Financial Statements 31.12.2023 XBRL

ANNUAL 
FINANCIAL 
REPORT 
FOR THE YEAR ENDED 
31 DECEMBER 2023 
According to 
Article 4 of the Law 3556/2007

Table 
of Contents 
A.
Corporate Governance 
I.
Statements of the members of 
the Board of Directors 
II.
Report of the Directors and Corporate 
Governance Statement 
 
Appendix: Audit Committee Activity Report 
B.
Auditor’s Report and Financial Statements 
I.
Ιndependent Auditor’s Report 
II.
Consolidated Financial Statements of the Company 
for the year 
ended 31 December 2023 
III.
Financial Statements οf the Company 
for the year 
ended 31 December 2023 

Statements 
of Members of the Board of Directors 
(according to the article 4 par. 2 of the Law 3556/2007) 
We declare that to the best of our knowledge: 
●
 
the annual 
financial 
statements 
for the 
year 
ended 31 
December 2023, 
which 
have been 
prepared in accordance with the applicable accounting standards, 
present fairly the assets, 
liabilities, equity 
and annual 
results of Eurobank 
Ergasias Services 
and Holdings 
S.A. and 
the companies included in the consolidation, 
and 
●
 
the annual report 
of the Board 
of Directors presents fairly 
the development, the performance 
and the position of the 
Eurobank Ergasias Services and Holdings S.A 
and of the companies 
included in 
the consolidation, 
including the 
description 
of the 
main risks 
and uncertainties 
they face. 
Athens, 28 March 2024 
Georgios P. 
Zanias 
I.D. No AI – 414343 
CHAIRMAN 
OF THE BOARD OF 
DIRECTORS
Fokion C. Karavias 
I.D. No ΑΙ - 677962 
CHIEF EXECUTIVE 
OFFICER
Stavros E. Ioannou 
I.D. No AH - 105785 
DEPUTY 
CHIEF EXECUTIVE 
OFFICER 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
1
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m = million 
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The directors 
present their report 
together with 
the financial statements 
for the 
year ended 31 December 2023. 
General information 
Eurobank Ergasias Services and Holdings S.A. (the Company or Eurobank Holdings) is a holding company listed 
on the Athens Exchange, owning 100% of the share 
capital of Eurobank S.A. (the Bank). Eurobank 
Holdings and 
its 
subsidiaries 
form 
a 
group 
(Group), 
consisting 
mainly 
of 
Eurobank 
Group, 
that 
being 
the 
Bank 
and 
its 
subsidiaries. The Company’s operations principally relate to the 
strategic planning of the non-performing loans 
management and the provision 
of services to the 
Group entities and third 
parties. 
Financial Results Review and Outlook
1
In 2023, 
on the 
back of 
a positive 
macroeconomic 
backdrop 
in Greece 
and the 
other 
countries of 
substantial 
presence, 
the 
Group 
enhanced 
its core 
profitability, 
strengthened 
its capital 
adequacy and 
liquidity position, 
and improved 
further 
its asset 
quality. 
In addition, 
it executed 
several 
strategic 
actions, which 
will allow 
it to 
expand its business and extend further 
its regional footprint. 
As 
at 
31 
December 
2023 
total 
assets, 
including 
the 
impact 
from 
the 
sale 
of 
Eurobank 
Direktna 
(Serbia), 
decreased 
by 
€1.7bn 
to €79.8bn 
(Dec. 
2022
2
: €81.5bn) 
with 
gross 
customer 
loans 
amounting 
to €42.8bn 
(Dec. 
2022: €43.5bn) and 
investment 
securities reaching 
€14.7bn (Dec. 2022: 
€13.3bn). Out of the 
total loan portfolio, 
€28.1bn has been originated from Greek operations 
(Dec. 2022: €28.2bn), €10.3bn from international operations 
(Dec. 2022: €10.4bn or 
€8.7bn excluding Eurobank Direktna operations) and €4.5bn refer to senior and 
mezzanine 
notes of the Pillar, Cairo and Mexico securitizations (Dec. 2022: €4.9bn). 
Business (wholesale and small business) 
loans stood at €25bn (Dec. 
2022: €25bn) and accounted for 58% of 
total Group loans, while loans to households 
reached €13.4bn 
(Dec. 2022: €13.6bn), 
of which 74% 
is the 
mortgage portfolio 
and the 
rest are 
consumer loans. 
Group 
deposits reached 
€57.4bn 
(Dec. 2022: 
€57.2bn) 
with those 
from Greek 
operations 
amounting to 
€40bn 
(Dec. 
2022: 
€39.6bn), 
while 
international 
operations 
contributed 
with 
€17.5bn 
(Dec. 
2022: 
€17.7bn 
or 
€16bn 
excluding Eurobank Direktna operations). 
As a result, the (net) loan–to–deposit (L/D) ratio stood at 72.3% 
for the 
Group (Dec. 2022
2
: 72.4%) and at 78.3% for Greek operations (Dec. 2022: 79.5%). 
The funding from 
the European 
Central 
Bank 
(ECB) 
refinancing 
operations 
reduced 
by 
€5bn 
to 
€3.8bn 
(Dec. 
2022: 
€8.8bn) 
(note 
31 
of 
the 
consolidated 
financial statements). 
During the 
year, 
in the 
context of 
the 
implementation 
of its 
medium-term 
strategy 
to 
meet 
the 
Minimum Requirements 
for 
Eligible 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL), 
the 
Bank 
proceeded 
with the 
issuance of 
two preferred 
senior notes 
of €500m each, 
at a coupon 
of 7% and 
5.875% and 
maturities 
in 
January 
2029 
and 
November 
2029, 
respectively. 
More 
recently, 
in 
January 
2024, 
the 
Company 
completed the issue of a €300m 
Subordinated Tier II debt instrument, at a coupon of 6.25% 
and maturity in April 
2034 
(notes 
4 
and 
34 
of 
the 
consolidated 
financial 
statements). 
The 
Group 
Liquidity 
Coverage 
ratio 
(LCR) 
maintained at high level 
reaching 178.6% (31 December 
2022: 173%). 
 
Pre-provision 
Income 
(PPI) 
amounted 
to 
€1,999m 
or 
€1,902m 
excluding 
a) 
the 
€111m 
gain 
on 
investment 
in 
Hellenic Bank (Cyprus) accounted 
for as an associate and 
b) the €14m contribution to 
restoration initiatives after 
natural 
disasters 
(2022
2
: €2,184m 
or €1,859m 
excluding the 
€325m gain 
on sale 
of Bank’s 
merchant 
acquiring 
business 
(project 
“Triangle”)), 
while 
core 
pre-provision 
income 
(Core 
PPI) 
increased 
by 
58.6% 
year-on-year 
to 
€1,802m or € 
1,816m excluding 
the €14m 
contribution as 
above 
(2022
2
: €1,145m). 
Net interest 
income (NII) 
grew 
by 46.9% 
to €2,174m 
(2022
2
: €1,480m), mainly driven 
by the 
higher interest 
rates, the 
organic loans growth 
and 
the increased 
positions in investment 
bonds partly offset 
by higher 
debt issued and deposits 
cost. Net interest 
margin 
(NIM) 
stood 
at 
2.75% 
(2022
2
: 
1.91%) 
with 
the 
fourth 
quarter 
reaching 
2.90%. 
Fees 
and 
commissions 
expanded by 4.2% to €544m (2022
2
: €522m), of which banking fees and commissions by 
4.8% to €447m (2022
2
: 
€427m), mainly due 
to the increased fees from lending activities and 
despite the negative impact from merchant 
acquiring 
disposal. 
Fees 
and 
commission 
accounted 
for 
69bps 
of 
total 
assets 
(2022
2
: 
67bps). 
Operating 
expenses increased 
by 5.2% to €902m 
excluding the 
€14m contribution as 
above (2022
2
: €857m) due 
to higher 
costs from 
international 
operations, 
inflationary 
pressures 
and investments 
in IT 
infrastructure 
projects, 
partly 
offset 
by 
lower 
contributions 
to resolution 
and deposit 
guarantee 
funds. 
Costs from 
international 
operations 
amounted to 
€258m (2022
2
: €212m) 
including the 
effect 
from 
the 
acquisition of 
BNP Paribas 
Bulgaria end 
of 
May 2023, while in Greece slightly decreased by 0.1% 
to €644m (2022: €645m). The cost to income (C/I) ratio 
for 
the Group 
reached 32.2%, 
excluding the 
€111m gain on 
investment 
in Hellenic Bank 
and the 
€ 14m contribution 
as above 
(2022
2
: 31.6%, excluding 
the €325m 
gain on project 
“Triangle”), 
while the 
international 
operations 
C/I 
ratio 
stood at 
33.1% 
(2022
2
: 42.7%). The 
respective cost 
to core 
income
3
ratio 
for the 
Group improved 
at 33.2% 
compared to 42.8%
2
 
for 2022. 
Trading 
and other 
activities recorded 
net income 
of €196m 
(2022
2
: €1,039m 
income) 
mainly including 
a) €86m 
derivatives’ 
gains (2022
2
 
: €625m 
gains), b) 
€57m gains 
on sale 
of investment 
bonds at 
FVOCI 
net of 
hedging 
(2022
2
 
: €26m loss) 
and c) €68m net other income, including the €111m gain on investment Hellenic Bank 
(2022
2
: 
€323m income, including the 
€325m gain on project "Triangle") 
(notes 9 and 10 of consolidated FS). 
The NPE 
formation was 
positive by €138m, 
out of which € 119m referring 
to a single corporate 
customer, 
(fourth 
quarter 
2023: €29m 
negative), 
(2022: €40m 
positive
excluding 
Serbian 
operations). 
In total, 
the 
Group’s 
NPE 
stock stood at €1.5bn, following 
the classification 
of the loan portfolio 
of project “Leon” as held for 
sale, the sale 
of Eurobank 
Direktna, 
and the 
write-offs 
during the 
year 
(31 December 
2022: €2.3bn) 
driving the 
NPE ratio 
to 
3.5% 
(31 
December 
2022
(2)
: 
5.2%). 
The 
loan 
provisions 
(charge) 
reached 
€412m 
or 
€345m, 
excluding 
the 
loss 
1
 
Definitions of the selected financial ratios and the source of the financial data are provided in the Appendix. 
2
The 
comparative information 
has been adjusted 
due to a) 
the retrospective 
application of 
IFRS 17 by 
the Group’s 
associate Eurolife 
FFH 
Insurance Group Holdings S.A. and b) the presentation of operations 
of Eurobank Direktna a.d. disposal group as discontinued.
3
 
Total operating 
expenses divided by total core income.

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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recorded for 
projects 
“Leon” and “Solar” and 
corresponded to 
0.85% of average 
net loans (2022
2
: €276m which 
corresponded to 0.71% 
of average net 
loans), while the NPE coverage 
ratio stood at 86.4% 
(31 December 2022
2
: 
75.5%). The 
NPEs after deducting 
the accumulated 
stock of loan 
provisions, 
amounted to €0.2bn 
(31 December 
2022: €0.6bn). 
Furthermore, 
the Group 
recognised in 
2023 other 
impairments, risk 
provisions 
and related 
costs amounting to 
€96m (2022
2
: €103m), which 
are analysed 
in a) €49m 
impairment on 
real estate 
properties, 
out of which 
€23m 
remeasurement 
loss 
related 
to 
the 
subsidiary 
IMO 
Property 
Investments 
Sofia 
E.A.D. 
which 
was 
disposed 
of 
during the year, 
b) €17m impairment on computer hardware and software 
(notes 26 and 28 of consolidated FS), 
and 
€30m 
other 
impairments, 
litigation 
and 
conduct-related 
provisions 
and 
costs. 
Moreover, 
it 
recorded 
restructuring costs of €37m (2022
2
: €89m) including an 
amount of €11m related to 
the acquisition of BNP Paribas 
Personal 
Finance 
Bulgaria 
by 
Eurobank 
Bulgaria 
A.D. (note 
23.2). The 
Group’s 
share 
of associates/JVs 
results 
amounted 
to 
€88m 
income, 
of 
which 
€58m 
income 
relates 
to 
Hellenic 
Bank 
profits 
for 
the 
six-month 
period 
ended 30 September 2023. 
Finally, 
in 2023 
following 
the 
completion of 
the 
disposal of 
the Bank’s 
70% shareholding 
in Eurobank 
Direktna, 
the 
Group 
recorded 
€141m 
net 
loss 
from 
discontinued 
operations 
attributable 
to 
shareholders, 
including 
the 
recyclement 
of 
€ 
124m 
cumulative 
losses 
to 
the 
income 
statement 
(mainly 
currency 
translation 
differences), 
previously recognized 
in other 
comprehensive income. 
Profit or Loss 
Overall, 
in 2023, the 
profit attributable 
to shareholders amounted 
to €1,140m 
(2022
2
: €1,347m profit), as set 
out 
in the consolidated income statement. The adjusted net profit, excluding 
the €111m gain 
on investment in Hellenic 
Bank, 
accounted 
for 
as 
an 
associate, 
€ 
141 
million 
net 
loss 
from 
discontinued 
operations, 
€48m 
net 
loss 
on 
projects 
“Solar” 
and 
“Leon” 
related 
to 
the 
NPE 
reduction 
plan, 
€10m 
provision 
(after 
tax) 
for 
the 
Bank’s 
contribution 
to 
the 
restoration 
initiatives 
after 
natural 
disasters, 
and 
€29m 
restructuring 
costs 
(after 
tax) 
amounted to €1,256m 
(2022
2
: €1,178m), of which €468m 
profit was related to the 
international operations (2022
2
: 
€211m profit). 
Based on the Group’s 
profits for 2023, 
the Earning per Share (EPS) reached 
€ 0.31 (2022
2
: €0.36) and the Return 
(adjusted profit) 
on Tangible 
Book Value 
(RoTBV) amounted 
to 18.1% 
(2022
2
: 11.4%, after 
deducting €516m non-
recurring trading 
gains net of tax mainly from derivative 
financial instruments). 
Going forward, 
the 
Group, 
pursues its 
objectives 
set out 
in the 
business plan 
for 
the 
period 
2024-2026, 
which 
includes targets 
for a) 
loans organic 
growth, 
b) maintaining resilient 
core profitability 
in a lower 
interest 
rates 
environment, c) improvement of the asset quality ratios, d) solid organic capital generation adequate to support 
the business 
growth, 
and e) reward 
of shareholders, 
starting from a payout 
ratio, 
in the 
form of cash 
dividends 
and/or share 
buybacks, subject 
to regulatory 
approval, 
of at 
least 25% 
in 2024 
and gradually 
increasing over 
coming years, mainly through 
the following 
initiatives and actions: 
a)
Maintain high NII mainly driven by the 
organic increase of Group’s 
performing loans, 
which may offset 
the pressures from the 
potential decrease in ECB rates, the change in deposits (time/sight) mix and the 
issuance of MREL eligible senior notes, 
b)
Strengthening 
core 
markets 
presence 
and 
increasing 
earnings 
and 
volumes 
contribution 
by 
international 
activities,
which 
will 
be 
further 
enhanced 
by 
the 
full 
consolidation 
of 
Hellenic 
Bank 
in 
Cyprus, 
c)
Growth of 
fee and commission income 
in a number of fee 
business segments such as lending, 
network 
and 
assets 
under 
management 
activities, 
bancassurance, 
cards 
issuing 
and 
investment 
property 
rentals, 
d)
Initiatives 
for 
pursuing further 
operating 
efficiency, 
cost containment 
of “run 
the 
bank” activities, 
and 
proceeding with further simplification 
and digitalization in Greece and abroad, maintaining the annual 
increase of the operating expenses at a 
low to mid-single digit 
%, considering the inflationary pressures 
and the 
“grow 
the 
bank” needs. 
In February 
2024, the 
Group 
launched 
a new 
Voluntary 
Exit Scheme 
(VES) for eligible units in Greece 
, 
e)
Maintaining 
low 
NPE 
ratios 
with 
high 
coverage 
levels 
in 
all 
core 
markets 
in 
which 
the 
Group 
has 
presence, 
which may be 
challenged by 
the higher 
interest rates 
and inflationary 
pressures' 
impact on 
households’ disposable income and 
corporate profit 
margins, 
f)
Major 
transformation 
initiatives 
introduced 
in 
the 
context 
of the 
Group’s 
transformation 
plan 
“Eurobank 2030”, 
g)
Support 
the 
green 
transition 
and 
financial 
inclusion 
through 
the 
further 
implementation 
of 
the 
Environment, Social and Governance 
(ESG) criteria in all Group’s 
activities and processes. 
The geopolitical 
and macroeconomic risks, including the 
sustained - albeit easing - inflationary 
pressures, set a 
number of challenges 
to the 
achievement 
of the 
Group’s 2024-2026 
Business Plan, mainly 
related with 
growth 
potential, 
lending 
margins, 
deposit 
rates, 
asset 
quality 
and 
operating 
cost. 
The 
headwinds 
coming 
from 
the 
geopolitical upheaval 
and the macroeconomic 
environment are 
likely to be mitigated by: 
a)
The efficient 
mobilization of 
the already 
approved 
EU funding, mainly through 
the Recovery 
and Resilience 
Facility (RRF), 
b)
The substantial pipeline 
of new investments, 
c)
The decrease 
of the unemployment 
rate in 2024 at single digit 
levels, close to historical lows, 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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d)
The positive 
developments in the 
tourism sector and the strong 
investment inflows, 
e)
The 
upgrade 
of 
the 
Greek 
sovereign 
to 
investment 
grade 
by 
four 
out 
of 
the 
five 
Eurosystem-approved 
External Credit Assessment 
Institutions. 
(see also further 
information in the 
section “Macroeconomic Outlook 
and Risks”) 
Capital adequacy 
As at 31 
December 2023, 
the Group’s 
Total 
Regulatory Capital 
amounted to €8.4bn 
(31 December 
2022: €8bn) 
and accounted 
for 
19.4% 
(total CAD) 
of Risk Weighted 
Assets (RWA) 
(Dec. 2022: 
19.2%), 
compared 
to the 
CAD 
Overall 
Capital 
Requirements 
(OCR) 
ratio 
of 14.68%
4
. Respectively, 
the 
Common Equity 
Tier 
1 (CET1) 
stood at 
16.9% 
of RWA 
(Dec. 2022: 
16%) compared 
to the 
CET1 OCR 
ratio 
of 9.98%
4
 
or 12.20%, including 
the 
Additional 
Tier 1 
(AT1) and 
Tier 2 capital 
shortfall. Both 
total CAD and CET1 
ratios for 
2023 carried 
the effect 
of the ending 
of 
the 
5-year 
transition 
period 
for 
the 
recognition 
of 
the 
IFRS 
9 
impact 
on 
the 
regulatory 
capital 
and 
the 
reversion to the 
standardized approach as of 1 March 2023. Pro-forma for 
the completion of the projects “Solar” 
and “Leon” 
(note 20 
of the 
consolidated financial 
statements) and 
the issuance 
of €300m Subordinated 
Tier 
II 
debt instruments 
in January 2024, 
the total 
CAD and CET1 
ratios 
would be 
20.2% and 17% 
respectively 
(note 4 
of the consolidated 
financial statements). 
As 
at 
31 
December 
2023, 
the 
Bank’s 
MREL 
ratio 
at 
consolidated 
level 
stands 
at 
24.91% 
of 
RWAs 
(Dec. 
2022: 
23.07%), 
higher 
than 
the 
interim 
non-binding 
MREL 
target 
of 
23.23%, which 
is 
applicable 
from 
January 
2024 
(note 4 of the consolidated 
financial statements). 
In the context of the Group’s initiatives for the optimization of its regulatory capital, in 
December 2023, the Bank 
proceeded 
with the 
execution of another 
synthetic risk 
transfer 
transaction (project 
“Wave 
IV”) in the 
form of a 
financial guarantee, 
providing 
credit protection 
over 
the mezzanine 
loss of 
a portfolio 
of performing 
SME and 
Large 
Corporate 
loans amounting 
to € 
1.5 billion, 
which resulted 
in a 
capital benefit 
of 41 
bps (note 
20 of 
the 
consolidated financial statements). 
Pursuant to the Regulation (EU) 
No 575/2013 (CRR), 
the deferred tax assets (DTAs) that rely on future profitability 
and 
exceed 
certain 
limits 
shall 
be 
deducted 
in 
the 
calculation 
of 
the 
CET1 
capital. 
This 
deduction 
should 
be 
applied gradually by 2025. The enactment of the article 27A of Law 4172/2013, as 
in force, provided for the Greek 
credit institutions that the eligible DTAs are accounted on a) the losses from the Private Sector 
Involvement (PSI) 
and the 
Greek State 
Debt Buyback 
Program 
and b) 
on the 
sum of 
(i) the 
unamortized part 
of the 
crystallized 
loan losses from write-offs and disposals, (ii) the accounting debt write-offs and (iii) the 
remaining accumulated 
provisions and other 
losses in general due to credit 
risk recorded up to 30 June 2015 and can 
be converted into 
directly enforceable 
claims (tax credits) against the 
Greek State, provided 
that the Bank’s after 
tax accounting 
result for the 
period is a loss. This 
legislative provision 
enabled the Greek 
credit institutions, including the 
Bank, 
not to deduct the eligible 
DTAs 
from CET1 capital but recognise 
them as a 100% weighted 
asset, with a positive 
effect 
on the 
capital 
position. As 
at 
31 December 
2023, 
the 
Bank’s eligible 
DTAs 
for 
conversion 
to tax 
credits 
amounted 
to 
€ 
3,212m 
(Dec.2022: 
€3,402m) 
(note 
13 
to 
the 
consolidated 
financial 
statements). 
A 
potential 
change in 
the 
regulatory 
treatment 
of eligible 
DTAs 
as tax 
credits 
may have 
an adverse 
effect 
in the 
Group’s 
capital position. 
2023 Stress Test 
Results 
On 28 July 2023, the 
Company announced that 
Eurobank Holdings 
Group successfully 
completed the 2023 EU-
wide Stress Test 
(ST), which was coordinated 
by the 
European Banking 
Authority (EBA) in 
cooperation 
with the 
ECB and the European Systemic Risk Board (ESRB). Eurobank has significantly improved its results and resilience 
to stress under the 
adverse scenario 
compared to the 
ST 2021 exercise. 
The 
starting point of the 
exercise was 
the financial 
and capital position 
of the 
Group as 
at 31 December 
2022, 
as calculated based on the Standardised Approach (STD). On that date, the Fully Loaded (FL) CET 1 ratio (based 
on the 
full implementation 
of Basel III 
rules) amounted to 
14.4%. Under 
the Baseline 
scenario, the 
FL CET1 ratio 
increases by 360bps over 
the 3-year ST horizon, reaching the 
level of 18% at the end of 2025. Under the 
Adverse 
scenario, the 
FL CET1 ratio 
decreases by 
220bps at the 
end of 2025 
and it stands 
at 12.2%, while 
at the 
end of 
the first year (2023) 
the Group registered 
its highest FL CET 1 ratio 
capital depletion, at 316bps. 
2024 Cyber Resilience Stress Test 
In 2024 the 
ECB will conduct a 
cyber resilience 
stress test on 109 
directly supervised 
banks, including Eurobank. 
The exercise will assess how 
banks respond to 
and recover from a cyberattack, rather than their ability to prevent 
it. 
In 
particular, 
under 
the 
stress 
test 
scenario, 
the 
cyberattack 
succeeds 
in 
disrupting 
banks’ 
daily 
business 
operations. 
Banks will 
then 
test their 
response 
and recovery 
measures, 
including the 
activation 
of emergency 
procedures 
and contingency plans 
and the 
restoration 
of normal operations. 
The 
ECB will assess 
the extent 
to 
which banks can cope under such a scenario. 
This stress test exercise 
will not have an impact on capital through 
the Pillar 2 guidance (P2G), which is a bank-
specific 
capital 
recommendation 
on top 
of the 
binding capital 
requirements. 
Rather, 
the 
ECB will 
discuss 
the 
findings and 
lessons learned 
with 
each bank 
as part 
of the 
2024 Supervisory 
Review 
and Evaluation 
Process 
(SREP), which assesses 
a bank’s individual risk 
profile. The 
exercise’s 
main findings will be 
communicated in 
the 
summer of 2024. 
4
 
