Sustainable operations

As climate change is becoming a dominant threat for the planet and its people, the Group takes on an active role, with actions that benefit the environment, for this generation and the generations to come.

The Bank systematically manages its operational environmental impact. To this end, Eurobank has adopted an Environmental Policy, an Energy Management Policy and a Water Management Policy, aiming to protect the environment in all aspects of its operations.

To follow 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, it monitors its performance and minimises its carbon footprint by:

• Setting specific targets.
• Undertaking initiatives.
• Designing and developing projects to protect the environment and improve the use of natural resources.

To this end, the Bank addresses its:

• Identified negative impacts through in-house operations which contribute to the release of emissions as a direct factor contributing to climate change.
• Positive impacts through energy reduction and efficiency in operations.

Implementing these systems has led to significant reductions in energy consumption and greenhouse gas emissions. This way, Eurobank met the targets set for 2022 regarding 4% reduction in electricity consumption, as well as in indirect Scope 2 GHG emissions and in total Scope 1 and 2 emissions.

The 2023 targets are 3% reduction in electricity consumption (MWh) and 3% reduction in indirect Scope 2 emissions in tnCO2e.

These environmental operational initiatives are detailed in the Environmental Report 2022, while performance data may also be found in the ESG Data Pack.

 Material topic: Energy and emissions in operations 

The importance of climate change makes energy consumption monitoring one of the most important environmental priorities for Eurobank. Eurobank applies a certified Energy Management System (EMS), in accordance with the ISO 50001 standard, with the purpose of responsible energy management in all the Bank’s facilities (all administration buildings / branches, covering 100% of its operations). This aims to minimise energy costs, the environmental impact of harmful greenhouse gas emissions and fossil fuel depletion.

The Bank’s energy consumption derives from:

• Oil and natural gas combustion for heating its buildings.
• Diesel and petrol for its own vehicles.
• Electricity consumption for all operations.

For 2022, compared to 2021:

• 38,314.11 MWh in total electricity consumption, reduced by 7.44%, representing 91.64% of the Bank’s total energy consumption. This performance was in line with the target set for 2022 for a 4% reduction compared to 2021.
• 41,808.59 MWh total energy consumption, corresponding to a 7.38% (3,329.5 MWh) decrease.
• 97.90% (37,508 MWh) of the Bank’s electricity consumption originated from renewable energy sources (RES), certified through Guarantees of Origin, representing a 0.49% increase.
• 39,217.43 MWh electricity use for the Group entities in Greece, compared to 43,223 MWh in 2021, achieving a 9% reduction.
• 97.50% (38,238 MWh) of the Group entities’ in Greece electricity consumption originated from renewable energy sources RES¹, representing a 0.74% increase.

¹ Total energy consumption from RES originated exclusively from electricity consumption.

Information on energy management is available in the Environmental Report 2022, while performance data can also be found in the ESG Data Pack.

Energy intensity index

The Bank monitors its energy intensity index, which expresses the absolute energy consumption (including all types, i.e. electricity, natural gas and heating consumption, as well as petrol and diesel consumption for vehicles) for all its operational revenue.

This is used to monitor energy performance in relation to the scale of its activities (operating income 2022: €2,739 million).

In 2022 the intensity index was 15.26 ΜWh/€ million, reduced by 48.26% compared to 2021. The Bank’s aim is to reduce its energy needs, in relation to its activities, in the coming years.

Eurobank has verified its greenhouse gas emissions in compliance with ISO 14064-1, that provides a framework for quantification and reporting of greenhouse gas (GHG) emissions and removals. Therefore, categorisation and reporting of GHGs is based on ISO 14064 and is aligned with the GHG Protocol Corporate Standard (Scope 1, 2 and 3).

GHG emissions are analyzed based on the GHG Protocol Corporate Standard as follows:

• Direct GHG emissions (Scope 1) deriving from the Bank’s:
  
  
  
  • Consumption of natural gas and heating oil to heat buildings.
  • Use of fuel for the Bank’s own vehicles.
  • Use of Bank’s leased vehicles.
  • Fluorinated gases (F-gases) released by the air-conditioning installations and the automatic extinguishing systems of the Bank (fugitive emissions).
• Indirect GHG emissions (Scope 2) deriving from:
  
  
  
  • Consumption of electricity
• Indirect GHG emissions (Scope 3)¹ deriving from:
  
  
  
  • Products used by an organisation (category 4).
  • Disposal of solid and liquid waste (category 5).
  • Business travel and transportation (category 6).
  • Employee commuting (category 7).
• Total GHG^1,2 emissions expressed in tonnes of carbon dioxide equivalent (tCO₂e) decreased by 11.14% (2,515 tCO₂e) compared to 2021.

¹ Excluding Scope 3 Financed emissions (category 15) presented in Chapter Sustainable finance and ESG risk management.
² Aiming to effectively monitor and reduce its environmental footprint, the Bank has been using new CO2 emission factors, according to NIR Greece, DAPEEP data (Scope 1 and 2) as well as factors from UK-DEFRA to calculate emissions (Scope 3).

This performance was in line with the environmental management targets set for 2022, i.e. a 4% reduction in indirect GHG emissions (category 2) compared to 2021. The Bank significantly reduced GHG emissions from operations, contributing to climate change mitigation and facilitating the achievement of the global sustainable development goal for the climate (SDG 13). In addition, the Bank calculates emissions of gaseous pollutants (sulphur dioxide-SO2, nitrogen oxides-NOx and particulate matter) released into the atmosphere from burning fossil fuels and electricity, which amounted to 671 tonnes and fluorinated gases (F-gases) released by the air conditioning installations, which amounted to 990 tCO₂e.

Carbon emission intensity index

Carbon emission intensity is calculated as GHG emissions of Scope 1, Scope 2 and Scope 3 per million euros of the Bank’s operating income. The carbon emission intensity for 2022 was:

• 0.98, 4.68 and 1.66 tCO₂e/€ million for Scope 1, 2 and 3 emissions respectively.
• 5.66 tCO₂e/€ million for total Scope 1 and Scope 2, decreased by 52.32 % compared to 2021.

Detailed information on GHG emissions can be found in the Environmental Report 2022 and in the ESG Data Pack.

Eurobank’s objective is to gradually upgrade its real-estate portfolio, aiming to reduce its environmental footprint. It is shifting towards high-end, modern, environmentally friendly buildings, given that such buildings are in high demand and improve the local microclimate. The Bank is already upgrading prime assets into energy-efficient green buildings, focusing on continuously making progress towards this direction.

Eurobank has chosen green building certifications (LEED, BREEAM, EDGE), aiming to validate the sustainability value of its assets and to demonstrate its sustainability performance.

Within 2022, the Nea Ionia building complex was certified:

• The Data Center building received the LEED (Leadership in Energy and Environmental Design) Gold certification.
• The rest of the building complex received the LEED Silver certification.

Total certified assets:

• 9 assets (202,167 m²) with LEED certification.

• 8 assets (137,262 m²) with BREEAM certification.

The Bank also aims to certify 5 assets under EDGE green-building certification.

With regard to monitoring environmental impacts, the Bank has established a Water Management Policy, aiming to responsibly manage the use of water resources and the pertinent efforts for savings. By implementing this Policy, the Bank commits to paying particular attention to water conservation, by introducing measures such as the installation of special water-flow control systems in water supply facilities.

As a result in 2022 water consumption amounted to 54,460 m³ which represents a 12.61% decrease compared to 2021.

As a result of these efforts, in 2022 the paper supply amounted to 129.9 tonnes and represented a 37.94% reduction compared to 2021. The corresponding consumption per employee decreased by 36.23%.

The increase in the use of e-Statements was also significant in 2022, as more than 222,000 additional e-Banking users chose e-Statements, resulting in added savings of about 501,000 physical statements. The Bank’s financial savings from the discontinuation of physical statements have been substantial, amounting to more than €30 million since the service became available.

The entire supply (100%) of A4 and A3 paper is certified with the PEFC label.

Reducing, reusing and recycling waste constitutes a major pillar of Eurobank’s operational impact strategy and its Environmental Management System. The Bank monitors and manages the life cycle of the following materials within the organisation (waste streams): toner cartridges, paper and packaging materials, waste electrical and electronic equipment (WEEE), light bulbs and batteries, defective/cancelled credit cards, plastic bottle caps, excavation/construction and demolition waste (ECDW).

The total amount of all waste streams generated is 1,301.5 tonnes.

Moreover, the Bank continued its successful electronic equipment donation programme, as part of the effort to manage the life cycle of the materials it purchases. In 2022 the Bank donated 871 pieces of electronic equipment, which amount to about 5,147 kg.

Detailed information on environmental management is available in the Environmental Report 2022, while performance data can also be found in the ESG Data Pack.

 Material topic: Employment practices/Human Capital development 

Throughout 2022, Eurobank implemented new operational norms and transformed its digital capabilities, placing a strong emphasis on investing in upskilling and reskilling its employees. It also upholds high standards of professionalism and implements policies to prevent discrimination and exclusion, aiming to foster an inclusive work environment that respects diversity and individual rights. To this end, in 2022 it introduced the Workplace Violence and Harassment Policy, as well as the Diversity, Equity and Inclusion Policy, outlining the Bank’s corporate values, principles, and commitments.

Eurobank believes in providing equal opportunities for all employees, and ensures objective and fair access to senior management positions, salary criteria, and merit-based evaluation and rewards. It also provides a comprehensive range of benefits and initiatives to support its employees throughout every stage of their family life cycle, regardless of gender, age or marital status.

Eurobank’s people in numbers

Employees are the most valuable asset for the Group’s success and development. As of 31.12.2022, the Group employed 11,328 people, 5,060 of whom worked abroad.

At Group level, the average employee age is below 45 years with the average years of tenure below 13 years, while female employees represent 65% of the total headcount.

Attracting and retaining talent

Attracting, retaining and motivating talented employees is fundamental to the successful delivery of Eurobank’s business strategy. The recruitment and staffing policy is based on merit meaning that the Bank is not influenced by gender, nationality, age or other discriminations. The entire evaluation process for both external hires and senior appointments within the organisation is based on Eurobank’s values. Eurobank treats its employees objectively and fairly, and openly provides them with the tools to advance their careers. The recruitment process applied in Greece has been certified as per the ISO 9001 standard since 2000.

In 2022 Eurobank introduced the new Hybrid Work Model, becoming the first bank in Greece to launch a combination of working at home and working at the office (work @ home | work on premises) on a regular basis for its staff.

Regarding employee mobility, the Internal Job Market aims at informing internal talent about available job openings, and also sharing important information about possible career paths within the organisation, as well as tips and best practices to successfully participate in the internal recruitment process. In 2022 66 job openings were posted on the Internal Job Market, 353 internal candidates applied and 40% of job vacancies in Greece were filled internally.

Additional data may also be found in the ESG Data Pack.

CareerUp talent programme – Eurobank designed and implemented the programme for the 2nd time. This time, it was addressed to the General Division of Corporate and Investment Banking, aiming to attract and recruit talented mid-career professionals for some of the most fast-paced units of the Division. The assessment was hybrid, as is the new way of working, making the most of contemporary tools and methodologies, to ensure quality, professional experience and equality standards were met.

Brain regain – For Eurobank, it is a key factor for determining the level of competitiveness and attracting talent. In 2022 the Bank targeted talent with international and diversified experience to strengthen its teams and help build a rich and more fulfilling workplace culture for all employees. As a result, approximately 10% of hires in Greece came from abroad.

Career forums – Eurobank continued to pace next to the new generation through actions and new initiatives, maintaining its profile as a contemporary and powerful employer. It participated in the largest career forums in Greece, some of which took place online, such as the Panorama of Entrepreneurship and Career Development, while others returned to onsite events, such as the Career Days (Kariera.gr) etc. The educational and informational career event (7th Business Day in partnership with the Entrepreneurship Panorama) was carried out onsite, after 2 years of digital presence, giving young students and graduates of various schools the opportunity to meet Eurobank executives and talented employees and learn about Eurobank’s activities.

Other events – Eurobank participated in the 1st online Women in Tech Summit, aiming to empower women who are in, or want to join, the Tech field, with a senior female leader of the Bank’s Tech Division inspiring the participants with her professional growth story. It also sponsored TEDxNTUA, an event organised by university students, aiming at informing young participants about new ideas and new skill building.

Staff attritions and employability

In 2022 1,592 people left the Group, 48% of whom were included in voluntary exit schemes (VES). Staff members who opted for VES in 2022 were offered the option to receive professional transition and support services, provided by dedicated consultants. These internationally recognised services focus on providing advice and guidance on professional transition and job search, or on issues relating to entrepreneurship or acquiring certain skills.

The total turnover rate of Eurobank Holdings reached 14% (2021: 9 %). The number of people leaving the Group was significantly higher than in the previous year, particularly due to the VES that was launched by the Group in February 2022 for eligible units in Greece. The percentage of female employees who left the Group remained at the same levels (68%) during 2021 and 2022.

