
swaps are staggered to
cover different periods in time replicating the estimated balances of the hedged core deposits per time bucket. Following the above
allocation into time buckets, the designated hedged principal and the resulting percentage of the portfolio hedged (hedge ratio) for
each time bucket are
determined . In addition,
in order to hedge
the variability in the fair value exposure
of the core
deposits’ portfolio
due to
movements in the
benchmark interest rate
below a
specified level (hedge
of one-sided risk),
the Bank utilizes
purchased
swaptions (with underlying variable interest rate swaps) of short-
to medium-term duration that are physically settled, providing the
option at maturity to
enter into interest rate swaps of one
to ten years duration,
depending on the
target strategy, and having notional
equal to the hedged core
deposits. The underlying interest rate swaps
receive a fixed interest
rate equal to the
strike price of the
option and pay a
floating interest rate
based on the
benchmark rate. The designation
is performed for
each swaption separately
forming an individual hedge
relationship for a period
equal to the
duration of the
swaption and regards
only their intrinsic value
whereas their cost/premium and any subsequent changes in
the time value are recognized in
the profit or loss.
Fair Value
hedging adjustments do
not affect
the carrying amount
of the
hedged assets or
liabilities pool,
but instead they
are
presented as a separate
line item within balance
sheet lines loans and advances to
customers and due to
customers respectively.
Considering the designation and de-designation
process for a portfolio
hedging of interest
rate risk is
performed on a monthly
or
more frequent
basis, the
hedging adjustments
are
recorded in
the income
statement
line
“net trading
income/(loss)”,
begin
amortization on the period
they occur and are amortized per
bucket, until the maturity
of the last designated time bucket. For hedges
with swaptions,
any hedging adjustments occurring in the event the swaptions become in-the-money begin amortization at the end
of the hedge designation period which is the maturity of the swaptions and are fully amortized
until the maturity of the underlying
swaps.
Furthermore, the pool of hedging instruments is managed dynamically and
therefore when new derivatives are added in the pool of
hedging instruments, they are
included in the next period’s hedge
assessment and consequently the
change in fair value in
the month
of their inception affects the P&L. Similarly, when existing swaps are de-designated, either to improve expected hedge effectiveness
or to be liquidated, the respective change in fair value
from de-designation up to the next designation or
liquidation date, affects the
P&L.
(ii) Cash flow hedging
The Bank applies cash flow hedging to hedge exposures to variability in cash flows primarily attributable
to the interest rate risk and
currency risk associated with a recognized asset or liability or a highly probable forecast transaction. Additionally, cash flow hedging
may be applied to hedge
the variability of the
consideration to be paid
in order to acquire assets under
unsettled forward transactions
(All-In-One Cash flow
hedge).
The items that qualify for cash flow hedging
include recognized assets and liabilities such as variable rate deposits
or loans measured
at amortized cost, variable rate debt securities in issue, foreign currency variable rate loans and fixed or variable rate debt securities
to be purchased under unsettled forward transactions. The interest rate risk
with respect to the applicable benchmark rate may be
hedged using interest rate swaps
and cross currency swaps. The foreign
currency risk may be hedged using currency forwards
and
currency swaps. The variability of
the consideration to be paid
to acquire assets under unsettled forward transactions may
be hedged
using debt securities under forward transactions treated as
derivatives and considered eligible hedging instruments.
Furthermore, cash flow hedging is
used for hedging highly probable forecast transactions such as
the anticipated future rollover of
short-term deposits
or
repos
measured at
amortized cost.
Specifically,
the forecast
variable interest
payments
of a
series of
anticipated rollovers of these
financial liabilities
are aggregated and hedged as a
group with respect to changes in the
benchmark
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
interest rates, eliminating cash flow variability. In addition, cash flow hedging
applies to hedges of currency
risk arising from probable
forecasted sales
of financial assets
or settlement of financial
liabilities in foreign
currency.
If the hedged item
is documented as
a forecast transaction, the
Bank assesses
and verifies that there is
a high probability of
the
transaction occurring.
In order to assess the effectiveness of cash
flow hedges of interest rate risk,
the Bank
uses regression analysis which provides
evidence
of a strong historical economic relationship between the hedged item
and the hedging instrument. Based on this evidence and the
terms/characteristics of the hedged item and hedging instrument, the Bank concludes that the hedge relationship is expected to be
highly effective over the
forthcoming hedge period.
For assessing
the effectiveness of cash
flow hedges of currency risk
and debt
securities under unsettled forward transactions, the Bank uses
the dollar-offset method as
it is described in section (i)
above.
The effective portion of changes in the fair value of
derivatives that are designated and qualify as cash flow hedges is recognized in
other comprehensive income whereas the ineffective portion
is recognized in the income statement line “net trading
income/(loss)”.
Amounts accumulated in equity are recycled to
the income statement in the periods in
which the hedged item will
affect profit or
loss (for example,
when the forecast sale that
is hedged takes place).
When a hedging instrument expires or
is sold, or when a hedge
no longer meets the criteria
for hedge accounting, the cumulative
gain or loss existing
in equity at that time remains
in equity until the hedged cash flows affect
the income statement.
When a forecast transaction is
no longer expected to occur, the cumulative
gain or loss that was
reported in equity is immediately
transferred to the income statement.
Derivatives not designated as hedging instruments for hedge accounting
purposes
Changes in the
fair value of
derivative financial instruments
that are entered
into for trading
purposes or as economic
hedges of
assets, liabilities or net positions in accordance
with the Bank’s hedging objectives and
risk management policies that may not qualify
for hedge accounting are recognized in the income statement.
The fair values of derivative instruments
held for trading, including those entered
into as economic hedges, and hedge
accounting
purposes are disclosed in note 19.
2.2.4 Offsetting financial instruments
Financial assets and liabilities are offset and
the net amount
is presented in the
balance sheet when,
and only
when, the Bank currently
has a legally
enforceable right to set off the recognized
amounts and intends either to settle
them on a net basis, or to
realize the
asset and settle the liability
simultaneously.
2.2.5 Income statement
(i) Interest income and expense
Interest income and expense are recognized
in the income statement for all interest
bearing financial instruments on an
accrual basis,
using the effective
interest rate
(EIR) method. The
effective interest rate
is the rate
that exactly discounts
estimated future cash
payments or receipts through
the expected life of the financial instrument
or, when appropriate, a
shorter period
to the gross carrying
amount of the financial asset or to the amortized cost of a financial liability. When calculating the
EIR for financial instruments other
than purchased or originated credit-impaired, the Bank estimates future cash flows considering
all contractual terms of the financial
instrument but does not consider
expected credit losses. For purchased
or originated credit impaired (POCI) financial assets, the Bank
calculates the credit-adjusted EIR, which is the interest rate
that upon the original recognition of the POCI financial asset discounts
the estimated future cash flows
(including expected credit losses) to the fair
value of the POCI asset.
The amortized cost
of a
financial asset or
liability is the
amount at
which it is
measured upon initial
recognition minus principal
repayments, plus or minus cumulative amortization using the EIR (as
described above) and for financial assets it is adjusted
for the
expected credit loss allowance. The gross carrying
amount of a financial asset is its amortized
cost before adjusting for ECL allowance.
The EIR calculation includes fees and points paid or received that are an integral part
of the effective interest rate, transaction costs,
and other premiums or discounts.
Transaction costs include incremental costs that are
directly attributable to the acquisition or issue
of a financial asset
or liability.
Notes to the Financial Statements
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The Bank calculates interest income and expense by applying the EIR
to the gross carrying amount of non-impaired financial assets
(exposures in Stage 1 and 2)
and to the amortized cost of financial
liabilities respectively.
For financial assets
that have become credit-impaired subsequent to initial
recognition (exposures in Stage 3),
the Bank calculates
interest income by applying the effective interest rate to
the amortized cost of the financial asset (i.e. gross carrying
amount adjusted
for the expected credit loss
allowance). If the asset
is no longer credit-impaired, then the EIR is applied again
to the gross carrying
amount with the exception of POCI assets for
which interest income does not revert to gross basis
calculation.
For inflation-linked instruments the
Bank recognizes interest income
and expense by
adjusting the effective
interest rate on each
reporting period due to changes in expected future cash flows, incorporating changes in inflation expectations over the term of
the
instruments. The adjusted effective
interest rate is
applied in order to
calculate the new gross
carrying amount on each reporting
period.
Interest income and expense are presented separately in the income statement
for all interest bearing financial instruments within
net interest income.
(ii) Fees and commissions
Fee and commission received or
paid that are integral to
the effective interest rate on a
financial asset or financial
liability are included
in the effective interest
rate.
Other fee
and commission
income such as
account servicing
and asset management
fees (including
performance based fees)
is
recognised over
time as
the related
services are being
provided to
the customer,
to the
extent that it
is highly probable
that a
significant reversal of the revenue amount recognized will not occur. Transaction
-based fees such as foreign exchange transactions,
imports-exports, remittances, bank charges and brokerage activities are recognised at the point in time when the
transaction takes
place. Other fee
and commission expenses
relate mainly to
transaction and service fees,
which are expensed
as the services are
received.
In the case of a contract with a
customer that results in the recognition of a financial instrument in the
Bank’s financial statements
which may be partially in
the scope of
IFRS 9 and partially in the
scope of IFRS 15, the Bank
first applies IFRS 9 to separate and
measure
the part of the contract that is in the scope of IFRS
9 and subsequently applies IFRS 15 to the residual
part.
2.2.6 Property, equipment and Investment property
(i) Property and equipment
Property and equipment are measured at cost less accumulated depreciation and any accumulated
impairment losses. Cost includes
expenditure that is directly attributable to the acquisition of the asset. Subsequent expenditure is recognized in the asset's
carrying
amount only when
it is probable
that future economic benefits
will flow to
the Bank
and the cost of
the asset can
be measured
reliably. All other repair and maintenance
costs are recognized in the income statement
as incurred.
Depreciation is calculated using the straight-line method to write down the cost of property and equipment, to their residual values
over their estimated useful life
as follows:
-
Land: no depreciation;
-
Freehold buildings: 40-50 years and up to 70 years (for specific strategic properties constructed or
heavily renovated according
to the best practices and guidelines of sustainable
construction and renovation, using resilient materials and designs);
-
Leasehold improvements: over the lease term or the useful
life of the asset
if shorter;
-
Computer hardware and related integral software:
4-10 years;
-
Other furniture and equipment: 4-20 years; and
-
Motor vehicles: 5-7 years.
(ii) Investment property
Property held for rental yields and/or capital appreciation that
is not occupied by the Bank is classified
as investment property.
Investment property is
measured initially at
its cost, including
related transaction costs,
and subsequently at
fair value with
any
change therein recognized in income statement line ‘’other income / (expenses)’’. Subsequent expenditure is charged to the asset’s
Notes to the Financial Statements
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carrying amount only when it is probable that future economic benefits associated with the item will flow
to the Bank and the cost
of the item can
be measured reliably. Such expenditure includes
enhancements that increase the value of
the asset and its future
income-earning potential, as well
as costs to
comply with environmental
and other legal
requirements. Repairs and maintenance
costs are recognized to the income statement
during the financial period in which they are incurred.
Any gain or loss on
disposal (calculated as
the difference between the net proceeds from disposal and the
carrying amount of the
asset) is recognized
in income statement.
If an investment
property becomes owner-occupied, it
is reclassified
as property and equipment and
its fair value
at the date
of
reclassification becomes its deemed cost. If an item of
property and equipment becomes an
investment property because its use has
changed, any resulting decrease between the carrying amount and the fair value of this item at the date of transfer is recognized
in
income statement while any resulting increase, to the extent that the increase reverses previous impairment loss
for that property,
is recognized
in income
statement while
any remaining
part of
the increase
is recognized
in other
comprehensive income
and
increases the revaluation surplus within equity.
If a repossessed asset
becomes investment property, any difference between the
fair value of the property at
the date of transfer
and its previous carrying amount is recognized in income statement.
Reclassifications among own used, repossessed assets and
investment properties may occur
when there is a change
in the use of such
properties. Additionally, an investment property may be reclassified to ‘non-current assets held for sale’ category to the extent that
the criteria described in note 2.2.25 are met.
2.2.7 Intangible assets
(i) Goodwill
Goodwill arising on legal mergers
that involve the absorption of an entity by the Bank, other than an entity under common control,
represents the excess
of the aggregate of
the fair value of the consideration
transferred and the acquisition date
fair value of
any
previously held equity interest in
the acquiree over
the fair value of the Bank’s share of
net identifiable assets and contingent
liabilities
acquired. Goodwill is included in ‘intangible assets’
and is measured at cost less
accumulated impairment
losses.
(ii) Computer software
Computer software is
measured at cost less
accumulated amortisation and accumulated impairment
losses. Costs associated with
the
maintenance of
existing
computer software
programs are
expensed
as
incurred. Development
costs
associated with
the
production of identifiable
assets controlled by
the Bank
are recognized as
intangible assets
when they are expected
to generate
economic benefits and can be
measured reliably. Internally generated computer software assets are amortized using the
straight-line
method over 4 to 15 years, except for core systems
whose useful life
may extend up to 20 years.
2.2.8 Impairment of subsidiaries, associates and joint ventures
The Bank assesses as at each reporting date whether there is any indication that its investments in subsidiaries, associates and joint
ventures may be impaired by considering both external and internal sources of information, such as the net assets compared to the
carrying value of each entity, as well as forward looking developments in the economy sector in which they operate. In addition, the
collection of dividends from subsidiaries,
associates and joint ventures is
also a potential trigger for
impairment that may
indicate
that the respective investments are impaired. When dividend is received
from the Bank’s subsidiaries, associates or joint ventures, it
is also examined if that dividend exceeds the total comprehensive income of the subsidiary, associate
or joint venture in the period
the dividend is declared, to determine whether an indication of impairment
exists.
If any such indication of impairment exists, the Bank estimates the recoverable
amount of the investment, being the higher of its fair
value less costs to sell
and its value in use.
An impairment loss is recognized in
profit or loss when the recoverable amount of the investment is
less than its carrying amount.
Investments in subsidiaries, associates
and joint ventures, for which an impairment loss
was recognized in prior reporting periods,
are reviewed for possible reversal
of such impairment at each reporting date.
Notes to the Financial Statements
.
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2.2.9 Impairment of non-financial assets
(i) Goodwill
Goodwill arising on legal mergers
that involve the absorption of an entity by the Bank, other than an entity under common control,
is not amortized but
is tested
for impairment annually or more
frequently if there
are any indications that
impairment may have
occurred. The Bank considers external information such
as prevailing economic conditions, persistent slowdown in
financial markets,
volatility in markets and changes in levels of market and exchange risk, an
unexpected decline in an asset’s market value or market
capitalization being below the book
value of equity,
together with a deterioration in
internal performance indicators, in
assessing
whether there is any indication of impairment.
For the purpose of impairment testing, goodwill is allocated to each
Cash Generating Unit (CGU) or groups
of CGUs that are expected
to benefit from the synergies of the merger.
The Bank impairment model compares the carrying value
of a CGU or group of CGUs with its recoverable amount. The
carrying value
of a CGU is based on the assets and liabilities of each CGU. The recoverable amount is determined on the basis of the present value
of the future cash flows expected to be derived from the CGU or group
of CGUs. The estimated future cash flows are discounted to
their present value using a pre-tax discount rate
that reflects current market assessments of the time value
of money and the risks
specific to the asset or CGU
and the countries where the CGUs operate.
An impairment loss arises if the carrying amount of an asset or CGU exceeds
its recoverable amount and is recognized in the income
statement. Impairment losses are not subsequently
reversed. Gains and losses on
the disposal of an
operation within that CGU include
the carrying amount of goodwill relating to
the operation disposed of.
(ii) Other non-financial assets
Other non-financial assets, including property
and equipment and other intangible assets, are assessed for indications of
impairment
at each reporting date by considering both external and internal sources of information such as a significant reduction in the asset’s
value and
evidence that the
economic performance of
the asset is
or will be
worse than
expected. When events
or changes in
circumstances indicate that the carrying amount may not be recoverable, an impairment loss is recognized for the amount by which
the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs
to sell
and value in
use. For
the purposes of
assessing impairment,
assets are grouped
at the
lowest levels
for which
there are
separately identifiable cash
flows, where applicable.
Non-financial assets,
other than goodwill, for
which an impairment
loss was
recognized in prior reporting periods, are reviewed for possible reversal
of such impairment at each reporting date.
2.2.10 Financial assets
Financial assets - Classification and measurement
The Bank
classifies
financial assets
based on
the
business
model for
managing
those assets
and
their contractual
cash
flow
characteristics. Accordingly, financial
assets on initial recognition are
classified into one of the following
measurement categories:
amortized cost, fair
value through other comprehensive income or fair value through profit or loss.
Purchases and sales of financial assets are
recognized on trade
date, which is the date
the Bank commits to purchase
or sell the assets.
Loans originated by the Bank are recognized when cash is
advanced to the borrowers.
Financial Assets measured
at Amortized Cost (‘AC’)
The Bank classifies and measures a financial asset at AC only if both of
the following conditions are met and is not designated as at
FVTPL:
(a) The financial
asset is held within
a business model whose objective is to collect contractual cash
flows (hold-to-collect business
model) and
(b) The contractual terms
of the financial asset
give rise on specified dates
to cash flows that are
solely payments of principal and
interest on the principal amount outstanding (SPPI).
These financial assets
are recognized initially at fair value plus or minus
direct and incremental transaction costs and fees
received
that are attributable to the acquisition of
these assets, and are subsequently measured
at amortized cost, using the effective interest
rate (EIR) method (as
described in note 2.2.5 above).
Notes to the Financial Statements
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Interest income, realized gains
and losses on derecognition, and changes in expected credit losses
from assets classified at
AC, are
included in the income statement.
Financial Assets measured
at Fair Value through Other Comprehensive
Income (‘FVOCI’)
The Bank classifies and measures a financial asset at FVOCI only if both of the following conditions are met and is not designated as
at FVTPL:
(a) The financial asset is held within
a business model whose objective
is achieved by
both collecting contractual
cash flows and selling
financial assets
(hold-to-collect-and-sell business model)
and
(b) The contractual terms of the financial
asset give rise
on specified dates to cash flows
that are SPPI.
Financial assets
that meet these
criteria are
debt instruments and
are measured initially
at fair
value, plus
or minus direct
and
incremental transaction costs that are
attributable to the acquisition of these assets.
Subsequent to initial
recognition, FVOCI debt instruments
are re-measured at
fair value through
OCI, except for
interest income,
related foreign exchange gains or losses and expected credit losses, which are
recognized in the income statement. Cumulative gains
and losses previously recognized in
OCI are transferred from OCI to the income
statement when the debt
instrument is derecognised.
Equity Instruments designated at FVOCI
The Bank may make an irrevocable election to designate an equity
instrument at FVOCI. This designation, if elected,
is made at initial
recognition and on an
instrument by instrument
basis. Gains and losses
on these instruments,
including when derecognized, are
recorded in
OCI and
are not subsequently
reclassified to
the income statement.
Dividends received are
recorded in
the income
statement. Equity instruments at
FVOCI are not subject to an impairment
assessment.
Financial Assets measured
at Fair Value through Profit and Loss (“FVTPL”)
The Bank
classifies and measures
all other
financial assets
that are
not classified
at AC
or FVOCI,
at FVTPL.
Derivative financial
instruments are measured at
FVTPL with changes in fair
value recognized in the
income statement, unless
they are designated as
effective hedging instruments,
where hedge accounting requirements under IAS 39 apply (as described in note 2.2.3 above).
Furthermore, a financial asset that meets the above conditions
to be classified at AC or FVOCI, may be irrevocably designated by the
Bank at FVTPL at initial recognition,
if doing so eliminates, or
significantly reduces an accounting
mismatch that would otherwise arise.
Financial assets measured at FVTPL are initially recorded at fair value
and any unrealized gains or losses arising due to changes in fair
value are included in the income statement.
Business model
and contractual characteristics assessment
The business model assessment
determines how the Bank manages a
group of assets to generate
cash flows. That is, whether the
Bank's objective is solely
to collect contractual cash flows
from the asset, to
realize cash flows
from the sale of assets,
or both to
collect contractual cash flows and cash flows from the sale of assets. In
addition, the business model is determined after aggregating
the financial assets
into groups (business lines) which
are managed similarly
rather than at an individual instrument’s level.
The business model is determined by the
Bank’s key management personnel consistently with the operating model, considering
how
financial assets are managed in order to
generate cash flows, the objectives and
how performance of each portfolio is monitored and
reported and any available information on past sales
and on future sales’ strategy,
where applicable.
Accordingly, in
making the above
assessment, the Bank
will consider a
number of factors
including the risks
associated with the
performance of the business model and how those risks are evaluated and managed, the related
personnel compensation, and the
frequency, volume and reasons of past sales,
as well as
expectations about future sales activity.
Types of business
models
The Bank’s business models
fall into three categories,
which are indicative of the key strategies
used to generate returns.
The hold-to-collect (HTC)
business model has the
objective to hold the
financial assets
in order to collect
contractual cash flows.
Financial assets
classified within this
business model
include investment
securities, due
from banks
and loans
and advances
to
customers including securitization
notes issued by special
purpose entities established
by the Bank
and recognized in
its balance
sheet, which are measured at amortized cost. Sales within this model are monitored per financial asset class and may be performed
Notes to the Financial Statements
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31 December 2025 Financial Statements
for reasons which are not
inconsistent with this business model. More
specifically, sales of financial assets due to
credit deterioration,
as well as sales close to the maturity
are considered consistent with the objective of
hold-to-collect contractual cash flows regardless
of value and frequency.
Sales for other reasons
may be consistent with
the HTC model such
as liquidity needs
in any stress
case
scenario or sales
made to
manage high
concentration level
of credit risk.
Such sales
are monitored and
assessed depending
on
frequency and value to conclude whether they are consistent with the HTC model.
The hold-to-collect-and-sell business
model (HTC&S) has
the objective
both to collect
contractual cash
flows and sell
the assets.
Activities such as liquidity management, interest yield and duration are
consistent with this business model, while sales of assets are
integral to achieving the objectives of this business model. Financial assets classified
within this business model include investment
securities which are measured at
FVOCI, subject to meeting the SPPI assessment
criteria.
Other business models include financial assets which are managed and evaluated on a fair value
basis as well as portfolios that are
held for trading. This is a residual category
for financial assets not meeting the criteria of the
business models of HTC or HTC&S, while
the collection of contractual cash flows may
be incidental to achieving the business models’ objective.
The Bank’s business models are reassessed at least annually
or earlier, if there is
a sales’ assessment trigger
or if there are
any changes
in the Bank’s strategy
and main activities, as
evidenced by the Bank’s business plan, budget and NPE strategy.
Cash flow characteristics assessment
For a financial
asset to be measured at
AC or FVOCI, its contractual
terms must give rise
on specified dates to cash flows
that are
solely payments of principal and interest (SPPI) on the principal amount outstanding. For the purpose of this assessment principal is
defined as the fair value of the asset at initial recognition and interest as the consideration for
the time value of money, credit risk,
other basic lending risks and a profit margin.
More specifically,
at initial recognition
of a financial
asset, an assessment
is performed of whether the
financial asset contains
a
contractual term that could change the amount or timing of contractual cash flows in a way that it would not be consistent with the
above
condition.
The
Bank considers
the
existence
of
various
features,
including
among
others,
contractually
linked
terms,
prepayment
terms, deferred
interest-free
payments,
extension and
equity
conversion
options,
terms that
introduce
leverage
including index linked payments, as well as environmental,
social and governance
linked features (ESG) where the
contractual interest
rate is
adjusted if the
borrower meets, or
fail to
meet specific sustainability
performance targets.
Where the contractual
terms
introduce exposure to risk or
volatility that are inconsistent with
a basic lending arrangement,
the related financial asset
does not
meet the SPPI criterion and is measured
at FVTPL.
In addition, if a contractual feature could have
an effect that is de-minimis on the contractual cash
flows of the financial asset, it does
not affect its classification. Furthermore, a contractual feature is considered
as not genuine by the Bank, if it affects the instrument’s
contractual cash flows only on the occurrence of an event that is extremely rare, highly abnormal and very unlikely to occur. In such
a case, it does not affect
the instrument’s classification.
Moreover, for the securitization
notes issued by special purpose entities and held by
the Bank, the cash flow characteristics
of the
notes and the underlying pool of financial assets as well as the credit risk inherent in each securitization’s
tranche compared to the
credit risk of all of the underlying pool of financial assets,
are considered.
In case of special lending arrangements such as non-recourse
loans, in its assessment of the SPPI
criterion, the Bank considers
various
factors such
as the
nature of
the borrower
and its
business, the
pricing of
the loans,
whether it
participates in
the economic
performance of the underlying asset and the extent to which the collateral represents all or a
substantial portion of the borrower’s
assets. Moreover,
for non-recourse loans,
the Bank takes into
consideration the borrower’s adequacy of
loss absorbing capital
by
assessing jointly the criteria of equity sufficiency, Loan to Value ratio (LTV), the Average Debt Service Coverage ratio (ADSCR) as well
as the existence of corporate and personal guarantees.
In certain cases when the time value of money element is modified in that the financial asset’s interest rate is periodically reset
but
the reset frequency does not match the tenor of the interest rate or
when a financial asset’s interest rate is periodically reset
to an
average of particular short-term and
long-term interest rates, a quantitative assessment is
performed (the “Benchmark
Test”) in order
to determine whether the contractual cash flows
are SPPI.
In particular, the Bank assesses the contractual cash flows of the
“real instrument”, whose interest rate is reset with a frequency
that
does not match the tenor of the interest
rate, and those of the “benchmark instrument”,
which are identical in all
respects except
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
that the tenor of the interest rate matches exactly the interest period. If the undiscounted cash flows of the former are significantly
different from the benchmark cash
flows due to the modified time
value of money element, the financial asset
does not meet the
SPPI criterion. In its assessment, the Bank considers both the effect of the modified time value of money
element in each reporting
period and
cumulatively over the
life of
the instrument. This
is done,
as far
as the
lifetime of
the instrument is
concerned, by
comparing the cumulative
projected undiscounted cash
flows of
the real
and the benchmark instrument,
and for each
quarterly
reporting period, by comparing the projected
undiscounted cash flows of the two
instruments for that quarterly
reporting period,
based on predefined thresholds.
The Bank performs the SPPI assessment for its lending exposures
on a product basis for the retail and part of the wholesale portfolio
where contracts
are of
standardized form,
whereas for
the remaining wholesale
portfolio, securitization
notes issued
by special
purpose entities, either established by the Bank or third parties, and held by the Bank, as well as for debt securities, the assessment
is performed on an individual basis.
Derecognition of financial assets
The Bank derecognizes a financial asset when
its contractual cash flows expire,
or the rights to
receive those cash flows
are transferred
in an outright sale
in which substantially all
risks and rewards of ownership have
been transferred. In addition, a
financial asset is
derecognized even if rights to receive
cash flows are retained but at
the same time the Bank
assumes an obligation to pay
the received
cash flows without a material delay (pass through agreement) or
when substantially all the risks and rewards are neither transferred
nor retained but the Bank has transferred control
of the asset. Control is transferred if,
and only if, the transferee has the
practical
ability to sell
the asset in its entirety to
unrelated third party and
is able to exercise
that ability unilaterally and without
imposing
additional restrictions on the transfer.
The main transactions that are subject to the above de-recognition
rules are securitization transactions, repurchase agreements and
stock lending transactions. In the case
of securitization transactions, in order to assess
the application of the above mentioned de-
recognition principles,
the Bank
considers the
structure of
each securitization
transaction including
its
exposure to
the more
subordinated tranches
of the
notes issued
and/or credit enhancements
provided to
the special
purpose entities, as
well as
the
securitization’s contractual terms that may indicate that the Bank retains control of the underlying assets. In the case of repurchase
transactions and stock lending, the assets transferred are not derecognised since the terms of
the transaction entail the retention of
all their risks and rewards.
On derecognition of a financial asset, the difference between the carrying amount of the asset and the sum of
(i) the consideration
received (including
any new
asset obtained
less any
new liability
assumed) and
(ii) any
cumulative gain
or loss
that had
been
recognized in OCI
for financial assets
at FVOCI, is recognized
in income statement, except for
cumulative gains or losses
of FVOCI
equity instruments which are not reclassified
from OCI to income statement
at the date of derecognition.
Modification of financial assets that may result in derecognition
In addition, derecognition of financial
asset arises when its contractual
cash flows are
modified and the modification is considered
substantial enough so
that the original
asset is
derecognized and a
new one is
recognised. Substantial modifications
resulting in
derecognition may include among others
change in borrower, change
in the asset’s
denomination currency, debt consolidation of
unsecured exposure into
a single new secured
asset entailing
significant impact
on both the variability of cash
flows and the risk
profile of the original instrument subject to modification.
The Bank records the modified asset as a ‘new’ financial asset at fair value
plus any eligible transaction costs and the
difference with the carrying amount
of the existing one
is recorded in
the income statement
as derecognition gain or loss.
The Bank may modify the contractual terms of a lending exposure
either as a concession granted to a client facing or that is about to
face financial
difficulties or
due to
other commercial
reasons
such as
changes in
market
conditions, competition
or customer
retention.
In addition, the
Bank may occasionally
enter, in
the context
of loans’ modifications,
into debt-for-equity transactions.
These are
transactions where the terms of a lending exposure are renegotiated and as a result, the borrower
issues equity instruments (voting
or no voting)
in order to
extinguish part
or all of its
financial liability to the
Bank. Such transactions may
include also exercise
of
conversion rights embedded into convertible or exchangeable bonds and enforcement of shares held as collateral.
In debt-for-equity transactions, the modified loan is derecognized while the equity instruments received in exchange are recognized
at their fair value, with
any resulting gain or loss recognized
in the Bank’s income statement.
Notes to the Financial Statements
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2.2.11 Reclassifications of financial assets
The Bank reclassifies a financial asset only when it changes its business model for
managing financial assets. Generally, a change
in
the business model is expected to be rare and occurs when the Bank either begins or ceases to perform
an activity that is significant
to its operations; for example, when a business line is acquired, disposed of or terminated. In the rare event when there is a change
to the existing business
models, the updated assessment is approved by the Bank’s competent Committees
and the amendment is
reflected appropriately in the Bank’s budget and business plan.
Changes in intention related
to particular financial assets
(even in circumstances of significant
changes in market conditions),
the
temporary disappearance of a particular market for financial assets or a transfer
of financial assets between parts of the Bank with
different business models, are
not considered by the Bank changes in business model.
The reclassification
is applied prospectively from the reclassification
date, therefore previously recognized gains,
losses (including
impairment losses)
or interest are not restated.
2.2.12 Financial liabilities
Financial liabilities
- Classification and measurement
The Bank classifies
its financial liabilities
in the following categories:
financial liabilities measured
at amortized cost and
financial
liabilities measured
at fair-value-through-profit-or-loss (FVTPL).
Financial liabilities at FVTPL comprise two sub categories: financial
liabilities held for
trading and financial liabilities designated at fair-
value-through-profit-or-loss upon initial recognition.
Financial liabilities
held for trading, which include short positions of debt securities (sold but not yet purchased), are liabilities
that
the Bank incurs
principally for the purpose
of repurchasing in the near
term for short term
profit or in
the context of economic
hedging
strategies of
groups of assets and/or liabilities
or net positions for which hedge accounting is not applied.
Additionally, the Bank may,
at initial recognition, irrevocably designate financial
liabilities at
fair-value-through-profit-or-loss when
certain criteria are met.
Financial liabilities held for trading or designated at
FVTPL are initially recognized at fair value. Changes
in fair value are recognized in
the income statement, except for changes in the fair value of liabilities designated at fair-value-through-profit-or-loss attributable to
changes in the Bank’s
own credit risk, which are recognised
in OCI and are
not subsequently reclassified
to the income statement
upon derecognition of
the liabilities. However, if such treatment creates or
enlarges an accounting
mismatch in the income
statement,
all gains or losses of this financial liability, including the effects of changes in the
credit risk, are recognized in the income statement.
Derecognition of financial liabilities
A financial
liability is
derecognized when the
obligation under
the liability is
discharged, cancelled
or expires.
When an
existing
financial liability of the Bank is replaced by another from the same counterparty on substantially different terms, or the terms of an
existing liability are substantially modified, such an exchange or modification is treated as an extinguishment of the original
liability
and the recognition of a new liability and any difference
arising is recognized
in the income statement.
The Bank considers the terms
to be substantially different, if
the discounted present value of the cash flows
under the new terms,
including any fees paid net of any
fees received and discounted using the
original effective interest rate, is at least 10% different from
the discounted present value of the remaining cash flows
of the original financial liability.
If an exchange of
debt instruments or modification of terms
is accounted for as
an extinguishment, any costs
or fees incurred are
recognized as part of the
gain or loss on
the extinguishment. If the
exchange or modification
is not accounted
for as an extinguishment,
any costs or
fees incurred adjust the
carrying amount of the
liability and are amortized
over the remaining
term of the
modified
liability.
Similarly, when the Bank repurchases any
debt instruments issued by
the Bank, it accounts for
such transactions as an extinguishment
of debt.
Notes to the Financial Statements
.
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2.2.13 Fair value measurement of financial instruments
Fair value
of financial instruments
is the price
that would be
received to sell
an asset or
paid to transfer
a liability
in an
orderly
transaction between market participants at the
measurement date under current
market conditions in the principal
or, in its absence,
the most advantageous market to which
the Bank has access at that
date. The fair value of
a liability reflects its non-performance risk.
When available, the Bank measures the fair value of an instrument using the quoted price in an active market for that instrument. A
market is regarded as active if transactions for
the asset or liability take place with sufficient frequency
and volume to provide pricing
information on an ongoing basis. If there is no quoted price in an active market, then the Bank uses other valuation techniques that
maximize the
use of
relevant observable
inputs and
minimize the
use of
unobservable inputs.
The chosen
valuation technique
incorporates all of the factors that
market participants would take into account in pricing a
transaction.
The Bank has elected to use mid-market
pricing as a practical
expedient for fair value measurements
within a bid-ask spread.
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price, i.e.
the fair value
of the consideration given or
received unless the Bank determines that
the fair value at initial recognition differs from the transaction
price. In this case, if the
fair value is evidenced by
a quoted price in
an active market for an identical asset or
liability (i.e. Level 1 input)
or based on a valuation technique that uses
only data from observable markets, a day one
gain or loss is recognized
in the income
statement. On the
other hand, if the
fair value is evidenced
by a valuation technique
that uses unobservable inputs, the
financial
instrument is initially measured
at fair value, adjusted to defer
the difference between the fair
value at initial recognition and
the
transaction price (day one gain or loss). Subsequently the deferred gain or loss
is amortized on an appropriate basis over the life of
the instrument or released earlier if a quoted price in an active market or observable market data become available or the financial
instrument is closed out.
All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value
hierarchy based on the lowest level input that is significant
to the fair value measurement
as a whole.
For assets and liabilities
that are measured at fair
value on a recurring basis, the Bank recognizes
transfers into and out of the fair
value hierarchy levels at the beginning of the quarter in which
a financial instrument's
transfer was
effected.
2.2.14 Impairment of financial assets
The Bank recognizes allowance for expected
credit losses (ECL) that
reflect changes in credit
quality since initial recognition
to financial
assets that are measured at AC and FVOCI, including loans, securitization notes issued by special purpose entities established by the
Bank,
lease receivables,
debt securities,
as well
as financial
guarantee contracts
and loan
commitments. ECL
are
a probability-
weighted average estimate of credit losses that reflects the time value of
money. Upon initial recognition
of the financial instruments
in scope of the impairment policy, the Bank records
a loss allowance equal to 12-month ECL, being the ECL that result from default
events that
are possible
within the
next twelve
months. Subsequently,
for those
financial instruments
that have experienced
a
significant increase
in credit risk
(SICR) since initial
recognition, a loss allowance
equal to lifetime
ECL is recognized,
arising from
default events that are
possible over the expected
life of the instrument.
If upon initial recognition,
the financial asset meets
the
definition of purchased or originated credit impaired (POCI), the loss allowance is based
on the change in the ECL over the life of the
asset.
Loss allowances for trade receivables are always measured at an amount
equal to lifetime ECL. For all other financial assets subject
to impairment, the general three-stage
approach applies.
Accordingly, ECL are recognized using a
three-stage approach based on the extent of credit deterioration since origination:
•
Stage 1 – When there is no significant increase in credit risk since initial recognition of a financial instrument, an amount equal
to 12-month ECL is recorded. The 12 – month ECL represent a portion of lifetime losses, that result from default events that are
possible within the next
12 months after the
reporting date and
is equal to
the expected cash
shortfalls over the
life of the
instrument or group of instruments, due to loss
events probable within the next 12 months. Not credit-impaired financial assets
that are either newly originated or purchased, as well as assets recognized following a substantial modification
accounted for as
a derecognition, are classified
initially in Stage
1.
•
Stage 2 – When a financial instrument experiences a SICR subsequent to origination but is not
considered to be in default, it is
included in
Stage 2.
Lifetime ECL
represent the expected
credit losses
that result
from all
possible default
events over
the
expected life of the financial
instrument.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
•
Stage 3 – Financial instruments that are considered to be in default are included in this stage. Similar
to Stage 2, the allowance
for credit losses captures the lifetime
expected credit losses.
•
POCI - Purchased or originated credit impaired (POCI) assets are
financial assets that are credit impaired on initial recognition.
They are not subject to stage
allocation and are always
measured on the basis of lifetime
expected credit losses. Accordingly,
ECL are
only recognized
to the
extent that there
is a subsequent
change in
the assets’
lifetime expected
credit losses. Any
subsequent favorable change to their expected cash flows is recognized as impairment gain in
the income statement even if the
resulting expected cash flows exceed the estimated cash flows at initial recognition. Apart from purchased assets directly from
the market
or through a
business combination, POCI assets
may also
include financial instruments
that are considered
new
assets, following
a substantial modification
accounted for as a derecognition (see section 2.2.10).
Definition of default
To determine the risk of default, the Bank applies a
default definition for accounting purposes, which
is consistent with the European
Banking Authority (EBA)
definition for non-performing exposure
and regulatory definition of
default as
applied by the
Bank on 1
January 2021 (refer to note 5.2.1.2 (a)).
The accounting definition of default is also
consistent with the one used for internal credit
risk management purposes.
A financial asset is credit-impaired when one or more events
that have a detrimental impact on the estimated future cash
flows of
that exposure have occurred:
•
The borrower faces a significant
difficulty in meeting his
financial obligations.
•
There has
been a
breach of
contract, such
as a
default or
unpaid amounts,
above specified
materiality thresholds,
for 90
consecutive days.
•
The Bank, for
economic or contractual
reasons relating
to the borrower’s
financial difficulty,
has granted
to the borrower
a
concession(s) that the Bank would not otherwise consider.
•
There is a probability that the borrower will enter
bankruptcy or other financial re-organization.
•
For POCI
financial assets,
a
purchase or
origination at
a
deep discount
that reflects
incurred credit
losses is
considered a
detrimental event.
The Bank
assesses the
deep discount
criterion
following a
principle -based
approach with
the aim
to
incorporate all reasonable and supportable
information which reflects market conditions that
exist at the time of
the assessment.
For debt securities, the Bank determines the
risk of default using an internal credit rating scale. The Bank considers
debt securities as
credit impaired if the internal
rating of the issuer/counterparty corresponds
to a rating equivalent to "C" (Moody's
rating scale) or the
external rating of the issuer/counterparty at the reporting date is equivalent to “C” (Moody’s
rating scale) and the internal rating is
not available.
Significant increase in credit risk
(SICR) and staging allocation
Determining whether a loss allowance should
be based on
12-month expected credit
losses or lifetime expected credit losses depends
on whether there has been a significant increase in credit risk
(SICR) of the financial assets, issued loan commitments and financial
guarantee contracts, since initial
recognition.
At each reporting date, the Bank performs an assessment as to whether the risk of a default occurring over the remaining expected
lifetime of the exposure has increased significantly from the
expected risk of a default estimated at origination for that point in time.
The assessment
for SICR
is
performed using
both qualitative
and
quantitative criteria
based on
reasonable and
supportable
information that is available
without undue cost or effort
including forward looking
information and macroeconomic scenarios
as
well as historical experience. Furthermore, regardless of the outcome of
the SICR assessment based on the above triggers, the credit
risk of a financial asset
is deemed to have increased significantly
when contractual payments are more than 30 days past
due.
As a primary criterion for SICR assessment, the Bank compares the
residual lifetime probability of default (PD) at each reporting date
to the residual lifetime
PD for the same point in time which was
expected at the origination.
The Bank may also
consider as a SICR trigger
when the residual lifetime
PD at each reporting date exceeds certain
predetermined
values. The criterion may be applied in order to capture cases where the relative PD
comparison does not result to the identification
of SICR although the absolute value of PD is at
levels which are considered high based on the Bank’s
risk appetite framework.
Internal credit risk rating (on a borrower basis) is also used as a basis for the identification of SICR with regards to lending exposures
of the Wholesale
portfolio. Specifically, the
Bank takes into
consideration the changes
of internal ratings
by a certain
number of
Notes to the Financial Statements
.
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notches. In addition, a watchlist
status is also
considered by the Bank as a trigger
for SICR identification. Internal credit risk
rating
models include borrower specific information as well as,
forward-looking information regarding the prospects
of the industry
in which
it operates. For securitization notes issued by special purpose entities established by the Bank, the SICR assessment is performed by
considering the performance
of the underlying
assets, where the
level of
their expected cash
flows is
compared to the
carrying
amount of the securitized notes. In addition, the assessment of SICR for debt securities is performed
on an individual basis based on
the number of notches downgrade in the internal credit rating scale
since the origination date.
Forbearance measures as monitored by the Bank are considered as a SICR trigger and thus the exposures are allocated into Stage
2
upon forbearance, unless
they are considered
credit-impaired or
the net present
value of
their cash
flows before
and after
the
restructuring exceed the threshold of 1%, in
which cases they are classified as Stage 3. Furthermore,
regardless of the outcome of
the
SICR assessment
based on the
above triggers, the
credit risk of
a financial
asset is deemed to
have increased
significantly when
contractual payments are more than 30 days past
due.
Transfers from
Stage 2 to Stage 1
A financial asset, which is classified to Stage 2 due to Significant Increase in Credit Risk
(SICR), is reclassified to Stage 1, as long as it
does not meet anymore any of the Stage 2
Criteria.
Where forbearance measures have been applied, the Bank uses a probation period of two years, in order to fulfill the requirements
for a transfer
back to Stage
1. If at the
end of that period
the borrowers have
made regular payments
of a significant
aggregate
amount, there are no past due amounts over 30 days and the loans are neither credit impaired, nor any other SICR criteria are met,
they exit forborne status and are classified
as stage 1.
Transfers from
Stage 3 to Stage 2
A financial asset
is transferred from Stage
3 to Stage 2, when the criteria
based on which the
financial asset was
characterized as
credit impaired are no longer
exist and the applicable
probation period for the assets’
return in non impaired status, ranging
from
three to twelve months, has passed.
Criteria for grouping of exposures based on shared credit
risk characteristics
The assessment of loss allowance is performed either on an individual basis or on a collective
basis for groups of similar items
with
homogeneous credit
risk characteristics.
The Bank
applies the
same principles
for assessing
SICR since initial
recognition when
estimating ECL on a collective
or on an individual basis.
The Bank segments its lending exposures
on the basis of
shared credit risk characteristics for
the purposes
of both assessing significant
increase in credit risk and measuring loan loss allowance on a collective basis. The different segments
aim to capture differences in
PDs and in the rates of recovery in the event of default.
The shared credit
risk characteristics
used for the segmentation
of exposures include
several elements such
as: instrument type,
portfolio type, asset
class, product type,
industry, originating
entity, credit
risk rating,
remaining term
to maturity,
geographical
location of the borrower, value of collateral
to the financial asset, forbearance
status and days in arrears.
The Bank identifies individually significant exposures and
performs the ECL measurement based on
borrower specific information for
both retail and wholesale portfolios. This measurement is performed at a borrower level, hence the criteria
are defined at this level,
while both qualitative and quantitative factors
are taken into consideration including forward looking information.
For the
remaining retail
and wholesale
exposures, ECL
are measured
on
a collective
basis. This
incorporates borrower
specific
information, collective historical experience of losses
and forward-looking information. For debt securities
and securitization notes
issued by special purpose
entities established by the Bank,
the measurement of impairment losses is performed
on an individual basis.
Measurement of Expected Credit Losses
The measurement of ECL is an unbiased
probability-weighted average estimate of credit losses that reflects the time value of
money,
determined by evaluating a range
of possible outcomes. A credit loss is
the difference between the cash flows
that are due to the
Bank in accordance
with the
contractual terms of
the instrument and
the cash
flows that the
Bank expects to
receive (i.e. cash
shortfalls) discounted
at the
original effective
interest rate
(EIR) of
the same
instrument, or
the credit-adjusted
EIR in
case of
purchased or originated
credit impaired
assets (POCI). In
measuring ECL, information
about past
events, current
conditions and
reasonable and supportable
forecasts of
future conditions are
considered. For undrawn
commitments, ECL are
calculated as
the
Notes to the Financial Statements
.
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present value of the difference between the contractual cash flows due if the commitment was drawn and the cash flows
expected
to be received, while for financial guarantees ECL are measured as the
expected payments to reimburse the holder less any amounts
that the Bank expects to receive.
The Bank estimates
expected cash shortfalls, which reflect
the cash flows
expected from all possible sources,
including collateral,
guarantees and other
credit enhancements that are part
of the contractual terms
and are not recognized
separately. In
case of a
collateralized financial instrument, the estimated expected cash flows related to the collateral reflect the amount
and timing of cash
flows that are
expected from liquidation
less the discounted
costs of obtaining
and selling the collateral,
irrespective of whether
liquidation is probable.
ECL are calculated over the maximum contractual period
over which the Bank is exposed to credit
risk, which is determined based on
the substantive terms of the instrument, or in case of revolving credit facilities and credit cards, by taking into consideration factors
such as the
Bank’s expected credit risk
management actions to mitigate
credit risk and past practice.
More specifically,
regarding
Stage 2
exposures, the
determination of
period of
exposure is
based on
an analysis
of historic
data regarding
the behavioural
characteristics of the facilities from the time a SICR
has occurred until
their exit from Stage 2. For lending
exposures allocated to Stage
3 the period of exposure reflects the time to liquidation.
Receivables from customers arising from the Bank’s activities other than lending, are presented under Other
Assets and are typically
short term. Therefore, considering
that usually there is
no significant financing component,
the loss allowance for such
financial assets
is measured at an amount equal
to the lifetime expected credit losses
under the simplified approach.
ECL Key Inputs
The ECL calculations are based on the term structures of the probability
of default (PD), the loss given default (LGD), the exposure at
default (EAD) and other input parameters
such as the credit conversion factor (CCF)
and the prepayment rate. Generally,
the Bank
derives these parameters from internally developed statistical models and observed point-in-time
and historical data, leveraging the
existing infrastructure development for the regulatory framework
and risk management practices.
The PD represents the likelihood of
default assessed on the prevailing
economic conditions at the reporting date, adjusted to
take
into account estimates of future economic conditions that are
likely to impact the risk of default,
over a given time horizon.
The Bank uses Point in Time (PiT) PDs in order to remove any bias towards historical data thus aiming to reflect management’s
view
of the future as at the reporting date, incorporating relevant forward
looking information including macroeconomic scenarios.
Two types of PD are used for calculating
ECL:
•
12-month PD, which is the
estimated probability of default occurring within
the next 12 months
(or over the remaining life of the
financial asset if
this is less
than 12 months). It is used to calculate
12-month ECL for Stage
1 exposures.
•
Lifetime PD, which is the estimated probability of a default occurring over
the remaining life of the financial asset. It is used to
calculate lifetime
ECL for Stage 2, Stage
3 and POCI exposures.
For debt securities, PDs are obtained by an international rating agency using risk methodologies that maximize
the use of objective
non-judgmental variables and market data. The Bank assigns internal credit ratings to each issuer/counterparty based on these PDs.
In case of counterparties for which no information is
available, the Bank assigns
PDs which are derived from internal models.
The Exposure at default (EAD)
is an estimate
of the exposure at a future default date, taking
into account expected changes in the
exposure after the reporting date, including repayments of principal and interest and expected drawdowns on committed facilities.
The EAD includes both on and off balance sheet
exposures. The on balance sheet exposure corresponds
to the total amount that has
been withdrawn and is due to be paid, which includes the outstanding principal,
accrued interest and any past due amounts. The off
balance sheet exposure represents the credit that is available
to be withdrawn, in excess of
the on balance sheet exposure.
Furthermore, the CCF factor
is used to convert the amount
of a credit facility and
other off-balance sheet amounts to
an EAD amount.
It is a modelled assumption which represents a proportion of any undrawn exposure that is expected to be drawn prior to a default
event occurring.
In addition,
the prepayment rate
is an
estimate of early
prepayments on
loan exposure
in excess of
the contractual
repayment
according to the repayment schedule and
is expressed as a percentage applied to
the EAD at each period, reducing
the latter amount
accordingly.
Notes to the Financial Statements
.
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LGD represents the Bank 's expectation of the
extent of loss on a defaulted exposure and it
is the difference between the contractual
cash flows due and those that the Bank expects to
receive including any amounts from collateral
liquidation. LGD varies by type of
counterparty, type and seniority of claim, availability of collateral or other
credit support, and is usually
expressed as a percentage of
EAD. The Bank distinguishes
its loan portfolios into two
broad categories i.e. secured and unsecured.
The Bank estimates
the LGD
component using
cure
rates that
reflect
cash
recoveries, estimated
proceeds from
collateral
liquidation, estimates
for timing
realization, realization
costs, etc.
Where the
LGD’s
component values are
dependent on
macro –
economic data,
such types
of
dependencies are reflected by
incorporating forward looking information, such
as forecasted price indices into
the respective models.
The estimation
of the
aforementioned component values
within LGD
reflects available
historical data
which cover
a reasonable
period, i.e. a full economic cycle.
For debt
securities, the
LGD is
typically based
on historical
data derived
mainly from
rating agencies’
studies but
may also
be
determined considering the existing and expected liabilities
structure of the obligor and macroeconomic environment.
Furthermore, the seniority of the debt security,
any potential collaterals by the
obligor or any other type of coverage
is taken
into
account for the calculation.
Forward-looking information
The measurement
of expected
credit losses
for each
stage
and the
assessment of
significant increases
in credit
risk consider
information about
reasonable and
supportable forecasts
of future
events and
macroeconomic conditions.
The estimation
and
application
of forward-looking information requires significant
judgment.
The Bank uses three macroeconomic scenarios (i.e. base, adverse and optimistic) to achieve
the objective of measuring ECL in a way
that reflects an unbiased and probability weighted outcome.
The baseline scenario represents the most likely scenario and is aligned
with the information used by the Bank for strategic
planning and budgeting purposes.
The scenarios are reflected
in the risk parameters,
and namely 12-month PD, Lifetime
PD and LGD, hence 3
sets of each of
these
parameters are used, in line
with the scenarios developed.
The Bank then proceeds to
the calculation of weights for
each scenario, which represent the probability
of occurrence for each
of
these scenarios. These weights
are applied on
the 3 sets
of calculations of
the parameters
in order
to produce a
single scenario
weighted
risk parameter
value
which is
subsequently used
in
both SICR
assessment
and
ECL measurement.
ECL calculation
incorporates forward
-looking macroeconomic
variables, including
GDP growth
rates, house
price indices,
unemployment rates,
interest rates, inflation,
etc. In order
to capture material
non – linearities in
the ECL model, in
the case of
individually significant
exposures, the Bank considers the
relevance of forward looking information to
each specific group of
borrowers primarily on the basis
of the business sector they belong and other drivers of credit risk (if any).
Modified Financial Assets
In cases where
the contractual cash
flows of a financial
asset have been
modified and the
modification is considered substantial
enough (for the triggers of derecognition, refer to Derecognition of Financial assets in section
2.2.10 above), the modification date
is
considered to
be the
date of
initial recognition
for impairment
calculation purposes,
including for the
purposes of
determining
whether a significant increase in credit risk has occurred.
Such a modified asset is typically classified as Stage 1 for ECL measurement
purposes. However, in some circumstances following a modification that results in derecognition
of the original financial asset, there
may be evidence that the new financial asset is credit-impaired at initial recognition, and
thus, the financial asset is recognized as an
originated credit-impaired financial
asset (POCI).
In cases where the contractual cash flows of a financial asset have been modified and the modification is not considered substantial
enough, the Bank recalculates the gross carrying amount of the financial asset and recognizes
the difference as a modification gain
or loss in the income statement and determines if the financial asset’s
credit risk has increased significantly since initial recognition
by comparing the risk of a default occurring at initial recognition based on the original unmodified contractual terms and the risk of
a default occurring at the reporting date, based on the modified contractual terms.
Presentation of impairment
allowance
For financial assets measured at amortized cost, impairment allowance is recognized as a loss allowance reducing the gross carrying
amount of the financial assets in the balance sheet.
For debt instruments measured at FVOCI, impairment allowance is recognized in
other comprehensive income and does not
reduce the carrying amount of the debt instruments
in the balance sheet. For
off-balance
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
sheet financial items arising from lending activities, impairment allowance is
presented in Other
Liabilities. The respective ECL for the
above financial items is
recognised within impairment losses.
Write-off of financial
assets
Where the Bank has
no reasonable expectations
of recovering a financial asset either
in its entirety or
a portion of
it, the gross carrying
amount of
that instrument
is reduced
directly, partially
or in
full, against
the impairment
allowance. The amount
written-off is
considered as derecognized. Subsequent
recoveries of amounts previously written off decrease
the amount of the impairment losses
in the income statement.
Financial assets that are written off could still be subject to enforcement activities in
order to comply with the Bank’s procedures for
recovery of amounts due.
2.2.15 Sale and repurchase agreements, securities lending and borrowing
(i) Sale and repurchase agreements
Securities sold subject to repurchase agreements
(repos) continue to be recorded in the
Bank 's Balance Sheet
as the Bank retains
substantially all risks and rewards of ownership, while the liability
to the counterparty is included in amounts due to other banks or
due to customers, as appropriate, and measured at amortized cost. Securities purchased under agreements to resell (reverse repos)
are recorded as loans and
advances to other banks or customers,
as appropriate, and measured at
amortized cost. The difference
between the sale and repurchase price in case of
repos and the purchase and resale price in case of reverse
repos is recognized as
interest and accrued over the period of the repo or reverse repo agreements using the effective
interest method.
(ii) Securities lending and borrowing
Securities lent to counterparties
against the receipt of a fee continue
to be recognized in
the financial statements. Securities borrowed
are recognized as
trading liabilities
when sold to third parties and
measured at fair value
with any gains
or losses included in
the
income statement.
2.2.16 Leases
T
he Bank enters into leases
either as a lessee
or as a lessor. At
inception of a contract, the Bank assesses
whether a contract is, or
contains, a lease.
(i) Accounting for leases as lessee
When the Bank becomes the lessee in
a lease arrangement, it recognizes a lease liability
and a corresponding
right-of-use (RoU) asset
at the commencement of the lease
term when the Bank acquires control of the physical use
of the asset.
Lease liabilities are presented within Other liabilities and RoU assets within Property
and equipment and investment property. Lease
liabilities are measured based on the
present value of the
future lease payments over
the lease term, discounted
using an incremental
borrowing rate. The interest expense on lease
liabilities is
presented within net interest income.
The lease liability is remeasured when there is a change in future lease payments arising from a
change in an index or rate, a change
in the Bank’s estimate of the amount expected to be payable under a residual value guarantee or if the
Bank changes its assessment
of whether
it
will exercise
a purchase,
extension or
termination option.
When the
lease liability
is remeasured
in this
way,
a
corresponding adjustment is made to
the carrying amount of
the right-of-use asset,
or is recorded in profit
or loss if the
carrying
amount of the right-of-use asset
has been reduced to zero.
The RoU asset is initially recorded at an amount equal to the lease liability and is adjusted for rent
prepayments, initial direct costs,
or lease incentives received. Subsequently,
the RoU asset is
depreciated over the shorter of the lease term or the useful
life of the
underlying asset, with the depreciation presented within operating expenses.
When a lease
contains extension or termination options that
the Bank considers reasonably certain to
be exercised, the
expected
future lease payments or costs of early
termination are included within the lease payments
used to calculate the lease liability.
The Bank has elected not
to recognise right-of-use assets and lease liabilities for leases of low-value assets
and short-term leases. The
Bank recognises the lease payments
associated with these leases
as an expense on a straight-line
basis over the lease term.
(ii) Accounting for leases as lessor
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At inception date of the lease, the Bank, acting as a lessor, classifies
each of its leases as either an
operating lease or a finance lease
based on whether the lease transfers substantially all of the risks and rewards incidental to the ownership of the underlying asset. If
this is the case, then the lease is a
finance lease; if not, then it is an operating lease. As part of this assessment,
the Bank considers
certain indicators such as whether the lease
is for the major part of the economic life
of the asset.
Finance leases
At commencement date, the Bank derecognizes the carrying amount of the underlying assets held under finance lease, recognizes
a
receivable at an amount equal to
the net investment in the lease
and recognizes, in income statement,
any profit or loss from the
derecognition of the asset
and the recognition of the net investment.
The net investment in the
lease is calculated
as the present
value of the future lease payments in the same
way as for the lessee.
After commencement date, the Bank
recognizes finance income over the
lease term, based on a
pattern reflecting a constant periodic
rate of return
on the lessor’s
net investment in
the lease. The
Bank also recognizes
income from variable
payments that are
not
included in the net investment in the lease. After lease commencement, the net investment in a lease is not remeasured unless the
lease is modified
or the lease term is revised.
Operating leases
The Bank continues to recognize the underlying asset and does not recognize a net investment in
the lease on the balance sheet or
initial profit (if
any) on the income statement.
The Bank recognizes lease
payments from the lessees
as income on a straight
-line basis or another systematic
basis considered as
appropriate. Also it recognizes costs, including depreciation,
incurred in earning the
lease income as an expense. The Bank
adds initial
direct costs incurred in obtaining an operating lease to the carrying amount of the underlying
asset and recognizes those costs as an
expense over the lease term on the same basis
as the lease income.
Subleases
The Bank,
acting as a lessee, may enter into arrangements to sublease a
leased asset to a third party while the
original lease contract
is in effect. The Bank acts as both the lessee and lessor of the same underlying asset. The sublease is a separate lease agreement, in
which the intermediate lessor classifies
the sublease as a finance
lease or an operating lease
as follows:
•
if the head lease is
a short-term lease, the sublease
is classified
as an operating lease; or
•
otherwise, the sublease
is classified
by reference
to the
right-of-use asset
arising from
the head
lease, rather
than by
reference to the underlying asset.
2.2.17 Income tax
Income tax consists of current and deferred tax.
(i) Current income tax
Income tax payable on
profits, based on the applicable tax
law and the tax rate
enacted at the reporting date, is
recognized as an
expense in the period in which profits arise.
(ii) Deferred tax
Deferred tax
is provided
in full, using
the liability method,
on temporary
differences arising
between the tax
base of assets
and
liabilities and their carrying amounts
in the financial statements. Deferred tax assets and liabilities are measured at the
tax rates that
are expected to apply to the period
when the asset is realized
or the liability is settled, based
on tax rates (and tax laws)
that have
been
enacted
or
substantively
enacted
by
the
balance
sheet
date.
The
principal
temporary
differences
arise
from
impairment/valuation and
accounting write-offs
relating to
loans, Private
Sector Initiative
(PSI+) tax
related losses,
losses from
disposals and crystallized write-offs of loans, depreciation of
property and equipment, fair value adjustment of investment property,
pension and
other retirement
benefit obligations,
and revaluation
of certain
financial assets
and liabilities,
including derivative
financial instruments.
Deferred tax
assets are
recognized where
it is probable
that future taxable
profit will
be available against
which the temporary
differences can be utilized. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Any such
Notes to the Financial Statements
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31 December 2025 Financial Statements
reduction is reversed to
the extent that it
becomes probable that sufficient
taxable profit will
be available. The Bank recognises
a
previously unrecognised deferred tax asset to
the extent that
it has become probable that
future taxable profit will allow the deferred
tax asset to be recovered.