The 
‘Overall 
capital 
requirement 
(OCR)’ 
is 
the 
sum 
of 
the 
total 
SREP 
capital 
requirement 
(TSCR) 
and 
the 
combined 
capital 
buffer 
requirement. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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International Operations 
The 
Group 
has 
a 
significant 
presence 
in 
three 
countries 
apart 
from 
Greece. 
In 
Cyprus, 
Eurobank 
Cyprus 
Ltd 
(Eurobank 
Cyprus) 
operates 
a network 
of 8 
banking 
centres 
in all 
major cities 
across 
the 
island, and 
has five 
main pillars of business namely, corporate banking, wealth management, international 
business banking, global 
markets 
and 
affluent 
banking. 
In 
Luxembourg, 
Eurobank 
Private 
Bank 
Luxembourg 
S.A. 
in 
parallel 
to 
its 
operations 
in Luxembourg, operates 
one branch in London and one 
in Athens, and offers 
products and services 
to private banking customers, 
fund management services, 
as well as tailored made corporate 
banking services. 
In Bulgaria, 
Eurobank 
Bulgaria AD 
(Postbank), is 
a universal 
bank offering 
a wide range 
of banking services 
to 
individuals and companies, through 
a network of 235 branches 
and business centres. 
On 2 March 2023, 
the Bank announced 
that it signed a 
binding share purchase 
agreement with 
AIK Banka a.d. 
Beograd 
(AIK) 
for 
the 
sale 
of 
its 
70% 
shareholding 
in 
its 
subsidiary 
in 
Serbia, 
Eurobank 
Direktna 
a.d..
On 
2 
November 
2023, 
following 
the 
receipt 
of 
the 
approvals 
by 
all 
competent 
regulatory 
authorities 
the 
Bank 
announced 
that 
the 
abovementioned 
sale was 
completed for 
a cash 
consideration 
of €198m. 
The 
transaction 
was consistent with 
Eurobank’s 
strategy 
to direct capital 
to opportunities with 
more compelling RoTBV 
and to 
further 
enhance 
its 
presence 
in 
its 
core 
markets, 
namely 
Greece, 
Bulgaria 
and 
Cyprus
(note 
30 
to 
the 
consolidated financial statements). 
On 4 April 
2023 the 
Bank announced 
that, after 
the receipt 
of the 
relevant regulatory 
approvals, 
it completed 
the 
acquisition 
of 
an 
additional 
13.41% 
holding 
in 
Hellenic 
Bank 
Public 
Company 
Limited 
(“Hellenic 
Bank”), 
a 
financial institution 
located in 
Cyprus,
for a 
consideration 
of €70m. Following 
that, the 
total holding 
in Hellenic 
Bank,
including the 
previously 
held participation 
of 15.8%,
on the 
above 
date reached 
29.2% 
and the 
Group is 
considered 
to 
have 
significant 
influence 
over 
the 
entity. 
Therefore, 
from 
the 
second 
quarter 
of 
2023, 
the 
investment in Hellenic Bank is accounted 
for as a Group’s 
associate. 
Furthermore, 
in August 
2023, the 
Bank announced 
that 
it has 
entered 
into share 
purchase agreements 
(SPAs) 
with certain 
shareholders 
of the 
Hellenic Bank, 
pursuant to which, 
it has agreed 
to acquire 
an additional 
total 
holding of 26.1% 
in the entity, 
for a total consideration 
of € 253.2 million 
(announcements dated 
on August 23
rd
, 
25
th
 
and 30
th
). The 
consideration 
for 
the 
said transactions 
is subject 
to possible 
adjustments 
depending 
inter 
alia 
on 
the 
timing 
of 
the 
completion 
and 
the 
terms 
of 
the 
mandatory 
tender 
offer 
in 
accordance 
with 
the 
provisions of the Takeover 
Bids Law of 
2007 in Cyprus. 
The completion of the acquisitions is subject 
to the receipt 
of all customary regulatory approvals. Following 
their completion, the 
total holding in Hellenic Bank will amount 
to 
55.3%. 
More 
recently, 
following 
the 
approval 
of 
the 
Commission 
for 
the 
Protection 
of 
Competition 
of 
the 
Republic of Cyprus in its meeting 
on 2 February 
2024, the acquisition 
of the additional total 
holding of 26.1% 
in 
Hellenic Bank, 
as per 
the aforementioned 
signed agreements 
with certain 
of its shareholders, 
is subject 
to the 
approvals of the 
Central Bank of Cyprus/European 
Central Bank and the 
Superintendent of Insurance 
of Cyprus 
(note 24 to the consolidated 
financial statements). 
Further 
to 
the 
announcement 
of 
9 
December 
2022, 
on 
1 
June 
2023, 
Eurobank 
Ηοldings 
announced 
that 
the 
acquisition 
of BNP 
Paribas 
Personal 
Finance 
Bulgaria by 
Postbank 
was completed 
on 31 
May 2023, 
following 
the 
receipt 
of the 
approvals 
by 
all competent 
regulatory 
authorities. 
The 
transaction 
strengthens 
Postbank’s 
position in the Bulgarian retail sector, 
while it also provides significant opportunities for 
cross selling, given BNP 
Paribas Personal 
Finance Bulgaria’s clientele 
of more than 
300 thousand clients. 
The operational 
integration 
is 
being 
designed 
aiming 
to 
maximize 
synergies 
while 
exploiting 
the 
best 
practices 
currently 
employed 
in 
the 
Personal Finance business model 
(note 23.2 to the consolidated 
financial statements). 
International operations 
remain a fundamental competitive 
advantage for the 
Bank, with notable contribution 
to the 
Group’s 
results. The 
prospects 
for the 
performance 
of Group’s 
International 
Operations 
remain positive 
despite the challenges in the 
global economic and geopolitical environment. 
International Operations 
business 
model and 
solid 
fundamentals 
allow to 
effectively 
respond 
to the 
challenges, 
safeguarding 
their 
profitability, 
promote 
sustainable 
prosperity 
in 
the 
local 
communities 
and 
create 
value 
for 
their 
clients, 
employees, 
shareholders, and the 
society at large. 
Risk management 
The 
Group acknowledges 
that 
taking risks 
is an 
integral 
part of 
its operations 
in order 
to achieve 
its business 
objectives. 
Therefore, 
the 
Group’s 
management 
sets adequate 
mechanisms to 
identify those 
risks at 
an early 
stage and assesses their potential 
impact on the achievement 
of these objectives. 
Due 
to 
the 
fact 
that 
economic, 
industry, 
regulatory 
and 
operating 
conditions 
will 
continue 
to 
change, 
risk 
management 
mechanisms 
are 
set 
in 
a 
manner 
that 
enable 
the 
Group 
to 
identify 
and 
deal 
with 
the 
risks 
associated with those changes. The Bank’s structure, internal processes 
and existing control mechanisms ensure 
both the 
independence principle and the exercise 
of sufficient supervision. 
The Group's 
Management considers effective 
risk management as a top priority, as well as a major competitive 
advantage, 
for 
the 
organization. 
As 
such, 
the 
Group 
has 
allocated 
significant 
resources 
for 
upgrading 
and 
maintaining 
its 
policies, 
methods 
and 
infrastructure 
up 
to 
date, 
in 
order 
to 
ensure 
compliance 
with 
the 
requirements 
of the 
European 
Central 
Bank (ECB) 
and of 
the 
Single Resolution 
Board 
(SRB), the 
guidelines 
of 
the 
European 
Banking 
Authority 
(EBA) 
and 
the 
Basel 
Committee 
for 
Banking 
Supervision 
as 
well 
as 
the 
best 
international banking 
practices. The 
Group implements 
a well-structured 
credit approval 
process, independent 
credit reviews 
and effective 
risk management policies 
for all material 
risks it is exposed 
to, both in 
Greece and 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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in each 
country of 
its international 
operations. 
The 
risk management 
policies 
implemented 
by 
the 
Group 
are 
reviewed 
on a regular basis. 
Risk 
culture 
is 
a 
core 
element 
of 
the 
organisation. 
Risk 
management 
function 
provides 
the 
framework, 
procedures and guidance 
to enable all employees to proactively 
identify, manage and monitor the 
risks in their 
own areas 
and improve 
the control 
and co-ordination 
of risk taking 
across their 
business. Ongoing 
education, 
communication and awareness takes place via dedicated learning programs, 
monthly meetings, sharing of best 
practices 
and other 
initiatives. 
The 
Group 
has also 
a policy 
in place 
to address 
any risks 
associated 
with 
the 
introduction, significant 
modifications and periodic 
monitoring of its products and services. 
The 
amount of 
risk which 
the 
Group is 
willing to 
assume 
in the 
pursuit of 
its strategic 
objectives 
is articulated 
via 
a 
set of 
quantitative 
and qualitative 
statements 
for 
risks 
assessed 
as material, 
that 
are 
described 
in the 
Group’s Risk Appetite 
Framework. 
The objectives 
are to support the Group’s 
business growth, 
balance a strong 
capital position with 
higher returns on 
equity and to ensure 
the Group’s 
adherence 
to regulatory requirements. 
The 
Risk Appetite, 
that 
is clearly 
communicated 
throughout 
the 
Group 
determines 
risk culture 
and forms 
the 
basis on which risk 
policies and risk limits 
are established at Group and regional level. Aiming to identify 
relevant 
and 
material 
risks 
the 
Bank 
maintains 
a 
well-defined 
Risk 
Identification 
and 
Materiality 
Assessment 
(RIMA) 
Framework. 
The 
identification 
and 
the 
assessment 
of 
all 
risks 
is 
the 
cornerstone 
for 
the 
effective 
Risk 
Management. The 
Group aiming 
to ensure 
a collective 
view on the 
risks linked 
to the 
execution of 
its strategy, 
acknowledges the 
new developments at 
an early stage and assesses the potential 
impact. 
The 
Board Risk 
Committee (BRC) 
is a 
committee of 
the 
Board of 
Directors (BoD) 
and its 
task is 
to advise 
and 
support the BoD regarding the monitoring of 
Group’s overall 
actual and future risk appetite 
and strategy, taking 
into account 
all types 
of risks 
to ensure 
that 
they 
are 
in line 
with 
the 
business strategy, 
objectives, 
corporate 
culture and 
values of the 
institution. The 
BRC assists the 
BoD in overseeing 
the implementation 
of Group’s 
risk 
strategy and 
the corresponding 
limits set. It also oversees 
the implementation 
of the strategies 
for capital 
and 
liquidity management 
as well 
as for 
all other 
relevant 
risks, such 
as credit 
and market 
risks, non-financial 
risks 
such 
as 
operational, 
reputational 
conduct, 
legal, 
cyber, 
outsourcing 
climate 
and 
environmental, 
in 
order 
to 
assess 
their 
adequacy 
against 
the 
approved 
risk 
appetite 
limits. 
The 
BRC 
consists 
of 
five 
(5) 
non-executive 
directors, meets on 
a monthly basis and 
reports to the BoD 
on a quarterly basis 
and on ad hoc instances if 
it is 
needed. 
The Management Risk Committee (MRC) is 
a management committee established by the Chief Executive Officer 
(CEO) 
and 
its 
main 
responsibility 
is 
to 
oversee 
the 
risk 
management 
framework 
of 
the 
Group. 
As 
part 
of 
its 
responsibilities, the 
MRC facilitates 
reporting to 
the 
BRC on the 
range of 
risk-related 
topics under 
its purview. 
The 
MRC proactively 
supports the 
Group Chief 
Risk Officer,
Chairman of 
the MRC, 
to identify 
material risks, 
in 
addition 
to those 
identified independently 
by 
the 
Group 
CRO and 
the 
Group 
Risk Management 
Unit, and 
to 
promptly 
escalate 
them 
to 
the 
BRC 
and 
assists 
the 
Group 
CRO 
in 
ensuring 
that 
the 
necessary 
policies 
and 
procedures 
are in place to prudently manage risk and to comply with regulatory 
requirements. 
The 
Group’s 
Risk 
Management 
Unit 
which 
is 
headed 
by 
the 
Group 
Chief 
Risk 
Officer 
(GCRO), 
operates 
independently 
from 
the 
business 
units 
and 
is 
responsible 
for 
the 
identification, 
assessment, 
monitoring, 
measurement and management of the risks that the Group is exposed to. It comprises of the Group Credit (GC), 
the Group Credit Control 
(GCC), the Group Credit Risk Capital Adequacy Control 
(GCRCAC), the Group 
Market 
and Counterparty 
Risk 
(GMCR), the 
Group 
Operational 
and Non-Financial 
Risks 
(GONFR), the 
Group 
Model 
Validation and Governance 
(GMVG), the Group Risk Management Strategy Planning Operations & Climate Risk 
(GRMSPO&CR), the Supervisory 
Relations and Resolution Planning 
(SRRP), and the Risk Analytics (RA) Units. 
As part of its overall system 
of internal controls, Eurobank 
Ergasias Services and Holdings 
S.A. has engaged in a 
Service 
Level 
Agreement 
(SLA) 
with 
Eurobank 
S.A. 
(the 
banking 
subsidiary 
of 
the 
Group) 
in 
order 
to 
receive 
supporting and advisory services in all areas 
of risk management undertaken 
by the Group. 
The most important types of 
risk that are addressed 
by the risk management 
functions of the 
Group are: 
Credit Risk 
Credit risk is 
the risk 
that a counterparty 
will be unable to 
fulfil its payment 
obligations in 
full when 
due. Credit 
risk is also 
related with country risk and 
settlement risk. Credit risk arises 
principally from the wholesale and retail 
lending activities of the Group, as well as from credit enhancements 
provided, such as financial guarantees and 
letters of credit. The Group is also exposed to credit risk arising from other activities such as investments in debt 
securities, trading, 
capital markets 
and settlement activities. 
Taking 
into account that 
credit risk is 
the primary 
risk the Group is exposed to, 
it is very closely managed and monitored by 
specialised risk units, reporting to the 
GCRO. 
The 
credit 
review 
and approval 
processes 
are 
centralized 
both 
in Greece 
and in 
the 
International 
operations 
following 
the 
“four-eyes” 
principle and 
specific 
guidelines 
stipulated 
in the 
Credit 
Policy 
Manual 
and the 
Risk 
Appetite 
Framework. 
The 
segregation 
of 
duties 
ensures 
independence 
among 
executives 
responsible 
for 
the 
customer relationship, the 
approval process and the loan disbursement, as well as monitoring of the loan during 
its lifecycle. The credit approval 
process in Corporate Banking is centralized 
through the establishment of Credit 
Committees with escalating Credit 
Approval Levels, 
which assess and limit to the extent possible the 
corporate 
credit risk. Rating 
models are used 
in order to calculate 
the credit 
rating of corporate 
customers, reflecting 
the 
underlying 
credit 
risk. The 
most significant 
ones 
are 
the 
MRA (Moody’s 
Risk Analyst) 
applied 
for 
companies 
-

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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mostly- 
with 
industrial 
and 
commercial 
activity 
and 
the 
slotting 
rating 
models, 
used 
for 
specialised 
lending 
portfolios 
(shipping, 
real 
estate 
and 
project 
finance) 
with 
ring 
fenced 
transactions. 
Credit 
risk 
assessment 
is 
performed 
by 
Group 
Credit 
(GC), 
which 
assesses 
the 
credit 
requests 
submitted 
by 
the 
Business 
Units, 
a 
procedure including the evaluation 
of the operational and financial profile of the customer, 
the validation of the 
borrower’s 
rating and the 
identification of potential risk factors 
for the 
Bank. 
The credit review and approval processes 
for loans to Small Businesses (turnover up to €5m) 
are also centralised 
following 
specific 
guidelines 
and 
applying 
the 
‘four-eyes’ 
principle. 
The 
assessment 
is 
primarily 
based 
on the 
analysis 
of 
the 
borrower's 
operational 
characteristics 
and 
financial 
position. 
The 
same 
applies 
for 
Individual 
Banking (consumer 
and mortgage 
loans), where 
the 
credit 
risk assessment 
is based 
on criteria 
related 
to the 
characteristics of the 
retail portfolio, 
such as the financial position of the 
borrower, 
the payment behaviour, 
the 
existence of real estate property 
and the type and quality of securities. 
The 
ongoing monitoring 
of 
the 
portfolio 
quality 
and 
of 
any deviations 
that 
may arise, 
lead to 
an immediate 
adjustment 
of 
the 
credit 
policy 
and 
procedures, 
when 
deemed 
necessary. 
The 
quality 
of 
the 
Group’s 
loan 
portfolios 
(business, consumer 
and mortgage 
in Greece 
and abroad) 
is monitored 
and assessed 
by the 
Group 
Credit 
Control 
(GCC) 
via 
field, 
desktop 
and 
thematic 
reviews 
in 
order 
to 
timely 
identify 
emerging 
risks, 
vulnerabilities, 
compliance 
to 
credit 
policies 
and 
consistency 
in 
underwriting. 
Furthermore, 
the 
GCC 
assumes 
oversight 
and 
supervisory 
responsibilities 
for 
proper 
operation 
of 
corporate 
rating 
and 
impairment 
models. 
Moreover, 
GCC regularly 
reviews 
the 
adequacy of 
provisions 
of all 
loan portfolios. 
The 
sector also 
formulates 
Group’s 
credit 
policies,
reviews 
policies
developed 
by other 
units and 
participates 
in the 
development 
of new 
loan 
products. 
Finally, 
it 
monitors 
regulatory 
developments, 
emerging 
trends 
and 
best 
practices 
proposing 
relevant 
policy 
updates 
or product 
enhancements 
when 
necessary. 
GCC operates 
independently 
from 
all the 
business units of the Bank and reports 
directly to the GCRO. 
The 
measurement, 
monitoring and 
periodic 
reporting of 
the 
Group’s 
exposure 
to counterparty 
risk (issuer 
risk 
and market driven counterparty risk), which is the risk 
of loss due 
to the customer’s failure to meet its contractual 
obligations 
in 
the 
context 
of 
treasury 
positions, 
such 
as 
debt 
securities, 
derivatives, 
repos, 
reverse 
repos, 
interbank 
placings, 
etc. are 
performed 
by 
the 
Group 
Market 
and Counterparty 
Risk 
(GMCR). The 
Group 
sets 
limits on the level 
of counterparty risk that are 
based mainly on the counterparty’s 
credit rating, as provided 
by 
international 
rating 
agencies, 
the 
product 
type and 
the 
maturity 
of the 
transaction 
(e.g. control 
limits on 
net 
open 
derivative 
positions 
by 
both 
amount 
and 
term, 
sovereign 
bonds 
exposure, 
corporate 
securities, 
asset 
backed securities, etc.). GMCR 
maintains and updates 
the limits’ monitoring systems 
and ensures the correctness 
and compliance 
of all 
financial institutions 
limits with 
the Bank’s 
policies as 
approved 
by the 
Group’s 
relevant 
bodies. The utilization 
of the abovementioned 
limits, any excess of them, as well 
as the aggregate exposure 
per 
Group’s 
entity, counterparty 
and product 
type are 
monitored by 
GMCR on a 
daily basis. 
The 
Group from 
2021 
applies 
the 
new 
regulatory 
framework 
for 
the 
counterparty 
risk 
from 
derivatives 
Standardised 
Approach 
for 
measuring counterparty credit 
risk (SA-CCR). 
Market Risk 
The Group 
has exposure to market 
risk, which is the 
risk of potential financial 
loss due to an adverse 
change in 
market 
variables. 
Changes 
in 
interest 
rates, 
foreign 
exchange 
rates, 
credit 
spreads, 
equity 
prices 
and 
other 
relevant 
factors, 
such as 
the implied 
volatilities, 
can affect 
the Group’s 
income or 
the fair 
value of its 
financial 
instruments. 
The 
market 
risks, 
the 
Group 
is 
exposed 
to, 
are 
monitored, 
controlled 
and 
estimated 
by 
GMCR. 
GMCR is 
responsible 
for 
the 
measurement, 
monitoring, control 
and reporting 
of the 
exposure 
on market 
risks 
including the 
Interest 
Rate Risk 
and the 
Credit Spread 
Risk in 
the 
Banking Book 
(IRRBB/CSRBB) of 
the 
Group. 
The 
GMCR reports to 
the GCRO. 
The 
exposures and 
the utilisation 
of the 
limits are reported 
to the 
Board Risk 
Committee
and to the BoD . 
Market risk in Greece and 
International Subsidiaries is managed and monitored 
mainly using Value at Risk 
(VaR) 
methodology, 
sensitivity 
and 
stress 
test 
analysis. 
VaR 
is 
a 
methodology 
used 
in 
measuring 
financial 
risk 
by 
estimating the potential negative 
change in the market value of a portfolio at a given confidence level and over 
a specified 
time horizon. The 
VaR 
that the 
Group measures 
is an estimate 
based upon a 
99% confidence 
level 
and a holding 
period of 
1 day and 
the methodology 
used for 
the calculatio 
n 
is Monte Carlo 
simulation (full 
re-
pricing of the 
positions is performed). 
Since VaR 
constitutes an integral 
part of the 
Group's market 
risk control 
regime, VaR 
limits have been established 
for all portfolios 
(trading and investment) 
measured at fair 
value and 
actual exposure is monitored daily by 
management. However, 
the use of this approach 
does not prevent 
losses 
outside 
of 
these 
limits 
in 
the 
event 
of 
extraordinary 
market 
movements. 
For 
that 
reason 
the 
Group 
uses 
additional 
monitoring 
metrics 
such 
as: 
Stressed 
VaR, 
Expected 
Shortfall 
and 
Stress 
Tests. 
Finally, 
the 
Group 
already 
monitors the 
impact from 
the 
new 
regulatory 
framework 
for 
market 
risk (Fundamental 
Review 
of the 
Trading 
Book-FRTB) 
and 
monitors 
the 
evolution 
of 
the 
relevant 
capital 
charges 
until 
its 
official 
application 
(2025) based on a set of established systems and procedures. 

 
 
 
 
 
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Interest Rate Risk in the 
Banking Book (IRRBB) 
The IRRBB 
is defined as 
the current 
and the 
prospective 
risk of a negative 
impact to the 
institution’s economic 
value 
of 
equity, 
or 
to 
the 
institution’s 
net 
interest 
income, 
taking 
market 
value 
changes 
into 
account 
as 
appropriate, which arise from 
adverse movements 
in interest rates 
affecting interest 
rate sensitive instruments, 
including gap risk, basis risk and option risk. 
GMCR is 
the 
unit responsible 
for 
the 
monitoring, control, 
reporting and 
estimation 
of IRRBB 
on a 
group 
level. 
Both 
the 
Economic 
Value 
of 
Equity 
(EVE) 
and 
NII 
sensitivity 
to 
a 
number 
of 
stresses 
on 
interest 
rates 
are 
estimated 
on 
a 
periodic 
basis 
and 
are 
compared 
with 
the 
approved 
BoD 
Risk 
Appetite 
Statements
 
(RAS) 
thresholds. The 
Group is now using the 
established Asset and Liability Management 
(ALM) tool for a significant 
part of the analysis on a solo level. The plan is to further increase the use of the ALM tool for any analysis related 
to IRRBB on a group level. 
Furthermore, 
the Group already 
applies a set of extra stress test analysis 
for specific 
parts 
of its 
Banking Book 
for 
the 
assessment 
to the 
exposure 
on Mark-to-Market 
(MTM) volatility 
and for 
the 
assessment of the CSRBB (Credit 
Spread Risk in the Banking Book). The 
policy for the management 
of IRRBB as 
approved 
by BRC 
and BoD 
provides 
a clear 
description of 
the 
methodologies, 
the 
governance, 
the 
limits that 
are used for the 
management of IRRBB & CSRBB. 
Liquidity Risk 
The Group 
is exposed on a daily basis 
to liquidity risk due to deposits 
withdrawals, maturity 
of medium or long 
term 
notes, 
maturity 
of secured 
or unsecured 
funding 
(interbank 
repos 
and money 
market 
takings), collateral 
revaluation 
as a 
result 
of market 
movements, 
loan draw 
-downs 
and forfeiture 
of guarantees. 
The 
Board 
Risk 
Committee and 
the BoD 
sets in the 
RAS Framework 
the liquidity 
risk thresholds 
to ensure 
that sufficient 
funds 
are available to meet 
all of these 
contingencies under any scenario. 
The Group 
monitors on a continuous basis 
the level of liquidity risk using regulatory and 
internal metrics and methodologies (Liquidity Coverage Ratio/LCR, 
Net Stable Funding Ratio/NSFR, Liquidity Buffer analysis, cash flow analysis, 
short-term and medium-term stress 
test etc.). 
BRC 
role 
is 
to 
approve 
all 
strategic 
liquidity 
risk 
management 
decisions 
and 
monitor 
the 
quantitative 
and 
qualitative aspects of liquidity risk. Group 
Assets and Liabilities Committee (G-ALCO) has the 
mandate to form 
and implement 
the 
liquidity policies 
and guidelines 
in conformity 
with Group's 
risk appetite, 
and to 
review 
at 
least monthly 
the overall 
liquidity position 
of the 
Group. Group 
Treasury 
is responsible 
for the 
implementation 
of the 
Group's 
liquidity strategy, 
the 
daily management 
of the 
Group’s 
liquidity and 
for 
the 
preparation 
and 
monitoring of 
the 
Group’s 
liquidity budget, 
while GMCR 
is responsible 
for 
measuring, 
control, 
monitoring and 
reporting the liquidity 
of the Group
to the G-ALCO, 
BRC, BoD and to the regulatory bodies. 
Operational 
& Non-Financial Risks (NFRs) 
Aiming to 
strengthen 
further 
the 
existing Operational 
Risk Framework 
in alignment 
with increased 
regulatory 
expectations as 
defined in the: 
i) EBA Guidelines 
on Internal Governance 
(2021) under 
Directive 
2013/36/EU, (ii) 
BCBS Revisions to the 
Principles for the 
Sound Management of Operational 
Risk (2021), (iii) BCBS Principles 
for 
Operational Resilience, and (iv) EBA 
Guidelines on ICT 
and security risk 
management EBA/GL/2019/04, the Group 
had decided to move towards 
managing Non-Financial Risks (NFRs) holistically. 
NFR is defined by 
exclusion, that is, 
any risk other 
than the 
financial risks such as credit, 
market, and liquidity. 
It 
includes 
operational 
risk and 
reputational 
risk as 
well 
as specific 
aspects of 
other 
risks, such 
as business 
and 
strategic risk.
Operational risk is defined as the risk of 
loss resulting from inadequate or failed internal processes, 
people, and 
systems or from 
external events 
(definition includes 
legal risk but 
excludes business, 
strategic 
and 
reputational risk). 
Eurobank is gradually implementing the 
Risk Appetite Framework to cover 
NFRs, which sets out the mechanisms 
through 
which 
the 
Group 
establishes 
its 
risk 
appetite 
and 
ensures 
that 
its 
risk 
profile 
remains 
within 
that 
appetite to bear risk in relation to the 
internal and external events 
as well as other 
constraints. 
Governance 
responsibility 
for 
Non-Financial 
Risks 
management 
stems 
from 
the 
Board 
of 
Directors 
(BoD), 
through the Executive Board and Senior Management, and 
passes down to 
the Heads and staff of 
every business 
unit. The BoD establishes 
the mechanisms used 
by the Group 
to manage NFRs, sets the tone and 
expectations, 
and delegates 
relevant responsibilities. 
The 
Board Risk 
Committee and 
the Audit 
Committee monitor 
the NFR 
levels and profile, 
including relevant events. 
NFR 
management 
comprises 
risk 
identification, 
assessment, 
and 
mitigation 
while 
employing 
independent 
oversight and an effective 
risk culture to ensure that business objectives are met 
within the NFR appetite that is 
reflected in the Group’s 
Policies and Guidelines. 
The Heads 
of each Business Unit (the 
risk owners) are 
primarily responsible for 
the day-to-day management 
of 
NFRs and 
the 
adherence 
to relevant 
controls. 
Each Business 
Unit has 
appointed an 
Operational 
Risk Partner 
(OpRisk Partner) 
or an Operational 
Risk Management 
Unit (ORMU) depending on 
the size of 
the business 
unit, 
which are 
responsible for 
coordinating the 
internal risk 
management efforts 
of the 
business unit 
while forming 
the link between Line 
1 and Line 2. 
Eurobank 
has 
adopted 
a 
Themes-based 
risk 
taxonomy, 
developed 
along 
the 
lines 
of 
the 
industry 
reference 
taxonomies, for risk management and reporting purposes. Each Risk Themes is overseen by Theme Coordinators 
(Second Line of Defense). The 
risk themes which fall 
within the scope of NFR are 
the following: 