Overall, the above programmes and measures regarding attraction and retention initiatives help ensure that the Eurobank Holdings Group can continue to position itself as an attractive employer. At the same time, Eurobank follows an open and structured process, where each employee receives continuous updates from the management team, as well as personal advice and guidance, resulting in maximizing their employability and, therefore, their social impact.

Additional data may also be found in the ESG Data Pack.

Continuous opportunities for professional development

Performance

Performance Management at Eurobank follows a transparent, consistent and effective framework concerning continuous improvement of the employees and is aligned with the strategic objectives and values of the Group. This framework translates the Group’s strategy into tangible quantitative business goals (“what”) for all employees and supports a common culture by driving the Group’s organizational capabilities and qualitative competencies (“how”) throughout the organisation.

Performance Management is grounded on 2 main forward-looking and powerful work tools: Axiopoio and Senior Management Performance Feedback. Employees are in direct contact with their managers in terms of setting, monitoring and evaluating goals easily, 24/7, as well as designing career and development plans. They can also receive and provide feedback in real time.

Additionally, the 360° Feedback is used for Senior Management. It is a powerful methodology that can unearth individuals’ blind spots and hidden strengths, helping them raise their self-awareness and update their development priorities.

Additional data on Performance Management may also be found in the ESG Data Pack.

Learning and development

Eurobank is firmly committed to investing in people development and building a future-skills ready workforce. Learning is an integral part of its employee value proposition, and it offers a multitude of opportunities and learning modalities through engaging learning experiences. It aims to continually upskill and reskill at every career stage, according to the needs required, and encourages its people to invest time in learning and remain accountable for their development.

Learning in numbers – 2022

• 793,249 learning hours Group-wide
• 560,412 learning hours in Greece, including activities delivered to temporary employees and contractors
• 369,027 total participations in learning programmes Group-wide
• 97.6% of total learning activity in Greece was delivered online or via virtual live sessions
• 8.75 learning days on average per employee Group-wide¹
• 98.9% of Group employees participated in learning activities

¹ The learning days metric for 2022 is for all the countries we operate in, is calculated as the equivalent of 8 learning hours per day.
² Bank and Eurobank Holdings in Greece.

Recognising that learning is the driving force behind its transformation, Eurobank placed substantial focus on developing, launching and enhancing learning programmes and initiatives, accessible to all employees, both individual contributors and managers, along with external associates and contractors.

Throughout 2022 the workforce in Greece devoted 67,182 learning hours to attend initiatives that promote consumer financial protection, such as MiFID, Insurance Distribution Directive (IDD),Mortgage Credit Directive (MCD), Protection of the Capital Market from acts of persons possessing privileged information and Market Manipulation (Market Abuse), Business Ethics, Know-Your-Customer (KYC), creditworthiness assessment and sound execution of credit agreements. Moreover, almost 482,000 learning hours were invested in non-mandatory learning activities, related to new skill acquisition, functional training, leadership and professional development.

The offering through the SAP SuccessFactors learning platform is constantly evolving, since the Bank’s people in Greece have even richer and more relevant learning content at their fingertips. An extensive range of curated learning paths focused on critical skills, such as people management and professional development, enriching the digital learning ecosystem.

The Bank’s learning strategy focuses on upskilling that fosters innovation, providing modern learning curriculums and methodologies, building leadership capabilities and strengthening the employees’ technical expertise, through a variety of certifications and professional qualifications.

To execute its strategy, Eurobank invested approximately €2.5 million in 2022.

Partnerships with renowned digital learning platforms – The Bank renewed its strategic corporate agreement with LinkedIn Learning, which allows all its workforce in Greece to fully access the platform’s online learning courses, and address learning and developmental needs of the digital era. Similarly, it extended its partnerships with distinguished digital learning platforms, such as Interskill, Skillsoft, Microsoft LxP and Pluralsight, offering thousands of courses on cutting-edge technologies and in-demand business skills.

Digital Accelerator – Throughout Q1-Q2 2022, the Bank continued offering this major learning programme, aiming to enhance digital skills and address the needs of Eurobank’s digital transformation. The programme consisted of 6 learning paths, following the European Digital Competence Framework (DigComp), and functioned as a gamified learning experience. Within 2021-2022, employees invested more than 520,000 learning hours to attend various courses, making it one of Eurobank’s most successful learning initiatives.

ESG Thinking – Aiming to contribute to a sustainable future, Eurobank has incorporated ESG principles into its strategy. To this end, as a first step, it introduced a new learning experience, which focuses on raising awareness on ESG issues. The objective is for its people to understand the consequences of ESG-related actions that impact them, both as citizens and Eurobank employees.

Academic and Professional Qualifications – Eurobank consistently empowers employees who wish to pursue an academic or professional qualification towards their career development. Such qualifications are crucial for the success of the Group, as they foster the dissemination of insights and expert knowledge across numerous business fields and ways of work. Eurobank partnered with distinguished institutions, such as the National & Kapodistrian University of Athens, the Athens University of Economics and Business, the University of Piraeus and the University of Winchester, and acclaimed organisations, such as ACAMS, ACCA, ACFE, CFA and ISACA. More than €114,000 were invested in 2022 in sponsorships of academic and professional qualifications for the permanent workforce in Greece.

Regulatory-related programmes – Eurobank constantly offers learning opportunities that can further develop the professional efficiency of its workforce. Special emphasis is placed on:

• Certifications – The Bank offered customised blended-learning solutions that facilitate employees achieve the certification/ re-certification of their professional competence in providing investment services, insurance mediation, mortgage credit and small business banking. More than 4,150 learning participations were recorded in these programmes in 2022.

• AML learning initiatives – To upgrade its AML offering on AML, the Bank broadened its collaboration with the International Compliance Association (ICA) and launched AML Workshops for its workforce in Retail, Corporate and Private Banking in Q4 2022. The workshops aim to provide a common foundation and language among Business and Compliance, which represent the first and second line of defence, in relation to AML. Moreover, they focus on raising awareness on financial crime risks for each line of business. During 2022, the Bank continued to deliver its AML Digital Learning programme for all new joiners, demonstrating Eurobank’s commitment to ensuring maximum protection, mainly for its customers and the organisation.

Management Systems training – Eurobank focuses on quality throughout its operations, and cares for its environmental footprint and social impact. At the same time, it remains committed to ensuring safety for its people and customers. To this end, it offers resources to help all employees acknowledge broad sustainability topics, such as quality management across the organisation, environmental change, energy efficiency, and health and safety.

To deliver purposeful learning that meets the needs of its employees and the Group, Eurobank implements policies and processes certified to the ISO 9001 standard. Moreover, since 2015, Eurobank has been maintaining the ACCA Approved Employer accreditation (Professional Development Stream).

Empowerment programmes

Eurobank develops and runs dedicated programmes to empower its employees, so that they can assume more demanding roles and improve their leadership skills.

Leadership development programmes

Eurobank focuses on developing leaders who inspire, empower their teams and contribute significantly to achieving the Group’s strategy. Leadership development programmes focus on identifying conscious and unconscious biases, and further promoting an inclusive leadership style:

Remote Work Bootcamp for Managers – Eurobank continued this learning initiative in 2022, aiming to help our managers build crucial skills on how to be productive in the phygital world. Using blended-learning delivery methods, managers discover how to foster accountability while working remotely, as well as how to maintain high levels of engagement and performance among remote working teams.

Lead.exe masterclasses – Since 2021, Eurobank has been offering a series of monthly executive masterclasses to the top 100 senior leaders. A total of 4 Lead. exe masterclasses were completed in 2022, where Eurobank leaders were exposed to valuable insights and best practices related to ESG, Digital Assets Economy, Corporate Brands shift, and Diversity and Inclusion.

Power Up – This modern management development programme was addressed to Retail Branch Network Area Managers throughout Greece, with 57 Area Managers attending it in 2022. The programme covered themes such as “Building change”, “Adopting habits that create value”, “Leading my team”, “Creating an inclusive environment” and “Creating a business plan”.

Executive coaching – Based on personal and business needs, Eurobank offers senior leaders the opportunity to receive Executive Coaching sessions, a powerful approach to leadership development, aiming to maximise their potential and ability to succeed at the highest level.

Succession planning

In 2022, the Bank launched the C-Level Succession Planning Policy, to ensure executive bench strength for C-level roles aligned with the Group strategy, purpose and leadership culture, as well as business continuity and growth.

Eurobank also introduced targeted Career Discussions with high potential internal successors, with the focus to discuss progress and goals in their current role, career aspirations and development areas. Key radar talented resources were identified and will be actively managed through the Group Talent Mobilisation programme launched in 2022. The female successors’ representation increased, reaching 21% at C-Level.

Development Plan and Improvement Plan

Career development is of great importance for the Bank and is high on its employee growth agenda. In 2022 a significant number of high-performing employees as well as employees who needed to further improve their skills used the Development Plan and Improvement Plan for setting their developmental priorities, aiming to get their career progress on track, through various development and learning activities.

The programmes linked to career development include Career Planning and Mentoring and Reverse Mentoring Programmes.

Talent Management programme

In 2022 Eurobank continued the implementation of the bank-wide Talent Management Programme, aiming in the identification, development, retention and effectively utilization of a robust talent pipeline.

A Talent Management policy is being designed and will launch in 2023 to set out the guidelines and process of Talent Management within the Bank and to ensure the talent retention and utilization.

The programme was implemented for the employees in the General Divisions of Retail Banking, Technology, Digital Banking, and Transformation, with more than 200 employees participating.

After a comprehensive identification process, participants received feedback to help them identify their strengths and areas of development and map their development plan.

PROSPER – Class of 2022

A customised talent development programme was launched, in partnership with ALBA Graduate Business School, aiming to equip talented employees with future-proof leadership skills, and state-of-the-art knowledge and experience.

Offering a diverse, inclusive and safe workplace

Occupational health, safety and wellbeing

Employee, contractor and customer health and safety are a top priority for Eurobank. The Bank prioritised employee safety during the COVID-19 pandemic, complying with guidelines, implementing additional measures and enabling teleworking for more than 3,000 employees. By providing digital updates, instructions and personalized communication, the Bank effectively controlled the spread of the virus across its premises.

The Occupational Health and Safety Policy that the Bank has in place since 2005, which is updated in line with current developments, is tangible proof that human resources are Eurobank’s most valuable asset. The Occupational Health and Safety Policy statement is publicly available.

Occupational Health and Safety Management System

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 implements 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 Bank employees and activities.

With regard to premises, all network branches and 7 central buildings are certified as per ISO 45001:2018 (covering 3,616 employees, representing 59% of all employees), aiming to gradually cover all Bank sites.

The total injuries recorded in 2022 were 4 based on to the European Statistics on Accidents at Work (ESAW)² Methodology, while the LTIFR (Lost Time Injury Frequency Rate) was 9.02.

² The ESAW Methodology excludes accidents at work that occurred outside the workplace as well as accidents with an absence of less than 3 days.

Safety Engineers have prepared Occupational Risk Assessment Studies for all buildings, while the latest updates were assigned to a company specialising in this industry. These studies are updated at regular intervals, and following any modifications, refurbishments or renovations to the premises. All Occupational Health and Safety stakeholders meet regularly and decide on all regular and extraordinary issues determining the implementation schedule.

All processes are audited by the inspections specified in the Occupational Health and Safety System, government audits (SEPE), safety engineers and workplace physicians, during scheduled visits to the premises. In case of recommendations/observations, corrective action is taken. When required, the System processes are amended.

All employees are entitled to inform the Health and Safety Sub-Division, the onsite Safety Engineer or the Workplace Physician, in any manner, about anything they might notice that could pose a threat to their health and safety.

In all premises, certain employees have been named Safety Coordinator and Deputy Safety Coordinator. The responsibilities of the Safety Coordinator and the Deputy Safety Coordinator include their obligation to immediately notify the competent officers of any work-related risk and submit regular written reports regarding the current situation at the premises they are responsible for. The Bank does not tolerate work conditions that could lead to injury or threaten the health of its employees.

The processes for investigating work incidents include immediate notification of the competent and involved divisions about any incident, by submitting an incident report. In case of a work accident, the Safety Engineer also prepares a report, in which they propose corrective measures, when required.

Communication and information are available to the entire Bank through the intranet (Connected), updated by the safety engineers and workplace physicians, the independent internal inspectors, the certification body inspectors and the government bodies (SEPE etc.). Communication is also available for all employees through the Health and Safety mail account.

Prevention services

In the area of prevention services, the Bank:

• Runs 6 fully equipped infirmaries in Attica, where associated physicians offer clinical services, medical advice and provide prescription services to employees free of charge.
• Offers regular medical check-ups to all employees. In 2022 a total of 558 employees had a check-up performed.

• Coordinates a Blood Bank, ran by Eurobank staff, to meet the needs of employees and their families for blood. In 2022 5 blood drives took place and 233 blood units were collected, while 170 blood units were made available to patients, following employee requests to meet personal or family needs.