Deferred tax
related
to debt
securities at
FVOCI and
cash
flow hedges
is
recognized
to other
comprehensive income,
and is
subsequently recognized in the income statement together with
the deferred gain or loss.
The deferred tax asset on income tax losses carried forward is recognized as an asset
when it is probable that future taxable profits
will be available
against which these losses
can be utilized.
(iii) Uncertain tax positions
The Bank determines and assesses all material tax positions taken, including all, if any, significant uncertain positions, in all tax years
that are still subject to assessment (or when the litigation is in progress) by
relevant tax authorities. In evaluating tax positions,
the
Bank examines all
supporting evidence (Ministry of Finance circulars, individual rulings,
case law,
past administrative practices,
ad
hoc tax/legal opinions etc.) to the
extent they are applicable to the
facts and circumstances of the particular Bank’s case/ transaction.
In addition, judgments concerning the recognition of a provision against the possibility of losing some of the tax positions are highly
dependent on advice received from internal/ external
legal counselors. For uncertain tax positions with
a high level of uncertainty,
the Bank recognizes, on a transaction by transaction basis, or together as a group, depending
on which approach better predicts the
resolution of the uncertainty using an expected value
(probability-weighted average) approach: (a) a provision against tax receivable
which has been booked for the
amount of income tax already paid
but further pursued in courts
or (b) a liability for the
amount which
is expected to be paid to the tax authorities. The Bank presents in its balance sheet all uncertain tax balances as current or deferred
tax assets or liabilities.
The Bank as a general rule has opted to obtain an ‘Annual Tax Certificate’, which is issued after a tax audit is performed by the same
statutory auditor or audit firm that
audits the annual financial statements. Further
information in respect of the
Annual Tax Certificate
and the related tax legislation,
is provided in note 14.
2.2.18 Employee benefits
(i) Short term benefits
Short term employee benefits are those expected to be
settled wholly before twelve months after the end of the
annual reporting
period in which the employees render the related services and are expensed as these services
are provided.
(ii) Pension obligations
The Bank provides a number of defined contribution
pension plans where annual contributions are
invested and allocated to specific
asset categories.
Eligible employees
are
entitled to
the
overall
performance of
the
investment. The
Bank's contributions
are
recognized as employee benefit expense in the year in
which they are paid.
(iii) Standard legal staff retirement indemnity obligations (SLSRI) and termination benefits
The Bank operates unfunded defined benefit plans, under the regulatory framework. In
accordance with the local labor legislation,
the Bank provides for staff retirement indemnity obligation for
employees which are entitled to a
lump sum payment based on a) the
number of years of service, as of the date when employee service first
leads to benefits under the plan until the date when further
employee service will lead to no material amount of further benefits,
and b) the level of remuneration at the date of
retirement, if
they remain in the employment
of the Bank until
normal retirement age. More specifically,
in line with
the decision of
IFRIC Committee
for IAS 19 fact pattern issued in May 2021, the attribution of the benefit begins from the date when the employee service first leads
to benefits under the terms of the plan, and not from the employment date, until the date when further employee service will lead
to no material amount of further benefits.
In addition,
the Bank
provides termination
benefits mainly
in respect
of the
Voluntary Exit
Schemes (VES),
which have
been
implemented through either lump-sum payments or long-term leaves during which the employees will be receiving a percentage of
a monthly salary, or a combination thereof. Provision has been made for the actuarial value of the lump sum payable on retirement
(SLSRI) and
termination benefits
using
the projected
unit credit
method. Under
this
method the
cost of
providing retirement
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
indemnities and termination benefits is charged to the income
statement so as
to spread the cost over the period of service of the
employees, in accordance with the respective actuarial valuations,
which are performed every year.
The SLSRI and termination benefits obligation is calculated as the present value of the estimated future cash outflows using interest
rates of high
quality corporate bonds. The currency
and term to maturity of
the bonds used are consistent
with the
currency and
estimated term of the retirement and termination benefit obligations. Actuarial gains and losses that arise
in calculating the Bank’s
SLSRI and termination benefits obligations are recognized directly in other comprehensive income in the period in which they occur
and are not reclassified to the income statement
in subsequent periods.
Interest cost on
the staff
retirement indemnity and termination benefits
obligations, as well
as service cost, consisting
of current
service cost, past service cost and gains
or losses on settlement are recognized
in the income statement.
Termination benefits are payable when employment is terminated by the Bank before
the normal retirement date, or whenever an
employee accepts voluntary redundancy in exchange for these
benefits (including those in the context of
the VES implemented
by
the Bank). The Bank recognizes termination benefits at the earlier of the following dates: (a) when the Bank can no longer withdraw
the offer of
those benefits; and (b)
when the Bank
recognizes costs for
a restructuring that
involves the payment
of termination
benefits. Any reversals of the
SLRSI obligation arising from employees that are included
in the long-term leaves scheme
are accounted
for as a curtailment gain recognized in the income statement. In the case
of an offer made to encourage voluntary redundancy, the
termination benefits are measured based on
the number of employees
expected to accept the offer. Termination benefits falling due
more than 12 months after the end of the reporting period are discounted to their present value.
(iv) Performance-based cash payments
The Bank 's Management awards high performing employees with bonuses
in cash, from time to time, on a discretionary basis. Cash
payments requiring only Management
approval are recognized as employee
benefit expenses on an accrual basis.
Cash payments
requiring General Meeting approval as distribution of profits to staff are recognized as employee benefit expense in the accounting
period that they are approved by the Bank’s shareholders.
(v) Share-based payments
The Management of the Bank awards employees of
the Bank with bonuses in
the form of shares and share options on a
discretionary
basis and after taking into
account the current legal framework.
Non-performance related shares vest in the period granted. Share
based payments that are contingent upon the achievement of a
performance and service condition, vest only if both conditions are satisfied.
The fair value of the share
options granted is recognized as
an employee benefit expense over
the vesting period, with an equal
credit
in equity, i.e. no impact on
the Bank’s equity. The amount ultimately recognised as an
expense is based on
the number of awards that
meet the related service and non-market performance conditions at the vesting
date.
The fair value of the share options at
grant date is determined by using an
adjusted option pricing model which takes into account
the exercise
price, the exercise
dates, the
term of
the option, the
share price
at grant
date and expected
price volatility
of the
underlying share, the expected dividend
yield and the risk-free interest
rate for the term
of the options. The
expected volatility is
measured at the grant date
of the options and is based on the historical volatility of the share
price.
For share-based payment awards with non-vesting conditions, the fair value of the share
-based payment at grant date also reflects
such conditions and there is no true-up for differences between expected and actual outcomes.
When the options are exercised and new shares are issued, the proceeds received net
of any directly attributable transaction costs
are credited to share capital (par
value) and share premium of the
Bank.
2.2.19 Repossessed properties
Land and buildings repossessed through an auction process to recover impaired loans are, except where otherwise stated, included
in ‘Other Assets’. Assets acquired from an auction process
are held temporarily for liquidation
and are valued at the lower of cost and
net realizable value, which is
the estimated selling
price, in the ordinary course of business, less costs necessary to make
the sale.
In cases where the Bank makes use of repossessed properties as part of its operations, they may be reclassified to own
occupied or
investment properties, as appropriate.
Notes to the Financial Statements
.
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Any gains or losses on liquidation are included in the income statement.
2.2.20 Related party transactions
Related parties of the Bank
include:
(a) an entity that has control over the Bank and entities controlled, jointly controlled or significantly influenced
by this entity, as well
as members of its
key management personnel and their close family
members;
(b) an entity that has significant
influence over the Bank and entities controlled by this entity,
(c) members of key management personnel of the Bank, their close
family members
and entities controlled or jointly controlled by
the abovementioned persons;
(d) associates
and joint ventures of the Bank;
(e) subsidiaries;
(f) post-employment benefit plans established
for the benefit of the Bank’s employees.
Transactions of similar
nature are disclosed on an aggregate
basis. All banking transactions entered into with related parties
are in
the normal course of business and are conducted on an arm's length basis.
2.2.21 Provisions and contingent liabilities
Provisions are recognized when the Bank has a present legal or constructive obligation as a result
of past events, it is probable that
an outflow of resources embodying economic benefits
will be required to settle the obligation, and reliable estimates of the amount
of the obligation can be made.
The amount recognized as a provision
is the best estimate of the expenditure
required to settle a present obligation at each reporting
date, taking into account the risks
and uncertainties surrounding the amount of
such expenditure. Where the effect of the time value
of money is material, the amount of the provision is the present
value of the estimated future expenditures expected to be required
to settle the obligation.
Provisions are reviewed
at each reporting
date and adjusted
to reflect the
current best estimate.
If, subsequently, it
is no longer
probable that an outflow
of resources embodying
economic benefits will be required
to settle the obligation, the
provision is reversed.
A provision is not
recognized and a contingent
liability is disclosed when it is not
probable that an
outflow of resources will be required
to settle the obligation, when the amount of the obligation cannot be measured reliably or in case that the obligation is
considered
possible and is subject to the occurrence or non -occurrence of one or more uncertain future events.
2.2.22 Share capital
Ordinary shares and preference shares are classified as equity. Incremental costs directly attributable to
the issue of new
shares or
options are shown in equity as a deduction from the proceeds, net of tax.
Dividend distribution
on shares
is
recognized as
a
deduction in
the Bank’s
equity when
approved by
the General
Meeting of
shareholders and the
required regulatory approvals,
if any,
are obtained. Interim
dividends are recognized
as a
deduction in the
Bank's equity when approved by the Board of Directors.
Intercompany non-cash distributions that constitute
transactions between entities under common
control are recorded in the Bank
’s
equity by reference to the book value of the assets distributed.
Where the Bank purchases own shares (treasury shares), the
consideration paid including any directly attributable incremental costs
(net of income
taxes), is deducted
from shareholders’ equity
until the shares are
cancelled, reissued or
disposed of. Where
such
shares are subsequently sold or reissued, any consideration received is included in shareholders’ equity.
2.2.23 Additional Tier 1 capital instruments
Notes to the Financial Statements
.
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The Additional Tier 1 capital instruments issued by the Bank
are classified as equity once there is no contractual obligation to deliver
to the holders cash or another financial asset.
The incremental costs directly attributable to the issue of Additional Tier 1 capital instruments are presented in the Bank’s equity as
a deduction from the proceeds, net of tax. Moreover, the coupon payment on Additional Tier 1 capital instruments is recognized as
a deduction in the Bank’s equity on the date it is due.
Where Additional Tier
1 capital
instruments, issued by
the Bank, are
repurchased, the
consideration paid
including any
directly
attributable
incremental
costs
(net
of
income
taxes),
is
deducted
from
shareholders’
equity.
Where
such
instruments
are
subsequently sold, any consideration received is included in shareholders’ equity.
2.2.24
Financial guarantees and commitments to extend credit
Financial guarantees
Financial guarantee contracts are contracts that require the issuer to make
specified payments to reimburse the holder for a loss it
incurs because a specified
debtor fails to make payments
when due, in accordance with the terms
of a debt instrument. Financial
guarantees granted by the
Bank to financial institutions and other
bodies on behalf
of customers to secure
loans, overdrafts and other
banking facilities, are initially recognized at fair value, being the
premium received. Subsequent
to initial recognition, such guarantees
are measured at the higher of
the amount of the ECL allowance, and
the amount initially recognised less any cumulative
amortization
of the fee earned, where appropriate.
Financial guarantees
purchased by the Bank that are considered as integral
to the contractual terms of the guaranteed instrument
are not accounted for
separately and the cash
flows from the guarantee are taken into
account in the
measurement of the guaranteed
instrument’s expected credit losses, whereas any fees paid or
transaction costs incurred for the acquisition
of the financial guarantee
are considered as part of the guaranteed asset’s
effective interest rate.
On the other hand, financial
guarantees purchased that are not considered as
integral to the contractual
terms of the guaranteed
instruments are accounted for separately where
a reimbursement asset is recognized and included
in Other Assets once
is its virtually
certain that, under the terms and conditions of the guarantee, the Bank will be reimbursed for the credit loss incurred.
The changes
in the carrying amount of the above reimbursement asset arising from financial
guarantees, entered into to mitigate the credit
risk
of lending exposures measured at amortized
cost, are recognized under ‘Impairment losses’
in the Bank’s
income statement.
Commitments to extend
credit
Commitments represent off-balance sheet items
where the Bank commits, over the
duration of the agreement,
to provide a loan
with pre-specified terms
to the
customer.
Such contractual commitments
represent commitments
to extend credit
and standby
letters and they are part of the normal lending activities
of the Bank, for which an ECL allowance
is recognised under IFRS 9.
ECL allowance for off-balance sheet exposures (financial guarantees granted and commitments) is included within Other Liabilities.
2.2.25
Non-current assets classified as held for sale and discontinued operations
Non-current assets are
classified as
held for sale if their carrying amount will
be recovered through a sale
transaction rather than
through continuing use.
For a non-
current asset
to be classified
as held for sale,
it is available
for immediate
sale in its
present
condition, subject to terms that are usual and customary for sales of such assets, and
the sale is considered to be highly probable. In
such cases, management is committed to the sale and actively markets the
asset for sale at a price that is reasonable
in relation to
the current
fair value. The
sale is also
expected to
qualify for recognition
as a completed
sale within
one year from
the date
of
classification. Before
their classification
as held for
sale, such
assets or disposal
groups are
remeasured in
accordance with
the
respective accounting standard.
Assets held for sale are subsequently
remeasured at the lower of their
carrying amount and fair value less cost to
sell. Any loss arising
from the above measurement is recorded
in profit or loss and
can be reversed in the future.
When the loss relates to a disposal group,
it is allocated
to the assets
within that disposal group.
Those assets and
liabilities that are
not in the
scope of the measurement
requirements of IFRS 5 ‘Non-current assets held for sale and discontinued operations’ such as financial instruments and investment
properties measured at fair value continue to be measured in accordance with the Bank’s relevant accounting policies, despite their
classification as
held for sale.
Notes to the Financial Statements
.
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The Bank presents discontinued operations in a separate line in the income statement
if a component of the Bank’s operations has
been disposed of or is classified as
held for sale and:
(a) Represents a
separate major line of
business or geographical area of
operations;
(b) Is part of a single
coordinated plan to dispose of a separate major line
of business or geographical area
of operations; or
Profit or loss from
discontinued operations includes the profit or loss before
tax from discontinued operations, the gain
or loss on
disposal before tax or measurement to fair value less costs to sell and discontinued operations tax expense. Upon classification
of a
component of the Bank’s operations as a
discontinued operation, the Bank restates prior periods in the income statement.
2.2.26
Cash and cash equivalents
Cash and cash
equivalents include cash in
hand, unrestricted deposits with central
banks, due from credit
institutions that are all
carried at amortised cost and other
short-term highly liquid investments with
original maturities of three months or
less that are held
for trading.
2.2.27
Government grants
Government grants are recognized when there is reasonable assurance that the grant
will be received and the Bank will comply with
the conditions attached to it.
The grants are
recognized in the income statement
on a systematic basis
to match the way that
the
Bank recognizes
the expenses
for which
the grants
are
intended to
compensate. In
case of
subsequent changes
in the
Bank’s
expectations of
meeting the
conditions attached
to the
government grants,
the effect
of such changes
is recognised
in income
statement.
2.2.28
Fiduciary activities
The Bank provides custody,
trustee, corporate administration, investment
management and advisory services to third parties
that
result in the holding or investing of assets on behalf of its clients. Those assets that are held in a fiduciary capacity are
not assets of
the Bank and are not recognized
in the financial statements.
In addition, the Bank does not guarantee these investments
and as a
result it is not exposed to any credit risk in relation to them.
3.
Critical accounting estimates and judgments in applying accounting policies
In the process of applying
the Bank’s accounting policies,
Management makes various judgments,
estimates and assumptions that
may affect the reported amounts of assets
and liabilities, revenues and expenses recognized
in the financial statements within
the
next financial year and the accompanying disclosures. Estimates and judgments are continually evaluated and are based
on current
conditions, historical experience and other factors, including expectations of future events that are believed to be reasonable under
the circumstances.
Revisions to
estimates
are
recognized
prospectively.
The most
significant
areas in
which the
Bank makes
judgments, estimates
and assumptions in applying its accounting policies
are set out below:
3.1 Impairment losses on loans and advances to customers
In 2025, amid the elevated geopolitical and economic uncertainty mainly stemming from US foreign
and trade policy decisions, the
on-going war
in
Ukraine and
fragile
situation in
Middle East,
Greek
economy
exhibited
remarkable
resilience, sustaining
its
expansionary momentum in 2025 and is expected to remain in
positive growth territory in 2026. In addition, the Bank's asset quality
continued its solid performance as demonstrated by the level of its credit
quality indicators in terms of NPE ratio and NPE coverage.
In response to the heightened geopolitical risks mentioned above, the Bank’s risk management units
perform ongoing assessments
of potential
impacts on the
lending portfolios. These
actions include enhanced monitoring
of sector specific exposures,
targeted
reviews
of borrowers
operating
in vulnerable
industries or
regions,
inclusion of
geopolitical
risk element
into
the
credit risk
assessment process, and periodic reassessment
of key assumptions used in expected credit loss estimates.
The Bank, remains cautious for any developments in the macroeconomic trends and geopolitical front and closely monitors all loan
portfolios, focusing on most vulnerable sectors, so as
to revise, if needed, the respective estimates
and assumptions.
Expected Credit Loss (ECL) measurement
The ECL measurement requires Management to apply judgment, in particular, to the estimation of the amount and timing of future
cash flows and collateral values when determining impairment losses
and the assessment of
a significant increase in credit
risk. These
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
estimates are driven by a
number of factors, changes in which
can result in significant changes to the
timing and amount of allowance
for credit loss to be recognized.
The Bank’s ECL calculations are outputs
of complex models with a number
of underlying assumptions regarding the choice
of variable
inputs and
their interdependencies.
In
addition, temporary
adjustments may
be required
to
capture new
developments
and
information available, which
are not reflected yet in the ECL calculation through the risk models.
The elements of the ECL models that
are considered significant accounting judgments
and estimates include:
Determination of a significant
increase of credit risk
IFRS 9 does not include a definition of
what constitutes a significant
increase in credit risk (SICR).
An assessment of whether credit
risk has increased significantly since initial recognition is performed at each reporting period by considering primarily the change
in
the risk of default occurring over the remaining life of the financial instrument. The
Bank assesses whether a SICR has occurred since
initial recognition
based on
qualitative and
quantitative reasonable
and supportable
forward-looking information
that includes
significant management
judgment (note 2.2.14).
Retail lending
For retail lending exposures the primary criterion is the change in the residual cumulative lifetime
Probability of Default (PD) above
specified thresholds. These thresholds vary per portfolio, origination year, product type as well
as origination PD level.
As at 31 December 2025 and 2024, the upper PD thresholds based on the above segmentation, that trigger the allocation to stage 2
for Greece’s retail
exposures are set out below:
Retail exposures
31 December 2025
31 December 2024
Upper SICR threshold
Mortgage
170%
170%
Home Equity
80%
80%
SBB
130%
130%
Consumer
100%
100%
Wholesale lending
For wholesale lending exposures, the origination PD curves and
the residual lifetime PD curves at each reporting date are mapped to
credit rating bands. Accordingly,
SICR thresholds are based on the comparison
of the origination and reporting date credit
ratings,
whereby rating downgrades represent changes in residual lifetime PD. Similar to retail exposures, the Bank segments the wholesale
lending exposures based on
asset class, loan type and
credit rating at origination.
In addition, for securitization notes
issued by special
purpose entities established by the Bank,
the SICR assessment is performed by
considering the performance of the
underlying assets.
As at
31 December
2025 and
2024, the
credit rating
deterioration thresholds
per rating
bands for
Greece’s
wholesale lending
exposures that trigger allocation to stage 2 are
set out below. In
addition, as per the
Bank’s SICR policy, any downgrade to rating band
6 or high-risk rating bands
(7, 8 or 9) is considered as SICR
event to all corporate lending portfolios:
.
Wholesale internal
rating bands
Minimum SICR threshold
range
1
Five notches
2
Four notches
3
Three notches
4
Two notches
5-8
One notch
Determination of scenarios, scenario
weights and macroeconomic factors
To achieve the objective of measuring ECL, the Bank evaluates a range of possible outcomes in line
with the requirements of IFRS 9
through the application of three macroeconomic scenarios, i.e. baseline, adverse and optimistic,
in a way that reflects an unbiased
and probability weighted outcome. As at 31 December 2025, the probability weights for the
above mentioned scenarios as assessed
by the Bank, were
as follows: adverse
30% - base 50%
- optimistic 20% (31
December 2024: 30%-50%-20%).
Notes to the Financial Statements
.
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The baseline scenario assumes broadly stable macroeconomic conditions, with real GDP growth easing gradually from 2.2% in 2025
to 1.9% in 2028, supported by sustained investment and labor market resilience, while external risks remain contained. Geopolitical
tensions are assumed to remain manageable, with no
material escalation in regional conflicts or
global trade fragmentation, and only
limited spillovers
to energy
markets, trade
flows and financial
conditions. RRF
inflows, complemented
by Multiannual
Financial
Framework and EIB funding, provide a steady 0.3–0.5pp annual growth
contribution through 2028. GGB spreads continue narrowing
post-investment
grade upgrade,
underpinned by
primary surpluses
above
2%. Private
deposits remain
on
an upward
though
flattening-
trend, reflecting RRF related activity and
economic expansion. Credit growth is led by corporates benefiting from
low cost
RRF financing, while banks focus on volumes amid lower rates. Property prices
(RRE and CRE) continue increasing moderately. Gross
Value Added (GVA) grows steadily, driven by investment and services.
Following rate cuts through mid-2025, the
Deposit Facility Rate
stabilises at
2% through 2028.
The adverse scenario reflects
a moderate GDP slowdown due to weaker
external demand, energy volatility and
softer confidence.
This environment is associated with a moderate escalation in geopolitical tensions-stemming from regional instability, trade
frictions
and renewed uncertainty in energy markets-which increases risk premia and
temporarily weighs on cross-border flows and financing
conditions, without triggering systemic financial stress. Temporary RRF delays dampen near-term growth, while sovereign yields rise
modestly amid
higher risk premia.
Inflation moderates
and unemployment
increases temporarily.
Deposit growth
flattens, loan
demand weakens-particularly for households-while RRF
loans continue supporting corporates.
Property prices decelerate
sharply
with mild declines, and
GVA slows
across cyclical sectors.
The ECB cuts
rates to 1.50%
by Q2
2026, though transmission
remains
constrained by tighter financial conditions.
The optimistic scenario assumes slightly GDP
growth supported
by improved
euro area conditions, easing energy
pressures and firmer
confidence. Geopolitical risks are assumed to ease gradually, with improved regional stability and
reduced trade tensions supporting
energy-market normalization and external demand, while
uncertainty declines without giving rise
to excessive risk-taking.
Faster RRF
implementation boosts investment, sovereign spreads compress mildly
and funding conditions
remain stable. Deposits increase more
strongly, particularly from corporates, while loan demand recovers
and household lending stabilizes. Property price rise at
a solid but
sustainable pace and GVA strengthens, led by
investment and export-oriented
sectors. The ECB adopts
a mildly firmer stance
gradually
raising rates
toward 2.50% by mid-2026..
Forward-looking information
The Bank ensures that impairment estimates and macroeconomic forecasts, applicable for
business and regulatory purposes
are fully
consistent. Accordingly, the IFRS 9 baseline scenario applied
in the ECL
calculation coincides with the
one used for ICAAP
and
business
planning purposes. In
addition, relevant experience
gained from the
stress tests
imposed by
the regulator,
has been taken
into
account in the process
of developing the macroeconomic scenarios, as
well as impairments
for stress testing
purposes have been
forecasted in line with IFRS
9 ECL methodology.
In terms of macroeconomic assumptions, the Bank assesses a number of indicators in projecting the risk parameters, namely
Gross
Domestic Product (GDP), Unemployment, Residential and Commercial
Property Price
Indices, inflation as well as interest and
FX rates.
The arithmetic averages of the key
annual forecasts per macroeconomic scenario
for the next four
year period following the reporting
date used in the
ECL measurement of Greek lending portfolios
for the year
ended 31 December
2025 and 2024,
are set in the
following
table:
Key macroconomic
indicators
31 December 2025
Average (2026
-2029) annual forecast
31 December 2024
Average (2025
-2028) annual forecast
Optimistic
Base
Adverse
Optimistic
Base
Adverse
Gross Domestic Product growth
3.37%
1.99%
0.57%
3.35%
2.15%
0.94%
Unemployment Rate
7.18%
7.97%
8.83%
7.04%
8.84%
10.72%
Residential
property
prices' index
8.42%
4.30%
0.19%
6.39%
4.20%
1.64%
Commercial
property
prices' index
7.06%
2.47%
-2.12%
4.05%
1.84%
-1.18%
Inflation rate
2.70%
2.28%
1.97%
1.50%
2.15%
1.55%
Note: The annual average
forecasts for the medium
to long-term horizon, i.e.
from the fifth year and
onwards, begin to present
a
stable trend.
Notes to the Financial Statements
.
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Changes in the scenarios and weights, the corresponding set of macroeconomic variables and the
assumptions made around those
variables for the forecast horizon would
have a significant effect on the ECL amount.
The Bank independently
validates all models and
underlying methodologies
used
in
the
ECL
measurement through
competent
resources,
who are
independent of
the
model
development process.
Development of ECL models,
including the various formulas, choice of
inputs and interdependencies
For the purposes of ECL
measurement the Bank performs the necessary model
parameterization based on observed point-in-time
data on a granularity of monthly intervals. The ECL calculations
are based on input parameters, i.e. exposure at default (EAD),
PDs,
loss given
default
(LGD), credit
conversion
factors (CCFs)
etc.
incorporating Management’s
view
of the
future.
The Bank
also
determines the links between macroeconomic scenarios and, economic inputs, such as
unemployment levels and collateral values,
and the effect on PDs, EADs and LGDs.
Furthermore, the PDs
incorporate relevant
forward looking information
including macroeconomic scenarios.
The forecasting
risk
parameters models
incorporate a
number of
macroeconomic variables, such
as GDP,
unemployment etc.
and portfolio
specific
variables such as seasonal
flag etc., which are
used as independent variables for optimum predictive capability.
The ECL models are based
on logistic regressions
and run under the different macroeconomic scenarios
and relevant changes and
shocks in the macro environment reflected in a non-linear manner.
Segmentation of financial assets
when their ECL is assessed
on a collective basis
The Bank segments its
exposures on the basis of shared credit risk characteristics
upon initial recognition for the purposes of
both
assessing significant
increase in credit risk and measuring loan loss
allowance on a collective basis.
The different segments
aim to
capture differences in
PDs and in the rates
of recovery in
the event of default.
On subsequent periods, the Bank
re-evaluates the
grouping of its
exposures at
least on an
annual basis, in order
to ensure that
the groups remain
homogeneous in terms
of their
response to the
identified shared credit risk
characteristics. Re-segmentation
reflects management’s perception in respect
to the
change of credit risk associated with
the particular exposures compared to initial recognition.
Modeling and Management overlays / adjustments
A number
of sophisticated
models have
been developed
or modified
to calculate
ECL, while
temporary collective
management
adjustments may be required to capture new developments and information available, which
are not yet adequately reflected in the
ECL calculation
through the
credit risk
models.
Such adjustments
are
governed by
the Bank’s
IFRS9
ECL Model
Adjustments’
framework which aims to ensure timely identification of non-modeled risks,
if any, that may have an impact on lending portfolios, as
well as
sufficient quantification of
such risks
based on
sound methodologies and
processes. As
at 31
December 2025,
the Bank
determined
that
no
post-model
adjustment
was
required
for
potentially
adverse
macroeconomic
developments,
including
geopolitical risks and uncertainties, since these are reflected in the forward-looking information as applied to the IFRS 9 ECL models
(2024: nil).
The risk models are governed
by the Bank’s validation framework which aims to
ensure their independent
verification. The risk models
as well
as the
management adjustments,
if any,
are approved
by the
Board Risk
Committee (BRC)
as per
the internal
approval
processes.
Sensitivity analysis on lending portfolios
The sensitivity analysis when performed
on certain key parameters can provide meaningful information only
for portfolios where the
risk parameters have a significant impact on the overall credit risk of a
lending portfolio, particularly where such sensitivities are also
used for internal credit risk management purposes.
Otherwise, a sensitivity analysis on certain
combinations of some risk parameters
may not produce meaningful results, as in reality there are interdependencies between the various economic inputs, rendering any
changes in the parameters, changes
correlated in other factors.
The sensitivity analysis presented in the tables below is applied in the modeled ECL output and assumes a favorable and an adverse
shift in
the scenario weighting,
compared to the
one applied
in the ECL
measurement. As at
31 December
2025 and 2024,
the
favorable shift assumes an increase in the weighting of
the optimistic scenario at 50% and a
stable weighting of the baseline scenario
at 50%, while the adverse shift
assumes an increase
in the weighting of the adverse scenario
at 50% and a stable
weighting of the
baseline scenario at 50%.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
The tables below present the estimated effect in the Bank’s ECL measurement (including off-balance sheet items) per stage, upon a
positive and an adverse shift in the scenario weighting
as described above:
Estimated effect per stage as at 31 December 2025
Positive change
Adverse change
12-month ECL
- Stage 1
Lifetime ECL
- Stage 2
Lifetime ECL
credit-impaired
31 December
2025
12-month ECL
- Stage 1
Lifetime ECL
- Stage 2
Lifetime ECL
credit-impaired
31 December
2025
Ιmpact in € million
(13)
(31)
(33)
(77)
10
26
23
59
Ιmpact in % allowance
(8)
(7)
(7)
(7)
7
6
5
6
Estimated effect per stage as at 31 December 2024
Positive change
Adverse change
12-month ECL
- Stage 1
Lifetime ECL
-
Stage 2
Lifetime ECL
credit-impaired
31 December
2024
12-month ECL
- Stage 1
Lifetime ECL
-
Stage 2
Lifetime ECL
credit-impaired
31 December
2024
Ιmpact in € million
(12)
(38)
(20)
(70)
9
30
14
53
Ιmpact in % allowance
(8)
(12)
(3)
(7)
6
10
2
5
The Bank
updates and
reviews the
reasonability and
performs back-testing
of the
main assumptions
used in
its
methodology
assessment for SICR and ECL measurement, at least on an annual basis or earlier, based on facts and circumstances. In this
context,
experienced and dedicated staff within the Bank’s Risk Management function
monitor the risk parameters applied for the
estimation
of ECL. Furthermore, as part of the well-defined governance
framework, any revisions to the methodology used are approved by the
Bank competent committees and ultimately
the Board Risk Committee (BRC).
3.2
Fair value of financial instruments
The fair value of financial instruments is
the price that would be received to sell an asset
or paid to transfer a liability
in an orderly
transaction between market participants
in the principal (or most
advantageous) market at the
measurement date
under current
market conditions (i.e.
an exit price) regardless
of whether that
price is directly
observable or estimated
using another valuation
technique.
The fair value
of financial instruments that are
not quoted in an
active market is determined
by using other valuation
techniques
including the use of valuation models. In
addition, for financial instruments that trade infrequently
and have little price transparency,
fair value is
less objective and
requires varying degree
of judgment
depending on liquidity,
concentration, uncertainty of market
factors, pricing assumptions
and other risks
affecting the
specific instrument. In
these cases,
the fair
values are
estimated from
observable data in respect of similar
financial instruments or using other valuation techniques.
The valuation models used
include present value methods
and other models based mainly on
observable inputs and to
a lesser extent
to non-observable inputs, in order to maintain the reliability of the fair
value measurement.
Where valuation models are used to determine the fair values of financial instruments that are not quoted in an active market, they
are validated
and periodically reviewed
by qualified personnel
independent of the
personnel that
created them.
All models are
certified before they are used and are calibrated to ensure that outputs
reflect actual data and comparative market prices. The main
assumptions and estimates,
considered by management when applying a valuation model include:
●
the likelihood and expected timing of future cash flows;
●
the selection of the appropriate discount
rate, which is based on an assessment of what a market participant
would regard as
an
appropriate spread of the rate over the risk-free rate;
and
●
judgment to determine what model to use in
order to calculate fair value.
To the extent practicable, models use only
observable data, however
areas such as credit risk
(both own and
counterparty), volatilities
and correlations require the Management to make estimates to reflect uncertainties in fair values resulting from the lack of
market
data inputs. Inputs into valuations based on unobservable data are inherently uncertain because there is little or no current market
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
data available. However, in most cases there will be some
historical data on
which to base a
fair value measurement and
consequently
even when unobservable inputs are used, fair values will
use some market observable inputs.
Information in respect of the fair valuation
of the Bank’s financial
assets and liabilities
is provided in note 5.3.
3.3 Classification of financial instruments
The Bank applies significant judgment in assessing the classification
of its financial instruments
and especially, in the below
areas:
Business model assessment
Judgment is exercised in order to determine the
appropriate level at which to assess
the business model. In assessing the business
model of financial instruments, these are aggregated into groups
(business lines) based on their
characteristics, and the way they are
managed in order to achieve
the Bank’s business objectives. In
general, the assessment
is performed for lending exposures at
the
level
of business
units that
manage the
respective portfolio,
including securitization
notes issued
by
special purpose
entities
established by
the Bank
at the
level of
the measurement
category for
debt securities.
However,
further disaggregation
may be
performed by business strategy or region.
In assessing the business model for financial instruments, the Bank
performs a past sales evaluation of the financial instruments and
assesses their expected evolution
in the future. Judgment is
exercised in determining the effect of
sales to a “hold to collect”
business
model depending on their objective and their acceptable level of volume and frequency.
Contractual cash flow characteristics test
(SPPI test)
The Bank
performs
the SPPI
assessment of
lending exposures
and debt
securities by
considering all
the features
which might
potentially lead to SPPI failure. The
above assessment may be particularly
challenging for more complex instruments with
contractual
terms including leverage, prepayment or extension options, securitizations where the cash flows are linked to the underlying assets,
non-recourse arrangements,
as well as
environmental, social and
governance linked
features (sustainability
linked). Judgment
is
applied by the responsible
business units when considering
whether certain contractual features significantly affect future cash flows,
are de-minimis or not genuine.
Accordingly, for non-recourse financial assets, the Bank assesses
jointly criteria such as the adequacy of equity, LTV (Loan-to-Value)
and DSCR (Debt-Service-Coverage-Ratio) ratios as well as the existence of corporate and personal guarantees. For the securitization
notes issued
by special
purpose entities,
either established
by
the Bank
or third
parties, and
held by
the Bank,
the cash
flow
characteristics of the notes and
the underlying
pool of financial assets as well as
the credit risk
inherent in each
securitization’s tranche
compared to the credit risk of all of
the underlying pool of financial assets, are assessed. Furthermore,
in order to
assess whether any
variability in the cash flows is introduced
by the modified time value
of money element, the Bank performs
a quantitative assessment
(as described in note 2.2.10). For the SPPI assessment of sustainability linked instruments that include features that may change the
contractual cash
flows, by
reducing or
increasing the
interest rate
depending on
whether the
borrower meets
or fails
to meet
predetermined ESG targets, the Bank considers whether such targets are referenced to an index that is not specific to the borrower,
as well as whether the related contractual
cash flows’ change introduces compensation
for non-basic lending risks (information about
the Bank’s
exposure in
sustainability linked instruments
is provided
in note 20).
Moreover,
the Bank evaluates
certain cases
on
whether the existence of performance-related terms
exposes the Bank to asset risk rather
to the borrower's credit risk.
The Bank has established a
comprehensive framework to perform the necessary assessments
in accordance with Bank’s policies in
order to ensure appropriate classification of financial instruments, including reviews by experienced staff for lending exposures and
debt securities.
3.4 Income tax
The Bank is
subject to income
tax and
estimates are
required in determining
the liability for
income taxes.
The Bank recognizes
liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due or
for anticipated tax
disputes.
Where the final tax outcome of these matters is different from the amounts
that were initially recorded, such differences will impact
the income tax and deferred tax
in the period in which such determination is made. Further information in relation
to the above is
provided in note 14.
In addition, the Bank recognizes
deferred tax assets
to the extent that
it is probable that sufficient
taxable profit will
be available
against which
unused tax
losses and deductible
temporary differences
can be utilized.
Recognition therefore
involves judgment
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
regarding the Bank’s future financial performance. Particularly, in order to determine the amount of deferred tax assets that can be
recognized, significant management judgments are required regarding the likely timing and level of future taxable profits. In making
this evaluation, the Bank has considered
all available evidence, including management’s projections of
future taxable income and the
tax legislation.
The most significant judgment exercised by Management relates to
the recognition of
deferred tax assets in respect of losses realized
in Greece. In the event that, the Bank assesses that it would
not be able to recover any portion of the recognized deferred tax assets
in the future, the unrecoverable portion would impact the deferred tax balances in the period in which such judgment is
made.
Further information
in respect
of the deferred
tax assets
recognized by
the Bank and
the assessment
for their recoverability
is
provided in note 14.
3.5 Retirement and termination benefit obligations
The present value of the retirement and terminations benefits’ obligations depends on a number of factors that are
determined on
an actuarial
basis using
a number
of assumptions,
such as
the discount
rate
and future
salary increases.
Any change
in these
assumptions impacts the carrying amount of the respective
benefits’ obligations.
The Bank determines the appropriate discount rate used to calculate the present value of
the estimated retirement and termination
benefits’ obligations, at the end of each year with
reference to interest rates of high-quality corporate bonds. The currency and term
to maturity of the
bonds used are consistent with the
currency and estimated average
term to maturity of the retirement benefit
obligations. The salary rate increase assumption is based
on future inflation estimates reflecting also the Bank's reward structure
and
expected market conditions.
Other assumptions for
retirement and
termination benefits’ obligations,
such as
future inflation estimates,
are based
in part
on
current and expected market conditions.
For information in respect
of the sensitivity
analysis of the
Bank’s retirement and
termination benefits’ obligations to
reasonably
possible, at the time of preparation of these financial statements,
changes in the abovementioned key actuarial assumptions, refer
to note 35.
3.6
Investment properties
Investment property is carried at
fair value, as determined by external, independent
and certified valuators on an annual basis,
or
more frequently if deemed appropriate
upon assessment of any relevant
circumstances. The primary valuation method applied
in
determining the fair value of the
Bank’s investment properties is
the Discounted Cash Flow
(DCF) method which is considered the
most appropriate in cases of income generating assets. This method is based on discounting the net future cash flows generated
by
a property over the assumed holding period, by using an appropriate market derived discount rate.
Accordingly, the main factors underlying the determination of fair value under the DCF method, are related
with rental income from
current leases and assumptions about
its future growth in
the light of current
market conditions, including
CPI indexation that is based
on CPI predictions for the
next 10 years, as well as exit yields that
are determined based on each
property’s characteristics/use future
prospects of the economy and property market in general as forecasted by the IMF
or other internationally recognized institutions.
In addition, potential legal or
other restrictions on the aforementioned
rental income levels are taken into account, where
applicable.
The present value of each property is derived by discounting the above projected net cash flows series with an appropriate, market-
derived discount.
Such discount
rate
is calculated
by
taking into
consideration the
initial yield
of the
investment
property, the
expected return, the real rental growth and annual obsolescence of the property.
Other assumptions incorporated
in the valuations include future
vacancy rates and periods, the
level of future maintenance and other
operating costs, as well
as sustainability issues,
where applicable.
Where the
fair value is
determined based on
market prices
of comparable
transactions those
prices are
subject to
appropriate
adjustments, in
order to
reflect
current
economic conditions
and Management’s
best estimate
regarding
the future
trend
of
properties market based on advice received from its independent external valuers.
Further information in respect of the fair valuation
of the Bank’s investment properties is
provided in 27.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
3.7 Provisions and contingent liabilities
Considering the subjectivity and uncertainty
inherent in the determination of
the probability and
amount of the abovementioned
outflows, the Bank takes into account a number of factors including primarily legal advice, the progress of the matter
and historical
evidence from similar
cases. In the case
of an offer made
within the context of
the Bank’s voluntary
exit scheme, the number
of
employees expected to accept
the abovementioned
offer along with their age cluster is
a significant factor affecting the measurement
of the outflow for the termination benefits.
Further information in relation to the Bank’s
provisions and contingent liabilities is
provided in notes 34 and 42.
3.8 Share-based payments
The Bank grants shares
and share options
to its employees as
a common feature
of employee remuneration.
IFRS 2 requires
the
recognition of an expense for those shares and
share options at their fair value on the grant
date (equity-settled plans). For shares
granted to employees, the fair value is measured directly at the market
price of the entity’s shares, adjusted to take into account the
terms and conditions upon which the shares were
granted. For share options granted to employees, in many cases market prices are
not available because the options granted are subject to terms and conditions that do not
apply to traded options. If this is the case,
the Bank estimates the fair
value of the equity instruments granted using a valuation
technique, which is consistent with generally
accepted valuation methodologies.
The valuation method and the inputs used
to measure the share options granted to employees of the Bank
are presented in note 37.
3.9 Leases
The Bank, as a lessee, determines the lease term as the non-cancellable term of the lease, together with
any periods covered by an
option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the
lease if it
is reasonably certain not to be exercised.
The Bank applies judgement
in evaluating whether it is
reasonably certain or not to
exercise an option to
renew or terminate
the
lease, by considering all relevant
factors and economic aspects that
create an economic incentive.
The Bank reassesses the lease term
if there is a significant event or change in circumstances that is within its control that affects its ability to exercise
or not to exercise
the option to renew or to terminate, such as significant
leasehold improvements or significant
customization of the leased
asset.
In measuring lease
liabilities, the Bank uses
the lessees’
incremental borrowing rate (‘IBR’)
when it cannot readily
determine the
interest rate implicit in the lease. The IBR is the rate of interest
that the Bank would have to pay to borrow over a similar
term, and
with a
similar security,
the funds
necessary to obtain
an asset of
a similar
value to the
right-of-use asset
in a
similar economic
environment.
Therefore, estimation is
required when no observable rates are
available (such as
for subsidiaries that do not enter
into financing
transactions) or when they need to be
adjusted to reflect the terms and conditions
of the lease. The
Bank estimates the IBR
using
observable inputs (such as the Euro swap curves) as a starting point
when available, and performs certain additional entity-specific
adjustments, such as credit
spread adjustments or adjustments to
reflect the lease terms
and conditions. For the Bank,
the IBR is
derived from the estimated covered bonds yield curve, which is constructed based on observable Euro swap rates.
3.12
Other accounting estimates and judgments
Information in respect of other estimates
and judgments that are made by the Bank is
provided in notes 20, and 30.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
4.
Capital Management
The Bank’s capital
adequacy position is presented in the following table:
31 December
2025⁽¹⁾
31 December
2024⁽¹⁾
€ million
€ million
Total equity before ΑT1 capital
instruments
6,695
6,493
Less: Accrual for profit payout
(657)
(434)
Less: Other regulatory adjustments
(563)
(452)
Common Equity Tier 1 Capital
5,476
5,608
Add: ΑT1 capital instruments (note 39)
1,090
-
Total Tier 1 Capital
6,566
5,608
Tier 2 capital-subordinated debt (note 33)
1,215
1,202
Total Regulatory Capital
7,781
6,809
Risk Weighted Assets
39,272
34,474
Ratios:
%
%
Common Equity Tier 1
13.9
16.3
Pro-forma Common Equity Tier 1⁽²⁾
14.5
16.7
Tier 1
16.7
16.3
Pro-forma Tier 1⁽²⁾
17.3
16.7
Total Capital
Adequacy
19.8
19.8
Pro-forma Total
Capital Adequacy ⁽²⁾
20.5
20.2
(1)
As at 31 December 2025, the above capital ratios include the profit attributable to the equity holders of the Bank for the year amounting to € 675 million (31
December 2024: € 669 million) less the
payout accrual of € 547
million based on the profits for the
financial year 2025 in accordance with the Bank
shareholders’
remuneration policy (31 December 2024: € 434 million), subject to regulatory and AGM approval, and following the distribution of an interim cash dividend
of
€ 170 million, in the fourth quarter of 2025
.
At the same date, the outstanding payout accrual
from 2024 profits in the form of share buyback amounted to
€
110.5 million (note 36). Comparative information has been adjusted accordingly to include the accrual for profit payout.
(2)
As of 31 December 2025, pro-forma with the completion of the project “Sun (ex-Solar)” and Wave III upsize (note 20), and as of 31 December 2024, with the
completion of the projects “Sun (ex-Solar)”, “Leon” and “Wave VI”.
Notes:
a) As of 31 December 2025, the decrease in
CET1 ratio, compared to 31 December
2024, is mainly attributed to the new production of
loans, the implementation
of Basel IV and the completion of the acquisition of Hellenic Bank.
b) As of the period ended 31 December 2025, in line with the Bank's initiative to enhance the quality of its regulatory capital,
the amortisation of Deferred tax
credits (DTC) against the Greek State amounting to € 2,832 million at
the end of the period (note 14), is accelerated for regulatory purposes.
As a result, as at
31 December 2025, the DTC included in the calculation of the Bank’s capital ratios stand at €2,624 million, representing 47.9% of CET 1 capital.
The Bank has sought to maintain an actively
managed capital base to cover risks inherent in
the business. The adequacy of
the Bank's
capital is monitored using, among other measures, the rules and ratios established by the Basel Committee on Banking Supervision
(BIS rules/ratios) which have been incorporated in the European Union (EU) legislation through the Directive 2013/36/EU (known
as
CRD IV) along with the Regulation 575/2013/EU (known as CRR), as they are in force. The above Directive has been transposed into
Greek legislation by Law
4261/2014, as in force.
On 19 June 2024, Regulation 2024/1623/EU and Directive 2024/1619/EU of the European Parliament and of the
Council of 31 May
2024, amending
Regulation 575/2013/EU
and Directive
2013/36/EU, respectively,
were
published in
the Official
Journal of
the
European Union. The
revised CRR (CRR3-
Basel IV) became,
in general, applicable from
1 January 2025, with a
transitional period
envisaged for certain rules set out therein. EU member states will
need to transpose the revised CRDIV (CRD6) into national law,
to
be applied from 11 January 2026.
Supplementary to the above, in the context of Internal Capital Adequacy Assessment Process (ICAAP), the Bank considers a broader
range of risk types and the Group’s risk management capabilities. ICAAP aims
ultimately to ensure
that the Bank has sufficient capital
to cover all material risks
that it is exposed to, over a three-year horizon.
Notes to the Financial Statements
.
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Based on Council Regulation No 1024/2013,
the European Central Bank (ECB) conducts annually
a Supervisory Review and Evaluation
Process (SREP) in order to define the prudential requirements of the institutions under its supervision. The key purpose of the SREP
is to
ensure that institutions
have adequate arrangements,
strategies, processes
and mechanisms as well
as capital and
liquidity
to ensure a sound management and coverage of
their risks, to which
they are or might be exposed, including
those revealed by stress
testing and risks the institution may
pose to the financial system.
Based on the ECB’s SREP Decision, the Bank is not subject to a Pillar 2 Requirement (P2R) on an individual basis. As of 31 December
2025, the Bank is required to meet on
an individual basis a Common Equity
Tier 1 Ratio of at least 8.44% and
a Total Capital Adequacy
Ratio of at least
11.94% (Overall Capital Requirement
or OCR) including Combined Buffer Requirement of
3.94%, which is covered
with CET1 capital and sits on top of the Total SREP Capital Requirement (TSCR). It is noted that the Bank has fully utilized its capacity
to issue AT1 and Tier
2 instruments to comply with the capital
requirements.
In accordance with the
Executive Committee Act 235/07.10.2024
of the Bank of
Greece, from 1 October
2025, a countercyclical capital
buffer rate
(CCyB) of
0.25% applies to
banks’ exposures
to Greece,
which has increased
the Bank’s
capital requirements.
Under
Executive Committee Act 248/1/06.10.2025, the Bank of Greece has
decided to set the CCyB rate for Greece at 0.5% from 1 October
2026, resulting in a further increase of the Bank’s
capital requirements. The countercyclical capital buffer
is updated on a quarterly
basis in accordance with the countercyclical capital
buffer rates applicable in
each country to which the Bank has exposures.
The breakdown of the Bank’s CET1 and Total
Capital requirements, applicable as
of 31 December 2025, is presented below.:
31 December 2025
CET1 Capital
Requirements
Total Capital
Requirements
Minimum regulatory requirement
4.50%
8.00%
Total SREP Capital Requirement (TSCR)
4.50%
8.00%
Combined Buffer Requirement (CBR)
Capital conservation buffer (CCoB)
2.50%
2.50%
Countercyclical capital buffer (CCyB)
0.44%
0.44%
Other systemic institutions buffer
(O-SII)
1.00%
1.00%
Overall Capital Requirement (OCR)
8.44%
11.94%
Minimum Requirements for Eligible Own Funds and Eligible Liabilities (MREL)
Under the Directive 2014/59 (Bank Recovery and Resolution Directive) as
in force, which was transposed into the Greek
legislation
pursuant to Law 4335/2015 as in force, European banks are required to meet the minimum requirement for own funds and eligible
liabilities (MREL). The Single Resolution Board (SRB) has determined Eurobank S.A. as Group’s resolution entity and a Single Point of
Entry (SPE) strategy for
resolution purposes.
Information about the Bank’s MREL on a consolidated basis is included in the consolidated financial statements of Eurobank S.A. for
the year ended 31 December 2025.
Post balance sheet event
In January 2026, Eurobank
S.A. successfully completed the issuance of
€ 400 million
Subordinated Tier 2 debt
instrument, fully utilizing
its capacity to issue Tier 2. The proceeds from the issue will support the Bank’s strategy to ensure ongoing compliance
with its total
capital adequacy and MREL requirements (note 33).
Notes to the Financial Statements
.
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5.
Financial risk management and fair value
5.1
Use of financial instruments
By their nature the Bank's activities are principally related to the use of
financial instruments including derivatives. The Bank accepts
deposits from customers, at both fixed and floating rates, and for various periods and seeks to earn above average interest margins
by investing these funds in
high quality assets. The Bank
seeks to increase these margins
by consolidating short-term funds
and lending
for longer periods at higher rates, while
maintaining sufficient
liquidity to meet all claims
that might fall
due.
The Bank also seeks to
raise its interest margins by obtaining above
average margins, net of provisions,
through lending to
commercial
and retail borrowers within
a range of credit standing.
Such exposures include both on-balance sheet loans and
advances and off-
balance sheet guarantees and other commitments
such as letters of credit.
The Bank also trades in financial instruments where it takes positions in
traded and over the counter financial instruments, including
derivatives, to take advantage of short-term market movements in
the equity and bond markets and in currency and interest rates.
5.2 Financial risk factors
Due to its activities,
the Bank is exposed to several financial
risks, such as credit risk, market
risk (including currency, interest rate,
spread,
equity
and
volatility
risk),
liquidity,
non-financial
risks
such
as
operational
(e.g.
conduct, legal,
cyber,
outsourcing),
reputational, as well as to sustainability risks. The Bank's overall risk management
strategy seeks to minimize any potential adverse
effects on its financial
performance, financial position and cash flows.
Risk Management objectives and policies
The Bank acknowledges that taking risks
is an integral part of its operations in order
to achieve its business objectives. Therefore, the
Bank’s management
sets adequate mechanisms to identify those risks at
an early stage and assesses
their potential impact on the
achievement of these objectives.
Due to the fact that economic, industry, regulatory and operating conditions will continue to change, risk management mechanisms
are set in a
manner that enable
the Bank to identify and
deal with the risks
associated with those changes. The
Bank’s structure,
internal processes and existing control
mechanisms ensure both the
independence principle
and the exercise of
sufficient supervision.
The Bank's Management
considers effective risk management
as a top priority, as well
as a major competitive advantage,
for the
organization. As such, the Bank has allocated significant resources for upgrading its policies, methods and infrastructure, in order to
ensure compliance with the
requirements of the European
Central Bank (ECB)
and of the
Single Resolution Board (SRB), the guidelines
of the
European Banking
Authority (EBA)
and the
Basel Committee
for Banking
Supervision and
the best
international banking
practices. The Bank implements a well-structured credit
approval process, independent
credit reviews and effective risk management
policies for all material risks it is exposed
to, both in Greece and in each country of
its international operations. The risk management
policies implemented by the Bank and its subsidiaries
are reviewed mainly annually.
The amount of risk which the Bank is willing to assume in the pursuit of its strategic objectives is articulated via a set of quantitative
and qualitative statements for specific risk types, including specific tolerance levels as described in its Risk Appetite Framework. The
objectives are to support the Bank’s business growth, balance a strong capital
position with higher returns on equity and to ensure
adherence to regulatory requirements.
The Risk Appetite forms the basis on which the Bank establishes its risk limits
and risk policies . Aiming to identify its material risks,
the Bank maintains a well
-defined Risk Identification and Materiality
Assessment (RIMA)
Framework.
The identification and the assessment of all risks is the cornerstone for the effective Risk Management. The Bank aiming to ensure a
collective view on the risks
linked to the execution of its strategy, acknowledges the new
developments at an early
stage and assesses
the potential impact.
Board Risk Committee (BRC)
The Board Risk Committee (BRC) is a committee of
the Board of Directors
(BoD) and its task is to
advise and support
the BoD regarding
the monitoring of Group’s overall actual
and future risk appetite and
strategy, taking into account all types of risks
to ensure that they
are in line with the
business strategy, objectives, corporate culture and
values of the institution.
The BRC assists the BoD in overseeing
the implementation of Group’s risk strategy
and the corresponding limits set. It also oversees the implementation
of the strategies
for capital and liquidity risk management as well as for all material risks, including financial and
non-financial risks, indicatively credit
risk, market risk, interest rate risk and credit spread risk in the
banking book, counterparty risk, operational risk, climate risk, country
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
risk, reputational risks, conduct risk, risks stemming from strategic projects, in
order to assess their adequacy against
the approved
risk appetite limits.
The BRC consists of five (5) non-executive directors, meets at least 10 times per
year and reports to the BoD on a quarterly basis and
on ad hoc instances if it is
needed.
Management Risk Committee
The Management Risk Committee (MRC) is a management committee
established by the
CEO and its main responsibility
is to oversee
the risk management framework of the Group. As part of
its responsibilities, the MRC facilitates reporting to the BRC on
the range of
risk-related topics under its
purview. The MRC proactively supports the Group
Chief Risk Officer,
Chairman of the MRC, to identify
material risks, to promptly escalate them to
the BRC and assists the Group
CRO in ensuring that
the necessary policies and
procedures
are in place to prudently manage risks and to comply with
regulatory requirements.
Group Risk Management
The Group’s
Risk Management
Unit which
is headed
by the
Group Chief
Risk Officer
(GCRO), operates independently
from the
business units and is responsible for the identification, assessment, monitoring, measurement and
management of the risks that the
Group is exposed to. It comprises of the Group Credit (GC), the Group Credit Control (GCC), the Group Credit Risk Capital Adequac
y
Control (GCRCAC), the Group Market
and Counterparty Risk (GMCR), the Group Operational
and Non-Financial Risks
(GONFR), the
Group Model and Data Validation
(GMDV), the Group Risk Management
Strategy & Oversight (GRMS&O), the Group Sustainability
Risk (GSR),
the Supervisory Relations and Resolution Planning (SRRP),
and the Risk Analytics (RA)
Units.
Group Risk Management Strategy
and Oversight
As part
of the
Group’s ongoing
commitment to
strengthening its
risk management
framework, the
Bank established
in 2025
a
dedicated Group Risk Management Strategy & Oversight (GRMS&O) Unit to further
enhance the coordination and integration of risk
management practices across
the Group. The Unit serves as a central
coordinating body, ensuring that all
Risk Management units
operate in a cohesive and aligned
manner, creating synergies
and promoting consistent standards across the organization.
Its core
objective
is
to
implement
and maintain
a
single,
coherent governance
framework that
supports a
holistic
approach to
risk
management. This framework
is designed to ensure
that all material
risks are identified,
assessed, managed,
and monitored in a
comprehensive and
integrated manner.
Aligned with the
best practices
of Enterprise
Risk Management,
the Unit
enhances risk
culture, supports informed decision-making at
all levels, and strengthens
the Group’s ability to anticipate and respond to risks in
a
proactive and coordinated manner.
Non-Performing Exposures (NPEs) management
The Bank realizes the NPE Strategy Plan through its implementation by doValue Greece for the assigned portfolio and the successful
securitization transactions.
Troubled Assets Committee
The Troubled
Assets Committee (TAC)
is established
according to the
regulatory provisions
and its
main purpose is
to act
as an
independent body, closely monitoring the Bank’s troubled assets portfolio and the execution of its
NPE Management Strategy.
Remedial and Servicing Strategy (RSS)
The Remedial Servicing and Strategy (RSS) is responsible: a) for the
management of the non-performing
and early arrears loans of
the
Bank, b) for structured transactions which create
capital (such as Synthetic SRT STS securitizations) and/or offer credit protection
and
c) for cooperation with the other units of Group Strategy for
other transactions and initiatives.
RSSis closely
monitoring the overall performance of the NPE portfolio as
well as the relationship
of the Bank with doValue Greece.
Furthermore,
following Eurobank’s
commitments against
the significant
risk transfer
(SRT) monitoring
regulatory requirements
pertaining to Bank’s concluded transactions, RSS has a pivotal role in ensuring that relevant process is performed smoothly and in a
timely manner and that
any shortcomings are appropriately
resolved, while providing any
required clarifications or additional material
required by the regulatory authorities.
The Head of RSS reports to
the General Manager of Group
Strategy.
In this context,
RSS
has been assigned inter alia
with the following
responsibilities:
●
Structure new transactions
and perform the
execution of
any transaction processes,
by also establishing
negotiation of
Commercial / Legal
Terms as
well monitoring of these transactions
●
Develop and actively monitor the NPE targets and reduction plan
●
Set the strategic
principles, priorities, policy framework and KPIs under which doValue Greece is
servicing the portfolio
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
●
Closely monitor the execution of
the approved strategies, as well as all contractual provisions
under the
relevant contractual
agreements for Eurobank’s portfolio assigned
to doValue Greece
including the securitized portfolio of ERB Recovery DAC
●
Monitoring of the performance of the senior notes of
the securitizations in collaboration with
Group Risk so as to ensure
compliance to significant risk
transfer (SRT)
and to the Hellenic Asset Protection Scheme
(HAPS)
●
Budget and monitor the Bank’s expenses and revenues associated
with the assigned portfolio
●
Cooperate closely with doValue Greece on a daily basis
in achieving the Group’s objectives
●
Maintain supervisory dialogue
5.2.1 Credit
Risk
Credit risk is the risk that a
counterparty will be unable to fulfill
its payment obligations in full
when due. Credit risk is also related
with country risk and settlement risk, specified below:
a)
Country risk is the risk
of losses arising
from cross-border lending and investment activities
and refers to the
uncertainty
associated with exposure in
a particular country. This
uncertainty may relate to a
number of factors including the
risk of
losses following
nationalization, expropriation, debt restructuring and foreign exchange rates’
movement.
b)
Settlement risk
is the risk
arising when payments
are settled, for
example for
trades in financial
instruments, including
derivatives and
currency transactions.
The risk arises
when the
Bank remits
payments before
it can
ascertain that
the
counterparties’ payments have been received.
Credit risk arises principally
from the wholesale and retail lending
activities of the Bank,
as well as from credit
enhancements provided,
such as
financial guarantees
and letters
of credit.
The
Bank is
also exposed
to credit
risk arising
from other
activities such
as
investments in debt securities, trading, capital
markets and settlement activities. Taking
into account that credit risk is the primary
risk the Bank is exposed to, it is
very closely managed and monitored by specialised risk units, reporting to the GCRO.
(a) Credit approval process
The credit approval and credit review processes are centralized both in Greece and in the International operations.
The segregation
of duties
ensures independence among
executives responsible for
the customer relationship,
the approval
process and the
loan
disbursement, as well
as monitoring of the loan during its lifecycle.