 
 
 
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Group 
Operational 
and 
Non-Financial 
Risks 
Unit 
(GONFR) 
has 
been 
positioned 
as 
an 
overlaying 
framework 
coordinator for all Non-Financial Risks (NFRs). 
GONFR’s overlaying responsibilities aim to harmonize the Second 
Line of Defense activities across 
the Group 
and to holistically ensure the 
effective, 
consistent application of the 
Risk Appetite Framework. 
The 2LoD Units maintain their 
responsibilities for specific 
Risk Theme(s) 
owned. 
Climate related and environmental 
risks 
The Group 
has recognized climate change as a material 
risk and based on supervisory guidelines, has adapted 
its policies and methodologies 
for identifying and monitoring the 
relevant risks. 
Specifically, 
climate 
related 
and 
environmental 
risks 
are 
defined 
as 
the 
risks 
deriving 
from 
potential 
loss 
or 
negative 
impact 
to 
the 
Group, 
including 
loss/damage 
to 
physical 
assets, 
disruption 
of 
business 
or 
system 
failures, transition 
expenditures and reputational effects 
from the adverse 
consequences of climate change and 
environmental degradation. 
Climate-related and environmental 
risks include the following: 
a)
Climate related 
and environmental 
physical 
risk: Physical 
risk refers 
to the 
financial impact 
of a 
changing 
climate, 
including more 
frequent 
extreme 
weather 
events 
and gradual 
changes in 
climate, 
as well 
as the 
impact of environmental 
degradation. 
b)
Climate 
related 
and 
environmental 
transition 
risk: 
Transition 
risk 
refers 
to 
financial 
loss 
that 
can 
result, 
directly 
or 
indirectly, 
from 
the 
process 
of 
adjustment 
towards 
a 
lower-carbon 
and 
more 
environmentally 
sustainable economy, 
c)
Environmental risk: Risk of actual or potential 
threat associated 
with the dependency on nature 
and nature 
impacts 
and/or 
the 
misalignment 
between 
the 
Group’s 
strategy 
and 
the 
changing 
regulatory, 
policy, 
or 
societal landscape in which it operates. 
Environmental risk excludes the 
impacts from climate change. 
The 
Group is 
adopting a 
strategic 
approach towards 
sustainability, 
climate change 
risk identification 
and risk 
management, 
signifying 
the 
great 
importance 
that 
is 
given 
in 
the 
risks 
and 
opportunities 
arising 
from 
the 
transitioning 
to 
a 
low-carbon 
and 
more 
circular 
economy. 
In 
this 
context, 
the 
Bank 
has 
approved 
and 
implements its Financed Impact 
Strategy, 
which focuses on: 
a)
Clients’ engagement and awareness 
to adapt their business so as to address 
climate change challenges, 
b)
Actions for supporting clients in their transition 
efforts towards 
a more ESG-friendly economic environment, 
c)
Enablers and tools such as frameworks 
and products to underpin Sustainable 
Financing, 
d)
The assessment 
and management of climate-related 
risk of exposures. 
In 
line 
with 
good 
practices 
identified 
by 
the 
ECB, 
the 
Financed 
Impact 
Strategy 
of 
the 
Bank 
will 
focus 
on 
sustainable 
financing 
targets 
/ 
commitments. 
In 
particular, 
the 
Bank 
identified 
total 
portfolio 
and 
sectoral 
targets with regards 
to financing the green transition 
of its clients. 
The Bank has set the 
following targets 
for sustainable disbursements in the 
following years: 
a)
New 
disbursements: 
€2bn 
new 
green 
disbursements 
to 
businesses 
until 
2025 
or 
20% 
of 
the 
annual 
new 
corporate disbursements 
to be classified as green/ environmentally 
sustainable, 
b)
Renewable 
energy: 
35% of 
new 
disbursements 
in the 
energy 
sector will 
be directed 
to Renewable 
Energy 
Sector (RES) financing, 
c)
Green 
buildings: 
80% 
of 
disbursements 
related 
to the 
construction 
of 
new 
buildings 
will be 
allocated 
to 
green buildings, 
d)
RRF: €2.25bn total green contribution through 
RRF funds in the Greek 
economy by 2026, 
e)
Green stock / exposure evolution: 20% stock of green exposures for the corporate portfolio 
by 2027 (up from 
11% in 2022), and 
f)
Double retail green gross 
disbursements within 2023 compared 
to 2022. 
To facilitate 
the classification of sustainable/green 
financing opportunities in a structural manner, 
the Bank has 
developed 
its 
Sustainable 
Finance 
Framework 
(SFF). 
Through 
its 
SFF, 
the 
Bank 
is able 
to 
classify 
sustainable 
lending solutions offered 
to its clients, specifying the 
applied classification 
approach and 
the activities defined 
as 
eligible 
to 
access 
sustainable 
financing 
(eligible 
green 
and 
social 
assets). 
Furthermore, 
the 
Group 
has 
updated its 
governance 
structure by 
introducing 
and defining 
the 
roles 
and responsibilities 
in relation 
to ESG 
and 
climate 
related 
and 
environmental 
(CR&E) 
risks, 
embedding 
regulatory 
guidelines 
and 
market 
practices 
involving 
various key 
stakeholders 
(i.e. Business 
functions, 
Units, and 
Committees). The 
Group applies 
a model 
of defined roles and responsibilities 
regarding the 
management of CR&E risks across the 
3 Lines of Defense. 

 
 
 
 
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In this context and taking into account the significant impact of climate-related and environmental (CR&E) risks 
both 
on financial 
institutions 
and on 
the 
global economy, 
the 
Group 
developed 
and approved 
its CR&E 
Risks 
Management Policy which 
aims at fostering a 
holistic understanding of the effects 
of CR&E risks on its business 
model, as well as 
support decision-making regarding 
these matters 
and provide a 
robust governance 
under its 
Risk Management Framework. 
The 
Group 
Risk 
Management 
Strategy 
Planning 
Operations 
& 
Climate 
Risk 
(GRMSPO&CR) 
has 
the 
overall 
responsibility for overseeing, monitoring, and managing CR&E risks. 
Specifically, the Unit operates as the Project 
office 
responsible for 
the 
implementation 
of the 
Climate 
related 
and Environmental 
risks roadmap 
(“Program 
Field”), 
with 
a 
coordinating 
and 
supervisory 
role 
on 
all 
related 
project 
streams 
to ensure 
alignment 
with 
the 
Bank’s 
business 
strategy 
and 
the 
regulatory 
authorities’ 
expectations. 
In 
this 
context, 
the 
Unit 
ensures 
the 
implementation of corresponding 
environmental and sustainability initiatives 
(frameworks, 
policies, procedures 
and products) 
and compliance 
with relevant 
existing and 
upcoming regulations, 
under an 
ongoing bank-wide 
program, 
in line 
with 
the 
supervisory 
agreed 
roadmap, 
which 
is 
accelerated 
where 
possible. 
Also, 
the 
Unit 
is 
responsible for 
coordinating 
with Business 
and other 
Risk Units, 
preparing 
and submitting 
for 
approval 
of the 
Financed Impact 
Strategy, 
as well 
for 
monitoring its implementation. 
Furthermore, 
the Unit 
leads the 
2nd Line 
of Defense independent sustainable lending re-assessment process. 
Specifically, in the context of implementing 
the 
approved 
Sustainable 
Finance 
Framework 
(SFF), 
the 
Unit 
is 
responsible 
for 
assessing 
the 
sustainability 
features of new loans and products 
according to the criteria set within the SFF. 
Further information 
on ESG risks 
is provided in the 
Consolidated Pillar 3 Report on the 
Company’s website. 
The Group participates in the European Central 
Bank’s (ECB) supervisory One-off Fit-for-55 climate risk scenario 
analysis, which 
was launched 
in December 
2023. The 
climate risk 
scenario 
analysis – 
with the 
participation 
of 
110 significant 
banks – 
aims to gain 
insights into 
the capacity 
of the 
financial system 
to support the 
transition 
to a 
lower 
carbon economy 
under conditions 
of stress. 
The 
Group 
is in 
the 
process 
of successfully 
completing 
this exercise, and continues to 
work in order to implement its 
climate risk action plan, 
to further integrate climate 
risks 
into 
its 
business 
strategy 
and 
risk 
management 
practices, 
and 
to 
support 
its 
clients 
towards 
climate 
transition and sustainable business 
growth. 
The Group applies the elements of the Three 
Lines of Defense model for the management of all types of risk. The 
Three 
Lines 
of 
Defense 
Model 
enhances 
risk 
management 
and 
control 
by 
clarifying 
roles 
and 
responsibilities 
within the organization. Under the oversight 
and direction of the Management Body, the responsibilities of each 
of these lines of defense 
are: 
Line 
1 
- 
Own 
and 
manage 
risk 
and 
controls. 
The 
front 
line 
business 
and 
operations 
are 
accountable 
for 
this 
responsibility as they own 
the rewards 
and are the primary risk generators, 
Line 2 
- Monitor 
risk and 
controls 
in support 
of Executive 
Management, 
providing 
oversight, 
challenge, advice 
and group-wide direction. 
These mainly include the 
Risk and Compliance Units, 
Line 3 - Provide 
independent assurance 
to the 
Board and Executive 
Management concerning 
the effectiveness 
of risk and control management. 
This refers 
to Internal Audit. 
Further 
information 
on the 
Group’s 
financial risk 
management 
objectives 
and policies, 
including the 
policy for 
hedging each major type of transaction for 
which hedge accounting is used is set out in the notes 2, 5 and 19 to 
the consolidated 
financial statements for 
the year ended 31 December 
2023. 
Non Performing Exposures 
(NPE) management
The 
Group 
realizes 
the 
NPE 
Strategy 
Plan 
through 
its 
implementation 
by 
doValue 
Greece 
for 
the 
assigned 
portfolio and 
the securitization transactions. 
Troubled 
Assets Committee 
The Troubled Assets Committee (TAC) is established according to the regulatory provisions and its main purpose 
is to act 
as an independent 
body, closely 
monitoring the 
Bank’s troubled 
assets portfolio 
and the 
execution of 
its NPE Management Strategy. 
Remedial and Servicing Strategy 
(RSS) 
Remedial 
Servicing & 
Strategy 
Sector (RSS) 
has the 
mandate to 
inter alia 
devise the 
NPE reduction 
plan and 
closely monitor the overall performance 
of the NPE portfolio as well as the relationship of the Bank with doValue 
Greece. 
Furthermore, 
following 
Eurobank’s 
commitments 
against the 
significant risk 
transfer 
(SRT) monitoring 
regulatory 
requirements 
pertaining 
to Bank’s 
concluded 
transactions, 
RSS has 
a pivotal 
role 
in ensuring 
that 
relevant 
process 
is performed 
smoothly and 
in a 
timely manner 
and that 
any shortcomings 
are appropriately 
resolved, while providing any required clarifications or additional 
material required by the regulatory authorities. 
The Head of RSS reports 
to the General 
Manager of Group Strategy. 
In this context, RSS has been assigned inter alia with 
the following 
responsibilities: 
a)
Develop and actively 
monitor the NPE targets 
and reduction plan, 
b)
Set the 
strategic 
principles, priorities, 
policy framework 
and KPIs 
under which 
doValue 
Greece 
is servicing 
the portfolio, 
c)
Closely monitor 
the 
execution 
of 
the 
approved 
strategies, 
as well 
as all 
contractual 
provisions 
under 
the 
relevant 
contractual 
agreements 
for 
Eurobank’s 
portfolio 
assigned 
to 
doValue 
Greece 
including 
the 
securitized portfolio 
of ERB Recovery DAC, 
d)
Monitoring of the performance 
of the senior notes of the 
securitizations in collaboration 
with Group Risk so 
as to 
ensure compliance to 
significant risk transfer (SRT) and 
to the Hellenic 
Asset Protection Scheme (HAPS), 
e)
Budget and monitor the Bank’s expenses and revenues 
associated with the 
assigned portfolio, 

 
 
 
 
 
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f)
Cooperate closely with 
doValue Greece 
on a daily basis in achieving the 
Group’s objectives, 
g)
Maintain supervisory dialogue. 
NPE Management Strategy 
and Operational 
targets 
Ιn 
line 
with 
the 
regulatory 
framework 
and 
Single 
Supervisory 
Mechanism’s 
(SSM) 
requirements 
for 
Non-
Performing 
Exposures’ 
(NPE) management, 
the 
Group’s 
new NPE 
Management Strategy 
for 
2024-2026, 
along 
with 
the 
annual NPE 
stock targets 
at both 
Bank and 
Group 
level 
envisages 
the 
decrease 
of the 
Group’s 
NPE 
ratio at 
3.2% in 2026. 
Project “Solar” 
In the context of 
its NPE management strategy, the Group has structured another NPE securitization transaction 
(project ‘Solar’), as part 
of a joint initiative with the 
other 
Greek systemic banks, in order 
to decrease further 
its 
NPE 
ratio 
and 
strengthen 
its 
balance 
sheet 
de-risking. 
In 
addition, 
the 
Group 
targets 
to 
the 
prudential 
and 
accounting 
derecognition 
of 
the 
underlying 
corporate 
loan 
portfolio 
from 
its 
balance 
sheet 
by 
achieving 
a 
Significant 
Risk Transfer 
(SRT) and 
including ‘Solar’ 
securitization 
under 
the 
Hellenic Asset 
Protection 
Scheme 
(HAPS), thus the senior 
note of the securitization 
to become entitled to the Greek 
State’s guarantee. 
On 
2 
November 
2023, 
the 
Bank 
announced 
the 
execution 
of 
a 
binding 
agreement 
between 
the 
four 
Greek 
systemic banks (the 
Banks) and Waterwheel 
Capital Management, 
L.P., 
with respect 
to the 
sale to the 
latter of 
95% of the Mezzanine 
notes and of 95% of 
the Junior notes 
to be issued in the 
context of “Solar” securitization. 
The 
Banks 
will 
hold 
100% 
of 
the 
Senior 
notes 
as 
well 
as 
5% 
of 
the 
Mezzanine 
and 
of 
the 
Junior 
notes. 
The 
completion 
of 
the 
transaction 
is 
subject 
to 
the 
fulfillment 
of 
customary 
conditions 
for 
such 
transactions, 
including, among others, 
the HAPs guarantee 
and SRT approval mentioned 
above (note 20 to the 
consolidated 
financial statements). 
Project “Leon” 
In December 2023, 
the Bank, aiming to accelerate 
further its 
NPE reduction plan, initiated 
the sale process 
of a 
mixed NPE 
portfolio 
of total 
gross 
book 
value 
ca. 
€400m, engaging 
in parallel 
in negotiations 
with 
potential 
investors. The transaction is expected to be completed by the end of 2024. 
Accordingly, as at 31 December 2023, 
the Bank classified the 
above loan portfolio 
as held for sale (note 
20 to the consolidated 
financial statement). 
Macroeconomic Outlook 
and Risks 
Despite 
the 
fragile 
international 
environment, 
the 
economies 
of 
Greece, 
Bulgaria 
and 
Cyprus 
remained 
in 
expansionary territory 
in 2023, overperforming 
their European 
Union (EU) peers. 
More specifically, 
according to 
provisional data by the Hellenic Statistical Authority (ELSTAT), the Greek economy expanded by 2% 
on an 
annual 
basis 
in 2023 
(2022:5.6%), 
driven 
by 
increases 
in exports 
of 
goods 
and 
services, 
household 
consumption 
and 
fixed 
investment. 
According 
to its 
Winter 
Economic 
Forecast 
(February 
2024), 
the 
European 
Commission 
(EC) 
expects a 
GDP growth 
rate of 
2.3% in 2024 and 
2025. Amid 
strong base 
effects 
and easing energy 
prices, the 
inflation rate as measured by the annual change in 
the Harmonized Index of 
Consumer Prices (HICP) decelerated 
to 4.2%
in 2023 from 9.3% 
in 2022 according to 
ELSTAT, 
with the Commission 
forecasting 
further 
de-escalation 
to 2.7% 
in 2024, 
and 
2% in 
2025. 
The 
average 
quarterly 
unemployment 
rate 
decreased 
to 11.1% 
in 2023 
from 
12.4% in 2022, with the
International Monetary 
Fund forecasts 
for 2024 and 
2025 standing at 9.2% 
and 8.5% in 
2024 and 2025 respectively, 
according to its January 2024 Art. IV Country Report. 
Growth 
in Greece 
as well 
as in Bulgaria 
and Cyprus 
is expected to 
receive 
a significant 
boost from 
EU-funded 
investment projects 
and reforms. Greece 
shall receive €36bn (€18.2bn in grants and €17.7bn 
in loans) up to 2026 
through the Recovery and Resilience Facility (RRF), Next 
Generation EU (NGEU)’s largest instrument, out 
of which 
€14.7bn 
(€7.4bn 
in grants 
and 
€7.3bn 
in loans) 
has 
already 
been disbursed 
by 
the 
EU. A 
further 
€40bn 
is 
due 
through 
EU’s 
long-term 
budget 
(MFF), 
out 
of 
which 
€20.9bn 
is 
to 
fund 
the 
National 
Strategic 
Reference 
Frameworks 
(ESPA 
2021–2027). Moreover, 
following 
the September 
2023 floods in 
the 
Thessaly 
region, Greece 
could benefit from EU support of up to € 2.65 billion, according 
to the EC President. 
On monetary 
policy developments, 
the Governing 
Council of the 
ECB, in line 
with its 
strong commitment 
to its 
price stability 
mandate, proceeded 
with ten rounds 
of interest 
rate hikes 
in 2022 and in 
2023 (the 
most recent 
one in September 2023), raising the three key ECB interest rates by 450 basis points on aggregate. Furthermore, 
although net bond purchases under the 
temporary Pandemic Emergency 
Purchase Programme 
(PEPP) ended in 
March 2022, as 
scheduled, the 
ECB will continue to reinvest 
principal from 
maturing securities at 
least until the 
end of 2024, including purchases of Greek Government 
Bonds (GGBs) over and above 
rollovers 
of redemptions. 
On the 
fiscal front, 
according to 
the 
2024 State 
Budget, the 
general 
government 
is expected 
to post 
primary 
surpluses of 1.1% 
and 2.1% 
of GDP in 2023 and 
2024 respectively, 
up from 0.1% 
of GDP in 2022. The 
gross public 
debt-to-GDP 
ratio, 
having 
declined 
significantly 
to 
172.6% 
in 
2022 
(from 
195% 
in 
2021) 
due 
to 
the 
strong 
economic recovery 
and the effect 
of the high inflation on nominal 
GDP, 
is expected to decline further 
to 160.3% 
in 
2023 
and 
152.3% 
in 
2024. 
In 
2023, 
the 
Greek 
government 
issued 
or 
re-opened 
twelve 
bonds 
of 
various 
maturities (from 
5 to 19 
years) through 
the Public 
Debt Management 
Agency (PDMA), 
raising a 
total of 
€ 11.45 
billion from 
the international 
financial markets. In 
February 
2024, the 
PDMA issued a new 
10-year bond, raising 
€4bn at a yield of 3.478%, and reopened two bonds with remaining 
maturities of 4.25 and 9.25 years for 
€200m 
each, with their yields closing 
at 2.58% and 3.32% respectively. 
Regarding sovereign 
rating changes, Scope Ratings 
upgraded the credit 
rating of Greece 
to investment-grade 
status in August 2023, followed 
by DBRS 
Morningstar in 
September 2023, 
Standard & 
Poor’s (S&P) 
in October 
2023, 
and 
Fitch 
in 
December 
2023. 
As 
of 
March 
2024, 
Greek 
government’s 
long-term 
debt 
securities 
were 
considered 
investment 
grade 
by 
four 
out 
of 
the 
five 
Eurosystem-approved 
External 
Credit 
Assessment 

 
 