Support services

To efficiently deal with any personal problems or emergencies, Eurobank has support mechanisms in place:

• First-aid and occupational health and safety training.
• Evacuation and emergency response drills at all the Bank buildings.
• Critical Incident Stress Management (CISM), supporting employees on handling sudden traumatic events and crises inside and outside the workplace (such as robberies, accidents, terrorist acts, workplace violence, inappropriate employee or customer conduct, sudden death, natural disasters etc.).
• Case Management (CM) Service, with a dedicated team of consultant psychologists and psychiatrists providing comprehensive support to employees facing difficulties, aiming to help them restore balance on a personal and professional level. A psychologist offers advice to the Bank’s senior officers on handling such issues.
• Support line, whereby employees may consult experienced psychologists until 21:00 daily, to get support in handling workplace or family-related problems or any other situations they might be preoccupied with.

Supporting employees and their families

Eurobank has a modern benefit scheme in place applying to all its employees. Moreover, over the last years, it has been developing and implementing schemes, benefits, and initiatives to empower its employees and support their families.

• Private healthcare insurance (covers all major expenses plus dental and eye care).
• Private life insurance in collaboration with Eurolife FFH.
• Pension capital management scheme through the Bank’s Occupational Fund.
• Saving scheme for children.
• Maternity benefits.
• Permanent total or partial disability benefits.
• Monthly child allowance for children younger than 21 years old (proportionate to the employee’s salary).
• Childcare allowance for children younger than 6 years old.

• Discounted rates for the Bank’s mortgage products and services.

Wellbeing and work-life balance

• Eurobank offers 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 and paid parental leave for parents with disabled children, paid family/care leave for medical reasons.

Rewarding, entertaining and fostering family relations

“Aristouchoi”, Rewarding Top Students – Eurobank values highly education and recognises the importance of rewarding exceptional academic performance. In line with this, it has launched a merit-based reward programme for top-performing students, known as “Aristouchoi”. The programme awards monetary prizes to both the employees and their children who have achieved outstanding results in secondary school or higher education. Eurobank also extends this recognition to those who are pursuing postgraduate degrees or PhDs. Over the past 20 years, Eurobank has presented awards to more than 3,160 deserving students. In 2022 Eurobank proudly presented 382 awards for the 2020-2021 school/academic year.

Christmastime actions for kids – Eurobank gave 12-month gift vouchers to more than 2,115 children of employees aged under 6. It also organised a Christmas Art Contest in partnership with the Museum of Greek Children’s Art, inviting employee children aged 4-16 to participate. 475 children participated in the contest, titled “Christmas customs and traditions from around the world” and 1,600 employees voted to select the Bank’s Corporate Christmas Card from a shortlist of 50 drawings presented in an exhibition at the Bodosaki Foundation Building. To further encourage creativity among employee children, Eurobank also hosted 3 Online Christmas Art Workshops for children aged 4-8, led by professional artists and teachers, with 450 children from all over Greece participating. Eurobank has also offered tickets to 700 children of employees for 2 family theatre shows.

Summertime actions for kids – During the summer of 2022, Eurobank rescheduled and launched a new version of its Summer Camp Programme for 450 children of employees aged 4-16. Each employee chose the summer camp for their kids and received a €200 voucher. These camps provided a fun and creative outlet for children while their parents could take some load off their daily schedule.

Theatre, opera and ballet tickets – Eurobank offered tickets to 1,100 adults for 5 theatre, opera and ballet shows, giving them the opportunity to enjoy a rich cultural experience. This initiative aimed to promote and support the arts by granting individuals access to high-quality performances and fostering a greater appreciation for cultural expressions.

Diversity, equity and inclusion

 Material topic: Diversity, equity and inclusion 

Eurobank implements high standards of professionalism and policies against discrimination and exclusion, aiming at an open work environment for all, with respect to diversity and individual rights. It fosters an inclusive culture, complemented by practices and policies that support Business Ethics and its ESG Strategy. Additionally, the Bank showcases its commitment to Corporate and Social Responsibility, through initiatives that improve the stakeholders’ ability to live free from gender/sexual/ ethnic/racial discrimination and ageism, and for vulnerable groups to live and prosper free from discrimination.

To this end, in 2022 Eurobank launched the Workplace Violence & Harassment Policy as well as the Diversity, Equity and Inclusion Policy, which outlines the Bank’s corporate values, principles and commitments that support a diverse, equitable and inclusive work environment, where everyone can have the opportunity to flourish and have the sense of belonging. The Bank also launched the Statement on Human Rights, showcasing its zero-tolerance policy on discrimination, bullying, harassment or victimisation on any grounds.

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.

In addition, it condemns unequal treatment and is very strict when it comes to any type of harassment, intimidation and extreme behaviour. Discriminations based on nationality, gender, parental status, colour, religion, health, sexual orientation, etc. are not in tune with its 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.

Eurobank’s participation in the 2022 Bloomberg Gender Equality Index (GEI) also confirms the Bank’s commitment to supporting responsible, non-discriminatory growth and its commitment to the ESG criteria in all aspects of the Group’s operations. It is very proud to be among the 418 companies worldwide and the 5 companies in Greece to be included in the international 2022 Index.

Eurobank actively promotes equal opportunities for all employees to fully participate in its business success, and provides objective and fair access to senior management positions, equality in salary criteria and meritocracy during evaluation and rewards. It strives to ensure that all decisions about professional development, promotions and employee advancement are based on performance and demonstrated 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.

Eurobank analysed its gender pay gap to get a clearer overview. This showed that it is driven by the larger numbers of female employees in lower-level positions (76%) as opposed to the larger number of male employees in senior management and executive roles (68%).

However, the Group adopts a unified remuneration management approach and a common pay framework across all positions and roles applying the job evaluation methodology which links pay with role accountability.

Thus the salary variation depends heavily on the distributions of the two genders on our job matrix. A closer look at the per quartile analysis of the gender pay gap ratio revealed less than a 5% difference from the lowest 25% of data to the highest 75%. All in all, more has to be done across all levels, especially in senior management roles.

The Bank achieved all of its targets for 2022 with regard to Diversity, Equity and Inclusion.

Diversity initiatives

Eurobank invests in creating and promoting an effective corporate culture of inclusion and empowerment. To this end, it introduced the Women in Banking Leadership Acceleration Programme, which includes mentoring from successful women to other talented women within the Bank, targeted learning actions, as well as the creation of active communities within the organisation that contribute to the emergence of different perspectives and successful practices.

The 1st Season of the Women in Banking Leadership Acceleration programme ran successfully in 2022, with the participation of 34 mentors and 35 mentees. It was marked by 3 Awards: 1 Gold Award at the Women Empowerment Awards, 1 Silver Award in the “Effective Use of Coaching-Mentoring” category at the HR Awards and 1 Bronze Award at the Gender Equality Awards powered by the Diversity Charter in Greece. The total mentoring hours rose to 350, while 1,450 hours were spent on learning. Based on data derived from a relevant evaluation survey carried out at the end of the programme, 87% of the respondents said that WiB met their expectations, while they highlighted that they felt they were contributing to the creation of a more visible and meaningful culture of inclusion.

Eurobank is the first Greek Bank to sponsor “the Boardroom” initiative in Greece, which aims to support senior female leaders who break the glass ceiling and become Board members in major organisations. The Bank is committed to encouraging its employees and clients to seize this opportunity.

As part of its ESG Strategy, Eurobank is committed to implement further initiatives during the next year, such as:

• DEI awareness training.
• Promote STEM to women.

Additional data on diversity equity and inclusion may be found in the ESG Data Pack.

Listening and communicating with employees

Information, inclusiveness, collaboration and creation of a positive employee experience constitute Eurobank’s main goals in terms of reinforcing employee commitment to the Group’s vision and values and increasing work satisfaction.

Improving employee experience

As part of Eurobank’s digital transformation strategy, it was important to shift the role of HR from managing transactional, paper-based processes to pioneering true internal digitisation of the employees’ interaction with the organisation. With SAP SuccessFactors, Eurobank is building a technological infrastructure that is already embraced by its employees and is facilitating its transition towards a truly digital workplace. Eurobank is engaging the power of cloud-based HR technology to broaden collaboration and communication capabilities, enhance information flow, and deliver engaging employee experiences.

Having completed a 9-module implementation of the SAP SuccessFactors HXM suite over the past 4 years, Eurobank’s aim was to simplify, redesign and digitise internal HR processes in order to create greater efficiencies, and become paperless and more customer-oriented. Eurobank wanted to be able to offer a more personalised and engaging employee experience by increasing autonomy, accountability and work mobility. SAP SuccessFactors has been Eurobank’s partner and growing ally in this continuous journey.

Recognising and rewarding employees

As a way of recognising loyalty and contribution, Eurobank presents the Long-Term Contribution Award to employees who have served in the Group for 15 and/or 25 years. Eurobank values and appreciates the dedication and commitment of its employees, and this award is a testament to that.

Fostering dialogue and information

Connected intranet – Eurobank’s internal corporate intranet serves as a vital resource for the employees, keeping them informed on all strategic, business, HR and technology-related matters. It is a digital platform that promotes the Bank’s actions and initiatives, providing the employees with immediate access to important information. Recently, Connected has been redesigned and migrated to the Cloud, following international trends in intranet and employee engagement strategies. In 2022 the content of the intranet was maintained and updated, resulting in 8,480 users visiting Connected, with a total of 7,500,717 pageviews. On average, users spent several minutes (05:23) per session on the intranet. Additionally, to encourage internal social networking and the exchange of information and ideas, the Yammer platform is also available to the employees.

Management updates – To communicate its strategy and foster 2-way dialogue between the management team and the employees, Eurobank held meetings with the Management, with employees from all divisions participating, as well as 2 executive meetings, with members of the management team participating. At the same time, 6 virtual visits took place in regional markets across Greece. This initiative was launched during the pandemic and continued, aiming to foster an open line of communication with the regional network. Additionally, 5 onsite visits from Retail Management and 3 Top Management tours took place in regional markets across Greece. Strengthening the Bank’s profile, as a modern and attractive employer, in the midst of a dynamic process of transformation both technologically and operationally, Eurobank also organised a CEO Breakfast.

Support at work, HR4U – The HR4U contact centre stands by the Eurobank people daily. The centre responds to their requests and schedules all necessary actions to better serve them. In 2022 HR4U handled over 39,000 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.

Labour unions

It is the Bank’s policy to communicate with its employees both directly and through labour unions. The union with the most members is recognised as the employees’ official representative body in labour negotiations with the Bank’s Management. Bank employees are in principle (more than 99%) covered by collective labour agreements (on an enterprise, sectoral and national level), while labour relations are regulated by the laws in force and the Bank’s Statute of Internal Service.

Eurobank commits to informing, consulting, and negotiating, whenever needed, with employee representatives during decision-making processes and in the event of restructurings. The Bank’s Management cooperates with the unions, supporting scheduled work meetings, and aiming to foster dialogue and monitor developments in the work environment.

 Material topic: Fostering innovation 

Eurobank is an innovator when it comes to initiatives and Corporate Social Responsibility (CSR) activities that support youth entrepreneurship, foster the sustainable growth of SMEs and reinforce the outward-looking potential of Greek companies, with a view to promoting healthy entrepreneurship and improving the quality of key business sectors. It also develops new sustainable products, offers innovative services and uses digital tools to enhance customer experience, while it stimulates an innovative environment within the Bank. To this end, it is planning to scale up actions that will identify and embed culture elements and ways of working to enable transformation and support an innovative culture by 2023.

egg - enter grow go

In the area of innovative entrepreneurship, the Bank – in partnership with Corallia, a unit of the Athena Research Centre that sets up and manages Greek innovation clusters – has been running the egg - enter grow go initiative (egg) since 2013, offering young entrepreneurs an integrated framework of business incubation, acceleration and co-working. The 10th cycle commenced in 2022, continuing to support innovative businesses in 3 key areas: extroversion, financing and interconnection of businesses with the global market.

In the last 10 years, egg has become one of the most comprehensive business acceleration programmes in the country. It has also substantially improved its positive image in Greece and abroad and has become an industry standard for every new initiative launched in the Greek startup scene.

Since 2019 egg has been consisting of 2 distinct and complementary entrepreneurship support platforms: egg Start-Up and egg Scale-Up.

egg Start-Up platform – It is addressed to individuals, business teams or startups with new business ideas, aiming to support them in their first business steps, so they may grow and market their product or service faster (incubation). Provided the business teams have established a company to implement their business plan, they have access to specific financial tools, so they may receive financing based on their needs. Financing is offered: a) in the form of microcredit through the Action Finance Initiative (AFI), in the context of EaSI European programme, b) through the special Bank programme for financing egg startups, and c) through private investment funds (venture capital funds). Specifically, in 2022 Eurobank provided €460,000 in financing to egg companies.

egg Scale-Up platform – It is addressed to more mature startups, which are looking to increase their sales and reach the next round of financing through their accelerated product growth. It is the egg business accelerator.

The egg initiative has left its business and social mark:

• 1,100 individuals have been hosted at the egg.
• 310 business teams have been included in it.
• 171 business teams have created a legal entity to run their business.
• 101 egg businesses had a combined turnover of €12.25 million.
• 46 egg companies have applied for patents.
• 68 egg companies have travelled to the largest technology ecosystems worldwide.
• €12 million have been invested in egg by Eurobank.
• 65 egg companies have received over €43.4 million in equity funding (investments from venture capital funds).
• 49 egg companies have received €3.2 million through Eurobank financing tools.
• €93,500 have been donated to NGOs by the egg startups.