Credit Committees
The credit approval process in Corporate Banking
is centralized through establishment
of Credit Committees with escalating
Credit
Approval Levels. Main Committees of the Bank are
considered to be the following:
•
Credit Committees (Central and Local) authorized to approve new financing, renewals or amendments mainly for domestic
groups in the existing
credit limits, in accordance with their
credit approval authority, depending on total limit amount of
the customer/group and risk category (i.e. high, medium
or low), as well
as the value and type of security;
•
Special Handling Credit Committees
authorized to approve credit requests and take actions for distressed clients;
•
International
Credit
Committees
(Regional
and
Country)
established
for
the
wholesale
borrowers
of
the
Group’s
international bank subsidiaries, authorized to
approve new limits, renewals or amendments to existing limits, in accordance
with their credit approval authority, depending on total customer exposure and risk category (i.e. high, medium or low), as
well as the value and type of security; and
•
International
Special
Handling
Committees established
for
handling
distressed
wholesale
borrowers
of
the
Group’s
international bank subsidiaries.
The Credit Committees meet on a weekly basis
or more frequently, if needed.
Group Credit (GC)
Within an environment of increased risk requirements, Group Credit
(GC) mission is to safeguard the Bank’s asset side, by evaluating
credit risk and making
recommendations, so that borrower’s credit exposure
is acceptable and within
the approved Risk Appetite
Framework. GC is headed by the Group Chief Credit Officer
(GCCO) with direct reporting to the Group Chief Risk
Officer (GCRO).
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
GC operations are comprised of two functions,
i.e. the Corporate Credit, including both the domestic
and the foreign underwriting
activities (the latter only for
material exposures of International Subsidiaries),
and Retail Credit
respectively, covering the underwriting
needs of the SBB portfolio and the Individuals Lending (mortgage,
consumer loans, auto-moto loans and credit cards).
1.
Corporate Credit
(a) Domestic and Greek related portfolio:
the underwriting function
includes the review of credit
requests originating from Corporate
Units handling large and medium
scale corporate entities of every risk category and
specialised lending units such as Shipping
and
Structured Finance (Commercial Real Estate, Hotels & Leisure, Project Finance, M&A Financing) and Private Banking. Major tasks
of
the respective workstream and involved credit units pertain to the following:
•
Evaluation
of
credit applications
and
issuance of
an independent
Risk
Opinion
when required
according
to
internal
procedures, which includes:
(i) assessment
of the
customer credit
profile based
on the
qualitative and
quantitative risk
factors identified
(market,
operational, structural and financial)
(ii) recommendations for the formulation of bankable,
well-secured and well-controlled transactions (credit facility), as well
as
(iii) review and confirmation
of the ratings of each separate
borrower to reflect the risks acknowledged
•
Participation with voting right in all
credit committees as
per the Credit Approval procedures
•
Active participation in the
regulatory audits and
major internal projects of
the Bank, providing
at the same time credit related
knowledge, expertise and support to other Units
•
Preparation of specialised reports to Management on a
regular basis, with regards
to the Top 25 largest,
in terms of total
exposure, borrower Groups, statistics on the new approved financings and leveraged
transactions.
(b) International
Subsidiaries’ portfolio: The
GC through
its specialized
International Corporate Credit
Unit (IC)
is responsible
to
actively participate
in the
evaluation of
credit applications
that exceed
a
certain threshold
for the
wholesale portfolio
of the
International Subsidiaries
covering Bulgaria, Cyprus, and portion
of the loan portfolio
of Luxemburg
(and London). Moreover,
the
respective unit’s tasks and responsibilities
are highlighted below:
•
Participation with voting right in all International
Committees (Regional and Special Handling) and Country
Risk Committees
(CRCs)
•
Participation in
the sessions of
Special Handling Monitoring
Committees for
Bulgaria which monitor
and decide on
the
strategy of problematic corporate
relationships with loan outstanding exceeding a
certain threshold, that is jointly
set by
ICC and Country TAG
•
Advice on best practices to the Credit Risk Units of International
Subsidiaries
GC is also responsible for the preparation of all credit committees’ agendas, distribution
of the respective material and maintenance
of the respective Credit Committees’ minutes.
2.
Retail Credit
The scope of the Retail Credit is the assessment of credit applications submitted by Retail Business Units, in relation to Borrowers of
the performing retail credit portfolio
(SBB loans
and Individual Banking). Such applications refer to new
loans, review /
renewal of
existing lines and after
sales requests.
The main tasks of Retail
Credit function are outlined below:
•
Assess credit requests in alignment
with the credit risk assessment
criteria and methodology provided in the appropriate
Credit Policy Manual, in accordance with the defined approval levels.
•
Analyze and evaluate risk factors depending
on the type
of credit request based
on both financial and
qualitative information
•
Prepare an independent Credit Opinion ensuring that the risks identified are dully reflected in the Borrower’s Rating
•
Participate with voting rights in the credit committees as per the credit approval process, according to the Approval Levels
defined in the CPM
•
Active participation in the
regulatory audits and
major internal projects of
the Bank, providing
at the same time credit related
knowledge, expertise and support to other units
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
(b)
Credit risk monitoring
Group Credit Control
The Group Credit Control
(GCC) monitors and assesses the quality of all of the Group’s
loan portfolios and operates independently
from the business units of the Bank. The GCC reports directly to the GCRO.
The main responsibilities of
the GCC are to:
•
supervise, support and
maintain the credit rating and
impairment systems used to assess the wholesale
and Large SB lending
customers;
•
monitor and review the performance of all of the Group’s
loan portfolios;
•
supervise and control the foreign subsidiaries’ credit risk management
units;
•
monitor on a regular basis
and report on a quarterly basis
to the Board of Directors and
the BRC of risk exposures, along
with accompanying analyses;
•
monitor and evaluate the efficiency of adopted strategies and proposed solutions in terms of dealing with Non-Performing
Exposures (NPEs) and the achievement
of targets for NPEs
reduction, as communicated and agreed with
the Supervisory
Authorities;
•
conduct field reviews and prepare written
reports to the Management
on the quality of all of the Group’s
loan portfolios
and adherence with EBA prevailing regulations;
•
monitor the proper EBA classifications
in accordance with the relevant provisions and guidelines;
•
participate in the approval of new credit policies and new
loan products;
•
participate in the Troubled Asset Committee;
•
attend meetings of Credit Committees
and Special Handling Committees,
without voting right;
•
formulate the Group’s
credit impairment policy and
measure the provisions
of the Greek
loan portfolios along
with the
relevant reporting to Management;
•
regularly review the adequacy of provisions of all of the Group’s
loan portfolios;
•
formulate, in collaboration with the responsible lending
Units the credit policy manuals for performing
borrowers;
•
provide guidance and monitor the process of designing and reviewing
credit policies before approved by Management.
•
through field / thematic
reviews on a sample
basis monitor the proper application of Real Estate
collaterals’ valuation, as
per the Banks’ Collateral Valuation
policy and procedures;
•
monitor the supervisory, regulatory developments, emerging trends and best practices within its purview in order to keep
Management abreast and propose required actions;
•
lead or participate in various risk related projects including but not limited to supervisory investigations, stress tests, Asset
Quality Reviews, process improvement
projects etc.
•
contribute to the overall
credit risk management
strategy of the Group, ensuring alignment
with business objectives and
regulatory requirements
Group Credit Risk Capital Adequacy Control
The Group Credit Risk Capital Adequacy Control develops and maintains the credit risk assessment models for the loans portfolio of
the Group, performs capital
adequacy calculations and assessment for
the loan portfolios and securitized
exposures of the Group,
conducts internal & external
stress test exercises as well as well as forecasting of risk parameters, impairments
in the context
of IFRS9
and RWAs
and the
three year
business plan. In
addition, prepares the
Pillar 2 assessment
for credit
risk, foreign
exchange risk,
concentration risk and securitisation risk. The Unit reports directly to the GCRO.
Specifically, the main
responsibilities of the Group Credit Risk Capital
Adequacy Control are to:
•
control, measure
and monitor the
capital requirements
arising from the
Group’s loan
portfolio along with
the relevant
reporting to Management and regulators (ECB/SSM);
•
perform significant Risk
Transfer (SRT)
tests and monitor independent synthetic and traditional securitsations
Notes to the Financial Statements
.
585
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31 December 2025 Financial Statements
•
manage the models development, implementation and monitoring of the internal models and IFRS9 models of Probability
of Default (PD), Loss Given Default
(LGD) and Exposure at Default (EAD)
for evaluating credit risk
•
measure and monitor the risk parameters (PD, LGD, EAD) for the purposes of internal capital adequacy assessment, as well
as the estimation of risk related
parameters (such as forecast 12-m
PD, forecast lifetime PD) for
IFRS 9 impairment calculation
purposes;
•
review the grouping of lending exposures and ensuring their homogeneity in accordance with the Group’s IFRS accounting
policies
•
development and monitoring of the significant increase
in credit risk (SICR) thresholds under IFRS9
standard;
•
prepare monthly capital adequacy calculations (Pillar 1) and relevant management,
as well as regulatory reports (COREPs,
SREP) on a quarterly basis;
•
projection of asset quality and capital requirements for the loan book (projected impairments and
RWAs), in the context of
the business plan, ICAAP and recovery plan and participation in the relevant committees;
•
perform stress tests,
both internal and external (EBA/SSM),
and maintain the credit risk stress
testing infrastructure;
•
coordinate the stress testing exercises
for the loan portfolios at Group Level;
•
prepare the credit risk analyses for Internal Capital
Adequacy Assessment (ICAAP)/ Pillar
2 purposes;
•
prepare the Basel Pillar 3
and relevant IFRS9 disclosures
for credit risk;
•
regularly report
to the
GCRO, to
the Management
Risk Committee
and to
the Board
Risk Committee
on: risk
models
performance, risk parameters
(PD, LGD,
EAD), forbearance
reporting, vintage
analysis and
default /
redefault statistics
portfolios forward looking analysis and new
disbursements quality.
•
guide, monitor and supervise the Credit Risk divisions
of the subsidiaries on modelling, credit
stress testing and other credit
risk related regulatory issues.
•
monitor and guide Group’s international subsidiaries on credit risk related ICAAP, stress testing and other regulatory credit
risk related issues, based on Group standards.
Review of local credit
risk stress test exercises;
•
support the business units in the use of credit risk models in business decisions, for funding
purposes, in the capital impact
assessment of strategic initiatives and the development and usage of risk related metrics such as risk adjusted pricing, Risk
Adjusted Return on Capital (RAROC)
etc.; and
•
assist Remedial
Servicing Strategy in the risk assessment
and risk impact of various programs and products.
Group Model & Data Validation
1.
Group Model & Data Validation was
set up with key mandates:
•
the establishment of a comprehensive model
validation and governance framework, and
•
the independent validation of significant models (credit risk, pricing,
profitability etc.) used by
the Group, in order to ensure
that the results produced are correct, cover fully business needs, as well as that
the methodologies and tools applied are in
alignment with industry standards and the corresponding regulatory requirements.
2.
In more detail, the tasks of
the Unit are outlined as follows:
•
Prepare
and update
the
Group’s
Models Framework
(to include
model definition,
roles
involved
per model,
model
classification principles and methodology,
model validation principles,
materiality classifications
and thresholds, models’
registry governance, etc.)
•
Establish and update the Group’s Models Registry
•
Review models’ classification,
in accordance with the methodology provided in the Group Models Framework
•
Support and advise Group subsidiaries in the implementation of the Group Models Framework
•
Prepare and update the Group Models Validation Framework
•
Design and update the methodologies and procedures used for model validation tests, as defined in the Models Validation
Framework.
•
Prepare annual models’ validation/revalidation plan.
•
Propose and escalate for approval the quantitative thresholds, in order to assess
the results of the validation tests.
•
Conduct model validation tests in alignment
with the Group Model Validation Framework
and regulatory requirements.
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•
Prepare detailed reports with the model valuation results according to the specific requirements of the model validated, if
any
•
Support and
advise Group
subsidiaries with
regards to
the preparation
and implementation
of their
model validation
framework.
•
Disseminate models’ validation
results within the Group, as appropriate.
•
Prepare action plan for remediation actions, if any, as a result of the model validation tests implemented, and escalate the
plan for its approval by the appropriate Management Authority
•
Participate in the sign-off
of new models for assessing
ratings’ system
accuracy and suitability.
•
Monitor industry practices on the development and use of models as well
as related ECB guidelines
and restrictions.
•
Monitor changes in ECB guidelines on models’ validation.
3.
As of
September 2024,
the Unit
has additionally
assumed responsibility for
the validation
of Eurobank’s
compliance to
the
requirements of BCBS 239 (Risk Data Aggregation and Risk Reporting
framework). In this context, the relevant tasks
of the unit are
outlined as follows:
•
Design and maintain an effective RDARR Validation Framework describing the relevant
methodologies and processes based
on most recent relevant regulatory guidelines and other requirements.
•
Prepare annual RDARR compliance validation
plan.
•
Perform Periodic validations of
level of compliance with regards
to the implementation of
the BCBS 239 Principles in the
Group’s RDARR processes
and systems, in a timely
manner, in line with
the RDARR Validation
Framework
•
Perform periodic reviews of the validation activities
carried out by material subsidiaries.
•
Report the Group’s level of compliance
with the BCBS 239 Principles
in the annual
validation report, in the form of
an overall
compliance score, reflecting
the overall results derived
following the completion of
all its annual
validation activities, as
described in the RDARR Validation
Framework
•
Disseminate validation results
within the Group, as appropriate.
•
Prepare action plan for remediation actions, if any,
as a result of the validation tests implemented, and escalate the
plan for
its approval by the appropriate Management Authority
•
Supervise and
review of
changes in
the BCBS
239
Overarching Framework,
in
order to
proceed with
the
necessary
amendments (if any)
in the RDARR Validation
Framework
Group Market and Counterparty Risk
Group Market and Counterparty Risk (GMCR) is responsible for the measurement, monitoring and periodic reporting of the Group’s
exposure to counterparty risk (issuer risk and market driven counterparty risk), which is the risk of loss due to the customer’s failure
to meet its
contractual obligations in
the context of
treasury positions, such as
debt securities,
derivatives, repos, reverse
repos,
interbank placings, etc.
In addition, GMCR monitors, controls and regularly
reports country limits, exposures and
escalates breaches to the Management and
to Committees. GMCR uses a comprehensive methodology approved by the BRC, for determining the acceptable country risk level,
including the countries in which the Group has a strategic
presence.
The Group sets
limits on the
level of
counterparty risk that are
based mainly
on the counterparty’s credit
rating, as
provided by
international rating agencies, the product
type and the maturity of
the transaction (e.g. control
limits on net open derivative positions
by both amount and term, sovereign bonds exposure, corporate securities, asset backed securities
etc.).
GMCR maintains and updates the limits’ monitoring systems and ensures the correctness and compliance of all financial institutions
limits with the Bank’s
policies as approved by the Group’s relevant bodies.
The utilization of the abovementioned limits, any excess of
them, as well as the aggregate exposure per Group’s entity, counterparty
and product type are monitored by GMCR on a daily basis. Risk mitigation contracts are taken into account for the calculation of the
final exposure.
Also, GMCR ensures that the
exposure arising from counterparties
complies with the approved
country limits framework. The GMCR’s
exposure measurement
and reporting tool
is also
available to
the Group’s
subsidiaries treasury divisions, thus
enabling them
to
monitor each counterparty’s exposure and the limit availability.
Notes to the Financial Statements
.
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Additionally, for
the Banks’
corporate bond
portfolio, GMCR
measures and
monitors daily
the total
notional limits, the
sectoral
concentration and the maximum
size per issuer.
It uses a measurement
tool for monitoring any downgrades and any idiosyncratic
spread widening from purchase and any breach is communicated
to the Management and to the relevant Committees.
GMCR implements the market’s best practices and
safeguards the compliance
of all involved parties
to limits’ policies and
procedures.
To this
direction, for various units and International
subsidiaries, GMCR provides support and guidance
for implementation of
the
limits’ guidelines
and policies.
Furthermore, GMCR prepares specialized
reports for the Management/Committees
along with regular reporting that includes the
exposure to the
Hellenic Republic and
a report that
is based on
the calculation of
the Lifetime Expected
Losses for the
exposure
towards the Hellenic Republic
(HR).
(c) Credit related commitments
The primary purpose
of credit related commitments is to ensure that
funds are available to a customer
as agreed. Financial guarantee
contracts carry the same
credit risk as loans since they
represent irrevocable assurances that
the Bank will
make payments in the
event that a customer cannot meet its obligations to third parties. Documentary and commercial letters of credit, which are written
undertakings by the Bank on behalf
of a customer authorizing a
third party to
draw drafts on the
Bank up to a
stipulated amount
under specific terms and conditions, are secured by the underlying shipment of goods to which they relate and therefore carry
less
risk than a loan. Commitments to extend credit represent contractual commitments to provide credit under pre-specified terms and
conditions (note 43) in the form of loans, guarantees or letters of credit for which the Bank usually receives a
commitment fee. Such
commitments are irrevocable over the life
of the facility or revocable only in response to a material
adverse effect.
(d) Concentration risk
The Bank structures the
levels of credit risk
it undertakes by
placing exposure limits
by borrower, or groups of
borrowers, and by
industry segments. The exposure to each borrower
is further restricted by sub-limits
covering on and off-balance sheet exposures,
and daily delivery risk limits in relation to
trading items such as
forward foreign exchange contracts.
Such risks are monitored
on a revolving basis and
are subject to an
annual or more
frequent review. Risk concentrations are
monitored
regularly and reported
to the
BRC. Such
reports include
the 25
largest exposures,
major watch
list and
problematic customers,
industry analysis, analysis by rating/risk class,
by delinquency bucket, and loan portfolios by country.
(e) Rating systems
Rating of wholesale
lending exposures
The Bank has decided upon the differentiation of rating models for wholesale lending activities, in order to reflect appropriately the
risks
arising from
customers with
different characteristics.
Accordingly,
the Bank
employs the
following rating
models
for the
wholesale portfolio:
•
Moody’s Risk Analyst model (“MRA” or “Fundamental Analysis”-“FA”)
is used to assess the risk of borrowers for Corporate
Lending.
•
RiskCalc (international rating model) is used for
assessing the creditworthiness
of international lending -
primarily companies
located and operating abroad.
•
Internal Credit Rating model (“ICR”)
is used for those customers that cannot be rated
by MRA.
•
Slotting rating models are employed in view of assessing the risk of specialized exposures,
which are part of the Specialized
Lending corporate portfolio.
•
Transactional Rating model (“TR”) has been developed in order to assess
the risk of transactions taking into consideration
their collaterals/guarantees.
•
Finally, an
assessment of
the borrowers’
viability and
the identification
of impairment
triggers is
performed using
the
“Unlikely to Pay” (“UTP”) / impairment
test.
MRA, ICR, Slotting and ”UTP” functions are
supported by the CreditLens (“CL”) computing platform provided by an external provider
(Moody’s Analytics), while the TR is
internally developed and is being supported by the core applications of the Bank.
Notes to the Financial Statements
.
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MRA follows the Moody’s fundamental
analysis (FA)
approach. The FA models belong to a family
of models defined as Knowledge
Based Systems and rely on a
probabilistic reasoning approach. They
use quantitative and qualitative information of individual
obligors
in order
to assess
their creditworthiness and determine
their credit rating.
In particular,
MRA takes
into account the
company's
balance sheets, profit & loss accounts
and cash flow statements to calculate key ratios. Its ratio analysis includes
assessments of each
ratio’s trend across multiple periods, both in terms of the slope and volatility of the trend. It also compares the value of the ratio for
the most recent period with the quartile values for a comparable peer group. Moreover, MRA is supplied with a commonly used set
of qualitative factors relating
to the quality of the company’s management,
the standing of the company, including the company’s
transaction behavior towards the Bank,
and the perceived riskiness
of the industry. MRA is used
for the assessment of all legal entities
with full accountancy tax books irrespective of their legal
form, and is calibrated
on the Greek corporate environment.
The MRA is not employed for certain types
of entities that use different accounting methods to prepare their
financial statements,
such as Insurance companies and brokerage firms. Moreover, entities such as start-ups that
have not produced financial information
for at least two annual accounting periods are not rated with MRA. In such cases, the Internal Credit Rating (“ICR”) is utilized, which
is a scorecard
consisting of a
set of
factors grouped
into 3 main
sections corresponding to
particular areas of
analysis: Financial
Information, Qualitative Criteria, and Behavior
Analysis. In addition, the
Bank performs an overall assessment
of wholesale customers,
based both on their rating (MRA or ICR) and the collaterals
and guarantees regularly at every credit assessment.
With reference to Specialized Lending portfolio (for which
the Bank is using Slotting rating models) and in
line with European Banking
Authority (EBA) definitions, it comprises types of
exposures towards entities specifically created to finance
or operate physical assets,
where the primary source of income and repayment of the obligation lies directly with the assets being financed. Accordingly, three
of its product lines
that are included in the
Specialized Lending exposure class:
Project Finance (assessed with
the Project Finance
Scorecard), Commercial Real Estate (assessed with the CRE investor & CRE Developer Scorecards) and Object Finance (assessed with
the Object Finance Scorecard tailored for the Shipping portfolio).
In addition, the Bank has developed
an Unlikely to Pay/Impairment test. Unlikeliness to pay refers to
circumstances when a Borrower
is assessed as unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any past due
amount or of the days past due (i.e. to
exposures less than 90 dpd). The impairment test , which
is performed to all borrowers during
every credit assessment is implemented in the CL
platform and includes clearly defined indicators of unlikeliness to pay (UTP). These
indicators are separated in “Hard”
and “Soft” UTP triggers.
•
Hard UTP indicators lead directly to a recognition of non-performing (automatic NPE classification),
as in most cases these
events, by their very nature, directly fulfil the definition of UTP and there is little
room for interpretation.
•
Soft UTP
triggers when
applied, do
not automatically
mean that
an exposure
is non-performing,
but that
a
thorough
assessment should be performed (assessment
prior to NPE classification).
The Bank has further enhanced its wholesale credit risk
assessment models linking risk parameters estimation with macro-economic
factors allowing
the forecasting of rating
transitions under different macroeconomic scenarios (base,
adverse and optimistic).
The rating systems described above are an integral part of the wholesale banking decision-making and risk management processes:
•
the credit approval or rejection, both at the origination and review process;
•
the allocation of competence levels for credit approval;
•
risk-adjusted pricing;
•
the calculation of Economic Value
Added (EVA) and internal capital
allocation; and
•
the impairment calculation (staging
criteria and subsequent ECL estimation of forecasted
risk parameters).
Rating of retail lending exposures
The Bank assigns
credit scores to its
retail customers using
a number of statistically
-based models both at the origination and
on
ongoing basis through behavioral scorecards. These
models have been developed to predict, on the basis
of available information,
the probability of default, the loss given
default and the exposure at default. They cover
the entire spectrum of retail products (credit
cards, consumer lending, unsecured revolving credits, car loans, personal loans, mortgages
and small business loans).
The
Bank’s
models
were
developed based
on
historical
data
and
credit
bureau
data.
Behavioral
scorecards
are
calculated
automatically on a monthly basis, thus ensuring that
the credit risk assessment is
up to date.
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.
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The models
are applied
in the
credit approval
process, the
credit limits
management, as
well as
the collection
process for
the
prioritization of the accounts
in terms of handling. Furthermore,
the models are often
used for the
risk segmentation of the customers
and the risk based
pricing of particular segments
or new products introduced
as well as
in the calculation of the
Economic Value
Added (EVA) and Risk Adjusted Return
on Capital (RaRoC) measures.
In the context of IFRS 9 implementation, the
Bank has further
enhanced its retail credit
risk assessment models linking
risk parameters
estimation with macro-economic factors allowing their forecasting
over one
year and lifetime horizon under
different macroeconomic
scenarios (base, adverse and optimistic) and supporting the
staging analysis and allocation to risk classes under homogeneous
pools.
The Group Credit Risk
Capital Adequacy Control monitors
the capacity of
rating models and scoring systems
to classify customers
according to risk, as well as to predict the probability of default and loss given default
and exposure at default on an ongoing basis.
The Group Model &
Data Validation implements
the Bank's validation policy which complies with
international best practices and
regulatory requirements. The Bank verifies the
validity of the rating models and
scoring systems on an annual
basis and the validation
includes both quantitative and qualitative aspects. The validation procedures are documented,
and regularly reviewed and reported
to the BRC.
The Group’s Internal Audit also independently reviews the validation process in
wholesale and retail rating
systems annually.
(f) Credit risk mitigation
A key component of the Bank's business strategy is to reduce risk by utilizing various risk mitigating techniques. The most important
risk mitigating
means are collaterals'
pledges, guarantees and master
netting arrangements.
Types of collateral commonly
accepted by the Bank
The Group has internal policies in
place which set out
the following types of collateral
that are usually accepted
in a credit relationship:
•
residential real estate,
commercial real estate
(offices, shopping malls,
etc.), industrial buildings and land;
•
receivables (trade debtors) and post dated cheques;
•
securities, including listed shares
and bonds;
•
deposits;
•
guarantees and letters of
support;
•
insurance policies; and
•
equipment, mainly, vehicles and vessels.
A specific coverage ratio
is pre-requisite, upon
the credit relationship’s
approval and on ongoing basis,
for each collateral type, as
specified in the Bank’s credit
policy.
For exposures, other than loans
to customers (i.e. reverse repos, derivatives), the Bank
accepts as collateral only cash or liquid bonds.
Valuation principles of collaterals
In defining the
maximum collateral
ratio for loans, the Bank
considers all relevant
information available, including the collaterals’
specific characteristics,
if market participants would
take those
into account when
pricing the relevant
assets. The valuation
and
hence eligibility is based on the following
factors:
•
the collateral’s fair value, i.e. the exit price that would be received to sell
the asset in an orderly transaction under current
market conditions;
•
the fair value reflects
market participants’ ability to generate
economic benefits by using the asset in its
highest and best
use or by selling it;
•
a reduction in the collateral’s value is considered if the type, location or condition (such
as deterioration and obsolescence)
of the asset indicate so; and
•
no collateral value is assigned
if a pledge is
not legally enforceable.
The Bank performs collaterals’ valuation in accordance with its processes
and policies. The Bank has an approved list of independent
and qualified appraisers, which is updated on an
annual basis or at shorter intervals if necessary.
With the exception of special cases
(e.g. syndicated loans), the real estate collaterals of all units are valued
by Cerved Property Services S.A. (“CPS”) who is the
successor
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
of the Bank’s former subsidiary, Eurobank Property Services
S.A. CPS is regulated by the Royal Institute of Chartered Surveyors
and
employs internal or external qualified appraisers based on predefined criteria (qualifications
and expertise). All appraisals take into
account factors such as the region,
age and marketability of the
property, and are further
reviewed and countersigned by experienced
staff.
The valuation methodology employed is based on International Valuation Standards
(IVS), while
quality controls are in place,
such as reviewing mechanisms,
independent sample reviews by independent well established valuation companies.
In order to monitor the valuation of residential property held as collateral, the Bank uses the Residential Property Index of the Bank
of Greece. The index has been created by the Real Estate Market Analysis
Section of BoG using detailed information collected from
all Credit Institutions and
Real Estate
Investment Companies (REIC) operating
in Greece. The Residential
Property Index is used in
combination with physical inspection and desktop valuation, depending on the EBA status and the balance of
the loan.
For commercial
real estates, the
Bank uses the
Commercial Real
Estate Index
developed by CPS. This
index is
derived through a
combination of CPS & BoG CRE indices
and it is based on
internationally accepted methodology. It constitutes a tool for
the statistical
monitoring of possible changes
of the values
of the commercial
properties as well as
for the trends in
the particular market. The
Commercial Real
Estate Index is used in combination with
physical inspection and desktop valuation, depending on the EBA status
and the balance of the loan.
To ensure the quality of the post-dated cheques accepted as collateral, the Bank has developed a pre-screening system, which takes
into account
a number
of criteria
and risk
parameters, so
as to
evaluate their
eligibility. Furthermore,
the post-dated
cheques’
valuation is monitored through the use of advanced statistical reports and through the review of detailed information regarding the
recoverability of cheques, referrals and bounced cheques, per issuer broken down.
Collateral policy and documentation
Regarding collaterals, Bank’s policy emphasizes
the need that collaterals and relevant processes are timely and prudently executed,
in order
to ensure
that collaterals
and relevant documentation
are legally enforceable
at any
time. The
Bank holds the
right to
liquidate collateral in the event
of the obligor’s financial distress and
can claim and control
cash proceeds from the
liquidation process.
Guarantees
The guarantees used as credit
risk mitigation by the Bank
are largely issued by the
government. The Hellenic Development
Bank (HDB)
and similar funds, banks and insurance companies are
also significant
guarantors of credit risk.
Management of repossessed
properties
The objective of
the repossessed
assets’ management
is to minimize
the time cycle of
the asset’s
disposal and to
maximize the
recovery of the capital engaged.
To this end, the management of repossessed assets aims at improving rental and other income from the exploitation of such assets,
and at the same time reducing the
respective holding and maintenance costs. Additionally, the Bank
is actively engaged in identifying
suitable potential buyers for its portfolio of repossessed assets (including specialized funds
involved in acquiring
specific portfolios of
properties repossessed), both in Greece and abroad, in order to reduce its stock of properties with a
time horizon of 3-5 years.
Repossessed assets are closely monitored based on
technical and legal due diligence reports, so that their market value is accurately
reported and updated in accordance with market trends.
Counterparty risk
The Bank
mitigates
counterparty risk
arising from
treasury activities
by entering
into master
netting arrangements
and similar
agreements, as well as collateral agreements with counterparties with which it undertakes a significant volume of transactions. The
respective credit risk is reduced through
a master netting agreement to the extent that
if an event of default occurs, all amounts with
the counterparty are terminated and settled on a net basis.
In the case of derivatives,
the Bank makes use of International
Swaps and Derivatives Association
(ISDA) contracts, which limit
the
exposure
via the
application of
netting, and
Credit Support
Annex
(CSAs),
which further
reduce
the total
exposure
with
the
counterparty. Under these agreements, the total exposure
with the counterparty is calculated on
a daily basis taking into account
any
netting arrangements and collaterals.
Notes to the Financial Statements
.
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The same process is
applied in the case of
repo transactions where standard Global
Master Repurchase Agreements
(GMRAs) are
used. The exposure (the net difference between repo cash and the market value
of the securities) is calculated on a daily basis
and
collateral is transferred
between the counterparties thus minimizing the exposure.
Following the
European Market
Infrastructure Regulation
(EMIR), the
Bank performs
centrally cleared
transactions for
eligible
derivative contracts through an EU authorized European central
counterparty (CCP), recorded in trade repositories. The use of
CCP
increases market transparency and reduces counterparty credit and operational risks inherent in derivatives markets.
The Bank uses a comprehensive collateral management system for the monitoring of ISDA, CSAs and GMRAs, i.e. the daily valuation
of the derivatives and the market value of the securities are used for the calculation of each counterparty’s exposure. The collateral
which should be posted or requested by the relevant counterparty is calculated daily.
With
this
system, the
Bank monitors
and
controls the
collateral
flow in
case
of derivatives
and repos,
independently
of the
counterparty. The effect of any market movement that increases the
Bank’s exposure is reported and the Bank
proceeds to collateral
call accordingly.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
5.2.1.1
Maximum exposure to credit
risk before collateral held
2025
2024
€ million
€ million
Credit risk exposures relating to on-balance sheet assets are as
follows:
Due from credit institutions
3,577
2,273
Less: Impairment allowance
(1)
3,576
(1)
2,272
Debt securities held for trading
178
149
Derivative financial instruments
762
812
Loans and advances to customers at amortised
cost:
- Wholesale lending⁽¹⁾
23,761
21,734
- Mortgage lending
7,292
7,493
- Consumer lending
1,800
1,735
- Small
business lending
2,637
2,699
Less: Impairment allowance
(982)
34,508
(988)
32,673
Fair value changes of
loans in portfolio hedging of
interest rate risk
(28)
(3)
Loans and advances to customers measured at
FVTPL
23
19
Investment securities:
- Debt securities measured at amortised
cost
10,395
9,326
Less: Impairment allowance
(20)
10,375
(21)
9,305
Debt securities measured at FVOCI⁽⁴⁾
3,179
2,982
Debt securities measured at FVTPL
⁽⁴⁾
0
0
Other financial assets⁽²⁾
291
159
Less: Impairment allowance
(20)
271
(17)
142
Credit risk exposures relating to off-balance sheet items (note 43):
- Loan commitments⁽³⁾
11,183
10,260
- Financial guarantee
contracts and other commitments
5,632
3,908
Total
69,660
62,519
(1)
Includes loans to public sector.
(2)
Refers to financial assets subject to IFRS 9 impairment requirements, which are recognised within other assets
(3)
The comparative figures have been adjusted to include € 3.4 billion of unconditionally cancellable, undrawn overdraft facilities (note 42)
(4)
The comparative information has been adjusted to align with the current year presentation.
The above table represents the Bank’s maximum credit risk exposure as
at 31 December 2025 and 31 December 2024 respectively,
without taking account
of any
collateral held or
other credit
enhancements that do
not qualify for
offset in
the Bank's
financial
statements.
For on-balance sheet assets,
the exposures set out above are based on the carrying amounts as
reported in the balance sheet. For
off-balance sheet items, the maximum exposure
is the nominal
amount that
the Bank may be required
to pay if the
financial guarantee
contracts and
other commitments
are
called upon
and the
loan commitments
are
drawn down.
Off-balance sheet
credit risk
exposures presented above, include revocable loan commitments to extend credit of € 5.6 billion (2024: € 6 billion,
containing € 3.4
billion undrawn overdraft facilities)
that are subject to ECL measurement.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
5.2.1.2
Loans and advances to customers
The section below provides
an overview of the Banks’s exposure to credit risk
arising from its customer lending portfolios, in
line with
the guidelines set by
the Hellenic Capital
Markets Commission and the Bank of
Greece (BoG) released
on 30 September 2013, as
updated by the Bank in order to comply with the revised IFRS 7 ‘Financial Instruments: Disclosures’, following the adoption of IFRS 9
from
2018.
In
addition, the
types
of the
Bank’s
forbearance programs
are
in line
with
the
BoG’s
Executive Committee
Act
42/30.05.2014 and its amendments.
(a) Credit quality of loans and advances to customers
Loans and advances to customers carried at amortised
cost are classified
depending on how ECL is measured.
Accordingly, loans reported
as non-impaired include loans
for which a ‘12-month
ECL allowance’ is
recognized as they
exhibit no
significant increase in credit risk since initial recognition
and loans for which a ‘Lifetime ECL allowance’ is recognized as they exhibit a
significant increase
in credit risk since initial recognition but are not considered to be in default.
Credit impaired loans category includes
loans that are considered to be in
default, for which a loss allowance equal to
a ‘Lifetime ECL’
is recognized, and loans classified
as ’Purchased or originated credit impaired’ (POCI) which
are always measured on the basis
of a
‘Lifetime ECL’. The Bank applies a default definition for accounting
purposes, which is consistent
with the European
Banking Authority
(EBA) definition for non-performing
exposure and regulatory definition of default.
Loans and
advances to
customers carried
at FVTPL
are not
subject to
ECL measurement and
therefore are
not included in
the
quantitative information provided in the
below sections for loans and advances measured
at amortised cost, except where
indicated.
The Bank’s accounting policy for impairment
of financial assets
is set out in note 2.2.13.
Quantitative information
The following
quantitative analysis
presents information
about the
total gross
carrying amount
of loans
and advances including
securitization
notes
issued
by
special
purpose entities
established by
the
Bank,
and
the
nominal
amount of
credit
related
commitments, that are classified as non-impaired (stage 1 and stage 2) and those classified as credit-impaired (stage
3 and POCI). It
also presents the impairment allowance
recognized in respect of all loans
and advances and credit related commitments, analyzed
into individually or collectively
assessed, based on how the
respective impairment allowance has
been calculated, the carrying
amount
of loans and
advances, as well
as the value
of collateral held
to mitigate
credit risk which
is capped to
the respective gross
loan
amount. In particular, the following
four tables for 2025
and 2024
provide:
●
a summary
of the
credit quality
of lending
exposures and
credit related
commitments, presenting
product line,
stage
allocation, respective impairment allowance
and collateral held
●
the classification of lending
exposures and credit related commitments into the internal
credit rating categories,
●
the movement of the gross carrying amounts for loans
and advances to customers by product line and stage,
●
the ageing analysis
of credit impaired (Stage
3 and POCI) loans and advances to customers
Public Sector lending exposures include exposures to the central government, local authorities, state-linked companies and entities
controlled and fully or partially owned by the state, excluding public and private companies with commercial activity. For credit
risk
management purposes, exposures to Public Sector are incorporated in wholesale
lending.
.
Notes to the Financial Statements
.
594
|
Page
31 December 2025 Financial Statements
The following tables present summary information
about the
credit quality (stage analysis, impairment
allowance and collateral
held per product
line) of loans and
advances to customers carried
at amortised
cost and credit related commitments
.
In addition, they include the fair value changes of loans in
portfolio hedging of interest rate risk and
the loans and advances to customers
carried at FVTPL for the
purpose of reconciliation with the total carrying amount of loan and advances to customers:
.
31 December 2025
Impairment allowance
Lifetime ECL - Stage 3 and
POCI⁽¹⁾
Lifetime ECL - Stage 3 and
POCI⁽¹⁾
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
Total gross carrying
amount/nominal
exposure
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
Carrying
amount
Value of
collateral
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
7,904
3,070
22
733
11,729
(100)
(398)
(7)
(276)
10,948
8,159
- Mortgage
4,455
2,433
9
395
7,292
(59)
(329)
(4)
(112)
6,789
Value of collateral
4,317
2,259
8
336
6,920
- Consumer
1,033
61
0
60
1,154
(17)
(7)
(0)
(38)
1,092
Value of collateral
0
0
-
0
0
- Credit card
580
34
0
33
646
(7)
(3)
(0)
(24)
612
Value of collateral
-
-
-
-
-
- Small business
1,837
542
12
246
2,637
(17)
(59)
(3)
(102)
2,456
Value of collateral
633
443
10
153
1,239
Wholesale Lending
22,875
598
177
103
23,753
(38)
(27)
(77)
(59)
23,553
11,575
- Large corporate
17,510
349
86
13
17,957
(30)
(16)
(34)
(7)
17,870
Value of collateral
6,553
169
77
8
6,807
- SMEs
1,460
250
92
90
1,892
(8)
(11)
(42)
(53)
1,777
Value of collateral
602
143
60
58
-
-
863
- Securitization notes⁽²⁾
3,905
-
-
-
3,905
-
-
-
-
3,905
Value of collateral
3,905
-
-
-
3,905
Public Sector
8
-
-
0
8
(0)
-
-
(0)
7
0
- Greece
8
-
-
0
8
(0)
-
-
(0)
7
Value of collateral
-
-
-
0
0
- Other countries
-
-
-
-
-
-
-
-
-
-
Value of collateral
-
-
-
-
-
Fair value changes of loans in portfolio hedging of
interest rate risk
(28)
-
Loans and advances to customers at FVTPL
23
23
Total
30,787
3,668
199
837
35,490
(138)
(425)
(83)
(336)
34,503
19,757
Total value of collateral
16,010
3,014
155
556
Credit related commitments
16,344
418
34
18
16,816
(19)
(1)
(29)
(6)
Loan commitments
10,811
372
-
-
11,183
(13)
(0)
-
-
Financial guarantee contracts and other
commitments
5,533
46
34
18
5,632
(5)
(1)
(29)
(6)
Value of collateral
1,511
51
11
5
Notes to the Financial Statements
.
595
|
Page
31 December 2025 Financial Statements
31 December 2024
Impairment allowance
Lifetime ECL -
Stage 3 and POCI ⁽¹⁾
Lifetime ECL -
Stage 3 and POCI ⁽¹⁾
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
Total gross carrying
amount/nominal
exposure
12-month ECL -
Stage 1
Lifetime ECL -
Stage 2
Individually
assessed
Collectively
assessed
Carrying amount
Value of
collateral
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
7,956
3,342
25
603
11,927
(99)
(274)
(15)
(307)
11,231
8,335
- Mortgage
4,566
2,618
12
296
7,493
(61)
(213)
(10)
(139)
7,069
Value of collateral
4,397
2,320
8
238
6,964
- Consumer
976
72
0
55
1,103
(17)
(9)
(0)
(41)
1,035
Value of collateral
0
0
-
0
0
- Credit card
568
41
0
23
632
(7)
(3)
(0)
(18)
604
Value of collateral
-
-
-
-
-
- Small business
1,846
611
13
229
2,699
(14)
(48)
(5)
(109)
2,523
Value of collateral
731
492
10
138
1,371
Wholesale Lending
20,696
517
385
125
21,722
(41)
(30)
(157)
(65)
21,430
11,383
- Large corporate
15,354
300
209
20
15,883
(31)
(21)
(89)
(6)
15,736
Value of collateral
6,171
140
112
15
6,438
- SMEs
1,161
217
175
105
1,658
(10)
(9)
(68)
(59)
1,513
Value of collateral
425
147
129
63
764
- Securitization notes⁽²⁾
4,181
-
-
-
4,181
(0)
-
-
-
4,181
Value of collateral
4,181
-
-
-
-
-
-
4,181
Public Sector
12
-
-
-
12
(0)
-
-
-
12
-
- Greece
12
-
-
-
12
(0)
-
-
-
12
Value of collateral
-
-
-
-
-
-
-
-
-
-
-
- Other countries
-
-
-
-
-
-
-
-
-
-
Value of collateral
-
-
-
-
-
-
-
-
-
-
-
Fair value changes of loans in portfolio
hedging of
interest rate risk
(3)
Loans and advances to
customers at FVTPL
19
19
Total
28,664
3,859
409
728
33,661
(140)
(304)
(172)
(372)
32,690
19,737
Total value of collateral
15,905
3,099
259
454
Credit related commitments
10,525
148
38
19
14,169
(17)
(1)
(29)
(6)
Loan commitments⁽ᶾ⁾
6,703
119
-
-
10,260
(12)
(1)
-
-
Financial guarantee contracts and other
commitments
3,822
29
38
19
3,908
(5)
(0)
(29)
(6)
Value of collateral
943
24
16
4
-
-
(1)
As at 31 December 2025, total gross
carrying amount of credit impaired loans includes POCI loans of €
3 million and carry an immaterial impairment allowance (2024: €
12 million gross carrying amount and carry an immaterial impairment
allowance).
(2)
It refers to the senior notes of securitizations of loans, that are collateralized by the underlying pool of loans held by the respective securitization vehicles (note 20). The amount of the securitized loan portfolios presented as collateral has been
capped to the gross carrying amount of the senior notes. Moreover, the senior notes of the Cairo,
Mexico and Leon securitizations are guaranteed by the Hellenic Republic in the context of Hellenic Asset Protection Scheme (note 20).
(3)
The comparative figures have been adjusted to include € 3.4 billion of unconditionally cancellable, undrawn overdraft facilities (note 42).
Notes to the Financial Statements
.
596
|
Page
31 December 2025 Financial
Statements
The Bank assesses the credit quality of its loans and advances to customers and credit related commitments that are subject to ECL
using internal credit rating systems for the wholesale portfolio, which are based on a variety of quantitative
and qualitative
factors,
while the credit quality of the retail
portfolio is based on the allocation of risk classes
into homogenous pools.
The following tables present the distribution of the gross carrying amount of loans
and advances and the nominal exposure of credit
related commitments based
on the credit quality classification categories
and stage allocation:
31 December 2025
31 December 2024
Internal credit
rating
12-month
ECL-Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL
-
Stage 3 and
POCI
Total gross
carrying
amount
12-month ECL
- Stage 1
Lifetime ECL
-
Stage 2
Lifetime ECL
-
Stage 3 and
POCI
Total gross
carrying
amount
Retail Lending
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
- Mortgage
PD<2.5%
4,136
177
-
4,313
4,443
1,529
-
5,972
2.5%<=PD<4%
256
1,403
-
1,659
44
18
-
62
4%<=PD<10%
52
361
-
413
70
750
-
821
10%<=PD<16%
4
122
-
126
3
142
-
145
16%<=PD<99.99%
7
371
-
378
6
179
-
185
100%
-
-
404
404
-
-
309
309
- Consumer
PD<2.5%
28
1
-
30
36
1
-
37
2.5%<=PD<4%
478
4
-
482
417
4
-
421
4%<=PD<10%
401
29
-
430
400
31
-
431
10%<=PD<16%
98
12
-
110
96
8
-
104
16%<=PD<99.99%
27
15
-
42
27
27
-
54
100%
-
0
60
60
-
0
55
55
- Credit card
PD<2.5%
230
0
-
231
157
0
-
157
2.5%<=PD<4%
314
22
-
336
381
24
-
405
4%<=PD<10%
36
5
-
40
30
11
-
41
10%<=PD<16%
-
-
-
-
-
-
-
-
16%<=PD<99.99%
-
6
-
6
-
6
-
6
100%
-
-
33
33
-
-
23
23
- Small business
PD<2.5%
959
4
-
964
807
17
-
824
2.5%<=PD<4%
511
21
-
532
639
31
-
670
4%<=PD<10%
307
171
-
478
372
354
-
726
10%<=PD<16%
43
187
-
231
27
147
-
174
16%<=PD<99.99%
16
159
-
175
1
62
-
63
100%
-
-
258
258
-
-
242
242
Wholesale Lending
- Large corporate
Strong
13,654
-
-
13,654
12,233
15
-
12,249
Satisfactory
3,835
238
-
4,073
3,077
157
9
3,243
Watch list
21
110
3
134
43
128
-
171
Impaired (Defaulted)
-
-
96
96
-
-
220
220
- SMEs
Strong
448
4
-
452
411
3
-
414
Satisfactory
1,000
69
-
1,069
711
63
-
774
Watch list
12
177
-
189
40
151
-
191
Impaired (Defaulted)
-
-
182
182
-
-
280
280
- Securitization
notes
Strong
3,905
-
-
3,905
4,181
-
-
4,181
Public Sector
All countries
Strong
8
-
-
8
12
-
-
12
Satisfactory
-
-
-
-
-
-
-
-
Watch list
-
-
-
-
-
-
-
-
Impaired (Defaulted)
-
-
0
0
-
-
(0)
(0)
Total
30,787
3,668
1,035
35,490
28,664
3,859
1,137
33,661
Notes to the Financial Statements
.
597
|
Page
31 December 2025 Financial
Statements
31 December 2025
31 December 2024
Internal credit
rating
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL
-
Stage 3 and
POCI
Total
nominal
amount
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL
-
Stage 3 and
POCI
Total
nominal
amount
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Credit Related
Commitments
Retail Lending
Loan commitments
PD<2.5%
849
0
-
850
530
3
-
534
2.5%<=PD<4%
1,337
43
-
1,379
1,550
44
-
1,594
4%<=PD<10%
484
49
-
533
491
47
-
538
10%<=PD<16%
39
9
-
48
40
10
-
50
16%<=PD<99.99%
-
5
-
5
0
6
-
6
100%
-
-
-
-
-
-
-
-
Financial guarantee
contracts and other
commitments
PD<2.5%
1
-
-
1
2
-
-
2
2.5%<=PD<4%
116
-
-
116
118
-
-
118
4%<=PD<10%
33
0
-
34
38
1
-
38
10%<=PD<16%
1
0
-
1
-
-
-
-
16%<=PD<99.99%
-
-
-
-
-
-
-
-
100%
-
-
0
0
-
-
1
1
Wholesale Lending
Loan commitments
Strong
6,094
5
-
6,099
3,008
-
-
3,008
Satisfactory
1,989
112
-
2,101
1,076
9
-
1,084
Watch list
19
149
-
168
9
-
-
9
Impaired (Defaulted)
-
-
-
-
-
-
-
-
Financial guarantee
contracts and other
commitments
Strong
3,277
-
-
3,277
2,634
-
-
2,634
Satisfactory
2,080
28
-
2,108
1,012
9
-
1,021
Watch list
25
18
-
43
18
19
-
37
Impaired (Defaulted)
-
-
52
52
-
-
57
57
Total
16,344
418
53
16,816
10,525
148
57
10,730
The table below depicts the internal credit rating bands (MRA rating scale or equivalent) for the wholesale portfolio that correspond
to the credit quality classification categories
presented in the above tables:
Wholesale Lending
Credit Quality classification categories
Internal Credit Rating
Large Corporate
Internal Credit Rating
SMEs
Strong
1-4
1-3
Satisfactory
5-6
4-6
Watch list
7-9
7-9
Impaired (Defaulted)
10
10
Notes to the Financial Statements
.
598
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Page
31 December 2025 Financial Statements
The following tables present the movement of the gross carrying
amounts for loans and advances to customers by product
line and stage and is calculated by reference to the opening and
closing balances
for the reporting years from 1 January 2025 to 31 December 2025 and 1 January 2024 to 31 December 2024:
31 December 2025
Wholesale
Mortgage
Consumer
Small business
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3 and
POCI
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3 and
POCI
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3 and
POCI
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3 and
POCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount at 1
January
20,709
517
509
4,566
2,618
309
1,544
113
78
1,846
611
242
33,661
New loans and advances
originated or purchased
4,045
-
-
576
-
-
414
-
-
507
-
-
5,543
Transfers between
stages
-to 12-month ECL
128
(122)
(6)
63
(53)
(10)
28
(20)
(8)
39
(33)
(6)
-
-to lifetime ECL
(292)
328
(36)
(274)
343
(70)
(23)
30
(7)
(75)
103
(28)
-
-to lifetime ECL credit-impaired
loans
(5)
(9)
13
(72)
(242)
315
(34)
(13)
46
(43)
(86)
129
-
Loans and advances
derecognised/ reclassified as
held for sale during the year
-
-
(68)
-
-
(86)
-
-
-
-
-
(40)
(194)
Amounts written-off⁽¹⁾
-
-
(52)
-
-
(30)
-
-
(13)
-
-
(18)
(114)
Repayments
(1,454)
(117)
(76)
(407)
(113)
(27)
(292)
(18)
(15)
(457)
(44)
(25)
(3,046)
Foreign exchange differences
and other movements
(249)
1
(3)
3
(120)
4
(24)
2
11
19
(9)
5
(360)
Gross Carrying amount at 31
December
22,883
598
280
4,455
2,433
404
1,613
95
93
1,837
542
258
35,490
Impairment allowance
(38)
(27)
(136)
(59)
(329)
(115)
(25)
(10)
(62)
(17)
(59)
(106)
(982)
Carrying amount at 31
December
22,845
571
144
4,396
2,104
289
1,588
85
31
1,820
483
152
34,508
Notes to the Financial Statements
.
599
|
Page
31 December 2025 Financial Statements
31 December 2024
Wholesale
Mortgage
Consumer
Small business
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount at 1
January
18,114
546
557
4,922
2,559
367
1,400
174
68
1,949
657
257
31,571
New loans and advances
originated or purchased
5,781
-
-
341
-
-
397
-
-
478
-
-
6,997
Securitization notes
281
-
-
-
-
-
-
-
-
-
-
-
281
Transfers between
stages
-to 12-month ECL
158
(150)
(8)
88
(78)
(9)
65
(58)
(7)
57
(48)
(9)
-
-to lifetime ECL
(394)
404
(10)
(299)
378
(79)
(18)
32
(14)
(99)
146
(47)
-
-to lifetime ECL credit-impaired
loans
(37)
(29)
66
(51)
(134)
185
(39)
(16)
55
(55)
(84)
139
-
Loans and advances
derecognised/ reclassified as
held for sale during the year
-
-
(21)
(6)
(1)
(132)
(4)
(0)
(11)
(0)
(1)
(70)
(246)
Amounts written-off⁽¹⁾
-
-
(12)
-
-
(7)
-
-
(10)
-
-
(9)
(39)
Repayments
(3,353)
(256)
(56)
(643)
(199)
(35)
(322)
(26)
(26)
(514)
(74)
(31)
(5,533)
Foreign exchange differences
and other movements
159
2
(7)
215
93
19
64
8
22
29
16
11
629
Gross Carrying amount at
31
December
20,709
517
509
4,566
2,618
309
1,544
113
78
1,846
611
242
33,661
Impairment allowance
(41)
(30)
(222)
(61)
(213)
(149)
(24)
(13)
(59)
(14)
(48)
(114)
(988)
Carrying amount at 31
December
20,668
487
287
4,505
2,405
159
1,519
100
19
1,832
563
128
32,673
(1)
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2025 and that are still subject to enforcement activity is € 104 million (2024: € 24 million).
Note 1: Wholesale product line category includes also Public sector loans portfolio.
Note 2: “Loans and advances derecognised/ reclassified as held for sale during the year” presents loans derecognized due to a)
sale and securitization transactions,
b) debt to equity transactions and those that have been reclassified as held for
sale during the year (notes 20 and 30).
Notes to the Financial Statements
.
600
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31 December 2025 Financial Statements
Credit impaired loans and advances to customers
The following tables
present the ageing analysis
of credit impaired (Stage
3 and POCI) loans and advances by product line
at their
gross carrying amounts, as well
as the respective impairment allowance
and the value of collaterals held to mitigate
credit risk.
For denounced loans, the Bank ceases to monitor the delinquency status and therefore the respective balances have been included
in the ‘over 360 days’ time band,
with the exception of consumer
exposures which continue to be monitored
up to 360 days past due.
31 December 2025
Retail lending
Wholesale lending
Public sector
Lifetime ECL credit-
impaired
Mortgage
Consumer
Credit card
Small
business
Large
corporate
SMEs
Greece
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
up to 90 days
262
17
3
128
73
83
0
566
90 to 179 days
41
9
5
23
-
3
-
81
180 to 360 days
38
12
7
26
3
3
-
88
more than 360 days
64
22
17
82
23
94
0
300
Total gross carrying
amount
404
60
33
258
98
182
0
1,035
Impairment allowance
(115)
(38)
(24)
(106)
(41)
(95)
(0)
(419)
Carrying amount
289
22
9
152
58
87
-
616
Value of Collateral
344
0
-
163
85
118
0
711
31 December 2024
Retail lending
Wholesale lending
Public sector
Lifetime ECL credit-
impaired
Mortgage
Consumer
Credit card
Small
business
Large
corporate
SMEs
Greece and
other countries
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
up to 90 days
141
17
4
107
109
129
0
506
90 to 179 days
40
9
5
19
0
1
-
75
180 to 360 days
65
15
7
47
0
7
-
141
more than 360 days
63
14
7
68
120
143
0
415
Total gross carrying
amount
309
55
23
242
229
280
0
1,137
Impairment allowance
(149)
(41)
(18)
(114)
(95)
(127)
(0)
(544)
Carrying amount
159
14
5
128
134
153
0
593
Value of Collateral
247
0
-
148
127
192
-
713
Note: As at 31 December 2025, total gross carrying amount of credit impaired loans includes POCI loans of € 3 million (2024: € 12 million).
Notes to the Financial Statements
.
601
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31 December 2025 Financial Statements
(b) Collaterals and repossessed assets
Collaterals
The Loan-to-Value (LTV)
ratio of the mortgage lending
reflects the gross loan exposure at
the balance sheet date over
the market
value of the property held as collateral.
The LTV ratio of
the mortgage portfolio is presented below:
2025
2024
€ million
€ million
Mortgages
Less than 50%
2,156
2,166
50%-70%
1,804
1,726
71%-80%
1,343
1,296
81%-90%
890
738
91%-100%
445
554
101%-120%
301
421
121%-150%
179
315
Greater than
150%
174
277
Total exposure
7,292
7,493
Average LTV
53.48%
55.90%
The breakdown of collateral and guarantees
for loans and advances to customers at
amortised cost is presented below:
31 December 2025
Value of
collateral received
Guarantees
received⁽¹⁾
Real Estate
Financial
Other
Total
€ million
€ million
€ million
€ million
€ million
Retail Lending
7,833
258
69
8,159
547
Wholesale
Lending
3,054
311
8,210
11,575
176
Public sector
-
-
0
0
-
Total
10,887
568
8,278
19,734
723
31 December 2024
Value of collateral
received
Guarantees
Received⁽¹⁾
Real Estate
Financial
Other
Total
€ million
€ million
€ million
€ million
€ million
Retail Lending
7,976
254
105
8,335
523
Wholesale
Lending
2,986
344
8,053
11,383
314
Public sector
-
-
-
-
-
Total
10,962
598
8,157
19,718
837
(1)
In addition
to the above
presented guarantees,
the Bank has
entered into
financial guarantees
contracts (projects
‘Wave’)
related to the
portfolios of
performing SME,
SBB and large corporate loans of € 4.3 billion as at 31 December 2025
(31 December 2024: € 4.3 billion).
The collaterals presented in the above table under category “Other”,
include assigned receivables, equipment, inventories, vessels,
etc. They also include the amount
of the securitized loans held by the securitizations
vehicles that issued the related
senior notes.
The amount of the securitized loans has been capped to the gross carrying amount of the senior notes. In addition, the senior notes
of the Cairo,
Mexico and Leon
securitizations are guaranteed
by the Hellenic
Republic in the context
of Hellenic
Asset Protection
Scheme (note 20).
Notes to the Financial Statements
.
602
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31 December 2025 Financial Statements
Repossessed assets
The Bank recognizes collateral
assets on the balance sheet by taking possession
usually through legal processes
or by calling upon
other credit enhancements. As
at 31 December 2025, the carrying
amount of repossessed assets which are
included in “Other
assets”
amounted to € 380 million (31 December
2024: € 427
million), note 29. These assets are carried
at the lower of cost
and net realizable
value (note 2.2.19).
The main type of
collateral that the Bank repossesses against repayment or
reduction of
the outstanding loan
is real estate. The below
table presents the movement
of repossessed real estate
assets during the year,
including a) those
transferred to the
appropriate
category based on their use by the Bank as part of its operations i.e. investment property or own-used (notes 2.2.6, 26, and 27) and
b) those reclassified to “held for
sale” category (notes 30).
2025
2024
Real estate
Real estate
Residential
Commercial
Total
Residential
Commercial
Total
€ million
€ million
€ million
€ million
€ million
€ million
Balance at 1 January
183
242
425
193
279
472
Additions⁽¹⁾
9
9
18
6
22
28
Transfers to investment property
-
-
-
(1)
(18)
(19)
Disposals
(31)
(31)
(62)
(13)
(34)
(47)
Valuation losses
(1)
(2)
(3)
(2)
(5)
(7)
Other
1
(1)
-
(0)
(2)
(2)
Balance at 31 December
161
217
378
183
242
425
(1)
The carrying amount of
the real estate properties
obtained during the year
and held at the year
ended 31 December 2025
amounted to €
19 million (31
December 2024: € 29 million).
In addition, the Bank repossesses other types of collaterals
mainly referring to equity positions due to the participation in debt
for
equity transactions as part of forbearance measures.
(c) Geographical and industry concentrations of loans and advances to customers
As described
above in
note 5.2.1,
the Bank
holds diversified
portfolios across
markets and
countries and
implements limits
on
concentrations arising from the geographical location
or the activity
of groups of borrowers
that could be
similarly affected by changes
in economic or other conditions, in order to mitigate credit risk.
Notes to the Financial Statements
.