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Institutions 
(Fitch, 
Scope, 
S&P: 
BBB-, 
stable 
outlook; 
DBRS: 
BBB(low), 
stable 
outlook), 
and 
one 
notch 
below 
investment grade 
by the fifth one, Moody’s (Βa1, 
stable outlook, upgraded 
from Ba3 in September 2023). 
According 
to Bank 
of Greece 
(BoG) data, 
the 
stock of 
credit 
to the 
non-financial private 
sector amounted 
to 
€109.1bn 
at 
the 
end 
of 
2023, 
up 
from 
€107.1bn 
at 
the 
end 
of 
2022, 
marking 
a 
gross 
annual 
increase 
of 
1.8%. 
Adjusted for write-offs, 
reclassifications and 
foreign exchange 
fluctuations, the 
annual growth rate 
of domestic 
credit to the 
non-financial sector stood at 
2.7%. On the other 
side of the ledger, 
domestic non-financial private 
sector deposits had increased to €190.7bn at the end of 2023 from €185.1bn 
at the end of 2022 (+3%). According 
to provisional 
BoG data, 
residential real 
estate prices 
recorded 
an average 
annual increase 
of 13.4% 
in 2023, 
and commercial real 
estate prices an average 
annual increase of 6.9% 
in the first half of 2023. 
The 
Bulgarian economy 
is rendered 
as an 
outperformer 
among regional 
economies 
as it 
expanded 
by 
2% in 
2023 compared 
to 3.9% 
in 2022. 
Private consumption 
remained the 
key growth 
driver, 
underpinned 
by strong 
labour market 
conditions which 
in turn 
improved 
consumer 
confidence despite 
the abating, 
still high, 
inflation 
throughout 
2023. Annual 
HICP inflation 
decelerated 
from 
14.3% in 
December 
2022 to 
8.6% in 
December 
2023 
with 
potential 
of further 
decrease 
in 2024. 
According 
to EC’s 
Winter 
Economic Forecast 
(February 
2024), real 
GDP is expected to grow by 
1.9% and 2.5% in 2024 and 
2025 respectively, 
with private consumption continuing 
to be considered the key growth 
driver, 
while the HICP is forecast to decrease 
to 3.4% in 2024 and 2.9% in 2025. 
The 
revival 
of 
investments 
spotted 
in 
third 
quarter 
of 
2023 
was 
not 
sustained 
in 
fourth 
quarter 
of 
2023 
yet 
prospects for 
2024 regarding this 
GDP component remain positive, 
mostly on the 
back of higher 
absorption of 
EU funds, as outlined in the 
country’s Recovery and Resilience 
Plan. A possible delay in the euro 
adoption could 
materialise given the slow convergence on prices, resulting in Bulgaria entering the euro area later than January 
2025. 
The 
entry 
into 
the 
Schengen 
area 
from 
March 
2024 
is 
embraced 
positively. 
Still, 
the 
limitations 
of 
the 
access only to air and sea cut down respectively 
the benefits only for 
tourism. 
According to the GDP flash estimate 
for fourth quarter 2023, the economy of Cyprus grew by 2.5% 
in 2023, down 
from 5.1% in 2022. The deceleration 
in 2023 is 
mainly due to 
the milder increase in household consumption, under 
persisting 
inflationary 
pressures 
(average 
HICP 
inflation 
of 
3.9% 
in 
2023 
after 
8.1% 
in 
2022, 
according 
to 
Eurostat), despite 
higher partial indexation 
of wages since 
June 2023 (66.7% 
instead of 50% in previous 
years). 
Nonetheless, 
based 
on 
the 
European 
Commission’s 
winter 
economic 
forecasts 
(February 
2024), 
the 
growth 
performance 
in 2023 
is among 
the 
top-3 in 
the 
Euro 
area and 
the 
real GDP 
in Cyprus 
is expected 
to grow 
by 
2.8% and 3% in 2024 and 2025 respectively, while the HICP is estimated at 2.4% in 2024 and 2.1% in 2025 (2023: 
3.9%). Disinflation along with a tight labour market, as 
unemployment is projected to de-escalate to 6.1% in 2024 
and 5.9% 
in 2025, 
against 6.4% 
in 2023, 
will support 
consumption spending 
expansion
in these 
two years. 
On 
the other hand, slower GDP growth in 2024-2025 relative to 
2022 will 
stem from the deterioration of the external 
balance, mainly of the 
goods component, due to the 
weakened growth 
momentum in Cyprus’ trading 
partners, 
while 
exports 
of 
services 
are 
more 
resilient, 
although 
a 
protracted 
war 
in 
the 
Middle 
East 
will 
weigh 
on 
the 
tourism outlook given the 
vital role of tourists from Israel 
to the spike in tourism revenue 
in the first nine months 
of 2023 
(+25% Year 
on Year). 
On the 
investment 
side, after 
the freezing 
of the 
RRF financing 
in 2023 
pending 
the implementation of Recovery and Resilience Plan (RRP) milestones (reforms etc.), the restart of 
capital inflows 
in 2024 will 
boost green 
and digital 
infrastructure 
in 2024-2025. 
Particularly, 
strong demand 
for real 
estate in 
2023, 
with 
sales at 
a 16-year 
high, will 
support 
construction 
activity, 
however, 
the 
market 
outlook is 
linked 
to 
developments in the 
Middle East war due to the Israeli’s 
significant market share 
last year. 
Regarding the 
outlook for 
the next 
12 months, the 
major macroeconomic risks 
and uncertainties 
in Greece and 
our 
region 
are 
associated 
with: 
(a) 
the 
open 
war 
fronts 
in 
Ukraine 
and 
the 
Middle 
East, 
their 
implications 
regarding 
regional and 
global stability 
and security, 
and their 
repercussions 
on the 
global and 
the 
European 
economy, 
including the 
disruption 
in global 
trade 
caused 
by 
the 
recent 
attacks 
on trading 
vessels 
in the 
Red 
Sea, 
(b) 
a 
potential 
prolongation 
of 
the 
ongoing 
inflationary 
wave 
and 
its 
impact 
on 
economic 
growth, 
employment, 
public 
finances, 
household 
budgets, 
firms’ 
production 
costs, 
external 
trade 
and 
banks’ 
asset 
quality, 
as 
well 
as 
any 
potential 
social 
and/or 
political 
ramifications 
these 
may 
entail, 
(c) 
the 
timeline 
of 
the 
anticipated interest 
rate cuts by 
the ECB and 
the Federal 
Reserve Bank, 
as persistence on 
high rates 
for longer 
may keep exerting pressure on sovereign 
and private borrowing costs and certain financial institutions’ 
balance 
sheets, 
but early 
rate 
cuts entail 
the 
risk of 
a rebound 
in inflation, 
(d) the 
prospect 
of Greece’s 
and Bulgaria’s 
major trade partners, primarily the 
Euro Area, remaining stagnant or even 
facing a temporary downturn, (e) the 
persistently large 
current 
account deficits 
that have 
started to 
become once 
again a 
structural 
feature 
of the 
Greek economy, (f) the 
absorption capacity of the 
NGEU and MFF funds and the 
attraction of 
new investments 
in 
the 
countries 
of 
presence, 
especially 
in 
Greece, 
(g) 
the 
effective 
and 
timely 
implementation 
of 
the 
reform 
agenda 
required 
to 
meet 
the 
RRF 
milestones 
and 
targets 
and 
to 
boost 
productivity, 
competitiveness, 
and 
resilience 
and 
(h) 
the 
exacerbation 
of 
natural 
disasters 
due 
to 
the 
climate 
change 
and 
their 
effect 
on 
GDP, 
employment, fiscal balance 
and sustainable development 
in the long run. 
Materialization 
of the 
above 
risks would 
have 
potentially 
adverse 
effects 
on the 
fiscal 
planning of 
the 
Greek 
government, as it could decelerate 
the pace of expected growth and on the liquidity, asset quality, solvency 
and 
profitability of the Greek banking 
sector. In this context, the 
Group Management and Board, also mindful of the 
recent 
banking 
turmoil 
across 
some 
markets, 
are 
continuously 
monitoring 
the 
developments 
on 
the 
macroeconomic, 
financial 
and 
geopolitical 
fronts 
as 
well 
as 
the 
evolution 
of 
the 
Group’s 
asset 
quality 
and 
liquidity 
KPIs 
and 
have 
increased 
their 
level 
of 
readiness, 
so 
as 
to 
accommodate 
decisions, 
initiatives 
and 
policies 
to 
protect 
the 
Group’s 
capital, 
asset 
quality 
and 
liquidity 
standing 
as 
well 
as 
the 
fulfilment, 
to 
the 
maximum possible degree, 
of its strategic 
and business 
goals in accordance 
with the 
business plan for 
2024 – 
2026. 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
12
|
Page 
€ = Euro 
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Share Capital 
As at 31 December 2023: 
a)
The 
total 
share 
capital 
of 
Eurobank 
Holdings 
amounted 
to 
€ 
817,625,550.94 
divided 
into 
3,716,479,777 
common voting shares 
of nominal value of €0.22 each. 
All shares are 
registered, listed 
on the Athens 
Stock 
Exchange and incorporate all the 
rights and obligations set by 
the Greek legislation, 
b)
The 
number 
of 
Eurobank 
Holdings 
shares 
held 
by 
the 
Group’s 
subsidiaries 
in the 
ordinary 
course 
of 
their 
business was 4,346,566 (31 December 2022: 260,036) 
(note 37 to the consolidated 
financial statements), 
c)
The number 
of own shares held by Eurobank 
Holdings was 52,080,673. 
Own shares 
The 
BoD decided 
on 27 
June 2023 
to propose 
at the 
Annual General 
Meeting (AGM) 
to approve 
to purchase 
the 
Company’s 
shares 
held 
by 
the 
HFSF, 
via 
a 
pre-agreed 
transaction 
(“Repurchase”). 
The 
Repurchase 
is 
provided 
for 
in the 
HFSF's Divestment 
Strategy 
and has 
been approved 
by the 
Single Supervisory 
Mechanism 
(SSM). Following the above, the AGM held on 20 
July 2023 approved the acquisition of 
own shares in 
accordance 
with article 49 of Law 4548/2018, and in particular the acquisition of all of 
the Company’s shares which the HFSF 
owns, under the 
following conditions: 
a)
Maximum number of shares to be 
acquired: According to article 49 of Law 
4548/2018, the maximum number 
of shares that 
the Company may 
acquire, added together 
with the 
shares belonging to the 
Company from 
time to 
time, cannot 
exceed 10% 
of the 
Company's paid 
share capital. 
Specifically, 
in this 
transaction, 
the 
number 
of 
shares 
to 
be 
purchased 
will 
be 
the 
total 
of its 
issued 
shares 
held 
by 
the 
HFSF, 
i.e. 
52,080,673 
shares, which correspond 
to approximately 1.40% of its share 
capital, 
b)
The duration 
for which the 
approval is granted 
is set at 6 months from the 
day of the General 
Meeting, 
c)
The 
maximum purchase 
price is 
set at 
€1.90 
per share 
and the 
minimum purchase 
price 
is set 
at €1.10 
per 
share, 
d)
To 
authorize 
the 
Board 
of 
Directors 
to 
determine 
the 
specific 
conditions 
and 
relevant 
details 
for 
the 
acquisition, taking into account the 
supervisory approvals. 
The 
transaction 
was completed 
on 9 
October 
2023 at 
a price 
of €1.80 
per share 
and a 
total consideration 
of 
€93,745,211.40. 
The 
Company 
intends 
to 
proceed 
to 
the 
cancellation 
of 
the 
aforementioned 
treasury 
shares, 
subject 
to 
the 
approval of the 
Annual General Meeting and regulatory 
authorities. 
Share options 
Under the 
five-year 
shares award 
plan approved 
in 2020 and 
started in 2021, 
the executives 
and personnel 
of 
Eurobank Holdings and its affiliated companies are granted share options rights, which are exercised in portions 
annually during 
the 
term of 
the 
plan by 
issuing new 
shares 
with a 
corresponding 
share 
capital increase. 
Each 
portion may 
be exercised 
wholly or 
partly and 
converted 
into shares 
at the 
employees’ 
option, provided 
that 
they remain 
employed by 
the Group 
until the 
first available exercise 
date. The 
maximum number of 
rights that 
can 
be 
approved 
was 
set 
at 
55,637,000 
rights, 
each 
of 
which 
would 
correspond 
to 
one 
new 
share 
and 
the 
exercise price of each new 
share would be equal to € 0.23. 
In July 2023, 
the Group 
awarded to 
its executives 
12,101,092 
new share 
options, exercisable 
in annual portions 
up to 
2028. From 
the 
share options 
exercisable 
in 2023, 
a number 
of 5,802,269 options 
were 
exercised 
during 
the year, resulting in the issue of an 
equal number of new 
common voting shares. 
Further information is provided 
in note 39 to consolidated financial statements. 
Dividends
/
Distribution of Profits 
In December 
2023, the 
Bank proceeded 
with the 
distribution of 
non-mandatory reserves 
totalling €410 
million 
to its sole shareholder, 
Eurobank Holdings, 
in order to 
enable the 
latter to distribute 
dividend out of the 
profits 
of the 
financial year 
2023 to its 
shareholders 
in accordance 
with the 
provisions 
of article 
159 of Company 
Law 
4548/2018. 
Based on 
the 
Group’s 
financial performance 
for 
the 
financial year 
2023, Eurobank 
Holdings aims 
to distribute 
to its 
shareholders 
a cash 
dividend equivalent 
to at 
least 25% 
of the 
Group's 
adjusted net 
profit 
for 
financial 
year 
2023, 
subject 
to 
the 
approval 
of 
the 
Annual 
General 
Meeting 
of 
its 
shareholders 
and 
the 
regulatory 
authorities. 
In 
addition, 
Eurobank 
Holdings 
intends 
to 
proceed 
also 
with 
the 
distribution 
of 
profits 
to 
the 
employees 
in 
accordance 
with 
its 
remuneration 
policy, 
subject 
to 
the 
approval 
of 
the 
Annual 
General 
Meeting 
of 
its 
shareholders. 
Major Shareholders 
Based on the most recent notifications that 
Eurobank Holdings has received 
from shareholders controlling 
5 per 
cent or more of Eurobank 
Holdings’ voting 
rights, such significant shareholders 
are the following: 
a)
“Fairfax Financial Holdings Limited”, 
controlling 32,93% 
of Eurobank Holdings’ 
total number of voting rights, 
corresponding 
to 1,224,002,259 voting rights 
of Eurobank 
Holdings’ ordinary 
shares (the 
reporting date 
for 
the aforementioned is on 14 July 
2021, while the percentage calculation is based 
on the new total 
Company’s 
listed shares that are tradeable on the Athens 
Stock Exchange, following the last share capital increase 
due 
to the exercise 
of stock option rights), 
b)
“The Capital 
Group Companies, Inc”, 
controlling 5,05% 
of Eurobank 
Holdings’ total number 
of voting rights, 
corresponding to 187,812,291 
voting rights of Eurobank Holdings’ 
ordinary shares. (the reporting date for 
the 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
13
|
Page 
€ = Euro 
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aforementioned 
is 
on 
1 
December 
2020, 
while 
the 
percentage 
calculation 
is 
based 
on 
the 
new 
total 
Company’s listed shares 
that are 
tradeable on the 
Athens Stock 
Exchange, following 
the last 
share capital 
increase due to the exercise 
of stock option rights), 
c)
The 
“Helikon 
Investments 
Limited”, 
controlling 
5,00% 
of Eurobank 
Holdings’ 
total 
number 
of voting 
rights, 
corresponding 
to 185,957,220 
voting 
rights of 
Eurobank 
Holdings’ 
ordinary 
shares. 
(the 
reporting date 
for 
the 
aforementioned 
is 
on 
25 
January 
2023, 
while 
the 
percentage 
calculation 
is 
based 
on 
the 
new 
total 
Company’s listed shares 
that are 
tradeable on the 
Athens Stock 
Exchange, following 
the last 
share capital 
increase due to the exercise 
of stock option rights). 
Sundry information 
required under Law 3556/2007 
(article 4, par.7) 
According to the Articles 
of Association: 
a)
there 
are no restrictions on the 
transfer 
of the Eurobank 
Holdings’ shares, 
b)
there 
are no shares with special controlling 
or voting rights, 
c)
there 
are no restrictions on voting 
rights, 
d)
the 
rules 
related 
to 
the 
appointment 
and 
replacement 
of 
directors 
as 
well 
as 
to 
the 
amendment 
of 
the 
Articles of Association are in accordance 
with the provisions 
of company law. 
Eurobank 
Holdings 
is not 
aware 
of any 
shareholders’ 
agreements 
resulting 
in restrictions 
in the 
transfer 
of its 
shares or 
in the 
exercise of 
the shares’ 
voting rights. 
There 
are no significant 
agreements that 
enter into 
force, 
are amended 
or expire if there 
is change in the 
control of Eurobank 
Holdings following 
a public offer. 
There 
are 
no 
agreements 
between 
Eurobank 
Holdings 
and 
the 
Directors 
or 
the 
staff 
for 
compensation 
in 
the 
event 
of 
departure as a result of a public offer. 
Board of Directors 
The Board 
of Directors (BoD) was elected by the Annual General 
Meeting (AGM) of the Shareholders 
held on 23 
July 2021 for 
a three-year 
term of office 
that will 
expire on 
23 July 2024, 
prolonged 
until the 
end of the 
period 
the AGM for 
the year 2024 will take 
place. 
Further to that: 
-
The 
AGM of 
the Shareholders 
held on 
20 July 
2023 approved 
the appointment 
of Mr. 
Burkhard Eckes 
and 
Mr. 
John 
Arthur 
Hollows 
as 
new 
independent 
non-executive 
members 
of 
Eurobank 
Holdings 
BoD, 
whose 
term of 
office 
will expire 
concurrently with 
the term 
of office 
of the 
other 
members of 
the BoD 
(comprising 
of fifteen members from 
now onwards). On the 
same day the BoD decided 
on its constitution. 
-
On 9 
October 
2023, 
Eurobank 
Holdings 
announced 
the 
acquisition 
of 
all of 
its 
issued 
shares 
held 
by 
the 
HFSF, 
namely 52,080,673 common registered shares. On the same 
day, the HFSF notified Eurobank 
Holdings 
that 
effective 
as 
of 
11 
October 
2023, 
the 
HFSF 
will 
no 
longer 
have 
the 
special 
rights 
provided 
in 
law 
3864/2010, 
including 
the 
right 
to 
appoint 
a 
representative 
in 
the 
Board 
of 
Directors 
and 
the 
Board 
Committees. 
In 
this 
framework, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli, 
member 
of 
the 
Boards 
of 
Directors and of 
the Committees of the Boards of 
Eurobank Holdings and Eurobank, submitted on 26.10.2023 
her 
resignation 
from 
the 
abovementioned 
positions, 
effective 
as of 
7 November 
2023. 
Accordingly, 
on 10 
November 2023, 
the BoD decided, in accordance with the 
provisions of article 82 par. 
2 of L. 4548/2018 and 
article 7 par. 2 of the Company’s Articles of 
Association, on the continuation of the Company’s management 
and 
representation 
by 
the 
BoD, 
comprising 
of 
its 
remaining 
fourteen 
(14) 
members, 
as 
well 
as 
on 
its 
constitution. 
-
Mr. 
Andreas 
Athanasopoulos, 
Deputy CEO 
and Executive 
Member 
of the 
Boards 
of Directors 
of Eurobank 
Holdings and Eurobank, 
submitted on 31 October 2023 his resignation 
from the abovementioned 
positions, 
effective 
as of 31 December 2023. Accordingly, 
on 8 January 2024, the BoD decided, in accordance with 
the 
provisions 
of article 82 
par. 
2 of L. 
4548/2018 and article 
7 par. 
2 of the 
Company’s Articles 
of Association, 
on 
the 
continuation 
of 
the 
Company’s 
management 
and 
representation 
by 
the 
BoD, 
comprising 
of 
its 
remaining thirteen (13) members, 
as well as on its constitution. 
The BoD of Eurobank 
Holdings is set out in note 47 to the consolidated financial statements. 
Personal details of 
the Directors are 
available on the website 
of Eurobank Holdings 
(www.eurobankholdings.gr). 
Information required 
under Law 4548/2018 (article 97, 
par.1 
(b)) 
According to article 
97 par. 
1 (b) of Law 4548/2018 
the BoD members 
owe to disclose 
in a timely and adequate 
manner to the other 
members of the BoD their 
own interests, which may arise from the 
company's transactions, 
which fall 
within their 
duties, as 
well as 
any conflict 
of their 
interests 
with those 
of the 
company or 
its related 
companies. In 
such case 
and in line 
with the 
provisions 
of article 
97 par 
3 of the 
same law, 
the member 
of the 
BoD is not entitled to vote on issues in which there is a conflict of interest with 
his own company or persons with 
whom he is a related party. 
In these cases, decisions 
are taken by the 
other BoD members. 
For 2023, 
the following 
issues were 
noted in which there 
was a conflict of interest with Eurobank 
Holdings: 
For the 
purposes of decisions related 
to the acknowledgement of the 
expiration of the 
deadline of par. 3 of art. 
100 of 
Law 4548/2018 
concerning 
the 
conclusion 
of a 
Share 
Purchase 
Agreement 
(SPA), 
which pertains 
to the 
Eurobank’s 
participation 
in 
the 
company 
“Grivalia 
Hospitality 
S.A.” 
(Grivalia 
Hospitality 
οr 
GH) 
between 
Eurobank 
and “Eurolife 
FFH Life 
Insurance 
Single Member 
Société Anonyme” 
(Eurolife), 
which is a 
related party 
of the 
parent company 
of Eurobank, 
Eurobank 
Holdings, within 
the meaning 
of paragraph 
2 (a) of article 
99 of 
Greek 
Law 
4548/2018, 
according 
to 
IAS 
24, 
the 
BoD 
member 
Mr. 
Martin 
also 
Vice 
Chairman 
of 
Strategic 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
14
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Investments at Fairfax, which holds 32.93% of the shares of the parent company of 
Eurobank, Eurobank Holdings, 
and 
also 
controls 
Eurolife’s 
parent 
company, 
“Eurolife 
FFH 
Insurance 
Group 
Holdings 
Société 
Anonyme”, 
and 
indirectly Eurolife 
itself, was not entitled 
to vote according 
to the provisions 
of par. 
3 of Art. 97 of the 
Company 
Law 4548/2018 due to conflict of interest. 
For the purposes of decisions related to 
the Hellenic Financial Stability 
Fund (HFSF) share buy-back 
and decisions 
in the 
context of this 
buy-back related 
to a) the 
issuance of a 
common bond loan 
and b) instructions 
of voting 
for the 
Extraordinary General 
Meeting of Eurobank, the 
BoD member and HFSF representative 
Ms. Deli was not 
entitled to vote according to the 
provisions of par. 
3 of Art. 97 of the Company Law 4548/2018 due to conflict of 
interest. 
For 
the 
purposes 
of 
decisions 
relating 
to 
a) 
the 
Stock 
Options 
plan 
(2nd 
and 
3rd 
series 
implementation) 
approved 
by 
the 
Annual General 
Meeting of 
Shareholders 
in July 
2021, 
b) variable 
remuneration 
awarded 
in 
instruments 
and c) 
executives' 
Remuneration, 
the 
CEO Mr. 
F. 
Karavias 
and the 
Deputy CEOs 
Messrs. Ioannou, 
Vassiliou 
and Athanasopoulos 
were 
not entitled 
to vote, 
according to 
the 
provisions 
of par. 
3 of 
art. 97 
of the 
Law 4548/2018, due to conflict of interests. 
Related party transactions 
In 
January 
2022, 
an 
occupational 
insurance 
fund 
(“Institution 
for 
occupational 
retirement 
provision-
occupational insurance 
fund Eurobank’s 
Group personnel” henceforth 
“the Fund”) was established 
as a not-for-
profit legal entity under Law 4680/2020, for 
the benefit of the employees 
of the Company, the 
Bank and certain 
other 
Greek entities 
of the 
Group, 
which constitute 
the 
sponsoring employers 
of the 
Fund. Accordingly, 
in line 
with IAS 24 Related Parties, the 
Fund is considered to be related party 
to the Group. 
As at 
31 December 
2023, 
the 
Group’s 
outstanding balances 
of the 
transactions 
and the 
relating 
net income 
/ 
expense for 2023 with (a) the 
key management personnel 
(KMP) and the entities controlled 
or jointly controlled 
by 
KMP 
are: 
compensation 
€9.7m, 
receivables 
€5.8m, 
liabilities 
€20.2m, 
net 
expense 
€18.1m, 
of 
which 
€4m 
expense 
relating 
with 
equity 
settled 
share 
based 
payments, 
(b) 
the 
Fairfax 
group 
(excluding 
Eurolife 
FFH 
Insurance 
Group 
Holdings S.A., 
which is 
also a 
Group’s 
associate) 
are: receivables 
€132.5m, liabilities 
€129.4m, 
guarantees 
issued 
€2.5m, 
net 
income 
€6.4m, 
(c) 
the 
associates 
and 
joint 
ventures 
are: 
receivables 
€171.7m, 
liabilities €201.9m, 
net expense €76.2m (d) the Fund are: liabilities 
€1m. 
At 
the 
same 
date, 
the 
Company’s 
outstanding 
balances 
of 
the 
transactions 
and 
the 
relating 
net 
income 
/ 
expense for 
2023 with 
(a) KMP 
are: 
compensation 
€0.2m that 
is referring 
mainly to 
KMP services 
provided 
by 
Eurobank 
S.A. 
in 
accordance 
with 
the 
relevant 
agreement, 
(b) 
the 
Fairfax 
group 
refer 
to 
receivables 
and 
operating 
income of €0.3m related 
to financial consulting services, 
(c) the subsidiaries 
are: receivables 
€1,677m, 
liabilities 
€31.13m 
and 
net 
income 
€505.3m, 
including 
€410m 
dividend 
income 
and 
(d) 
the 
Group’s 
associate 
Eurolife FFH Insurance 
Group Holdings S.A. are: 
operating expense 
of €0.1m. 
All transactions 
with related 
parties are 
entered 
into the 
normal course 
of business 
and are 
conducted on 
an 
arm's length basis. Further 
information 
is provided 
in the note 
45 to the 
consolidated financial statements 
and 
note 19 to the financial statements 
of the Company. 
External Auditors 
The Eurobank 
Holdings’ Shareholders 
Annual General Meeting held 
on 20 July 2023 approved the 
appointment 
of KPMG, as 
statutory auditor 
for the 
financial statements 
(separate 
and consolidated) 
for the 
year ending 
31 
December 2023. 
During 
2023, 
the 
Audit 
Committee 
reviewed 
KPMG’s 
independence 
and 
effectiveness, 
along 
with 
its 
annual 
audit plan. In 
addition, the Audit Committee ensured 
on a 
quarterly basis that a) the 
non-audit services assigned 
to KPMG, 
have 
been reviewed 
and approved 
as required 
and b) 
there 
is a 
proper 
balance between 
the 
audit 
and non-audit fees 
paid to KPMG, in accordance 
with the 
relevant provisions 
of the Group’s 
Policy on External 
Auditors’ Independence (note 
46 of the consolidated financial statements). 
NON-FINANCIAL INFORMATION 
Business model 
The 
Eurobank 
Holdings Group 
(the 
Group) 
offers 
a wide 
range 
of financial 
products 
and services 
in retail 
and 
business 
banking 
and 
has 
a 
significant 
international 
presence 
in 
three 
countries 
outside 
Greece 
(see 
further 
information in the section 
“International Operations”).
It is among the leading providers of banking services and 
credit 
to large 
corporates, 
SMEs, small 
businesses, 
professionals 
and households, 
concentrating 
its efforts 
on 
financing the growth cycle 
of the Greek economy and the other 
countries of presence, including an instrumental 
participation in Recovery 
and Resilience Facility (RRF) funds. In addition, 
the Group has a strategic 
focus in fee-
generating 
activities, such as asset management, private banking, 
equity brokerage, 
treasury sales, investment 
banking, factoring, real 
estate, trade finance 
and bancassurance. 
The Group has a diversified (through business line, geography and customer) and resilient business model, 
which 
is based 
on three 
revenue 
streams i.e. 
the 
Greek 
banking operations, 
the 
international 
activities and 
the 
real 
estate 
business. 
Its 
strategy 
aims 
at 
optimizing 
its 
financial 
performance, 
maintaining 
a 
strong 
capital 
and 
liquidity base, rewarding its 
shareholders as well as contributing 
to the economy 
and society in 
a holistic manner. 

 
 
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The Group 
continues to implement the Transformation 
Program “Eurobank 
2030”, which is a material enabler in 
achieving 
the 
bank’s 
strategic 
objectives 
and 
enhancing 
its 
competitive 
position, 
as 
it 
focuses 
on 
business 
growth, sustained 
operational resilience, 
constantly improving operational 
efficiencies and, ultimately, 
ensuring 
increased 
customer 
value 
and 
satisfaction. 
In 
tandem, 
the 
Group 
is 
investing 
in 
the 
People 
– 
Technology 
– 
Sustainability 
three-fold, 
by 
combining 
cutting 
edge 
technology 
and 
the 
expertise 
of 
its 
highly 
trained 
staff, 
using 
best 
practices 
to contribute 
to the 
effort 
for 
sustainable 
development 
for 
all. The 
Group 
implements 
a 
holistic sustainability strategy which is based on: a) the Operational Impact Strategy, which concerns the 
Bank’s 
own 
operations 
and 
activities 
and 
includes 
Environmental 
Impact, 
Social 
and 
Business 
Impact 
and Employer 
Impact and b) the 
Financed Impact Strategy, 
which involves the 
Bank’s investment choices 
and actions related 
to extending customer financing and 
working with them in meeting environmental goals and addressing climate 
change. 
Its operating model evolves 
around the following 
key pillars: 
a)
Financing 
landmark 
projects 
and 
investments 
of 
large 
and 
medium 
size 
businesses, 
mainly 
through 
investments based on ESG criteria, 
b)
Fully supporting SMEs, in combination with 
the major funding potential 
available through European 
and/or 
Greek programmes for 
small businesses, aiming to boost their competitiveness, gain access to international 
markets, create jobs 
and thus distribute the benefits 
of growth across 
society, 
c)
Sustaining a leading position in Retail Banking by 
offering 
high quality services and innovative 
products to 
distinct client segments leveraging on advanced multi-channel strategies and tailored to customer evolving 
needs, 
d)
Developing a people-centred 
‘phygital’ model, a hybrid of physical and digital, that combines state-of-the-
art technological 
infrastructure 
with the 
Group’s 
human resources, 
offering 
simple, fast, 
personalised, and 
secure services. 
In conducting 
its business 
activities, 
the 
Group 
considers 
the 
particular 
and diverse 
needs of 
its stakeholders 
and focuses on creating 
value for them. In 
this context, the Group: 
a)
designs and offers savings and investment 
products to its depositors and investors; makes 
appropriate use 
of available funds for supporting 
households and businesses to realise 
their plans, financing the 
economies 
in which it operates, 
b)
deploys a client-centric orientation 
with segmental approach 
and relationship-based management, 
c)
relies 
on 
the 
skills 
and 
expertise 
of 
its 
human 
resources 
for 
the 
implementation 
of 
its 
business 
strategy 
including 
the 
improvements 
of 
products 
and 
services 
to 
customers; 
for 
this 
purpose, 
it 
enhances 
staff 
engagement 
by 
strengthening 
the 
knowledge 
and 
experience 
of 
its 
employees 
through 
training 
and 
development 
programmes 
and providing 
a safe 
and productive 
work environment, 
where 
diversity, 
equity 
and inclusion are strongly promoted, 
d)
invests 
in IT 
infrastructures 
and digital 
transformation 
to systemically 
address 
the 
evolving 
technological 
developments and continuously 
improve its business 
and operational 
model, 
e)
has 
established 
a 
system 
of 
internal 
controls 
that 
is 
based 
on 
international 
good 
practice 
and 
aims 
to 
minimize the 
possibility of error 
or financial loss, 
to protect 
the interest 
of shareholders 
and depositors, as 
well as to ensure that the 
requirements of the relevant 
regulatory authorities are complied with at all times, 
f)
uses natural resources 
for its operation, 
while being committed to minimizing its environmental footprint by 
adopting environmentally friendly practices and promoting a green economy. 
Green procurement practices 
are applied, embedding environmental 
specifications and guidance 
for selection of products 
and suppliers, 
g)
develops 
an ongoing 
dialogue 
with stakeholders 
and supports 
society and 
local 
communities. The 
Group 
monitors 
and 
reviews 
information 
related 
to 
its 
stakeholders 
and 
their 
requirements, 
shaping 
a 
specific 
framework 
of cooperation 
and approach to communication 
in each case. 
 