During 2023, Augmenta, a company incubated at egg and specialising in agricultural technology, was acquired by CNH Industrial, one of the global leaders in the sector, at a $110 million valuation.

Tourism and Culture Cluster

With egg – enter grow go as the facilitator and administrator, Eurobank supports cluster members, with the aim of launching and developing the first Greek Cooperative Innovation Cluster in Digital Technologies in the Tourism and Culture Industries (Tourism and Culture Cluster).

The main purpose for creating the Cluster is to secure financial viability, forge partnerships, and achieve economies of scale and economies of scope in the area of digital applications and technologies for Tourism and Culture.

The initiative incorporates innovative companies and other organisations based in Greece which promote innovation, research and networking, and are active in the wider digital tourism technologies and applications sector. This approach is in line with the priorities set by the World Tourism Organization (UNWTO) and tourism organisations globally.

The goal of the Cluster is to digitise tourism and cultural products, and make the most of the competitive edge of Greece through the use of software and digital content technologies, smart mobile apps and other high-tech applications, which will offer visitors new travel experiences.

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.

Growth Awards

Eurobank established the “Growth Awards” in 2016 in partnership with Grant Thornton. The aim was to reward companies that combine high financial performance with a successful corporate history, and contribute to forming a new entrepreneurial landscape and work culture in Greece. The awards aspire to become one of the leading ways of acknowledging business excellence and supporting the growth of robust enterprises in Greece.

The 6 “Growth Awards” ceremonies to date have awarded 38 of the most robust Greek enterprises. More than 2,000 guests attend the award ceremony every year, 6 internationally renowned speakers have been hosted and around 80 enterprises apply annually. The Award Committee consists of 20 distinguished individuals from the Greek business and academic arena.

Exportgate and extroversion initiatives

Eurobank created Exportgate, a pioneering international web portal offering Greek and Cypriot companies networking opportunities in the global market and providing access to advanced tools for their international business operations. With more than 5,300 participating Greek companies, it covers all major sectors of the economy. Exportgate members have online access to information for over 1,000,000 partners located in 200 countries.

Exportgate is a member of the Trade Club Alliance (TCA) network, following the strategic agreement between Eurobank and Banco Santander. Τhe TCA is the first e-business network enabling its members to identify partners, quickly and reliably around the globe through advanced AI technologies. The network is still expanding, with the most recent integration in the market of China, represented by the Bank of China. Additionally, the new Opportunities feature is a powerful tool for TCA members to post tenders across the entire TCA network.

Enterprise Greece, the official investment and trade promotion agency of the Greek State, and Eurobank signed a Memorandum of Cooperation, aiming to increase export activity and attract investments. The initiative is becoming even more important in recent years, as is the imperative need to coordinate initiatives and actions that can support Greek companies in coping with current challenges, while it lays the foundations for a sustainable economic recovery.

Through the Export Ready Workshops and Doing Business Events, SEV and Eurobank have established powerful synergies for the development of extroversion initiatives that offer end-to-end support to Greek businesses. They cover all the required preparation steps for their international expansion, share strategic knowledge and foster active networking among Greek businesses through selective focus on key markets.

Digital banking

Eurobank is fully committed to continue delivering innovative and user-friendly digital services in 2023, as part of its digital transformation programme, investing in technological infrastructure and human resources, and supporting all users in accessing digital solutions.

Digital products – In the context of a digital-first approach, Eurobank has set up an integrated portfolio of digital products, providing optimal digital experiences and services to its customers: e-credit card, e-prepaid, e-loans (e.g. Fast loan, Green Fast loan), e-auto, e-safe pocket, e-Sweet Home Content, My Advantage Banking packages, e-term deposits, Current and Savings Account opening, and digital onboarding to non-customers in Greece and 29 other countries.

It has also launched new capabilities and customer journeys, connecting the digital with the physical world (phygital model):

• Digital Safebox, offering banking products remotely over the phone, with the customer reviewing, accepting and signing for the product securely through e-Banking or the mobile app.
• Digital retailer’s loan, offering a seamless embedded financing solution which enables consumers to pay for online purchases financed directly by the Bank, without any offline processes.

In addition, through Eurobank Payment Link, a merchant who does not own an e-shop can still sell products online. e-Commerce solutions secure low-cost deals through selected companies for a business to set up an e-shop and develop its digital infrastructure.

Open Banking – Eurobank offers innovative financial products and services with API (Application Programming Interface) technology, based on 3 axes:

• Meeting regulatory requirements under the PSD2 regulation by implementing biometric app-to-app redirect.
• Offering added value APIs in the areas of open finance and banking as a service, such as customer onboarding, customer authentication, automated SCA payments, bulk RF and SEPA payments, as an API Provider.
• Extending its offering on account information and payment initiation services, as an API Consumer.

Eurobank received the “Best Open Banking APIs in Western Europe for 2022 (Consumer)” award (August 2022) by the internationally renowned Global Finance magazine, highlighting its role as the “Digital Bank that puts you first” and rewarding its comprehensive strategy to strengthen its digital offering and its contemporary digital culture.

The Open Banking channel:

• Served 310,000 customers with 20,000,000 calls.
• Increased transaction volume to €2.3 million, up by 245% compared to 2021.

e-Banking and Eurobank Mobile App – Several key indicators show significant performance continuing across the previous years.

Finally, the Eurobank Mobile App was ranked 1st in the App store and iOS among all other banks in Greece.

e-Statements – A large rise in their use was also achieved in 2022, as the service became available to 15% more clients, who received around 4.3 million e-Statements, resulting in additional savings of €442,000 (vs. €648,000 in 2021 and €1,000,000 in 2020).

User research – Leveraging its state-of-the-art UX Lab facilities, Digital Community and Digiators, Eurobank performs user research and updates product development efforts at all stages. During 2022, more than 2,000 users were engaged in various research activities, ranging from quantitative online surveys to qualitative usability testing.

Eurobank has an active digital presence with the aim of sharing information and value through new data sources, insights and ways to connect with consumers.

Websites – In 2022 eurobank.gr received over 29 million visits, 57% of which found the Eurobank site organically through search engines (e.g. Google).

The Group websites team conducted an accessibility audit and fixed any issues, to make the website accessible for people with disabilities.

Social media – With 10 active channels on different platforms, such as Facebook, LinkedIn, Instagram and YouTube, Eurobank:

• Recorded 469,683 interactions.
• Produced content with 779 posts across social media platforms.
• Performed community management, responding to 7,620 user comments.

Community management across the Bank’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 2nd on YouTube across the Greek banking sector. The €pistrofi loyalty page on Facebook was 1st in interactions and video views across the Greek banking sector.

Creative hub – The creative hub team (digital copywriters and designers) generated significant digital content through 1,400 projects in Group websites, 490 email campaigns, and 38 digital channel flows and microcopy projects.

Performance marketing – Through digital advertising platforms, it helps business growth directly, through supporting digital sales in achieving their sales targets, and indirectly, with marketing campaigns aiming at increasing brand awareness. In 2022, 73 digital campaigns were launched, reaching:

• Over 4 million users
• 725 million impressions
• 60 million video views
• Over 6 million clicks

Using cookies in accordance with the applicable data protection legislation, Eurobank continues to collect data from user interactions on the websites, to serve personalized content.

Enhanced customer journeys and experience – Simplification and redesign in major customer journeys enhanced customer experience, reflecting an NPS score over 40.

These included:

• The new customer onboarding experience, using the e-KYC service for available documents and providing a revamped experience for over 100,000 customers, with the number of signatures dropping by 80%, from 5 to 1.
• Internal digitisation in consumer lending products, with automated credit decisioning reaching 80% for consumer loans and 75% for credit cards, resulting in improved processing times, especially in credit cards where “time to yes” dropped to 0.5 days as opposed to 1.5 days.
• Automated credit decisioning in retailer loans, with over 90% automated decisions.
• In small business lending, the OCR mechanism fully automated the financial data entry process. 40% of loan contracts are generated automatically, reflecting reduced operational cost for the Bank. For simple products such as POS Cash Advance, clients can sign the contract within the same day they apply.
• Paper circulation in bancassurance journeys was simplified by 70% in complex products, cut down by 3 million pages/year.

Benchmarking

The Bank’s progress in digital maturity was benchmarked against market best practices to identify areas to be addressed by digital initiatives going forward, with a view to achieving a Digital Leader status. The identified focus areas contributed to the formation of the Bank’s “Eurobank 2030” Transformation Programme and relevant initiatives were linked to the programme’s pillars and streams.

Advanced analytics and automation

Eurobank significantly expanded advanced analytics and automation into different application fields, focusing on data-driven transformation by designing and delivering business initiatives to increase customer value and retention.

Through its Campaign Management platform, in 2022 the Advanced Analytics and Campaign Management team carried out more than 20,000 actions and 35 million contacts, through all the Bank’s digital and physical communication channels. These actions are highly streamlined with 90% of automation in execution.

In terms of automation:

• Machine Learning (ML) was used to support targeted direct marketing campaigns.
• Personalisation was used to boost sales, leading to enhanced conversion rates. A new approach of triggered campaigning was also introduced, based on customer feedback and response, resulting in higher conversion rates.
• Natural Language Processing (NLP) was used for analysing more than 2 million comments from both customers and officers to further support the efficiency of the CRM.
• Machine learning algorithms were used in the context of AML, paving the way for broader future cooperation.
• Eurobank’s Net Promoter Score (NPS) and customer feedback are available to all consumers and decision-makers through visualisation and have become the main source for initiating actions for customer experience management.

Innovation Centre

The Innovation Centre’s mission is to provide fast-paced and focused innovation to the Bank, with the aim of increasing profitability and efficiency in accordance with the Bank’s strategy. By employing innovative methodologies, emerging technologies, open innovation and collaborating with FinTech companies, its primary goal is to create new and innovative solutions, eliminating pain points, identifying solutions, and remaining relevant in the digital age.

• Through the established eXplore programme, it spearheads and promotes innovation across the Bank by employing small, interdepartmental agile teams comprised of Bank employees. These teams experiment with new ideas and develop concepts, which they test on potential clients to confirm or reject project hypotheses quickly.
• It actively supports the Transformation Challenge Box initiative led by the Bank’s Transformation Office for 2 consecutive years, employing a bottom-up strategy with over 400 new employee ideas across 3 main themes: Innovation, Ways of Working & Culture, and Simplification.
• It has introduced the Innovation Clinic, an open and collaborative procedure that aims at bringing together and accelerating the best ideas and expertise from all units within the Bank, fostering innovation and collaboration with a dynamic process for new product development using collective brainstorming.

The Innovation Center actively participates in several Innovation FinTech programmes in Greece as a mentor to Startups through its team members. It is also a member of a banking innovation community, leveraging the knowledge exchange with peer banks, and continuing to use its unique state-of-the-art Innovation & UX Labs to encourage entrepreneurship and intrapreneurship, to test and validate proofs of concepts and MVPs.

Internal ESG engagement and capacity building

Raising awareness among its people on a wide range of sustainability issues is a priority for Eurobank. To this end, it designs and carries out informational and educational programmes, as well as awareness activities.

Internal ESG capacity building

Aiming to foster a culture of responsible banking and increase awareness and capacity, the Bank started designing ESG upskilling programmes (such as ESG Thinking), as described in the “Sustainability at Eurobank” section, to provide the necessary ESG knowledge and understanding to its employees.

As part of applying the Environmental Management System and the Energy Management System, Eurobank promotes awareness-raising and training of employees on environmental issues, energy and climate change, and the implementation of appropriate procedures. The Bank trains the environmental coordinators at its branches and units through e-learning and interactive programmes, to brief them on environmental and energy issues that relate to Eurobank. It teaches them how to save energy and limit the resources they use in their daily activities. It also shows them how to recycle materials, such as paper, printer toners and electronic equipment.

As part of the Eurobank 2030 digital transformation, and aiming to reinforce a paperless culture, Eurobank has created a special Paper Challenge programme. The programme trains Eurobank employees on the automations in place to reduce paper use, and tests their knowledge on specific issues and information, aiming to transform them into paperless culture ambassadors.

During 2022 the Bank provided additional learning resources to its employees, with the aim to further equip them with the skills and knowledge on a broad range of topics and certifications related to the ESG agenda such as:

• Energy efficiency
• Renewable energy
• Sustainable financing and investing
• ESG reporting

The training hours for all ESG upskilling initiatives amounted to 3,982.

Internal ESG engagement

Connected site and communication – The Bank posts information on Eurobank’s intranet (Connected) about its Environmental Management System and Energy Management System, as well as other issues, such as the Earth Day, World Environment Day, World Water Day etc. to raise awareness. Various articles were posted in 2022 regarding ESG-related issues, such as human rights and ISO management systems, as part of the ongoing updates to Eurobank employees. In addition, the findings of the Employee Transportation Survey for calculating related emissions (see Environmental Management section) were presented to employees to raise further awareness and engagement.