603
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31 December 2025 Financial Statements
The following tables break down
the Bank’s
exposure into loans and advances to
customers and credit related commitments
at their gross carrying amount and nominal
amount respectively by stage,
product line, industry and geographical region and impairment allowance
by product line, industry and geographical region:
31 December 2025
Greece
Rest of Europe
Other Countries
Gross carrying/nominal
amount
Gross carrying/nominal
amount
Gross carrying/nominal
amount
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI⁽¹⁾
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI⁽¹⁾
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI⁽¹⁾
Impairment
allowance
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
7,869
3,051
748
(767)
36
19
7
(14)
-
-
-
-
-Mortgage
4,419
2,415
397
(490)
36
19
7
(14)
-
-
-
-
-Consumer
1,033
61
60
(62)
0
0
0
(0)
-
-
-
-
-Credit card
580
34
33
(34)
-
-
-
-
-
-
-
-
-Small business
1,837
542
258
(181)
0
0
-
(0)
-
-
-
-
Wholesale Lending
15,701
596
275
(195)
4,210
2
3
(4)
2,965
-
1
(2)
-Commerce and
services⁽²⁾
7,069
221
149
(102)
4,068
2
2
(2)
-
-
0
(0)
-Manufacturing
2,500
190
66
(59)
5
-
-
(0)
-
-
-
-
-Shipping
5
-
-
(0)
137
-
-
(0)
2,965
-
1
(2)
-Construction
1,396
60
18
(14)
-
-
1
(1)
-
-
-
-
-Tourism
1,539
125
38
(13)
-
-
-
-
-
-
-
-
-Energy
3,191
0
4
(7)
-
-
-
-
-
-
-
-
-Other
0
-
0
(0)
-
-
-
-
-
-
-
-
Public Sector
8
-
0
(0)
-
-
-
-
-
-
-
-
Total
23,577
3,648
1,024
(963)
4,245
20
10
(17)
2,965
-
1
(2)
Credit related
Commitments
13,008
413
44
(45)
2,486
5
9
(9)
850
0
0
(0)
-Loan commitments
10,221
371
-
(14)
17
1
-
(0)
573
0
-
-
-Financial guarantee
contracts and other
commitments
2,788
42
44
(32)
2,469
4
9
(9)
277
-
0
(0)
Notes to the Financial Statements
.
604
|
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31 December 2025 Financial Statements
31 December 2024
Greece
Rest of Europe
Other Countries
Gross carrying/nominal
amount
Gross carrying/nominal
amount
Gross carrying/nominal
amount
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI⁽¹⁾
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI⁽¹⁾
Impairment
allowance
12-month ECL
-Stage 1
Lifetime ECL
-Stage 2
Lifetime ECL
-Stage 3 and
POCI⁽¹⁾
Impairment
allowance
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Retail Lending
7,913
3,319
622
(682)
43
23
7
(14)
-
-
-
-
-Mortgage
4,524
2,595
302
(410)
42
23
7
(14)
-
-
-
-
-Consumer
976
72
55
(68)
0
0
0
(0)
-
-
-
-
-Credit card
568
41
23
(28)
-
-
-
-
-
-
-
-
-Small business
1,846
611
242
(176)
0
0
-
(0)
-
-
-
-
Wholesale Lending
13,540
517
501
(284)
4,394
-
7
(6)
2,762
-
2
(2)
-Commerce and
services⁽²⁾
6,276
200
239
(130)
4,218
-
5
(5)
-
-
0
(0)
-Manufacturing
2,307
164
174
(113)
6
-
-
(0)
-
-
-
-
-Shipping
4
-
-
(0)
170
-
-
(0)
2,762
-
1
(2)
-Construction
1,243
42
24
(17)
-
-
1
(1)
-
-
-
-
-Tourism
1,259
110
59
(18)
-
-
-
-
-
-
-
-
-Energy
2,451
-
4
(6)
-
-
-
-
-
-
-
-
-Other
0
-
0
(0)
-
-
-
-
-
-
-
-
Public Sector
12
-
(0)
(0)
-
-
-
-
-
-
-
-
Total
21,466
3,836
1,123
(966)
4,436
23
13
(20)
2,762
-
2
(2)
Credit related
Commitments
8,595
144
47
(44)
1,539
4
10
(9)
391
-
0
(0)
-Loan commitments
6,315
119
-
(12)
22
-
-
(0)
366
-
-
-
-Financial guarantee
contracts and other
commitments
2,279
25
47
(32)
1,517
4
10
(9)
25
-
0
(0)
(1)
Includes POCI loans of € 3 million held by operations in Greece (2024: € 12 million).
(2)
The operations in Rest of Europe include € 3,905 million related to the notes of securitizations
of loans (2024: € 4,181 million).
As at 31 December 2025, the carrying amount of Bank's loans measured at FVTPL of € 23 million was
included in Wholesale lending portfolio, which was held by operations in Rest of Europe (2024: € 19
million).
Notes to the Financial Statements
.
605
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31 December 2025 Financial Statements
(d) Forbearance practices on lending activities
Modifications of
the loans’ contractual
terms may
arise due
to various
factors, such
as changes in
market conditions, customer
retention and other factors as well as due
to the potential
deterioration in the borrowers’ financial condition.
The Bank has employed
a range of forbearance solutions in order to enhance the management of customer relationships and the effectiveness of collection
efforts, as well
as to improve the recoverability of cash flows
and minimize credit losses
for both retail and wholesale
portfolios.
Forbearance practices’ classification
Forbearance practices as monitored
and reported by the Bank,
based on the European Banking Authority Implementing
Technical
Standards (EBA ITS)
guidelines, occur only in the cases where the contractual payment terms
of a loan have been modified,
as the
borrower is considered unable to comply with the existing loan’s terms
due to apparent financial difficulties, and the Bank grants a
concession by providing more favorable
terms and conditions that
it would not otherwise
consider had the borrower not
been in
financial difficulties.
All other types of
modifications granted by the Bank,
where there is no
apparent financial difficulty of the
borrower and may
be driven
by factors of a business nature are
not classified as forbearance
measures.
Forbearance solutions
Forbearance solutions are granted following an assessment of the borrower’s
ability and willingness to repay and
can be of a short or
longer term nature.
The objective is
to assist
financially stressed borrowers by
rearranging their repayment cash
outflows into
a
sustainable
modification,
and
at
the
same time,
protect
the
Bank
from
suffering
credit
losses.
The
Bank
deploys
targeted
segmentation strategies with the objective to tailor different
short or long term and sustainable management solutions to selected
groups of borrowers for addressing their specific
financial needs.
The nature and type of forbearance options may include but is not necessarily limited
to, one or more of the following:
●
arrears capitalization;
●
arrears repayment plan;
●
reduced payment above interest only;
●
interest-only payments;
●
reduced payment below interest only;
●
grace period;
●
interest rate reduction;
●
loan term extensions;
●
split balance;
●
partial debt forgiveness/write-down;
●
operational restructuring; and
●
debt to equity swaps.
Specifically for
unsecured consumer
loans (including
credit cards),
forbearance programs
(e.g. term
extensions), are
applied
in
combination with debt consolidation whereby
all existing consumer balances are pooled together. Forbearance solutions are
applied
in
order to
ensure a
sufficient
decrease
on
installment
and a
viable solution
for
the
borrower.
In selected
cases,
the
debt
consolidations may be combined with mortgage
prenotations to convert unsecured lending exposures to secured ones.
In the case of mortgage loans, a decrease of installment may be achieved through forbearance measures such as extended
payment
periods and capitalization of arrears.
Wholesale exposures are subject to forbearance when there are indications of financial difficulties
of the borrower, evidenced by a
combination of factors including the deterioration of financials,
credit rating downgrade, payment delays and other.
i.
Classification of Forborne loans
Loans for which forbearance measures have been
applied after origination or acquisition,
are classified either as non-impaired (stage
2), or impaired (stage
3) by assessing their delinquency and credit quality status.
Notes to the Financial Statements
.
606
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31 December 2025 Financial Statements
Credit impaired forborne loans enter initially a probation period of one year
where the borrowers’ payment performance is closely
monitored. If at the end of the abovementioned period, the borrowers have complied with the terms of the program and there are
no past due amounts and concerns regarding the loans’ full repayment, the loans are then reported as non-impaired forborne loans
(stage 2). In addition, non-impaired forborne loans, including those that were
previously classified as credit impaired and complied
with the terms
of the program, are monitored over
a period of two
years. If, at
the end of that
period, the borrowers have made
regular payments of a significant
aggregate amount, there are
no past due amounts over 30 days
and the loans are neither
credit
impaired nor any other SICR criteria are met
they exit forborne status and are classified
as stage 1.
Particularly, the category
of credit impaired
forborne loans includes those
that (a)
at the date
when forbearance measures
were
granted, were more than 90
days past due or assessed
as unlikely to pay, (b) at
the end of the one
year probation period met the
criteria of entering the non -impaired status and during the two years monitoring period new forbearance measures were extended
or became more than 30 days past due, and (c) were initially classified as non-
impaired and during the two years monitoring period
met the criteria for entering the credit impaired
status.
Furthermore, forborne
loans that
fail to
perform under
the new modified
terms and
are
subsequently denounced cease
to be
monitored as part of the
Bank’s forbearance activities
and are reported as denounced credit impaired
loans (stage 3)
consistently
with the Bank’s management
and monitoring of all denounced loans.
ii.
Impairment assessment
Where forbearance measures are extended, the Bank performs an assessment of the borrower’s financial condition
and its ability to
repay,
under the
Bank’s
impairment policies,
as described
in notes
2.2.13 and
5.2.1. Accordingly,
forborne loans
to wholesale
customers, retail
individually significant
exposures and
financial institutions
are assessed
on an
individual basis.
Forborne retail
lending portfolios are
generally assessed for
impairment separately from
other retail loan
portfolios on a
collective basis as
they
consist of large homogenous portfolio.
iii.
Loan restructurings
In cases
where the
contractual cash
flows of
a forborne
loan have
been substantially
modified, the
original
forborne loan
is
derecognized and a
new loan is
recognized. The Bank
records the
modified asset as
a ‘new’ financial
asset at fair
value and the
difference with the carrying amount of the
existing one is recorded in the income statement as derecognition
gain or loss. In the case
that the new financial
asset is credit impaired
at initial recognition, it is recognized
as an originated credit-impaired financial
asset
(POCI).
In cases where
the modification as a result
of forbearance measures is
not considered substantial, the Bank recalculates
the gross
carrying amount of the loan and
recognizes the difference as a modification gain or loss in
the income statement. The Bank continues
to monitor the modified forborne
loan in order to determine
if the financial asset exhibits significant increase in credit
risk since initial
recognition during the forbearance period.
As at 31 December 2025, the carrying amount of Bank's
forborne loans measured at FVTPL was
nil (2024: nil).
The following tables present an analysis of Bank’s forborne activities for loans measured at amortised
cost. In order to align with the
quantitative information provided in section (a)
based on IFRS 7 requirements, the relevant
tables below are presented on
a gross
carrying amount basis, while
cumulative
impairment allowance is
presented separately, in line
with the Bank’s internal
credit risk
monitoring and reporting.
Notes to the Financial Statements
.
607
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Page
31 December 2025 Financial Statements
The following table presents
a summary of the types of the Bank’s
forborne activities:
2025
2024
€ million
€ million
Forbearance measures:
Split balance
139
168
Loan term
extension
610
469
Arrears capitalisation
48
74
Reduced payment below interest owed
11
16
Interest rate reduction
82
104
Reduced payment above interest owed
17
21
Arrears repayment
plan
22
54
Interest only
1
1
Grace period
16
26
Partial debt
forgiveness/Write
-down
0
1
Operational
restructuring
9
11
Other
23
16
Total gross carrying
amount
976
961
Less: cumulative
impairment
allowance
(199)
(241)
Total carrying
amount
777
719
The following tables
present a summary of the credit quality of forborne loans and advances to customers:
31 December 2025
Total loans &
advances at
amortised cost
Forborne
loans &
advances
% of Forborne
loans &
advances
€ million
€ million
Gross carrying amounts:
12-month ECL-Stage
1
30,787
-
-
Lifetime
ECL-Stage 2
3,668
456
12.4
Lifetime
ECL-Stage 3 and
POCI
1,035
520
50.3
Total Gross Amount
35,490
976
2.8
Cumulative ECL
Loss allowance:
12-month ECL-Stage
1
(138)
-
Lifetime
ECL-Stage 2
(425)
(31)
Lifetime
ECL-Stage 3 and
POCI of which:
(419)
(168)
- Individually
assessed
(83)
(54)
- Collectively
assessed
(336)
(114)
Total carrying
amount
34,508
777
2.3
Collateral
received
19,734
789
Notes to the Financial Statements
.
608
|
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31 December 2025 Financial Statements
31 December 2024
Total loans
&
advances at
amortised cost
Forborne loans
& advances
% of Forborne
loans &
advances
€ million
€ million
Gross carrying
amounts:
12-month ECL-Stage
1
28,664
-
-
Lifetime
ECL-Stage 2
3,859
511
13.2
Lifetime
ECL-Stage 3 and
POCI
1,137
449
39.5
Total Gross Amount
33,661
961
2.9
Cumulative
ECL Loss allowance:
12-month ECL-Stage
1
(140)
-
Lifetime
ECL-Stage 2
(304)
(44)
Lifetime
ECL-Stage 3 and
POCI of which:
(544)
(198)
- Individually
assessed
(172)
(74)
- Collectively
assessed
(372)
(124)
Total carrying
amount
32,673
719
2.2
Collateral
received
19,718
727
The following table presents
the movement of forborne loans and advances:
2025
2024
€ million
€ million
Gross carrying amount at
1 January
961
1,137
Forbearance
measures in
the year
345
171
Forborne loans
derecognised/
reclassified
as held
for sale during
the year
⁽¹⁾
(11)
(29)
Write-offs of forborne
loans
(50)
(3)
Repayment
of loans
(138)
(180)
Loans & advances
that exited
forbearance status
⁽²⁾
(207)
(213)
Other
76
77
Less: cumulative
impairment
allowance
(199)
(241)
Carrying amount at 31
December
777
719
(1)
“Forborne loans derecognised/
reclassified as held
for sale during
the year” presents
loans derecognized during
the year due
to sale
and securitization
transactions and those that have been reclassified as held for sale during the year (notes 20 and 30).
(2)
In 2025, an amount of € 37 million loans and advances that exited forbearance status refers to loans that were denounced (2024: € 41
million).
Notes to the Financial Statements
.
609
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31 December 2025 Financial Statements
The following table presents
the Bank’s exposure to forborne loans and advances by product line:
2025
2024
€ million
€ million
Retail Lending
624
558
- Mortgage
422
358
- Consumer
27
33
- Credit
card
2
3
- Small business
173
164
Wholesale Lending
352
403
-Large corporate
188
155
-SMEs
164
249
Total gross carrying
amount
976
961
Less: cumulative
impairment
allowance
(199)
(241)
Total carrying
amount
777
719
The following table presents
the Bank’s exposure to forborne loans and advances by geographical region:
2025
2024
€ million
€ million
Greece
958
938
Rest of Europe
19
22
Other countries
-
0
Total gross carrying
amount
976
961
Less: cumulative
impairment
allowance
(199)
(241)
Total carrying
amount
777
719
The following
table provides
information on
modifications due
to forbearance
measures on
lending exposures
which have
not
resulted in
derecognition. Such financial
assets were modified
while they had a
loss allowance
measured at an
amount equal to
lifetime ECL.
2025
2024
Modified
lending exposures
€ million
€ million
Loans modified
during the year
with loss allowance measured
at an amount equal to
lifetime
ECL
Gross carrying amount
at 31 December
345
181
Modification
gain / (loss)
(5)
(3)
Loans modified
since initial
recognition
at a time when
loss allowance was based on
lifetime
ECL
-
Gross carrying amount
at 31 December
for which
loss allowance
has changed to
12-month
ECL measurement
49
103
In the year
ended 31 December 2025,
the gross
carrying amount of loans
previously modified for
which the loan allowance
has
reverted to being measured at an amount equal to lifetime
ECL amounted to € 326 million (2024: € 210 million).
Notes to the Financial Statements
.
610
|
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31 December 2025 Financial Statements
5.2.1.3
Debt Securities
The following
tables present an analysis
of debt securities by
external credit rating
agency designation at 31
December 2025
and
2024, based on Moody's ratings or their equivalent:
31 December 2025
12-month ECL-
Stage 1
Lifetime
ECL-
Stage 2
Lifetime
ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
Debt securities
at amortised cost
Aaa
1,186
-
-
1,186
Aa1 to Aa3
495
-
-
495
A1 to A3
962
-
-
962
Lower than
A3
7,557
15
-
7,572
Unrated
153
-
27
180
Gross Carrying Amount
10,353
15
27
10,395
Impairment
Allowance
(11)
(0)
(10)
(20)
Carrying Amount
10,343
15
18
10,375
Debt securities
at FVOCI
Aaa
454
-
-
454
Aa1 to Aa3
122
-
-
122
A1 to A3
675
-
-
675
Lower than
A3
1,839
19
-
1,858
Unrated
70
-
-
70
Carrying Amount
3,160
19
-
3,179
31 December 2024
12-month ECL-
Stage 1
Lifetime
ECL-
Stage 2
Lifetime
ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
Debt securities
at amortised
cost
Aaa
1,728
-
-
1,728
Aa1 to Aa3
27
-
-
27
A1 to A3
240
4
-
244
Lower than
A3
7,130
12
-
7,143
Unrated
148
-
36
184
Gross Carrying Amount
9,273
17
36
9,326
Impairment
Allowance
(11)
(1)
(9)
(21)
Carrying Amount
9,262
16
27
9,305
Debt securities
at FVOCI
Aaa
334
-
-
334
Aa1 to Aa3
424
-
-
424
A1 to A3
254
-
-
254
Lower than
A3
1,878
28
-
1,906
Unrated
64
-
-
64
Carrying Amount
2,954
28
-
2,982
Notes to the Financial Statements
.
611
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31 December 2025 Financial Statements
31 December 2025
Debt securities
held for
trading
Debt securities
measured at
FVTPL
€ million
€ million
Debt securities
at FVTPL
Aaa
22
-
A1 to A3
10
-
Lower than
A3
146
0
Carrying Amount
178
0
31 December 2024
Debt securities
held for trading
Debt securities
measured at
FVTPL
€ million
€ million
Debt securities
at FVTPL
Aaa
0
-
A1 to A3
10
-
Lower than
A3
139
0
Carrying Amount
149
0
The carrying amount of
debt securities rated
lower than A3,
amounting to €
9,566 million (2024:
€ 9,177 million),
is analyzed as
follows:
2025
2024
Sovereign
Banks and
Corporate
Sovereign
Banks and
Corporate
€ million
€ million
€ million
€ million
Debt securities
Greece
5,745
1,261
5,868
1,292
Other Eurozone
members
469
928
249
656
Other EU members
441
78
405
58
Other countries
186
459
206
443
Carrying Amount
6,841
2,725
6,728
2,449
Following a series
of sovereign rating
upgrades between 2023 and
2025,
the Greek government’s
long-term debt securities were
rated as investment grade by all five Eurosystem approved External Credit Assessment Institutions (DBRS: BBB,
stable outlook; Fitch:
BBB, stable outlook; Scope: BBB, positive outlook; S&P: BBB, stable outlook; Moody’s:
Βaa3,
stable outlook) as of end January 2026.
The carrying amount of unrated debt securities of € 241 million (2024: € 239 million) comprise € 204 million Greek corporate bonds
(2024: € 188
million), €
23 million Cyprus corporate
bonds (2024: €
27 million) and
€ 14 million
corporate bonds issued
in other
European countries (2024: € 24 million).
As at 31 December
2025, the nominal value
of the Bank’s
Russian debt exposures, which
have been classified
as credit impaired,
amounted to
€ 26
million, with
an impairment
allowance of
€
8 million (2024:
€ 39
million nominal
value with
an impairment
allowance of € 7 million).
For the year ended 31 December 2025, the Bank proceeded with the disinvestment of
debt securities of face value of € 514 million
measured at amortized cost, resulting in a derecognition gain of € 17 million. The
sale was assessed to be consistent with the held to
collect business model in accordance with the Bank’s
accounting policy.
The following tables present the Bank's exposure in debt securities, as categorized by stage, counterparty's geographical region and
industry sector:
Notes to the Financial Statements
.
612
|
Page
31 December 2025 Financial Statements
31 December 2025
Greece
Other European countries
Other countries
12-month ECL-
Stage 1
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Debt securities at
amortised cost
Sovereign
5,002
-
1,984
-
-
502
-
7,487
Banks
1,037
-
422
-
-
-
-
1,460
Corporate
309
5
607
11
22
491
4
1,449
Gross Carrying Amount
6,348
5
3,013
11
22
992
4
10,395
Impairment Allowance
(8)
(2)
(2)
(0)
(8)
(1)
(0)
(20)
Net Carrying Amount
6,340
3
3,011
11
14
992
4
10,375
Debt securities at
FVOCI
Sovereign
670
-
1,026
-
-
170
-
1,865
Banks
-
-
63
-
-
-
-
63
Corporate
122
-
695
19
-
414
-
1,250
Carrying Amount
792
-
1,784
19
-
584
-
3,179
31 December 2024
Greece
Other European
countries
Other countries
12-month ECL-
Stage 1
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
12-month ECL-
Stage 1
Lifetime ECL-
Stage 2
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Debt securities
at amortised cost
Sovereign
4,989
-
855
-
-
831
-
6,674
Banks
1,006
-
265
-
-
-
-
1,271
Corporate
303
5
722
12
31
302
4
1,380
Gross Carrying Amount
6,298
5
1,842
12
31
1,133
4
9,326
Impairment Allowance
(8)
(2)
(2)
(1)
(7)
(1)
(0)
(21)
Net Carrying Amount
6,290
3
1,840
11
24
1,132
4
9,305
Debt securities
at FVOCI
Sovereign
803
-
844
-
-
184
-
1,831
Banks
-
-
70
-
-
-
-
70
Corporate
177
-
601
28
-
276
-
1,082
Carrying Amount
979
-
1,514
28
-
461
-
2,982
31 December 2025
Greece
Other
European
countries
Other countries
Total
€ million
€ million
€ million
€ million
Debt securities
at FVTPL
Corporate
0
-
-
0
Carrying Amount
0
-
-
0
Debt securities
held for
trading
Sovereign
76
33
-
108
Corporate
-
62
8
70
Carrying Amount
76
94
8
178
Notes to the Financial Statements
.
613
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31 December 2025 Financial Statements
31 December 2024
Greece
Other
European
countries
Other countries
Total
€ million
€ million
€ million
€ million
Debt securities
at FVTPL
Sovereign
-
-
-
-
Banks
-
-
-
-
Corporate
0
-
-
0
Carrying Amount
0
-
-
0
Debt securities
held for
trading
Sovereign
80
0
-
80
Corporate
-
62
6
69
Carrying Amount
80
62
6
149
5.2.1.4
Offsetting of financial assets and financial liabilities
Financial assets and financial liabilities are offset according to IAS 32 ‘Financial
Instruments and the net amount is presented in the
balance sheet when, there is a legally enforceable right to set off the recognized amounts and there is
an intention to settle on a net
basis, or to realize the asset and settle the liability simultaneously (the offsetting criteria), as also set out in Bank's accounting policy
2.2.4.
Financial instruments that meet
the offsetting criteria include the eligible
repos and reverse repos under global master repurchase
agreements (GMRAs) and the CCP (Central
Counterparty) cleared OTC derivative financial instruments. Regarding the latter, the Bank
has assessed the terms
of the clearing agreements for the derivatives entered into with
Clearing Members and has concluded that
the offsetting criteria are met, in respect of the cash
accounts used for variation margin purposes
for such derivatives, which are also
used for the settlement of all payments thereunder.
Accordingly, derivative assets of € 652
million (2024: € 619 million) and
derivative
liabilities of € 349 million (2024: €
420 million) (note 19) were offset
against € 363 million
(2024: € 240
million) cash collateral received
(note 31) and € 60 million (2024: € 42
million) cash collateral
pledged (note 17).
Financial instruments under master netting arrangements and similar agreements that do not meet the criteria for offsetting in
the
balance sheet
include derivatives
(bilateral agreements)
as well as
repos and
reverse repos,
for which
a) the
right of
set-off is
enforceable only
following an
event
of default,
insolvency or
bankruptcy of
the
Bank or
the counterparties
or following
other
predetermined events and/or b)
the Bank and its counterparties may not intend to settle on a net basis or to realize the assets and
settle the liabilities
simultaneously.
The following tables present financial assets and financial liabilities that meet the criteria for offsetting and thus are presented on a
net basis
in the
balance sheet,
as
well as
amounts that
are
subject to
enforceable
master netting
arrangements and
similar
agreements for which the offsetting
criteria mentioned above are not satisfied.
In respect of the latter,
the Bank may receive and
provide collateral
in the
form of
marketable securities
and cash
that are
included in
the tables
below under
columns ‘financial
instruments’ and ‘cash collateral’.
Notes to the Financial Statements
.
614
|
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31 December 2025 Financial Statements
31 December 2025
Related amounts not
offset in
the BS
Gross amounts
of recognised
financial assets
Gross amounts of
recognised
financial
liabilities offset in
the balance sheet
Net amounts of
financial assets
presented in the
balance sheet
Financial
instruments
(incl. non-cash
collateral)
Cash
collateral
received
Net
amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Assets
Reverse
repos with
banks
1,675
(1,280)
395
(393)
-
2
Derivative
financial instruments
1,393
(652)
742
(445)
(201)
95
Deposits to
banks pledged
as collateral
517
(60)
458
(64)
-
393
Total
3,586
(1,992)
1,594
(902)
(201)
491
31 December 2025
Related amounts not
offset in
the BS
Gross amounts
of recognised
financial
liabilities
Gross amounts of
recognised
financial assets
offset in
the
balance sheet
Net amounts of
financial
liabilities
presented in the
balance sheet
Financial
instruments
(incl. non-cash
collateral)
Cash
collateral
pledged
Net
amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Liabilities
Derivative
financial instruments
1,265
(349)
916
(755)
(64)
96
Repurchase
agreements
with banks
5,735
(1,280)
4,455
(4,454)
-
1
Deposits from banks received as collateral
686
(363)
323
(201)
-
122
Total
7,685
(1,992)
5,694
(5,410)
(64)
219
31 December 2024
Related
amounts not offset
in the
BS
Gross amounts
of recognised
financial assets
Gross amounts of
recognised
financial liabilities
offset in the
balance sheet
Net amounts
of
financial assets
presented in the
balance sheet
Financial
instruments (incl.
non-cash
collateral)
Cash
collateral
received
Net amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Assets
Reverse
repos with
banks
746
(447)
299
(298)
-
1
Derivative
financial instruments
1,424
(619)
805
(556)
(177)
72
Deposits to
banks pledged
as collateral
571
(42)
529
(176)
-
353
Total
2,741
(1,107)
1,634
(1,030)
(177)
426
31 December 2024
Related
amounts not offset
in the
BS
Gross amounts
of recognised
financial
liabilities
Gross amounts of
recognised
financial assets
offset in the
balance sheet
Net amounts
of
financial
liabilities
presented in the
balance sheet
Financial
instruments (incl.
non-cash
collateral)
Cash
collateral
pledged
Net amount
€ million
€ million
€ million
€ million
€ million
€ million
Financial Liabilities
Derivative
financial instruments
1,545
(420)
1,124
(790)
(176)
159
Repurchase
agreements
with banks
3,812
(447)
3,365
(3,365)
-
-
Deposits from banks received as collateral
340
(240)
100
(100)
-
-
Total
5,697
(1,107)
4,590
(4,255)
(176)
159
Notes to the Financial Statements
.
615
|
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31 December 2025 Financial Statements
Derivative financial assets
and liabilities not under master netting
arrangements and similar
agreements of carrying value of
€ 21
million and € 6 million,
respectively, (2024: € 6 million
and € 14 million, respectively) are not presented in the above tables.
Financial assets and financial liabilities are disclosed in the above tables at their recognized amounts, either at fair value (derivative
assets and liabilities)
or amortized cost (all other financial
instruments), depending on the type of financial instrument.
5.2.2
Market risk
The Bank takes on exposure to market risk, which is the risk of potential financial loss due to an adverse change in market variables.
Changes in interest rates, foreign exchange rates, credit spreads, equity prices,
commodity prices and other relevant factors, such as
the implied volatilities, can affect the Bank’s income or
the fair value of its financial instruments.
The market risks the Bank
is exposed
to, are monitored, controlled and estimated by Group Market and Counterparty Risk (GMCR).
GMCR is responsible for the measurement, monitoring,
control and reporting of all market
risks, including the interest rate risk in the
Banking Book (IRRBB)
and the credit spread risk in the Banking Book (CSRBB)
of the Bank.
GMCR reports to the GCRO and its main
responsibilities include:
●
Monitoring of all key market, IRRBB
and CSRBB risk indicators
●
Implementation of Stress
Testing methodologies
for market risk, IRRBB
and CSRBB (historical
and hypothetical)
●
Monitoring and reporting of market and IRRBB and CSRBB
risk limits utilization
●
Development, maintenance and expansion of risk management infrastructure.
The market risks the Bank is
exposed to, are the following:
(a) Interest rate risk
The Bank takes on exposure to the effects of fluctuations
in the prevailing levels of
market interest rates on its cash flows and the fair
value of its financial positions. Cash flow interest rate risk is the risk that
the future cash flows of a financial instrument will fluctuate
because of changes in
market interest rates. Fair value interest rate risk is the
risk that the
value of a financial instrument
will fluctuate
because of changes in market interest rates. Fair value interest rate risk is further
split into ‘General’ and ‘Specific’. The former refers
to changes in the fair valuation of positions due to the movements of benchmark interest rates, while the latter refers to changes in
the fair valuation of positions due to the movements of
specific issuer yields
and credit spreads.
(b) Currency risk
The Bank takes on exposure to
the effects of fluctuations in
the prevailing foreign currency exchange rates on its
financial position
and cash flows.
(c) Equity risk
Equity price risk is the risk
of the decrease of fair values as a
result of changes in the
levels of equity indices
and the value of individual
stocks. The equity risk that the Bank undertakes arises mainly
from the investment portfolio.
(d) Commodity risk
The Bank is
exposed to
a very
limited level of
commodity risk, arising
primarily from effectively
facilitating
clients’ requests and
hedging purposes of the relevant exposures.
(e) Implied volatilities
The Bank carries limited
implied volatility (vega)
risk, mainly as a result
of open positions on options.
The BoD and
Board Risk Committee set
limits on the level of exposure to market
risks, which are monitored on a daily basis.
Market risk is managed and monitored
mainly using Value at Risk (VaR) methodology.
Sensitivity and stress test analysis
is additionally
performed.
(i) VaR summary
for 2025
and 2024
VaR is a methodology used in measuring financial risk by estimating the potential negative change in the market value of a portfolio
at a given confidence
level and
over a specified time
horizon. The VaR
that the Bank
measures is an estimate
based upon a 99%
Notes to the Financial Statements
.
616
|
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31 December 2025 Financial Statements
confidence level and a holding period
of 1 day and the methodology used
for the calculation is Monte Carlo simulation (full re-pricing
of the positions is performed).
The VaR models are designed to measure market risk
in a normal market environment. It is
assumed that any changes occurring in
the risk factors affecting
the normal market environment will follow
a normal distribution.
Although VaR
is an important tool for measuring
market risk, the assumptions on which the model is
based do give rise to certain
limitations. Given this, actual outcomes are monitored regularly, via back testing process, to test the validity of the assumptions and
the parameters used in the VaR
calculation.
The perimeter of the VaR analysis takes into account the FVTPL, including trading and FVOCI
portfolios. Consequently, the potential
impact as it is
depicted in the VaR figures
would directly affect Bank’s
Capital (income statement
or equity).
Since VaR
constitutes an integral part of
the Bank's market
risk control regime, VaR
limits have been established for all
the above
operations (trading
and investment
portfolios measured
at fair
value)
and actual
exposure is
reviewed daily
by
management.
However, the use of this approach does not prevent losses outside of these limits in the event of extraordinary market movements.
VaR by risk type
(1)
.
2025
(Average)
2025
2024
(Average)
2024
€ million
€ million
€ million
€ million
Interest
Rate Risk
5
4
5
5
Foreign Exchange
Risk
0
0
0
0
Equities Risk
0
0
1
1
Total VaR
5
4
5
6
(1)
Includes all portfolios measured at fair value.
The aggregate VaR of the interest rate, foreign exchange and equities VaR benefits from diversification effects. The largest portion of
the Bank’s Interest Rate VaR figures is attributable to the risk associated with interest rate and credit spread
sensitive debt securities
and derivatives. The average VaR of 2025
remains relatively stable at low levels, consistent with
the average VaR
observed in 2024.
(ii) Interest rate gap and sensitivity
The following
table provides the interest rate
repricing gap of the
Bank, which analyses the structure of
interest rate mismatches
within the balance sheet. The Bank’s
financial assets/liabilities are included at
their notional/outstanding amounts and categorized
based on either (i) the next contractual repricing date if floating rate or
(ii) the maturity/call date (whichever is first) if fixed rate. The
below analysis provides an approximation of
the interest rate risk exposure since transactions with different duration
are aggregated
together per time bucket.
Notes to the Financial Statements
.
617
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31 December 2025 Financial Statements
31 December
2025⁽²⁾
less than 1
month
1-3 months
3-12 months
1-5
years
More than 5
years
€ million
€ million
€ million
€ million
€ million
Balances with
central
banks
4,959
-
-
-
-
Due from credit institutions
1,182
1,569
1,605
527
-
Debt securities⁽¹⁾
1,275
462
620
2,618
8,193
Loans and advances
to customers
10,346
7,293
8,075
5,640
3,734
17,762
9,324
10,300
8,785
11,927
Due to
central
banks
(1,000)
-
-
-
-
Due to credit institutions
(3,256)
(906)
(825)
(1,841)
-
Due to customers
(37,504)
(3,368)
(4,379)
(3)
-
Debt securities
in issue
(675)
(489)
(1,086)
(4,192)
(1,008)
(42,435)
(4,763)
(6,290)
(6,036)
(1,008)
Derivative
financial instruments
(6,943)
(631)
665
13,355
(6,597)
Interest rate
gap
(31,615)
3,931
4,675
16,104
4,322
31 December
2024⁽²⁾
less than 1
month
1-3 months
3-12 months
1-5
years
More than 5
years
€ million
€ million
€ million
€ million
€ million
Balances with
central
banks
5,021
-
-
-
-
Due from credit institutions
1,384
475
489
355
-
Debt securities⁽¹⁾
1,199
595
547
3,535
5,736
Loans and advances
to customers
12,344
5,262
7,640
5,178
3,091
19,947
6,331
8,677
9,069
8,826
Due to credit institutions
(2,758)
(1,023)
(126)
(841)
-
Due to customers
(34,540)
(3,539)
(5,459)
(155)
-
Debt securities
in issue
(673)
(211)
(235)
(3,614)
(2,200)
(37,971)
(4,772)
(5,820)
(4,609)
(2,200)
Derivative
financial instruments
(5,903)
(933)
(15)
10,719
(4,006)
Interest
rate gap
(23,927)
626
2,841
15,178
2,620
(1)
Including short positions in debt securities (note 34).
(2)
Amounts are before offsetting (note 5.2.1.4).
The Bank performs a sensitivity analysis to assess the impact on
net interest income (NII) and on other comprehensive income (OCI),
to a hypothetical change in the market interest
rates.
.
The impact on NII is calculated
under the scenario of an instantaneous parallel shift
of all interest rates
by +/- 100bps, for a 1-year
period, assuming a static balance sheet approach. As at
31 December 2025
the impact on NII, under the scenario of a
parallel shift in
the yield curves,
stands at €
38 million (+100bps)
and € -50 million
(-100bps) (31 December 2024:
€ 50 million and
€ -62 million,
respectively).
The impact on
OCI is calculated
as the fair
value movement
of all financial
assets measured at
FVOCI, net of hedging
and of any
hedging instruments designated in qualifying cash flow hedge relationships
.
As at 31 December 2025
the impact on OCI, under the
scenario of a parallel shift in the yield curves, stands at € -79 million (+100bps) and € 85 million (-100bps) (31 December 2024: € -53
million and € 55 million, respectively).
.
Notes to the Financial Statements
.
618
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31 December 2025 Financial Statements
(iii) Foreign exchange risk
The following tables
present the Bank’s exposure to foreign currency exchange risk as
at 31 December 2025 and 2024:
31 December 2025
USD
CHF
GBP
RON
BGN
OTHER
EUR
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
ASSETS
Cash and balances with
central
banks
12
2
5
-
-
3
5,417
5,438
Due from credit
institutions
143
14
158
16
-
42
3,203
3,576
Securities
held for
trading
-
-
3
-
-
-
175
178
Derivative
financial
instruments
14
0
2
-
-
1
745
762
Loans and advances
to
customers
3,167
1,380
0
4
-
2
29,949
34,503
Investment
securities
598
-
74
-
-
-
13,089
13,761
Other assets⁽¹⁾
2
1
-
35
801
1
9,502
10,341
Assets of disposal
groups
classified as held
for sale
(note
30)
-
37
-
-
-
-
174
211
Total Assets
3,936
1,433
242
55
801
48
62,256
68,770
LIABILITIES
Due to
central
banks and
credit institutions
16
8
4
3
-
18
6,170
6,219
Derivative
financial
instruments
13
2
1
0
-
0
906
922
Due to customers
3,581
24
141
1
-
116
41,494
45,356
Debt securities
in issue
26
-
-
-
-
-
7,541
7,568
Other liabilities⁽²⁾
1
0
4
0
-
0
915
920
Total Liabilities
3,638
33
150
5
-
133
57,027
60,985
Net on balance
sheet
position
298
1,400
92
50
801
(85)
5,229
7,785
Derivative forward
foreign
exchange position
(265)
(1,406)
(80)
(14)
-
90
1,482
(193)
Total Foreign
Exchange
Position
33
(6)
12
36
801
5
6,712
7,592
Notes to the Financial Statements
.
619
|
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31 December 2025 Financial Statements
31 December 2024
USD
CHF
GBP
RON
BGN
OTHER
EUR
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
ASSETS
Cash and balances with
central
banks
11
2
3
-
-
2
5,397
5,415
Due from credit
institutions
30
3
103
27
4
42
2,062
2,272
Securities
held for
trading
0
-
28
-
-
0
121
149
Derivative
financial
instruments
18
0
2
0
1
0
790
812
Loans and advances
to
customers
3,013
1,623
2
6
0
3
28,043
32,690
Investment
securities
832
-
120
-
-
190
11,366
12,508
Other
assets ⁽¹⁾
3
1
0
50
801
0
8,600
9,455
Assets of disposal
groups
classified as held
for sale
(note 30)
-
0
-
8
-
-
85
94
Total Assets
3,908
1,629
258
91
806
238
56,464
63,395
LIABILITIES
Due to
central
banks and
credit institutions
46
1
6
5
0
21
3,946
4,025
Derivative
financial
instruments
14
3
1
0
0
2
1,119
1,139
Due to customers
3,845
23
127
2
0
117
39,629
43,742
Debt securities
in issue
79
-
-
-
-
0
6,974
7,053
Other
liabilities⁽²⁾
15
0
3
20
0
0
906
943
Total Liabilities
3,998
27
137
27
0
140
52,574
56,902
Net on balance
sheet
position
(90)
1,603
121
65
806
98
3,891
6,493
Derivative forward foreign
exchange
position
107
(1,654)
(109)
(6)
(213)
(112)
1,999
12
Total Foreign
Exchange
Position
17
(52)
12
59
593
(14)
5,890
6,504
(1)
Other assets include Investments in associates
and joint ventures, Property and equipment, Investment property, Intangible
assets, Deferred tax assets and
Other assets.
(2)
Other liabilities include liabilities of disposal group classified as held for sale (note 30).
Post Balance Sheet Event
On 1 January 2026, Bulgaria adopted the euro as its official currency. The Bank’s exposure in BGN
presented above, which is mainly
attributable to the investment in its banking
subsidiary in Bulgaria, ERB Bulgaria A.D., has changed from BGN to
the euro accordingly.
Notes to the Financial Statements
.
620
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Page
31 December 2025 Financial Statements
5.2.3
Liquidity risk
The Bank is exposed to
daily calls on its available cash resources
due to deposits
withdrawals, maturity of medium or long-term notes,
maturity of secured or
unsecured funding (interbank
repos and money market
takings), loan drawdowns and forfeiture of
guarantees.
Furthermore, margin calls on secured
funding transactions (with ECB and
the market), on risk
mitigation contracts (CSAs, GMRAs) and
on centrally cleared transactions (CCPs)
result in liquidity exposure. The Bank maintains
cash resources to meet all
of these needs.
The Board Risk Committee sets
liquidity limits to ensure that sufficient
funds are available to meet
such contingencies.
Past experience shows that liquidity requirements to support
calls under guarantees and standby
letters of credit are considerably
less than the amount of the commitment. This is also the case with credit commitments where the outstanding contractual amount
to extend credit does not
necessarily represent future cash requirements, as
many of these commitments
will expire or terminate
without being funded.
The matching
and
controlled mismatching
of the
maturities and
interest
rates of
assets
and liabilities
is fundamental
to
the
management of the Bank. It is unusual for banks to be completely matched, as transacted business is
often of uncertain term and of
different types. An unmatched position potentially enhances profitability, but also
increases the risk of losses.
The maturities of assets and liabilities and the ability to replace, at an acceptable cost,
interest bearing liabilities as they mature, are
important factors in assessing
the liquidity of the Bank.
Liquidity Risk Management Framework
The Bank’s Liquidity Risk Policy defines
the following supervisory and control structure:
●
Board Risk Committee's role is to approve all strategic liquidity risk management decisions and to monitor the quantitative
and qualitative aspects of liquidity risk;
●
Group Assets and
Liabilities Committee
has the mandate to
form and implement
the liquidity policies
and guidelines in
conformity with Bank's risk appetite,
and to review at least
monthly the overall liquidity position of the Bank;
●
Group Treasury is responsible for the implementation of the Bank's liquidity strategy, taking into account the latest funding
plan and for the daily management of
the Bank’s liquidity;
●
Group Market and Counterparty Risk Sector
is responsible for measuring, controlling, monitoring and
reporting the liquidity
risk of the Bank.
The main items related
to liquidity risk that are monitored on a periodic basis are
summarized as
follows:
●
The analysis of liquidity buffer held on Group level per asset
type and per subsidiary;
●
The Liquidity Coverage Ratio (LCR) both in solo and group level;
●
The Net Stable Funding Ratio
(NSFR)
both in solo and group level;
●
Liquidity stress test
scenarios. These scenarios evaluate the impact
of a number of stress
events on the Group's liquidity
position;
●
Market sensitivities affecting
liquidity;
●
The Additional Liquidity Monitoring Metrics (ALMM) both in solo and group level;
●
The Asset Encumbrance (AE) both in solo and group level;
●
Monitoring and implementation of the funding plan.
Notes to the Financial Statements
.
621
|
Page
31 December 2025 Financial Statements
Maturity analysis of assets
The following tables present maturity analysis of Bank assets as at 31 December 2025 and 2024, based on their carrying values. The
Bank has established credit risk mitigation
contracts with its interbank counterparties (ISDA/CSA).
Under these contracts the Bank
has posted
or received
collateral,
which covers
the corresponding net
liabilities or
net assets
from derivative
transactions. The
collateral posted
is not
presented in
the below tables.
For derivative
assets not
covered by
ISDA/CSA agreements
the positive
valuation is presented at fair
value in the ‘over 1 year’ time bucket.
31 December 2025
Less than 1
month
1 - 3
months
3 months
to 1 year
Over 1
year
Total
€ million
€ million
€ million
€ million
€ million
- Cash and balances
with central
banks
5,438
-
-
-
5,438
- Due from
credit
institutions
658
184
154
2,085
3,081
- Loans and advances
to customers
1,576
1,016
3,068
28,843
34,503
- Debt Securities
12
116
524
13,080
13,732
- Equity securities
-
-
-
208
208
- Derivative
financial instruments
-
-
-
20
20
- Other assets⁽¹⁾
73
19
10
10,238
10,340
- Assets of disposal
groups classified
as held for
sale (note
30)
-
-
211
-
211
Total
7,757
1,335
3,967
54,474
67,533
31 December 2024
Less than 1
month
1 - 3
months
3 months
to 1 year
Over 1
year
Total
€ million
€ million
€ million
€ million
€ million
- Cash and balances
with central
banks
5,415
-
-
-
5,415
- Due from
credit
institutions
443
180
402
713
1,738
- Loans and advances
to customers
1,467
969
2,736
27,518
32,690
- Debt Securities
12
8
328
12,088
12,436
- Equity securities
-
-
-
221
221
- Derivative
financial instruments
-
-
-
4
4
- Other assets⁽¹⁾
67
18
9
9,369
9,463
- Assets of disposal
groups classified
as held for
sale
-
-
86
-
86
Total
7,404
1,175
3,561
49,913
62,053
(1)
Other assets include shares in
subsidiaries, Investments in associates and
joint ventures, Property and equipment,
Investment property,
Intangible assets,
Deferred tax assets and Other assets.
Liquidity reserves
The Bank
holds a
diversified portfolio
of cash
and highly
liquid assets
to support
payment obligations
and contingent
deposit
withdrawals in a stressed market environment. The Bank's assets
held for managing liquidity risk (cash
value) are analyzed below.
:
2025
2024
€ million
€ million
Cash and balances with
Central Banks
in excess
of MRR
5,064
5,101
Securities
and other
assets eligible
for ECB funding⁽¹⁾
12,364
12,545
Debt securities
eligible
for funding under
repurchase
agreements
3,738
4,369
Due from banks maturing within
one month
130
72
Liquidity reserves
– highly liquid
assets
21,296
22,087
Other unencumbered
assets eligible
as collateral
for funding
5,760
4,785
The above liquidity reserves include High Quality Liquid Assets (HQLAs) of € 14.6 billion (2024: € 13.4 billion), which are
used in the
calculation of the Bank’s Liquidity
Coverage Ratio (LCR). As at 31 December 2025,
the Bank’s LCR stood at 187.8% (31
December 2024:
180.5%), significantly above the minimum
regulatory threshold of 100%.
Further disclosures regarding liquidity risk management
are provided in the Consolidated Pillar 3 Report on the Bank’s website.
Notes to the Financial Statements
.
622
|
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31 December 2025 Financial Statements
Maturity analysis of liabilities
The amounts disclosed in
the tables below are the
contractual undiscounted
cash flows for the years 2025
and 2024. Liabilities without
contractual maturities
(sight and saving deposits)
are presented in the ‘less
than 1 month’ time
bucket. The Bank
has established
credit risk mitigation
contracts with its interbank counterparties
(ISDA/CSA). Due
to these contracts
the Bank
has already posted
collateral which covers the valuation of its net liabilities from interbank
derivatives. For derivative liabilities not covered by ISDA/CSA
agreements the negative valuation
is presented at fair
value in the ‘less than 1 month’ time
bucket.
It should be noted that this table represents the worst case scenario
since it is based on the assumption that all liabilities will be paid
at maturity and they will not be
rolled over
(e.g. all term deposits are withdrawn at their contractual maturity.
Even in an adverse
scenario of a systemic
financial crisis the likelihood of
such an event is remote.
31 December 2025
Gross nominal
Less than
1 - 3
3 months
Over
(inflow)/
1 month
months
to 1 year
1 year
outflow
€ million
€ million
€ million
€ million
€ million
Non-derivative
liabilities:
- Due to
central
banks and credit
institutions
1,862
1,198
929
2,381
6,370
- Due to
customers
37,484
3,284
4,644
4
45,416
- Debt securities
in issue
98
370
786
7,421
8,675
- Lease liabilities
2
5
20
101
128
- Other liabilities
223
278
300
-
801
39,669
5,135
6,679
9,907
61,390
Derivative
financial instruments
3
-
-
-
3
Off-balance sheet items
Less than
Over
1 year
1 year
€ million
€ million
Credit related commitments
5,412
11,403
Contractual
commitments⁽¹⁾
25
Total
5,437
11,403
31 December 2024
Gross nominal
Less than
1 - 3
3 months
Over
(inflow)/
1 month
months
to 1 year
1 year
outflow
€ million
€ million
€ million
€ million
€ million
Non-derivative
liabilities:
- Due to credit institutions
493
1,187
706
1,826
4,212
- Due to
customers
34,363
3,797
5,542
161
43,863
- Debt securities
in issue
90
36
478
8,096
8,701
- Lease liabilities
2
4
19
101
126
- Other liabilities
213
262
349
-
824
35,161
5,286
7,094
10,184
57,726
Derivative
financial instruments
6
-
-
-
6
Notes to the Financial Statements
.
623
|
Page
31 December 2025 Financial Statements
Off-balance sheet items
Less than
Over
1 year
1 year
€ million
€ million
Credit related
commitments⁽²⁾
3,291
7,441
Contractual
commitments⁽¹⁾
41
-
Total
3,332
7,441
(1)
It
refers
to
contractual
commitments
for
the
purchase
of
own
used,
investment
property
and
intangible
assets
(note
42).
(2)
The comparative figures have been adjusted to include € 3.4 billion of unconditionally cancellable, undrawn overdraft facilities (note 42).
5.2.4 Sustainability risks
Sustainability risks are neither new nor stand-alone risks, rather they are transverse risks, manifesting through existing risk types. As
sustainability risks interact with other risks and result in direct distributional impacts and indirect
macroeconomic impacts, the Bank
understands that careful consideration
of the cross-cutting nature thereof is
necessary in order
to ensure the optimal implementation
of adaptation activities.
Specifically, sustainability risks are defined as potential losses arising from any
negative financial impact for the Bank, stemming from
current or prospective impacts of any climate-related & environmental, social or governance
factors on the Bank’s counterparties or
invested assets.
Definitions of sustainability risks
include the following:
•
Climate-Related
and Environmental risks: Climate-related
and environmental risks are
defined as the
risks deriving from
potential loss or negative
impact to the Bank, including loss/
damage to physical assets,
disruption of business or system
failures,
transition
expenditures
and
reputational
effects
from
the
adverse
consequences
of
climate
change
and
environmental degradation.
•
Social risk: Social risk refers
to potential losses arising
from any negative financial impact on the Bank stemming
from the
current or
prospective impacts
of social
factors (such
as human
rights violation,
income inequality,
customer safety
&
protection and consumers’ changing preferences) on the Bank’s counterparties or invested assets.
•
Governance risk: Governance risk
refers to potential losses arising from any negative financial impact on
the Bank stemming
from the current or prospective impacts
of governance factors (such as anti-financial
crime, non-compliance with policies
or regulations and governance practices) on the Bank’s counterparties or invested assets.
The Group is adopting a strategic approach towards sustainability, climate change risk identification and risk
management, signifying
the great importance that
is given in the
risks and opportunities arising
from the transitioning to
a low-carbon
and more circular
economy. In this context, the Bank has approved and implements its
Financed Impact Strategy,
which focuses on:
●
Client engagement and awareness – Helping clients transition to more sustainable business models
by raising awareness of
climate change challenges
and opportunities.
●
Supporting clients
in transition
– Facilitating
the transition of
clients towards
sustainable practices
by offering
eligible
financing solutions under the Bank’s Sustainable
Finance Framework (SFF).
●
Enablers and tools for sustainable financing – Providing frameworks, tools, and products
to underpin sustainable financing.
●
Assessment and management of sustainability-related risks –
Identifying and managing
the sustainability-related risks within
its loan and investment portfolios, including assessing
exposure to transition and physical risks linked to climate
change.
To
facilitate the
classification of sustainable/green
financing opportunities
in a
structural manner,
the Group
has developed
its
Sustainable Finance Framework (SFF). Through its SFF, the Bank is able to classify sustainable lending solutions offered to its clients,
specifying the applied classification approach and the activities defined as eligible to access sustainable financing (eligible green and
social assets). Moreover, the Bank maintains a Sustainable Investment Framework
(SIF), which outlines the
Bank’s various sustainable
investment approaches/ strategies based on criteria observed as per international market practices, the process for the selection of
eligible investments, as
well as the monitoring frequency applicable to the sustainable
portfolio.
Notes to the Financial Statements
.
624
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Page
31 December 2025 Financial Statements
Furthermore, the Bank has updated its Sustainability Governance structure with clearly
defined roles and responsibilities supporting
the
roll-out of
the
Sustainability Strategy
and
the
integration
of sustainability
risks,
through the
involvement of
various
key
stakeholders
(i.e.
Business
&
Risk
Units,
Committees,
etc.).
The
Group
applies
an
established
model of
defined
roles
and
responsibilities regarding the management
of sustainability risks across
the 3 Lines of Defense.
Taking into account the significant
impact of sustainability risks both on financial institutions
and on the global economy, the Bank
also maintains a Sustainability Risk Management Policy
which aims at fostering a holistic understanding
of the effects of sustainability
risks on its business
model, as well
as support decision-making regarding these matters and provide a robust governance under its
Risk Management Framework.
The purpose of the
Policy is to
provide an overview and
a common understanding
of Bank’s
main
governance arrangements, as well as roles & responsibilities undertaken by the Group Sustainability Risk (GSR), in the
context of the
Bank’s overall Sustainability
risks management activities.
GSR has the overall
responsibility for overseeing, monitoring, and managing sustainability
risks. More specifically,
GSR:
●
prepares and
maintains the
Bank’s Sustainability
Risk Management
Policy,
as well
as relevant
policies, processes
and
methodologies (e.g. ESG Risk Assessment (see below),
Climate Risk Scorecard, exclusion
lists) in collaboration
with the Group
Sustainability Unit, Business
& Risk Units.
●
leads the development and implementation
of the Sustainability
risk related framework, as
well as relevant
policies and
processes (e.g., Sustainability
Risk Management Framework,
Climate Risk Stress
Test Framework
documents) across the
Bank, in
coordination with
other involved
units, as
well as
the
development and
update
of the
Sustainable Finance
Frameworks.
●
monitors and reports to the
Group Senior Sustainability Officer (GSSO) the progress of
the implementation of the developed
Climate Risk action plan and reports to the Board for
Sustainability Risk matters.
●
monitors and challenges the
involved stakeholders in setting Net Zero targets and
the Financed Impact Strategy, and reports
financial targets
and KPIs.
●
leads the 2nd Line of Defense independent sustainable lending re-assessment process (i.e. provides opinion on
sustainable
financings regarding
the CIB
Portfolio, as
part of a
bespoke process
and the
characterization of
products of
the Retail
Portfolio as sustainable)
against the Sustainable
Finance criteria (as
per pre-determined thresholds).
●
develops and maintains
the Climate Risk Stress
Testing (CRST)
Framework, as well as
scenario analysis and stress testing
methodologies, and coordinates the
performance of sustainability risk scenario analysis and
relevant stress test exercises at
Bank level.
ESG Risk Assessment
Eurobank has developed an ESG Risk Assessment to assess and
classify the Bank's clients based on
ESG criteria, in line with regulatory
requirements. The Bank uses
an internal ESG Risk
Scoring method, resulting in one of three
ESG risk categories:
High, Medium,
or
Low.
This
assessment
informs
credit
decisions,
by
incorporating
ESG
risks,
potential
mitigation
actions
and
due
diligence
considerations.
The
framework
includes
ESG
due
diligence
triggers
and
escalation
mechanisms,
with
the
Bank
providing
recommendations for appropriate mitigating actions. Obligors are expected
to submit an ESG action
plan within 12 months
to address
identified risks and opportunities.
Eurobank’s ESG Risk Assessment framework determines whether mitigation actions are
required based on
the borrowers’ overall ESG
score and transaction characteristics such as tenor and exposure. Based on these
factors, ESG mitigation actions are mandatory for
high-risk borrowers, while medium-risk
borrowers may also undergo this process.
The overall approach, which
is presented in detail in
section 2.4.4 of the Sustainability
Statement, aligns
with Eurobank's business
strategy, enhances
ESG risk awareness,
supports sustainable financing, and ensures
compliance with the Bank's
risk appetite and
credit policies.
Further information on sustainability risks is
provided in the Group’s Sustainability Statement
as at 31 December 2025.
5.3
Fair value of financial assets and liabilities
Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants in the principal (or most advantageous) market at
the measurement date under current market conditions (i.e. an
exit
price). When
a quoted
price for
an identical
asset or
liability is
not observable, fair
value is
measured using
another valuation
Notes to the Financial Statements
.
625
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31 December 2025 Financial Statements
technique that is appropriate in
the circumstances and maximizes
the use of relevant observable inputs and
minimizes the use
of
unobservable inputs. Observable inputs are developed using
market data, such as publicly available information about actual events
or transactions, and reflect assumptions that market
participants would use when
pricing financial instruments, such as quoted
prices
in active markets for similar
instruments, interest rates
and yield curves, implied volatilities and credit spreads.
The Bank’s financial instruments measured at fair value or at amortized cost for which fair value is disclosed are categorized into the
three levels of the fair value
hierarchy based on whether the inputs to the fair values are observable or unobservable, as follows:
(a) Level
1-Financial instruments measured based on quoted
prices (unadjusted) in active markets for identical financial instruments
that the Bank can access at the
measurement date. A market is
considered active when quoted prices are readily and regularly
available from
an exchange,
dealer, broker,
industry group,
pricing service, or
regulatory agency and
represent actually
and
regularly occurring transactions. Level
1 financial instruments include actively
quoted debt
instruments held or
issued by the Bank,
equity and derivative
instruments traded on exchanges
,
as well as
mutual funds that
have regularly and
frequently published
quotes.
(b) Level
2-Financial instruments
measured using
valuation techniques
with inputs,
other than
level 1
quoted prices,
that are
observable either directly or
indirectly, such as: i) quoted
prices for similar financial instruments in active
markets, ii) quoted prices
for identical or similar financial instruments in markets that are not
active, iii) inputs other than quoted prices that are directly or
indirectly observable, mainly interest rates
and yield curves observable at commonly quoted intervals, forward exchange rates,
equity prices, credit spreads and
implied volatilities obtained from internationally recognized market
data providers and iv) other
unobservable inputs which are insignificant to the entire fair value measurement. Level 2 financial instruments
include over the
counter (OTC) derivatives, less liquid
debt instruments held or issued by the Bank and equity instruments.
(c)
Level 3-Financial
instruments
measured using
valuation techniques
with
significant unobservable
inputs. When
developing
unobservable inputs,
best information
available is
used, including
own
data, while
at
the same
time market
participants'
assumptions are reflected (e.g. assumptions about
risk). Level 3 financial instruments
include unquoted
equities or equities traded
in markets that are not considered
active, certain OTC derivatives, loans and
advances to customers including securitization notes
of loan portfolios originated by the Bank and recognized in financial assets and certain
debt securities held or
issued by the Bank.
Financial instruments carried
at fair value
The fair value hierarchy categorization of the Bank's financial assets and liabilities measured
at fair value is presented in
the following
tables:
31 December 2025
Level 1
Level 2
Level 3
Total
€ million
€ million
€ million
€ million
Securities
held for
trading
178
1
-
178
Investment
securities
at FVTPL
78
37
76
191
Derivative
financial instruments⁽¹⁾
0
761
1
762
Investment
securities
at FVOCI
3,024
144
28
3,196
Loans and advances
to customers
mandatorily
at FVTPL
-
-
23
23
Financial assets measured
at fair value
3,280
942
128
4,350
Derivative
financial instruments⁽¹⁾
0
922
-
922
Trading liabilities
76
-
-
76
Financial liabilities
measured at fair
value
76
922
-
998
Notes to the Financial Statements
.
626
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31 December 2025 Financial Statements
31 December 2024
Level 1
Level 2
Level 3
Total
€ million
€ million
€ million
€ million
Securities
held for
trading
149
0
-
149
Investment
securities
at FVTPL
74
30
75
179
Derivative
financial instruments⁽¹⁾
-
812
-
812
Investment
securities
at FVOCI
2,845
151
29
3,025
Loans and advances
to customers
mandatorily
at FVTPL
-
-
19
19
Financial assets measured
at fair value
3,067
994
124
4,185
Derivative
financial instruments⁽¹⁾
-
1,139
-
1,139
Trading liabilities
43
-
-
43
Financial liabilities
measured at
fair value
43
1,139
-
1,182
(1)
Amounts
are presented after offsetting € 652 million
and € 349 million level 2 derivative
financial assets and liabilities, respectively, against cash
collateral
received/pledged (2024: after offsetting € 619 million and € 420 million derivative financial assets and liabilities, respectively) (note 5.2.1.4).
The Bank recognizes
transfers into
and out
of the fair
value hierarchy levels
at the
beginning of the
quarter in which a
financial
instrument's transfer was
effected. There were
no material transfers
between levels during the year ended 31 December 2025
Reconciliation of Level 3 fair
value measurements
2025
2024
€ million
€ million
Balance at 1 January
124
123
Transfers into
Level
3
2
15
Transfers out
of Level
3
(1)
(0)
Additions, net
of disposals and redemptions
⁽¹⁾
4
(8)
Total gain/(loss)
for the year
included
in profit
or loss
1
(3)
Total gain/(loss)
for the year
included
in other
comprehensive
income
(1)
-
Foreign exchange
differences
and other
(2)
(3)
Balance at 31 December
128
124
(1)
Including capital returns on equity instruments.