The corporate 
governance 
principles of transparency, 
credibility, social 
responsibility and accountability define 
the framework 
for the achievement 
of the Group’s objectives, govern 
the organization, operations 
and activities 
and reflect 
its values, 
safeguarding 
the 
interests 
of shareholders 
and of 
all other 
stakeholders. 
The 
corporate 
values of empathy, drive, cooperation, innovation and trust support 
a strong yet adaptive 
business culture, which 
enables 
the 
Group 
to provide 
top quality 
services 
to every 
client, 
household 
or business, 
to support 
inclusive 
growth and to create 
sustainable prosperity for 
all the communities it serves. 
Materiality Assessment 
Materiality 
assessment 
is 
the 
key 
process 
used 
to 
define 
the 
content 
of 
the 
Annual 
Report 
- 
Business 
& 
Sustainability and 
is largely 
informed 
and influenced 
by stakeholder 
engagement. 
For 
the 
first time, 
the 
Bank 
proactively adopts a Double Materiality approach, 
incorporating a financial materiality assessment, in addition 
to the 
impact 
materiality 
assessment 
already 
adopted 
from 
previous 
years, 
in 
order 
to identify 
the 
material 
impacts, risks and opportunities to be reported. 
The 
double materiality 
approach 
will define the 
materiality perspectives 
of the 
Bank by combining 
the impact 
materiality perspective 
(inside-out) and the financial materiality 
perspective (outside-in). 
A sustainability matter is material 
from an impact perspective 
when it pertains to the Bank’s material 
actual or 
potential, 
positive 
or negative 
impacts 
on people 
or the 
environment 
(environmental, 
social and 
governance 
matters) over 
the short, 
medium and long 
term time 
horizons. It includes 
impacts connected 
to the 
Bank’s own 
operations 
and 
value 
chain, 
including 
through 
its 
products 
and 
services, 
as 
well 
as 
through 
its 
business 
relationships. 

 
 
 
 
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A sustainability matter 
is material 
from a 
financial perspective 
if it generates 
risks or opportunities 
that affect 
(or could reasonably 
be expected 
to affect) 
the Bank’s 
financial position, 
financial performance, 
cash flows, 
or 
cost of capital over 
the short, medium or long term. 
An 
integral 
part 
of 
the 
Bank’s 
approach 
towards 
Sustainable 
Development 
is 
the 
fostering 
of 
strong 
relationships, cooperation 
and mutual benefit with all stakeholders 
affected, positively 
or negatively, 
directly or 
indirectly by its activities. In this context, the Bank promotes 
two-way communication and develops 
an ongoing 
dialogue with stakeholders. 
 
The overall 
Bank’s Materiality Assessment methodology, 
the validated Material Topics, 
Sustainability Indicators 
per 
the 
GRI 
Standards 
and 
information 
regarding 
initiatives 
across 
the 
ESG 
spectrum 
along 
with 
ESG 
data 
submitted by 
the 
Group’s 
subsidiaries 
are 
included in 
the 
Annual Report 
– Business 
& Sustainability, 
which is 
published on www.eurobankholdings.gr. 
Group’s approach 
towards sustainable development 
The Group 
supports the sustainable transition 
of the economy and considers sustainability 
and climate change 
as 
an 
opportunity. 
A 
key 
strategic 
objective 
is 
to 
adapt 
its 
business 
and 
operation 
in 
a 
way 
that 
addresses 
climate 
change 
challenges, 
accommodate 
social 
needs 
within 
its 
banking 
business 
model, 
and 
safeguard 
prudent 
governance 
for 
itself and 
its 
counterparties, 
in accordance 
with 
supervisory 
initiatives 
and 
following 
international standards 
/ best practices. 
Committed to actively 
contributing to the 
achievement 
of the 
United Nations Sustainable 
Development 
Goals 
(SDGs) and the 2030 Agenda goals, the Bank 
is a signatory of 
the UN Global Compact since 2008. In September 
2019 Eurobank 
signed the 
UNEP FI 
Principles for 
Responsible Banking 
(PRB), affirming 
its commitment 
to play 
an active 
role 
in implementing 
the SDGs 
and the 
Paris Agreement 
on Climate 
Change. In 
full compliance 
with 
its obligations 
relating to 
implementing the 
Principles, the 
Bank has issued 
its 3
rd
 
PRB Progress 
Report as part 
of the Annual Report 2022 – Business and Sustainability. 
A dedicated Group 
-wide programme 
to address the requirements 
of the ESG ecosystem 
The 
Group 
launched 
an 
initiative, 
namely 
“Program 
Field”, 
with 
an 
aim 
to 
develop 
and 
implement 
its 
Sustainability 
Strategy, 
integrate 
climate 
risks, 
fulfil 
its 
UNEP 
FI 
PRB 
signatory 
commitments 
and 
ensure 
readiness to comply 
with sustainability-related 
regulations (i.e. 
“EU Green Deal”, ECB 
Guide on climate-related 
and environmental 
risks, EU 
Taxonomy 
Regulation, 
etc.). Through 
this initiative, 
the 
Group 
has also 
identified, 
assessed and implements 
climate-related 
and environmental 
(CR&E) risk action 
plans within the 
three Lines 
of 
Defence. 
Group Sustainability Strategy 
Eurobank has expressed 
the Environmental, 
Social, Governance 
(ESG) aspect of its business through 
the lens of 
Impact 
generation. 
The 
Sustainability 
Strategy 
has 
been defined 
in a 
holistic 
approach 
across 
two 
pillars 
of 
impact: the operational 
impact arising from its own activities and the financed impact resulting from the Bank’s 
lending and 
investing 
activities to 
specific sectors 
and clients. 
These 
two 
pillars of 
impact aim 
to capture 
the 
essence of the 
Bank’s business effect 
on the climate, 
the protection 
of the natural 
environment, 
its contribution 
to addressing 
societal challenges at 
large, the 
prosperity of 
its own people, 
its contribution to 
raising business 
capacity 
in 
the 
markets 
where 
the 
Bank 
operates, 
and 
the 
internal 
processes 
that 
build 
and 
secure 
the 
confidence of its stakeholders. 
Eurobank 
has designed, 
approved 
and is currently 
implementing the 
Group’s 
Sustainability Strategy 
including 
targets and commitments along the 
two key pillars: 
A.
Operational 
Impact Strategy 
The Bank aims to create 
positive economic, social, and environmental 
impacts from all aspects and areas 
of its 
operations. To 
this end, the Operational 
Impact strategy comprises 
of 3 strategic pillars, namely: 
i.
Environmental 
impact with the 
objective to minimize 
negative 
impact across 
the Bank’s value 
chain to 
promote 
environmental 
stewardship. 
The 
aim 
is 
to 
minimize 
Scope 
1 
and 
2 
emissions, 
become 
a 
paperless banking network 
and extend circular economy practices 
. 
ii.
Employer’s 
impact 
with 
the 
objective 
to 
empower 
people 
to 
perform 
at 
their 
best 
through 
an 
environment 
that 
promotes 
ethics 
and 
integrity. 
The 
aim 
is 
to 
embed 
diversity 
and 
inclusion, 
encompassing a wellbeing culture, 
along with stimulating an innovative 
environment. 
iii.
Social 
and 
business 
impact 
with 
the 
objective 
to 
drive 
positive 
change 
for 
entrepreneurs 
and 
wider 
communities 
to 
foster 
sustainable 
development 
and 
ensure 
social 
prosperity. 
The 
aim 
is 
to 
intensify 
sustainable procurement 
practices, 
rationalize 
Socio-Economic 
Impact 
as well 
as boost 
transparency 
and ESG capacity. 
B.
Financed Impact Strategy 
The 
Bank endeavours 
to foster 
favourable 
economic, social, and 
environmental 
outcomes across 
all facets 
and sectors of 
its financing endeavours, 
with a commitment 
to sustainability and 
responsible stewardship. 
To achieve 
this objective, the 
Financed Impact strategy 
is structured around four 
strategic pillars namely: 

 
 
 
 
 
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i.
Clients’ 
engagement 
and 
awareness 
to 
adapt 
their 
business 
so 
as 
to 
address 
climate 
change 
challenges, 
ii.
Actions 
for 
supporting 
clients 
in 
their 
transition 
efforts 
towards 
a 
more 
ESG-friendly 
economic 
environment, 
iii.
Enablers and tools such as frameworks 
and products to underpin Sustainable 
Financing, 
iv.
The assessment 
and management of climate-related 
material exposures. 
Making progress along the 
two pillars of the Sustainability Strategy, 
the Bank aims to maximize its contribution 
to achieving the Paris 
Climate Agreement’s targets 
and the UN Sustainable Development 
Goals. Through 
a set 
of actions with 
measurable targets, 
the Sustainability 
Strategy reflects 
the Group’s 
vision in the 
short, medium 
and long term 
in relation 
to the 
environment, 
its social footprint, 
with focus 
on its people, 
and the 
ESG impact 
on the market and its portfolio. 
Progress on Operational 
Impact against targets for 
2023 
The 
Group 
is 
committed 
to 
specific 
Operational 
Impact 
targets 
including 
both 
quantitative 
and 
qualitative 
elements. More 
specifically, 
the 
Bank has 
successfully managed 
to accomplish 2023 
impact targets. 
Indicative 
achievements are 
as follows: 
• Environmental impact 
o
Operational 
Net Zero Action 
Plan (including carbon reduction 
curves) in place. 
o
Verified operational 
carbon footprint 
as per ISO 14064, in line with National 
Climate Law stipulations. 
o
Considerable 
reduction 
in total 
electricity consumption 
and equivalent 
Scope 2 
emissions 
of 9,4% 
for 
both metrics, in 2023, 
compared to 2022. 
o
98.04% 
of 
total 
electricity 
consumed 
in 
2023 
was 
sourced 
by 
Renewable 
Energy 
Sources 
(certified 
guarantees of origin). 
o
Car Policy 
for Hybrid/Electric 
vehicles approved 
in September 
2023 and is 
currently applied, 
aiming at 
maximizing the percentage 
of low emissions vehicles in the 
corporate fleet. 
o
As 
of 
31 
December 
2023, 
nineteen 
buildings 
of 
the 
Bank 
are 
certified 
as 
"green" 
according 
to 
LEED/BREEAM standards. 
o
Photovoltaic 
installations 
(PV) 
completed 
under 
the 
Net 
Metering 
principle 
in 
N. 
Ionia 
& 
Acharnes 
buildings and energy production 
scheduled to start in 2024. 
o
Establishment 
of 
a 
special 
purpose 
vehicle 
(Eurobank 
Renewables 
S.A. 
- 
EuroRES) 
for 
developing 
standalone Photovoltaic 
(PV) Plants in central Greece. 
o
The 
“Just 
Go 
Zero” 
new 
recycling 
program 
is 
in 
operation 
for 
the 
Nea 
Ionia 
complex, 
the 
Central 
Warehouse 
and the new Headquarter 
buildings. 
• Employer’s impact 
o
Launch of 
the “myProsperity” 
initiative 
(inspirational 
talks by 
external experts) 
in July 2023, 
as part 
of 
the Bank’s Wellbeing 
Framework. 
o
Activation of the Culture Shift program 
in September 2023 and launch of the 12 principles program “We 
think innovatively, 
we work differently”, 
promoting new 
ways of collaboration 
in the workplace. 
o
Launch of training programs 
to promote diversity 
and inclusion. 
o
Launch of an Anti-Harassment learning 
program, addressed 
to all employees. 
o
Completion of wellbeing initiatives 
to promote mental health. 
o
Design and 
execution of 
a full 
scope People 
Engagement 
Survey, 
including a 
wellbeing 
and life-work-
balance section. 
• Social and business impact 
o
Continuous 
initiatives 
through 
the 
broad 
programs 
“Moving 
Education 
Forward” 
and “Moving 
Family 
Forward”. 
o
Resilience and recovery: Continuing contribution 
supporting society through natural disaster restoration 
efforts, 
mobilizing employee volunteer 
teams. 
o
ESG evaluation criteria 
for IT and non-IT procurement 
tenders in place. 
o
Launch of inclusion initiatives targeting 
specific social groups. 
o
Continuous 
support 
to 
entrepreneurs 
and 
startups 
through 
the 
enter.grow.go 
(egg) 
Accelerator 
/ 
Incubator (11th consecutive 
annual cycle run in 2023). 
o
Extensive ESG upskilling programs 
for all staff members 
and dedicated sessions to specific staff groups 
on emerging ESG topics. 
o
ESG External 
Capacity 
Building: awareness 
initiatives 
for 
clients, including 
the 
Digital Academy 
series 
of ESG webinars: 2 
workshops took place for “Energy Transition / Green Buildings” and “ESG: New model 
of Sustainable Tourism” 
with 324 clients participating. 
The 
operational 
impact 
initiatives 
are 
detailed 
in 
the 
Annual 
Report 
– 
Business 
& 
Sustainability 
(https://www.eurobank.gr/en/group/esg 
-environment-society-governance/esg 
-reporting). 
 
Progress on Financed 
Impact against targets for 
2023 
The 
Group 
is committed 
to specific 
Financed 
Impact 
targets 
which include 
both 
qualitative 
and quantitative 
elements. More specifically, 
the relevant 
achieved targets for 
2023 included the following: 
Qualitative targets 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
Roll-out of our
Sustainability Strategy leading 
to tangible outcomes 
●
Significant progress 
in the integration 
of CR&E risks in our 3 LoD Model 
●
Incorporation of climate 
risk elements into the 
Remuneration 
Policy 
●
Deployment 
of 
the 
ESG 
Questionnaire, 
which 
has 
been 
developed 
at 
Interbank 
level with 
the 
coordination of the 
Hellenic Bank Association 
●
Integration 
of the 
ESG Risk Assessment 
process, 
a combination 
of the 
internal Climate 
Risk Scorecard 
and the Interbank ESG 
Questionnaire 
●
Operationalisation 
of the 
web-based 
Sustainable Finance 
Assessment 
Tool 
for 
the 
classification 
and 
evaluation of sustainable financing opportunities 
for Corporate 
portfolio 
●
Assessment of 
CR&E risks through 
Sectoral Analysis 
and forward 
-looking Scenario 
Analysis, as part 
of 
the Task 
Force 
on Climate-Related Financial Disclosures (TCFD) 
report 
●
Alignment of our Risk Appetite with the 
articulated Sustainability Strategy 
●
Incorporation of climate 
risk aspects into collateral 
valuation 
●
Publication of the 
TCFD Climate-related 
& Environmental Risk Report 
●
Disclosure of 
Eurobank’s 
GHG financed 
emissions for 
loans, bonds 
and shares 
positions based 
on the 
Partnership for 
Carbon Accounting Financials (PCAF) methodology 
●
Performance 
of training 
sessions for 
our employees 
in relation 
to Climate 
Risk, Sustainable 
Financing, 
ESG Risk Disclosures and ESG Risk Assessment 
●
Awareness initiatives 
for our clients, including the 
Digital Academy series of ESG webinars 
Quantitative targets 
●
More than 20% of new corporate 
disbursements are classified as Green/Environmental 
●
More than 50% of new disbursements 
in Energy Sector were 
directed to RES 
●
Solid 100% of disbursements related 
to construction of new buildings were 
directed to green buildings. 
●
More than 2 times increase 
in our new green disbursements 
towards households and small businesses. 
●
€ 2.1bn Green/Environmental 
Exposures as of 31.12.2023, 
c. 14% of CIB portfolio 
●
€0.2bn in Assets under Management in ESG Focused 
mutual funds 
●
€0.6bn exposure in Green/Sustainable 
Bonds in our Banking Book 
Eurobank has set the 
following targets 
based on its Financed Impact Strategy 
for the 
following years: 
Portfolio 
targets 
New disbursements 
●
€2bn in new green disbursements to businesses 
by 2025 
●
20% of the annual new Corporate & Investment 
Banking (CIB) portfolio 
disbursements to be classified 
as Green/ Environmentally 
sustainable. 
Green stock / Exposure evolution 
●
20% stock of green exposures by 2027 
for the CIB 
portfolio (up from 
11% in 2022) 
Recovery and Resilience 
Facility (RRF) 
●
Mobilize €2.25bn total green RRF funds in the 
Greek economy by 2026. 
Sectoral targets 
Renewable energy 
●
35% of 
new 
disbursements 
in the 
energy 
sector will 
be directed 
to Renewable 
Energy 
Sources 
(RES) 
financing. 
Green buildings 
●
80% of disbursements related to the construction of new buildings will 
be allocated to green buildings. 
Next milestones 
Portfolio 
alignment and net zero 
●
Commit to the Net Zero 
Banking Alliance at a Group 
level within 2024. 
●
Align loan portfolio 
and investments with a 
net zero carbon footprint 
by 2050 by developing 
a robust 
action 
plan 
and 
roadmap 
including 
intermediate 
targets 
to 
net 
zero 
and 
commitment. 
Actively 
support clients’ 
climate transition 
journey with 
an ambition 
to further 
increase sustainable 
financing 
going forward. 
●
Implement 
the 
ESG 
Risk 
Assessment 
supported 
by 
the 
roll 
out 
of 
the 
Hellenic 
Bank 
Association 
initiative 
(Interbank 
ESG 
Questionnaire), 
ensuring 
a 
harmonized 
assessment 
approach 
for 
Bank’s 
clients. 
●
Further integrate 
climate risk regulatory requirements 
into its business strategy and risk management 
framework, 
leveraging 
on key 
initiatives: 
a) Governance, 
policies, and 
control 
framework, 
b) Climate 
risk modelling and data management and c) Commercial 
strategies/ sector policies. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
Operational 
and 
Financed 
pillars 
of 
the 
Sustainability Strategy 
are 
combined 
for 
addressing 
Eurobank’s 
path 
towards Net 
Zero by 
2050. In 
line with 
Eurobank’s 
commitment to 
the UNEP 
FI Principles for 
Responsible 
Banking, development 
of the 
Sustainability Strategy 
is aligned 
with the 
requirements 
for 
identifying the 
most 
significant positive and negative 
impacts on the societies and environment 
where it operates. 
ESG Governance 
Sustainability 
at 
Eurobank 
is 
deployed 
across 
an 
ESG 
governance 
structure 
that 
addresses 
both 
regulatory 
requirements 
and voluntary 
commitments. 
BoD oversight 
with respect 
to Sustainability 
Strategy 
is addressed 
through the inclusion of ESG items in the Board Meetings agenda, as per international best practice. 
The Three 
Lines of Defence model enhances risk management and control by clarifying roles and responsibilities within the 
organization Eurobank’s 
updated governance 
structure also ensures that the 
management of relevant climate-
related 
and environmental 
risks is 
integrated 
into the 
Bank’s three 
lines of 
defence, 
as well 
as aims 
to further 
enhance the effective 
oversight of ESG and CR&E matters 
at management / Board level. 
In this context and taking into account the significant impact of climate-related and environmental (CR&E) risks 
both 
on financial 
institutions 
and on 
the 
global economy, 
the 
Group 
developed 
and approved 
its CR&E 
Risks 
Management Policy which 
aims at fostering a holistic 
understanding of the effects 
of CR&E risks on its business 
model, 
as 
well 
as 
support 
decision-making 
and 
provide 
a 
robust 
governance 
under 
its 
Risk 
Management 
Framework. 
In 
addition, 
the 
Bank 
has 
assigned 
an 
executive 
member 
as 
the 
BoD 
member 
responsible 
for 
climate 
and 
environmental 
risks. As 
part 
of his 
duties, the 
member 
responsible updates 
the 
Board 
Risk Committees 
(BRC), 
which in accordance with their Terms of Reference are responsible to oversee, among others, the climate change 
and environmental related 
risks at least on a semi-annual basis. 
Eurobank has also established the 
Environmental, Social & Governance 
Management Committee (ESG ManCo), 
chaired by 
the BoD member 
responsible for 
climate-related and 
environmental 
risks. The 
ESG ManCo provides 
strategic direction 
on Environmental, 
Social & Governance 
(ESG) initiatives, reviews 
the Sustainability Strategy 
prior 
to approval, 
intergrate 
s 
the 
elements 
of the 
Sustainability Strategy 
into the 
Eurobank’s 
business 
model 
and 
operations, 
approves 
eligible 
assets 
of 
Green 
Bond 
Frameworks, 
regularly 
measures 
and 
analyses 
the 
progress 
of 
the 
ESG 
goals 
and 
performance 
targets, 
as 
well 
as 
ensures 
the 
proper 
implementation 
of 
ESG 
related policies and procedures 
in accordance with supervisory 
requirements and voluntary 
commitments. 
Further 
information 
on the 
ESG governance 
structure for 
the oversight 
and management 
of sustainability and 
climate 
related 
& 
environmental 
matters 
is 
provided 
in 
the 
TCFD 
– 
Climate-related 
and 
Environmental 
Risk 
Report. 
ESG &CR&E Data 
The Group recognizes 
the importance of relevant and reliable data in order 
to produce meaningful information, 
appropriate for 
decision-making purposes. Having already 
performed 
an assessment of CR&E data availability 
in 
its 
internal 
systems 
against 
regulatory 
requirements/ 
expectations, 
the 
Group 
continues 
to 
enhance 
its 
environmental risk data aggregation capabilities and IT infrastructure accordingly, 
while also using appropriate 
controls and safeguards to ensure the accuracy and completeness of 
the compiled information. The Group seeks 
to 
further 
improve 
environmental 
risk 
data 
granularity, 
through 
the 
allocation 
of 
detailed 
roles 
and 
responsibilities 
for 
the 
purposes 
of 
CR&E 
data 
management 
and 
the 
implementation 
of 
approaches 
for 
the 
remediation 
of 
identified 
data 
gaps 
(i.e., 
engagement 
with 
external 
data 
providers, 
development 
of 
methodological 
approaches for 
the estimation of required 
information). 
The 
ESG Unit 
is responsible 
for 
the 
design 
and monitoring 
of the 
implementation 
of the 
Operational 
Impact 
Strategy (OIS), the monitoring of the Operational ESG performance 
and coordination of ESG linked operational 
activities that 
enhance the 
Bank’s Impact. 
In this 
context, the 
Unit is 
responsible for 
the collection, 
calculation 
and review of data related 
to the operational 
impact in line with the associated certified 
management systems 
(ISO 14001/EMAS, ISO 
50001, ISO 14064).
The Head of ESG 
acts as secretary to 
the ESG Management Committee. 
The 
Group Climate 
Risk Division 
is responsible 
for 
establishing internal 
reporting and 
disclosure 
processes 
for 
the 
financed 
impact 
as well 
as 
the 
oversight 
of the 
associated 
data 
collection, 
in 
line 
with 
the 
Group’s 
data 
governance framework. 
Internal ESG awareness and capacity 
building 
The Group 
is placing great 
emphasis on building 
capacity among its 
employees, so 
they be 
able to support its 
clients 
on 
their 
sustainability 
journey 
and 
their 
green 
transition. 
To 
this 
end, 
in 
addition 
to 
launching 
ESG 
initiatives for 
its clients, the 
Bank implements 
an ESG upskilling 
plan for 
its employees. 
Apart from 
the general 
upskilling programmes, 
within 2022-2023 the 
Bank conducted dedicated 
sessions tailored to 
the requirements 
of 
specific 
business 
units 
and 
functions, 
to 
enhance 
their 
understanding, 
crucial 
for 
delivering 
the 
Bank’s 
Strategy. 
Eurobank’s internal 
awareness sessions regarding 
ESG and CR&E matters cover 
both members 
of the 
management 
body 
and 
other 
stakeholders 
across 
the 
Bank 
(e.g. 
Business 
Units). 
Additionally, 
the 
Bank 
has 
offered 
trainings 
to stakeholders 
from 
all Three 
Lines of 
Defense 
(i.e., Business 
Units, Risk 
Management 
Units, 
Internal 
Audit 
function) 
regarding 
the 
SFF 
in 
order 
to 
enhance 
their 
understanding 
of 
sustainable 
financing 
criteria. 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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ESG ratings 
The 
Bank 
actively 
participates 
in 
internationally 
recognised 
ESG 
ratings 
to 
highlight 
the 
continuous 
improvement 
in its 
environmental, 
social and 
governance 
performance, 
upgrade 
the 
relevant 
disclosures 
and 
further 
enhance 
investor 
confidence 
in 
its 
practices. 
In 
2023, 
the 
Bank 
posted 
significant 
improvements 
compared to 2022 in important ESG ratings 
such as Sustainalytics (from 12.1 
to 10.6, maintaining the 
“Low Risk” 
mark), MSCI (from BBB to A), S&P (from 50 to 
52), CDP (improved by 2 notches from D to B) and FTSE (from 2.8/5 
to 3.4/5) and ISS ESG (from E:2/ S:2/ G:5 to E:1/ S:2/ G:3). 
Specially with respect to 
Sustainalytics, the Bank achieved the international ESG Regional 
Top Rated distinction, 
the 
ESG Industry 
Top 
Rated distinction 
for 
the 
2
nd
 
consecutive 
year and 
has been 
included in 
the 
Morningstar 
Sustainalytics' 
2024 
Top-Rated 
ESG 
Companies 
List. 
These 
distinctions 
are 
a 
strong 
demonstration 
of 
Eurobank's 
commitment 
to 
ESG 
practices 
and 
rank 
it 
among 
the 
best 
performing 
banks 
globally. 
Eurobank 
ranked 
45
th
 