The Bank encourages the active participation of its people in energy saving. Through simple tasks, they can all reduce their energy footprint every single day. It assesses its branches and buildings in terms of energy consumption, informs its people of the assessment results, and asks them to propose ways to improve both their energy and environmental performance.

TeamUp – Eurobank strongly believes in giving back to the community. That’s why it isproud to support the TeamUp initiative, the employee volunteer programme that has been running since 2018. With a strong emphasis on purpose, the TeamUp volunteer programme provides opportunities for employees and their families to participate in volunteer actions. During 2022, and following the adverse conditions due to the COVID-19 pandemic, TeamUp was reloaded, allowing its continued accomplishment of varying environmental and social initiatives. Its actions focused on raising awareness among employees in relation to climate change, environmental risks and social issues, through a broad set of topics covering ESG factors. To date, nearly 760 of the employees have joined the programme, donating their time and efforts to 11 events, providing more than 3,300 hours of volunteer services. Eurobank was the first Bank in Greece to support volunteering by integrating it into the working day and establishing “Volunteer Hours”, for its people. Through the programme, each employee is able to use up to 15 hours per year of their working time to offer volunteer work in initiatives organised by Eurobank.

In 2022 the volunteer team took the lead in several initiatives, demonstrating their commitment to making a positive impact in the community:

• Aspres Petaloudes (White Butterflies Foundation) – More than 20 TeamUp members took part in activities, including renovation and painting of the exterior of the Foundation building, fencing and maintenance of the surrounding area, with over 8 hours of volunteering.
• 6th No Finish Line Athens (NFL) – 150 TeamUp volunteers took part in the 6th NO FINISH LINE ATHENS Run, one of the biggest Charity Running and Walking event in Greece and globally, held at the OAKA Olympic Complex. Eurobank’s team of volunteers covered a total of 1,551 km. For each kilometre ran or walked, No Finish Line donated €0.50 to the “Together For Children - Mazi Gia To Paidi” association.
• Ancient Olympia region cleanup and tree planting – Working with the Hellenic Society for the Protection of Nature, 90 TeamUp volunteers cleaned up forest areas near Kaifa Lake (NATURA 2000 area). Cleaning refers to the collection and removal of waste that is considered a potential fire hazard. Moreover, partnering with the We4all non-profit environmental organisation, 50 TeamUp volunteers planted 150 trees in Ancient Olympia.
  These efforts reinforce Eurobank’s Corporate Social Responsibility initiative for the restoration of the fire-stricken Ancient Olympia, an area of great symbolism and national importance that the Bank has supported in the past.
• Collective Kitchen in Organisation Earth – More than 40 TeamUp members participated in a special volunteering event hosted by Organisation Earth. During the initiative, TeamUp prepared healthy, organic and delicious food for 200 people facing food insecurity. Moreover, 2 separate workshops were held: How to make our own Vegetable Garden, even on your terrace and How to compost at home.
• Boroume (We Can) – Volunteering activities aimed at reducing food waste and fighting malnutrition in Greece. TeamUp volunteers participated in the Boroume Saving and Offering Food programme at Farmers’ Market for collecting food and donating it to selected charities.
• Beach cleanup in Galazia Akti and Artemida – TeamUp celebrated the World Environment Day and the World Volunteer Day with 2 TeamUp initiatives. Joining forces with iSea, more than 40 volunteers cleaned up Galazia Akti beach, collecting more than 40kg of waste, while more than 50 volunteers cleaned up Artemida beach, collecting 25kg of waste.
• Support Make-A-Wish Greece – TeamUp members took over the role of a vendor and supported the Make-A-Wish Greece stand at the Golden Hall shopping centre during the Easter and Christmas holidays. The volunteer team was encouraged to participate in the sale of seasonal items and gifts, and contributed to supporting the organisation’s mission. More than 40 volunteers took part with more than 100 hours of volunteering.

External ESG engagement and capacity building

 Material topic: Engagement with clients on ESG issues 

Eurobank has taken measures to assist stakeholders to assimilate ESG terminology, opportunities and applicability. Building ESG capacity for external stakeholders, and particularly for clients, is an integral part of the Bank’s ESG Operational Impact Strategy.

Digital Academy for Business

Eurobank actively supports Greek businesses in their transition to the digital and sustainability model, through a series of Digital Academy articles and webinars.

The aim of these actions is to inform businesses and prepare them for the timely and effective adoption of an extroverted development model that is consistent with ESG priorities and contributes to their successful transition towards green economy and sustainable development. In the context of these events, companies receive special information and guidance to strengthen their extroversion and support their investment initiatives in a targeted manner.

As of 2019, the Digital Academy for Business was established as a digital platform designed to provide professionals and business owners with a wealth of knowledge, practices, and insights to enhance their digital and sustainability transformation journeys, as well as increase the competitiveness of Greek businesses.

The platform provides free access to webinars, articles, studies/research, best practices, tools, and workshops that are tailored to meet the specific needs of businesses in various industries and market conditions. Some of the topics that the Digital Academy offers to Greek businesses include ESG-Sustainable Financing, Digital Marketing, e-Commerce Best Practices and Tools, Tourism, and Best Practices in Remote Work. In 2022 the Digital Academy hosted 19 workshops attended by executives from more than 1,500 businesses.

In relation to ESG and sustainability, in 2022 the Digital Academy hosted a suite of 4 workshops in partnership with key associations, such as Enterprise Greece, EPLO and prominent companies, to showcase the growing importance of ESG factors and reporting. The 4 sessions (webinars and live events) on “Investing with ESG criteria | A great opportunity for Greek businesses to expand” were attended by more than 400 executives.

Sustainability and ESG will remain an integral axis of the Digital Academy in the coming years and will be strengthened with additional key topics that will help to reinforce the sustainable nature of Greek businesses.

Looking ahead, the Digital Academy is focused on expanding into new topics, such as Treasury and Cash Management, Fraud Awareness, Automation in Tourism and other key topics under the umbrella of digital transformation and operational efficiency.

The platform is also preparing to roll out a Digital Maturity Assessment tool that will measure the digital footprint of Greek businesses, providing insights for their digital evolution.

ESG Insight

Responding to stakeholder expectations, Eurobank created ESG Insight: a new digital newsletter to update internal and external stakeholders about actions and initiatives relating to society, the environment and corporate governance. It is issued 3 times a year and it contains interviews with Eurobank executives who promote sustainability, news relating to ESG developments and achievements, articles on sustainability and metrics of Eurobank’s ESG performance. It was designed in 2022 and the first issue went out in 2023.

 Material topic: National resilience/Impact on communities 

Eurobank is continuing its strategic initiative to address the demographic challenge, an issue with major financial and social repercussions in the future. It has also completed 20 years of continuous presence in the area of Education, through various actions and initiatives. Meanwhile, the Bank has launched several resilience and recovery initiatives to support vulnerable social groups, and has been long supporting sports, culture and corporate volunteering.

These initiatives contribute to Eurobank’s identified positive impacts that mitigate the long-standing effects of natural disasters, improve stakeholders’ access to healthcare and support the demographic challenge. The 2022 targets have successfully been met while the target for 2023 is to develop a corporate citizenship strategy for CSR actions.

Demographic issue

In 2022 Eurobank continued to reinforce its initiatives to tackle the demographic issue in Greece through the Moving Family Forward initiative, with a wide range of actions for supporting new families in their effort to have one or more children.

The initiative applies on the remote eastern regions of Greece: Evros, the North Aegean islands and the Dodecanese (regional units of Evros, Lesvos, Samos, Chios, Rhodes, Kos, Kalymnos and Karpathos). These are areas of outstanding national gravity, with several problems and limitations compared to other areas closer to the capital.

Through the Moving Family Forward initiative, the NGOs, that were sponsored by the Bank offered baby care packages to new parents, assisted reproduction services to infertile couples, and psychoeducational seminars to parents and teachers.

Moreover, through Eurobank funding, the Foundation for Economic and Industrial Research (IOBE) carried out a study on “The Demographic Issue in Greece: Challenges and Policy Proposals”. The findings were presented at the conference on “Demographic Issue – The Major Challenge” before the Prime Minister of Greece. This fulfilled yet another commitment undertaken by the Bank to promote actions that highlight the significance of the demographic issue in public dialogue.

Education and excellence

Supporting education is a key pillar of Eurobank’s Corporate Social Responsibility. Rewarding the continuous efforts of students to conquer new pinnacles, while also showcasing academic performance are an integral part of the Bank’s education and excellence programme.

Moving Education Forward

In 2022 Moving Education Forward (which was initially introduced as “The Great Moment for Education”) completed 20 years of uninterrupted presence and is one of the largest and longest-running corporate social responsibility initiatives in Greece, having awarded 21,537 top high-school students throughout the country to date.

Moving Education Forward demonstrates how the Bank showcases values such as knowledge and excellence, and contributes towards recognising the decisive role education plays in self-actualisation and collective progress.

The Bank rewards the honours student who receives the highest score, out of a scale of 20, in all 4 main subjects (from 72 points and over in total, excluding special subjects) examined during the university entry exams from every general or vocational senior high school in Greece. The initiative is supported by the Ministry of Education, Religious and Athletic Affairs and each honours student awarded receives a cash prize that is deposited in a bank account held by the graduate. A total of 976 students were awarded in 2022.

A Social Return on Investment (SROI) study was carried out by EY to measure the social value created by the Moving Education Forward initiative. Based on the findings, Eurobank’s initiative comes to €45,948,206 with a SROI ratio of 1:1.92 for the years 2002-2021.

Scholarship Programme of the Center for Talented Youth (CTY) Greece

Internationally recognised Johns Hopkins University, USA, and Anatolia College joined forces to create the Center for Talented Youth, which started operating in Greece in 2013, under the auspices of the Greek Ministry of Education and Religious Affairs and the Cypriot Ministry of Education and Culture.

Eurobank is a Major Sponsor of the CTY. Through the scholarships, it aims to give students with excellent academic skills in Greece and Cyprus the chance to participate in educational programmes that stand out for their innovative and ground-breaking teaching methods. In 2022 Eurobank offered 12 scholarships to children across Greece.

Resilience and recovery

Following the devastating wildfires in Attica, Evoia and the Peloponnese in August 2021, Eurobank pledged to contribute to the efforts to restore the affected area of Ancient Olympia, with an amount of €1 million in total. Within 2022 the Bank worked with NGOs to donate 20,000 olive trees to local producers to restore their income and plant more than 15,000 selected trees in the wider forested region of Ancient Olympia, reviving the natural environment of this historic region.

Moreover, Eurobank funded the complete renovation of the Special Respiratory Infections Unit facilities at Sotiria Thoracic Diseases General Hospital of Athens, recognising the central role the hospital played in fighting COVID-19 since the beginning of the pandemic crisis.

Furthermore, the Bank assisted over 40 NGOs and institutions that mainly support children and vulnerable population groups.

Find out more about the Moving Education Forward initiatives, Scholarships at CTY Greece, and Eurobank’s initiatives for resilience and recovery.

Corporate Responsibility

Historical Archives and Eurobank Chronicle

In 2022 the Eurobank Historical Archives opened its gates to scholars, providing access to its rich archival material from the establishment of the Bank, as well as the establishment and operation of the various companies that merged with it at different times (Ergasias Bank, Post Bank, etc.). This way, it secured its own place in the field of research into the banking and financial system of the country in general. It also continued to acquire, sort and label existing and new archival material, actively participate in the activities of the Hellenic Archival Society – the scientific/professional association of Greek archivists – and provide know-how to undergraduates of the Department of Archival, Library and Information Studies, School of Administrative, Economics and Social Sciences, University of West Attica, as part of their internship.

In addition, the book Eurobank Chronicle 1989-2008 | The First 20 Years – Growth with an International Flair, a detailed review of the history of the Bank until 2008 by Dr Christos Gkortsos, Professor of Public Economic Law at the Law School of the National and Kapodistrian University of Athens (Potamos Publishing), was completed and presented. This significant publication summarises the first 20 years of the Bank’s course and highlights its contribution at a time that signalled the rapid modernisation of the Greek banking system and Greek entrepreneurship.

Greek National Opera

Eurobank strongly believes that all opportunities for intellectual stimulation must be encouraged and significant cultural actions must be showcased. To this end, it greatly contributes to getting the public acquainted with classical and contemporary cultural works.

Supporting major Greek National Opera productions for a number of years, in 2022 Eurobank sponsored Don Quixote and The Tales of Hoffman, two popular operas with familiar tunes, unique directorial approach and acclaimed performers.

P. Mantis and P. Kagialis sailing duo sponsorship

For many years now, Eurobank has been standing by Greek athletes whose efforts are invaluable examples of ethical demeanour, perseverance, commitment and self-discipline, making all Greeks proud.

Since 2016, Eurobank has been the Gold Sponsor of the Panagiotis Mantis and Pavlos Kagialis Sailing Duo. In 2022 the team, sailing on the Velos yacht and sponsored by Eurobank Private Banking, ranked first in open-sea races 6 times, while they finished in the top 3 in another 6 yacht races. Pavlos Kagialis participated in 3 international races as part of his preparation to qualify for the upcoming Olympic Games in the 49er category, along with Giannis Orfanos.