Bank's valuation processes and techniques
The Bank’s processes and procedures governing the fair valuations are established by the Group Market Counterparty Risk Sector in
line with the Bank’s accounting policies. The Bank
uses widely recognized valuation models for determining the fair value
of common
financial instruments that are
not quoted in an active market, such as
interest and cross currency swaps,
that use only observable
market data and
require little
management estimation
and judgment. Specifically,
observable prices or
model inputs are
usually
available in the market for listed debt and equity securities, exchange-traded and simple over-the-counter
derivatives. Availability of
observable market
prices and
model inputs
reduces the
need for
management judgment and
estimation and
also reduces
the
uncertainty associated with determining
fair values.
For the classification
of debt securities into the
three levels of
the fair value
hierarchy, the Bank also assigns a rating scale for each debt
security, based on the
quality and quantity of the market
data inputs used
to calculate its
fair value
at a specific
date. The debt
securities are then
allocated into levels
based on
specific rating thresholds
representing highly liquid to thinly traded debt securities.
Where valuation techniques are used to determine the fair values of financial
instruments that are not quoted in an active market,
they
are
validated
against
historical
data
and,
where possible,
against
current
or
recent
observed transactions
in different
instruments, and
periodically reviewed
by qualified personnel
independent of
the personnel
that created
them. All models
are
certified before they are used and models are calibrated to
ensure that outputs reflect actual data and comparative market prices.
Fair values’ estimates obtained from
models are adjusted for any other factors,
such as liquidity risk or model uncertainties, to the
extent that market participants would take them into account in pricing the instrument. Fair values also reflect the credit risk of the
instrument and include adjustments to take account of the credit risk of the
Bank and the counterparty, where appropriate.
Notes to the Financial Statements
.
627
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31 December 2025 Financial Statements
Valuation controls applied by
the Bank may include verification
of observable pricing, re-performance of model valuations, review
and approval process for new models and/or
changes to models, calibration and
back-testing against observable market transactions,
where available, analysis of significant valuation movements,
etc. Where third
parties' valuations are used
for fair value measurement,
these are reviewed in order to ensure compliance with the requirements
of IFRS 13.
The fair values of OTC derivative financial instruments are estimated by discounting expected cash flows using market interest rates
at the measurement date. Counterparty
credit risk adjustments and own
credit risk adjustments are applied
to OTC derivatives, where
appropriate. Bilateral
credit risk adjustments consider the expected cash flows
between the Bank and its counterparties under the
relevant terms of the derivative instruments and the effect of the credit risk
on the valuation of these cash flows. As appropriate in
circumstances, the Bank
considers also the
effect of any
credit risk mitigating
arrangements, including collateral
agreements and
master netting agreements on the calculation of
credit risk valuation adjustments (CVAs). CVA calculation
uses probabilities of default
(PDs) based on observable market data
such as credit default swaps
(CDS) spreads, where appropriate, or based on internal rating
models. The
Bank applies
similar methodology
for the
calculation
of debit-value-adjustments
(DVAs),
when applicable.
Where
valuation techniques are based on internal
rating models and the relevant CVA
is significant
to the entire fair value measurement,
such derivative
instruments
are
categorized as
Level 3
in the
fair value
hierarchy.
A reasonably
possible change
in the
main
unobservable input (i.e. the
recovery rate), used in their
valuation, would not
have a significant effect on their
fair value measurement.
The Bank determines fair values for debt
securities held using quoted market
prices in active markets for securities with similar credit
risk, maturity and yield, quoted market prices in non
active markets for identical or similar financial instruments, or using discounted
cash flows method.
Unquoted equity instruments at FVTPL
,
included in Level 3, are estimated
using mainly (i)
third parties' valuation reports based on
investees' net
assets, where
management does
not perform
any further
significant adjustments,
and (ii)
net assets'
valuations,
adjusted where considered necessary.
Loans and advances to customers including securitization notes of loan portfolios originated
by the Bank with contractual cash flows
that do not represent solely payments of principal and interest (SPPI failures), are measured mandatorily at fair value through profit
or loss. Quoted market prices are not available as there are no active markets where these instruments are traded. Their fair values
are estimated on an individual loan basis by discounting
the future expected cash flows over the time period they
are expected to be
recovered, using an appropriate discount
rate or by reference to other comparable assets of the
same type that have
been transacted
during a recent
time period. Expected
cash flows,
which incorporate credit
risk, represent significant
unobservable input in
the
valuation and as such, the entire fair value
measurement is categorized
as Level 3 in the fair
value hierarchy.
Financial instruments not
measured at fair value
The fair value hierarchy categorization of the Bank’s financial assets and liabilities not measured at fair value on
the balance sheet, is
presented in the following tables:
31 December 2025
Level 1
Level 2
Level 3
Fair value
Carrying
amount⁽¹⁾
€ million
€ million
€ million
€ million
€ million
Loans and advances
to customers
-
-
35,620
35,620
34,480
Investment
securities
at amortised
cost
7,838
1,571
780
10,190
10,375
Financial assets not
measured at fair
value
7,838
1,571
36,400
45,810
44,855
Debt securities
in issue
6,802
126
900
7,829
7,568
Financial liabilities
not measured at fair
value
6,802
126
900
7,829
7,568
Notes to the Financial Statements
.
628
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31 December 2025 Financial Statements
31 December 2024
Level 1
Level 2
Level 3
Fair value
Carrying
amount
€ million
€ million
€ million
€ million
€ million
Loans and advances
to customers
-
-
33,841
33,841
32,670
Investment
securities
at amortised
cost
6,006
1,980
880
8,866
9,304
Financial assets not
measured at
fair value
6,006
1,980
34,721
42,706
41,974
Debt securities
in issue
5,118
351
1,802
7,271
7,053
Financial liabilities
not measured
at fair value
5,118
351
1,802
7,271
7,053
The assumptions and methodologies underlying the calculation
of fair values of financial instruments not measured at fair value, are
in line with those used to calculate
the fair values for financial
instruments measured at fair
value. Particularly:
(a)
Loans and advances to customers including securitization notes of loan portfolios originated
by the Bank: quoted market prices
are not available as there are no active
markets where these instruments are traded. The
fair values are estimated by discounting
future expected cash flows
over the time period they are expected
to be recovered, using appropriate risk-adjusted
rates (i.e.,
discounted expected cash
flows technique). More
specifically, loans
to customers
are grouped into
homogenous assets with
similar
characteristics,
as
monitored
by
Management,
such
as
lending
business
unit,
products’
characteristics,
and
performing/nonperforming status, in order to improve the accuracy of the estimated valuation outputs. In estimating the future
cash flows of lending portfolios, the Bank
makes assumptions on expected prepayments, products’
spreads over risk-free interest
rates, where applicable. The discount
rates applied for the discounting
of loans’ expected cash
flows incorporate inputs that would
be taken into account by independent market participants, such as risk-free interest rates, expected credit losses, cost
of equity
requirements and funding. For credit impaired-loans, the timing of collateral realization is taken into account for the estimation
of the future cash flows which are discounted by non-credit risk adjusted rates. In addition, the fair value of securitization senior
notes of loan
portfolios originated by the
Bank is estimated
by discounting the expected cash
flows using appropriate market
interest rates of other comparable assets
with similar quality and duration;
(b)
Investment securities measured at amortized cost: the fair values are determined using prices quoted in an active market when
these are available. In other
cases, fair values
are determined using quoted market prices for securities
with similar credit risk,
maturity and yield,
quoted market
prices in non
active markets for
identical or
similar financial
instruments, or by using
the
discounted cash flows method. In
addition, for certain high quality corporate
bonds for which quoted prices are not available,
fair
value is determined
using prices that
are derived from
reliable data
management platforms
while part of them
is verified by
market participants (e.g. brokers).
In certain cases,
prices are implied by liquidity
agreements (e.g. repos, pledges)
with other
financial institutions; and
(c)
Debt securities in issue: the fair values are determined using
quoted market prices, if available. If quoted prices are
not available,
fair values are determined based on third party valuations, quotes for
similar debt securities or by discounting the expected cash
flows at a risk-adjusted rate, where the Bank's own credit risk is determined using inputs indirectly observable,
i.e. quoted prices
of similar securities
issued by the Bnak or other Greek issuers.
For other financial instruments, which are short term or re-price at frequent intervals (cash and balances
with central banks, due
from credit institutions, due to central
banks, due to credit institutions and due to
customers), the carrying amounts represent
reasonable approximations of fair values.
Notes to the Financial Statements
.
629
|
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31 December 2025 Financial Statements
6.
Net interest
income
2025
2024
€ million
€ million
Interest income
Customers
1,376
1,639
- measured at
amortised cost
1,376
1,639
- measured at
FVTPL
-
0
Banks and other
assets⁽¹⁾
229
364
Securities
466
431
- measured at
amortised cost
354
333
- measured at
FVOCI
105
90
- measured at
FVTPL
7
8
Derivatives
(hedge accounting)
486
491
Derivatives
(no hedge
accounting)
914
968
3,471
3,892
Interest expense
Customers ⁽¹⁾
(326)
(420)
Banks ⁽¹⁾
(170)
(341)
Debt securities
in issue ⁽¹⁾
(373)
(297)
Derivatives
(hedge accounting)
(445)
(438)
Derivatives
(no hedge
accounting)
(868)
(949)
Lease liabilities
- IFRS 16
(3)
(2)
(2,185)
(2,446)
Total
1,286
1,446
(1)
Measured at amortized cost.
.
Interest income and expense by major type of financial asset and liability reported above, have been recognized on an accrual basis
using the effective interest
rate (EIR) method (note 2.2.5(i)).
Interest income recognized by quality of Loans and Advances and Product Line is further analyzed below:
31 December 2025
Interest income
on non-impaired
loans and
advances
Interest
income on
impaired loans
and advances
Total
€ million
€ million
€ million
Retail lending
508
18
526
Wholesale
lending⁽¹⁾
831
19
850
Total interest income from customers
1,339
37
1,376
31 December 2024
Interest income
on non-impaired
loans and
advances
Interest
income on
impaired
loans
and advances
Total
€ million
€ million
€ million
Retail lending
649
25
674
Wholesale
lending⁽¹⁾
945
20
965
Total interest
income
from customers
1,594
45
1,639
(1)
Including interest income on loans and advances to Public Sector.
Notes to the Financial Statements
.
630
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31 December 2025 Financial Statements
7.
Net banking fee and commission income
The following tables
include net banking fee and commission
income and expenses from contracts with customers
in the scope of
IFRS 15, disaggregated by major type of services and operating segments. The fees and
commissions are recognized over time as the
respective service such as accounts servicing and management,
asset management is
being provided to the customers. Moreover,
the transaction-based fees
including those from foreign currency transactions and remittances,
imports-exports activities, security
brokerage services are recognized
at the point in
time when the transaction takes
place. The fee
and commission expense relate
mainly to transaction and service fees, which
are recognized as the service is
received:
31 December 2025
Retail
Corporate
Markets
Asset
Managemen
t & Other ⁽²⁾
Total
€ million
€ million
€ million
€ million
€ million
Lending related
activities
6
94
30
6
136
Asset management
⁽¹⁾
21
2
4
43
70
Network activities
and other
⁽³⁾
79
18
19
2
118
Capital markets
-
9
(0)
6
15
Total
107
123
52
57
339
31 December 2024
Retail
Corporate
Markets
Asset
Managemen
t & Other⁽²⁾
Total
€ million
€ million
€ million
€ million
€ million
Lending related
activities
6
112
33
5
156
Asset management
⁽¹⁾
22
2
29
4
56
Network activities
and other
⁽³⁾
77
8
33
2
119
Capital markets
-
4
3
(0)
7
Total
105
125
98
11
338
(1)
It includes mutual funds, assets under management and bank assurance.
(2)
Includes “Remedial and Servicing Strategy” and “Other and elimination center” segments.
(3)
Including income from credit cards related services.
8.
Income from non banking services
Income from non banking
services includes rental income of
€ 73.5 million (2024: € 75.4
million) from real estate properties and other
income of € 0.9 million (2024: €
1.3 million) from IT
services provided by the Bank.
9.
Dividend income
During the year, the Bank recognized dividend income mainly resulting from shares in
subsidiaries amounting to € 224 million (2024:
€ 398 million).
Notes to the Financial Statements
.
631
|
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31 December 2025 Financial Statements
The analysis of the aforementioned dividends per entity is as
follows:
31 December
2025
31 December
2024
€ million
€ million
Severdor Ltd
14
-
Eurobank Limited
133
-
ERB New Europe
Holding B.V.
6
300
Eurobank Fund Mngt
Co. (Lux) S.A.
6
12
Eurobank Private
Bank Luxembourg
S.A.
10
10
Eurobank Equities
Investment
Firm Single
Member S.A.
3
-
Eurobank Factors
Single Member
S.A.
15
30
Tenberco
Real Estate
Single Member
S.A.
1
-
Eurobank Asset Management
Mutual Fund Mngt
Company Single
Member S.A.
8
18
Eurolife FFH
Insurance Group
Holdings S.A.
-
12
Οther
29
16
Total
224
398
In December 2025, Eurobank
Limited distributed to its
sole shareholder,
the Bank, a net
dividend of €
133 million. Following
this
distribution, the Bank, as a non Cypriot tax resident, claimed
an amount of € 25.9 million
(included above in the “Other” category)
related to the Special Defense Contribution (SDC) that had been withheld and paid in Cyprus by the former Hellenic Bank (currently
Eurobank Limited) on the
underlying retained earnings out
of which the
dividend was distributed, in
accordance with Cypriot tax
legislation.
The amount claimed has been recognized in other assets.
10.
Net trading income and gains less losses
from investment
securities
2025
2024
€ million
€ million
Net trading income/(loss)
Debt securities, including short positions
(6)
(3)
Derivative financial instruments
(28)
64
Revaluation on foreign exchange positions
5
2
Total
(29)
63
Gains less losses from investment securities
Debt securities
55
1
- measured at FVOCI
⁽¹⁾
34
12
- measured at AC (note
5.2.1.3)
21
(12)
- measured at FVTPL
-
1
Equity securities
9
4
Total
64
5
(1)
It includes termination fees from related derivatives in single hedging relationships amounting to € 12 million income (2024: € 5 million income)
Loss from derivative financial
instruments of € 28 million
comprise mainly a) € 16
million loss resulting
from fair value changes
of
derivatives not designated
in hedge accounting relationships
(31 December 2024: € 22
million loss) and b)
€ 11 million
loss from
interest rate risk hedge ineffectiveness of single fair value hedge relationships (31 December 2024: € 84 million gains from portfolio
hedging of interest rate risk
)
(notes 2.2.3(i) and 19).
Notes to the Financial Statements
.
632
|
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31 December 2025 Financial Statements
11.
Other income/ (expenses)
2025
2024
€ million
€ million
Gain from change
in fair value
of investment
property (note 27)
36
20
Gain/(loss) on disposal/liquidation
of subsidiaries,
associates and joint
ventures
(note 24)
(9)
(0)
Derecognition
gain/(loss) on loans measured
at
amortised cost
(note 20)
(35)
(0)
Loss on loans' modifications
and related
adjustments
(32)
(97)
Fee expense
related
to the
deferred
tax credits
(note 14)
(5)
(5)
Gains/(losses) on loans
at FVTPL
5
8
Gain on sale
of real estate
properties
11
10
Loss on valuation
of forward contracts
for the acquisition
of HB shares
-
(24)
Other
4
(3)
Total
(25)
(92)
In the context of the increased interest rates environment, the Bank had introduced since 2023 the probability of prepayment on its
floating rate
loans, focusing
on long
term
retail portfolios
with increasing
interest
rate spread
(step-up) over
the next
years.
Accordingly, the Bank had assessed that the
combined increase of the
reference interest rates and the pre-determined
client spreads,
increased the
probability
of the
borrowers’
prepaying or
refinancing
their loans
at
prevailing market
rates
earlier than
their
contractual maturity. The prepayment probability incorporated in the aforementioned
retail loans’ expected cash flows, as revised in
the first half
of 2025, resulted in
the recognition of ca.
€ 14 million loss
that is presented under
“Loss on loans’ modification
and
related adjustments” (31 December 2024: € 86 million).
In the fourth quarter
of 2025, the Bank, aiming to
address the structural weaknesses of retail loans
with embedded step-up in
interest
rate spread and aligning their pricing with the Bank’s current pricing levels, introduced a new product that
was offered horizontally
to the perimeter of euro denominated loans in performing status that had an increasing interest rate spread over the next years.
In
accordance with the terms
of the new
product, the converted loans
have an interest
rate cap, throughout
their life, which
limits
significantly the interest rate
risk undertaken by the borrowers,
reduces the volatility of the
underlying cash flows, which
become
more predictable, and removes any prepayment/repricing risk. In line with the Bank
’s
accounting policy for modifications of lending
exposures’ contractual terms, the aforementioned change introduced by the new
product was accounted as derecognition and thus,
resulted in
the recognition
of a
derecognition loss of
€ 35.6
million that is
presented under
‘’Derecognition gain/(loss)
on loans
measured at amortized cost’’.
Notes to the Financial Statements
.
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12.
Operating expenses
2025
2024
€ million
€ million
Staff costs
(383)
(357)
Administrative expenses
(196)
(185)
Regulatory contributions and charges
(9)
(1)
Depreciation of real estate properties and equipment
(31)
(31)
Depreciation of right of use assets
(26)
(25)
Amortisation of intangible assets
(39)
(37)
Contribution to Greek State’s infrastructure
projects
(27)
(27)
Total
(711)
(663)
In the third quarter of 2025, as part of its
corporate social responsibility initiatives, the Bank re cognized a provision of
€ 27 million
for its contribution to
infrastructure projects of the Greek
State. This primarily relates to the Bank’s € 25
million share in the expansion
of systemic banks’ participation in the Greek State’s
school renovation program, which was launched in 2024.
Furthermore, the four Greek systemic banks announced that, as
part of their activities of giving back to society, intend,
based on a
relevant evaluation
that will
take
place, to
make
a
corresponding additional
contribution for
the two
-year
period 2026-2027,
depending on the progress of the above program, its requirements, and the prevailing financial
conditions.
According to the announcement
of the Single Resolution Board on
10 February 2025,
the target level of at least 1% of
covered deposits
held in Banking Union Member States remains reached
at the end of 2024, similarly to
the end of 2023. As a
result, no regular annual
contributions were collected also in 2025 from the institutions falling
within the scope of the Single Resolution
Fund.
As of the period ended
30 September 2025, expenses related
to third-party personnel engaged
by the Bank to
cover operational
needs, which
were previously
presented under
administrative
expenses, have
been reclassified
under staff
costs.
In addition,
supervisory fees that were previously presented under administrative expenses, have been classified under regulatory contributions
and charges. Comparative figures have been adjusted accordingly,
reflecting an increase in staff costs and in regulatory contributions
and charges of € 11 million
and € 4 million respectively and a corresponding decrease in administrative
expenses of € 15 million.
Staff costs
2025
2024
€ million
€ million
Wages, salaries
and performance remuneration
(283)
(263)
Social security costs
(46)
(46)
Additional pension and other post employment costs
(13)
(11)
Other
(41)
(37)
Total
(383)
(357)
The average number of employees during the year was 5,757 (2024: 6,005).
As at 31 December 2025, the number of branches and
business/private banking centers of the Bank amounted to 292 (2024: 292).
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
13.
Other impairments,
risk provisions and restructuring costs
2025
2024
€ million
€ million
Impairments
and provisions/reversal
related
to shares in
subsidiaries
(16)
(251)
Impairment
and valuation
losses on real
estate properties
(3)
(6)
Impairment
losses on computer
hardware and
software (notes 26,
28)
(15)
(18)
Impairment
(losses)/reversal on
bonds
(7)
(9)
Other impairments,
litigation
and conduct-related
provisions and
costs
(19)
(18)
Other impairments,
risk provisions and related
costs
(60)
(303)
Voluntary exit
schemes and other
related
costs (note
35)
(11)
(157)
Other restructuring costs
(5)
(5)
Restructuring costs
(16)
(162)
Total
(76)
(465)
In the year ended 31 December 2025,
“Other impairments, litigation and conduct-related provisions
and costs” include an amount of
€ 13
million (2024:
€ 10
million), which
was recognized
as an
additional provision
in relation
to the
sale of
the Bank’s
former
subsidiaries,
based on specific indemnity clauses in the relevant Sale
and Purchase Agreements.
In the year ended 31 December 2024,
following the receipt of a dividend of
€ 300 million (note 9) from its subsidiary
ERB New Europe
Holding B.V., the Bank recognized an impairment loss of € 242 million against its investment in the subsidiary, in accordance with its
accounting policy (note 2.2.8).
For the year ended 31 December 2024,
a cost of ca. € 127
million, net of the discounting effect,
has been recognised in the Bank’s
income statement for employee termination benefits in respect
of the Voluntary Exit Scheme (VES) that was launched by the
Bank in
February 2024 for eligible units in Greece
and offered mainly to employees over a specific
age limit.
14.
Income tax
2025
2024
€ million
€ million
Current
tax ⁽²⁾
(1)
16
Deferred
tax⁽¹⁾
(155)
(213)
Total income
tax
(156)
(197)
(1)
Based on DTA
recoverability assessment performed
at 31 December
2025, the Bank recognised
€ 25 million
deferred tax asset on
temporary differences
originating from previous years.
(2)
In the year ended 31 December
2024, following a favorable court decision, the Bank had
recognized a tax income of € 20 million
for tax claims against the
Greek State.
According to
Law 4172/2013
currently in
force, the
nominal Greek
corporate tax
rate for
credit institutions
that fall
under the
requirements of article 27A of Law
4172/2013 regarding eligible deferred
tax assets (DTAs)/deferred
tax credits (DTCs) agains
t
the
Greek State is 29%. The Greek corporate
tax rate for legal entities other
than the aforementioned
credit institutions is 22%. In
addition,
the withholding tax rate for
dividends distributed,
other than intragroup dividends,
is 5%. In particular, the intragroup
dividends under
certain preconditions are relieved from both income and withholding tax.
Tax certificate and open tax years
The Bank’s open tax years are 2022-2025
(the open tax years of Eurobank Holdings before its merger with the Bank are 2020-2024).
For fiscal years starting from 1 January 2016 onwards,
pursuant to the Tax Procedure Code, an ‘Annual Tax Certificate’ on an optional
basis, is provided for the
Greek entities, with annual financial
statements audited compulsorily,
which is issued after
a tax audit is
Notes to the Financial Statements
.
635
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31 December 2025 Financial Statements
performed by the same statutory auditor
or audit firm that audits the annual
financial statements. The Bank has opted to
obtain such
certificate.
The tax certificates which have been obtained by the Bank are unqualified for the open tax years 2022-2024. For the year ended 31
December 2025, the tax audit from external auditors is
in progress.
In accordance with the Greek tax
legislation and the respective Ministerial
Decisions issued, additional taxes and penalties
may be
imposed by the Greek tax authorities following
a tax audit within the applicable
statute of limitations (i.e.
in principle five years as
from the
end of
the fiscal
year within
which the
relevant tax
return should
have been
submitted), irrespective
of whether
an
unqualified tax certificate has
been obtained from the tax paying company.
In reference to its total uncertain tax positions,
the Bank assesses all relevant developments (e.g. legislative changes,
case law, ad hoc
tax/legal opinions, administrative
practices) and raises adequate
provisions.
Deferred tax
Deferred tax is calculated on all deductible temporary
differences under the liability method as well as for unused tax
losses at the
rate in effect
at the time the reversal is
expected to take place.
The movement on deferred tax is as
follows:
2025
2024
€ million
€ million
Balance at 1 January
3,775
3,986
Income statement
credit/(charge)
(155)
(213)
Investment
securities
at FVOCI
(5)
2
Cash flow hedges
1
0
Actuarial gains/(losses)
1
1
Equity transactions⁽¹⁾
7
-
Other
4
(1)
Balance at 31 December
3,627
3,775
(1)
it mainly refers to deferred tax on coupon payment to AT1 capital holders (note
39).
Deferred income tax (charge)/credit
is attributable to the following
items:
2025
2024
€ million
€ million
Impairment/
valuation relating
to loans, disposals
and write-offs
(118)
(251)
Tax deductible
PSI+ losses
(50)
(50)
Carried forward
debit difference
of law 4831/2021
(2)
111
Change in fair
value and other
temporary differences
16
(23)
Deferred
income tax (charge)/credit
(155)
(213)
Deferred tax assets/(liabilities)
are attributable to the following
items:
Notes to the Financial Statements
.
636
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31 December 2025 Financial Statements
2025
2024
€ million
€ million
Impairment/
valuation relating
to loans and
accounting
write-offs
792
805
PSI+ tax
related
losses
801
851
Losses from disposals
and crystallized
write-offs of loans
1,893
1,998
Carried forward
debit difference
of law 4831/2021
148
150
Other impairments/
valuations through
the income
statement
(25)
(93)
Cash flow hedges
7
6
SLSRI and employee
termination
benefits
28
40
Real estate
properties,
equipment
and intangible
assets
(105)
(84)
Investment
securities
at FVOCI
(26)
(21)
Other⁽¹⁾
113
123
Net deferred
tax
3,627
3,775
(1)
It includes, among others, DTA on deductible temporary differences relating to operational risk provisions and the leasing operations.
Further information, in relation to the aforementioned categories
of deferred tax assets
as at 31 December 2025, is
as follows:
(a) €
792
million refer
to deductible
temporary differences
arising from
impairment/valuation relating
to loans
including the
accounting debt write-offs according to the Greek tax law 4172/2013, as in force. These temporary differences can be utilized in
future periods with no specified time limit
and according to current tax legislation;
(b) € 801 million refer to losses resulted from the Bank’s participation in PSI+ and the Greek’s state debt buyback program which are
subject to amortization for
tax purposes over a thirty-year period, i.e. 1/30
of losses per year starting
from year 2012 onwards
(see below – DTCs section);
(c) € 1,893 million refer to the unamortized part
of the crystallized tax losses arising from write-offs and disposals of loans, which are
subject to amortization over a twenty-year period (see
below – tax regime
for loan losses);
Assessment of the recoverability of deferred tax assets
The recognition of the deferred
tax assets is
based on management’s assessment
that the Bank will
have sufficient future taxable
profits, against which
the deductible temporary differences and
the unused tax losses
can be utilized. The deferred
tax assets
are
determined on the basis of the tax treatment
of each deferred tax asset category,
as provided by the applicable tax legislation
and
the
eligibility of
carried forward
losses for
offsetting
with
future taxable
profits.
Additionally,
the
Bank’s
assessment
on the
recoverability of recognized deferred tax assets is based on
(a) the future performance
expectations (projections of operating results)
and growth opportunities relevant
for determining the
expected future taxable
profits, (b) the expected
timing of reversal of
the
deductible and taxable temporary differences, (c) the probability
that the Bank will have sufficient taxable profits in the future,
in the
same period as
the reversal of the
deductible and taxable temporary
differences or in the
years into
which the tax losses
can be
carried forward, and (d) the historical levels of Bank’s performance in combination with the previous years’ tax losses caused by one
off or non-recurring events.
In particular, for the year ended 31 December
2025, the deferred tax asset (DTA) recoverability assessment
has been based on the
three-year Business Plan that was
approved by the Board of Directors
in January 2026,
for the period up to
the end of 2028
(also
submitted to the Single Supervisory Mechanism -SSM-). For the years
beyond 2028, the forecast of operating results was
based on
the management projections considering the growth opportunities
of the Greek and European economy, the banking sector and the
Group
itself.
Specifically,
the management
projections
for the
Bank’s
future profitability
adopted in
the Business
Plan,
have
considered, among others, (a) the gradual stabilization of interest rates, (b) the
sustainable increase in loan volumes with
pressure in
business lending spreads and the growth, at a relatively lower pace, of customer deposits with almost flattish betas, (c) the increase
in fee and commission income mostly driven by
assets under management,
network activities,
and capital markets,
(d) the discipline
to operating expenses’ targets
, (e) the further decrease of NPE ratio,
(f) the resilient asset
quality with lower cost of risk, which is
expected to carry
the effect from
the improved macroeconomic outlook
driven by the resilient
growth of Greek
economy, above
European average, as
well as the unemployment rate
at single digit
levels, close to historical lows
and (g) the fulfilment
of
MREL
targets throughout the plan period.
The major initiatives
introduced in the context of the
Group’s transformation
plan “Eurobank
2030”, will
contribute to meeting its financial
objectives.
Notes to the Financial Statements
.
637
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31 December 2025 Financial Statements
The Bank closely monitors and constantly
assesses the developments on the macroeconomic
and geopolitical front (note 2) and their
potential effect on the achievement of its Business Plan targets in terms of asset quality
and profitability and will continue
to update
its estimates
accordingly.
Deferred tax credit against the Greek State
and tax regime for loan losses
As at 31 December 2025, pursuant to
the Law 4172/2013, as in force, the Bank’s eligible DTAs/deferred tax credits (DTCs) against the
Greek State amounted to € 2,832 million (31 December
2024: € 3,022 million). For regulatory purposes
however, the DTC included in
the calculation of the Bank’s capital ratios stands at € 2,624 million, due to the acceleration of its amortization from 2025, as part of
the Bank's initiative to enhance
the quality of
its regulatory capital (note 4). The
DTCs are accounted for on:
(a) the unamortised losses
from the Private Sector Involvement
(PSI) and the Greek
State Debt Buyback Program, which are
subject to amortisation over a thirty-
year period
and (b) on
the sum
of (i)
the unamortized part of
the DTC
eligible crystallized
tax losses arising
from write-offs
and
disposals of loans,
which are
subject to
amortization over
a twenty-year
period, (ii) the
accounting debt
write-offs and
(iii) the
remaining accumulated provisions
and other losses
in general
due to
credit risk recorded
up to
30 June 2015.
The DTCs
will be
converted into directly enforceable claims (tax credit) against the Greek State provided
that the Bank’s after tax accounting result for
the year is a loss.
According to
the Law 4831/2021
(article 125),
which amended Law
4172/2013, the amortization
of the
PSI tax
related losses is
deducted from the taxable income at a priority
over that of the crystallized tax losses (debit
difference) arising from write-offs and
disposals of loans. In addition,
the amount of the annual tax amortization of
the above crystallized tax losses is limited to the amount
of the annual taxable profits,
calculated before the deduction of such losses
and following the annual tax deduction
of the PSI tax
related losses. The unutilized part of the annual tax amortization of the crystallized loan losses can be carried forward for offsetting
over a period of 20
years. If at the end of
the 20-year utilization period, there
are balances that have not been
offset, these will qualify
as a tax
loss, which is
subject to the
5-year statute
of limitation.
The above provisions apply as
of 1
January 2021 and
cover the
crystallized tax losses
that have arisen from write-offs
and disposals of loans as
of 1 January 2016 onwards.
Taking into
account the
tax
regime in
force,
the recovery
of the
Bank’s deferred
tax
asset recorded
on loans
and advances
to
customers and
the regulatory
capital structure
are
further safeguarded,
contributing substantially
to
the achievement
of NPE
management targets
through write-offs and disposals,
in line with the regulatory framework and SSM
requirements.
According to tax Law 4172/2013 as
in force, an annual
fee of 1.5% is imposed on
the excess amount of deferred tax
assets guaranteed
by the Greek State, stemming from the difference between the current tax rate
for the eligible credit institutions (i.e. 29%) and the
tax rate applicable on 30 June 2015
(i.e. 26%). For the year ended 31
December 2025, an amount of € 4.9
million has been recognized
in “Other income/(expenses) (31 December 2024: € 5.2 million).
Income tax reconciliation and unused tax losses
The tax on the Bank's
profit before tax differs
from the theoretical amount that would arise
using the Bank’s applicable
tax rate of
29% as follows:
2025
2024
€ million
€ million
Profit before
tax
831
866
Tax at the
applicable
tax rate
(241)
(251)
Tax effect
of:
- income
not subject
to tax and
non deductible
expenses
43
18
- Tax deductible
losses for which
DTA had not
been recognised
18
18
- other⁽¹⁾
24
18
Total income
tax
(156)
(197)
(1)
It includes € 25 million relating to the
recognition of deferred tax assets on temporary differences originating from previous years, based on the
recoverability
assessment performed as at 31 December 2025.
For the year ended 31 December 2025, the Bank’s effective
tax rate reached 19% (2024: 23%).
Notes to the Financial Statements
.
638
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31 December 2025 Financial Statements
As at 31 December 2025, the
Bank has not recognised deferred tax asset (DTA) on
unused tax losses amounting to € 21 million (2024:
€ 86 million).
The analysis of unrecognized DTA on
unused tax losses of
the Bank per
year of maturity of related tax
losses is presented
in the table below:
Unrecognized
DTA
€ million
Year of maturity
of unused tax
losses
2026
15
2027
2
2028
2
2029
1
Total
21
15.
Cash and balances with central banks
2025
2024
€ million
€ million
Cash in hand
449
394
Balances with
central
banks
4,989
5,021
Total
5,438
5,415
The Bank is required to hold a minimum
level of deposits (minimum reserve requirement - MRR) with the Bank of Greece (BoG) on
an average basis
over maintenance periods (i.e. six
week periods); these deposits are calculated as
1% of certain Bank’s
liabilities,
mainly customers’ deposits, and can be withdrawn at any time provided
that the MRR is met over the determined period of time. As
at 31 December 2025, the mandatory reserves with the BoG amounted to € 389
million (2024:
€ 296 million). MRR deposits placed
to the European Central Bank (ECB) are remunerated at
zero (0%).
.
16.
Cash and cash equivalents and other
information on cash flow statement
For the purpose of the cash flow
statement, cash and cash
equivalents comprise the following balances
with original maturities of
three months or less:
2025
2024
€ million
€ million
Cash and balances with
central
banks (excluding
mandatory and collateral
deposits with
central
banks) (note 15)
5,048
5,118
Due from credit institutions
846
584
Securities
held for
trading
19
13
Total
5,913
5,715
Other (income)/losses on investment
securities are analyzed as
follows:
2025
2024
€ million
€ million
Amortisation of
premiums/discounts
and accrued
interest
(62)
(57)
(Gains)/losses from investment
securities
(64)
(5)
Dividends
(1)
(1)
Total
(127)
(63)
In the year ended 31 December
2025,
other adjustments of € 67 million
(2024: € 21 million) presented in the cash flow
statement
mainly include € 49 million accrued interest
and amortisation from debt securities issued
by the Bank.
Changes in liabilities arising from financing activities
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
During the year ended 31 December
2025, changes in the Bank’s liabilities arising from financing activities, other than
lease liabilities
(note 41), are attributable to: a)
debt issuance amounting to € 1,745 million
(2024:
€ 2,637 million) (net of issuance
costs), b) debt
repayment amounting
to €
1,228 million
(2024:
€ 599 million)
and c)
accrued interest
and amortisation
of debt
issuance costs
amounting to € 49 million (2024:
€ 0.3 million).
17.
Due from credit institutions
2025
2024
€ million
€ million
Pledged
deposits with
banks⁽¹⁾
1,958
1,036
Placements
and other
receivables
from banks⁽¹⁾
1,400
1,101
Current
accounts and settlement
balances with
banks
218
135
Total
3,576
2,272
(1)
The amounts presented are after offsetting (note 5.2.1.4).
2025
2024
€ million
€ million
Included in due from credit
institutions were unsubordinated amounts due
from:
-subsidiary undertakings
2,252
1,298
Included in due from credit
institutions were subordinated amounts due
from:
-subsidiary undertakings
110
110
As at 31 December 2025,
the pledged deposits with banks include: a) € 1,500 million cash collaterals
for guarantees relating to the
lending activities of banking
subsidiaries, b) € 435 million
mainly cash collaterals
on risk mitigation contracts
for derivative transactions
and repurchase agreements (CSAs, GMRAs) and c) € 23 million cash collateral relating to the sale
of former Romanian subsidiaries.
The Bank's
exposure arising
from credit
institutions, as
categorized by
counterparty's geographical
region, is
presented in
the
following table:
2025
2024
€ million
€ million
Greece
69
4
Other European
countries
3,467
2,239
Other countries
40
29
Total
3,576
2,272
Notes to the Financial Statements
.
640
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31 December 2025 Financial Statements
18.
Securities held for trading
2025
2024
€ million
€ million
Debt securities
(note 5.2.1.3)
178
149
Total
178
149
19.
Derivative financial instruments
and hedge accounting
The Bank uses derivative financial instruments
both for hedging and non-hedging purposes.
The table below presents the fair values of the Bank’s derivative financial instruments by product type and hedge relationship along
with their
notional amounts.
The notional
amounts of
derivative instruments
provide a
basis for
comparison with
instruments
recognized on the balance sheet but do not necessarily indicate the amounts of future cash
flows involved or the current fair value
of the instruments and, therefore, are not indicative of the
Bank’s exposure at the reporting date.
31 December 2025
31 December 2024
Contract /
notional
amount
Fair values
Contract /
notional
amount
Fair values
Assets
Liabilities
Assets
Liabilities
€ million
€ million
€ million
€ million
€ million
€ million
Derivatives for which hedge accounting is not
applied/ held for trading
- Interest rate swaps
39,309
1,036
884
36,619
1,087
948
- Interest rate options ⁽¹⁾
11,106
30
26
8,265
45
47
- Foreign exchange contracts ⁽²⁾
5,088
37
21
4,999
43
42
- Other
⁽³⁾
748
4
12
682
2
13
1,107
942
1,178
1,049
Derivatives designated as fair value hedges
- Interest rate swaps
14,606
276
293
11,584
239
437
- Interest rate swaps/portfolio hedging
7,600
27
-
7,000
6
2
- Interest rate floors
4,883
-
10
5,647
0
31
- Cross currency interest rate swaps
60
2
0
60
0
1
- Bond Forwards
191
2
-
55
1
-
307
303
245
472
Derivatives designated as cash flow hedges
- Cross currency interest
rate swaps
189
-
26
819
7
38
-
26
7
38
Offsetting (note 5.2.1.4)
- Interest rate swaps
(652)
(349)
(619)
(420)
Total derivatives assets/liabilities
762
922
812
1,139
(1)
Interest rate options include interest rate caps and floors and swaptions.
(2)
It includes currency swaps, forwards and options
(3)
It includes credit default swaps, warrants, commodity derivatives, futures and exchange traded equity options.
Information on the fair value measurement
and offsetting of derivatives is
provided in notes 5.3 and 5.2.1.4, respectively.
The Bank uses certain
derivatives and other
financial instruments, designated in a
qualifying hedge relationship,
to reduce its exposure
to market risks. The hedging practices applied by the Bank,
as well as the relevant accounting treatment are disclosed in note 2.2.3.
In particular:
(a) Fair
value hedges
The Bank hedges a portion
of its existing interest
rate risk resulting
from any potential change
in the fair value
of fixed rate
debt
securities, held or issued, fixed rate loans and placements to
its banking subsidiaries to support their lending activities, denominated
Notes to the Financial Statements
.
641
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31 December 2025 Financial Statements
both in local and foreign currencies, using interest rate and cross currency interest rate
swaps whereby the fixed legs represent the
economic risks of the hedged items.
The Bank uses pay fixed/receive floating
interest rate swaps to hedge
its fixed rate assets
and
pay floating/receive fixed interest rate swaps to hedge its fixed rate
liabilities. The Bank also hedges the changes in the fair value of
debt securities to be disposed in the future under
forward transactions. In 2025, the Bank recognized a gain of € 270 million (2024: €
32 million loss)
from changes in the carrying amount
of the hedging instruments and € 281 million loss (2024: € 25
million gain) from
changes in the fair
value of the hedged items
attributable to the hedged risk. The amount of
hedge ineffectiveness recognized
for
2025 in “Net trading income/(loss)”
was € 11 million
loss (2024: € 7 million
loss).
(b) Fair value hedges
– portfolios of assets and liabilities
The Bank hedges a portion of its existing interest rate risk resulting from any potential change in the fair value of a portfolio of fixed
rate loans including securitization notes initially issued and
subsequently held by the Bank (macro-hedging), using a group
of interest
rate swaps.
The Bank primarily designates
the change in fair
value attributable to
changes in the
benchmark interest rate
as the
hedged risk including also assumptions for prepayment risk and, accordingly, enters into interest
rate swaps whereby the fixed legs
represent the economic risks of the hedged
items. In 2025,
the Bank recognized a gain of € 19.7 million (2024:
€ 20 million gain) from
changes in the carrying amount of the hedging instruments and € 20.2 million loss (2024:
€ 18 million loss)
from changes in the fair
value of the designated hedged items attributable to the hedged risk. Accordingly,
the amount of hedge ineffectiveness recognized
for 2025 in “Net trading income/(loss)”
was € 1 million
loss (2024:
€ 2 million gain).
The Bank also hedges the variability deriving from the fair value changes of purchased interest rate floors embedded in portfolios of
floating rate loans and debt securities by writing the floors in
the market. In 2025,
the Bank recognized a gain of € 14 million (2024:
€
15 million gain) from changes in the carrying amount of the hedging instruments, and € 14 million loss (2024:
€ 15 million loss) from
changes in the fair value of
the hedged items attributable to the hedged risk.
Finally, similar to portfolio hedging of interest rate risk
for assets, the Bank
hedges part of its interest
rate exposure of demand deposit
portfolios attributable to changes in the benchmark interest rates (macro-hedging). Despite their contractual terms and due to their
nature, part
of the
demand deposits
are
interest
rate-insensitive
and hence
behave
similarly
to fixed
interest
rate
liabilities.
Accordingly, the Bank enters into a group of interest rate swaps that receives fixed interest rate and pays floating interest rate based
on the benchmark rate and its volume is re-assessed on a monthly basis. In
2025, the Bank recognized a gain of € 12 million (2024: €
3 million loss) from
changes in the carrying amount of the hedging
instruments and € 11
million loss (2024: € 4
million gain) from
changes in
the
fair value
of the
designated hedged
items
attributable
to the
hedged risk.
Accordingly,
the amount
of hedge
ineffectiveness recognized for
2025
in “Net trading income/(loss)”
was € 1 million
gain (2024: € 1 million
gain).
(c) Cash flow hedges
The Bank hedges a
portion of its existing interest rate and foreign currency
risk resulting from any cash
flow variability due to
changes
in market interest rates on floating rate loans, denominated in foreign currency, using cross currency interest rate swaps, where the
variable legs are based on the benchmark rates of the hedged items. The interest rate risk with respect to the benchmark reference
rate - swap curve of such items,
which share the same benchmark interest rate risk may be
hedged on a single item or group basis
using interest rate swaps of similar maturity. For the year ended 31 December 2025, an amount of € 0.5 million gain was recognised
in other comprehensive income
in relation to derivatives designated
as cash flow hedges
(2024: € 1
million loss). Furthermore, in
2025,
the ineffectiveness recognized in the income
statement that arose from
cash flow hedges was
nil (2024: nil).
In addition, the Bank uses other derivatives,
not designated in a qualifying hedge relationship, to manage
its exposure primarily to
interest rate and foreign currency
risks. Non qualifying hedges are
derivatives entered into as
economic hedges of assets and liabilities
for which hedge accounting was not applied. The said derivative instruments are monitored and have been classified for accounting
purposes along with those held for trading.
The fair
value of
Bank's derivative
financial assets,
as categorized
by counterparty's
geographical region
and industry
sector, is
presented in the following tables:
Notes to the Financial Statements
.
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31 December 2025
Greece
Other
European
countries
Other
countries
Total
€ million
€ million
€ million
€ million
Sovereign
82
-
-
82
Banks
7
609
-
616
Corporate
59
0
4
64
Total
148
610
4
762
31 December
2024⁽¹⁾
Greece
Other
European
countries
Other
countries
Total
€ million
€ million
€ million
€ million
Sovereign
167
-
-
167
Banks
5
525
-
530
Corporate
112
0
2
115
Total
284
525
2
812
(1)
Comparative information has been adjusted to align with current year’s presentation.
As at 31 December 2025,
the net carrying value of the derivatives with the Hellenic Republic amounted to a liability of € 310 million
(31 December 2024: € 233 million liability).
At 31 December 2025 and 2024, the maturity profile of the nominal amount of
the financial instruments designated by the Bank in
hedging relationships is presented in the tables
below:
31 December 2025
Fair Value
Hedges
Cash Flow Hedges
1 - 3
months
3 - 12
months
1-5 years
Over 5
years
Total
3 - 12
months
1-5 years
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Interest
rate swaps⁽¹⁾
15
612
7,103
6,876
14,606
-
-
-
Interest rate options
-
-
800
4,083
4,883
-
-
-
Cross currency
interest
rate
swaps
-
-
60
-
60
189
-
189
Bond Forwards
191
-
-
-
191
-
-
-
Total
206
612
7,963
10,958
19,739
189
-
189
31 December 2024
Fair Value
Hedges
Cash Flow Hedges
1 - 3
months
3 - 12
months
1-5 years
Over 5
years
Total
3 - 12
months
1-5 years
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Interest
rate swaps⁽¹⁾
-
-
6,593
4,991
11,584
-
-
-
Interest rate options
-
-
800
4,847
5,647
-
-
-
Cross currency
interest
rate swaps
-
-
60
-
60
618
201
819
Bond Forwards
55
-
-
-
55
-
-
-
Total
55
-
7,453
9,839
17,347
618
201
819
(1)
Nominal amount
of interest rate swaps designated as fair value macro hedges is not included.
(a) Fair
value hedges
The following tables present data relating
to the hedged items under fair value hedges for
the years ended 31 December 2025 and
2024:
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
2025
Carrying
amount/Exposure
designated as
hedged
Accumulated
amount of FV
hedge
adjustments
related to the
hedged item
Change in value
as the basis for
recognising hedge
ineffectiveness
Accumulated amounts of FV
hedge adjustments
remaining in the balance
sheet related to hedged
items that have ceased to
be adjusted for hedging
gains and losses
€ million
€ million
€ million
€ million
Assets
Loans and advances to
customers/banks⁽¹⁾
6,133
(64)
(49)
(21)
Debt securities AC⁽¹⁾
6,972
(19)
(217)
37
Debt securities FVOCI
2,012
26
1
37
Liabilities
Debt securities in issue
6,553
(2)
(49)
-
Due to customers⁽¹⁾
6,600
3
(11)
7
2024
Carrying amount/
Exposure
designated as
hedged
Accumulated
amount of FV
hedge adjustments
related to the
hedged item
Change in value as
the basis for
recognising hedge
ineffectiveness
Accumulated amounts of FV
hedge adjustments
remaining in the balance
sheet related to hedged
items that have ceased to be
adjusted for hedging gains
and losses
€ million
€ million
€ million
€ million
Assets
Loans and advances to
customers/banks⁽¹⁾
6,769
(46)
(15)
8
Debt securities AC⁽¹⁾
5,210
198
41
224
Debt securities FVOCI
1,606
(28)
28
7
Liabilities
Debt securities in issue
5,838
47
61
2
Due to customers⁽¹⁾
4,000
(8)
(4)
(1)
(1)
For hedges of
loans and advances to customers,
debt securities at amortised cost included in portfolio
and due to customers, the
exposure designated as
hedged is presented.
(b) Cash flow hedges
The cash flow hedge reserves for active hedges as at 31 December 2025 were € 50 ths gain (2024: € 0.5 million loss), which relate to
loans and advances to customers.
As at 31 December 2025, the balances remaining in the cash flow hedge reserve from any cash flow hedging relationships for which
hedge accounting is no longer applied was €
23 million loss (2024: € 20
million loss).
The reconciliation of the components of Bank’s special
reserves including cash flow hedges
is provided in note 38.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
20.
Loans and advances to customers
2025
2024
€ million
€ million
Loans and advances
to customers
at amortised
cost
- Gross carrying amount
35,490
33,661
- Impairment
allowance
(982)
(988)
Carrying Amount
34,508
32,673
Fair value
changes of loans in
portfolio
hedging of interest
rate risk
(28)
(3)
Loans and advances
to customers
at FVTPL
23
19
Total
34,503
32,690
The table below presents the carrying amount of loans
and advances to customers per product line and per stage as at 31 December
2025:
31 December 2025
31 December 2024
12-month ECL-
Stage 1
Lifetime
ECL-
Stage 2
Lifetime ECL -
Stage 3 and
POCI⁽¹⁾
Total amount
Total amount
€ million
€ million
€ million
€ million
€ million
Loans and advances to customers at
amortised cost
Mortgage lending:
- Gross carrying amount
4,455
2,433
404
7,292
7,493
- Impairment allowance
(59)
(329)
(115)
(503)
(424)
Carrying Amount
4,396
2,104
289
6,789
7,069
Consumer lending:
- Gross carrying amount
1,613
95
93
1,800
1,735
- Impairment allowance
(25)
(10)
(62)
(97)
(96)
Carrying Amount
1,588
85
31
1,704
1,639
Small Business lending:
- Gross carrying amount
1,837
542
258
2,637
2,699
- Impairment allowance
(17)
(59)
(106)
(181)
(176)
Carrying Amount
1,820
483
152
2,456
2,523
Wholesale lending:⁽²⁾⁽³⁾
- Gross carrying amount
22,883
598
280
23,761
21,734
- Impairment allowance
(38)
(27)
(136)
(201)
(293)
Carrying Amount
22,845
571
144
23,560
21,442
Total loans and advances to customers at
AC
- Gross carrying amount , of which:
30,787
3,668
1,035
35,490
33,661
Non Performing exposures (NPE)
-
-
1,032
1,032
1,128
- Impairment allowance
(138)
(425)
(419)
(982)
(988)
Carrying Amount
30,649
3,243
616
34,508
32,673
Fair value changes of loans in portfolio
hedging of interest rate risk
(28)
(3)
Loans and advances to customers at FVTPL
Carrying Amount⁽⁴⁾
23
19
Total
34,503
32,690
(1)
As at 31 December 2025, POCI loans of
€ 3 million gross carrying amount, with immaterial impairment
allowance, are presented in ‘Lifetime ECL –
stage 3
and POCI (31 December 2024: € 12 million gross carrying amount).
(2)
Includes € 3,905 million related to
the senior notes of securitizations of loans
originated by the Bank measured at amortised
cost, which have been categorized
in Stage 1.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
(3)
Includes loans to public sector.
(4)
Includes the mezzanine notes of securitizations of loans
originated by the Bank.
Sustainability linked loans
In line
with its Sustainable
Finance Framework,
the Bank
grants loans,
which as
part of
their contractual terms,
incentivize the
borrower’s achievement
of predetermined
sustainability performance
targets (SPTs).
Specifically, these
SPTs consist
of a
list
of
environmental (E), social (S), and governance (G) targets, the fulfillment
of which by the client is determined by meeting respective
KPIs, i.e., metrics
to quantify the client’s
performance, for example
climate-related targets,
such as reducing carbon emissions
or
social targets, such as increasing the level of diversity
at Board level. As part of the terms of these loans, the
contractual interest rate
is increased if the borrower fails
to meet specific targets
linked to its activity.
The abovementioned loans held as of
31 December 2025 have been assessed, in line
with the Bank’s accounting policies (note
2) that
their contractual cash flows are
SPPI pass.
As at 31 December 2025,
the carrying amount of the sustainability
linked loans measured at amortized
cost amounted to €
1,366
million (2024: € 1,008 million).
Project Sun (ex-Solar)
In the
context of its
NPE management strategy,
the Bank
had participated, since
2018, in
a joint initiative
with the
other Greek
systemic banks,
to structure
an NPE
securitization transaction (project
‘Solar’) under the
provisions of
Hellenic Asset Protection
Scheme (HAPS), that was finally abandoned in the first half of 2025. As Management remained committed to its plan to recover the
carrying amount of the respective loan portfolio through its disposal, the Bank retained the
classification of the underlying loans as
held for sale. In December 2025, negotiations with potential investors regarding the sale
of the loan portfolio were concluded for a
consideration of ca. € 23 million. The
sale and legal transfer of the abovementioned
loan portfolio is expected to be
completed within
the first half of 2026.
As at 31 December
2025, the carrying amount of
Sun loan portfolio reached
€ 18 million, comprising loans with gross carrying amount
of € 240 million and impairment allowance of
€ 222 million, including
the additional impairment loss of €
25 million recognized within
2025 and calculated by reference to
the expected consideration as adjusted to
reflect the loans’ collections from the transaction’s
reference date up to 31 December 2025 and the estimated selling
costs.
Project Moon
In December 2025, the Bank, as part of its NPE strategy plan, initiated a structured process for the disposal of a portfolio of secured
non-performing retail exposures of
gross carrying amount of ca.
€ 126 million. As
at the reporting date,
given the Management’s
commitment to the abovementioned
portfolio’s disposal plan that is expected
to be completed by
the end of 2026, the Bank
classified
the respective loans as
held for sale. Moreover,
in accordance with the Bank’s accounting
policy for the impairment of
financial assets,
the Bank remeasured the portfolio’s expected credit losses by reference
to the estimated selling price and recognized an
impairment
loss of ca. € 47 million.
As at 31 December 2025,
the carrying amount of the
aforementioned loan portfolio reached € 61 million, comprising loans
with gross
carrying amount of € 126 million, which carried an impairment
allowance of € 65 million.
Other loans held for sale (including project ‘’Leon’’)
As of
31 December
2025, the
Bank classified
its loan
exposure to
the Avramar
Group as
held for
sale. More
specifically,
the
Management considers the sale
highly probable given the existence
of an active disposal
plan, jointly undertaken by all
syndicate
lenders, and the ongoing negotiations with potential investors. The sale transaction is expected to be completed within the first half
of 2026.
Accordingly, the Bank, in line with its accounting policy for impairment of financial assets, remeasured the loan exposures’ expected
credit losses by reference to the consideration expected to be received from their sale and released an amount of ca. € 34 million in
profit or loss line “Impairment losses
relating to loans and advances to customers”.
As at 31 December 2025, the carrying amount of the aforementioned loan portfolio classified
as held for sale reached € 68 million,
which carried approx. €1 million impairment allowance.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
In December 2023, the Bank, in the context
of its NPE reduction plan, initiated
the sale process of a mixed
NPE loan portfolio that
was concluded on 13 September 2024 via a
securitization structure (SPV-LEON
CAPITAL FINANCE DAC)
under the requirements of
Hellenic Asset Protection Scheme
law.
Accordingly, as of
the aforementioned date,
the Bank
derecognized the underlying
loan portfolio on
the basis that
it transferred
substantially all risks and rewards of the portfolio’s ownership and relinquished its control over
it, and recognized the retained notes
on its balance sheet, i.e.
100% of the senior and 5% of the mezzanine
and junior notes of Leon securitization, at fair
value. In April
2025, the Bank obtained the HAPS approval for the senior
note and in June 2025 the confirmation by ECB
regarding the significant
risk transfer (SRT) recognition for the “Leon” loan portfolio. At 31 December
2025 the carrying amount of the retained notes is € 274
million (31 December 2024: € 276 million).
As at 31 December 2025, the
remaining loan portfolio designated for sale that was not
finally included in the securitization structure,
with a gross carrying amount
of € 42 million and an
equal impairment allowance, was written off in its entirety,
as the Bank concluded
that there was no reasonable expectation of recovering the portfolio’s
expected cash flows.
Law 5264/25 for loans denominated in CHF
On 19 December 2025, Law 5264/25 was voted by the Greek
parliament, giving the option to performing retail borrowers to convert
their lending exposures denominated in CHF to Euro,
under favorable terms that vary
based on the borrowers’ financial
profile.
In
particular, the
lending exposures will
be converted to
Euro at a
preferential exchange
rate (ie.
a discount to
the current market
exchange rate will be applied that ranges between 15%-50%), whereas following the conversion
into Euro, the loans will bear a fixed
interest rate that ranges between 2.3%-2.9%. In addition, upon borrowers' request, the repayment of the converted loan exposures
may be extended by 5yrs.
The Law is immediately effective for borrowers eligible for a 15% discount in exchange rate and 2.9%
fixed interest rate, whereas for
the remaining categories
it is enacted in February 2026.
As at
31 December 2025,
the gross
carrying amount of
the Bank’s
retail loans
denominated in
CHF that
may receive
the Law’s
beneficial terms amounted to ca.
€ 1,580 million and carried an impairment
allowance of ca. € 300 million,
which also incorporate
current assumptions regarding the borrowers’ take-up rate
of ca. 50% and the borrowers’ segment, considering the
most available
financial information. Accordingly,
the provisions coverage of the aforementioned CHF retail
portfolio in Greece reached 19%.
Securitizations of other loan portfolios originated by the Group
The Group, in the context
of the achievement of its
NPE reduction targets has
entered into the securitization of various classes
of
primarily NPE through the issue of
senior, mezzanine
and junior notes, which resulted, as described below, in the derecognition
of
the underlying loan portfolios and the recognition of the retained notes.
‘Mexico’ securitization
In May
2021, Eurobank Holdings
Group, through
its special purpose
financing vehicle
(SPV) ‘Mexico
Finance Designated Activity
Company’ issued senior, mezzanine
and junior notes of total face
value of ca. € 5.2 billion, via a
securitization of a mixed
portfolio
comprising primarily NPE.
Eurobank Holdings Group
included ‘Mexico’ securitization under
the Hellenic Asset
Protection Scheme
(HAPS) thus the senior note of the securitization
became entitled to the Greek State’s
guarantee.
In September 2021, the Bank derecognized the underlying loan portfolio,
the related securitization’s receivables and payables,
and
the impairment allowance of the letters of
guarantee included in the
underlying portfolio,
on the basis that it transferred
substantially
all risks and rewards of the portfolio’s ownership and relinquished its control over it and recognized the retained notes, i.e. 100% of
the senior and 5% of the mezzanine and junior notes of Mexico securitization, at fair value, with carrying
amount € 1,165 million at
31 December 2025
(31 December 2024: € 1290 million). In addition, the Bank ceased to control the SPV and the
related real estate
company, which resides with the majority
stake of Class B
noteholders.
‘Cairo’ securitization
In June 2019, Eurobank
Holdings Group, through the
special purpose financing vehicles
(SPVs) ‘Cairo No. 1 Finance Designated Activity
Company’, ‘Cairo No. 2 Finance Designated Activity Company’ and ‘Cairo No. 3 Finance Designated Activity Company’, issued senior,
mezzanine and junior notes of total face value of ca. € 7.5 billion, via
a securitization of a mixed portfolio consisting primarily of non-
performing loans (NPE) (“Cairo” securitization). In December 2019, the
Eurobank Holdings Group announced that it has entered into
Notes to the Financial Statements
.
647
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31 December 2025 Financial Statements
a binding agreement with doValue S.p.A. for the sale of
20% of the mezzanine and 50.1% of
the junior notes of “Cairo” securitization.
The Eurobank Holdings Group included
“Cairo” securitization under the
Hellenic Asset Protection Scheme (HAPS) thus the
senior note
of the securitization became entitled to the Greek
State’s guarantee.
As of 20 March 2020, following the hive down of Eurobank Ergasias S.A. banking’s sector, the Eurobank S.A. Group recognised on its
balance sheet 100% of the senior notes and 5%
of mezzanine and junior notes of “Cairo securitization” with
carrying amount € 1,663
million at 31 December 2025
of which € 1,584
million are held by
the Bank (31 December 2024:
€1,790 million of which €
1,666 million
held by the Bank).
In June 2020, the above sale from Eurobank Holdings of 20% of the mezzanine and 50.1% of the junior notes
was completed and, as
a result, the Eurobank Holdings Group ceased to control the Cairo SPVs
on the basis that it does not have the power to
direct their
relevant activities. Furthermore, in June
2020, Eurobank Holdings proceeded to the contribution
of the retained Cairo notes, i.e. 75%
of the mezzanine and 44.9%
of the junior notes,
to its Cyprus-based
subsidiary Mairanus Ltd, renamed to
‘Cairo Mezz Plc’, in exchange
for the newly-issued shares
of the aforementioned subsidiary, which were
distributed to Eurobank Holdings’ shareholders.