among 1,030 participating 
banks. This 
remarkable recognition 
was based on 
an assessment 
of the 
Bank's performance 
and management practices 
across a wide range 
of ESG impacts including Human Capital, 
Data Protection 
and Security, 
Business Ethics, Corporate 
Governance, 
Product Governance, 
and Integration 
of 
ESG criteria into financial activities. 
In the 
context of networking 
with market 
for sustainable 
development 
issues, the 
Bank participates 
in the 
ESG 
Coordinating 
Committee 
of 
the 
Hellenic 
Bank 
Association, 
the 
Corporate 
Responsibility 
Committee 
of 
the 
American-Hellenic Chamber 
of Commerce and 
the Greek Network 
of the UN Global Compact. 
Protection of environment 
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 
the 
benefit 
of future 
generations. 
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. 
In 
line 
with 
these 
policies, 
the 
Bank applies 
certified 
management 
systems, 
in accordance 
with 
International 
Standards, 
including 
an 
Environmental 
Management 
System 
(ISO 
14001, 
EMAS) 
and 
an 
Energy 
Management 
System 
(ISO 
50001), 
publishes 
an 
annual 
Environmental 
Report 
in 
accordance 
with 
the 
European 
EMAS 
Regulation (Eco-Management and Audit Scheme), 
and since 2022 certifies its carbon footprint according to the 
international ISO 14064 Standard. 
The implementation 
of these management systems 
is supported by relevant 
e-learning training programs. 
Furthermore, the 
Bank, has established sustainability practices 
in procurement, in 
order to select, where 
possible, environmentally and socially responsible 
goods and suppliers. 
Moreover, 
the 
international 
subsidiaries 
of 
the 
Group 
are 
actively 
following 
Eurobank's 
footsteps 
towards 
environmental 
protection. 
As a result, 
Eurobank 
Cyprus was certified 
according to ISO 
14001 in 2023 and 
listed 
in 
the 
European 
Eco-Management 
and 
Audit 
Scheme 
(EMAS) 
Register 
for 
Environmental 
Management, 
underscoring its commitment to environmental 
protection and 
sustainable practices. 
The environmental 
performance, 
with respect to the improvement 
of the operational 
environmental footprint, 
is 
monitored 
through 
specific 
environmental 
indicators 
in 
order 
to 
identify 
any 
deviations 
and 
take 
corrective 
actions and 
is included in 
the Annual 
Report – Business 
& Sustainability and 
the Environmental 
Report (as per 
EMAS Regulation). 
Both reports 
are assured 
by independent 
parties and 
are available 
on the 
Group’s 
and the 
Bank’s websites (www.eurobankholdings.gr 
and www.eurobank.gr 
respectively). 
Environmental 
performance 
data 
are 
monitored 
at 
Group 
level 
(specifically 
for 
energy, 
water 
and 
waste). 
However, 
the 
related 
Management 
Systems 
(ISO 
14001/EMAS, 
ISO 
50001 
and 
ISO 
14064) 
and 
corresponding 
certification 
scopes apply only at Bank level and therefore 
environmental performance 
is assured and reported 
only at Bank level. 
In the 
context of minimising its 
environmental impact, 
the Bank 
has implemented 
an integrated 
action plan to 
reduce paper consumption 
and fully digitize its operations. 
As a result of these efforts 
in 2023, the paper 
supply 
amounted 
to 
188 
tons. 
In 
addition, 
the 
increase 
in 
the 
use 
of 
the 
e-statement 
service 
continued 
for 
another 
consecutive 
year, 
as 
more 
than 
190,000 
additional 
e-Banking 
users 
chose 
e-statements, 
resulting 
in 
the 
additional 
savings 
of 
420,000 
physical 
statements. 
The 
Bank’s 
financial 
savings 
from 
the 
discontinuation 
of 
physical statements are 
also substantial, amounting to €38m since the 
service became 
available. 
According 
to its 
Water 
Management Policy, 
the 
Bank aims 
to responsibly 
manage the 
use of 
water 
resources 
and efforts 
for 
savings. In 
2023, 
the 
water 
consumption 
amounted to 
54,894m
3
, which 
represents 
a marginal 
increase of 0.80% compared 
to 2022. 
In 
the 
view 
of 
circular 
economy 
and 
the 
Bank’s 
commitment 
to 
implementing 
comprehensive 
waste 
management practices, 
aiming to recycle 
or redirect all solid 
waste it generates, 
the Bank has achieved 
a 3.9% 
decrease 
in the 
total 
waste 
directed 
to landfill 
and 
has 
concurrently
decreased 
total 
solid 
waste 
(recycled 
& 
domestic) by 9.3% 
compared to 2022. 
The Group 
is actively involved 
in a series of International and European 
initiatives for 
environmental protection 
and Sustainable Development, such as 
the EU Eco-Management and 
Audit Scheme (EMAS) and 
the Mastercard’s 
Priceless Planet Coalition global 
initiative. 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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Energy and Emissions Management 
The 
importance 
of 
Climate 
Change 
makes 
energy 
consumption 
monitoring 
one 
of 
the 
most 
important 
environmental 
priorities 
of 
the 
Bank. 
The 
Bank 
implements 
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 (it concerns all the Bank’s Administration 
Buildings / Branches and covers 100% of its operations), which 
aims to 
minimize energy 
cost, the 
environmental 
impact 
of harmful 
greenhouse 
gas emissions, 
as well 
as the 
depletion of fossil fuels. 
In accordance 
with the 
applicable 
legislative 
requirements 
(Greek 
Climate Law 
4936/2022) and 
international 
best practices, the 
Bank was certified according 
to the International 
Standard ISO 14064 for 
the quantification 
and 
reporting 
of 
greenhouse 
gas 
emissions 
(Category 
1-7), 
with 
the 
aim 
of 
the 
reduction 
of 
greenhouse 
gas 
emissions and its environmental 
footprint. 
The 
Bank 
also 
maintains 
the 
corresponding 
matching 
in 
line 
with 
the 
methodology 
of 
the 
“GHG 
Protocol 
Corporate Accounting and Reporting 
Standard” (Scope 1, 2 & 3). 
Through 
the 
certified 
management 
systems, 
Eurobank 
monitors 
its 
performance 
and 
minimises 
its 
carbon 
footprint by: 
• Setting specific targets. 
• Undertaking mitigation initiatives. 
• Designing and developing projects 
to protect the 
environment and improve 
the use of natural 
resources. 
In order to achieve 
these broader 
objectives, as well as 
the specific quantitative 
ones, environmental programs 
are designed and implemented within 
the Environmental Management System, while for energy and greenhouse 
gas emissions, actions 
are carried 
out within the 
Energy Management 
System. 
To this 
end, the Bank addresses 
its: 
• Identified negative impacts through 
in-house operations which contribute to the release 
of Greenhouse Gas 
emissions as a direct factor 
contributing to climate change. 
• Positive impacts through 
energy reduction 
and efficiency in operations. 
Direct 
Green 
House Gases 
(GHG) Emissions 
(Scope 1) 
result 
from 
the 
Bank’s consumption 
of natural 
gas 
and 
heating oil to heat 
buildings and the 
use of fuel for 
the Bank’s own 
vehicles for 
transportation within 
the Attica 
region. It also includes the data on fluorinated gases (F-gases) released by the air conditioning installations and 
automatic fire 
extinguishing systems 
of the 
Bank (fugitive 
emissions), as 
well as 
the greenhouse 
gas emissions 
from the use 
of leased company cars by the 
Bank’s employees. 
Eurobank 
is undertaking 
the 
complete replacement 
of its 
vehicle 
fleet, 
offering 
users 
purely 
electric 
or hybrid 
vehicles. By the end 
of 2025, 75% of the 
fleet will be replaced, and within 
a 4-year period, 
all corporate vehicles 
will be electric or hybrid electric. 
Regarding 
electric energy 
use (indirect 
emissions - 
Scope 
2), the 
Bank calculates 
its emissions 
using both 
the 
location-based 
and market-based 
methods, using 
national annual CO
2
 
emission conversion 
factors. The 
Bank, 
demonstrating 
a 
long-term 
commitment 
to 
environmental 
and 
energy 
management, 
displayed 
remarkable 
reflexes, during the current 
energy crisis. 
To achieve its target of a 10% 
reduction in electricity consumption, cumulative for the years 2022-2023, Eurobank 
has taken various actions, 
including: 
• Replacement of air conditioning/ventilation systems and lighting in 120 locations in 2022 and in 55 branches 
and 2 office buildings in 2023. 
• Replacement of over 3,500 lights with new LED technology, conversion of air conditioning systems to 
inverter, 
and a series of energy-saving interventions, especially in the Data Center of the building complex in Nea Ionia. 
• Self-production 
of energy 
through the 
construction of photovoltaic 
panels on the 
roof of the 
same complex 
and the Bank's building in Menidi, while efforts 
for licensing autonomous RES installations 
are underway. 
• Central temperature 
control programming. 
• Transition 
of IT applications from 
physical servers 
to cloud environments. 
• Deactivation of illuminated signs at 
branches during nighttime 
hours. 
In this 
context, in 2023 
the total 
electricity consumption 
was at 
34,721 ΜWh 
decreased 
by 9.38% 
compared to 
2022, 
exceeding 
the 
target 
of 
3% 
decrease 
set 
for 
2023. 
The 
attainment 
of 
16% 
reduction 
for 
electricity 
consumption 
cumulatively 
for 
the 
years 
2002 
and 
2023, 
exceeds 
Eurobank’s 
declared 
commitment 
for 
10% 
reduction for 
the same period. 
Additionally, 
natural gas consumption was at 
2,269 MWh, decreased by 28.25%, 
while 
the 
declared 
target 
for 
Electric 
Energy 
consumption 
for 
2024 
is 
a 
decrease 
by 
5%. 
The 
total 
energy 
consumption (all energy sources) 
was decreased by 10.88% compared 
to 2022. 
Furthermore, 
98.04% 
of total 
electricity 
consumed 
was sourced 
by 
Renewable 
Energy 
Sources 
(RES), 
certified 
through “Guarantees of Origin”, while the same process 
will continue for 2024. Compared to 2022, this indicator 
was improved 
by 0.15%. 
Τhe total 
energy consumption 
per employee 
was 6,159 
(KWh/employee), decreased 
by 
8.14% while total 
energy consumption 
by surface 
area was 141 (KWh/m
2
), also decreased by 9. 
4%. 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
direct greenhouse 
gas emissions (scope 
1) in carbon 
equivalents was 
at 2,262 tCO
2
e, decreased 
by 4.43%, 
while the 
indirect 
(scope 
2) was 
at 
18,545 tCO
2
e also 
decreased 
by 
9.38%. 
The 
declared 
target 
for 
emissions 
reduction for 
2024 is -2% for Scope 1 and -5% for 
Scope 2. 
Regarding Operational 
Scope 3 emissions, 
the Bank 
monitors multiple emission 
categories related 
to business 
travel, 
employees’ 
commuting, 
waste 
generated, 
transportation 
and 
distribution 
of 
goods, 
as 
well 
as 
cloud 
computing usage. Operational 
scope 3 emissions are 
calculated at 3,912 
tCO
2
e representing a 
25,3% decrease 
compared to 2022. 
As of 31 
December 
of 2023, 
nineteen buildings 
of the 
Bank are 
certified 
as "green" 
according to 
LEED/BREEAM 
standards. Certified properties 
have been included in the 
SBC Yearbook 
for Green Buildings. 
Recently, 
Eurobank's 
headquarters 
moved 
to a 
new, 
privately owned 
building in 
the 
historic center 
of Athens. 
Eurobank 
underwent 
a 
radical 
reconstruction 
and 
energy 
upgrade, 
transforming 
it 
into 
a 
modern 
"green" 
building 
with 
high 
aesthetics 
and 
standards, 
incorporating 
bioclimatic 
features 
in 
line 
with 
international 
standards. 
This 
choice 
underscores 
Eurobank's 
commitment 
to a 
modern 
approach 
to resource 
management 
with 
a 
focus 
on 
Sustainability. 
The 
relocation 
to 
the 
new 
Headquarters 
building 
has 
a 
direct 
and 
significant 
effect 
on the 
environmental 
impact, including 
a 37% 
reduction 
in energy 
consumption per 
employee 
or a 
47% 
reduction in energy 
consumption per square meter. 
The environmental performance 
data may be modified as per the outcome of the assurance engagement of the 
Environmental Report disclosures. The 
final data will be available in the Annual Business & Sustainability Report 
2023. 
Further 
to 
issuance 
of 
new 
emissions 
conversion 
coefficients 
from 
the 
Ministry 
of 
Environment, 
the 
environmental 2022 data regarding GHG emissions are restated. 
Changes in conversion coefficients may affect 
the emissions targets. 
Employee and Social Matters 
Employee Engagement 
Group’s 
employees 
constitute 
its 
greatest 
asset 
as 
far 
as 
development 
and 
sustainability 
are 
concerned. 
Starting 
from 
its 
recruitment 
process, 
the 
Group 
aims 
to 
establish 
a 
long-term 
and 
mutually 
beneficial 
relationship 
with 
every 
employee. 
As 
of 
31 
December 
2023, 
the 
Group 
employed 
10,728 
(Dec.2022: 
11,328) 
employees of which 4,405 (Dec.2022: 5,060) abroad. 
To 
ensure 
equal 
and 
fair 
opportunities 
to 
all 
employees, 
the 
Group 
follows 
several 
guidelines 
surrounding 
Compensation & 
Benefits, Recruitment, 
People & Talent 
Development, 
Performance 
Management, Kniship 
and 
Health & Safety, 
Learning, Engagement & Communication. 
In 2022, the Bank launched 
three new policies 
on C-
Level 
Succession 
Planning, Diversity, 
Equity & 
Inclusion and 
Workplace 
anti-Violence 
& anti-Harassment 
, 
while 
its objective is to recruit and retain 
its employees regardless 
of race, religion, 
age, gender, 
sexual orientation or 
disability. 
The 
Group strives 
to ensure 
that its 
workforce 
reflects the 
communities in which 
it operates 
and the 
international profile of the organization. The Group recognizes that diversity is a key component 
of a responsible 
business 
strategy 
in 
support 
of 
its 
international 
operations. 
Related 
matters 
mentioned 
above 
are 
also 
addressed in the 2020 Code 
of Conduct & Ethics for the 
Group. 
The Group 
is constantly revising its compensation and benefits 
policies, taking into account market trends, and 
aiming to 
create 
a competitive 
offering 
that 
will attract, 
engage and 
retain its 
employees, 
while at 
the 
same 
time complies to all regulatory and legal requirements. As a result, the basic principles of the compensation and 
benefits framework 
which ensure 
alignment between 
individual objectives 
and the 
Group’s 
business strategy, 
as well as the long-term 
value creation for 
the shareholders, 
are the following: 
a)
Ensure gender-neutral 
compensation policies. 
b)
Safeguard that total reward is sufficient for retaining and attracting executives 
with high skill and expertise. 
c)
Ensure internal equity between 
Business Units. 
d)
Avoid taking excessive 
risks, including direct and indirect sustainability risk. 
e)
Link compensation with long-term 
performance. 
Furthermore, 
the 
Bank has 
set up 
the 
Eurobank 
Group's 
Occupational 
Pension 
Fund, seeking 
to provide 
long-
term 
support 
to 
all 
its 
employees, 
while 
committing 
to 
strong 
ESG 
standards. 
The 
establishment 
of 
the 
Occupational 
Pension 
Fund 
(OPF), 
acting 
as 
an 
additional 
pillar 
of 
a 
modern 
Retirement 
Scheme, 
allows 
all 
Group 
employees 
to participate 
on a 
voluntary 
basis. Following 
a written 
agreement 
between 
the employees 
and the employer, 
the OPF is set up as 
a Private Legal Entity 
to work in tandem and complement the mandatory 
Public Pension System. 
Internal Job Market (IJM)/ Internal 
Mobility 
The 
Bank 
focuses 
on 
deploying 
its 
existing 
workforce 
to 
meet 
internal 
staffing 
needs, 
according 
to 
their 
qualifications. 
In 
this 
context, 
the 
Bank 
actively 
promotes 
equal 
opportunities 
for 
all 
employees 
to 
fully 
participate 
in 
IJM, 
regardless 
of 
role, 
level 
and 
general 
division. 
In 
2023, 
76 
Job 
openings 
were 
published 
in 
Internal Job Market, 300 internal 
candidates applied and 48% of job vacancies 
in Greece were 
filled internally. 
Learning 
Building 
and 
strengthening 
professional 
expertise 
with 
updated 
skills 
and 
capabilities, 
as 
well 
as 
providing 
modern learning 
curriculums 
and methodologies 
constitute a 
major priority 
for the 
transformation 
strategy 
of 

 
 
 
 
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the 
Group. 
The 
Group’s 
leading Learning 
Management 
System offers 
enhanced 
self-service 
capabilities 
to all 
employees that 
boost learner engagement, 
while redefining and upgrading the 
knowledge and skills needed in 
the workplace 
(reskilling & upskilling). 
The size of investment 
in learning for 2023 is reflected 
briefly in the following 
indicators: 
a)
The total 
number of learning participations reached 
84,659 in Greece, 
b)
The total 
number of training hours exceeded 
206,500 hours for employees 
working in Greece, 
c)
Over 
83% 
of 
the 
learning 
activity 
regarding 
employees 
working 
in 
Greece 
takes 
place 
online 
or 
through 
virtual classrooms. 
Upskilling, 
capitalizing 
on technology 
and 
learning certifications 
constitute 
the 
axes of 
the 
strategic 
learning 
framework 
of the Group. 
More specifically: 
a)
LinkedIn Learning Solutions: The 
strategic partnership with 
LinkedIn Learning allows all Group employees 
in 
Greece 
to access 
the platform’s 
online learning 
courses and 
highlights the 
Group’s 
actual commitment 
to 
addressing current 
needs of 
the 
current 
era 
and helping 
its people 
further 
develop 
their 
skills. In 
addition, 
The 
Group has 
extended its 
partnerships 
with other 
internationally 
recognized 
learning platforms 
such as 
Interskill, Microsoft LxP and Udemy, 
offering 
thousands of courses on cutting-edge technologies. 
b)
Leadership 
skills: The 
Group’s 
Top 
Management 
and the 
Heads of 
the 
Group’s 
subsidiaries get 
the 
latest 
information 
from the 
world of business 
while they 
get the 
opportunity to connect 
and communicate 
online 
about 
the 
latest 
trends 
in 
strategic 
leadership 
transformation. 
During 
2023, 
emphasis 
was 
placed 
on 
handling 
strategic 
complex 
challenges 
within 
a 
VUCA 
environment 
and 
the 
rise 
of 
technological 
issues, 
around 
Cloud 
governance 
and 
Security. 
In 
addition, 
a 
specialized 
management 
development 
program, 
addressed to 
Retail Branch 
Network’s Area 
managers, aims at 
the successful 
transition to 
a new 
model of 
people-based leadership, aligned with 
Group's principles. 
c)
Code of Conduct 
& Ethics (CoCE): 
a digital learning 
program for all Group’s employees in Greece and Cyprus, 
aiming to 
establish a 
baseline 
knowledge 
of Eurobank’s 
code of 
conduct & 
ethical 
standards, 
in order 
to 
reinforce 
professional ethical 
culture (associated with ESG indicators). 
d)
Anti-money laundering (AML) Workshops: in 
collaboration with ICA (Internal Compliance Association), highly 
practical 
and interactive 
virtual workshops, addressing 
approximately 1,000 
managers in Retail, 
Corporate 
and Private 
Banking Networks, 
as well 
as all 
AML related 
central 
units. Moreover, 
Anti-money 
laundering 
(AML) video-based workshops, addressing approximately 4,000 
employees in the above mentioned business 
and central units. 
e)
Preventing 
and 
managing 
Violence 
& 
Harassment 
in 
the 
workplace: 
a 
digital 
learning 
initiative 
for 
all 
Group’s 
employees 
in Greece, 
aiming to 
acknowledge behaviors 
and effects 
of Violence 
& Harassment 
at 
work, and 
develop 
the 
appropriate 
actions for 
the 
safety 
of the 
working environment. 
Moreover, 
a virtual 
workshop for 1,.250 Managers launched in 
October 2023, providing practical knowledge and skills to 
prevent 
and manage the behaviors and 
incidents of Violence 
& Harassment in their 
team. 
f)
“This 
is how 
we Hybrid”: 
a blended 
learning experience, 
consisting of 
3-modules, that 
supports employees 
participating in the 
hybrid working model to develop 
essential skills (growth 
mindset, energy 
management 
and teaming in hybrid) 
g)
Cybersecurity 
awareness: 
all 
newcomers 
in 
Greece 
have 
the 
assignment 
to 
complete 
a 
digital 
learning 
program 
that 
provides 
awareness 
on cyber 
security issues, 
so that 
they 
can recognize 
potential 
risks and 
apply the 
right practices. 
In addition, 
the 
same 
assignment 
applies 
for 
all the 
Group’s 
Top 
Management 
and the 
Heads 
of the 
Group’s 
subsidiaries 
in Greece, 
while an 
in-class Cyber 
-War 
game 
live 
workshop 
is 
delivered for 
ExBo members, General 
Managers and CEO’s - Subsidiaries in Greece. 
h)
“PROSPER”: a 
customized talent development 
program 
aiming to equip 
the talent 
pools with 
future-proof 
leadership skills and state of the art knowledge and experiences 
in numerous fields such as ESG, Innovation 
and Strategy. 
Within 2023 Prosper 
-Class 2022 was completed. 
i)
ESG Thinking: 
a 3-module digital 
learning program 
with the 
aim to increase 
awareness on 
all ESG related 
matters, as well as familiarize 
all employees on the 
Group’s strategic 
priorities around the 
ESG agenda. 
j)
Role-specific 
certification 
of 
knowledge 
and 
skills: 
The 
Group 
supports 
its 
employees 
acquire 
all 
the 
professional and regulatory 
certifications required 
by their role within the 
organization, offering 
web-based 
courses and virtual classes to help them 
prepare for 
their certification 
exams. 
To 
fully 
meet 
employees’ 
and 
the 
Group’s 
learning 
needs, 
the 
Group 
implements 
policies 
and 
procedures 
certified 
according 
to 
the 
ISO 
9001 
standard. 
At 
the 
same 
time 
and 
since 
2015 
the 
Bank 
holds, 
the 
ACCA 
Approved 
Employer 
(Professional 
Development 
Stream) 
distinction, 
documenting 
the 
high learning 
standards 
provided to its employees. Aimed at empowering 
employees on more demanding roles 
and enhance leadership 
capabilities, 
the 
Group 
Human 
Resources 
Division 
designs 
and 
implements 
specialized 
programs, 
such 
as 
Development 
& 
Succession 
planning, 
Talent 
Development 
& 
Management, 
Career 
Development 
& 
Planning, 
Knowledge & Experience Sharing 
(mentoring & reverse 
mentoring). 
Talent 
Management Programme 
In 
2023 
the 
Bank 
concluded 
the 
assessment 
and 
implementation 
of 
the 
bank-wide 
Talent 
Management 
Programme, 
aiming at 
the 
identification, 
development, 
retention 
and effectively 
utilization 
of a 
robust 
talent 
pipeline. Also, it has designed and introduced 
new segmentation for 
the Talent 
pool with a focus on mobility as 
well 
as 
structured 
talent 
career 
discussions 
providing 
talents 
focused 
career 
plans
with 
mapped 
next 
career 
moves. Talent 
development programs 
aiming at upskilling and reskilling the 
Talent 
pool run across the 
Bank. 
Performance 
Management 
Performance 
Management 
in 
the 
Group 
has 
a 
transparent, 
consistent 
and 
effective 
framework 
concerning 
continuous improvement 
of the 
employees 
and aligning 
with the 
strategic 
objectives 
and values 
of the 
Group. 