Corporate Governance Code and Principles

In compliance with Article 17 of Law 4706/2020 for listed companies, which stipulates that listed companies should adopt and implement a corporate governance code, prepared by a recognised and reputable body, both Eurobank Holdings and the Bank, its main subsidiary, have adopted and implement the Hellenic Corporate Governance Code, posted on the Eurobank Holdings and Eurobank websites.

The Code ensures that the companies:

• Operate with credibility and in a responsible, just and transparent manner.
• Implement the Greek law, the international best practices on corporate governance and their contractual obligations to the Hellenic Financial Stability Fund (HFSF).
• Safeguard the legal interests of anyone connected with the companies – shareholders, customers and human resources.

Find out more about the Eurobank Holdings Corporate Governance Principles and Eurobank Corporate Governance Principles.

The Board of Directors and Committees

The Board of Directors

Eurobank Holdings and Eurobank are managed by their respective Eurobank Holdings Board of Directors and Eurobank Board of Directors (Boards), which are collectively responsible for their long-term success. The Boards exercise their responsibilities in accordance with the Greek legislation, the international best practices and their contractual obligations to the HFSF under the Tripartite Relationship Framework Agreement (TRFA) signed between Eurobank Holdings, Eurobank and the HFSF, as well as with their Articles of Association and the legitimate decisions of the shareholders’ General Meeting.

The Board’s role is to provide entrepreneurial leadership to the Group within a framework of prudent and effective controls, which enable risk to be assessed and managed. The Board sets the Group’s strategic goals, ensures that the necessary financial and human resources are in place for the Group to pursue its purpose and reviews management performance. The Board sets the Group’s values and standards and ensures that its obligations to its shareholders and others are understood and met. All Directors must act in what they consider to be the best interests of the Group, consistent with their statutory duties.

Information regarding the composition of the Boards and short CVs of their members may be found in the Eurobank Holdings Corporate Governance Statement.

Detailed information regarding Board Activities in 2022 can be found in the Eurobank Holdings Corporate Governance Statement).

The Board Committees

The Eurobank Holdings and Eurobank Boards are assisted in carrying out their duties by Board Committees to which they delegate some of their responsibilities. In addition, the Boards approve their terms of reference, receive regular and ad hoc reports from them, and assess their performance as per the provisions of the Board and Board Committee Evaluation Policy.

Audit Committee

The primary function of the Eurobank Holdings and Eurobank Audit Committees (ACs) is to assist the Board in discharging its oversight responsibilities primarily relating to the:

• Review of the adequacy of the Internal Control and Risk Management systems, and compliance with rules and regulations monitoring process.
• Review of the financial reporting process and satisfaction as to the integrity of the Financial Statements.
• External Auditor selection, performance and independence.
• Effectiveness and performance of the Internal Audit and of the Compliance function.

Board Risk Committee

The Eurobank Holdings and Eurobank Board Risk Committees (BRCs) assists the Board in risk issues and ensures that:

• The monitoring of the overall actual and future risk appetite and strategy, takes 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 risk management framework is appropriate and integrated in the decision-making process. The Committees also defines the risk management principles.
• There are suitable methods, tools, models and data sources in place, as well as qualified and competent staff to identify, assess, monitor and mitigate risks.

Remuneration Committee

The Eurobank Holdings and Eurobank Boards have delegated to the respective Remuneration Committees (RemCos) the responsibilities to:

• Provide specialised and independent advice for matters relating to the remuneration policy and its implementation at Eurobank Holdings/Eurobank Group level and for the incentives created while managing risks, capital and liquidity.
• Safeguard the proper exercise of its duties and responsibilities, the efficient alignment of the personnel’s remuneration with the risks Eurobank Holdings/ Eurobank undertakes and manages and the required alignment between Eurobank Holdings/Eurobank and the Group.
• Approve or propose for approval all exposures of Key Management Personnel and their relatives (spouses, children, siblings).

The Non-Executive Directors of Eurobank Holdings/Eurobank have the responsibility to approve and periodically review the Eurobank Holdings/Eurobank remuneration policy and oversee its implementation both at Bank and Group level.

Nomination and Corporate Governance Committees

The Eurobank Holdings/Eurobank Boards have delegated to the Nomination and Corporate Governance Committees NomCos the responsibilities to:

• Lead the process for Board and Board Committee appointments, including the identification, nomination and recommendation of candidates for appointment to the Board.
• Consider matters related to the Board’s adequacy, efficiency and effectiveness.
• Review the Group’s corporate governance policies, procedures and arrangements.

Board Digital and Transformation Committee

The Eurobank Board Digital and Transformation Committee (BDTC) is a consultative body that reviews proposals, and gives its strategic advice and guidance on such proposals related to the Group’s digital technology, innovation, transformation and cybersecurity, in order to contribute in achieving the vision and strategic goals of Eurobank.

Information regarding the Board Committees may be found on the website, under Eurobank Holdings Board of Directors and Eurobank Board of Directors.

Board of Directors and Board Committees

Eurobank Holdings and Eurobank

Information regarding the Eurobank Holdings Board of Directors’ Diversity Policy and Eurobank Board of Directors’ Diversity Policy may be found in the Eurobank Holdings Corporate Governance Statement.

The Management Committees

Given that there is nor a relevant regulatory requirement neither a business need, the CEO has not established committees at Eurobank Holdings level.

As regards the Bank, the CEO establishes committees to assist him, as required, in discharging his duties and responsibilities. The most important Committees established by the CEO are listed below.

Executive Board

The Executive Board (ExBo) manages the implementation of the Group’s strategy, in line with the Board’s guidance. The operation of ExBo is subject to the provisions of the TRFA.

Strategic Planning Committee

The purpose of the Strategic Planning Committee (SPC) is to assist the Management in planning, developing and implementing the Bank Group’s Strategy, and recommend to the Board certain initiatives in relation to the Bank Group’s Strategy.

Management Risk Committee

The main responsibility of the Management Risk Committee (MRC) is to oversee the risk management framework of the Bank. 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.

Group Asset and Liability Committee

The primary mandate of the Group Asset and Liability Committee (G-ALCO) is to:

• Review, approve, formulate, implement and monitor - as appropriate - the Group’s a) liquidity and funding strategies and policies, b) interest rate guidelines and interest rate risk policies, c) capital investments, as well as FX exposure and hedging strategy, and d) business initiatives and/or investments that affect the Bank’s market and liquidity risk profile.
• Approve at a first stage and recommend to the BRC for final approval the respective country limits (with special attention given for the approval / monitoring of the limits for countries where Eurobank has a local presence).
• 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 BRC and Management, while complying with the framework established by regulatory authorities and/or supervising bodies.

Central Credit Committees (I and II)

The main objective of the Central Credit Committee I and II (CCCI) is to ensure the objective credit underwriting of relevant exposures of Greek corporate performing and private banking clients, in accordance with the Risk Appetite Framework and the Credit Policy Manual of the Bank, and in a way that balances credit risk and return on equity.

Troubled Assets Committee

The Troubled Assets Committee (TAC) is established according to the regulatory provisions. The main purpose of the 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 main responsibilities of TAC are the following:

• 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 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 programs.
• Supervise and provide guidance and know-how to the respective troubled assets units of the Bank’s subsidiaries abroad.

Products and Services Committee

The Products and Services Committee (PSC) is responsible for creating and supervising the governance framework for the products and services offered to Eurobank clients in Greece through physical and alternative channels, in accordance with the supervisory and regulatory requirements. The PSC has established a governance framework for the products and services, under its responsibilities, throughout their lifecycle, according to which the financial and non-financial risks are assessed, taking also into account their financial performance. The PSC implements a periodic review of all products and services to determine their continuation, modification or discontinuation.

Environmental, Social and Governance Management Committee

The primary mandate of the Environmental, Social and Governance Management Committee (ESG ManCo) is presented in ESG Governance and operating model section.

Ethics Committee

The task of the Ethics Committee is to ensure that the Bank’s Code of Ethics 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 the Bank, as well as that of third persons that regularly collaborate with the Bank, must comply.

Find out more information regarding the Eurobank Management Committees.

Nomination, Remuneration, Evaluation

Remuneration Policy and Framework

The Bank has established a Remuneration Policy which is applicable to all employees, and which covers their total remuneration. The Policy is integral to the Bank’s commitment to attract, engage and retain its employees. Moreover, the Bank has established its Remuneration Framework, which is competitive and is embedded in the Remuneration Policy. Information regarding the Policy and the Framework can be found on the Eurobank website.

Remuneration indices may be found in the ESG Data Pack.

Board Nomination Policy

(applicable to Eurobank Holdings and Eurobank)

The Board Nomination Policy sets out the guidelines and formal process for the identification, selection and nomination of candidates for the Board. The Policy ensures that such appointments are made: (a) in accordance with legal and regulatory requirements, (b) with due regard to the expectations of the major shareholders, (c) in line with the contractual obligations of Eurobank Holdings and Eurobank with the HFSF and (d) on the basis of individual merit and ability, following a best practice process.

Board and Board Committees Evaluation Policy

(applicable to Eurobank Holdings and Eurobank)

The Board and Board Committees Evaluation Policy establishes the principles, framework and process for the annual assessment of the effectiveness of the Board of Directors (Board) and the Board Committees.

Information regarding Independent Assessment may be found in the Eurobank Holdings and Eurobank websites.

Board of Directors’ Remuneration Policy

Eurobank Holdings has established a Board of Directors’ Remuneration Policy, in line with relevant requirements of Law 4548/2018. The Board of Director’s Remuneration Policy has been created to satisfy the pertinent terms of the Law (articles 109, 110, 111, 112 and 114) and it also complies with relevant stipulations of the TRFA. Remuneration indices may be found in ESG Data Pack.

Internal Audit

The role of the third line within Eurobank’s governance and organisational structure is allocated to the Internal Audit Group (IAG), which is an independent, objective assurance and consulting function designed to add value and improve the operations of Eurobank. The IAG is an independent function responsible to provide objective assurance, advice and insight around the internal control framework surrounding all processes, risks and mechanisms, and for all business lines and internal units.

A direct reporting line to the Audit Committee (AC) strengthens the IAG’s function and safeguards its independence. The primary role of the IAG is to assist the Board and the AC by providing reasonable assurance, in the form of an independent opinion, as to the adequacy, efficiency and effectiveness of the internal control framework of the Bank and its subsidiaries. The areas within the IAG’s scope include all activities and risks of the Bank and its subsidiaries in Greece and abroad. The IAG follows a risk-based methodology for formulating its audit plan(s) (AP), ensuring focus on high-risk areas and aiming at strengthening the Bank’s internal control framework. Risk assessment covers all units, functions, processes and systems of the Bank and its subsidiaries (i.e. the Audit Universe). It considers current developments in both the internal and external environment, as well as developments in the regulatory environment.

The IAG conforms with the Institute of Internal Auditors (IIA) International Professional Practices Framework (IPPF), and mostly employs professionals with significant banking and auditing experience.

In recent years, recognising that Environmental, Social and Governance (ESG) internal controls and risk management framework are an area of focus, the IAG has taken several relevant initiatives and actions within its strategy. These aim to ensure adequate coverage of this area, in line with the Bank’s strategy, as well as industry and regulatory developments. Further details are provided in the Consolidated Pillar 3 Report for the year ended 31.12.2022. In summary, the IAG strategically focuses on the ESG risks, building on the following pillars:

• Methodology/Infrastructure
• Resources
• ESG – Audit Universe Coverage and Audit Planning

The outcome of the audit assignments is recorded in the audit reports, which are distributed to the Management, the AC and the external auditors. The IAG meets frequently with Senior Management to discuss audit findings and the progress made in resolving them. It also prepares quarterly reports for the AC.

Overall the IAG places significant focus to ensure adequate coverage is provided in the field of ESG risks, and its operations integrate ESG aligned and impact practices, as described above and detailed in the Consolidated Pillar 3 report.

 Material topic: Data security and customer privacy 

Cybersecurity risks continue to impact the financial industry around the world, as the number and complexity level of cyberattacks have increased significantly.

Cyberattacks, digital fraud, compromised customer data and personal data breaches are part of today’s everyday reality, especially in the financial/banking sector, due to the evolution of new technologies, the increasing use of digital channels for financial transactions and the increased sophistication of cyber criminals.

Eurobank, its customers and its third-party service providers cannot be an exception to that.

Cybersecurity

Cybersecurity continues to be a top priority for Eurobank, and in particular the security of transactions, information and personal data, as well as the resilience of its Information and Communication Technology (ICT) systems against the ever increasing and constantly changing cyber threats. Notably, Eurobank’s cybersecurity strategy is based on a multi-faceted defence approach, according to a Predict, Prevent, Detect and Respond control framework.