In September 2020, following the completion of the distribution of the Cairo Mezz Plc shares,
the underlying loan portfolio and the
related assets and liabilities were derecognized from Eurobank
Holdings Group balance sheet, on
the basis that at that
time the Group
transferred substantially all risks and rewards of the portfolio’s
ownership and ceased to have control over the securitized portfolio
and recognized the aforementioned retained notes, i.e. 100% of the senior notes, 5% of mezzanine and junior notes, on its balance
sheet.
‘Pillar’ securitization
In June
2019, Eurobank
Holdings Group,
through the
special purpose financing
vehicle (SPV)
‘Pillar Finance
Designated Activity
Company’ issued senior,
mezzanine and
junior notes
of total
value of
ca. €
2 billion, via
a securitization
of residential mortgag
e
primarily NPE.
In September
2019, Eurobank
Holdings Group
sold 95%
of the
above-mentioned mezzanine and
junior notes
to
Celidoria S.A R.L. Upon the
completion of the sale,
the Eurobank Holdings Group ceased
to control the
SPV and derecognized the
underlying loan portfolio in its entirety, on the
basis that it transferred substantially all the risks and rewards of the underlying loan
portfolio’s ownership and recognized the retained notes,
i.e. 100% of the
senior, 5% of the mezzanine and junior
notes, on its balance
sheet. The said notes are also recognised on the balance sheet of Eurobank S.A. with carrying amount € 905 million at 31 December
2025
(31 December 2024: € 966 million).
Notes to the Financial Statements
.
648
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31 December 2025 Financial Statements
21.
Impairment allowance for loans and advances
to customers
The following tables present the movement
of the impairment allowance on loans and advances to customers
(expected credit losses – ECL):
31 December 2025
Wholesale
Mortgage
Consumer
Small business
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
and POCI⁽¹⁾
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
and POCI⁽¹⁾
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
and POCI⁽¹⁾
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL
-Stage 3
and POCI⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Impairment allowance as at 1 January
41
30
222
61
213
149
24
13
59
14
48
114
988
New loans and advances originated
or
purchased
12
-
-
1
-
-
10
-
-
4
-
-
27
Transfers between
stages
- to 12-month ECL
9
(6)
(3)
4
(3)
(1)
7
(3)
(5)
5
(3)
(3)
-
- to lifetime ECL
(2)
8
(5)
(8)
34
(26)
(0)
6
(5)
(1)
11
(10)
-
- to lifetime ECL credit
-impaired loans
(0)
(0)
0
(1)
(22)
23
(1)
(3)
3
(1)
(8)
9
-
Impact of ECL net remeasurement
(20)
(4)
(13)
2
144
65
(16)
(3)
38
(5)
16
45
248
Recoveries
from written - off loans
-
-
11
-
-
6
-
-
4
-
-
3
24
Loans and advances derecognised/
reclassified as held
for sale during the
year⁽²⁾
-
-
(1)
-
-
(45)
-
-
-
-
-
(21)
(66)
Amounts written off⁽³⁾
-
-
(52)
-
-
(30)
-
-
(13)
-
-
(18)
(114)
Unwinding of Discount
-
-
(5)
-
-
(3)
-
-
(1)
-
-
(2)
(11)
Foreign exchange and
other movements
(1)
0
(18)
0
(37)
(24)
(0)
(0)
(17)
(0)
(5)
(11)
(114)
Impairment allowance as at 31 December
38
27
136
59
329
115
25
10
62
17
59
106
982
Notes to the Financial Statements
.
649
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31 December 2025 Financial Statements
31 December 2024
Wholesale
Mortgage
Consumer
Small business
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
and POCI⁽¹⁾
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
and POCI⁽¹⁾
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
and POCI⁽¹⁾
12-month
ECL
-Stage 1
Lifetime
ECL
-Stage 2
Lifetime
ECL -
Stage 3
and POCI⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Impairment allowance
as at 1 January
57
46
240
19
151
175
28
23
62
17
60
113
992
New loans and advances
originated or
purchased
25
-
-
0
-
-
10
-
-
5
-
-
40
Transfers
between stages
- to 12-month ECL
14
(9)
(5)
3
(3)
(1)
16
(10)
(6)
7
(5)
(3)
-
- to lifetime
ECL
(4)
9
(5)
(3)
30
(26)
(0)
12
(12)
(1)
14
(13)
-
- to lifetime
ECL credit-impaired
loans
(0)
(2)
2
(0)
(11)
12
(1)
(3)
4
(1)
(9)
11
-
Impact of ECL net
remeasurement
(40)
(8)
25
42
47
57
(24)
(10)
39
(13)
(12)
50
155
Recoveries
from written - off
loans
-
-
5
-
-
6
-
-
4
-
-
3
18
Loans and advances
derecognised/reclassified
as held for sale
during the year⁽²⁾
-
-
(29)
(0)
(0)
(37)
(0)
(0)
(8)
-
-
(23)
(97)
Amounts written
off⁽³⁾
-
-
(12)
-
-
(7)
-
-
(10)
-
-
(9)
(39)
Unwinding of Discount
(0)
-
(7)
-
-
(0)
-
-
(1)
-
-
(1)
(9)
Foreign exchange
and other movements
(11)
(7)
9
(0)
(0)
(30)
(5)
0
(14)
0
(0)
(13)
(71)
Impairment allowance
as at 31
December
41
30
222
61
213
149
24
13
59
14
48
114
988
(1)
The impairment allowance for POCI loans of € 0.02 million is included in ‘Lifetime ECL – stage 3 and POCI’
(2024: € 0.002 million)
.
(2)
It represents the impairment allowance of loans derecognized due to a) sale and securitization transactions, b) debt to equity transactions and those that have been reclassified as held for sale during the year (notes 20 and 30).
(3)
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2025 and that are still subject to enforcement activity is €
104 million (2024: € 24 million).
Notes to the Financial Statements
.
650
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31 December 2025 Financial Statements
The impairment losses relating to loans and
advances to customers recognized in the Bank’s income statement for the year ended
31
December 2025 amounted to
€ 315 million,
including € 71 million impairment losses
relating to project
Sun (ex-Solar) and Moon
(note
20) (2024: € 241 million including € 16 million
impairment release relating
to project Leon) and are analyzed as follows:
2025
2024
€ million
€ million
Impairment loss on loans and advances to customers
(275)
(194)
Net income / (loss)
from financial guarantee
contracts⁽¹⁾
(34)
(44)
Modification gain / (loss)
on loans and advances to customers
(5)
(3)
Impairment (loss)/
reversal for credit related commitments
0
0
Total
(315)
(241)
(1)
It refers to purchased financial guarantee contracts, not integral to the guaranteed loans (projects Wave).
22.
Investment
securities
2025
2024
€ million
€ million
Investment securities at amortised
cost
10,375
9,304
Debt securities at FVOCI
3,179
2,982
Equity securities at FVOCI
17
43
Debt securities at FVTPL
0
0
Equity securities at FVTPL
191
179
Total
13,761
12,508
Note: Information on debt securities of the investment portfolio is presented in note 5.2.1.3
.
As part of its strategic and other initiatives, the Bank has elected to designate the following equity securities at initial recognition as
measured at FVOCI.
2025
2024
€ million
€ million
Plum Fintech Ltd
12
12
Prosperty re Ltd
5
-
Demetra Holdings Plc
-
30
Total
17
42
In January 2025, the Bank
announced the completion of the sale of
its 8.58% holding in
Demetra Holdings Plc for a cash
consideration
of ca. € 27 million.
This transaction was part of
the Bank’s broader agreement with
Demetra and Logicom for the acquisition
of an
additional 24.66% stake in Hellenic
Bank.
On 13 March 2025, the Bank acquired 24.34%
of the total share capital
(25.67% of the voting rights) of Prosperty RE Ltd
for a cash
consideration of € 5 million.
Under the terms of the relevant subscription agreement,
the Bank is entitled to appoint
a permanent
attendee in the
company’s Board of
Directors with no voting
rights, whereas its
consent is required only
for specific governance,
financing, or structural issues of
a protective nature.
Given the above, the Bank
has assessed that it does not
have significant influence
over the Company and elected to designate the acquired shares at FVOCI
.
Sustainability linked bonds
As at 31 December 2025, the Bank holds positions
in sustainability linked bonds with Sustainability Performance Targets (SPTs) (note
20) of carrying value of € 152 million, of which
€ 83 million measured at FVOCI and € 69 million at AC (2024:
€ 226 million, of which €
148 million at FVOCI and € 78 million at AC).
The Bank has assessed the ESG features of the aforementioned
debt instruments, in line
with the Group’s accounting policies (note 2) and has concluded that they do not create exposure to risks that are inconsistent with
a basic lending arrangement
and therefore the SPPI criteria are met.
Notes to the Financial Statements
.
651
|
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31 December 2025 Financial Statements
22.1
Movement of investment securities
The tables below present the movement of the carrying amount of investment securities per measurement category and per stage:
31 December 2025
Debt securities at FVOCI
Investment securities at amortised cost
Investment
securities at
FVTPL
Equity
securities at
FVOCI
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount
at 1
January
2,955
28
9,272
16
36
180
43
12,529
Additions, net
of disposals and
redemptions
233
(18)
1,523
(2)
0
4
(26)
1,713
Transfers
between stages
(10)
10
(0)
0
-
-
-
-
Net gains/(losses)
from changes in
fair value for
the year
(4)
(0)
-
-
-
7
1
4
Amortisation of
premiums/discounts
and interest
8
(0)
52
0
1
-
-
61
Changes in fair value
due to hedging⁽¹⁾
-
-
(406)
0
1
-
-
(404)
Exchange adjustments
and other
movements
(22)
(0)
(89)
(0)
(11)
0
-
(122)
Gross carrying amount
at 31
December
3,160
19
10,353
15
27
191
17
13,782
Impairment allowance
-
-
(11)
(0)
(9)
-
-
(20)
Net carrying amount
at 31
December
3,160
19
10,342
14
18
191
17
13,761
31 December 2024
Debt securities
at FVOCI
Investment securities
at amortised cost
Investment
securities at
FVTPL
Equity
securities at
FVOCI
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
12-month
ECL-
Stage 1
Lifetime ECL-
Stage 2
Lifetime ECL-
Stage 3
Total
€ million
€ million
€ million
€ million
€ million
€ million
€ million
€ million
Gross carrying amount
at 1
January
2,368
48
9,072
7
32
189
15
11,731
Additions, net
of disposals and
redemptions
501
(22)
124
-
0
(27)
39
615
Transfers
between stages
3
(3)
(9)
9
-
-
-
-
Net gains/(losses)
from changes in
fair value for
the year
37
5
-
-
-
4
(11)
35
Amortisation of
premiums/discounts
and interest
10
1
44
0
1
(0)
-
57
Changes in fair value
due to
hedging⁽¹⁾
-
-
4
0
1
-
-
4
Exchange adjustments
and other
movements
35
0
38
-
2
13
-
88
Gross carrying amount
at 31
December
2,955
28
9,272
16
36
180
43
12,530
Impairment allowance
-
-
(11)
(1)
(9)
-
-
(21)
Net carrying amount
at 31
December
2,955
28
9,261
15
27
180
43
12,509
(1)
Changes in fair value due to active and discontinued hedging relationships amount to € 218 million
loss and € 187 million loss,
respectively (2024: € 41 million
gain and € 37
million loss,
respectively).
Notes to the Financial Statements
.
652
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Page
31 December 2025 Financial Statements
22.2
Movement of ECL
The table below presents the ECL movement per portfolio, including ECL movement
analysis per stage:
31 December 2025
31 December 2024
Measured at
amortised cost
Measured at
FVOCI
Total
Measured at
amortised cost
Measured at
FVOCI
Total
€ million
€ million
€ million
€ million
€ million
€ million
Balance at 1 January
21
6
27
16
6
22
New financial
assets purchased
3
2
4
2
4
6
- of which
12-month ECL-Stage
1
3
2
4
2
4
6
Transfers between
stages
- (from)/to 12-month
ECL-Stage 1
0
(0)
(0)
(0)
0
0
- (from)/to lifetime
ECL-Stage 2
(0)
0
0
0
(0)
(0)
Remeasurement
due to
change in
ECL risk parameters
(1)
1
(0)
4
1
5
- of which
12-month ECL-Stage
1
(4)
1
(3)
2
(1)
1
- of which
lifetime ECL-Stage
2
(0)
0
0
1
2
3
- of which
lifetime ECL-Stage
3
3
-
3
2
-
2
Financial assets disposed
during the
year
(1)
(3)
(4)
(0)
(5)
(5)
- of which
12-month ECL-Stage
1
(0)
(3)
(3)
(0)
(3)
(3)
- of which
lifetime ECL-Stage
2
(0)
(0)
(1)
-
(2)
(2)
Financial assets redeemed
during the
year
(2)
(0)
(2)
(0)
(0)
(1)
- of which
lifetime ECL-Stage
3
(2)
-
(2)
-
-
-
Foreign exchange
and other
movements
1
1
1
(0)
0
(0)
Balance as at 31
December
20
7
27
21
6
27
22.3
Equity reserve: revaluation of the investment securities at FVOCI
Gains and losses
arising from
the changes
in the fair
value of
investment securities
at FVOCI are
recognized in
a
corresponding
revaluation reserve in equity. The movement of the reserve is
as follows:
2025
2024
€ million
€ million
Balance at
1 January
51
56
Net gains/(losses) from
changes in fair
value
(3)
29
Tax (expense)/benefit
1
(8)
(2)
20
Net (gains)/losses transferred
to net
profit on
disposal
(22)
(7)
Net (gains)/losses
from fair value
changes of hedged
items
29
(33)
ECL transferred
to net
profit
3
5
Tax (expense)/benefit
on net
(gains)/losses transferred
to net
profit
(3)
11
7
(24)
Revaluation
reserve on
equities
securities
transferred
to R/E
9
-
Balance at 31 December
64
51
23.
Merger of Eurobank Ergasias Services and Holdings S.A.
with Eurobank S.A.
..
On 19 December
2024, Eurobank Holdings announced
that its Board
of Directors decided the
initiation of the
merger process of
Eurobank Holdings with the Bank through absorption of the former by the latter (the Merger), in order that operational effici
encies
and a leaner group structure be achieved.
On 30 April 2025, the Board of Directors of both companies approved the draft merger agreement and on 19 May 2025, announced
the completion of its publicity formalities.
Notes to the Financial Statements
.
653
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31 December 2025 Financial Statements
On 22 October 2025 and 3
December 2025 the Extraordinary General Meetings of
Eurobank S.A. and Eurobank Holdings respectively,
approved the above Merger
in accordance with the
provisions of article 16 of
law 2515/1997, articles 6-21,
30-34 and 140 of law
4601/2019 and the applicable
provisions of law 4548/2018, as in force
and under the specific
terms and conditions set out in
the
Draft Merger Agreement, and the rest
of the documents, as submitted
to the General Meetings. The merger
has also received the
approval of the competent supervisory authority the European Central Bank pursuant to article 16 of law 2515/1997.
On 12 December
2025, following the registration with the
General Commercial Registry
of the decision
of the Ministry
of Development
under protocol number 3831464 ΑΠ/12.12.2025, the above Merger was completed and the following
effects occurred:
(a)
The Bank, pursuant to Article 16 of Law 2515/1997 and
Article 18 (2) of Law 4601/2019, as currently in force, succeeded by
operation of law,
through universal succession, to the entire estate (assets
and liabilities) of Eurobank Holdings, as reflected in
the
transformation balance sheet dated 31 December 2024 and as
it had evolved until the completion of the Merger.
(b)
Eurobank Holdings was
dissolved without liquidation and ceased to exist, while
its shares were
delisted from the Athens
Stock Exchange (ATHEX).
(c)
Any pending
litigation of
Eurobank Holdings shall
continue automatically
in the name
of the Bank,
without any further
procedural formalities, in accordance with Article
16 of Law 2515/1997 and Article 18(3)
of Law 4601/2019, as in force.
(d)
The shareholders of Eurobank Holdings
became shareholders of the Bank, on the
basis of the following
agreed exchange
ratio: for each one existing common registered share with
voting rights of Eurobank Holdings, with a
nominal value of € 0.22 each,
its
holder received one new common registered dematerialized share with voting rights of the Bank, with a nominal value of € 0.22, in
the share capital of the Bank as
formed in the context of the Merger (note 36).
The shareholders therefore retained, following
the
Merger, the same
number of shares as they held prior to the Merger.
In addition, following
the approval on
26 November 2025
by the
Hellenic Capital Markets
Commission of the Bank’s
Prospectus,
prepared in accordance with the applicable legal framework, the ATHEX on 12 December 2025 approved
the admission to trading of
3,631,510,801 new common registered shares of the Bank,
with commencement date of trading on 15 December 2025 and starting
price the closing price of Eurobank Holdings share on
9 December 2025, which was the last date
of trading on the ATHEX prior to the
completion of the Merger. In addition, the commencement of trading on the Main Market of the Cyprus Stock Exchange took place
19 December 2025. Further information is provided on the relevant corporate announcements published on the Bank’s website.
In line with
the Group entities’
accounting policy for
legal mergers
that include the combination
of the Bank
with entities
under
common control, the assets and liabilities of Eurobank Holdings were incorporated prospectively
in the Bank’s financial statements
at their pre-combination carrying amounts.
The table below presents the analysis of the transferred assets and liabilities, as well as the equity position of Eurobank Holdings as
of the merger date, i.e. 12 December 2025.
Notes to the Financial Statements
.
654
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31 December 2025 Financial Statements
Eurobank
Holdings
Of which participation
in /
intercompanies
with the
Bank
€ million
€ million
ASSETS
Shares in subsidiaries
4,134
(4,133)
Due from credit institutions
3
(3)
Debt securities
1,206
(1,206)
Equity securities
(AT1 capital
instruments)
1,092
(1,092)
Other assets
3
-
Total assets
6,438
(6,434)
LIABILITIES
Due to credit institutions
58
(58)
Debt securities
in issue
1,206
(1,206)
Other liabilities
6
-
Total liabilities
1,270
(1,264)
EQUITY
Share Capital
799
Share Premium
1,145
Reserves and
retained
earnings
2,134
AT1 capital
instruments
1090
Total equity
5,168
The effect on the Bank’s
equity, resulting from the merger
with Eurobank Holdings, is presented in the table below:
Share capital
Share
premium
Reserves and
retained
earnings
AT1 capital
instruments
Merger effect
on equity
€ million
€ million
€ million
€ million
€ million
Share capital decrease
of Eurobank S.A. following the
cancelation
of Eurobank Holdings
participation
in the
Bank
(3,941)
-
(192)
-
(4,133)
Share capital
increase of
Eurobank S.A.
799
(5)
-
-
794
Share premium
of Eurobank Holdings
-
1,145
-
-
1,145
Reserves and
retained
earnings of Eurobank
Holdings
-
-
2,134
-
2,134
AT1 capital
instruments
issued by Eurobank
Holdings
-
-
-
1,090
1,090
Cancellation
of AT1 capital
instruments
issued by the
Bank and
held by
Eurobank Holdings
-
-
-
(1,092)
(1,092)
Total
(3,142)
1,140
1,942
(2)
(61)
Notes to the Financial Statements
.
655
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Page
31 December 2025 Financial Statements
24.
Shares in subsidiaries
The following is a
listing of the Bank's
subsidiaries (percentage holdings held directly by the Bank)
as at 31 December 2025:
Name
Note
Percentage
holding
Country of
incorporation
Line of business
Be Business Exchanges Single Member Societe Anonyme
of Business Exchanges Networks and Accounting and Tax
Services
g
100.00
Greece
Business-to-business e-commerce,
accounting, tax and sundry services
Eurobank Asset Management Mutual Fund Mngt
Company Single Member S.A.
100.00
Greece
Mutual fund and asset management
Eurobank Equities Investment Firm Single Member S.A.
100.00
Greece
Capital markets and advisory services
Eurobank Leasing Single Member S.A.
100.00
Greece
Leasing
Eurobank Factors Single Member S.A.
100.00
Greece
Factoring
Herald Greece Single Member Real Estate development
and services S.A. 1
100.00
Greece
Real estate
Piraeus Port Plaza 1 Single Member Development S.A.
100.00
Greece
Real estate
(Under liquidation) Anchor Hellenic Investment Holding
Single Member S.A.
100.00
Greece
Real estate
Athinaiki Estate Investments Single Member S.A.
100.00
Greece
Real estate
Piraeus Port Plaza 2 Single Member Development S.A.
100.00
Greece
Real estate
Piraeus Port Plaza 3 Single Member Development S.A.
100.00
Greece
Real estate
Tenberco Real Estate Single Member S.A.
100.00
Greece
Real estate
Value Touristiki Single Member Development S.A.
100.00
Greece
Real estate
Insignio Single Member S.A.
b
100.00
Greece
Real estate
Eurobank Ananeosimes Single Member S.A.
100.00
Greece
Production and distribution of solar generated
electric energy
Eurobank Bulgaria A.D.
99.99
Bulgaria
Banking
Berberis Investments Ltd
100.00
Channel Islands
Holding company
Eurobank Limited
c
100.00
Cyprus
Banking
Severdor Ltd
e
100.00
Cyprus
Holding company
Eurobank Private Bank Luxembourg S.A.
d
100.00
Luxembourg
Banking
Eurobank Fund Management Company (Luxembourg) S.A.
100.00
Luxembourg
Fund management
ERB New Europe Funding B.V.
100.00
Netherlands
Finance company
ERB New Europe Funding II B.V.
100.00
Netherlands
Finance company
ERB IT Shared Services S.A.
100.00
Romania
Informatics data processing
Seferco Development S.A.
99.99
Romania
Real estate
ERB Leasing A.D. Beograd-in Liquidation
100.00
Serbia
Leasing
IMO Property Investments A.D.
Beograd
100.00
Serbia
Real estate services
Karta II Plc
-
United Kingdom
Special purpose financing vehicle
Astarti Designated Activity Company
-
Ireland
Special purpose financing vehicle
ERB Recovery Designated Activity Company
-
Ireland
Special purpose financing vehicle
In addition, the following entities are
also controlled by the Bank:
(i) the
Bank’s special
purpose financing
vehicles and
the related
holding entities:
a) Anaptyxi
APC Ltd,
which is
dormant/under
liquidation and b)
Themeleion III Holdings Ltd, Themeleion IV
Holdings Ltd, Themeleion Mortgage Finance
Plc, Themeleion II
Mortgage
Finance Plc,
Themeleion III
Mortgage Finance
Plc, Themeleion
IV Mortgage
Finance
Plc, Themeleion
V Mortgage
Finance Plc,
Themeleion VI Mortgage
Finance Plc
and Byzantium II
Finance Plc,
which were dormant
and/or are
under liquidation and
were
dissolved in February 2026.
(ii) the holding entity of Karta II
Plc: Karta II Holdings Ltd.
(iii) dormant entity: Enalios Real
Estate Development S.A.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
(iv) entities controlled by
the Bank pursuant to
the terms of the
relevant share pledge agreements:
Finas S.A., Rovinvest
S.A. and
Promivet S.A.
(a) IMO Property Investments Bucuresti S.A., Romania
In June 2024, the sale of IMO Property Investments Bucuresti S.A. was considered highly probable, therefore the
Bank’s share in the
company was classified as held for sale in accordance with IFRS 5. In
April 2025, the sale was completed for a cash consideration of €
7.5 million, including other
receivables based on
the sale agreement
and a resulting loss
of € 7
million was recognized
in “Other
income/(expenses)”.
(b) Insignio Single Member S.A., Greece
In May 2025, an
agreement was
signed for the transfer of
100% of the shares
of Insignio Single Member S.A.
held by the
Cypriot
subsidiary Severdor Ltd, to the Bank for a consideration of € 36.9 million. Accordingly, Eurobank became 100% direct shareholder of
Insignio Single Member S.A.
(c) Merger of Hellenic Bank Public Company Limited and Eurobank Cyprus Ltd, Cyprus
On 29
August 2025,
the Bank
announced the
receipt of
all required
regulatory approvals
for the
merger of
its wholly
owned
subsidiaries in Cyprus,
i.e. Hellenic
Bank and Eurobank
Cyprus. Effective
1 September
2025, and in
accordance with the
Cyprio
t
Transfer of Banking
Business and Collateral Law
of 1997, all assets
and liabilities of Eurobank Cyprus were
transferred to Hellenic
Bank. The transaction was executed through the issuance of new
common shares by Hellenic Bank to Eurobank Cyprus,
representing
36.15% of its share capital,
while the remaining 63.85% was
held by Eurobank S.A. Following the transaction, Eurobank Cyprus Ltd
was renamed to ERB
Cyprus Holdings Ltd and Hellenic Bank Public Company Limited was
renamed to Eurobank Limited.
On 3 December 2025,
the merger of the
two organizations was completed. On the same date,
a) the share capital of Eurobank
Limited
was reduced by € 116.8 million corresponding to the shares held by ERB Cyprus Holdings, which were cancelled and b) increased by
the same amount through the issuance of an equivalent number of shares allocated to Eurobank S.A. As a result of these corporate
actions, Eurobank S.A. became the sole shareholder of Eurobank Limited and ERB
Cyprus Holdings Ltd was dissolved.
(d) Eurobank Private Bank Luxembourg S.A., Luxembourg
In September 2025, the share capital of
Eurobank Private Bank Luxembourg S.A. increased by € 70 million.
(e) Severdor S.A., Cyprus
In October 2025, the share capital of Severdor S.A. decreased by € 22.8 million.
(f) Herald Greece Single Member Real
Estate development and services S.A. 2, Greece
In October 2025,
the share capital
of the company
increased by € 7.3
million. In the
same month, the Bank sold
its participation
interest of 100% in Herald Greece Single Member
Real Estate development and services
S.A. 2 to a
third party
for a cash consideration
of € 10.8 million, with a
resulting gain of € 2
million recognized in “Other income/(expenses)”.
(g) Be Business Exchanges
Single Member Societe Anonyme of
Business Exchanges Networks and
Accounting and Tax
Services,
Greece
In December 2025, following the completion of
the merger process of Eurobank Holdings
with the Bank through absorption of the
former by the latter, the Bank succeeded
by operation of law, through universal succession, to
the entire estate (assets and liabilities)
of Eurobank Holdings. As a result, Be
Business Exchanges Single
Member S.A. became a subsidiary of the Bank.
(h) ERB New Europe Holding B.V., Netherlands
In December 2025, the liquidation οf the company was completed.
Agreement with Fairfax for the acquisition of Eurolife FFH Life Insurance and the partial disposal of ERB Asfalistiki Ltd
On 13 October 2025,
Eurobank Ergasias Services and Holdings S.A. and
its subsidiary, Eurobank
S.A. together (“Eurobank”),
announced
that Eurobank Holdings has signed a term sheet with Fairfax Financial Holdings Limited (“Fairfax”) pursuant to which Eurobank shall
acquire the remaining
80% of the
life insurance
business (“Eurolife Life”)
(the Transaction) for
a net
cash consideration of
€ 813
million.
Following this acquisition, Eurobank
will hold 100% of Eurolife Life
and will retain its 20%
interest in Eurolife Holdings’ general
insurance business (“Eurolife General
Insurance”).
Notes to the Financial Statements
.
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Eurolife Life stands as a leading life insurer in Greece, holding
a market share of c.
21%, while for 2025, it is projected to achieve gross
written premiums of c. €
600 million. The Transaction
will enable Eurobank to enhance its
profitability base by fully
consolidating
Eurolife Life’s
financial results, further
diversify its
revenue streams through
increased fees
and commissions,
and maximize
the
potential of its bancassurance platform.
In addition to the
aforementioned Transaction, Fairfax
shall procure that certain affiliates
of Fairfax will
acquire 45% of the share
capital of ERB Asfalistiki (“ERBA”),
the non-life (property and casualty) insurance company of Eurobank Limited in Cyprus, for a cash
consideration of € 59 million. Fairfax will also have the
right to acquire the remaining 55%
of the share capital of ERBA over time. This
strategic
partnership
will
allow
both companies
to
combine
their
strengths
in
underwriting, risk
management,
and
product
development, driving greater operational efficiency and unlocking new market opportunities in Greece and Cyprus.
The above transactions are expected to increase Eurobank Group’s
fees and commissions by c. 12%, driving the contribution
of asset
management and insurance to total fees,
in excess of 30%.
The signing of both share purchase agreements is expected within the first quarter of 2026 whilst the completion within the second
quarter of 2026. Both transactions
are subject to the required approvals
from the relevant authorities and the
process for related
party transactions. Further information is available
in the relevant announcement on the Bank’s website.
Post balance sheet event
Severdor Ltd, Cyprus
In January 2026, the liquidation of the company was decided.
24.1 Corporate
actions in relation to Hellenic Bank group
Hellenic Bank Public Company Ltd (“Hellenic
Bank”), a financial institution based in Cyprus was accounted for as
a Bank’s associate
under the equity method from April 2023 until 30 June 2024.
In June 2024, the Bank acquired
an additional 26.3% holding in Hellenic Bank and
also announced, pursuant to the
Takeover Bids Law
of 2007 of the Republic of Cyprus (“Law”), the submission of a Mandatory Takeover
Bid to all shareholders of Hellenic Bank for
the
acquisition of up to 100% of its issued share capital. The
acceptance period for the Mandatory Takeover Bid expired on 30 July 2024,
eliminating any restrictions imposed by the Law on the Bank’s ability to exercise its voting rights in full. Considering
the provisions of
the Law, the Cyprus’ legal framework including the Companies Law Cap. 113, as well as the Hellenic Bank’s articles of
association in
relation to
the exercise of
shareholders’ rights, including
the timing for
convening a general
meeting of
the shareholders, it
was
assessed that the Bank acquired control over Hellenic Bank group within July, despite being the holder of 55.48% of Hellenic
Bank’s
shares as at
30 June 2024.
Accordingly, Hellenic
Bank and its
subsidiaries were included
in the
Company’s consolidated financial
statements from the beginning of the third quarter
of 2024. The total percentage of acceptance of
the Takeover Bid reached 0.481%,
giving Eurobank total participation of 55.962% in the issued share capital
of Hellenic Bank.
Moreover, in November 2024, the Bank
announced that: (a) it had
entered into share purchase agreements with certain shareholders
of the Hellenic Bank, pursuant
to which it agreed
to acquire an
additional total holding of
37.51% in the entity,
for a total consideration
of ca. € 750 million,
corresponding to € 4.843 per share and, (b) it
would exercise its squeeze-out right
to acquire any outstanding
shares of Hellenic Bank and take all necessary
steps for the delisting of Hellenic Bank's shares from the Cyprus
Stock Exchange. In the
consolidated financial statements
for the year ended 31 December 2024, the above transactions, including the Bank’s
squeeze-out
right for the acquisition of the remaining shares of Hellenic Bank,
were accounted for as forward contracts at a fixed price to acquire
shares in a subsidiary that are held by
non-controlling interests and were deemed to provide present access to the
risks & rewards of
ownership of
these shares
to
the Bank.
Accordingly,
as
of November
2024, Hellenic
Bank is
included in
the Group’s
financial
statements with
100% consolidation percentage.
Detailed information regarding
the consolidation of
the former Hellenic
Bank group is
provided in note 23.2
of the consolidated
financial statements
for the year ended 31 December 2024.
On 11 February 2025, after the receipt of the relevant regulatory approvals, the acquisition of a total 37.51% stake in Hellenic Bank,
as mentioned above, was completed resulting in
the Bank’s total holding in Hellenic Bank at
93.47%. The financial liability of ca. € 750
million that
had respectively
been recognised
to reflect
the Bank’s
unconditional obligation
to deliver
cash
to non-controlling
shareholders for the acquisition of the 37.51% stake in Hellenic Bank was settled in cash at the completion date of the transactions.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
Following that and
pursuant to the
provisions of the
Takeover Bids
Law in Cyprus,
the Bank also
announced the submission
of a
Mandatory Takeover Bid to the shareholders of Hellenic Bank for the acquisition
of up to 100% of the issued share capital of Hellenic
Bank for a consideration of € 4.843 per share. The acceptance period of the Takeover Bid commenced on 11 March 2025 and ended
on 9 April 2025.
On 25 April
2025, the Bank announced
that the total percentage
of acceptance of the
Takeover Bid
reached 4.525%, as the
valid
Acceptance and Transfer Forms submitted were for
18,678,262 shares of Hellenic Bank resulting in the Bank’s total participation of
97.994% in the issued
share capital of
Hellenic Bank. Moreover,
on 28 April
2025, the Bank applied
to the Cyprus
Securities and
Exchange Commission for the exercise of the Squeeze Out right provided by Article 36 of the Takeover
Bids Law, for the acquisition
of the remaining shares of
Hellenic Bank.
On 11 June 2025, the Bank announced the completion of the Squeeze Out procedure. It acquired the remaining 8,279,967 shares of
Hellenic Bank, representing 2.006% of its
issued share capital, at the price of € 4.843
per share. Following this transaction,
the Bank’s
holding in the company’s share capital reached 100%.
25.
Investments
in associates and joint ventures
.
.
As at 31 December 2025,
the carrying amount of the Bank’s investments in
associates and joint ventures amounted to € 36 million
(2024: € 37 million). The following
is the listing of
the Bank’s associates
and joint ventures as at 31 December 2025:
.
Name
Country of
incorporation
Line of business
Percentage
Holding
Femion Ltd
Cyprus
Special purpose investment vehicle
66.45
(Under liquidation) Global Finance S.A.
Greece
Investment financing
33.82
Odyssey GP S.a.r.l.
Luxembourg
Special purpose investment vehicle
20.00
Eurolife FFH Insurance Group Holdings S.A.
Greece
Holding company
20.00
Alpha Investment Property Commercial Stores S.A.
Greece
Real estate
30.00
Peirga Kythnou P.C.
Greece
Real estate
50.00
doValue Greece Loans and Credits Claim Management S.A.
Greece
Loans and Credits Claim Management
20.00
Perigenis Business Properties S.A.
Greece
Real estate
18.90
a) In the first
half of 2024, in the context
of Solar securitization, the Bank
along with the other
Greek systemic banks established
“REOCO SOLAR S.A.”
with
participation holding 23.4%. Given the abandonment of
the Solar Project (note 20),
the aforementioned entity that remains
dormant since its establishment
will be dissolved.
b) On 16 July 2025,
Eurobank along with other Greek
lending banks triggered the
acceleration clause on the loan agreements
of Avramar Aquaculture S.A.,
making them immediately due and payable. Following the acceleration notice, and pursuant to the terms
of the relevant share pledge agreements, the banks
became the sole beneficiaries of
the voting rights attached to the shares
of Avramar Aquaculture S.A and the pledged shares
of other Avramar group companies,
with no direct shareholding. As a result,
the aforementioned companies are considered to be jointly controlled by the lending banks, based on
the proportionate
participation of each lender in the respective loans.
As of 31 December 2025, the Bank classified
its loan exposure to the Avramar group
as held for sale. For
further details, please refer to Note 20 Loans and advances to customers.
Perigenis Business Properties S.A., Greece
In April 2025, following the share capital decrease of
Perigenis Business Properties S.A., the capital return to
the Bank amounted to €
0.8 million.
Post balance sheet event
Global Finance S.A., Greece
In February 2026, the liquidation of the company was resolved and its name
was updated accordingly.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
26.
Property and equipment
31 December 2025
Land, buildings,
leasehold
improvements
Furniture,
equipment,
motor
vehicles
Computer
hardware,
software
Right of use assets
(RoU)⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
Cost:
Balance at 1 January
574
136
301
267
1,278
Transfers
4
-
14
-
18
Additions
23
5
9
12
49
Disposals, write-offs and adjustment to RoU ⁽¹⁾
-
(1)
(1)
9
7
Impairment
-
-
(1)
-
(1)
Balance at 31 December
601
140
322
288
1,351
Accumulated depreciation:
Balance at 1 January
(180)
(110)
(234)
(151)
(675)
Transfers
-
-
(3)
-
(3)
Disposals, write-offs and adjustment to RoU ⁽¹⁾
-
1
1
4
6
Charge for the year
(9)
(6)
(16)
(26)
(57)
Balance at 31 December
(189)
(115)
(252)
(173)
(729)
Net book value at 31 December
412
25
70
115
622
31 December 2024
Land, buildings,
leasehold
improvements
Furniture,
equipment,
motor
vehicles
Computer
hardware,
software
Right of use assets
(RoU)⁽¹⁾
Total
€ million
€ million
€ million
€ million
€ million
Cost:
Balance at 1 January
514
133
284
248
1,179
Arising from merger
33
0
-
-
33
Transfers
16
(1)
2
-
17
Transfers from/to repossessed assets
2
(1)
-
-
1
Additions
19
9
21
11
60
Disposals, write-offs and adjustment to RoU⁽¹⁾
(10)
(4)
(1)
8
(7)
Impairment
-
-
(5)
-
(5)
Balance at 31 December
574
136
301
267
1,278
Accumulated depreciation:
Balance at 1 January
(182)
(109)
(219)
(128)
(638)
Transfers
1
-
-
-
1
Disposals, write-offs and adjustment to RoU⁽¹⁾
10
4
1
-
15
Charge for the year
(9)
(5)
(16)
(23)
(53)
Balance at 31 December
(180)
(110)
(234)
(151)
(675)
Net book value at 31 December
394
26
67
116
603
(1)
The respective lease liabilities are presented in “other liabilities” (note 34).
Adjustment to RoU refers to termination, modifications
and remeasurements of
RoU. It includes the
remeasurement from revised estimates of
the lease term during the
year, considering all facts
and circumstances that affect the
Bank’s
housing needs.
As at 31 December 2025, the
RoU assets
amounting to € 115 million (31
December 2024: € 116 million) refer
to leased office and
branch premises, ATM locations, residential properties of € 109 million (31 December 2024: € 110 million) and motor vehicles of € 6
million (31 December 2024: € 6 million).
Leasehold improvements relate to premises
occupied by the Bank for its own activities.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
27.
Investment property
The Bank applies the
fair value model regarding the measurement of
Investment Property according to IAS
40 “Investment property”.
The movement of investment property is as follows:
2025
2024
€ million
€ million
Balance at 1 January
1,047
1,033
Additions
4
4
Arising from merger
-
18
Transfers
from/to repossessed assets
2
32
Other transfers
(5)
(15)
Disposals
(14)
(37)
Net gain/(loss)
from fair values adjustments
36
12
Held for sale
(137)
-
Balance at 31 December
933
1,047
Changes in
fair
values
of
investment
property
are
recognized
as
gains/(losses)
in profit
or
loss
and included
in
the
"Other
Income/(expense)" (note 11). All
gains/(losses)
are unrealized.
During the year
ended 31 December 2025, an
amount of €
68 million (2024: €
70 million)
was recognized as
rental income from
investment property in income from non banking services (note 8).
The main classes of investment property have been determined based on the nature, the characteristics and the risks of the
Bank
’s
properties. The fair value measurements
of the Bank’s investment
property, which are
categorized within level 3
of the fair value
hierarchy, are presented in the below table.
2025
2024
€ million
€ million
Residential
2
3
Commercial
926
1,034
Land Plots
5
10
Industrial
-
-
Total
933
1,047
The basic
methods
used for
estimating
the fair
value of
the Bank’s
investment
property
are
the income
approach
(income
capitalization/discounted cash flow
method) and the comparative method, which may also
be used in combination if necessary.
The discounted cash flow (DCF) method is the primary method used for estimating the fair value of the Bank’s
investment property
and is used mainly for the commercial class of investment property but also for other classes of investment
property and when and
if necessary, in conjunction with other methods. Under DCF method, the fair value is calculated through the projection of a
series of
cash flows using explicit assumptions regarding the benefits and liabilities of ownership (income and operating costs, vacancy rates,
income growth), including the residual value anticipated at the end of the
projection period. To this projected cash flows series,
an
appropriate, market-derived discount rate is applied to establish
its present value.
Under the
income capitalization
method, also
used for
the commercial
class of
investment property,
a property’s
fair value
is
estimated based on the normalized net operating income generated by the property, which is divided by the capitalization rate (the
investor's rate of return).
The comparative method is used for the residential, commercial and
land plot classes of investment property. Fair value is estimated
based on data for comparable transactions, by analyzing either real transaction prices of similar properties, or by asking prices after
performing the necessary adjustments.
The Bank’s investment property
valuations are performed taking
into consideration the highest
and best use
of each asset
that is
physically possible, legally permissible
and financially feasible.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
The main method used to estimate the fair value of Bank’s Investment property portfolio as of 31 December 2025, is the discounted
cash flow method. Significant unobservable
inputs used in the
fair value measurement of the relevant portfolio
are the rental income
growth and the discount rate. Increase in rental income growth would result in increase in the carrying amount while an increase in
the discount rate would have
the opposite result. The
discount rate used ranges from 7% to 12%.
As at 31 December
2025, an increase
or decrease of 5% in the discount rate
used in the DCF analysis,
would result in a downward or upward adjustment
of the carrying
value of the respective investment properties by € 28.4 and € 28 million,
respectively.
In the context of properties’
valuation, sustainability and environmental matters encompass a wide range of
physical, climate change,
social, corporate responsibility and economic factors, including
key environmental risks such as flooding, energy efficiency, as well as
matters of design, configuration, accessibility and legislation, that impact their value. The Bank is gradually upgrading its real-estate
portfolio, aiming to reduce its environmental
footprint and shift towards high-end, modern,
environmentally friendly buildings, given
that such buildings are in high demand. In addition, the
Bank has introduced “green” certifications to its real estate assets, validating
their sustainability value and at the same time maximizing their return
and market value. On the other hand, environmental risks are
taken into account in properties’ valuation in cases where there is an indication that the valued property is subject to physical risks,
such as floods, is contaminated
or is adversely affected by existing
environmental laws/regulations.
On an annual
basis, the Bank aims at the
evaluation of an increased
number of selected properties
included in the
investment property
portfolio for their gradual
certification in accordance
with international standards, while
actively investing to
improve the
energy
efficiency of its properties’ portfolio and its environmental
profile.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
28.
Intangible assets
The movement of intangible assets
referring to purchased or developed software is as
follows:
2025
2024
€ million
€ million
Cost:
Balance at 1 January
422
371
Arising from merger
(note 23)
1
-
Transfers
(13)
(2)
Additions
106
67
Impairment
(14)
(14)
Balance at 31 December
502
422
Accumulated amortisation:
Balance at 1 January
(204)
(168)
Arising from merger
(note 23)
(1)
-
Transfers
3
-
Amortisation charge for the year
(39)
(36)
Balance at 31 December
(241)
(204)
Net book value at 31 December
261
218
29.
Other assets
2025
2024
€ million
€ million
Repossessed properties
and relative
prepayments
384
437
Pledged
amount for a
Greek sovereign
risk financial
guarantee
248
242
Deferred
costs and accrued
income⁽¹⁾
96
91
Other guarantees
286
219
Income tax
receivable⁽¹⁾
79
89
Receivable
from Deposit
Guarantee and
Investment
Fund
72
70
Other assets
400
270
Total
1,565
1,418
(1)
Includes withholding taxes, net of provisions.
As at 31 December 2025, other assets net of provisions, amounting
to € 400 million include, among others, receivables related to (a)
prepayments to
suppliers, (b)
public entities,
(c) property
management activities,
(d) legal
cases and
(e) the
sale of
the Bank’s
Merchant Acquiring Business.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
30.
Disposal groups classified as held for
sale
2025
2024
€ million
€ million
Assets of disposal groups
Real estate
properties
65
32
Loans portfolios
(note 20)
146
46
IMO Property
Investments
Bucuresti
S.A.
-
8
Total
211
86
Liabilities of
disposal groups
Other liabilities
related
to loans portfolios
(notes 20
and 34)
-
1
Total
-
1
Real estate properties
On 16 July 2025,
the Bank signed a preliminary
agreement with Praktiker Hellas S.A. for the
sale of a portfolio
of investment properties
currently leased to
the aforementioned
company,
for a
total consideration
of €
138 million.
The sale was
subject to
customary
procedures for real estate property transfers and was expected to be completed within one year from the date from the date of the
agreement . Accordingly, the underlying properties
with a carrying amount of c.
€ 137 million, being their fair value
under the Banks’s
accounting policy for the measurement of investment properties, were classified as held for sale. As of
31 December 2025, the sale
of most properties out of this portfolio, having a carrying amount of c. € 95 million, was completed, while the remaining
properties
with a carrying amount of c. € 42 million
continue to be classified as held for
sale.
Morover, in the context of its strategy for the active management of its real estate portfolio (repossessed, investment properties
and
own used properties), the Bank has gradually classified as held for sale certain pools of real estate assets of total remaining carrying
amount ca. € 23 million as at 31
December 2025 (31 December
2024: € 32 million), after their remeasurement in accordance
with the
IFRS 5 requirements.
The Bank remains committed
to its plan to sell the aforementioned
assets, which are gradually
being disposed, and undertakes all
necessary actions towards this direction.
The above non-recurring fair value measurements were categorized
as Level 3 of the fair
value hierarchy due to the significance
of
the unobservable inputs used, with no change occurring up to 31 December 2025.
31.
Due to central banks and credit
institutions
2025
2024
€ million
€ million
Secured
borrowing from
ECB⁽²⁾
1,001
-
Secured borrowing from credit institutions⁽¹⁾
4,455
3,361
Borrowings from
international
financial and
similar institutions
195
267
Deposits from
banks received
as collateral⁽¹⁾
323
100
Current
accounts and settlement
balances with
banks
96
101
Interbank takings
150
196
Total
6,220
4,025
(1)
The amounts presented are after offsetting (note 5.2.1.4).
(2)
Refers to ECB’s main refinancing operations (MRO)
Borrowings from international financial and similar institutions include
borrowings from European
Investment Bank and other
similar
institutions.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
32.
Due to customers
2025
2024
€ million
€ million
Savings and current accounts
31,922
29,325
Term deposits
13,423
14,427
Carrying amount
45,346
43,752
Fair value changes of
deposits in portfolio hedging of interest rate
risk
10
(9)
Total
45,356
43,742
Under the Law 4151/2013, the
dormant deposits accounts balances are
statute barred for the benefit of the
Greek State after the 20-
year lapse of the last transaction. Accordingly, in 2025
the amount that the Bank transferred to the Greek State was approximately €
1 million (31 December 2024: € 2 million).
33.
Debt securities in issue
2025
2024
€ million
€ million
Securitisations
553
554
Subordinated
notes (Tier
2)
1,215
1,585
Medium-term
notes (EMTN)
5,718
4,834
Credit linked notes
81
80
Total
7,568
7,053
Subordinated Tier 2 notes
In January 2025, Eurobank Holdings, the parent company of
the Bank until the merger
by absorption of the former by the latter
in
December 2025, announced that it has successfully priced the issuance of € 400 million subordinated Tier II debt instruments (New
Instruments) which mature in April 2035,
are callable at par from 30 January 2030
until 30 April 2030, offering a coupon of
4.25% per
annum and are listed on the Luxembourg
Stock Exchange’s Euro MTF market. In addition, Eurobank Holdings announced
an any-and-
all exchange offer for the Tier 2 notes of Bank’s subsidiary, Hellenic Bank, of
notional value of € 200 million, with
additional Eurobank
Holdings Tier 2 subordinated notes, issued under a single series and
with same terms with the € 400 million subordinated notes. The
offer period was set from
21 January 2025 until 27 January 2025.
On 28 January 2025, Eurobank Holdings announced
that it has decided to accept all existing notes offered for exchange, pursuant to
the exchange offer, with nominal value of € 157 million. The nominal value of new instruments issued is € 188.5 million, which form
a single series with the New Instruments with a combined aggregate nominal amount of € 589 million. On the same date,
the Bank
issued a subordinated instrument of
equivalent terms, held by
the Parent Company.
Upon completion of the
merger of Eurobank
Holdings with the Bank, these notes
were cancelled and the Bank assumed the
corresponding New Instruments held by third
parties.
In September 2025 Eurobank Holdings proceeded with the early redemption of the Tier 2 capital instruments of face value of € 950
million, issued in 2018 in replacement of the preference shares which had been issued in the context
of the first stream of Hellenic
Republic’s plan to
support liquidity in the Greek
economy under Law 3723/2008. On
the same date, the
Bank cancelled the tier
2
capital instruments of equivalent terms
which were held by Eurobank Holdings.
Medium-term notes (EMTN)
In February 2025, the Bank. successfully completed
the issuance of €
350 million senior preferred notes through a
private placement.
The bonds mature on 7 February 2036, are callable at par on 7 February 2035 offering a
coupon of 4% per annum and are listed on
the Luxembourg Stock Exchange’s Euro MTF market. The proceeds from the issue will
support Eurobank Group’s strategy to ensure
ongoing compliance with its MREL
requirements.
In July 2025, the Bank successfully completed the issuance of € 500 million senior preferred notes which mature on 7 July 2028, are
callable at par on 7 July 2027 and offer a coupon of 2.875% per annum. In September, the Bank proceeded with an additional € 200
million issue of the aforementioned notes through private placement, which together with the initial issue will
form a single series.
Notes to the Financial Statements
.
665
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31 December 2025 Financial Statements
The notes are
listed on the
Luxembourg Stock Exchange’s
Euro MTF market.
The proceeds from
the issues will
support Eurobank
Group’s strategy to ensure ongoing
compliance with its MREL requirements and
will be used for Eurobank’s
general funding purposes.
Securitisations
In May 2025,
the Bank’s special
purpose financing vehicle, Karta II
Plc, modified the
contractual terms of its
class A asset
-backed
security of face value €
303 million, by adjusting the
security’s interest rate spread
at market terms and extending
its contractual
maturity until May 2030.
Post balance sheet event
Subordinated Tier 2 notes
In January
2026, the
Bank announced
that it
has successfully
completed the
pricing of
€ 400
million subordinated
Tier II
debt
instruments which mature in April
2037, are callable at par from 29
January 2032 until 29 April
2032, offering a coupon of 4.125% per
annum and are listed
on the Luxembourg Stock Exchange’s
Euro MTF market. The proceeds from the
issues will
support Eurobank
Group’s strategy to ensure ongoing
compliance with its MREL requirements and
will be used for Eurobank’s
general funding purposes.
34.
Other liabilities
2025
2024
€ million
€ million
Balances under
settlement⁽¹⁾
147
170
Lease liabilities
119
119
Deferred
income
and accrued
expenses
126
127
Other provisions
122
129
ECL allowance for credit related
commitments (note 5.2.1.2)
55
54
Standard legal
staff retirement
indemnity
obligations
and employee
termination
benefits
(note 35)
97
136
Sovereign
risk financial
guarantee
26
29
Trading liabilities
75
43
Other liabilities
153
135
Total
920
943
(1
)
Includes settlement balances relating to bank cheques and remittances, credit card transactions, other banking activities.
As at
31 December
2025, other liabilities
amounting to
€ 153 million
mainly consist of
payables relating
with (a)
suppliers and
creditors, (b) contributions to insurance organizations, and (c)
duties and other taxes.
As at 31 December 2025, other provisions amounting to € 122 million (2024: €
129 million) mainly include: (a) € 21 million for claims
in dispute and
outstanding litigations against
the Bank (note 42), (b) € 37 million relating
to the sale of Bank’s
former subsidiaries
based on specific indemnity clauses
in the relevant Sale
Purchase Agreements, of which €
27 million for
the tax audit assessment
issued to Bancpost S.A. in 2018,
(c) € 11 million for representation and warranties provided to investors in the context of the Mexico
NPE securitization transaction,
d) € 13 million for other operational risk events
e) € 39 million
relating to contribution Greek State
infrastructure projects.
The Bank, in cooperation with Banca Transilvania (the legal successor to Bancpost
S.A.), challenged the tax audit assessment issued
to Bancpost S.A. before the
competent Romanian courts. On 16
October 2025, the Romanian
Supreme Court registry notified the
involved parties, including the Bank,
that the court had accepted its position
on the majority of the tax matters challenged. Following
this development, the
Bank, in collaboration
with its legal
advisors, is
in the process
of finalizing
the assessment of the
positive
financial impact, pending the disclosure of the full
text of the Supreme Court’s decision.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
The movement of the Bank's other provisions, is presented in
the following tables:
31 December 2025
Litigations and
claims in
dispute
Other
Total
€ million
€ million
€ million
Balance at 1 January
20
109
129
Amounts charged
during the
year
3
49
52
Amounts used during
the year
(2)
(51)
(53)
Amounts reversed
during the
year
(1)
(6)
(7)
Foreign exchange
and other
movements
Balance at 31 December
21
102
122
31 December 2024
Litigations
and
claims in
dispute
Other
Total
€ million
€ million
€ million
Balance at 1
January
30
66
96
Amounts charged
during the
year
1
58
59
Amounts used during
the year
(10)
(10)
(20)
Amounts reversed
during the
year
-
(5)
(5)
Foreign exchange
and other
movements
(1)
-
(1)
Balance at 31
December
20
109
129
35.
Standard legal staff retirement
indemnity obligations (SLSRI) and termination
benefits
The Bank provides for staff retirement indemnity obligation for its employees in Greece and abroad, who are entitled to a lump
sum
payment based on the
number of years
of service and the
level of remuneration
at the date
of retirement, if
they remain in
the
employment of the Bank until normal retirement age, in
accordance with the local labor legislation. The above retirement
indemnity
obligations typically expose the Bank to actuarial risks such as interest rate risk and salary risk. Therefore, a decrease in the discount
rate used to calculate the present value of the estimated future cash outflows or an increase in future salaries will increase the staff
retirement indemnity obligations of the Bank.
In addition, the Bank has provided employee termination
benefits mainly in respect of the Voluntary Exit Schemes (VES), which have
been implemented through
either lump-sum payments or long-term
leaves during which the
employees will be
receiving a percentage
of a monthly salary, or a combination thereof.
The table below presents the breakdown of defined benefit obligations.
31 December
2025
31 December
2024
€ million
€ million
SLSRI obligation
24
18
Employee
termination
benefits
74
118
Total
97
136
The table below
presents a reconciliation from
the opening to
the closing balance
for staff retirement
indemnity obligations
and
employee termination benefits.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
2025
2024
€ million
€ million
Balance at 1 January
136
56
Arising from merger
(note 23)
1
-
Current
service cost
3
2
Interest cost
3
2
Past service
cost and (gains)/losses on
settlements
1
127
Remeasurements:
Actuarial (gains)/losses
arising from changes
in financial
assumptions
2
1
Actuarial (gains)/losses
arising from changes
in demographic
assumptions
(0)
0
Actuarial (gains)/losses
arising from experience
and other
adjustments
0
2
Benefits paid
(48)
(54)
Balance at 31 December
97
136
For SLSRI obligations
the significant actuarial
assumptions (expressed as weighted
averages) were
as follows:
2025
%
2024
%
Discount rate
3.4
3.0
Future salary increases
4.5
3.2
As at 31 December
2025, the assumption for the
price inflation (weighted
average) is
2.0% (2024: 2.0%) and has been
taken into
account in determining the above actuarial assumptions for future salaries
increases.
As at 31 December
2025, the average duration of the
standard legal staff retirement indemnity obligation was 7 years (2024: 7 years).
A quantitative sensitivity analysis
based on reasonable changes to
significant actuarial
assumptions as at 31
December 2025 is as
follows:
An increase/(decrease) of the discount rate assumed, by 50 bps/(50 bps), would result in a (decrease)/increase of the standard
legal
staff retirement
obligations by (€ 0.8 million)/
€ 0.8 million.
An increase/(decrease) of the future salary growth assumed, by 0.5%/(0.5%) would result in an increase/(decrease) of the standard
legal staff
retirement obligations by € 0.8 million/(€
0.8 million).
The above sensitivity analysis is based on a change in
an assumption while holding all other assumptions constant. In practice, this is
unlikely to occur, and changes in some of the assumptions
may be correlated.
The methods and
assumptions used in
preparing the above
sensitivity analysis were
consistent with those
used to estimate
the
retirement benefit obligation and did not change compared to the previous year.
For employee
termination benefits, the
discount rate
(weighted average)
is the
significant actuarial
assumption, which as
at 31
December 2025
stood at 2.4% (2024: 2.5%) based on the applicable tenor
of the liabilities. On the same date, an increase/(decrease)
of the discount rate assumed, by 50 bps/(50 bps), would result in a
(decrease)/increase of employee termination benefits by (€ 0.7
million)/ € 0.7 million.
36.
Share capital, share premium
and treasury shares
As at 31 December 2024, the total share capital
of Eurobank S.A. amounted to € 3,941 million divided into
3,683,244,830 common
voting shares of nominal value of € 1.07 each. The total number of Eurobank shares was
held by Eurobank Holdings, which was the
sole shareholder of Eurobank.
Following the
completion of the
merger by
absorption of
Eurobank Holdings by
Eurobank S.A.
(The Merger
- note
23), as at
31
December 2025, a) the share capital
of the Bank amounts to
€ 798.9 million, divided into
3,631,510,801 ordinary, dematerialized,
registered voting shares, each with
a nominal value of € 0.22 and
b) the share premium of the
Bank amounts to € 1,140.4 million.
The movements of the Banks’ share capital and share premium, during 2025
are solely attributable to the Merger and are presented
in note 23.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
Share buy back programme
On 7
May 2025,
Eurobank Holdings
announced the
commencement of
the implementation
of the
share
buyback Programme
(‘Programme’) as approved by the AGM of its shareholders held on 30 April
2025. The Programme is conducted in accordance with
the provisions of Article 49 of Law 4548/2018 and under the following terms: (i) the total
cost of the Programme will not exceed the
amount of € 287,942,685.45, and in any case, the
own shares that will be acquired will not exceed 10% of the paid-in
share capital in
accordance with the legislation in force, (ii) the duration of the Programme will not exceed twelve months, i.e. it will remain in force
until 29 April 2026 and (iii) the minimum
and maximum price range for the acquisition of the shares under the Programme,
will be
the nominal value of the share (€ 0.22)
and € 10, respectively.
The buyback of own shares by Eurobank Holdings was paused on 21 October 2025, prior to the convocation of the general meeting
of its shareholders for the
approval of the
Merger (note 23) of
Eurobank Holdings with the
Bank (“Phase A”).
Up to that date,
Eurobank
Holdings had acquired 54,228,394
treasury shares within the framework of the Programme with
a total cost of € 165.1 million. On 12
December 2025, the said treasury shares were canceled with
a corresponding reduction of the share capital of Eurobank Holdings.
The Bank, as the universal successor of
Eurobank Holdings, continued the implementation of the Programme after the
completion of
the Merger (see below
Bank’s AGM decisions).
The Bank intends to use the own
shares it will
acquire in order to reduce its sh
are
capital in accordance with Article 49 of Law 4548/2018, and/or for distribution to
the Bank’s employees and/or the members of its
management and/or its affiliated
companies, and/or for other purposes as provided by the applicable law.
Extraordinary General Meeting (22.10.25) decisions
On 22 October 2025, the General Meeting (GM) of the shareholders of
the Bank approved the Merger with Eurobank Holdings (note
23) and:
●
The amendment of article 5 of the Bank’s Articles of Association to reflect the following changes in
the Bank’s share capital
as a result of the Merger:
(i)
the increase
of the Bank’s
share capital
by the
amount of €
798,932,376.22 through the
issuance of
3,631,510,801
ordinary, dematerialized, registered
voting shares, each having a nominal value
of € 0.22, and
(ii)
the decrease of the Bank’s share capital by
the amount of € 3,941,071,968.10,
through the cancellation of 3,683,244,830
shares of the Bank, each with a
nominal value of €1.07.
●
The continuation of the implementation of the share buyback programme originally established by Eurobank Holdings (see
above),
following the completion of the merger by absorption of Eurobank Holdings by the Bank and the commencement
of trading of the shares of the Bank on
the ATHEX (note 23). The total cost of the Programme will not exceed the amount
of
€122,919,881.27, which corresponds to the remaining amount of the existing Programme.
●
The continuation of the stock options plan
originally established by Eurobank Holdings, by means
of the resolution of the
AGM of its shareholders dated 28 July 2020 (note
37).
Treasury shares
As at 31 December 2025, the Bank held 3,546,449 treasury shares acquired within the framework of its buyback programme, with a
total cost of € 12.4 million.