 
 
 
 
 
 
 
 
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Its 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 organization. 
Performance 
Management is grounded 
on two main tools implemented 
in 
Greece& Cyprus and are formally implemented on SAP SuccessFactors 
access. Both tools have a developmental 
focus and continuous feedback 
on their core. 
Career Development 
Career Development 
is of great importance for 
the Group. 
In this context, the Group 
utilizes both Development 
Plans and Improvement 
Plans, giving value to a wide range 
of functionalities like 
Career Development. 
On that 
basis, 
employees 
can 
design with 
support by 
their 
manager and 
depending on 
their 
personal 
needs, 
either 
a 
Development 
Plan to support 
further 
their professional 
advancement 
and career 
planning or an 
Improvement 
Plan which 
serves 
as roadmap 
to enhance 
their 
performance 
and address 
areas 
needing 
improvement. 
Both 
Plans 
aim, 
through 
relevant 
training 
and 
development 
activities, 
to 
further 
develop 
employees’ 
skills 
and 
behaviors, bolstering their 
profile to match either 
their current 
role or a different 
one in the future. 
C-Level Succession 
Planning 
The 
Bank’s 
C-Level 
Succession 
Planning 
framework 
is 
assessed 
annually 
following 
a 
structured 
and 
comprehensive 
process, 
according 
to 
the 
guidelines 
of 
the 
Bank’s 
Nomination 
and 
Corporate 
Governance 
Committee 
and 
the 
BoD 
of 
the 
Bank. 
The 
Bank 
has 
a 
C-level 
Succession 
Planning 
Policy 
in 
place, 
to 
ensure 
executive ‘bench strength’ 
for the C-level 
roles aligned with the 
Group strategy, 
purpose and leadership culture, 
aiming to achieve business continuity 
and growth. 
Diversity, 
Equity & Inclusion 
In 2023, the 
Bank launced the 
2
nd
 
Season of Women 
in Banking (WiB) 
- Transforming 
Leadership, following 
the 
successful and multi-awarded 1
st
 
Season. WiB is a Leadership Acceleration 
program, focusing 
on how women at 
Eurobank 
can 
accelerate 
their 
progression 
to 
higher 
hierarchical 
positions, 
participate 
in 
transforming 
leadership within the Bank, and serve as ambassadors of an 
inclusive and non-discriminatory work environment. 
It's 
a 
program 
by 
women 
for 
women, 
combining 
mentoring 
with 
continuous 
learning 
through 
interactive 
workshops, virtual masterclasses, 
gaming, and other 
activities. 
In 2023 and for 
second consecutive 
year the 
Bank was included 
in the 
Bloomberg Gender 
Equality Index (GEI). 
This distinction reflects the 
Bank’s commitment to support responsible development 
without discrimination and 
its commitment in the application of 
Diversity, Equity & Inclusion criteria and more generally of ESG 
in all aspects 
of the Group's 
operations. 
Improving Employee 
Experience 
The Group, 
through the 
investment in the 
SAP SuccessFactors upgrades 
the working environment 
and expands 
the possibilities 
of cooperation. 
As part of the 
project, the 
basic technological infrastructure 
has been enriched 
with modern 
applications 
related to 
the acquisition 
of "talent" (talent 
acquisition) and 
performance 
appraisal. 
The 
applications 
of the 
SAP SuccessFactors 
platform 
improve 
the 
daily communication 
in the 
Group, 
increase 
the degree of autonomy and 
mobility of the users, 
while managers can monitor and manage their 
teams. More 
particularly, 
the 
functions 
are available 
both 
from 
the 
office 
space 
and "smart" 
devices 
and the 
users, among 
others: 
a)
Have access, wherever 
they are, to their 
personal profiles and contact details of 
their colleagues, 
b)
Register and manage with self-service 
process, license 
requests and change of personal data, 
c)
Have 
access 
to learning 
and training 
planning for 
themselves 
and their 
teams, can 
attend 
online courses 
and connect to online libraries that 
are available (Learning Management System), 
d)
Have access to a modern evaluation 
and continuous feedback application. 
Strengthening Dialogue 
& Information 
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. 
Within 
the 
intranet, 
employees 
can 
peruse 
information 
pertaining 
to 
social 
issues, 
physical 
or 
virtual 
visits 
by 
the 
management team, corporate 
functions, as well 
as interviews conducted by 
the Group's 
management for 
both 
print 
and 
digital 
media 
etc. 
Additionally, 
to 
encourage 
internal 
social 
networking 
and 
the 
exchange 
of 
information 
and ideas, 
the Yammer 
platform 
is also 
available to 
the 
employees. 
To 
communicate 
its strategy 
and 
foster 
2-way 
dialogue 
between 
the 
management 
team 
and 
the 
employees, 
Eurobank 
held 
executive 
meetings, 
with 
extended 
number 
of the 
members 
of the 
management 
team participating. 
At the 
same 
time, 
visits 
took 
place 
in 
regional 
markets 
across 
Greece. 
Additionally, 
onsite 
visits 
from 
Retail 
Management 
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 CEO Breakfasts. 
Remote Working 
In 2023, the Group maintained 
its pursuit of 
continuous improvement of the Hybrid Work Model, the combination 
of 
alternating 
between 
working 
on 
premises 
and 
at 
home. 
This 
effort 
aligns 
with 
the 
Group’s 
increasing 
environmental sensibilities, and the 
continued focus on a positive and modern employee 
experience. In order to 
further 
improve said experience, 
a questionnaire pertaining to how Group 
employees experienced 
the first year 
of 
officially 
working 
with 
the 
Hybrid 
Model 
and 
what 
suggestions 
they 
might 
have 
for 
its 
improvement, 
was 
launched. The 
results were 
resolutely positive, 
and in late 
2023, a 
few of 
the suggestions 
employees 
proposed, 

 
 
 
 
 
 
 
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such as the scheduling 
of remote work 
without needing manager 
approval, were 
implemented, showcasing 
the 
Group’s commitment 
to enhancing the Hybrid Model, despite 
its already successful run. 
Recognition and Reward Policy 
In acknowledgment 
of long-term 
loyalty, 
the 
Group 
bestows 
commendations 
upon 
its employees 
marking 
15 
and 25 years of dedicated 
service. 
Furthermore, 
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 21 years, Eurobank 
has 
presented awards 
to more than 
3,500 deserving students. 
In 2023 Eurobank 
proudly presented 
356 awards for 
the 2021-2022 school/academic 
year. 
In alignment with the ethos of community engagement, the Group has established and 
actively backs the "Team 
Up" initiative, a voluntary 
program 
involving employee 
participation since 
2018. Throughout 
the year, 
a total of 
10 
events 
were 
organized, 
during 
which 
1,300 employees 
generously 
volunteered 
over 
2,358
hours 
of 
service, 
exemplifying the Group's 
commitment to giving back to the 
community. 
In 2023 Eurobank also established the 
Eurobank Running Team, 
a running team open to employees from across 
the 
entire 
organization. 
This 
initiative 
aims 
to 
facilitate 
interactions 
among 
colleagues, 
foster 
a 
sense 
of 
community and inclusion within the 
organization. 
Support at work - HR4U 
The 
call 
center 
“HR4U” 
supports 
the 
employees 
of 
the 
Bank 
and 
responds 
daily at 
each 
employee’s 
request, 
taking all 
the 
necessary 
actions for 
their 
best service. 
In 2023, 
more than 
27,673 
requests 
were 
seen to 
HR4U. 
Topics include 
a wide range of questions about benefits 
and programs, 
as well as urgent needs. 
Labour Unions 
The 
Group 
respects 
employees’ 
constitutional 
right 
to 
membership 
in 
Labour 
Unions. 
Six 
such 
Unions 
are 
currently 
active within 
the Bank, 
representing 
85,08% of 
the staff, 
i.e. 5,142 
employees. The 
most multitudinous 
of 
these 
Unions 
is 
recognized 
as 
the 
official 
representative 
Union 
in 
labour 
negotiations 
with 
the 
Bank’s 
Management. All 
employees 
of the 
Bank are 
employed 
full-time 
and covered 
by collective 
labour agreements 
(industry-wide 
and 
enterprise-level), 
while 
labour 
relations 
are 
regulated 
by 
the 
current 
laws 
and 
the 
Bank’s 
Statute 
of 
Internal 
Service. 
Furthermore, 
the 
Bank's 
Management 
cooperates 
with 
the 
labour 
unions 
and 
supports the 
scheduled working 
meetings to 
strengthen 
the dialogue 
and to 
monitor the 
developments 
in the 
working environment. 
Corporate Social Responsibility 
Driven by 
its sense of responsibility 
and commitment 
to giving back 
to society, 
the Group 
has made corporate 
responsibility 
one 
of 
the 
foundations 
of 
its 
strategic 
planning, 
which 
is 
directly 
linked 
to 
the 
UN 
Sustainable 
Development 
Goals 
(SDGs). 
Through 
its 
corporate 
responsibility 
strategy, 
and 
responding 
to 
the 
needs 
of 
today’s 
ever-changing 
environment, 
the 
Group 
aims 
to 
actively 
contribute 
to 
improving 
the 
economy 
and 
society where it operates, 
by adopting responsible practices 
that promote transparenc 
y 
and business ethics. 
The 
Bank has 
a 
solid 
framework 
of 
procedures 
for 
the 
implementation 
of 
its 
Corporate 
Social 
Responsibility 
(CSR) strategy, 
aiming at maximizing the 
value created by 
CSR initiatives and 
shielding the 
Organization from 
the 
possibility 
of 
corruption, 
conflict 
of 
interest 
and 
money 
laundering. 
The 
annual 
Corporate 
Social 
Responsibility 
action 
plan 
is 
approved, 
as 
part 
of 
the 
Marketing 
& 
Corporate 
Communication 
budget 
formulation process, 
by the Communication Committee (COMCOM) in which the 
CEO, the deputy CEOs and the 
Group General 
Manager of Marketing 
& Corporate 
Communication participate. 
Finally, all expenses 
related to 
sponsorships, 
donations 
and 
other 
Corporate 
Social 
Responsibility 
actions 
are 
subject 
to 
approval 
levels 
depending on the amount but also the 
criticality and importance for 
the Bank and their 
recipients. 
Corporate social responsibility 
is based on the following 
pillars: 
Education 
Education is a key pillar 
of the Bank's 
corporate responsibility strategy. 
In this context, 
in 2003 the Bank 
launched 
Moving Education 
Forward, 
according 
to which 
awards are 
provided 
to high-school 
graduates 
across 
Greece 
who achieve top marks in the annual national university entrance 
exams. In the last 21 years it has been running, 
a 
total 
of 
22,572 
students 
have 
been 
awarded, 
many 
of 
whom 
have 
gained 
recognition 
in 
the 
economic, 
academic 
and 
scientific 
life 
of 
Greece. 
The 
Bank awarded 
1.035 
top 
graduates 
during 
the 
2022-2023 
school 
year. 
Supporting the Society 
Moving 
Family 
Forward 
is 
a 
corporate 
social 
responsibility 
initiative, 
aiming 
to 
address 
the 
country’s 
demographic 
challenge, by providing 
young families 
with incentives 
for 
taking the 
decision to 
have children. 
It 
focuses on the eastern borders 
of Greece - Prefecture of Evros, North Aegean islands and the 
Dodecanesee and 
includes collaborations 
with non-governmental 
organisations (NGOs) for 
supporting future and young parents, 
offering banking products with favourable 
terms for customers in those areas and several actions for setting the 
demographic challenge higher 
in the agenda of public dialogue. 

 
 
 
 
 
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The Bank has announced that 
it will contribute directly and significantly to the restoration 
of the natural 
wealth 
of Rhodes which was affected by the catastrophic 
fires during the summer of 2023. In this context, it has funded 
a special study for 
prevention 
as well as 
anti-flooding projects 
in the affected 
areas of the 
island. Additionally, 
following 
the devastating 
floods in Thessaly, 
the bank has announced 
its substantial support of the 
restoration 
of 
the 
affected 
areas 
alongside 
the 
Hellenic 
Bank 
Association. 
The 
total 
support 
of 
the 
four 
systemic 
banks 
amounts 
to 
€50m. 
Moreover, 
the 
Bank 
has 
responded 
to 
the 
ever-increasing 
needs 
of 
the 
National 
Health 
System once 
more by 
proceeding 
with the 
construction of 
6 negative 
pressure units 
in the 
Special Respiratory 
Infections Unit of the 
Sotiria Thoracic 
Diseases Hospital of Athens. 
In 2023 the 
Bank supported 33 
NGOs and institutions 
operating 
across Greece, 
which mainly support children 
and 
vulnerable 
social 
groups, 
with 
the 
amount 
of 
€440,000. 
In 
addition, 
it 
has 
been 
steadily 
supporting 
the 
important 
work 
of the 
PNOE – 
Friends of 
Children's 
Intensive 
Care 
non-profit 
association, 
helping 
it meet 
its 
objective, 
which 
is 
to 
create 
and 
equip 
paediatric 
Intensive 
Care 
Units 
(ICUs) 
and 
to 
support 
children 
hospitalised in ICUs and their parents. 
In particular, 
in 2000 the Bank launched 
the EuroLine 
card and has since 
been donating 0.20% of the total value 
of transactions carried 
out by EuroLine cardholders 
to this cause. 
Access to financial services 
for all /Financial inclusion 
As 
part 
of 
the 
EaSI 
programme 
for 
employment 
and 
social 
innovation, 
the 
Bank 
has 
been 
working 
with 
the 
Action Finance Initiative (AFI), providing micro 
-credit facilities (up to €12,500 per individual) to support the long-
term unemployed, 
vulnerable 
social groups 
and businesspeople 
with limited 
access to 
bank loans. 
This 
way, 
it 
offers 
them the 
opportunity to create 
their own job 
(self-employment) 
or establish small businesses resulting 
in 
the creation of new jobs.
In 2023, 
through the AFI, 88 entities have been 
provided with credit facilities amounting 
in total to € 0.99m, 
with favourable 
terms, which are guaranteed by the EIF. 
we have strategically forged 
alliances 
with esteemed partners.
Digital literacy and inclusion 
The 
Bank has 
launched the 
“Eurobank 
Digital Academy 
for 
Business”, a 
resource 
hub on 
digital skills for 
Greek 
companies’ 
technology 
as a 
key 
enabler, 
and digital 
transformation 
as a 
growth 
strategy 
and a 
competitive 
edge. Since 2019, 
19 events have been held with 1,685 participations, 
of which 3 events with 1,023 participants in 
2022. In 
addition, the Bank has 
created a dedicated hotline for digitally 
illiterate elder groups who wish to 
access 
its digital channels. 
Supporting entrepreneurship and 
innovation 
The 
Bank 
actively 
contributes 
to 
economic 
growth 
and 
recognises 
the 
importance 
of 
entrepreneurship 
as 
a 
major 
lever 
for 
the 
expansion 
of 
the 
Greek 
economy. 
It 
focuses 
on 
supporting 
the 
extroversion 
of 
Greek 
businesses 
and 
encouraging 
new 
business 
initiatives. 
In 
this 
context, 
the 
Bank 
has 
launched 
Exportgate, 
an 
international trade 
portal that promotes 
the business networking 
of Greek and Cypriot companies 
worldwide. 
In a strategic partnership with Banco Santander for Global Trade, 
the Bank has joined the “Trade Club Alliance”, 
the first 
Global Digital Business 
Interconnection 
Network, supported 
by 13 international 
banking groups. 
Using 
artificial intelligence 
and other 
technologies, the 
network 
connects more 
than 22,700 
businesses in 
more than 
60 countries. 
In 
2016 
the 
Bank, 
in 
partnership 
with 
Grant 
Thornton, 
established 
the 
Growth 
Awards 
to 
award 
business 
excellence 
as a 
growth 
lever 
of the 
Greek economy. 
To 
date, the 
7 Growth 
Awards 
ceremonies 
have awarded 
44 of the most robust 
Greek enterprises. 
In the area 
of innovative youth 
entrepreneurship, the 
Bank has established 
the egg-enter•grow•go 
initiative, a 
comprehensive 
business incubation 
and acceleration 
programme, 
in partnership 
with 
Corallia. 
Since 
2013 the 
egg 
has 
been 
continuously 
helping 
the 
Greek 
startup 
community 
to 
improve 
its 
competitiveness 
within 
a 
challenging 
global 
market, 
under 
3 
main 
pillars 
extroversion, 
financing 
and 
business 
networking. 
It 
has 
been 
playing a crucial role in shaping the Greek startup scene, boosting innovative entrepreneurship 
through the egg 
Start-Up (incubator) 
and egg 
Scale-Up 
(accelerator) 
platforms. 
In particular, 
its business 
and social 
footprint 
includes, among other: 
a)
More than 
€12m has been 
invested in the 
egg accelerator 
by the 
Bank, €3.2m which has 
been provided 
by 
the 
Bank 
as 
financing 
to 
49 
egg 
startups, 
and 
€45.8m 
in 
equity 
funding, 
which 
has 
been 
drawn 
by 
67 
businesses, 
b)
350 startups which have 
been created through 
the egg, 183 startups 
which have become 
businesses, 101 of 
which 
with 
a 
combined 
turnover 
of 
€12,25m.
Specifically, 
during 
2023, 
36 
startups 
have 
been 
created 
through the 
egg and 29 startups have become businesses. 
The Corporate Social Responsibility actions are described in the Annual 
Report 2022 – Business 
& Sustainability, 
which is published on www.eurobankholdings.gr. 
Respect of Human Rights 
The Group, 
in accordance with its 
Statement of Human 
Rights, is committed 
to respecting and 
promoting human 
rights and to avoid 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. 
In line with international leading practice, it has established pertinent policies and procedures, such as the Code 
of Conduct 
and Ethics, 
that 
reflect 
this 
commitment. 
The 
Group 
acknowledges 
the 
UN Guiding 
Principles on 
Business & Human Rights and, in particular, 
the corporate 
responsibility to respect human rights. 

 
 
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One of the most important priorities for 
the Group is to ensure 
that all employees are 
treated with respect and 
dignity, 
including the 
exclusion of 
forced 
and child 
labor, 
fair and 
equitable compensation 
and working 
hours, 
freedom of 
association, 
data privacy 
and respect 
of freedom 
to act. 
In addition, 
a safe, 
healthy 
and inclusive 
work 
environment 
is 
promoted. 
The 
Group 
applies 
a 
zero-tolerance 
approach 
for 
any 
forms 
of 
violence, 
harassment 
and 
sexual 
harassment 
in 
the 
workplace 
and 
such 
violations 
are 
strictly 
prohibited 
for 
all. 
In 
addition, the Group engages with suppliers and external providers / contactors who respect human rights, labor 
rights, employment laws and environmental 
regulations. 
A 
strong 
relationship 
of 
trust 
that 
respects 
human 
rights 
is 
cultivated 
in 
all 
of 
the 
Group’s 
activities 
with 
its 
customers. 
Key 
elements 
of 
maintaining 
responsible 
customer 
relationships 
include 
responsible 
provision 
of 
information 
and customer 
service, 
personal data 
protection 
and complaints 
management. The 
Group applies 
the 
regulatory 
framework 
and the 
Banking Code 
of Conduct 
and has 
control 
mechanisms 
in place 
to ensure 
compliance with the 
legislative framework. 
The Group ensures that individuals (e.g. employees, customers) can exercise 
their rights regarding their personal 
data. It implements appropriate technical and 
organizational measures, which are designed to 
implement data-
protection 
principles, in 
an effective 
manner and 
to integrate 
the necessary 
safeguards 
into the 
processing 
in 
order 
to meet 
the 
requirements 
of the 
General 
Data 
Protection 
Regulation (GDPR) 
and any 
other 
applicable 
privacy legislation and protect 
the rights of individuals. 
All of the 
Group’s 
stakeholders 
are encouraged 
to bring to 
the Group’s 
attention instances 
where 
its business 
services 
have 
potential 
or 
real 
human 
rights 
impacts. 
The 
Group 
applies 
the 
Policy 
of 
Reporting 
Unethical 
Conduct 
in 
line 
with 
which 
any 
actual, 
attempted 
or 
suspected 
unethical 
conduct 
can 
be 
reported 
by 
any 
member of the 
Group’s staff 
and concerned third 
parties. 
Supply Chain 
The Bank has established 
and implements a Procurement 
Policy, 
which sets out the general 
principles and rules 
governing the 
procurement of goods and services. 
Its implementation ensures the 
transparency, 
objectivity and 
integrity 
of 
procurement 
execution, 
while 
ensuring 
suppliers' 
compliance 
with 
applicable 
local, 
national 
and 
international 
legislative 
and 
regulatory 
requirements, 
through 
appropriate 
mechanisms, 
as a 
prerequisite 
for 
starting and 
maintaining a 
business 
relationship 
with 
them. 
In addition, 
the 
establishment 
of an 
Outsourcing 
Policy ensures the 
effective 
monitoring of third party relations 
based on the relevant 
risks that arise. 
The 
Bank 
operates 
with 
a 
centralized 
and 
upgraded 
procurement 
model, 
which 
covers 
both 
domestic 
and 
foreign 
subsidiaries, 
managing 
requests 
for 
procurement 
of 
goods 
and 
services 
through 
a 
single 
purchasing 
system as well 
as a contract 
management system, 
which facilitate 
approval flows, 
while achieving 
efficiency in 
the execution of purchases 
, 
based on the final bidder principle, as well 
as in the finalization of new 
assignments 
or renewals 
and contracts. 
For 
the 
most effective 
monitoring of 
contract 
completion, Group 
Procurement 
Unit 
established a 
special indicator based 
on which the 
time of completion 
of a contract 
is recorded 
from the 
date 
of dispatch of the relevant assignment (supply, 
work or services) to the supplier. 
In addition, in order to minimize 
its 
environmental 
footprint 
and 
efficiency, 
the 
Bank 
uses 
an 
electronic 
invoicing 
system, 
in 
cooperation 
with 
specific suppliers 
, 
while at 
the 
same time, 
electronic 
auctions are 
conducted for 
the 
supply of 
certain 
types of 
goods and services. 
Group Procurement 
Unit evaluates 
the Bank's 
suppliers on the 
basis of qualitative 
and quantitative 
criteria, in 
order 
to assess 
risks such 
as the 
quality of 
services, 
the 
financial condition, 
business continuity 
of the 
supplier 
and its 
legal/regulatory 
compliance. Specifically, 
on an 
annual basis, 
it measures 
and weights 
all key 
financial 
data 
from 
suppliers' 
balance 
sheets, 
while 
supplementing 
the 
evaluation 
with 
qualitative 
data, 
such 
as 
ISO 
certifications, 
through 
special targeted 
questionnaires to 
specialized evaluators 
from various 
business units 
of 
the Bank 
together 
with evaluators 
of the 
Procurement 
Unit. In the 
end, a weighted 
objective 
score is obtained 
for each supplier 
reflecting the progress 
and quality of the relationship 
between the Bank and the 
supplier. 
In addition, the 
Bank monitors through 
Procurement 
Unit operational 
key risk indicators, 
such as suppliers with 
low ratings 
as well 
as complaints 
from 
internal customers 
and suppliers 
that 
have not 
been resolved 
on time, 
with the aim of initiating 
corrective 
actions. 
In addition, 
for reasons 
of transparency 
and safeguarding 
the interests 
of the 
Group, the 
Bank adheres 
to the 
Due Diligence 
process 
for 
the 
inclusion of 
a new 
supplier 
in the 
Bank. Based 
on this 
process, 
the 
new 
entrant 
supplier is obliged, 
among other conditions, 
to submit published financial statements and all 
necessary financial 
data for 
a period 
of three 
years, information 
on the 
legal form 
of the 
company, its 
beneficial owners 
and legal 
representatives, 
as well as regulatory 
certifications 
it holds, aiming at 
the completeness 
of a supplier's file 
with 
the Bank. 
On 
an 
annual 
basis, 
the 
Bank conducts 
an 
evaluation 
for 
IT 
suppliers, 
consulting, 
technical 
and 
construction 
services, as well as for 
other goods and services, 
maintaining, 
for quality and risk management reasons, specific 
indicators that measure 
the degree of dependence of suppliers and the 
Bank on the relationship between 
them 
in terms of the total turnover 
of each party. In addition, in the 
context of enriching and updating its relationship 
with suppliers, the competent unit for business customers of the Bank provides information 
and feedback on the 
corporate relationship 
of each supplier, 
in order to have a complete pictu 
re of the relationship 
with a supplier. 
As a rule, if during the evaluation of suppliers 
a low score of one of them is derived, 
then an exploratory process 
and actions are followed 
to improve 
the products 
/ services provided 
or potentially replace these 
suppliers. 

 
 
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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 relation 
to 
the necessity 
of the procurement 
and in terms of the containment 
of operating costs. 
In the context of the 
implementation of Sustainable Procurement 
practices, ESG criteria 
have been established 
for 
the 
tendering 
process 
of both 
IT and 
non-IT goods 
and services, 
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 account. As such, 
contributing to the protection of the environment, green development 
and the local community is considered 
to have a positive effect. 
In 
addition, 
regarding 
governance 
factors, 
certifications 
are 
requested 
from 
suppliers 
(e.g. 
ISO 
9001, 
14001, 
50001), as well as disclosures regarding their 
operating footprint, 
ESG Ratings results and Sustainability Report. 
According 
to 
the 
applicable 
procedure, 
these 
criteria 
are 
incorporated 
in 
a 
specific 
section 
on 
Requests 
for 
Proposals (RFPs)/ Requests for 
Quotations (RFQs) and 
are examined during the 
technical evaluation phase. 
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 
international 
standards 
ISO 9001, 
ISO 14001 
and ISO 
50001. Furthermore, 
the 
Bank cooperates 
mainly with 
suppliers 
that 
are active 
and registered 
or have 
an office 
in Greece, 
promoting 
and supporting the local economy. 
It is 
noted 
that 
in 2023, 
the 
Bank, through 
the 
Group 
Procurement 
Unit, wishing 
to promote 
the 
principles 
of 
sustainable procurement, initiated 
the necessary actions for certifying 
its sustainable procurement practices 
as 
per 
the 
international 
standard 
ISO 20400 
(Sustainable Procurement 
Management 
System), thus 
contributing 
positively 
to 
society 
and 
the 
economy 
through 
making 
sustainable 
purchasing 
decisions 
and 
encouraging 
suppliers and other 
stakeholders to do the 
same. 
Anti -Corruption and Bribery
Actions against corruption 
and bribery incidents 
The 
Group is 
committed to pursuing 
the fundamental 
values of integrity, 
transparency 
and accountability. 
It is 
also committed to safeguarding its reputation 
and client base. 
The 
Group 
follows 
best business 
practices, 
having accepted 
and integrated 
in its 
culture 
the 
ten principles 
of 
the 
UN 
Global 
Compact. 
The 
10th 
principle 
on 
Anti-Corruption 
states 
that 
“Businesses 
should 
work 
against 
corruption 
in all its 
forms, including 
extortion and 
bribery”. The 
Group has 
adopted a zero 
tolerance 
approach 
against 
all 
types 
of 
fraud, 
including 
bribery. 
In 
accordance 
with 
the 
relevant 
legislation, 
the 
Group 
prohibits 
bribery in any form 
either 
direct or indirect 
(through a 
third party). The 
principle of zero 
tolerance 
applies to all 
staff 
and 
prohibits 
all 
forms 
of 
bribery, 
whether 
active 
or 
passive, 
direct 
or 
indirect 
and 
is 
also 
reflected 
in 
contractual documents 
adopted when entering 
into relationships 
with third 
parties, either 
natural or legal. 
The 
principle of zero 
tolerance 
also applies to clients of the 
Group, as the 
Organisation for 
Economic Co-operation 
and Development (OECD) 
anti-bribery convention 
is followed. 
In this context, the Group has adopted the following 
policies and procedures to govern 
the treatment of bribery 
and corruption cases 
encountered: 
a)
Code of Conduct and Ethics, 
b)
Anti-Bribery & Corruption 
Policy (policy statement 
is posted on the Group’s 
website), 
c)
Policy for 
Reporting Illegal or Unethical Conduct, 
d)
Management of Sponsorships and Donations. 
Recognizing that any involvement 
in cases of bribery not only constitutes a crime, but also reflects 
adversely on 
its reputation and client base, the Group takes 
the following 
measures aimed at limiting its exposure to bribery: 
a)
Setting out a clear approach to deal with 
the risk of bribery, 
b)
Establishing a robust system of internal 
controls that 
does not tolerate 
bribery and corruption, 
c)
Establishing mechanisms for 
monitoring potential incidents of bribery, 
d)
Providing 
confidential reporting 
mechanisms and 
encouraging 
their 
use by 
both staff 
and third 
parties by 
setting out measures for 
their protection. 
e)
Providing 
ongoing 
training 
and 
briefing 
to 
staff 
on 
the 
prevention 
and 
identification 
of 
bribery 
and 
corruption incidents. 
Group 
Compliance 
is responsible 
for 
issuing policies 
and procedures 
to combat 
bribery and 
corruption 
cases. 
Each unit of the 
Bank is responsible for 
complying with the 
existing policies. Internal 
Conduct & Ethics of Group 
Compliance 
carries 
out 
risk 
assessment 
exercises 
on 
anti-bribery 
and 
anti-corruption 
issues 
and 
performs 
specialized 
monitoring 
exercises 
for 
potential 
violations. 
Forensic 
Audit 
& 
Special 
Projects 
of 
Group 
Internal 
Audit investigates all cases 
of suspected internal fraud 
/ corruption. 
Actions against Money Laundering 
(ML) and Terrorist 
Financing (TF) 
Money Laundering 
(ML) and 
Terrorist 
Financing (TF) 
activities are 
threats 
against the 
integrity and 
stability of 
the international financial system that may cause significant economic losses and reputational damages for the 
Group. The Group 
has responsibility towards its customers, 
shareholders, and authorities to conduct business in 
a lawful and ethical way. 