The Bank has adopted the three lines of defence (3LoD) model to ensure that risks and controls are properly managed on an ongoing basis. In the second line of defence, a Chief Information Security Officer (CISO) has been appointed, who heads Group Corporate Security and reports directly to a Deputy Chief Executive Officer who sits on Eurobank’s Board of Directors (Board) and Executive Board (ExBo). The CISO also regularly updates the ExBo, the Board Risk Committee and the Board to provide objective assurance to them on the effectiveness of Eurobank’s cybersecurity controls.

During 2022 Eurobank 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.

In 2022 Eurobank also continued to proactively invest on 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.

During 2022 Eurobank:

• Continued to ensure its compliance with the evolving regulatory and legal requirements.
• Continued to strengthen its cybersecurity capabilities for new digital products/ services, teleworking and cloud technology adoption, as well as to address the ever-growing threats (i.e. Ransomware) and maintain compliance with evolving regulatory requirements.
• Continued to be certified and operate based on the internationally recognized ISO 27001, ISO 22301 and ISO 20000 standards. The scope of the ISO 27001 certification has been extended to also cover the Bank’s cloud computing operations.
• Continuously educated employees and customers on emerging cyber threats and online fraud scams, with 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.

Personal data protection

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 of building relationships of trust with its clients and partners.

In this context, 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. As part of its GDPR and personal data protection obligations, 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 of the Bank Eurobank SA pursuant to Regulation (EU) 2016/679 and the relevant EU and Greek legislation) is available online and in hard copy through its branches. Moreover, this privacy notice is incorporated in several contractual or other documents of Eurobank. This notice is updated in accordance with legislative developments and when the processing of personal data by the Bank is altered in any way. Furthermore, the Bank issues supplementary notices for cases of personal data processing not covered by its main privacy notice (e.g. employees, website visitors, cookies, CCTV etc.).

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. Individuals may also exercise their rights 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.

In 2022 Eurobank renewed its ISO 27001 international security standard certification, which also covers the processing of personal data on the cloud.

The Bank continues to enhance its ability to ensure compliance with the applicable privacy laws. To this end, it:

• Has appointed a DPO who heads the Personal Data Protection Unit, acts independently and reports directly to a Deputy Chief Executive Officer who sits on Eurobank’s Board of Directors and Executive Board. The DPO regularly informs the Executive Board and the Board Risk Committee on the most important aspects of GDPR compliance. The Personal Data Protection Unit assists the DPO in performing their duties.

• Gets the DPO to actively participate in Eurobank projects, including projects on digital transformation and the provision of new products and services (privacy by design).
• 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 of 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.
• Ensures that employees are trained about GDPR issues by providing appropriate -awareness-raising and training of staff involved in processing operations.
• 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.

During 2022 the Bank was not required to disclose any personal data breach incidents (e.g. leaks, thefts, losses of PII) to the Hellenic Data Protection Authority. Furthermore, there were no substantiated complaints about privacy violations and losses/leakage of customer personal data.

Over the same period, the Bank received and managed successfully 319 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.

 Material topic: Business Ethics & Integrity 

Eurobank provides financial security by enforcing policies to combat fraud, corruption and money laundering, which are in compliance with international regulations for dealing with cases of violation of economic restrictions and sanctions, and by effectively managing potential conflicts of interest. The Bank has also set up an appropriate corporate governance system, with principles, roles, and committees that support transparency, equal treatment and integrity. It is committed to respecting and promoting human rights and avoiding unintentionally causing or contributing to adverse human rights impacts that may affect its employees, suppliers, contractors, clients and other parties directly linked to its operations, products or services.

Code of Conduct and Ethics

The Code of Conduct and Ethics highlights the importance Eurobank attaches to integrating principles in the way its people behave as professionals and the way they conduct business. The Code applies to every Eurobank staff member, irrespective of segment, level or job description, as a daily reference manual.

The Code of Conduct and Ethics acts as a regulatory framework for Eurobank and is complementary and supplementary to the existing legislation. Moreover, the Code is complemented by specific policies (i.e. Anti-Bribery and Corruption Policy, Conflicts of Interest Policy, Policy for Reporting Illegal or Unethical Conduct), which serve as a further point of reference for Eurobank staff.

Control and monitoring

The effective implementation of the Code of Conduct and Ethics is ensured through a series of measures and controls that include carrying out monitoring exercises, using systems, providing appropriate training to staff and having an appropriate body in place which reviews cases relating to the Code.

Compliance, as well as the other competent Eurobank control bodies, are authorized to conduct monitoring reviews and audits regarding compliance with the principles of the Code of Conduct and Ethics, at all levels and functions of Eurobank.

Management executives, managers and supervisors lead by example, applying the provisions of the Code of Conduct and Ethics with diligence and loyalty. In addition, they have the duty to communicate the values of Eurobank and inspire all employees under their responsibility.

Both the Code and any supplementary policies (e.g. Policy for Reporting Illegal or Unethical Conduct, Anti-Bribery and Corruption Policy, Conflicts of Interest Policy, etc.) are distributed to 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 in particular, staff members confirm having read and accepted the Code through an electronic platform.

Compliance is also responsible for managing any questions that may arise as to the proper implementation of the Code of Conduct and Ethics. Any established violations of the provisions of the Code 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 staff members have concerns relating to ethical issues, they can contact Compliance, as well as other communication channels as described in the Code of Conduct and Ethics and in the Policy for Reporting Illegal or Unethical Conduct.

Training on the Code

Compliance provides training on the Code of Conduct and Ethics as well as on corruption and bribery issues, aiming to raise awareness and cultivate a strong culture of values and integrity within the Group. In addition, the induction of new recruits also includes training on these issues.

In 2022, 2 training sessions were carried out on the Code of Conduct and Ethics and related areas; moreover a new digital learning programme on the Code and all related areas was prepared, addressed to all staff in 2023.

Within 2022, there were no:

• Confirmed incidents of bribery and corruption.
• Confirmed incidents in which employees were dismissed or disciplined for corruption.
• Confirmed incidents where contracts with business partners were terminated or not renewed due to violations related to corruption.
• Public legal cases regarding corruption brought against the organisation or its employees.
• Legal actions for fraud, insider trading, market manipulation, malpractice, anticompetitive behaviour or monopoly practices.
• Monetary losses from business ethics violations as a result of legal proceedings associated with insider trading, antitrust, anti competitive behaviour, market manipulation or malpractice.

International regulations on economic sanctions

Eurobank has developed policies, procedures and monitoring mechanisms to fully comply with the current legislative and regulatory framework, and to deal with violations of international regulations, by identifying an economic entity/ organisation/country associated (as the case might be) with terrorist activities, human trafficking, drug trafficking and arms trafficking, and prohibiting and interrupting it from carrying out transactions.

Pertinent training is also provided to staff, to understand and identify cases of financial sanctions and cases where a total or partial ban on economic activity is foreseen, . In addition, staff, and authorised executives in particular, are encouraged to report all cases of financial offenses encountered.

Whistleblowing mechanism

Eurobank operates based on high ethical standards, integrity, transparency and accountability. Its strategic commitment is to safeguard its reputation and clientele. For this reason, it is of primary concern for staff to act with honesty and a high sense of responsibility.

In this context, Eurobank applies the rule of zero tolerance in cases of fraud, corruption, violation of legislation related to money-laundering, and generally actions that cause material and reputational damage to Eurobank.

Eurobank has a Policy for Reporting Illegal or Unethical Conduct and a respective Policy Statement in place 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.

Unit heads must ensure a work environment that creates security for staff members to communicate freely and to report possible issues that come to their attention. In any event, staff may contact the competent bodies to state facts or circumstances that could constitute:

• Violation of the law or other regulations
• Violation of the Code of Conduct and Ethics
• Violation of Eurobank policies

• Other forms of illegal, irregular, dishonest, unprofessional or unethical behaviour, including but not limited to theft, embezzlement, bribery and corruption, conflict of interest, money laundering and terrorist financing, misappropriation/destruction of assets, misuse of confidential information, ethical/psychological/physical/sexual harassment, fraud attempts, and transactions or conduct that can be interpreted as indications of fraud or attempted fraud.

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.

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.

Reports for such incidents may be submitted by email to ethicshotline@eurobank. gr, over the phone at +30 214 4058990 (24/7 all year round), or by post to Compliance General Division, 2-6 Pesmazoglou Street, 10559 Athens, Greece.

Conflicts of interest

Eurobank has established a Conflicts of Interest Policy and a Conflicts of Interest Policy Statement, to identify and manage situations that give, or may give, rise to actual, potential or perceived conflicts of interest, in accordance with local legislation and international best practices.

Conflicts of interest may arise when the personal, business or financial interests of a staff member deviate from the interests of Eurobank or key stakeholders (e.g. clients, shareholders, suppliers etc.). Eurobank recognises that proper identification and handling of transactions that occur between the Bank and related parties enhances transparency and prevents any conflicts of interest. This also ensures that its financial statements and reports to the regulatory authorities contain the necessary disclosures required by the International Accounting Standards and the applicable regulatory framework.

The Board of Directors is responsible for:

• Establishing an internal culture promoting compliance at all levels, including effective management of conflicts of interest.
• Ensuring the existence of an adequate Conflicts of Interest Policy.

When performing their duties, Board Members:

• Ensure they act with independence of mind.
• Proactively identify conflicts of interest and disclose such conflicts as required.
• Implement mitigating measures.

Disclosures of Board Member directorships outside the Group are included in the Annual Financial Report.

Anti-bribery and corruption

Eurobank shows zero tolerance towards bribery and corruption. To this end, an Anti-Bribery and Corruption Policy and an Anti-Bribery and Corruption Policy Statement applies to all Eurobank staff, aiming to prevent instances of bribery and corruption and promote integrity within the business environment

Eurobank 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.

The Bank also systematically evaluates suppliers in order to mitigate the risk of bribery and corruption. Terms for anti-bribery are captured in contractual documents.

Regulatory compliance

Group Compliance

Group Compliance is an independent function and reports functionally to the Board 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. Group Compliance’s mission is to promote a corporate culture that encourages integrity through ethical conduct and commitment to compliance with the applicable regulatory framework and the international corporate governance standards.

Key developments in 2022 were:

• Reviewing the operating model and development of a Transformation Roadmap.
• Investing in RegTech tools for regulation monitoring and AML Risk Assessment Processes and roll-out at Group level.
• Reengineering the AML/CFT and compliance risk-assessment methodologies at Group level.
• Further improving the AML/CFT operational processes (e.g. transaction monitoring, customer DD).
• Preparing an e-learning programme on code of Conduct and Ethics and running a series of AML/CFT workshops by line of business.
• Continuing to hold a leading role in Bank-wide projects around AML/CFT and market conduct and providing support in other key projects of the Bank (e.g. corporate transformation, digitisation initiatives).
• Revising the Policy governing the manufacturing, approval, distribution and monitoring of MiFID II financial products, the Order Execution Policy, the Conflicts of Interest Policy and the Policy for Reporting Illegal or Unethical Conduct.

The targets set by Group Compliance for 2022, have been successfully achieved:

• Initiating a Code of Conduct targeted training programme, aiming to cover at least 90% of the Bank’s employees and executives by 2024.
• Ensuring that at least 65% of the Group Compliance General Division staff members hold professional certifications on issues regarding money laundering and terrorist financing, compliance, operational risk and related topics.
• Updating the Group’s Compliance Policy.
• Updating ethics/compliance public disclosures/statements.

As part of its staff development, Group Compliance maintained an ongoing training and certification programme for its resources.

Regarding 2023, the Group Compliance General Division intends to:

• Maintain the percentage of at least 65% of the Group Compliance General Division staff members holding professional certifications on issues regarding money laundering and terrorist financing, compliance, operational risk and related topics.
• Continue to provide training on the Code of Conduct and its complementary policies to at least 90% of the Bank employees and executives by 2024.
• Carry out training for its executives on topics such as consumer protection issues, payments and consumer credit, as part of the Bank's actions for consumer protection.
• Update the Code of Conduct and Ethics.
• Update the Conflicts of Interest Policy.
• Update the Antitrust Compliance Policy.
• Provide training on antitrust issues to relevant personnel.
• Update public statements.

Complaint management

The Bank approaches clients with compassion, understanding and respect for their complaint, exhausting all possible ways to reach a friendly solution to the issue.

To achieve its goals and respond to customer complaints better and faster, the Bank harmonized its Complaint Management Policy, in compliance with Executive Committee Act No.157/2019 issued by the Bank of Greece, as in force, and updated its processes based on international standards (ISO 9001 and 10002).

The most important elements of the Policy are posted on the Bank’s website, aiming at keeping clients informed about how to file a complaint, how it is managed, what the response times are, how their case may be reviewed and any other useful information.

Performance in terms of these actions is measured using qualitative indicators set by the Bank, while statistics are extracted, which are reflected in reports used to keep the Bank’s Management updated.

The commitment to customer service and the sincere interest of Eurobank are reflected at every stage of this complaint management process, as clients are continuously kept up to date about the progress of their case. At the same time, communication is maintained even after the case has been resolved, to determine whether the client was satisfied with the outcome, as well as to receive their comments and feedback.

All the information is used to identify and highlight the reasons for dissatisfaction among clients and to recommend improvements based on the provision of better service and the prevention of any future issues.