The following is an
analysis of the movement in the number of the Bank’s
shares outstanding:
Number of shares
Issued
Shares
Treasury
Shares
Net
Balance at 1 January 2025
3,683,244,830
3,683,244,830
Share capital decrease
(3,683,244,830)
-
(3,683,244,830)
Issue of new shares
3,631,510,801
3,631,510,801
Purchase of treasury shares under the share buyback programme
-
(3,546,449)
(3,546,449)
Balance at 31 December 2025
3,631,510,801
(3,546,449)
3,627,964,352
Post balance sheet event
Notes to the Financial Statements
.
669
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31 December 2025 Financial Statements
In the period 1 January - 27 February 2026,
as part of the implementation of its share buyback
programme, the Bank proceeded with
additional purchases of 14,449,642
own shares, with a total
cost of € 58 million.
37.
Share options
The Annual General Meeting
of the shareholders of Eurobank Holdings
held on 28 July 2020
approved the establishment
of a five
year shares award
plan, starting from 2021, in
the form of share
options rights by issuing
new shares with a
corresponding share
capital increase, in accordance with the
provisions of article 113 of
law 4548/2018, awarded to executives and personnel of Eurobank
Holdings and its affiliated companies according to article 32 of law 4308/2014.
The maximum number of rights that can be approved
was set at
55,637,000 rights,
each of
which would correspond to
one new share
with exercise
price equal to €
0.23. The Annual
General Meeting authorized the
Board of Directors of
Eurobank Holdings to define
the eligible staff
and determine the remaining
terms and conditions of the plan.
The final terms
and the
implementation of the
share options plan,
which is a
forward-looking long-term incentive
aiming at the
retention of key executives, are defined and approved annually by the Board of Directors
in accordance with the applicable legal and
regulatory framework, as well
as the policies of the Bank and Group.
The options are exercisable in portions
annually during a
period from one to five years.
Each portion may be
exercised wholly or partly
and converted into shares at the
employees’ option, provided that they remain employed
by the Bank until
the first available exercise
date. Each portion is treated as a separate award with a different
vesting period and different fair value. The corporate actions that
adjust the number and the price of shares also adjust
accordingly the share options.
The movement of share options during the year is analysed
as follows:
Share options granted
2025
2024
Balance at 1 January
21,348,600
26,863,702
Options awarded
during the
year
5,979,992
6,822,123
Options cancelled/expired
during the
year
(206,142)
-
Options exercised
during the
year
(9,002,866)
(12,337,225)
Balance at 31 December
18,119,584
21,348,600
In the second quarter of
2025, the Bank and Group
awarded to its
executives 5,979,992 new share
options, exercisable in annual
portions up to 2030,
out of which
2,719,083 options were exercised during
the third quarter
of 2025.From the total number
of granted
share options exercisable in 2025, 9,002,866
options were exercised during the year, resulting in the
issue of an equal number
of new
common voting shares.
The share options outstanding at the end of the year totaled to 18,119,584 (31
December 2024: 21, 348,600) and have the following
expiry dates:
Share options
Expiry date ⁽¹⁾
31 December 2025
2026
6,414,735
2027
6,300,309
2028
3,817,289
2029
1,182,919
2030
404,332
Weighted
average remaining
contractual
life of share
options outstanding
at the end
of the period
20 months
(1)
Based on the earliest contractual exercise date.
In accordance with the
Bank’s accounting policy
on employees’ share based
payments, the grant date
fair value of
the options is
recognized as an expense with a
corresponding increase in equity over the vesting period.
The fair value
at grant date
is determined using an
adjusted form of the Black
-Scholes model for Bermudan equity
options which
takes into account
the exercise price, the exercise
dates, the term of
the option, the share price
at grant date and
expected price
volatility of the underlying share, the expected dividend yield and the risk-free interest rate
for the term of the options.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
The weighted average fair value of the share options granted in 2025 was € 2.10 (2024:
€ 1.66). The significant inputs into the model
were a share price of € 2.48 (2024: € 2.021)
at the grant date, exercise price of € 0.23, a dividend
yield of 4.24%
(2024: 3%), expected
average volatility of 32%
(2024: 32%), expected option life
of 1-5 years, and a
risk-free interest rate
corresponding to the options’
maturities, based on the Euro swap yield curve. The expected volatility is measured at the grant date of the options and is based on
the average historical volatility
of the share price.
38.
Reserves and retained earnings/losses
Corporate law
reserves
Special reserves
Other
reserves
Retained earnings
Total
€ million
€ million
€ million
€ million
€ million
Balance at 1 January 2024
142
299
60
1,613
2,114
Net profit
-
-
-
669
669
Merger with ADEXA Real Estate Signle Member
S.A.
1
-
2
(4)
(1)
Transfers between reserves
34
382
5
(421)
-
Debt securities at FVOCI
-
-
3
-
3
Cash flow hedges
-
-
(1)
-
(1)
Revaluation reserve of fixed assets
-
-
0
-
0
Gains/(losses) from equity securities at FVOCI
-
-
(8)
-
(8)
Associates and joint ventures
-
-
-
-
-
-changes in the share of other comprehensive
income, net of tax
-
-
-
-
-
Actuarial gains/(losses) on post employment
benefit obligations, net of tax
-
-
-
(2)
(2)
Dividends
-
(240)
-
-
(240)
Share options plan
-
-
-
18
18
Purchase/sale and cancellation of treasury shares
-
-
-
-
-
Other
-
-
-
-
-
Balance at 31 December 2024
177
440
61
1,874
2,552
Balance at 1 January 2025
177
440
61
1,874
2,552
Net profit
-
-
-
675
675
Merger of Eurobank Ergasias
Services and
Holdings S.A. with Eurobank S.A.
31
756
1,178
(22)
1,942
Transfers between reserves
34
615
7
(656)
-
Debt securities at FVOCI
-
-
4
0
4
Cash flow hedges
-
-
(2)
-
(2)
Revaluation reserve of fixed assets
-
-
(0)
0
-
Gains/(losses) from equity securities at FVOCI
-
-
1
-
1
Associates and joint ventures
-changes in the share of other comprehensive
income, net of tax
-
-
-
(0)
(0)
Actuarial gains/(losses) on post employment
benefit obligations, net of tax
-
-
-
(1)
(1)
Dividend distribution to shareholders (see below)
-
(436)
5
26
(405)
Coupon payment to AT1 capital holders, net of
tax
-
-
-
(12)
(12)
Share options plan (note 37)
-
-
-
14
14
Purchases of treasury shares (note 36)
-
-
(12)
-
(12)
Other
-
-
-
0
0
Balance at 31 December 2025
242
1,375
1,241
1,898
4,756
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
As at 31 December 2025, “Special reserves” of € 1,375 million relate to dividends and
gains from the sale of participations (2024: €
440 million). In addition, the “Other
reserves” mainly comprise a) € 785 million Non-Taxed Reserves b) €
64
million fair value reserve
(2024: € 51 million) and c) €
16
million accumulated loss
from cash flow hedging
(2024: € 15 million accumulated loss).
Dividends/Shareholders’ remuneration
In May 2025, the Bank,
further to the distribution
of € 240 million in December
2024, proceeded with the distribution
of an additional
amount of € 405 million from its non-mandatory
reserves, as part of the Bank’s overall contribution to
its sole shareholder, Eurobank
Holdings, in order to enable the latter to remunerate
its shareholders out of the profits for the financial
year 2024.
Based on the Group’s financial performance for the financial year 2025, the
Bank intends to remunerate its shareholders with a total
amount of € 717 million, of which €170 million has already been distributed in the form of an
interim dividend, as noted above. This
corresponds to a
55% payout ratio
of the Group’s
net profit for
2025 less the
€ 58 million gain
on acquisition of
the CNP Cyprus
subgroup and is
subject to
approval of the
Annual General
Meeting of its
shareholders and the
regulatory authorities.
The final
remuneration will be delivered through a combination of a cash
dividend and a share buyback programme.
39.
Additional Tier 1 capital instruments
On 4 June 2025, Eurobank Holdings issued fixed rate reset Additional Tier 1 perpetual contingent temporary write
-down notes (the
“Notes” – first issuance)
of nominal value € 500 million. On the same
date, the Bank issued notes of equivalent terms,
which were
held by Eurobank Holdings until its merger with the Bank in December 2025 (note 23). Upon completion of the merger, these notes
were cancelled, and the
Bank assumed the corresponding
Notes held by
third parties. The Notes,
subject to their
terms and conditions,
are redeemable in full at the
Bank’s sole and full discretion on
any interest payment date falling on or
after 4 June 2031 (the first reset
date) or at any time
following the occurrence of certain events. They bear
non-cumulative interest, which is cancellable
subject to
conditions, at a fixed rate of 6.625% per annum until the first reset date, and thereafter at a reset rate based on the aggregate of 5-
year mid-swap rate plus a margin of 445.4 bps. The interest is payable semi-annually
in arrears, commencing on 4 December 2025.
In addition, on 10 November
2025, Eurobank Holdings issued fixed rate reset Additional
Tier 1 perpetual contingent
temporary write-
down notes (the
“Notes” – second
issuance) with a
nominal value of
€ 600 million.
On the same
date, the Bank
issued notes of
equivalent terms, which were held
by Eurobank Holdings until
its merger with the Bank in
December 2025 (note
23). Upon completion
of the merger, these notes were cancelled, and the Bank assumed the corresponding Notes held by third parties. The said Notes are
callable by the Bank, subject to their terms and conditions, on any interest payment date falling
on or after 10 November 2033 and
bear non-cumulative interest at a fixed rate
of 6.250% per annum until the first reset
date, and thereafter at a reset
rate based on
the aggregate of 5-year
mid-swap rate
plus a margin of 379 bps, payable
semi-annually in arrears, commencing
on 10 May 2026.
The issued Notes are listed
on the Euro MTF market of the Luxembourg Stock Exchange.
Based on their terms, such as the fully discretionary and non-cumulative
nature of interest, perpetual maturity, and loss-absorbing
features that relate to specific regulatory requirements or trigger events, the
Notes from both issues have been classified as equity
instruments with coupon payments, if any, to be recognized as dividends in accordance with the principles of IAS 32. The Notes also
qualify as Additional Tier
1 capital instruments
under the Capital Requirements
Regulation (CRR)
(note 4). For the
year ended 31
December 2025, the coupon payment to AT1 capital holders amounted to € 16.5 million
(€ 12 million after
tax).
The issuances are in line with the Group’s strategy to further optimize its capital structure
and enhance its capacity to support future
strategic initiatives.
Further information is available
on the Bank’s website.
40.
Transfers of financial assets
The Bank enters into
transactions by which it
transfers recognized financial assets directly to
third parties or
to Special Purpose Entities
(SPEs).
(a) The Bank sells, in exchange for cash, securities under an agreement to
repurchase them (repos) and assumes a liability to repay
to the counterparty the cash received. In addition,
the Bank pledges, in exchange for cash, securities, covered bonds, as well as loans
and receivables and assumes a liability to repay to the counterparty
the cash received. The Bank may also transfer securities
under
securities lending agreements with no exchange of cash or pledging
of other financial assets as collateral. For all the aforementioned
transactions, the Bank has determined that it retains substantially all the
risks, including associated credit and interest rate risks, and
rewards of these financial assets and therefore has not derecognized them. As a result, the Bank is unable to use, sell or pledge
the
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
transferred assets for
the duration of the transaction. The related
liability,
where applicable, is recognized
in Due to central banks
and credit institutions (note 31), Due to customers (note 32)
and Debt securities in issue (note 33), as
appropriate.
The Bank enters into
securitizations of various classes of loans (corporate,
small and medium
enterprise, consumer and
various classes
of non-performing loans), under which it assumes an obligation to pass on
the cash flows from the loans to the holders of the notes.
The Bank has determined that
it retains substantially all risks, including associated credit and interest rate
risks, and rewards of these
loans and therefore has not derecognized them.
As a result of the above transactions, the
Bank is unable to use, sell
or pledge the
transferred assets for the duration of
their retention by the SPE. Moreover, the note
holders' recourse is limited to the transferred
loans. As at 31 December 2025,
the carrying value of the securitizations’ issues held
by third parties amounted
to € 553 million (2024:
€ 554 million) (note 33).
The table below sets out the details of Bank's financial assets that have
been sold or otherwise
transferred to third parties, but which
do not qualify for derecognition:
Carrying amount⁽¹⁾
2025
2024
€ million
€ million
Securities
held for
trading
17
-
Loans and advances
to customers
5,742
3,985
-securitized loans
731
727
-pledged loans
under covered
bond program
3,197
2,981
-pledged loans
with central
banks
1,583
-
-other pledged
loans
232
277
Investment
securities
2,553
1,329
Carrying amount of
assets
8,312
5,314
Associated liabilities⁽²⁾
7,289
4,363
(1)
The amounts presented above do not
include securitised loans and assets pledged under
cover bond program or with central
banks, which have not been
utilised for secured financing.
(2)
Amounts are before offsetting repo agreements in the balance sheet against reverse repo deals of € 1,280 million (2024: € 447 million) (note 5.2.1.4)
(b) The Bank may sell
or re-pledge any securities
borrowed or obtained through reverse repos and
has an obligation to
return the
securities. The
counterparty
retains substantially
all
the risks
and rewards
of ownership
and therefore
the securities
are
not
recognized by the Bank
.
As at 31 December 2025,
the Bank had obtained through
reverse repo securities
of face value of €
1,329
million,
€ 568 million of which had been sold
under repurchase agreements (2024:
€ 795 million face value obtained through reverse
repo not sold or re-pledged).
The Bank’s financial assets pledged as collaterals for repos, derivatives, securitizations and
other transactions other
than the financial
assets presented in the table above are
provided in notes 17 and 29.
41.
Leases
Bank as a lessee
The Bank leases office
and branch premises, ATM locations,
residential properties for its
personnel, and motor vehicles.
The majority of the Bank’s property leases are under long term agreements (for a term of 12
years or more in the case of leased real
estate assets),
with options to
extend or
terminate the
lease according to
the terms
of each contract
and the usual
terms and
conditions of commercial leases, while motor vehicles generally have
lease terms of up
to 4 years. Extension
options held by the Bank
are included in the lease term when it is reasonably certain that they will be
exercised based on its assessment. For contracts having
an indefinite remaining life, the lease term has been determined at an average of 7 years for the Bank, after considering all relevant
facts and circumstances. For new or
modified lease contracts with an indefinite life, that
are effective from the fourth
quarter of 2023
onwards, the estimated lease
term has been revised to 5 years. Where applicable
,
depending on the terms of each lease
contract,
lease payments are adjusted annually in line with the consumer Price Index, as published by the Greek Statistical
Authority, plus an
agreed fixed percentage.
Information about the leases for which the Bank
is a lessee
is presented below:
Notes to the Financial Statements
.
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Right-of-Use Assets
As at 31 December 2025,
the right-of-use assets included in property plant and equipment amounted to
€ 115 million (31 December
2024: € 116 million) (note 26).
Lease Liabilities
The lease liability
included under other liabilities
amounted to € 119
million as at
31 December 2025
(31 December 2024: €
119
million) (note 34). The maturity analysis of
lease liabilities as at 31
December 2025, based on
the contractual undiscounted
cash flows,
is presented in note 5.2.3.
Amounts recognised in profit or loss
Interest on lease liabilities is presented in note
6 and the lease expense relating to short
term leases is ca. € 0.9 million (31 December
2024: € 0.1 million).
The Bank had total cash outflows for
leases of € 28 million
in 2025 (2024: € 27 million).
Bank as a lessor
Finance lease
The Bank leases out certain real
estate properties and equipment under finance leases, in its
capacity as a lessor.
The maturity analysis of finance lease receivables,
based on the
undiscounted lease payments to be
received after the reporting date,
is provided below:
2025
2024
€ million
€ million
Not later
than one year
55
81
1-2 years
8
10
2-3 years
6
12
3-4 years
7
6
4-5 years
11
7
Later than
5 years
31
57
Lease Payments:
118
173
Gross investment
in finance
leases
118
173
Less: unearned
finance income
(8)
(11)
Net investment
in finance
leases
110
162
Less: impairment
allowance
(54)
(75)
Total
56
87
Operating Leases
The Bank leases out its investment
property under the usual terms and conditions of commercial
leases. When such leases
do not
transfer substantially all of the risks and rewards incidental to
the ownership of the leased assets, the Bank classifies these lease as
operating leases. Information relating to operating leases of investment
property, including the
rental income recognised by the Bank
during the
year,
is provided
in note
27. The
maturity analysis
of operating
lease receivables,
based on
the undiscounted
lease
payments to be received after the reporting date, is
provided below:
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
2025
2024
€ million
€ million
Not later
than one year
67
74
One to two
years
59
64
Two to three years
56
56
Three to
four years
44
53
Four to five
years
37
42
More than five
years
110
135
Total
373
424
42.
Contingent liabilities and other
commitments
The Bank presents in the below table the following three categories of the credit related commitments it has undertaken within the
context of its lending related activities: (a) financial guarantee contracts, which refer to guarantees and standby letters of credit that
carry the same credit risk as loans (credit
substitutes), (b) commitments to extend credit,
which comprise firm commitments that are
irrevocable over
the life
of the
facility or
revocable only
in response
to a
material adverse
effect and
(c) other
credit
related
commitments, which refer
to documentary and commercial letters
and other guarantees of medium and low risk according
to the
Regulation No 575/2013/EU.
Credit related commitments are
analyzed as follows:
2025
2024
€ million
€ million
Financial guarantee contracts
2,267
2,422
Commitments to extend credit
1,790
4,205
Other credit
related commitments
5,564
930
Total
9,621
7,557
As at 31 December 2025, the
credit related commitments in total amounted to € 17 billion, including
revocable loan commitments of
€ 5.6 billion and guarantees of € 1.5 billion relating to the lending activities of banking subsidiaries for which the equivalent pledged
amount is presented within “Due from credit institutions”. The respective figures as at 31 December 2024:, were € 14.1 billion
and €
6 billion, containing € 3.4
billion unconditionally cancellable undrawn
overdraft facilities for which, zero credit conversion
factor (CCF)
is estimated for the purpose of ECL measurement under IFRS 9 impairment requirements and € 0.5 billion
of guarantees relating to
the lending activities of banking
subsidiaries..
The impairment allowance for credit related commitments amounted
to € 55 million as
at 31 December 2025 (31 December 2024:
€ 54 million) are
provided in the note 5.
In addition, the Bank has issued a sovereign risk financial guarantee of € 0.25 billion (31 December 2024:
€ 0.24 billion) for which an
equivalent amount has been deposited under the relevant pledge agreement (note 29).
Other commitments
(a) The Bank has signed
irrevocable payment commitment (IPC) and collateral
arrangement agreements with the Single Resolution
Fund (SRF) amounting in total to € 29 million as at 31
December 2025 (2024: € 29 million). According to the agreements, which are
backed by cash collateral of an equal amount, the Bank undertook to pay to the SRF an amount up to the above IPC, in case of a call
and demand for payment made by
it, in relation to a resolution action taken
for another European bank. The IPC had been accounted
for as a contingent liability on
the basis that a contribution
call by the SRF was not probable,
whereas the said cash collateral has been
recognized as a financial
asset measured at
amortized cost in the Group’s
balance sheet line “Other Assets”
(note 29).
By a ruling in October 2023, the General Court of the European Union dismissed the appeal of a French credit institution
against the
Single Resolution
Board (SRB)
following the
rejection, by
the
latter,
of
the request
for return
of collateral
linked
to ex-ante
contributions provided in the form of IPC.
The reimbursement of the collateral
linked to the IPC, requested by the institution after
the withdrawal of its license, had been
refused by the SRB, arguing that the return of IPC collateral required
the prior payment of the
compulsory contribution for which the institution was liable.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
Moreover, by
its judgment of 13
November 2025, the Court of Justice
of the European Union
dismissed the appeal lodged by
the
French credit institution in January 2024 and ruled that the latter is required to
pay the SRF an amount equivalent to its IPC for
the
return of collateral to take place.
The aforementioned
court decision
confirmed the
existence of
a present
obligation for
credit institutions
operating under
the
resolution mechanism, in the event of
the withdrawal of their banking license, which would
unavoidably result in the payment of the
IPC to the SRF.
For the purpose of estimating the relevant provision amount, the Bank does not expect a resolution action in the European Banking
sector to occur, that could trigger a call for contribution by the Group to take place, or the occurrence of events that would result in
the cessation of the Bank’s banking operations, over
an extended time horizon. Accordingly, as of 31 December 2025,
no provision
has been recognized within the Bank’s
liabilities in relation
to IPCs.
(b) As at 31 December
2025, the contractual commitments for the
acquisition of own used
property, investment property, equipment
and intangible assets amounted to €
25.1 million (2024: € 41 million).
Legal proceedings
As at 31 December 2025,
the provisions for legal
proceedings outstanding against the Bank amounted to €
21 million (note 34)(31
December 2024: € 20 million).
Furthermore, in the normal course of its business, the Bank has been involved in a number of legal proceedings, which are either at
still a premature or at an advanced trial instance. The final settlement of these cases may require the lapse of a certain time so that
the litigants exhaust the legal remedies provided
for by the law. Management, is closely monitoring
the developments to
the relevant
cases and having considered the advice of Legal
Services, does not expect that there will be an outflow
of resources and therefore
does not acknowledge the need for a provision.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
43.
Post balance sheet events
Details of post balance sheet events
are provided in the following notes:
Note 4
– Capital Management
Note 5.2.2
– Market risk
Note 24
– Shares in subsidiaries
Note 25
– Investments in associates
and joint ventures
Note 33
– Debt securities in issue
Note 36
– Share capital, share
premium and treasury shares
44.
Related parties
Eurobank S.A. (the Bank) along with
its subsidiaries form
the Eurobank S.A. Group (the Group).
A number of banking transactions
are entered into with related parties
in the normal course of business
and are conducted on an
arm's length basis. These include loans, deposits and guarantees. In addition, as part of its normal course of business in investment
banking activities, the Group at times
may hold positions in debt and equity instruments of related parties.
The outstanding balances of the transactions with (a) Fairfax group, which is considered to have significant influence over the Bank,
(b) the key management
personnel (KMP) and the entities controlled or
jointly controlled by KMP and (c)
other related parties, as
well as the relating
income and expenses are as follows:
31 December 2025
Eurobank
Holdings ⁽⁶⁾
Fairfax Group ⁽³⁾
Subsidiaries ⁽²⁾
KMP and Entities
controlled or
jointly controlled
by KMP ⁽¹⁾
Other Related
Parties ⁽⁷⁾
€ million
€ million
€ million
€ million
€ million
Due from credit institutions
-
-
2,362.46
-
-
Derivative financial instruments
assets
-
-
15.28
-
-
Investment
securities
-
-
207.01
-
-
Loans and advances
to customers
-
135.25
1,592.27
6.27
4.20
Assets of disposal groups
classified as
held for
sale⁽⁸⁾
-
-
-
-
67.39
Other assets ⁽⁵⁾
-
11.66
22.60
-
94.66
Due to credit institutions
-
-
2,668.13
-
-
Derivative
financial instruments
liabilities
-
-
29.79
-
-
Due to customers
-
9.95
199.40
12.56
108.87
Debt securities
in issue
-
-
220.05
0.30
0.89
Other liabilities
-
0.01
27.35
-
14.13
Net interest income
(116.14)
6.38
53.93
0.09
(4.26)
Net banking fee and commission income
(1.41)
0.02
36.58
-
22.22
Dividend income
-
-
224.49
-
-
Net trading
income
-
-
(31.41)
-
-
Other operating
income/(expenses)
(5.06)
4.66
0.47
(0.01)
(19.82)
Impairment losses relating to loans and
securities
including
relative
fees
(1.60)
0.85
(0.09)
-
(19.58)
Guarantees issued
⁽⁴⁾
2.04
386.01
0.46
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
31 December 2024
Eurobank
Holdings ⁽⁶⁾
Fairfax Group ⁽³⁾
Subsidiaries ⁽²⁾
KMP and Entities
controlled or
jointly controlled
by KMP ⁽¹⁾
Other Related
Parties ⁽⁷⁾
€ million
€ million
€ million
€ million
€ million
Due from credit institutions
-
-
1,408.03
-
-
Derivative
financial instruments
assets
-
-
9.26
-
-
Investment
securities
-
-
82.51
-
-
Loans and advances
to customers
-
147.35
1,264.47
5.31
0.17
Other assets ⁽⁵⁾
0.74
11.65
35.25
-
99.73
Due to credit institutions
-
-
1,725.26
-
-
Derivative financial instruments liabilities
-
-
37.37
-
-
Due to customers
267.18
23.07
199.56
9.55
95.57
Debt securities
in issue
1,558.71
-
214.54
0.91
1.23
Other liabilities
1.90
0.01
25.62
-
6.04
Net interest income
(113.79)
8.23
35.70
0.04
(1.35)
Net banking fee and commission income
(1.04)
0.03
28.27
-
21.86
Dividend income
-
-
384.28
-
12.00
Net trading
income
-
-
(18.19)
-
-
Gains less losses from
investment
securities
-
-
-
-
1.20
Other operating
income/(expenses)
(4.52)
9.44
0.09
(8.83)
(13.00)
Impairment losses
relating to
loans and
securities
including
relative
fees
(1.71)
0.72
1.04
-
(69.50)
Guarantees issued
⁽⁴⁾
-
2.48
500.32
-
0.45
(1)
Includes the key management personnel of the Bank and their close family members.
(2)
Equity contributions and other transactions with subsidiaries, associates and joint ventures are presented in note 24 and note 25 respectively.
(3)
The balances with the Group’s associate Eurolife
FFH Insurance Group Holdings S.A.,
which is also a member of Fairfax Group are presented
in the column
other related parties.
(4)
Furthermore, as of 31 December 2025,
€ 1.5 billion guarantees have been issued
relating mainly to the lending activities
of banking subsidiaries for which
the equivalent pledged amount is included above in “Due from credit institutions”.
(5)
For the year ended 31 December 2025, it includes € 11.78 million right of use assets (RoU) (31 December 2024: € 13.57 million).
(6)
Includes Eurobank S.A. fellow subsidiaries as well as the profit and loss of Eurobank Holdings up to the date of the merger (note 23.1). Information about the
distribution of €
405 million cash
dividend by the
Bank to Eurobank Holdings
in 2025 (2024:
€ 240 million)
is provided in
note 38
.
In addition,
the coupon
payment on AT1 capital instruments which were held by Eurobank Holdings, amounted to € 16.5 million.
(7)
Other related parties include associates (Hellenic Bank has been included from the second quarter of 2023, until the end of the second quarter of 2024, note
24), joint ventures and the Eurobank Group’s personnel occupational insurance fund.
(8)
Includes the loan exposures to the entities of the Avramar group that were classified as held for sale, as these entities are considered
to be jointly controlled
by the Bank together with the other Greek lending banks (note 24).
Following the assessment of the recoverable amount
of the Bank’s funding to
its subsidiaries, associates and joint ventures,
a reversal
of impairment € 33.4 million, including € 33.5 million relating to the Avramar group (note 20), has been recognized in respect of the
Bank’s loans, receivables
and the credit
related commitments to such
entities (31 December 2024:
reversal of impairment
of € 1
million).
As at 31 December 2025,
the respective impairment allowance
amounted to € 11 million (2024:
€ 10 million).
Key management compensation (directors and other key management personnel of the Bank)
Key management personnel are entitled to compensation in
the form of short-term employee benefits of
€ 10.9 million (2024:
€ 10.4
million) including € 2 million in
upfront variable remuneration awarded
as profit sharing (2024:
€ 1.9 million),
and long-term employee
benefits amounting to € 4.6 million (2024:
€ 4.7 million) including € 2.6 million in deferred variable remuneration awarded as profit
sharing and payable in
equal installments over the next
4-5 years (2024:
€ 2.8 million)
.
In addition, KMP have been granted
€ 4.6
million in variable remuneration through share options (2024: € 5.5 million)
,
€ 2.7 million of which relates to options exercisable in
equal portions over the next 4-5 years (2024:
€ 3.3 million).
The variable remuneration was awarded
following the Annual General
Meetings of the shareholders of the Bank taken
place on 30 April 2025 (note 38), in accordance with
the Bank’s remuneration policy.
Notes to the Financial Statements
.
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31 December 2025 Financial Statements
Furthermore, as at 31 December
2025, the defined benefit obligation for the KMP
amounts to € 2.2 million (2024: € 2.1 million) while
the respective
cost for
the period through
the income statement
amounts to
€ 0.2
million (2024:
€ 0.1
million) and
the other
comprehensive income (actuarial loss)
amounts to € 0.2 million (2024: € 0.3 million
actuarial loss).
45.
External Auditors
The Bank has adopted a
Policy on External Auditors’
Independence which provides
amongst others, for the
definition of the permitted
and non-permitted services the Bank auditors may provide further to the statutory audit.
For any such services to be assigned to the
Bank’s auditors there
are specific controlling mechanisms
in order for the Bank’s Audit Committee
to ensure that a) the non-audit
services assigned to “KPMG Certified Auditors
S.A.”,
along with the KPMG network (KPMG),
have been reviewed and approved as
required and b) there is proper balance between audit and permitted non-audit work.
The total fees of the
Bank’s principal independent auditor KPMG, for audit and other services provided are analyzed as follows:
2025
2024
€ million
€ million
Statutory audit⁽¹⁾
(1.6)
(1.5)
Tax certificate
(0.3)
(0.3)
Other audit related assignments
(0.9)
(0.5)
Non audit assignments
(0.1)
(0.2)
Total
(2.8)
(2.5)
(1)
Includes fees for statutory audit of the Bank’s annual financial statements.
It is noted that the non-audit assignment fees of “KPMG Certified Auditors S.A.” Greece, statutory auditor of the Bank,
amounted to
€ 0.05 million.
Notes to the Financial Statements
.
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46.
Board of Directors
The Board of Directors (BoD) was elected by the Annual
General Meeting of the Shareholders (AGM) held on 23
July 2024 for a three
- year term of office that will expire on 23 July
2027, prolonged until the end of the period the
AGM for the year 2027 will take place.
On 18 June 2025, Mr. Jawaid
Mirza, Non-Executive Independent Member of the Board of Directors of Eurobank S.A.,
submitted his
resignation, effective as of 27 June
2025, due to no longer fulfilling the independence
criteria of Article 9 of
Law 4706/2020, as he has
cumulatively served nine (9) years as a
member of the Bank’s BoD.
The BoD is as follows:
G. Zanias
Chairman, Non-Executive Member
F. Karavias
Chief Executive Officer
S. Ioannou
Deputy Chief Executive Officer
K. Vassiliou
Deputy Chief Executive Officer
B.P. Martin
Non-Executive Member
A. Gregoriadi
Non-Executive Independent Member
I. Rouvitha Panou
Non-Executive Independent Member
R. Kakar
Non-Executive Independent Member
C. Basile
Non-Executive Independent Member
B. Eckes
Non-Executive Independent Member
J. A. Hollows
Non-Executive Independent Member
E. Kotsovinos
Non-Executive Independent Member
Athens, 5 March 2026
Georgios P.
Zanias
Fokion C. Karavias
Harris V. Kokologiannis
I.D. No A02555306
I.D. No A02555309
I.D. No AN582334
CHAIRMAN
OF THE BOARD OF
DIRECTORS
CHIEF EXECUTIVE OFFICER
GENERAL MANAGER OF
GROUP FINANCE
CHIEF FINANCIAL OFFICER
KPMG Certified
Auditors
S.A.
44 Syngrou
Avenue
117 42 Athens,
Greece
Telephone:
+30 210 60 62 100
Fax:
+30 210 60 62 111
Email:
info@kpmg.gr
KPMG Certified Auditors S.A., a
Greek Societe Anonyme
and a member
firm of the KPMG global organization of independent member firms affiliated
with KPMG International Limited, a private English company limited by
guarantee.All rights
reserved.
Certified Auditors
GCR 001352601000
Report on the Audit of the Separate
and Consolidated
Financial Statements
Opinion
We have audited the
Separate and Consolidated Financial Statements of Eurobank S.A.
(the
“Bank”) which
comprise the
Separate and
Consolidated Balance
Sheet as at
31 December 2025,
the Separate and Consolidated Income
Statement, the Separate and Consolidated Statements
of Comprehensive Income,
Changes in
Equity and
Cash Flow
for the year
then ended, and
notes,
comprising material accounting policies and other explanatory information.
In our
opinion, the
accompanying Separate and
Consolidated Financial Statements
present
fairly, in all material respects, the separate and
consolidated financial position of Eurobank
S.A.
and
its
subsidiaries (the
“Group”) as
at
31 December 2025,
its
separate and
consolidated
financial performance and its separate and consolidated
cash flows for the year then ended, in
accordance with
International Financial
Reporting Standards
(IFRS) as
adopted by the
European
Union.
Basis for Opinion
We
conducted our
audit
in accordance
with International
Standards on
Auditing (ISA),
as
incorporated
in
Greek
legislation.
Our
responsibilities
under
those
standards
are
further
described in
the
Auditor’s Responsibilities
for
the
Audit of
the
Separate and
Consolidated
Financial Statements section of our report. We are independent of
the Bank and the Group in
accordance with the International
Ethics Standards
Board for Accountants International
Code of
Ethics for
Professional Accountants
(IESBA Code)
,
as
applicable to
audits
of the
financial
statements of public interest entities,
together with the ethical requirements that are
relevant to
the audit of the separate and consolidated financial statements
in Greece and we have fulfilled
our other ethical
responsibilities in accordance
with the
requirements of the applicable
legislation
and the IESBA
Code. We believe
that the audit
evidence we have
obtained is sufficient
and
appropriate to provide a basis for our
opinion.
Key Audit Matters
Key audit matters
are those matters,
that, in
our professional
judgment, were
of most
significance
in our audit of the Separate
and Consolidated Financial
Statements of the current period.
These
matters and the relevant significant assessed
risks of material misstatement
were addressed in
the context of our audit of the Separate
and Consolidated Financial
Statements as a
whole, and
in forming our
opinion thereon,
and we do not provide a separate opinion on
these matters.
Impairment allowance
on loans
and advances
at amortised cost
See
Notes 2.2.13
,
3.1
,
20
,
21
to the Consolidated Financial
Statements and
Notes 2.2.14
,
3.1
,
20
,
21
to the Separate Financial Statements.
The key audit
matter
How the matter was addressed in our audit
Loans
and
advances
to
customers
at
amortized
cost
for
the
Group
amounted
to
EUR 55 977 million as at 31 December 2025
and for
the Bank
amounted to
EUR 35
490
million as at
31 December 2025. Impairment
allowance for
expected credit losses
(“ECL”)
for the Group amounted to EUR 1 309 million
as
at 31 December
2025 and
for
the
Bank
amounted
to
EUR
982
million
as
of
31 December 2025.
The measurement
of expected
credit losses
on
loans
and
advances
at
amortised
cost
involves significant judgment
and estimates.
The
key
areas
where
we
identified
greater
levels
of
management
judgement
and
therefore, increased levels
of audit
focus in
the
Bank’s and Group’s estimation of ECL are:
●
Significant Increase in Credit Risk
(“SICR”)
– The identification of qualitative
indicators
for
identifying
a
significant
increase
in
credit
risk
for
staging
classification
is
judgmental
taking
also
into
account
the
current
macroeconomic
and
geopolitical
uncertainty.
●
Model estimations – Inherently judgmental
modelling and
assumptions
are
used
to
estimate ECL which
involves determining
Our audit procedures included, among others:
Controls testing:
We
tested
relevant
manual,
general
IT
and
automated controls over
key systems
used in
the ECL process.
Main aspects
of our
controls testing
involved
evaluating the
design
and
implementation as
well as
testing the operating
effectiveness of
the
key controls over the:
●
Completeness
and
accuracy
of
the
key
inputs into the IFRS 9 impairment models.
●
Application of the staging criteria.
●
Model validation.
●
Governance and policies around ECL and
related approvals.
Test of
details:
Key
aspects
of
our
testing
included,
among
others the following:
●
We performed substantive procedures
on a
sample basis in
order to assess the
SICR
assessment for
both corporate
and
retail
portfolios.
●
We
assessed
the
completeness
of
adjustments to
the model
driven ECL,
made
by management in order to incorporate the
Probabilities of Default (“PD”), Loss Given
Default (“LGD”), and Exposures at Default
(“EAD”).
ECL
may
be
inappropriate
if
certain models or underlying assumptions
or
their
application or
data
used
do
not
accurately predict
defaults
or
recoveries
over
time or
fail to
reflect
the
estimated
credit
losses
of
loans
and
advances
to
customers.
As
a
result,
certain
IFRS
9
models, model assumptions and data, are
the
key
drivers
of
complexity
and
subjectivity in the Bank’s and
the Group’s
calculation of the ECL estimate.
●
ECL
adjustments
–
Adjustments
to
the
model-driven ECL
results
are
raised
by
management
to
address
any
known
limitations or
emerging trends as
well as
risks not captured by models.
●
Macroeconomic
Forward
Looking
Information scenarios
–
IFRS 9
requires
the Bank and
the Group to measure ECL
on
an
unbiased
forward-looking
basis
reflecting
a
range
of
future
economic
conditions.
Significant
management
judgement
is
applied
in
determining the
forward-looking economic scenarios used
and the probability
weightings associated
with
the
scenarios
especially
when
considering
the
macroeconomic
and
geopolitical environment.
●
Individual
assessment
for
certain
credit
impaired
loans–The
estimation
of
future
cash
flows,
valuation
of
collateral
and
probability
weighting
of
scenarios
constitute
assumptions
with
high
estimation uncertainty.
Disclosures
in
the
Separate
and
the
Consolidated Financial Statements.
The disclosures regarding the Bank’s and the
Group’s application of IFRS 9 are key for
the
understanding of
the
significant judgements
and material inputs to
the IFRS 9 ECL
results,
as
well
as,
to
provide
transparency
of
the
credit
risk
exposures
of
the
Bank
and
the
Group.
impact of assumptions not captured by the
models. We assessed the reasonableness
and appropriateness
of the macroeconomic
variables’ forecasts,
scenarios and
weights,
with
the
support
from
our
financial
risk
management
specialists.
Our
testing
included
benchmarking
the
economic
variables against external sources.
●
We
performed substantive
procedures to
assess the completeness and
accuracy of
critical
data
elements
used
in
the
ECL
models
by
agreeing
a
sample
of
ECL
calculation
data
elements
to
source
systems or documentation.
●
We
reperformed
ECL
calculations
for
lending exposures in
all stages
on a sample
basis, with
the
support from
our
financial
risk specialists.
●
We
performed substantive
procedures to
assess
the
reasonableness of
significant
assumptions used in
the measurement of
impairment of individually
assessed credit
impaired
exposures,
including
the
assumptions used
to estimate
discounted
future
cash
flows
and
the
valuation
of
collaterals for which we have engaged our
real estate valuation specialists.
Our financial risk specialists assisted with the:
●
Assessment of the Bank’s and the Group’s
impairment
methodologies
conceptual
soundness and compliance with IFRS 9.
●
Assessment of the Bank’s and the Group’s
impairment methodologies implementation
by
evaluating
the
underlying
model
assumptions and
the risk
parameter models
used as well as,
reperforming the calculation of certain
risk
parameters,
on
a
sample
basis.
Assessing disclosures:
We
evaluated
the
adequacy
and
appropriateness
of
the
disclosures
in
the
Separate
and
Consolidated
Financial
Statements that address the uncertainty which
exists when determining
the ECL. In
addition,
we assessed the
completeness and accuracy
of
the
disclosures
in
accordance
with
the
provisions
of
the
relevant
accounting
standards.
●
Recognition of deferred tax assets
See
Notes 2.2.17
,
3.5
,
13
to the Consolidated Financial Statements and
Notes 2.2.17
,
3.4
,
14
to the Separate Financial Statements.
The key audit
matter
How the matter was addressed in our audit
The Group has
recognized deferred tax
assets
of EUR 3 629 million
as at 31 December 2025
and
the
Bank
of
EUR 3 627
million
as
at
31 December 2025.
The recognition and measurement
of deferred
tax assets is considered a
key audit matter as
it depends on estimates of future
profitability,
which
requires
significant
judgement
and
includes the risk of
management bias.
Significant judgement and especially
complex
assumptions
and
method,
due
to
inherent
uncertainties relate to the following:
●
The extent
that there are
probable future
taxable profits
that will allow the
deferred
tax asset
amount to
be
recovered in
the
foreseeable future.
●
Forecast of future
taxable profit, which is
mainly
impacted
by
macroeconomic
forward-looking information.
Disclosures in the Separate
and Consolidated
Financial Statements
The disclosures regarding the Bank’s and the
Group’s application
of the
Standards in
this
area are key for the understanding of the key
judgements surrounding the
recoverability of
deferred
tax assets.
Our audit procedures,
included, among others
the following:
●
We
assessed
the
design
and
implementation of
controls relevant to
the
recognition and
recoverability
of deferred
tax
assets
including
the
approval
of
the
three-year business plan and monitoring
of
actual results against budgeted.
●
We evaluated
the
appropriateness of
the
assumptions used by
management in
the
approved
three-year
business
plan
by
comparing
the
revenue
and
growth
projections to industry trends and ensuring
consistency with
strategic plans.
We also
evaluated
the
appropriateness
of
the
assumptions used and the reasonableness
of projections for the
period that
lies beyond
the approved three-year business
plan.
●
We assessed
the
accuracy of
forecasted
future
taxable
profits
by
evaluating
the
accuracy of
management’s projections
of
prior
year
by
comparing
them
to
actual
results.
●
We
tested
the
accuracy
of
the
relevant
underlying data
of the
estimate, including
the conversion of future
accounting profits
to taxable profits.
●
We involved
our tax
specialists who
after
considering
the
current
tax
legislation,
assisted us in confirming the completeness
and
accuracy
of
the
relevant
tax
adjustments that
produce the taxable profit.
Assessing disclosures:
We
evaluated
the
adequacy
and
appropriateness
of
the
disclosures
in
the
Separate
and
Consolidated
Financial
Statements that address the deferred tax
asset
recoverability.
In
addition,
we
assessed
the
completeness and accuracy of the disclosures
in accordance
with the
provisions of the
relevant
accounting standards.
Use of IT systems relevant
to the financial
information
The key audit
matter
How the matter was addressed in our audit
The Bank’s
and the
Group’s financial
reporting
processes are dependent to a large
extent on
information
produced
by
the
Bank’s
and
Group’s Information Technology (IT) systems,
and/or automated
processes and controls (i.e.
calculations, reconciliations)
implemented in
these
systems.
Also,
the
Bank’s
and
the
Group’s
financial
reporting
systems
rely
heavily on complex
information systems that
process very large number of
transactions.
This is a key audit matter since the reliability,
completeness,
and
accuracy
of
the
information produced
by these IT systems is
based
on
the
design,
implementation
and
operating
effectiveness
of
the
General
IT
controls which support
their operation.
We have evaluated in collaboration with our IT
Audit specialists
the general
controls over the
IT
systems,
databases
and
applications
that
support the
financial reporting
process of
the
Bank and the Group.
For this purpose, we performed procedures as
follows:
●
We
evaluated
the
information
security
resilience of the Bank and the Group, and
we
evaluated
the
design
and
implementation of
key IT
processes and
controls over financial reporting.
●
We
evaluated
the
design
and
implementation
of
the
relevant
preventative
and
detective
general
IT
controls of
the Bank and
the Group,
over
administration of access to
programs and
data for the systems in scope of
our audit
and, we tested the operating effectiveness
of the relevant controls.
●
We
evaluated
the
design
and
implementation of the
relevant general IT
controls of
the Bank
and the
Group over
program
development,
program
change
management and computer operations for
the systems in scope of our audit and, we
tested the
operating effectiveness
of the
relevant controls.
Other Information
The Board of Directors is responsible for
the other information. The
other information comprises
the information included in the
Board of Directors’ Report, for which
reference is made in the
“Report on Other Legal and Regulatory
Requirements” and the Declarations of the Members
of
the Board of
Directors, the Audit
Committee Activity Report
and the
Information pursuant to
article 6
of Law 4374/2016,
but does
not
include the
Separate and
Consolidated Financial
Statements and our Auditor’s Report thereon.
Our opinion on the Separate and Consolidated Financial Statements does not cover the other
information and we
do not express
any form
of assurance conclusion
thereon as part
of our
engagement to audit the separate and
consolidated financial statements. We have performed
an
assurance
engagement
on
the
Sustainability
Statement
that
forms
part
of
the
other
information and provided a
separate assurance
practitioner’s conclusion
thereon that
is included
within the other information.
In
connection with
our
audit
of
the
Separate and
Consolidated Financial
Statements, our
responsibility is
to read
the other
information and,
in doing
so, consider
whether the
other
information is materially inconsistent with the Separate
and Consolidated Financial Statements
or our knowledge
obtained in
the audit, or
otherwise appears
to be
materially misstated.
If, based
on the work we have performed, we conclude
that there is a
material misstatement
of this other
information, we are required
to report that fact.
We have nothing to report
in this regard.
Responsibilities of the Board of Directors and Those Charged with Governance
for the Separate and Consolidated
Financial
Statements
The Board of Directors is responsible for the preparation and fair presentation of the Separate
and Consolidated Financial Statements in accordance
with IFRS, as adopted by the European
Union, and for such internal control
as the Board
of Directors determines is necessary
to enable
the preparation of
separate and consolidated financial statements that
are free
from material
misstatement, whether due to fraud
or error.
In preparing the
Separate and
Consolidated Financial Statements, the
Board of
Directors is
responsible for assessing the
Bank’s and the
Group’s ability to
continue as a
going concern,
disclosing, as applicable,
matters related to
going concern and using the going concern
basis
of
accounting unless the Board of Directors either intends to liquidate the Bank and the Group or
to cease operations, or has no realistic alternative but to do
so.
The Audit
Committee of the
Bank is
responsible for
overseeing the Bank’s
and the
Group’s
financial reporting process.
Auditor’s Responsibilities
for the Audit of the Separate
and Consolidated
Financial Statements
Our
objectives
are
to
obtain
reasonable
assurance
about
whether
the
Separate
and
Consolidated Financial
Statements as
a whole are free from
material
misstatement, whether
due
to fraud or
error, and to
issue an
auditors’ report that
includes our opinion.
Reasonable assurance
is a high level of assurance but is not
a guarantee that an audit conducted in accordance with
ISAs
which
have
been
incorporated
in
Greek
legislation
will
always
detect
a
material
misstatement when it exists. Misstatements can
arise from fraud or
error and are
considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these Separate and Consolidated Financial
Statements.
As part of an audit
in accordance with ISAs, which
have been incorporated in Greek legislation,
we exercise professional judgment and maintain professional skepticism throughout the audit.
We also:
●
Identify and
assess the risks
of material misstatement of
the separate and
consolidated
financial statements, whether due to fraud or
error, design and perform
audit procedures
responsive to those
risks, and obtain
audit evidence that
is sufficient
and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is
higher than for one
resulting from
error, as fraud
may involve
collusion, forgery,
intentional omissions, misrepresentations, or the
override of
internal control.
●
Obtain an understanding
of internal control
relevant to the audit
in order
to design audit
procedures that are appropriate in
the circumstances, but
not for the purpose of
expressing
an opinion on the effectiveness
of the Bank’s and the Group’s
internal control.
●
Evaluate
the
appropriateness of
accounting policies
used
and
the
reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
●
Conclude on the appropriateness of the Board of Directors’
use of the going concern basis
of accounting and, based on
the audit evidence obtained, whether a
material uncertainty
exists related to events or conditions that
may cast significant doubt on the Bank’s
and the
Group’s ability to continue as
a going concern. If we
conclude that a material uncertainty
exists, we are required to draw
attention in our auditors’ report to the
related disclosures in
the Separate
and Consolidated Financial
Statements
or, if such disclosures are
inadequate,
to modify our opinion. Our conclusions are based
on the audit evidence obtained up to
the
date of our auditors’ report. However, future events or conditions may
cause the Bank and
the Group to cease to
continue as a going concern.
●
Evaluate the overall presentation, structure and content of the Separate
and Consolidated
Financial Statements,
including the
disclosures, and
whether the separate
and consolidated
financial statements represent
the underlying transactions
and events
in a
manner that
achieves fair presentation.
●
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding
the financial information of
the entities or
business units within
the Group as
a basis for
forming an
opinion
on
these Group
Financial Statements.
We
are
responsible for
the
direction, supervision
and review of the
audit work performed
for purposes of
the group
audit. We remain solely responsible for
our audit opinion.
We communicate
with those
charged with
governance regarding, among
other matters,
the
planned scope and
timing of the
audit and significant audit
findings, including
any significant
deficiencies in internal control
that we identify during
our audit.
We also provide those charged with governance with a statement
that we have complied with
relevant
ethical
requirements
regarding
independence,
and
communicate
with
them
all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the
matters communicated
with those
charged with
governance, we
determine those
matters that were of most significance in the audit of the Separate and Consolidated Financial
Statements of the current
period and are
therefore the key audit
matters. We describe
these
matters in our
auditor’s report unless law
or regulation precludes
public disclosure about the
matter or
when, in
extremely rare
circumstances, we determine
that a
matter should not
be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh
the public interest benefits
of such communication.
Report on Other Legal and Regulatory Requirements
1
Board of Directors’ Report
The Board of Directors is responsible for the preparation of the Board of Directors’ Report and
the Sustainability Report
and the
Corporate Governance Statement
that are
included in
this
report. Our opinion
on the
financial statements
does not
cover the Board
of Directors’ Report and
we do not express an audit opinion thereon.
Our responsibility is to
read the Board
of Directors’
Report and, in doing
so, consider whether, based
on our financial statements audit
work, the
information therein is materially misstated
or inconsistent with the
financial statements or our
audit knowledge. Based solely on
that work pursuant to
the requirements of paragraph
1, cases
aa
and
b,
of
article
154C
of
Law
4548/2018
and
case
ab,
which
does
not
include
the
Sustainability Report and for
which we have
issued on date
6 March 2026
a relevant
limited
assurance report in
accordance with
the International Standard
on Assurance Engagements
3000 (Revised)], we
note that:
a)
The Board of
Directors’ Report includes
a
Corporate Governance Statement
which provides
the information set by Article
152 of Law 4548/2018.
b)
In our opinion, the
Board of Directors’ Report has
been prepared in accordance with the
applicable legal
requirements of
Articles 150 and
153 of
Law 4548/2018, excluding
the
requirement for the submission of the Sustainability Report of paragraph 5A of Article 150
of
the
same
law,
and
its
contents correspond
with
the
accompanying Separate
and
Consolidated Financial Statements for the year ended 31
December 2025.
c)
Based on
the
knowledge acquired
during our
audit,
relating to
Eurobank S.A.
and its
environment, we have not identified any material misstatements in the Board of Directors’
Report.
2
Additional Report to the audit Committee
Our audit opinion on the Separate
and Consolidated Financial
Statements is
consistent with the
Additional Report to
the Audit
Committee of
the Bank
dated 5
March 2026, pursuant
to the
requirements of
article 11 of
the Regulation 537/2014
of the European Union
(EU).
3
Provision of non Audit Services
We have
not
provided to
the
Bank and
its
subsidiaries any
prohibited non-audit
services
referred to in
article 5 of Regulation (EU)
537/2014. The permissible
non-audit services
that we
have provided to the Bank and its subsidiaries during the year ended 31 December 2025 are
disclosed in
Notes
45
and 47
of the
accompanying Separate
and
Consolidated Financial
Statements.
4
Appointment of Auditors
We were appointed for the first time
as Certified Auditors based on the
decision of the Annual
General Shareholders’ Meeting dated
10 July 2018. From then onwards
our appointment has
been renewed uninterruptedly for a
total period of eight years based on the
annual decisions
of the General Shareholders’
Meeting.
5
Operations Regulation
The Bank has an Operations Regulation in accordance with the content provided
by the
provisions of
the article 14 of
L. 4706/2020.
6
Assurance Report on the European Single Electronic Reporting Format
Subject Matter
We were engaged to perform a
reasonable assurance
engagement to examine
the digital files
of the
Eurobank S.A. (the Bank or/and Group), which were prepared in accordance with the
European Single Electronic Format
(ESEF) and that
include the separate
and consolidated
financial statements
of the Bank and the Group for the year ended as
at 31 December 2025
in
XHTML format
, and
also the
file XBRL (213800KGF4EFNUQKAT69-2025-12-31-1-en.zip)
with
the
appropriate
mark
up
of
the
those
consolidated financial
statements,
including
other
explanatory information (Notes to the
Financial Statements)
(hereafter the “Subject matter”),
in
order to verify that
it was
prepared in
accordance with
the requirements set
out in
the Applicable
Criteria section.
Applicable Criteria
The Applicable Criteria for the European Single Electronic Format (ESEF) are defined by the
European Commission Delegated
Regulation (EU) 2019/815, as in force (hereafter “the ESEF
Regulation”) and
the
2020/C 379/01 Commission
Interpretative Communication
issued
on
10 November 2020, as required by the
Law 3556/2007 and
the relevant announcements
of the
Hellenic Capital Markets Commission and the Athens Stock Exchange.
In summary, these Criteria provide,
among others, the following:
●
All the annual financial reports must be prepared in XHTML
format.
●
With respects to
the consolidated financial statements
based on International Financial
Reporting Standards (IFRS), the financial
information that is included in
the Consolidated
Balance
Sheet,
Consolidated
Statements
of
Income
and
Comprehensive
Income,
Changes in Equity and Cash Flow, as well as in the Notes to the Consolidated Financial
Statements,, must be marked up with XBRL tags and “block tag”, in accordance
with the
ESEF Taxonomy,
as in
force. The
technical requirements
for the ESEF,
including the
relevant taxonomy, are included in the
ESEF Regulatory Technical Standards.
Responsibilities of the Board of Directors and those charged with governance
The
Board
of
Directors is
responsible
for
the
preparation and
filing
of the
separate
and
consolidated financial
statements
of
the
Bank
and
the
Group,
for
the
year
ended
as
at
31 December 2025, in accordance
with the Applicable Criteria and for such internal control as
the Board of Directors determines is
necessary to enable
the preparation of
digital files that are
free from
material misstatement,
whether due to fraud
or error.
Auditors’
Responsibilities
Our responsibility is to issue this Report regarding the evaluation
of the Subject Matter, based
on our work performed, which is described below in the “Scope of Work Performed”
section.
Our
work
was
conducted
in
accordance
with
International
Standard
on
Assurance
Engagements 3000
(Revised) “Assurance
Engagements Other
than
Audits or
Reviews of
Historical Financial Information” (hereafter “ISAE 3000”).
ISAE 3000 requires that we plan and perform our work to obtain reasonable assurance
about
the evaluation of the Subject
Matter in accordance
with the Applicable
Criteria. In the
context
of
the
procedures performed,
we assess
the risk
of material
misstatement of
the
information
related to the Subject Matter.
We believe that the evidence we have
obtained is sufficient and appropriate and support the
conclusion expressed in
this assurance report.
Professional ethics and quality management
We
are
independent of
the
Bank
and
the
Group, throughout
this
engagement and
have
complied with
the requirements of the
International Code
of Ethics
for Professional
Accountants
issued
by
the
International
Ethics
Standards
Board
for
Accountants,
the
ethics
and
independence requirements
of Law 4449/2017
and Regulation (EU) 537/2014.
Our
firm
applies
International
Standard
on
Quality
Management
(ISQM)
1,
“Quality
Management for
Firms that
Perform Audits
or
Reviews of
Financial Statements,
or
Other
Assurance or Related Services Engagements” and consequently maintains a comprehensive
quality
management system
that
includes
documented policies
and
procedures
regarding
compliance
with
ethical
requirements,
professional
standards
and
applicable
legal
and
regulatory requirements.
Scope of work performed
The assurance
work we
performed covers only
the items
included in
the 214/4/11
-02-2022
Decision of the
Hellenic Accounting
and Auditing
Standards
Oversight Board
and the
Guidelines
for
the
assurance
engagement and
report
of
Certified
Auditors
on
the
European Single
Electronic Reporting
Format (ESEF)
of issuers
with shares
listed in
a regulated
market in
Greece”, as these were
issued by the
Institute of Certified Public Accountants
of Greece on
14 February 2022, in order to obtain reasonable
assurance that
the financial statements
of the
Bank that are
prepared by the the Board of
Directors of the
Bank comply
in all
material respects
with the Applicable Criteria.
Conclusion
Based on the
procedures performed and the evidence obtained, we
express the conclusion
that the separate
and consolidated financial statements
of the Bank
and the Group for the
year
ended
as
of
31 December
2025
in
XHTML
format
,
and
the
XBRL
file
(213800KGF4EFNUQKAT69-2025-12-31-1-en.zip)
marked
up
with
respects
to
the
consolidated
financial
statements,
including
the
other
explanatory
information
(Notes
to
financial statements), have
been prepared, in
all material
respects, in
accordance with the
requirements as defined
in the Applicable Criteria.
Athens, 6 March 2026
KPMG Certified Auditors
S.A.
AM SOEL 186
Nikolaos Vouniseas,
Certified Auditor
Accountant
Α.Μ. SOEL 18701
KPMG Certified
Auditors
S.A.
44 Syngrou
Avenue
117 42 Athens,
Greece
Telephone:
+30 210 60 62 100
Fax:
+30 210 60 62 111
Email:
info@kpmg.gr
KPMG Certified Auditors S.A., a
Greek Societe Anonyme
and a member
firm of the KPMG global organization of independent member firms affiliated
with KPMG International Limited, a private English company limited by
guarantee.All rights
reserved.
Certified Auditors
GCR 001352601000
Independent Auditor’s
Limited Assurance
Report
To the
Shareholders of
Eurobank S.A.
Independent Auditor’s
Limited Assurance
Report on the Sustainability
Statement
of Eurobank S.A.
We have performed a limited
assurance engagement in
relation to the consolidated Sustainability
Statement of Eurobank S.A. (hereafter
the “Bank” or the “Group”),
which is included in the
section BII of the Report of the Directors (hereafter
the “Sustainability Statement”),
for the period
from 1 January 2025 to 31
December 2025.
Limited assurance
conclusion
Based on the procedures
performed, as this is described
in the “Summary of the work we
performed”,
as well as the evidence obtained, nothing has come to our
attention to cause us to
believe that:
●
The Sustainability Statement
has not been prepared,
in all material respect,
in
accordance with the
article 154 of Law 4548/2018
as this was amended
with the Law
5164/2024 and as in force, with which the
article 29(a) of
EU Directive 2013/34/EU has
been transposed
into Greek legislation,
●
the Sustainability Statement does not comply
with the European Sustainability
Reporting
Standards (hereafter
“ESRS”), in accordance with Commission
Regulation
(EU) 2023/2772 of
31 July 2023 and EU Directive
2022/2464/EU of the
European
Parliament and of the Council of 14 December 2022,
●
the process followed by the Bank for
the identification and the assessment of significant
risks and opportunities (hereafter “the Process”), as set out in Note 1.5 of the
Sustainability Statement, does
not comply with the “Disclosure
Requirement IRO-1
-
Description of the processes
to identify and assess material
impacts, risks and
opportunities” of
ESRS 2 “General Disclosures”,
●
the disclosures of section 2.1 of the Sustainability
Statement do not comply
with Article
8
of Regulation (EU) 2020/852.
Basis for conclusion
We conducted our limited assurance engagement in accordance with the International Standard
on Assurance Engagements
(ISAE) 3000 (Revised),
“Assurance Engagements
Other Than Audits
or Reviews of Historical Financial Information” (hereafter
“ISAE 3000”).
The procedures performed in a
limited assurance
engagement vary in
nature and timing
from, and
are
less in
extent than
for,
a reasonable
assurance engagement.
Consequently,
the level
of
assurance obtained in a limited assurance engagement
is substantially lower than the assurance
that would have been obtained had a reasonable assurance engagement been performed.
Our responsibilities are further described in the “Auditor’s responsibilities” section of
our report.
Professional Ethics
and Quality Management
We
are
independent of
the
Bank
throughout this
engagement and
have
complied
with
the
requirements of
the
International Code
of Ethics
for Professional
Accountants issued
by
the
International Ethics Standards
Board for Accountants (IESBA
Code), the ethics
and independence
requirements of
Law 4449/2017 and Regulation (EU) 537/2014.
Our firm applies International Standard on Quality Management (ISQM) 1, “Quality Management
for Firms that Perform Audits or Reviews
of Financial Statements, or Other Assurance
or Related
Services
Engagements”
and
consequently
maintains
a
comprehensive
quality
management
system
that includes
documented policies
and
procedures regarding
compliance with
ethical
requirements, professional
standards and applicable legal and regulatory requirements.
We believe that the evidence we have
obtained is sufficient and appropriate to
provide a basis
for
our conclusion.
Responsibilities
of management
for the Sustainability
Statement
Management of the Bank is responsible for designing and implementing
a process to identify the
required information reported in
the Sustainability
Statement in accordance
with the ESRS,
as well
as for disclosing this process
in Note 1.5 of
the Sustainability Statement.
More specifically,
this responsibility includes:
●
Understanding the context
in which
the Bank’s and
the Group’s
activities and business
relationships take place and developing an understanding of
its affected
stakeholders.
●
Identifying
the
actual
and
potential
impacts
(both
negative
and
positive)
related
to
sustainability matters, as
well as risks and
opportunities that affect, or could reasonably
be
expected to affect, the Bank’s financial
position, financial performance,
cash flows, access
to finance or cost of capital of the Bank and the Group over the short-, medium-, or long-
term;
●
Assessing the
materiality of
the
identified
impacts, risks
and
opportunities related
to
sustainability matters by selecting and applying appropriate thresholds; and
●
Developing assumptions that are reasonable in the circumstances.
Management of the Bank
and the Group
is responsible for the
preparation of the Sustainability
Statement, in accordance
with article 154 of Law 4548/2018, as
amended by Law 5164/2024 and
as in force, which incorporated
article 29(a)
of EU Directive 2013/34/EU
into Greek legislation.
In this context, the Management of
the Bank and the Group is responsible
for:
●
Compliance of the Sustainability Statement with the ESRS;
●
Preparing the disclosures in section
2.1 of the Sustainability
Statement, in compliance
with
Article 8 of Regulation (EU) 2020/852.
●
Designing and
implementing appropriate
internal controls
that management
determines are
necessary to enable the
preparation of the
Sustainability Statement
such that it
is free from
material misstatement, whether due to fraud or
error; and
●
Selecting and
applying appropriate
sustainability reporting methods,
including assumptions
and estimates about individual
sustainability disclosures in the
Sustainability Statement,
that are reasonable in the circumstances.
The Audit Committee is responsible for overseeing the process for the preparation of the Bank's
Sustainability Statement.
Inherent limitations
in preparing the Sustainability
Statement
In reporting
forward-looking information in accordance with ESRS, Management of
the Bank is
required to prepare the forward-looking information on the basis of disclosed assumptions about
events that may occur in the future
and possible future actions by the Bank and the Group. The
actual outcome of these actions is likely to be different since anticipated events frequently
do not
occur as expected.
As stated in Note 2.2 to the Sustainability Statement,
the information incorporated in the relevant
disclosures is
based, among
other things,
on
climate-related scenarios, which
are subject
to
inherent
uncertainty regarding
the
likelihood, timing
or
impact of
potential future
natural and
transitional climate-related impacts.
Our work covered the matters specified
in the “Scope of
Work Performed” section
to obtain limited
assurance based on the procedures
included in the Program mentioned in the relevant section.
Our work does not
constitute an audit or review of
historical financial information in accordance
with
applicable
International
Standards
on
Auditing
or
International
Standards
on
Review
Engagements, and for this reason we do not express any other assurance
beyond that set out in
the “Scope of
Work Performed”
section.
Auditors’ Responsibilities
This
limited assurance
report
has been
prepared based
on
the
provisions of
article 154C
of
Law 4548/2018 and article 32A of
Law 4449/2017.
Our responsibility is to plan and perform
the assurance engagement to obtain limited assurance
about whether the
Sustainability Statement is free
from material misstatement, whether
due to
fraud or error, and issue a
limited assurance
report that includes our
conclusion. Misstatement
can
arise from fraud
or error
and is considered
material if, individually or
in the aggregate,
it could
reasonably be expected to
influence decisions of users taken
on the basis
of the Sustainability
Statement as a whole.
In the
context of a
limited assurance engagement
in accordance with
ISA 3000
(Revised), we
exercise professional judgment and
maintain
professional skepticism throughout
the engagement.
Our responsibilities regarding
the Sustainability Statement, in relation to the Process, include:
●
Conducting risk
assessment procedures,
including understanding the relevant
internal
controls, to identify
risks related to whether
the Process followed
by the Bank and
the
Group to determine
the information reported
in the
Sustainability
Statement does
not meet
the applicable
requirements of the ESRS,
but not
for the purpose of
providing a
conclusion
on the effectiveness
of internal controls
over the Process; and
●
Designing and performing procedures to
evaluate whether the Process
for identifying the
information reported in the Sustainability Statement is consistent with the description of
the Process as disclosed in Note 1.5
of the Sustainability Statement.
We are further
responsible for:
●
Performing risk assessment
procedures, including
understanding
relevant
internal control,
to identify those disclosures
that are
likely to be
materially misstated,
whether due to
fraud
or error, but not for the purpose of
providing a conclusion about the effectiveness of the
Bank's and the Group's internal control.
●
Designing and performing procedures relevant to those disclosures
in the consolidated
Sustainability Statement where material
misstatements are likely to arise. The risk
of not
detecting a material
misstatement resulting
from fraud is
higher than
for one resulting
from
error, as fraud may involve collusion, forgery,
intentional omissions,
misrepresentations,
or the override
of internal control.
Scope of work performed
Our engagement includes performing
procedures and
obtaining audit evidence
in order to
express
a limited assurance conclusion
and covers exclusively the limited
assurance procedures provided
for in the program of limited assurance which was issued with the Decision n.262 of the Hellenic
Accounting and Auditing Standards Oversight Board on 22.01.2025, as it was formulated for the
purpose of issuing a limited
assurance report on the Sustainability
Statement of the Bank and the
Group.
Our
procedures were
designed to
obtain
a limited
level of
assurance
on
which to
base
our
conclusion and
do not provide
all the evidence
that would
be required to provide
a
reasonable level
of assurance.
Athens, 6 March 2026
KPMG Certified Auditors
S.A.
AM SOEL 186
Anastasios Kyriacoulis, Certified Auditor Accountant
AM SOEL 39291
695
|
Page
INFORMATION
EUROBANK GROUP FOR THE PERIOD 01/01 - 31/12/2025
PURSUANT TO ARTICLE 6 OF L.4374
/ 2016
PAYMENTS ON CONSOLIDATED
BASIS PURSUANT TO PARAGRAPH
1 OF ARTICLE 6 OF L.4374/2016
REGARDING LEGAL
ENTITIES
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
1908 PUBLISHING PRIVATE COMPANY
20,000.00
1984 ANEXARTITI DIMOSIOGRAFIA CIVIL NON PROFIT COMPANY
12,635.50
24 MEDIA S.A.
60,250.00
A. TREVLAS - N. GIANNOULIDOU GENERAL PARTNERSHIP
250.00
ABP PUBLISHING PRIVATE COMPANY
12,750.00
ADESMEFTI ENIMEROSI PRIVATE COMPANY -"VIP MEDIA"
4,500.00
ADWEB LTD
62,416.66
AEGIS PUBLISHING SINGLE ENTITY
LIMITED COMPANY
2,000.00
AG MEDIA SINGE ENTITY
PRIVATE COMPANY
2,460.00
AIKATERINI PARASKEVA
KALENDERIDOU
1,200.00
AIRLINK S.A.
2,673.30
ALEXANDROS I. KYRIAKOPOULOS
2,500.00
ALEXANDROUPOLIS FREE RADIO-TELEVISION S.A.
3,900.00
ALEXIOS LEFAS
1,468.77
ALPHA 989
S.A.
23,642.07
ALPHA SATELLITE
TV S.A.
546,717.04
ALTER EGO MEDIA S.A.
1,082,141.28
ANDREAS KOUKOURAS
SINGLE ENTITY
PRIVATE COMPANY
1,150.00
ANTENNA TV SINGLE ENTITY
S.A.
599,185.16
ANTONIOS KONSTANTINOU MOUNTAKIS
1,514.99
APE-MPE S.A.
23,227.20
APOGEVMATINES EKDOSEIS MEDIA SINGLE ENTITY
S.A.
10,840.00
APOSTOLOS
ELLINAS GENERAL PARTNERSHIP - "SPOT"
2,251.00
ARETI-ANNA E.TZALLA & CO
LIMITED PARTNERSHIP
1,355.33
ARKADIKI TV S.A.
2,200.00
ASTRA RADIOTELEVISION ENTERPRISES S.A.
1,107.49
ATHANASSIOS GRIGORIOU
2,750.00
ATHANASSIOS STAVRIDIS
AND CO GENERAL PARTNERSHIP
3,164.19
ATHENS VOICE S.A.
35,520.00
ATTICA PUBLICATIONS S.A.
42,564.89
ATTICA TV SINGLE ENTITY S.A.
1,400.00
AUTOFOCUS-CIVIL NON PROFIT COMPANY
800.00
BANKINGNEWS S.A.
100,000.00
BECHLIVANOS I. CHRISTOS
5,400.00
BOULEVARD FRΕΕ PRESS PRIVATE COMPANY
3,060.00
BRAINBUZZ MEDIA CONSULTING PRIVATE COMPANY
2,300.00
BROADCASTING PROMOTION S.A. - "SPORT TV"
30,168.05
BUSINESS PUBLICATIONS LIMITED PARTNERSHIP
22,222.00
CAPITAL.GR S.A.
133,333.31
CENTRAL GREECE RADIOTELEVISION ENTERPRISES
S.A.
3,616.00
CHANIOTIKA NEA PUBLISHING S.A.
1,163.02
CHARALAMBOS P.
TZEKAS
1,311.68
CHRISTOS ARG. BARIS
600.00
CO-OP FOR COLLECTIVE AND SOCIAL
BENEFIT-
"SCHEMA"
400.00
CRETAPOST PRIVATE COMPANY
2,400.00
CRISIS MONITOR PRIVATE COMPANY
12,800.00
D. KONSTANTOPOULOS
& CO LIMITED PARNTERSHIP
3,500.00
696
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
DAM PRODUCTIONS S.A.
22,882.00
DEKATA.GR
700.00
DELTA TV S.A.
4,560.00
DG NEWSAGENCY S.A.
22,071.50
DIGITAL CONTENT S.A.
700.00
DIMITRIOS DIMOPOULOS
1,360.00
DIMITRIOS TOLIS SINGLE ENTITY
PRIVATE COMPANY
- LOCAL NEWS
1,123.36
DIMITRIOS TRAMBAS
2,500.00
DIMITRIOS VAS. PAPPAS
4,500.00
DIMOKRATIKI ENIMEROSSI S.A.
44,000.00
DIO DEKA PUBLISHING S.A.
29,700.00
DIONISIOS MPOURAS & CO LIMITED PARTNERSHIP
20,500.00
DPG DIGITAL MEDIA GROUP SINGLE ENTITY S.A.
37,615.00
DYADIKI ENIMEROSI LIMITED PARTNERSHIP
12,000.00
ECONOMIA MEDIA S.A.
1,000.00
ECONOMICO.GR S.A.
5,995.00
EDITCOM SINGLE ENTITY
LTD
1,400.00
EKDOTIKI TILEOPTIKI S.A.
1,100.00
ELENI D. KONTONIKA
854.00
ELF PRIVATE COMPANY
3,000.00
ELIAS KANELLIS & CO LIMITED PARTNERSHIP - THE BOOKS
JOURNAL
2,000.00
EMMANOUIL CHNARIS & CO GENERAL PARTNERSHIP
3,197.60
EMMANOUIL S. ZACHARIOUDAKIS
898.69
ENERGY MAG SINGE ENTITY
PRIVATE COMPANY
7,000.00
ENIGMA M.G. SINGLE ENTITY
PRIVATE COMPANY
3,950.00
ENTYPOEKDOTIKI INDUSTRIAL AND COMMERCIAL S.A.
10,510.00
EPIKOINONIA ACHAIAS SINGLE ENTITY PRIVATE COMPANY - I GNOMI
2,623.36
EPIRUS RADIOTELEVISION ENTERPRISES
S.A.
3,000.00
ESTIA NEWSPAPER S.A.
55,000.00
ET PUBLISHING PRIVATE COMPANY
45,000.00
ETHOS MEDIA S.A.
10,000.00
EVAGGELOS KONSTANTINOS ADAMOPOULOS
680.00
EVEN PUBLISHING PRIVATE COMPANY
1,860.00
FAROSNET S.A.
28,440.00
FILELEFTHEROS PRESS S.M. S.A.
85,000.00
FILIPPOS IOANNI KYRIAKOPOULOS
2,500.00
FINANCIAL MARKETS VOICE S.A.
47,400.00
FIRST CHOICE PROMOTION AGENCY SINGLE ENTITY
PRIVATE COMPANY
862.00
FNEWS MEDIA GROUP PRIVATE COMPANY
2,400.00
FORWARD MEDIA PRIVATE
COMPANY
44,000.00
FREED S.A. DIGITAL INTERNET APPLICATIONS
11,900.00
FRONTSTAGE ENTERTAINING S.A.
306.15
G. BOKAS & CO S.A.
2,130.00
GENERAL RADIOTELEVISION ENTERPRISES
S.A.
15,157.80
GEORGIOS D.
PAPASTAMOULOS
1,500.00
GOC HELLAS SINGLE ENTITY PRIVATE COMPANY
1,497.81
GRAFIMA ADVERTISING S.A.
1,000.00
GRAPHOTECHNIKI KRITIS S.A.
1,300.00
GRΕΕN BOX PUBLISHING S.A.
6,600.00
HAZLIS AND RIVAS COMMUNICATIONS LTD
5,000.00
HELLENIC TELECOMMUNICATIONS ORGANIZATION S.A.
83,288.80
HT PRESS ONLINE SINGLE ENTITY
PRIVATE COMPANY
7,500.00
I EFIMERIDA TON SINTAKTON S.A.
52,400.00
I Q LIFE SINGLE ENTITY
PRIVATE COMPANY
5,800.00
I. & E. KOUTSOLIONDOU GENERAL PARTNERSHIP
2,361.02
697
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
I. DIONATOS & CO LIMITED PARTNERSHIP (DELTA
PRESS)
24,100.00
IATRONET INTERNET APPLICATIONS LLC
9,000.00
ICAP CRIF S.A.
6,800.00
IKAROS RADIOTELEVISION COMPANY S.A.
71,790.00
ILIAS IOAN. PROUFAS
1,600.00
ILORIA PRESS GENERAL PARTNERSHIP
5,000.00
INFONEWS PRIVATE COMPANY
15,000.00
INTERBUS S.A.
130,944.00
INTERNET MEDIA
SERVICES LIMITED PARTNERSHIP
1,240.00
IOANNINA TV S.A.
2,400.00
IOANNIS E. PASSIAKOS
840.00
IOANNIS VAVALIKOUDIS
& CO LIMITED PARTNERSHIP
2,559.02
IONIAN RADIOTELEVISION ENTERPRISES
S.A.
7,200.00
KALAITZAKIS PUBLISHING ENTERPRISES S.A.
1,508.43
KALITERI POLI
500.00
KAPPA
SIGMA DELTA S.A.
3,502.10
KAPSALAKIS
STYLIANOS ZACHARIAS
800.00
KARADAYI NILAIDA
HOUSSEIN
709.21
KARAGIANNOPOULOS CONSTANTINOS
IOANNIS
1,125.00
KARANTZOUNIS DIMITRIOS GEORGIOS
1,500.00
KARPO MEDIA PUBLISHING DIGITAL S.A.
2,000.00
KE HEALTH-TRAVEL GENERAL PARTNERSHIP
33,000.00
KONDYLI S.A. JOURNALISM ORGANISATION
4,512.00
KONSTANTINOS CHR. RAGAVIS
1,774.19
KONSTANTINOS PITIAKOYDIS
1,350.00
KONSTANTINOS TSIGGELIS
643.92
KONTRA PUBLISHING ENTERPRISES PRIVATE COMPANY
24,000.00
KONTRA TV MARKETING SERVICES SINGLE ENTITY
S.A.
21,638.41
KOZYRI KAL. & MICH. GENERAL PARTNERSHIP
3,463.30
KYKLOS S.A.
16,000.00
LAMIAKOS TYPOS S.A.
1,896.00
LASKARAKIS E. & CO LIMITED PARTNERSHIP
3,280.29
LEAD GENERATION S.A.
18,000.00
LEOTSAKOS
- BOUSBOURELLIS GENERAL PARTNERSHIP
9,000.00
LIQUID PUBLISHING S.A.
50,888.50
LOGOTYPOS.GR S.A.
1,400.00
LOIZOS KL. LOIZOS
268.86
LUFT+STAHL SINGLE ENTITY LLC
3,000.00
MAKEDONIA ENIMEROSI S.A.
6,000.00
MAKEDONIKI ENIMEROSI LIMITED PARTNERSHIP
4,000.00
MANOUSSOS TSINIARAKIS & CO LIMITED PARTNERSHIP
970.22
MARIA VASILAKI PUBLISHING ENTERPRISES SINGLE ENTITY
LTD CO.
6,000.00
MARKETING & MEDIA SERVICES SINGLE
ENTITY PRIVATE COMPANY
14,000.00
MATHIOUDAKIS MEDIA S.A.
748.91
MEDIA LEADER LIMITED PARTNERSHIP
900.00
MEDIA2DAY PUBLISHING S.A.
142,000.00
MELLONTIKES EKDOSEIS LIMITED LIABILITY COMPANY
15,000.00
METRODEAL SINGLE ENTITY PRIVATE COMPANY
246.42
METRON ARISTON COMMUNICATION SERVICES SINGLE ENTITY
LTD CO.
6,000.00
MILITAIRE SINGLE ENTITY PRIVATE COMPANY
3,400.00
MINDSUPPORT SINGLE ENTITY
PRIVATE COMPANY
1,000.00
MODERN ERA PUBLISHING S.A.
1,458.00
MONOCLE MEDIA LAB MONONEWS PRIVATE COMPANY
118,150.00
MOTORI PUBLICATIONS LTD
6,000.00
MPAM MEDIA SINGLE ENTITY PRIVATE COMPANY
2,500.00
698
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
MUNICIPAL INFORMATION AND COMMUNICATION ENTERPRISE - MUNICIPALITY OF
TRIPOLIS
955.76
MUSIC FREQUENCIES SINGLE
ENTITY LIMITED
LIABILITY COMPANY
1,361.50
N.K. MEDIA GROUP LLC
20,720.00
NAFTEMPORIKI
67,899.34
NASTA PUBLICATIONS PRIVATE
COMPANY
1,200.00
NEA TELEORASI S.A.
322,088.89
NEES KATHIMERINES EKDOSEIS SINGLE MEMBER
S.A.
425,116.88
NEO CHRIMA PUBLISHING S.A.
101,200.00
NEW MEDIA NETWORK SYNAPSIS S.A.
105,000.00
NEW VISION MEDIA SINGLE ENTITY
PRIVATE COMPANY
19,000.00
NEWPOST PRIVATE COMPANY
24,500.00
NEWS DOT COM RADIOTELEVISION S.A.
478,765.59
NEWS ORGANISATION ELEFTHERIA LARISSA S.A.
1,870.08
NEWSIQUE PRIVATE COMPANY
2,000.00
NEWSIT LLC
121,940.00
NEWSMEDIA PRIVATE COMPANY
6,704.00
NEWSROOM S.A.
18,000.00
NIKELCO HUB LIMITED PARTNERSHIP
3,000.00
NIKOLAOS ARIST.
VRELLIS
658.00
NOESIS PRIVATE COMPANY
10,000.00
NOTICE CONTENT AND SERVICES
SINGLE ENTITY
PRIVATE COMPANY
5,000.00
NOTOS MEDIA GROUP SINGLE ENTITY PRIVATE COMPANY
142.88
NOVA TELECOMMUNICATIONS & MEDIA SINGLE ENTITY S.A.
135,253.78
NSK PUBLISHING LLC
19,400.00
OK NEWS PRIVATE COMPANY
10,000.00
OKTAS MEDIA PRIVATE
COMPANY
45,000.00
ON ACTIVE LIMITED PARTNERSHIP
1,800.00
ON LARISSA MEDIA GROUP PRIVATE COMPANY
1,100.00
ONDECK GROUP LIMITED PARTNERSHIP
1,000.00
ONE DIGITAL SERVICES S.A.
76,000.00
ONLINE TECHPRESS PUBLISHING LLC
2,400.00
ONMEDIA DIGITAL SINGLE ENTITY S.A.
32,000.00
OPINION POST ELECTRONIC PUBLICATIONS S.A.
25,000.00
ORTHODOXI KIVOTOS PUBLICATIONS
S.A.
4,100.00
P. ELECTRONIC PUBLICATIONS PRIVATE
COMPANY
6,000.00
PAIDIS IOANNIS DIMITRIOS
300.00
PANAGIOTA
G. ALEXANDROPOULOU
2,400.00
PANAGIOTA
M.D. GIANNOULI
1,584.00
PANAGIOTIS KATSONIS
1,000.00
PANCRETIAN RADIO TV S.A.
22,499.83
PANEPIRUS TV S.A.
2,000.00
PAPALIOS
MEDIA GROUP PRIVATE COMPANY
12,855.22
PARA ENA NETWORK SERVICES LLC
49,000.00
PARAPOLITIKA
PUBLICATIONS S.A.
76,000.00
PARASKEVI ANDROULI
700.00
PATSIKAS
PUBLICATIONS LIMITED PARTNERSHIP
1,005.27
PELOPONNESSOS MEDIA GENERAL PARTNERSHIP
1,074.24
PELOPONNESSOS PATRON
EDITIONS S.A.
10,000.00
PERFECT MEDIA ADVERTISING SINGLE
ENTITY S.A.
60,000.00
PHAISTOS NETWORKS S.A.
33,000.00
PHARMAEKDOTIKI PRIVATE COMPANY
1,100.00
PLUS NEWS LIMITED PARTNERTSHIP
3,748.91
POLITICAL PUBLISHING PRIVATE COMPANY
7,000.00
699
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
POLITIS GROUP RADIOS & ENTERTAINMENT SINGLE ENTITY
S.A.
7,181.50
POLITIS OUT OF HOME PRIVATE COMPANY
3,009.00
POWERGAME MEDIA PRIVATE COMPANY
59,200.00
PREMIUM S.A.
34,000.00
PRESSROOM MEDIA SINGLE ENTITY PRIVATE COMPANY
7,000.00
PRIME APPLICATIONS S.A.
49,000.00
PRINT PRESS SINGLE ENTITY
PRIVATE COMPANY
14,080.00
PROJECT AGORA SINGLE ENTITY PRIVATE COMPANY
10,872.00
PROTAGON S.A.
40,002.00
PROTO THEMA PUBLISHING S.A.
563,675.40
R MEDIA PUBLISHING LIMITED PARTNERSHIP
2,000.00
RADIO COMMUNICATION S.A.
5,811.80
RADIO PRODUCTIONS S.A.
3,315.44
RADIO THESSALONIKI S.A.
4,080.00
RADIOTELEVISION ENTERPRISES EASY 97.2
2,017.44
RADIOTELEVISION ENTERPRISES REAL FM S.A.
135,520.00
RADIOTELEVISION S.A.
76,538.34
RADIOTILEOPTIKI KILKIS S.A.
9,028.00
REAL MEDIA S.A.
86,960.00
RETHYMNO TV S.A.
2,016.00
S.APOSTOLIDIS & CO LIMITED PARTNERSHIP
5,285.14
S.MAGKOUFAKIS & CO
GENERAL PARTNERSHIP
2,912.61
S.TSAGGALAS - I.PATTA
GENERAL PARTNERSHIP
437.02
SABD PUBLISHING S.A.
54,800.00
SARONIC GLAM PRIVATE COMPANY
3,000.00
SECTORS MEDIA SINGLE ENTITY PRIVATE COMPANY
3,355.00
SELANA S.A.
12,000.00
SIMOUSSI LIMITED PARTNERSHIP
5,500.00
SINIDISI S.A.
862.00
SOCIAL COOPERATIVE
- "MYRMIDONES"
800.00
SOCIAL COOPERATIVE
- "SYNERGASIA-DIMIOURGIA"
2,000.00
SOFFIANNA S.A.
3,000.00
SOLUTION GROUP SINGLE ENTITY PRIVATE COMPANY
1,519.00
SPORTNEWS INTERNET SERVICES
S.A.
7,000.00
SPYRIDON STEFANOPOULOS & CO
LIMITED PARTNERSHIP
1,822.80
STAMOULIS PUBLICATIONS
S.A.
3,000.00
STAR RADIOTELEVISION SINGLE ENTITY S.A.
8,697.00
STAR S.A. RADIOTELEVISION ORGANIZATION OF CENTRAL GREECE
21,985.80
STEFANOS STEFANOPOULOS
567.36
STERGIANI VAS. NISTA
1,300.00
STERGOS - TSABIKOS MATSIS
2,130.40
STO KARFI PUBLICATIONS S.A.
5,640.00
TELIA INTERNET PRIVATE COMPANY
18,600.00
THE BEST NET PRIVATE COMPANY
2,560.00
THE WALT DISNEY COMPANY GREECE SINGLE ENTITY LIMITED COMPANY
17,867.14
THEOFANIDIS MEDIA GROUP SINGLE ENTITY
PRIVATE COMPANY
2,900.00
THEOHARIS SPYR. GEORGIOS
7,500.00
THESSALIKI RADIOTELEVISION S.A.
735.18
THESSALONIKI 89 RAINBOW SINGLE ENTITY LIMITED COMPANY
4,168.80
THESSDIGITAL PRIVATE COMPANY
2,500.00
THESTIVAL MEDIA LIMITED PARTNERSHIP
5,000.00
TLIFE INTERNET
APPLICATIONS LIMITED PARTNERSHIP
8,500.00
TO MANIFESTO FRONT PAGE PRIVATE
COMPANY
20,000.00
TOMADAKIS IOANNIS GEORGIOS
800.00
TOURISM MEDIA EVENTS PRIVATE COMPANY
700.00
700
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
TYPOS MEDIA LLC
10,675.00
UNION OF HELLENIC CHAMBERS OF COMMERCE-INSTITUTE
OF RESEARCH & STUDIES
1,500.00
V. & D. PAPPAS
GENERAL PARTNERSHIP
8,500.00
V. SKOUTARAS
S.A.
7,200.00
VAROUXIS JOURNALISM ORGANISATION PRIVATE
COMPANY
3,225.81
VASSILEIOS IOAN. KOKKALIDIS
624.10
VASSILIKI SKOULIKA
1,360.00
VERGINA HYBRIDIKI S.A.
5,000.00
VICTORY SINGLE ENTITY
LLC
6,000.00
VNET SINGLE ENTITY
PRIVATE COMPANY
1,850.00
VORIA GR S.A.
9,400.00
XK PUBLICATIONS SINGLE ENTITY PRIVATE COMPANY
5,210.62
ZISIS CH. PATSIKAS
1,000.00
ZOYGLA G.R. S.A.
78,000.00
TOTAL
8,352,781.67
NOTES:
1. Not including charges in
favor of Greek government
(V.A.T,
Special TV tax.)
and in favor of third
parties (advertisement tax),
total amount
€ 1.871.462,07.
INFORMATION
EUROBANK GROUP FOR THE PERIOD 01/01 - 31/12/2025
PURSUANT TO ARTICLE 6 OF L.4374
/ 2016
PAYMENTS ON CONSOLIDATED
BASIS PURSUANT TO PARAGRAPH
2 OF ARTICLE 6 OF L.4374
/ 2016
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
"I APOSTOLI" - CIVIL NON PROFIT COMPANY
341,659.00
4th SPECIAL SCHOOL OF
CHANIA*
793.16
AGAPI & FRONTIDA NON PROFIT ASSOCIATION
1,500.00
ALBA GRADUATE
BUSINESS SCHOOL
10,000.00
AMERICAN COLLEGE OF GREECE
7,000.00
ANATOLIA
COLLEGE BOARD OF TRUSTEES
52,890.00
ANDROS CHALLENGE & FESTIVAL CIVIL NON PROFIT COMPANY*
330.00
ANDROS NAUTICAL CLUB
75,000.00
ANGELOS ANGELOU ATHANASSIOS
1,169.81
ANTENNAEIMASTEENA CIVIL NON
PROFIT COMPANY
25,000.00
ARGO PUBLISHING AND ADVERTISING SINGLE ENTITY
LLC
2,040.00
ARK OF THE WORLD
100.00
ASSOCIATION FOR MATERNAL
CARE
- "PANAGIA PANTANASSA"
1,000.00
ASSOCIATION OF CERTIFIED FRAUD EXAMINERS - GREECE CHAPTER
1,500.00
ASSOCIATION OF INNOVATIVE APPLICATIONS
ENTERPRISES OF GREECE
5,500.00
ATHENA RESEARCH CENTRE
- RESEARCH & INNOVATION INFORMATION TECHNOLOGIES
7,000.00
ATHENS CHAMBER OF COMMERCE AND INDUSTRY
5,000.00
ATHENS CHAMBER OF TRADESMEN
10,000.00
ATHENS CHAMBER OF TRADESMEN*
40,322.00
ATHENS CONCERT HALL ORGANISATION
S.A.
10,858.48
ATHENS GENERAL CANCER AND ONCOLOGY HOSPITAL
- "AGIOS SAVVAS"
21,000.00
ATHENS NURSING HOME - "ELEIMON ETAIRIA ATHINON "*
806.45
ATHENS UNIVERSITY OF ECONOMICS AND BUSINESS
SPECIAL RESEARCH FUND
160,000.00
ATHLETIC CLUB OF APEIRANTHOS - "TA
FANARIA"
1,500.00
AUEB PROPERTY MANAGEMENT & DEVELOPMENT S.A.
8,500.00
B2SEA PRIVATE COMPANY
1,500.00
701
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
BASIL & ELISE GOULANDRIS FOUNDATION
10,000.00
BE-LIVE
100,000.00
BENAKI MUSEUM SHOP
104,050.00
BIOINNOVATION GREECE CIVIL NON PROFIT COMPANY
5,000.00
BODOSSAKI FOUNDATION
50,000.00
BUSINESS AND INDUSTRY
ASSOCIATION OF THESSALY
500.00
BUSINESS DEVELOPMENT COMPANY OF LASITHI
1,000.00
CANCER PATIENTS' SOCIETY OF ATHENS -"KEFI"
1,000.00
CAPITAL LINK FORUM, INC
15,173.41
CAPITAL LINK SINGLE ENTITY LIMITED LIABILITY COMPANY
7,500.00
CENTRE FOR INDIVIDUALS WITH SPECIAL NEEDS-"HARA"
7,450.68
CENTRE FOR RESEARCH AND TECHNOLOGY HELLAS*
12,000.00
CEREBRAL PALCY GREECE - "OPEN DOOR"
8,184.00
CFA SOCIETY GREECE
1,000.00
CHARITABLE ASSOCIATION
OF AMFISSA - "ST JOHN THE MERCIFUL"
100.00
CHARLES ANTETOKOUNMPO FAMILY
CIVIL NON PROFIT COMPANY
40,322.58
CHRISTIAN UNION OF AGRINIO
1,800.00
CITIZENS' MOVEMENT
FOR AN OPEN SOCIETY
1,000.00
CLUB FOR CULTURE AND ENVIRONMENT OF MARINE GREECE – CEM
10,000.00
COLLEGELINK S.A.
129,958.07
COMMERCIAL ASSOCIATION
OF NIKAIA - AGIOS IOANNIS RENTI
300.00
CONFEDERATION OF INDIAN INDUSTRY
5,000.00
CONSILIENCE COLLABORATION INC.
30,000.00
CONSTANTINOS SIMITIS FOUNDATION
6,000.00
CYCLADIC DEVELOPMENT SOCIETY
2,500.00
DELPHI ECONOMIC FORUM
45,000.00
DEUTSCHE SCHULE ATHEN
1,000.00
ECONOMIC CHAMBER OF GREECE
3,000.00
ECONOMIX SINGLE ENTITY PRIVATE COMPANY
15,000.00
ECUMENICAL PATRIARCHATE
OF CONSTANTINOPLE
200,000.00
EIGHT TEACHER RELIGIOUS MINORITY
PRIMARY SCHOOL, MUNICIPALITY OF MYKEE,
DISTRICT OF KENTAVROS*
1,097.35
ELEPAP-REHABILITATION
FOR THE DISABLE
2,250.00
ELPIDA ASSOCIATION
6,000.00
EMBASSY OF CANADA
2,500.00
EMBASSY OF THE REPUBLIC OF SERBIA IN ATHENS (IC)
3,000.00
ENDEAVOR GREECE CIVIL NON PROFIT COMPANY
53,612.90
ETHOS MEDIA S.A.
24,000.00
EUROPEAN BUSINESS ANGEL NETWORK
5,000.00
EVENTURE
LIMITED PARTNERSHIP
500.00
EVROS CHAMBER DEVELOPMENT COMPANY
5,000.00
EXCESS SINGLE MEMBER LIMITED LIABILITY COMPANY
2,500.00
FMW FINANCIAL MEDIA WAY
LIMITED
5,000.00
FOUND.ATION MAKER'S PLACE PRIVATE
COMPANY
9,500.00
FRIENDS' CLUB OF ANATOLIA
COLLEGE
3,000.00
FRIENDS OF MERIMNA
2,500.00
FTHIOTIDA CHAMBER OF COMMERCE
700.00
FULBRIGHT FOUNDATION - GREECE
4,000.00
GENERAL HOSPITAL OF ARGOLIDA
-NAFPLIO NURSING UNIT
1,500.00
GENERAL HOSPITAL OF ARTA
1,504.00
GENERAL HOSPITAL OF HERAKLEION EMPLOYEES
ASSOCIATION
300.00
GENERAL HOSPITAL OF LAMIA
2,500.00
GENERAL HOSPITAL OF NEA IONIA-PATISSIA
"KONSTANTOPOULEIO"
62,000.00
GLOBAL SUSTAIN S.A.
3,000.00
GOULANDRIS NATURAL HISTORY MUSEUM
10,000.00
702
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
GREEK CENTER FOR VALUE INVESTMENTS
CIVIL NON PROFIT COMPANY
37,500.00
GREEK CONFEDERATION OF COMMERCE AND BUSINESS
6,600.00
GREEK eCOMMERCE ASSOCIATION
20,000.00
GREEK SOCIETY FOR THE PROMOTION OF SAFETY OF SPORTS AND RECREATIONAL
MEANS THE SEA AND WATER-"SAFE WATER
SPORTS"
24,220.00
GREEK YACHTING ASSOCIATION
16,700.00
GREEKS OF EGYPT NAUTICAL CLUB*
17,966.14
HBIO - HELLENIC BIO CLUSTER
1,000.00
HELLA-DIKA MAS CIVIL NON PROFIT COMPANY
20,000.00
HELLENIC ASSOCIATION OF TREASURERS
8,264.46
HELLENIC EXCHANGES S.A.-ATHENS STOCK EXCHANGE
1,500.00
HELLENIC EXPORTERS' ASSOCIATION
10,000.00
HELLENIC FASHION DESIGNERS ASSOCIATION
7,500.00
HELLENIC FEDERATION OF ENTERPRISES
59,855.00
HELLENIC FEDERATION OF ENTERPRISES*
5,783.00
HELLENIC FUND & ASSET MANAGEMENT ASSOCIATION
7,000.00
HELLENIC HYDROCARBONS AND ENERGY RESOURCES MANAGEMENT
COMPANY
(HEREMA)*
8,980.00
HELLENIC RESCUE TEAM OF ATTICA
2,000.00
HELLENIC-AMERICAN CHAMBER
10,000.00
HELLENIC-AMERICAN EDUCATIONAL FOUNDATION
30,500.00
HELLENIC-AMERICAN EDUCATIONAL FOUNDATION*
920.00
HELLENIC-FRENCH
CHAMBER OF COMMERCE AND INDUSTRY
3,500.00
HELLENIC-INDIAN COMMERCE AND ECONOMY ASSOCIATION
1,000.00
HELLENIC-SPANISH CHAMBER OF COMMERCE
112.90
HISTORICAL AND ETHNOLOGICAL SOCIETY OF GREECE
500,000.00
HOLY METROPOLIS OF
AITOLIA AND AKARNANIA
8,500.00
HOLY METROPOLIS OF
KALAMATA
HOSPICE - "STEGI TIS EKKLISSIAS"
10,000.00
HOLY METROPOLIS OF
NEA IONIA, PHILADELFEIA, HERAKLION AND CHALKIDONA*
4,450.00
I. PAPADIMITROPOULOS
& CO GENERAL PARTNERSHIP
7,500.00
ICAP CRIF S.A.
3,000.00
ILEIA GENERAL HOSPITAL
5,300.00
ILISIAKOS ATHLETIC CLUB
1,500.00
INFORMA MARKETS UK LTD
21,000.00
INTERNATIONAL HELLENIC ASSOCIATION
403.23
INTERPROFESSIONAL COTTON ORGANIZATION
1,500.00
ISTION YACHTING SINGLE ENTITY
S.A.
1,209.68
K.E.A./A.M.E.A. - CENTRE OF VOCATIONAL TRAINING FOR PEOPLE WITH DISABILITIES
1,000.00
KARATZIS INDUSTRIAL AND HOTEL ENTERPRISES S.A.
25,000.00
KEFI S.A.
3,000.00
LAWYERS AND INTERNS GUILD - "E-THEMIS"
3,000.00
LIFE EVOLUTION CIVIL NON PROFIT COMPANY
15,000.00
LOCAL IMPROVEMENT, PHILANTHROPIC
AND EDUCATIONAL CLUB OF TINOS -
"KOUMAROS"
300.00
LOGISMIKI LIMITED COMPANY
2,310.00
MACEDONIAN & THRACE HELLENIC POLICE CIVILIAN EMPLOYEES' ASSOCIATION
450.00
MADE IN GREECE MEDIA PRIVATE COMPANY
5,000.00
MAKE A WISH FOUNDATION HELLAS
10,000.00
MAKEDONES AXIOU ATHLETIC CLUB
360.00
MARITIME IMPACT GENERAL PARTNERSHIP
20,000.00
MAROUSSI SWIMMING CLUB
800.00
MERCHANTS AND PRODUCERS OF FARMERS' MARKETS FEDERATION OF MACEDONIA,
THESSALY AND THRACE
1,500.00
MINDSPACE CIVIL NON PROFIT COMPANY
5,000.00
MINISTRY OF CITIZEN
PROTECTION*
27,892.00
703
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
MINISTRY OF EDUCATION RELIGIOUS AFFAIRS AND SPORTS (MARIETTA GIANNAKOU
PROGRAM)*
21,500,000.00
MINISTRY OF NATIONAL DEFENCE
45,000.00
MINISTRY OF NATIONAL DEFENCE*
31,451.61
MINISTRY OF SOCIAL COHESION AND FAMILY AFFAIRS*
100,000.00
MK SAILING LIMITED
35,000.00
MOMus
6,000.00
MOSES KAPON & CO LIMITED PARTNERSHIP
4,500.00
MULTI CHILD FAMILIES ASSOCIATION
OF NAXOS*
2,000.00
MUNICIPAL COMMUNITY OF PYTHAGOREIO SAMOS*
1,128.58
MUNICIPALITIES OF ATHENS AND PIREAUS
ENVIROMENTAL ASSOCIATION
6,000.00
MUNICIPALITY OF AEGALEO*
2,419.00
MUNICIPALITY OF AGIA PARASKEVI
8,000.00
MUNICIPALITY OF ALMYROS
2,000.00
MUNICIPALITY OF CHALANDRI*
2,938.00
MUNICIPALITY OF CHIOS
1,700.00
MUNICIPALITY OF CORFU AND DIAPONTIAN ISLANDS
3,200.00
MUNICIPALITY OF DELTA*
7,604.67
MUNICIPALITY OF ELEFSINA
1,000.00
MUNICIPALITY OF ELEFSINA*
938.00
MUNICIPALITY OF KIFISSIA
2,050.00
MUNICIPALITY OF KIFISSIA*
1,048.39
MUNICIPALITY OF MYTILENE
3,000.00
MUNICIPALITY OF MYTILENE*
427.35
MUNICIPALITY OF NAFPAKTIA*
322.57
MUNICIPALITY OF NEA IONIA*
3,357.36
MUNICIPALITY OF ORCHOMENOS*
3,475.00
MUNICIPALITY OF OREOKASTRO*
4,898.78
MUNICIPALITY OF PALLINI*
8,590.73
MUNICIPALITY OF PAPAGOS
-CHOLARGOS
1,000.00
MUNICIPALITY OF PENTELI
1,400.00
MUNICIPALITY OF PIRAEUS EMPLOYEES' ASSOCIATION*
1,575.02
MUNICIPALITY OF PSARA*
1,708.20
MUNICIPALITY OF THERMAIKOS*
9,365.30
MUNICIPALITY OF THERMI WATER AND SEWAGE COMPANY*
4,012.25
MUNICIPALITY OF TRIPOLI
2,000.00
MUNICIPALITY OF VOLOS
20,000.00
MUSEUM OF CYCLADIC ART
30,000.00
MY SPECTRUM SINGLE ENTITY
S.A.
90,000.00
NAFTEMPORIKI
20,000.00
NATIONAL AND KAPODISTRIAN UNIVERSITY OF ATHENS PROPERTY MANAGEMENT &
DEVELOPMENT S.A.
10,000.00
NATIONAL AND KAPODISTRIAN UNIVERSITY OF ATHENS/SPECIAL RESEARCH FUND
37,000.00
NATIONAL EMERGENCY AID CENTRE*
30,514.00
NATIONAL OPERA
91,080.00
NATIONAL TECHNICAL UNIVERSITY OF ATHENS (N.T.U.A.) SPECIAL RESEARCH FUND
3,000.00
NATIONAL TECHNICAL UNIVERSITY OF CRETE (N.T.U.C.) SPECIAL RESEARCH FUND*
990.00
NATIONAL THEATRE
31,750.00
NEW METROPOLITAN ATTICA - REGION OF ATTICA
DEVELOPMENT ORGANISATION
9,323.00
NEXT IS NOW LIMITED PARTNERSHIP
65,000.00
NOMIKI BIBLIOTHIKI S.A.
3,000.00
NOTICE CONTENT AND SERVICES
SINGLE ENTITY
PRIVATE COMPANY
7,000.00
ON THE MOVE PRIVATE COMPANY
5,000.00
ONE DIGITAL SERVICES S.A.
40,000.00
ORCHOMENOS ARTISTIC ROUTE
3,720.00
704
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
P. KARANTZIAS LIMITED PARTNERSHIP
5,000.00
P. PAPAPETROU
& CO LIMITED PARTNERSHIP
6,000.00
PALATIVE CARE
CENTRE-"GALILEE"
1,000.00
PANOSANDCRESSIDA4LIFE.ORG
3,000.00
PANTEION UNIVERSITY OF SOCIAL AND POLITICAL STUDIES*
2,733.87
PARENTS ASSOCIATION OF
CHILDREN WITH NEOPLASTIC DISEASES - "I FLOGA"
5,900.00
PNOE-FRIENDS OF CHILDREN IN INTENSIVE
CARE
39,132.76
PREVEZA JAZZ FESTIVAL
10,000.00
PROFESSIONAL CHAMBER OF THESSALONIKI
3,629.00
RACE FOR AUTISM GR
2,000.00
REGIONAL UNIT OF ARTA EMPLOYEES' UNION
600.00
RHODES ATHLETIC
ACADEMY
500.00
RHODES KNIGHTS ATHLETIC CLUB
500.00
SABD PUBLISHING S.A.
30,000.00
SANI DEVELOPMENT AND TOURISM S.M.S.A.
80,000.00
SCH. COM. PRIM. EDUC. MUNICIPALITY OF ATHENS, 1st MUNICIPAL DISTRICT*
867.45
SCH. COM. PRIM. EDUC. MUNICIPALITY OF TANAGRA*
362.02
SILENT HILL PRODUCTIONS LIMITED PARTNERSHIP
20,000.00
SISMANOGLEIO ATHENS GENERAL HOSPITAL
- AMALIA FLEMING HOSPITAL
UNIT
1,105.00
SOFTBIZ PRIVATE COMPANY
700.00
SOLIDARITYNOW
10,000.00
SOS CHILDREN’S VILLAGES GREECE
400.00
SPECIAL GUARDS UNION OF CENTRAL MACEDONIA
850.00
ST JUDE CHILDREN'S RESEARCH HOSPITAL
2,039.79
STAR S.A. RADIOTELEVISION ORGANIZATION OF CENTRAL GREECE
5,000.00
STEPO EASTERN MACEDONIA AND THRACE S.A.*
40,181.80
STUDENTS OF MUSIC SCHOOL OF KAVALA
PARENTS AND GUARDIANS ASSOCIATION
500.00
TECH TOUR EUROPE SA
15,000.00
THE BOARDROOM GMBH
25,000.00
THE CFO SOCIETY OF GREECE
2,000.00
THE GREEK TOURISM CONFEDERATION -"SETE"
130,000.00
THE HELLENIC INITIATIVE CANADA
5,000.00
THE INSTITUTE
OF INTERNAL AUDITORS GREECE
2,500.00
THE MARKETING HUB ORG CIVIL NON
PROFIT COMPANY
3,000.00
THE MUSEUM OF GREEK CHILDREN'S
ART
3,000.00
THE SMILE OF THE CHILD
100.00
THEBES COMMERCIAL UNION
500.00
THEMISTOCLES AND DIMITRIS TSATSOS FOUNDATION - CENTER FOR EUROPEAN
CONSTITUTIONAL LAW
4,000.00
THEOFANO FOUNDATION
50,000.00
THEOTOKOS FOUNDATION
4,000.00
THESSALONIKI CHAMBER OF HANDICRAFTS
1,612.90
THESSALONIKI CONCERT HALL
4,000.00
TOGETHER FOR AUTISM CIVIL NON PROFIT COMPANY
10,000.00
TOGETHER FOR THE CHILD CIVIL NON PROFIT COMPANY
41,000.00
TOP KINISIS TRAVEL PUBLIC LIMITED
5,000.00
TRAFIGURA MARITIME VENTURES
LTD - GREEK BRANCH
5,000.00
TSOMOKOS PUBLIC RELATIONS
S.A.
5,000.00
UNION OF GREEK PROCEDURAL LAWYERS
2,500.00
UNIVERSITY
GENERAL HOSPITAL OF HERAKLEION CRETE*
3,370.81
UNIVERSITY
OF CRETE*
1,999.36
UNIVERSITY
OF MACEDONIA SPECIAL RESEARCH FUND
2,419.35
UNIVERSITY
OF PATRAS
4,000.00
UNIVERSITY
OF PATRAS
SPECIAL RESEARCH FUND
7,000.00
UNIVERSITY
OF PIREAUS RESEARCH CENTRE
22,209.68
705
|
Page
LEGAL ENTITY / NAME OF INDIVIDUAL
AMOUNTS
(pre taxes and charges)
VERTICAL SOLUTIONS S.A.
12,000.00
VOLOS GENERAL HOSPITAL*
3,199.51
WORLDWIDE INDUSTRIAL & MARINE ASSOCIATION
2,000.00
YAGHT CLUB OF GREECE
5,000.00
ZOGRAFIO SENIOR HIGH SCHOOL OF CONSTANTINOPLE*
165,359.00
TOTAL
25,927,908.41
NOTES:
1. Not including charges for Greek Government and in favor of third parties (V.A.T., etc), total amount € 466.210,46.
2. Where (*) relates to grants / donations in kind.
INFORMATION
UNDER PARAGRAPH 2 OF ARTICLE 6 OF L.4374/2016
REGARDING INDIVIDUALS
AMOUNTS WITHOUT TAX
816 HONOURS STUDENTS "MOVING EDUCATION FORWARD"
424,100.00
21 INDIVIDUALS
81,518.13
TOTAL
505,618.13
FIXED ASSETS DONATIONS
NAME
ITEM
1st INTERDISCIPLINARY ASSESSMENT, COUNSELLING AND SUPPORT CENTRE, 2nd
DISTRICT ATHENS
ELECTRONIC EQUIPMENT
ACTION FINANCE INITIATIVE - "AFI"
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
ASSOCIATION OF FRIENDS OF THE DISABLED “MOVEMENT FOR CHANGE”
ELECTRONIC EQUIPMENT
ASSOCIATION OF THE DISABLED AND PEOPLE
WITH SPECIAL NEEDS OF RETHYMNO
ELECTRONIC EQUIPMENT
CENTER FOR THE CHILD AND THE ADOLESCENT
ELECTRONIC EQUIPMENT
CIVILLIAN WORKERS UNION 301 ARMY FACTORY
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
CULTURAL ASSOCIATON
OF KALLIKRATI
SFAKIA
OFFICE FURNITURE
CULTURAL ASSOCIATON
OF KARPENISSI - "PANAGIA"
ELECTRONIC EQUIPMENT
CULTURAL ASSOCIATON
OF KEFALOVRYSSO
ELECTRONIC EQUIPMENT
CULTURAL ASSOCIATON
OF KOUNAVOI
OFFICE FURNITURE
CULTURAL CENTER OF AMPELAKI VALTOS
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
EDUCATIONAL ASSOCIATION
OF MOSCHATO
KARDITSA
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
ELEPAP -REHABILITATION
FOR THE DISABLE (IN THESSALONIKI)
OFFICE FURNITURE
GENERAL HOSPITAL OF ARGOLIDA
(ARGOS NURSING UNIT, NAFPLIO NURSING UNIT)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
HELLENIC REPUBLIC - REGION OF THESSALY
ELECTRONIC EQUIPMENT
INEDIVIM-FOUNDATION FOR YOUTH AND LIFELONG LEARNING
OFFICE FURNITURE
LAKONIA GENERAL HOSPITAL
(NURSING UNIT
OF MOLAOI)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
LOCAL IMPROVEMENT AND CULTURAL
SOCIETY - "PROFITIS ILIAS"
OFFICE FURNITURE
MINISTRY OF CITIZEN
PROTECTION (STATE SECURITY
POLICE OF KYPSELI,
STATE SECURITY
POLICE OF ASPROPYRGOS, POLICE
PRECINCT
OF SAMI KEFALONIA, STAFF
PAYROLL
DIRECTORATE, POLICE PRECINCT OF NEAPOLI-SYKEON, DIRECTORATE
OF COUNTER
ORGANISED CRIME,
7th DISASTER RESPONSE SPECIAL UNIT LAMIA, POLICE PRECINT OF
ALIMOS, POLICE PRECINT OF KERATSINI)
OFFICE FURNITURE
MINISTRY OF EDUCATION,
RELIGION AND SPORTS
(SECTION OF GENERAL GOVERNMENT
RECORDS OF MESSINIA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
706
|
Page
FIXED ASSETS DONATIONS
NAME
ITEM
MINISTRY OF NATIONAL DEFENCE (HELLENIC ARMY ACADEMY, 306th ARMY
TELECOMMUNICATIONS FACTORY,
KOZANI NATIONAL
GUARD BATTALION
, ATHENS
NAVAL HOSPITAL
, ARMY ARTILLERY TRANING CENTER (THIVA) ,
44th MILITARY
COMMAND TALOS-SEAP, 301st ARMY FACTORY,
126th NATIONAL
GUARD BATTALION,
MINISTRY OF NATIONAL DEFENCE
CIVIL EMPLOYEES
ASSOCIATION,
ARMY SUPPORT HIGH
COMMAND, 1st ARMY OF
LARISSA/EU-OHQ, ARMORED VEHICLE
TRAINING CENTER,
4th
ARMY HELICOPTER BATTALION,
ARMORED CAVALRY DIVISION,
MAINLAND
AND ISLANDS
HIGH COMMAND
- "AIGEAS")
OFFICE FURNITURE,
TELECOMMUNICATION,
ELECTRONIC AND OTHER
EQUIPMENT
MUNICIPAL PORT FUND OF SITEIA
OFFICE FURNITURE
MUNICIPALITY OF AG. ANARGYROI-KAMATERO
(6th PRIMARY SCHOOL OF KAMATERO)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF AG. VARVARA (13th
EXPERIMENTAL KINDERGARTEN SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ALEXANDRIA (5th AND 1st PRIMARY SCHOOLS)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ALIARTOS-THESPIEIS
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ALIMOS (9th PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ANDROS (VOCATIONAL
SENIOR HIGH SCHOOL OF ANDROS)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF CHAIDARI (MODEL VOCATIONAL
SENIOR HIGH SCHOOL)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF CORINTH (HIGH SCHOOL OF ATHIKIA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF DIRFY-MESSAPIA (1st KINDERGARTEN OF PSACHNA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF EDESSA (7th KINDERGARTEN SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ELEFSINA (10th KINDERGARTEN SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ELLINIKO-ARGYROUPOLI (1st
HIGH SCHOOL OF ELLINIKO)
OFFICE FURNITURE
MUNICIPALITY OF GALATSI
OFFICE FURNITURE
MUNICIPALITY OF GALATSI (6TH LABORATORY
CENTRE)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ILION (SPECIAL HIGH SCHOOL - LYCEUM)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ILIOUPOULI
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ILIOUPOULI (1st VOCATIONAL
SENIOR HIGH SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ISTIAIA-AIDIPSOS (2nd KINDERGARTEN OF ISTIAIA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KALAMATA
(1st HIGH SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KALAVRYTA
(PRIMARY SCHOOL OF PSOFIDA)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KALLITHEA (8th PRIMARY SCHOOL,
20th PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KARDITSA (3rd HIGH SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KERATSINI-DRAPETSONA (18TH PRIMARY SCHOOL
OF KERATSINI)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KILKIS (1st
PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KORYDALLOS
(1st HIGH SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF KROPIA (5th PRIMARY SCHOOL)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF LAGADA (PRIMARY
SCHOOL OF ZAGLIVERI)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF MEGARA (VOCATIONAL
SENIOR NIGHT HIGH
SCHOOL)
OFFICE FURNITURE
MUNICIPALITY OF METSOVO (COMMUNITY OF MIKRO PERISTERI)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF NEA IONIA (6th PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF NEA
PHILADELPHIA-NEA CHALKIDONA
(1st VOCATIONAL SENIOR HIGH
SCHOOL OF NEA PHILADELPHIA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ORCHOMENOS (PRIMARY SCHOOL OF
KASTRO)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF PENTELI
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
707
|
Page
FIXED ASSETS DONATIONS
NAME
ITEM
MUNICIPALITY OF PENTELI (SPECIAL PRIMARY SCHOOL OF PENTELI)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF PERAMA
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF PERISTERI (36th PRIMARY AND 41st PRIMARY SCHOOLS)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF PLATANIA
(2 TEACHER KINDERGARTEN OF GERANI)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF RETHYMNO (6th PRIMARY SCHOOL, 1st SENIOR HIGH SCHOOL,
UNIVERSITY
OF CRETE EXPERIMENTAL HIGH SCHOOL, 9th PRIMARY SCHOOL, 3rd
PRIMARY SCHOOL)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF SPATA
-ARTEMIDA (2nd HIGH SCHOOL OF ARTEMIDA, 2nd
PRIMARY
SCHOOL OF SPATA,
6th PRIMARY SCHOOL OF ARTEMIDA, 2nd
PRIMARY SCHOOL OF
ARTEMIDA)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF THERMI (3rd PRIMARY SCHOOL OF THERMI-TRIADIO, 1st PRIMARY
SCHOOL OF PLAGIARI)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF TRIKALA (KINDERGARTEN SCHOOL OF PALAIOPYRGOS)
OFFICE FURNITURE
MUNICIPALITY OF VARI-VOULA-VOULIAGMENI
(1st
VOCATIONAL SENIOR HIGH SCHOOL
OF VARI)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
MUNICIPALITY OF VELO-VOCHA (HIGH SCHOOL OF
VRACHATI)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF VRILISSIA (3rd HIGH SCHOOL)
ELECTRONIC EQUIPMENT
MUNICIPALITY OF ZOGRAFOU (1st VOCATIONAL
SENIOR HIGH SCHOOL)
ELECTRONIC EQUIPMENT
OLYMPIAKOS
VOLOU ATHLETIC CLUB
ELECTRONIC EQUIPMENT
PARENTS AND GUARDIANS ASSOCIATION 2nd
PRIMARY SCHOOL - MUNICIPALITY OF
RETHYMNO
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
PARENTS AND GUARDIANS ASSOCIATION 5th
PRIMARY SCHOOL - MUNICIPALITY OF
PYLAIA
ELECTRONIC EQUIPMENT
PARENTS AND GUARDIANS ASSOCIATION
9th PRIMARY
SCHOOL -MUNICIPALITY
MEGARA
ELECTRONIC EQUIPMENT
PARENTS AND GUARDIANS ASSOCIATION 10th
PRIMARY SCHOOL-MUNICIPALITY OF
VEROIA
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
PARENTS AND GUARDIANS ASSOCIATION 15th
PRIMARY SCHOOL-MUNICIPALITY OF
PIRAEUS
ELECTRONIC EQUIPMENT
PARENTS AND GUARDIANS ASSOCIATION PRIMARY
SCHOOL OF FYLLI
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
PRIMARY EDUCATION DIRECTORATE OF SAMOS
ELECTRONIC EQUIPMENT
PRIMARY EDUCATION DIRECTORATE OF XANTHI
ELECTRONIC EQUIPMENT
SCH. COM. PRIM.
EDUC. 2nd DISTRICT
-MUNICIPALITY OF ATHENS (2nd
SPECIAL PRIMARY
SCHOOL OF PAGKRATI
-ELEPAP)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. PRIM.
EDUC. 5th
DISTRICT -MUNICIPALITY OF ATHENS (81st KINDERGARTEN)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. 6th DISTRICT -MUNICIPALITY OF ATHENS (50th PRIMARY
SCHOOL, 53rd
PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF AGRINIO (KINDERGARTEN
SCHOOL OF
DOKIMIO)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF DAFNI-YMITTOS (6th PRIMARY SCHOOL OF
DAFNI)
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF IOANNINA (6th PRIMARY SCHOOL OF
IOANNINA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF KILKIS (4th KINDERGARTEN)
ELECTRONIC EQUIPMENT
SCH. COM. PRIM.
EDUC. MUNICIPALITY
OF LAMIA (31st KINDERGARTEN, 12th PRIMARY
SCHOOL)
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF LARISSA
(31st PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF PATRA (32nd
PRIMARY SCHOOL)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF PELLA (4th KINDERGARTEN OF GIANNITSA)
ELECTRONIC EQUIPMENT
SCH. COM. PRIM. EDUC. MUNICIPALITY OF PIRAEUS (2nd SPECIAL PRIMARY SCHOOL)
ELECTRONIC EQUIPMENT
708
|
Page
FIXED ASSETS DONATIONS
NAME
ITEM
SCH. COM. SEC. EDUC. 4th DISCTRICT-MUNICIPALITY OF ATHENS (67th HIGH SCHOOL,
53rd LYCEUM)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. SEC. EDUC. 7th DISTRICT -MUNICIPALITY OF ATHENS (56th HIGH SCHOOL)
ELECTRONIC EQUIPMENT
SCH. COM. SEC. EDUC. MUNICIPALITY OF ACHARNES (10th HIGH SCHOOL)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. SEC. EDUC. MUNICIPALITY OF AMAROUSSION (4th HIGH SCHOOL)
ELECTRONIC EQUIPMENT
SCH. COM. SEC. EDUC. MUNICIPALITY OF CHALKIDA (HIGH SCHOOL OF VASSILIKO)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
SCH. COM. SEC. EDUC. MUNICIPALITY OF TRIKALA (MODEL VOCATIONAL
SENIOR HIGH
SCHOOL OF TRIKALA)
ELECTRONIC EQUIPMENT
SCH. COM. SEC. EDUC. MUNICIPALITY OF VOLOS (1st LYCEUM)
ELECTRONIC EQUIPMENT
SCOUTS OF GREECE (2nd CHAPTER OF VYRONA)
OFFICE FURNITURE &
ELECTRONIC EQUIPMENT
The table above relates
to Bank's fixed assets donations with residual value
€
175,63.