All complaints were managed with impartiality and sincere willingness to find a fair solution, using the data obtained to submit relevant proposals for improving services and procedures in various areas.

Paying attention to the importance of complaint management, oversight of results takes place on a regular basis by the Executive Board of the Bank as well as a Board-level Committee.

Customer Excellence - Customer service enhancement

Eurobank considers strengthening its client relationships and fostering collaboration as significant endeavours and key strategic objectives. To this end, Customer Excellence was launched, aiming to provide customers with excellent service through all points of contact and to secure relationships of trust.

The effectiveness of these actions and initiatives is further supported by the Retail Customer Excellence Committee, which is made up of senior Bank executives and is tasked with making decisions that will produce the desired outcomes for quality and customer service issues.

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 analysed and evaluated to identify areas that call for improvement and to take corrective and preventive measures, so that the Bank services fully meet its customers’ wishes and expectations. Moreover, to better monitor results, certain quality indicators have been identified and are regularly monitored.

Eurobank also runs tailor-made educational programmes, launches knowledge sharing and best-practices initiatives, undertakes actions to recognise excellent performance and promotes visits to the front-office services, to constantly ensure that all the Bank officers share the customer-centric culture.

In 2022:

• Over 155,000 customer evaluations on banking experience were collected through regular measurements.
• 60,000 comments were analysed, which helped improve existing services and/or design new ones.
• Over 250 customers were personally contacted to be informed about the actions the Bank initiated with regard to their comments.

The Bank also replied in writing to all clients who responded to NPS measurements, to thank them and assure them their evaluation was taken into serious consideration.

Responsible information

Honest communication with its clients is a top priority for Eurobank. That is why transparency in relationships with clients is of strategic significance.

As part of its responsible customer information strategy, Eurobank focuses on providing customised information to every customer/counterparty, with a view to communicating its products and services in a transparent manner. To this end, it:

• Has set up customer support departments, as well as both traditional and online service networks.
• Established simple and easy-to-understand procedures and has created brochures to inform customers accurately and clearly about all its products and services.
• Applies the regulatory framework and the Banking Code of Conduct and has control mechanisms in place to ensure compliance with the legislative framework.

Before carrying out any transactions with the Bank, or getting products and services, customers may refer to the:

• General Terms of Banking Transactions
• Terms of Payment Services.

Then, through special pre-contractual documents for each product, the Transaction Price List, the branch network, the corporate website (www.eurobank.gr) or e-Banking or v-banking, customers may obtain detailed information about:

• The processing of their personal data, the potential recipients of such processing and their personal data protection rights.
• The Bank’s charges for its products and services.
• The protection of their deposits and investments by the Hellenic Deposit and Investment Guarantee Fund.

Before taking out a loan, customers receive:

• The standard pre-contractual information sheet, with the main features of the loan.
• Personalised information about the purpose of the credit extended, possible loan term, interest rate type and how it is calculated, currency, frequency of loan repayments and forms of collateral for the loan.

After a loan agreement has been signed, customers are kept updated through regular statements or in response to a relevant request from them.

Similar information is provided to customers about investment products prior to signing an agreement, when the agreement is signed and on a regular basis thereafter, by duly qualified Bank officers.

The Bank has additionally established a policy and procedures for the oversight and governance of products/services throughout their life cycle, in accordance with the relevant regulatory requirements and international best practices. These documents ensure that, throughout their life cycle, products/services are consistent with the likely objectives and needs of the clients to whom they are addressed (retail, private banking, corporate, institutional), as well as with the risk strategy, risk appetite and risk culture of the Bank, while remedial actions are made if deemed necessary. The Bank applies effective practices for determining the target market as well as the negative target market, where applicable, for these products/services, while ensuring their overall consistency with the clients’ needs, features and goals.

Borrowers who encounter difficulties in repaying their debts are offered debt settlement solutions, such as lower monthly instalments, interest-only payments, extension of the loan term, interest rate reduction and interest write-offs. As regards debts in arrears, borrowers may find information 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 may obtain additional information about their transactions with the Bank through a Bank branch, the Bank’s website, e-Banking or EuroPhone Banking (+30 210 95 55000). The Bank’s primary goal is to provide continuous, prompt and accurate information to its customers.

Responsible marketing and communication

Driven by its human-centric culture, Eurobank designs products and services tailored to the individual needs of its customers. With a view to optimising the messages used in marketing campaigns, the Bank carries out systematic market research on each individual customer category, focusing on both quantitative and qualitative features that highlight the trends and expectations of its customers. Using adequate Customer Relationship Management tools, it is able to propose or offer individual customers the product or service that truly meets their needs.

In the meantime, using customised communication tools, customers receive direct and prompt information on new deals about the products and services they choose. Marketing campaigns targeting specific customer groups take into account what the stage of each customer (new customer or customer who may have filed a complaint for a specific product or service) and thereby follow a specific procedure per stage.

Communication is not solely for the purpose of promoting products and services, but also aims to:

• Reward the relationship with the client.
• Optimise customer journeys with information in every step.
• Ask for customer feedback.

When promoting its products and services, the Bank :

• Complies with national and EU legislation.
• Takes into account the voluntary codes in place with regard to communication, marketing and commercials.

It has also established control mechanisms and safeguards to ensure compliance with the regulatory framework in force.

For its targeted customer communication (via email, text messages, e-Banking messages, Viber instant messages, phone calls etc.), the Bank fully complies with the General Data Protection Regulation (GDPR) (EU) 2016/679 (GDPR) and other relevant legislation (Law 4624/2019, 3471/2006 etc.), in all available channels and for all updated methods used.

In 2022:

• More than 500 targeted communication campaigns took place, across all communication channels (digital and physical).
• More than 250 online, physical or hybrid events took place to keep in constant touch with the Bank’s customers.

To ensure compliant advertising, Eurobank has developed procedures and mechanisms, in line with the relevant legal and regulatory framework, so as to promote and provide information about its products and services in a transparent and honest manner. Each new communication campaign is well organised and transparent, and the procedures and responsibilities of all units involved are fully specified. Each advertising/promotional campaign is subject to prior authorization by the competent Bank Units, in line with the relevant regulatory and legislative requirements, while its content is reviewed accordingly.

In 2022, no significant 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 significant fines or sanctions were imposed on the Bank.

Find out more information regarding the products and services governance framework.

Market research projects

Over 30 research projects were launched in 2022 by Eurobank.

• Continue improving its metrics on its tracking study, monitoring crucial parameters of customer satisfaction, brand equity and advertising.
• Examine the potential and enhance the development of new products and services.
• Further increase the scope and use of its in-house survey portfolio, both qualitative and quantitative, to support corporate goals and initiatives.
• Market research contributes to Eurobank’s efforts for responsible corporate governance and operational sustainability, through the completion of relevant research projects.

Eurobank remains committed to addressing and making the most of market challenges, and further improving its products and services, in line with its strategy and business objectives.

Eurobank continues to strengthen its internal processes and manage risks in the best possible and most effective ways through implementing management systems in accordance with the ISO (International Organization for Standardization) international standards.

Eurobank Holdings’ management systems certifications in Greece are listed below.

Quality Management System (ISO 9001)

• Eurobank as of 2000 – focusing on a specific range of services.
• Eurobank Holdings as of 2000.
• Eurobank Asset Management MFMC, as of 2013.

As of 2021, Eurobank has been duly certified in accordance with the ISO 10002 Quality Management – Customer Satisfaction requirements for enhancing the complaint handling process.

Environmental Management System (ISO 14001)

• Eurobank as of 2004 – covering 100% of Eurobank’s operations.
• Business Exchanges SA as of 2013.

As of 2009, Eurobank is also listed in the European Eco-Management and Audit Scheme (EMAS) Register for Environmental Management, kept by the Ministry of Environment and Energy (registration no EL-000080).

Energy Management System (ISO 50001)

• Eurobank as of 2015 – covering 100% of its operations.

As of 2022, Eurobank implements the ISO 14064-1:2018 international standard, with guidance for quantification and reporting of greenhouse gas emissions and removals.

Occupational Health and Safety Management System (ISO 45001)

• Eurobank as of 2006 – covering all employees and activities, and includes the premises of all network branches and 7 central buildings.

IT Services Management System (ISO 20000)

• Eurobank as of 2013 – ensuring the uninterrupted provision of IT services to other units within the Bank, focusing on IT systems and infrastructure.

Business Continuity Management System (ISO 22301)

• Eurobank as of 2013 – ensuring business continuity and resilience during a possible disruptive threat, while supporting the ongoing provision of services to its customers.

Information security management system (ISO/IEC 27001)

• Eurobank as of 2004 – regarding administration and operation of the IT and telecommunication systems on-premises and on-cloud.

Whistle Blowing management system (ISO 37002)

• Eurobank – Preparations and pre-audit completed, in view of certification in 2023.

Plans for 2023 include preparatory work for certifications in ISO 20400 (Sustainable Procurement Management System) and ISO 37001 (Anti-Bribery Management System).

Suppliers relations

Group Procurement Sector

Aiming to meet the needs of the branch network and the centralised units of the Group, the Group Procurement Sector receives relevant requests online. These requests are at first evaluated and approved by authorised Bank executives through the competent Management Units.

All steps to be followed are thoroughly depicted in the Eurobank Procurement Policy and the International Procurement Guidelines available on the Bank’s intranet portal.

The Bank currently handles the entire procurement cycle online, to ensure efficient management of all procurement requests. A new e-procurement solution has been implemented, offering new reporting capabilities and better monitoring in all the purchase requests across the Bank.

Following procurement assignments, the contracts include all the relevant terms for projects, goods or services, with a view to limiting any purchase-related risks, while special attention is paid to personal data (GDPR) issues. In particular, as per the DPO’s and the Legal Department’s guidance, each agreement requires and provides all necessary terms in relation to Data Protection regulations.

Using its supplier evaluation platform, the Bank assesses its suppliers both in terms of quality and quantity, on an annual basis. A weighted objective score is obtained for each supplier, reflecting the progress and quality of the supplier’s relationship with the Bank.

2022 highlights

• 2 major projects, Data Estate Transformation and Cloud Systems Integrator, were initiated, as part of the Bank’s digital transformation programme.
• ESG criteria were applied in the RFP technical evaluations, while monitoring and selection of the best option was performed in the energy market.

In 2022 the Bank handled:

• 916 requests for IT supplies to the amount of €177 million.
• 3,918 requests for goods and services to the amount of €53 million.
• 445 successfully completed contracts with suppliers, 180 of which were contract renewals and 265 new contracts.

Supplier cooperation

Eurobank pays particular attention to the relationships it forges with its suppliers and business partners. In 2022 the Group continued to apply its centralised procurement model, which covers both domestic and foreign subsidiaries, while it carried out tenders to assign major projects, substantially saving on costs.

In July 2022 the Bank performed evaluations for its supply categories – IT suppliers, consulting services, technical services, construction services, as well as suppliers of other goods and services – adding, for the sake of quality and risk management, special indicators that measure:

• The suppliers’ level of dependency on the Bank compared to their total turnover.
• The Bank’s level of dependency on the suppliers in relation to their total turnover with the Company.

Furthermore, in the context of enriching and updating its relationship with suppliers, the Procurement Sector receives feedback on each supplier from the Business Units involved.

The Bank’s suppliers and respective relations with each of them are reviewed at regular intervals through formal procedures. The Procurement Committee ensures that the relevant procedures are followed both in terms of procurement necessity and in terms of operating cost containment.

For reasons of transparency and with a view to safeguarding the interests of the Group, the Bank follows the Due Diligence Procedure for New Bank Suppliers. Based on this procedure, each new supplier must submit to the Bank their published balance sheets, all necessary financial information, and the legal documentation regarding the legal form, the good standing and the legal representatives of the company.

The Bank mainly works with suppliers who operate and are registered or have an office in Greece (mainly Athens or Thessaloniki). 76% of the Bank’s total expenses in 2022 relate to local suppliers (registered and operating in Greece), compared to 71% in 2021.

Sustainable procurement

In the context of implementing Sustainable Procurement practices, ESG criteria have been established for the tendering processes of non-IT goods, in accordance with the provisions of the tendering procedure. Factors related to the impact of a product / service/ project on ESG issues of the company/supplier, are taken into consideration. As such, contribution to environmental protection, green development and local society are considered to have a positive effect. Furthermore, regarding governance factors, certifications are requested from suppliers (e.g. ISO 9001, 14001, 50001), as well as disclosures in relation to their operational footprint, ESG Ratings results and Sustainability Report. In alignment with the applied procedure, these criteria are embedded in a specified section on the tenders’ Requests of Proposals (RFP) / Requests of Quotation (RFQ) and are considered during technical evaluation.

The overall objective is to select, where possible, environmentally and socially responsible goods from suppliers that are aligned with those principles. Procurement processes are part of the Bank’s certified Management Systems, in accordance with the ISO 9001, ISO 14001 and ISO 50001 international standards.

Plans for 2023 include preparations for certification per ISO 20400 (Sustainable Procurement Management System).