 
 
 
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Based on 
the implementation of the Anti-money laundering/ combating the financing 
of terrorism and Sanctions 
Policy (the Policy) and of a 
set of 
interpretative documents, the Group aims at achieving the following objectives: 
a)
Maintaining its integrity, credibility, 
and reputation
against such threats, 
b)
Implementing internationally 
accepted best practices, 
c)
Implementing and complying with all the 
legal and regulatory requirements 
that govern 
its operations, 
d)
Ensuring that 
its business, channels, 
products, and 
services are 
not used, intentionally 
or unintentionally, 
to 
facilitate ML and/or TF, 
e)
Ensuring that sanctions measures 
and controls assist in applying effectively 
applicable regulation, 
f)
Ensuring that adequate processes, systems, and controls are in place, up 
to date and fit 
for purpose, in order 
to detect, prevent and 
deter any activities related to ML/ TF and Sanctions violations. 
The 
requirements 
set forth 
in the 
Policy apply 
to the 
Group, 
including all its 
staff, 
all its functions 
and units, 
as 
well as third parties 
who are given access to Group’s 
information and premises. 
The 
Group’s 
AML/CFT 
and 
Sanctions 
Control 
Framework 
includes 
policies, 
guidelines 
and 
procedures 
for 
conducting business 
activity consistent 
with 
legal and 
regulatory 
requirements 
and the 
AML Compliance 
Risk 
Appetite. 
At the same time, AML/CFT and Sanctions Governance Structure, determines Roles and Responsibilities that are 
allocated 
among the 
Three 
Lines 
of Defence, 
including the 
role 
and responsibilities 
of the 
Money 
Laundering 
Reporting 
Officer 
(MLRO) 
and 
Group 
MLRO, 
together 
with 
ongoing 
training 
necessary 
to 
support 
effective 
execution of their roles 
and responsibilities. 
Group’s implementation 
of the EU Taxonomy 
Regulation 
The 
EU Taxonomy 
(Regulation 
(EU) 2020/852 
of the 
European 
Parliament 
and of 
the 
Council) was 
adopted in 
2020 by the 
European Parliament 
and represents 
an important step for 
the EU to achieve 
the Paris 
Agreement 
climate 
neutrality 
goals. 
It 
sets 
out 
the 
criteria 
to 
establish 
a 
common 
classification 
system 
for 
sustainable 
economic activities. The 
EU Taxonomy 
Regulation determines 
whether 
an economic activity 
is environmentally 
sustainable and obligates 
financial and non-financial 
entities subject to 
the Non-Financial 
Reporting Directive 
(NFRD) to disclose the alignment of their 
activities. 
Separate 
reporting 
requirements 
and 
extensive 
criteria 
are 
established 
for 
financial 
and 
non-financial 
undertakings under 
the Art.8 Delegated 
Act of EU Taxonomy 
Regulation. Article 
8 of the 
Taxonomy 
Regulation 
states that 
companies subject 
to the 
Non Financial Reporting 
Directive 
(NFRD), including financial 
companies, 
must publish to what extent their 
activity is eligible and aligned with the 
Taxonomy 
criteria. 
For the years 
2021 and 2022, financial undertakings subject to NFRD were required to disclose the proportion of 
taxonomy-eligible 
and 
taxonomy 
non-eligible 
activities 
related 
to 
the 
environmental 
objectives 
of 
climate 
change adaptation (CCA) and climate change 
mitigation (CCM). 
In 2023, two new Delegated 
acts issued by the European 
Commission have been adopted: 
●
The 
Delegated 
Regulation 
2023/2485, 
which 
extends 
the 
number 
of 
eligible 
activities 
in 
the 
climate 
change adaptation and mitigation 
objectives. 
●
The 
Delegated 
Regulation 
2023/2486, 
which 
establishes 
the 
technical 
screening 
criteria 
for 
the 
economic activities of the remaining four 
environmental objectives. 
For 
the 
current 
reporting 
year, 
credit 
institutions 
shall 
disclose, 
according 
to 
the 
EU 
Taxonomy 
regulation, 
taxonomy eligibility 
and taxonomy 
alignment information 
on the 
first two 
environmental 
objectives 
(CCM and 
CCA) and taxonomy eligibility informatio 
n 
for the 
additional four objectives, 
and more specifically: 
a)
Sustainable use and protection 
of water and marine resources, 
b)
Transition 
to a circular economy, 
c)
Pollution control 
and prevention, 
and 
d)
Protection and restoration 
of biodiversity and ecosystems. 
Therefore, 
for the 
first time in 
2023, credit 
institutions will publish 
the Green 
Asset Ratio 
(GAR), on each 
of the 
first 
two 
environmental 
objectives 
(CCM 
and 
CCA),which 
determines 
the 
extent 
to 
which 
the 
Group’s 
assets 
finance and 
are invested 
in taxonomy-aligned 
economic activities, 
that 
is the 
ratio 
of the 
Group's 
taxonomy-
aligned assets to 
covered 
assets (total assets 
excluding exposure 
to sovereigns, 
central banks 
and the 
trading 
portfolio). Moreover, 
as required by the EU Taxonomy Regulation, 
activities, to be taxonomy-aligned, must meet 
the specific taxonomy criteria and ensure that 
they cause no significant harm to any of the other 
environmental 
objectives (DNSH) 
and meet minimum 
social safeguards 
(MSS). Additional KPIs 
are required 
regarding the 
off-
balance 
sheet 
exposures 
and specifically 
for 
financial guarantees 
to financial 
and non-financial 
undertakings 
(FinGuar KPI) and assets under management 
(AuM KPI). 
With the 
gradual adoption of the new Corporate 
Sustainability Reporting Directive (CSRD) by large companies, 
small and medium 
listed companies and large 
companies outside the 
EU with significant 
activity in the 
EU, the 
Group's KPIs are expected 
to improve as the 
number of companies subject to this new 
directive will increase. 
Integration of Taxonomy 
in the Group’s 
business strategy, 
operating model, products 
and customers 
In line 
with 
best 
market 
practices, 
the 
Group 
has 
integrated 
the 
requirements 
of the 
EU Taxonomy 
within 
its 
three Lines of Defense 
with key roles 
consisting of: 

 
 
 
 
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●
client engagement in the context of ESG/Climate 
Risk and Sustainable Finance Assessment, 
●
establishment and 
monitoring of climate 
risk and EU Taxonomy 
-related KPIs 
to ensure alignment 
with 
risk limits and sustainable financing strategy/targets 
as well as 
●
the development 
of relevant disclosures. 
As part of 
its sustainability strategy, 
the Group 
is implementing initiatives 
that will, 
among others, 
enable it to 
increase the share 
of taxonomy-aligned assets in the 
coming years: 
a)
Development 
of sectoral 
near, 
mid and 
long-term financed 
emissions reduction 
pathways, 
in line 
with 
science-based decarbonisation 
pathways. 
b)
Performing perimeter analysis of Taxonomy 
-related sectors, counterparties and financings 
affecting the 
Green 
Asset 
Ratio 
and 
developing 
action 
plans 
for 
increasing 
Taxonomy 
-aligned 
financings 
in 
the 
future. 
c)
Further 
integrating 
ESG, CR&E risks 
and sustainable 
financing considerations 
in the 
business planning 
process (e.g., project budgeting and prioritisation), to reflect the Group’s business strategy and relevant 
targets. 
Committed 
to being 
transparent 
about its 
approach 
and to 
ensure 
that 
decision- 
making is 
in line 
with 
best 
practices in environmental 
protection and sustainability, 
Eurobank has developed 
guiding frameworks, 
defining 
the approach 
and criteria for classifying its financing and 
investing activities as sustainable: 
The Sustainable Finance 
Framework 
Through 
its 
Sustainable 
Finance 
Framework 
(SFF), 
the 
Group 
is 
able 
to 
classify 
sustainable 
lending 
solutions 
offered 
to 
its 
clients, 
specifying 
the 
applied 
classification 
approach 
and 
the 
activities 
defined 
as 
eligible 
to 
access 
sustainable 
financing. 
The 
purpose 
of 
establishing 
the 
SFF 
is 
to 
provide 
a 
clear 
and 
comprehensive 
methodology 
for 
classifying, 
monitoring, and 
reporting 
sustainable financing 
in line 
with 
the 
financed 
impact 
strategy. 
The SFF has been 
drawn from international best practices and is based 
on two key guiding frameworks: 
The ICMA 
principles on sustainable financing (Green 
Bond Principles, Green Loan 
Principles and Sustainability-
linked 
Bond 
Principles) 
and 
the 
EU 
Taxonomy. 
Currently, 
the 
SFF follows 
the 
EU 
Taxonomy 
criteria 
on a 
best 
effort 
basis. The 
Group aims to further 
align the SFF with the 
EU Taxonomy 
requirements. 
Along the same lines, 
Eurobank will closely monitor 
the developments 
of the EU Taxonomy, 
to update its SFF and embed the 
relevant 
requirements to the 
extent possible. The 
SFF defines two levels of transaction 
alignment: 
●
SFF alignment - Fulfilment of criteria 
dictated by best market practice 
●
EU Taxonomy 
alignment - 
Fulfilment of 
criteria associated 
with each 
of the 
EU Taxonomy 
assessment 
steps (substantial contribution, DNSH, minimum social safeguards) 
Through 
the 
dedicated 
purpose 
financing 
approach 
(i.e. 
known 
use 
of 
proceeds) 
the 
Group 
assesses 
and 
classifies financings / transactions as “Not 
SFF aligned”, “SFF aligned” or “SFF & EU Taxonomy 
aligned”. 
For 
general 
purpose 
financing 
/ 
transactions 
(i.e. 
not 
known 
use 
of 
proceeds) 
the 
SFF 
defines 
two 
other 
approaches: 
a)
Company Business mix - 
Financing to companies that fulfil the eligibility 
green/ social criteria and derive 
the majority of their 
revenues from 
eligible activities. 
b)
Sustainability-linked 
loans - 
Financing linked 
to ambitious 
and predefined 
Sustainability Performance 
Targets 
(SPTs). 
As part of 
the integration of sustainable financing and the SFF 
into its core operations, the Group has developed 
governance 
structures and functions 
as well as a digital 
tool (Sustainable Finance 
Framework 
assessment tool) 
that facilitate 
the day-to-day implementation 
of the SFF. 
The 
SFF 
assessment 
tool 
supports 
the 
process 
of 
assessing 
the 
financings 
/ 
transactions 
against 
the 
criteria 
defined in 
the 
SFF and 
the 
EU Taxonomy 
and incorporates 
both 
the 
internal criteria 
defined by 
the 
Group, 
as 
well 
as 
the 
assessment 
steps 
and 
criteria 
defined 
by 
the 
EU 
Taxonomy 
regulation. 
Through 
the 
Sustainable 
Finance Framework assessment tool, users categorise financing to 
the applicable eligible activity 
and are guided 
through 
the 
assessment 
steps which 
involve 
substantiating 
alignment with 
the 
criteria of 
each step, 
including 
Taxonomy 
alignment 
assessment 
(Technical 
Screening 
Criteria, 
Do 
Not 
Significant 
Harm 
criteria, 
Minimum 
Social Safeguards). 
Going forward, 
the 
Group’s 
key priorities 
include the 
development 
of a 
strong 
and realistic 
sectoral 
roadmap 
towards 
net zero 
and the 
increasing 
client support 
towards 
climate transition 
and sustainable 
financing. This 
plan also entails the gradual, 
over the 
years increase of the 
Group’s Taxonomy 
-aligned assets. 
Approach for 
the preparation 
of disclosures relating to Article 
8 of the Taxonomy 
Regulation 
The 
preparation 
of 
mandatory 
reporting 
of 
taxonomy 
eligibility 
and 
alignment 
is 
based 
on 
the 
prudential 
consolidation 
for 
the 
Group, 
in 
accordance 
with 
the 
supervisory 
reporting 
of 
institutions 
according 
to 
the 
Commission Implementing Regulation 
(EU) 2021/451 (FINREP). 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
Group, upon reviewing 
its business activities, 
to align Taxonomy 
reporting with 
its core activities, 
provides 
the 
key 
performance 
indicators 
(KPIs) 
and 
other 
disclosure 
requirements 
related 
to 
its 
dominant 
financial 
undertakings as laid down in the 
Art. 8 Delegated Act. 
For 
the 
current 
year, 
credit institutions 
shall disclose 
the 
aggregate 
GAR for 
covered 
on-balance 
sheet assets 
and the breakdown by environmental 
objective and by type of counterparty. 
In addition, credit institutions shall 
disclose the percentage 
of their total assets that 
are excluded from the 
numerator 
and the denominator of the 
GAR. Credit 
institutions shall 
also disclose 
a complementary 
ratio 
on the 
level 
of association 
with 
Taxonomy-
aligned 
economic 
activities 
of 
off-balance 
sheet 
exposures. 
These 
exposures 
include 
financial 
guarantees 
granted by the financial institution and assets under management. As per Delegated Regulation (EU) 2021/2178, 
the calculation of KPIs for off 
-balance sheet exposures shall consider financial guarantees granted 
by the credit 
institution 
and 
assets 
under 
management 
for 
guarantee 
and 
investee 
non-financial 
undertakings. 
Other 
off-
balance sheet exposures 
such as commitments shall be excluded from 
that calculation. 
The 
application 
of the 
EU taxonomy 
differs 
for 
general 
purpose 
financing and 
specific 
purpose financing 
(i.e. 
‘known use 
of proceeds’). 
Specifically, 
for 
general 
purpose financing, 
the 
Group 
uses counterparties’ 
reported 
eligibility and alignment information 
from the latest published 
taxonomy information. Specifically 
for corporate 
counterparties, 
the Group 
uses actual information 
that has 
been disclosed 
and collected 
by its counterparties 
reporting 
under 
the 
Non-Financial 
Reporting 
Directive 
(NFRD). 
This 
information 
may 
not 
include 
economic 
activities under the 
new Delegated 
Acts for 
the additional 
four environmental 
objectives, 
as this information 
is 
currently limited. 
In 
order 
to 
determine 
which 
companies 
are 
subject 
to 
the 
NFRD, 
an 
assessment 
is 
carried 
out 
in 
order 
to 
determine that all of the following criteria 
are met: a) if the country of incorporation of the counterparty is in the 
EU, and b) whether 
the enterprise 
is either 
a listed company, 
a credit institution, 
or an insurance 
company, and 
c) whether 
the entity’s 
net revenue 
exceeds €40m or 
its total assets 
exceed €20m and 
d) the 
counterparty has 
over 500 
employees. The 
identification of companies 
subject to NFRD and 
companies not subject to 
NFRD has 
been 
carried 
based 
on 
internal 
customer 
segmentation 
in 
the 
core 
banking 
systems 
as 
well 
as 
external 
information. 
The 
Taxonomy 
-aligned 
assets 
presented 
include 
the 
reported 
alignment 
for 
exposures 
to 
non-financial 
companies 
subject 
to 
NFRD 
based 
on 
the 
Turnover 
and 
capital 
expenditure 
(CapEx) 
KPI 
published 
by 
the 
counterparties. 
The 
Taxonomy 
KPI 
operating 
expenses 
(OpEx) 
is 
not 
used 
for 
assessing 
Taxonomy 
-aligned 
activities. 
For 
financial 
undertakings 
subject 
to 
NFRD, 
the 
Group’s 
exposures 
have 
been 
weighted 
to 
the 
counterparty’s proportion 
of Taxonomy 
-aligned assets. 
For financial 
undertakings the 
information is 
limited as this is the 
first year of alignment 
reporting, and most of 
the financial undertakings have 
not yet published their 
2023 annual reports. Therefore, 
the Taxonomy 
reporting 
for 
financial undertakings 
is based 
on data 
publicly available 
from 
2022 which 
do not 
include information 
for 
alignment. 
Financial and non-financial 
undertakings that 
do not meet 
the aforementioned 
requirements 
are identified 
as 
non-NFRD. Undertakings that are not required 
to report under the EU Taxonomy 
regulation (non-NFRD) are not 
included 
in 
the 
calculation 
of 
eligible 
and 
aligned 
assets 
since 
estimations 
in 
mandatory 
reporting 
are 
not 
allowed. 
Therefore, 
assets 
on 
the 
Group’s 
balance 
sheet 
to 
non-NFRD 
undertakings 
are 
not 
assessed 
for 
taxonomy 
eligibility. 
Assets 
of 
non-NFRD 
counterparties, 
derivatives, 
hedge 
accounting 
and 
on-demand 
interbank loans are not included 
in the calculation 
of Taxonomy 
-eligible and Taxonomy 
-aligned assets. 
For 
specific 
purpose 
financing 
where 
the 
use 
of 
proceeds 
is 
known, 
project-specific 
KPIs 
are 
used 
in 
the 
assessment 
for 
Taxonomy 
-eligibility 
and 
Taxonomy 
-alignment 
to 
the 
extent 
that 
Taxonomy 
eligibility 
and 
Taxonomy 
alignment can 
be demonstrated 
for 
the underlying 
transaction. 
As part 
of the 
Sustainable Finance 
alignment procedures, 
standalone dedicated 
purpose financings 
are assessed 
to evaluate 
alignment with 
the 
EU 
Taxonomy 
requirements. 
The 
assessment 
is 
carried 
out 
with 
prudential 
principles, 
based 
on 
available 
documentary 
evidence 
provided 
by 
the 
counterparties, 
required 
to 
ensure 
adherence 
to 
EU 
Taxonomy 
and 
based 
on 
applicable 
National 
Legislation 
in 
specific 
financing 
cases 
(i.e. 
Resilience 
and 
Recovery 
Fund 
investments, which embed 
the Do No Significant Harm assessment). 
In relation 
to households, loans 
collateralised 
by residential 
real estate, 
loans granted 
for renovation 
purposes 
and loans granted with purpose 
to finance the purchase 
of vehicles were 
assessed for taxonomy-alignment. 
In 
the 
current 
year, 
the 
Group 
is 
also 
reporting 
its 
exposure 
to 
economic 
activities 
related 
to 
fossil 
gas 
and 
nuclear 
energy 
for 
the 
first 
time, 
according 
to 
Commission 
Delegated 
Regulation 
(EU) 
2022/1214. 
Hence, 
the 
taxonomy-non-eligible nuclear energy related activities are included in the denominator of our key performance 
indicators. The Group 
also uses the relevant templates included in the Delegated Act to disclose information for 
nuclear and fossil gas related 
activities. 
The Group’s approach 
for the disclosures prepared as of 31 December 2023 
is based on 
the best effort to adhere 
to the 
applicable regulations 
and new regulatory 
developments. 
In accordance 
with the 
guidance published 
in 
December 2023 
FAQs, 
no estimates were 
included in the calculation 
of eligibility and alignment 
for mandatory 
disclosures presented. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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The 
Group 
continues 
its 
work 
on 
implementing 
the 
EU 
taxonomy 
requirements 
and 
further 
enhancing 
its 
reporting methodology to ensure transparency 
and completeness of the information disclosed as further 
robust 
information 
becomes 
available from 
counterparties. 
For 
the 
Group’s 
processes 
to ensure 
data quality, 
please 
refer to the 
“ESG data” section. 
Results 
The Group’s 
total green asset ratio 
based on turnover 
and total green asset 
ratio based 
on CAPEX, as at year-
end 2023 cover 
the two 
climate-related EU 
environmental 
objectives (CCM 
and CCA) and are 
presented in the 
summary below: 
Summary EU Taxonomy 
KPIs 
31 December 2023 
Assets 
Gross carrying amount 
(in € million) 
Turnover 
KPIs 
Capex KPIs 
GAR - Covered assets in both 
numerator and 
denominator 
21,655 
Assets excluded from the numerator 
for GAR 
calculation (covered 
in the denominator) 
38,795 
Taxonomy 
-eligible assets 
12,605 
20.90% 
14,481 
24.00% 
Taxonomy 
-aligned assets 
1,484 
2.50% 
2,088 
3.50% 
Total 
GAR assets 
60,449 
Total assets 
81,165 
Impairment for loans and advances at 
amortised cost, debt instruments and other 
adjustments, according to EU taxonomy 
methodology 
(1,384) 
Total assets according 
to the Consolidated 
balance sheet as at 31 December 2023 
79,781 
The 
reported main and 
additional KPIs calculated 
on 31 December 
2023 for 
the Group, 
including the 
reporting 
templates 
as 
set 
out 
in 
the 
Taxonomy 
Regulation 
and 
FAQs, 
are 
presented 
in 
the 
Appendix 
1. 
Eligibility 
information 
for 
the 
additional four 
environmental 
objectives 
have not 
been reported 
for 
2023 as 
there 
are no 
available 
data 
by 
the 
counterparties, 
based 
on 
the 
latest 
published 
taxonomy 
information. 
Moreover, 
comparative 
information for 
2022 is not reported. 

 
 
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Corporate Governance 
Statement 
In 
compliance 
with 
the 
art. 
17 
of 
the 
Law 
4706/2020 
for 
the 
listed 
companies, 
which 
stipulates 
that 
listed 
companies should adopt and 
implement a corporate governance code, prepared by a recognized 
and reputable 
body, and following a relevant 
resolution of the Board of Directors of Eurobank 
Holdings on 29 September 2021, 
Eurobank 
Holdings 
has adopted 
and implements 
the 
Hellenic Corporate 
Governance 
Code (Code). 
The 
Code 
has been posted on Eurobank Holdings’ 
website (www.eurobankholdings.gr 
). 
The Corporate 
Governance Statement 
for the year 
2023, attached herewith, 
is an integral part of the Directors’ 
Report, and outlines how the principles stipulated by the Code were 
applied, during 2023, to Eurobank Holdings 
and to Eurobank S.A. (100% subsidi 
ary of Eurobank Holdings). 
Georgios Zanias 
Fokion 
Karavias 
Chairman 
Chief Executive Officer 
28 March 2024

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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APPENDIX 1
Reporting templates in accordance with Delegated Regulation 
(EU) 2021/2178, Annexes VI and XII
0. Summary of KPIs to be disclosed by credit institutions 
under Article 8 Taxonomy 
Regulation 
Total environmentally sustainable 
assets 
⁽
¹
⁾
KPI 
⁽
³
⁾
KPI 
⁽⁴⁾
% coverage (over total 
assets) 
⁽⁵⁾
% of assets excluded from the 
numerator of the GAR (Article 7
⁽
²
⁾
 
and 
⁽
³
⁾
 
and Section 1.1.2. of Annex V) 
% of assets excluded from 
the denominator of the GAR 
(Article 7
⁽
¹
⁾
 
and Section 1.2.4 
of Annex V) 
Main KPI 
Green asset ratio (GAR) stock 
1,484 
2.5 
3.5 
74.5 
47.8 
25.5 
Total environmentally sustainable 
activities 
⁽
²
⁾
KPI 
⁽
³
⁾
KPI 
⁽⁴⁾
% coverage (over total 
assets) 
% of assets excluded from the 
numerator of the GAR (Article 7
⁽
²
⁾
 
and 
⁽
³
⁾
 
and Section 1.1.2. of Annex V) 
% of assets excluded from 
the denominator of the GAR 
(Article 7
⁽
¹
⁾
 
and Section 1.2.4 
of Annex V) 
Additional 
KPIs 
GAR (flow) 
650 
6.9 
11.0 
31.5 
N/A 
N/A 
Trading book 
⁽⁶⁾
Financial guarantees 
⁽⁷⁾
44 
1.9 
6.5 
Assets under management 
⁽⁷⁾
24 
0.4 
2.1 
Fees and commissions income 
⁽⁶⁾
(1) 
Total environmentally 
sustainable assets used for turnover 
KPI. Total environmentally 
sustainable assets used for Capex KPI amounts to €2,088m
(2) Total environmentally 
sustainable assets used for turnover 
KPI. Total environmentally 
sustainable assets used for Capex KPI amounts to €1,042m for 
GAR flow
(3) Based on the Turnover 
KPI of the counterparty
(4) Based on the CapEx KPI of the counterparty
(5) % of assets covered by 
the KPI over 
Group’s total assets
(6) "Trading book" 
and "fees and commissions income" KPIs shall apply from 
financial year 2025 onwards
(7) Total 
environmentally sustainable assets 
used for turnover 
KPI. Total 
environmentally sustainable 
assets used for Financial guarantees 
- Capex KPI amounts to €152m and 
for assets under 
management is €116m.

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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1.Assets for the 
calculation of GAR - Turnover 
Million EUR 
Total [gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant 
sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally sustainable 
(Taxonomy 
-aligned) 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR- Covered assets in both 
numerator and 
denominator 
1 
Loans and advances, debt securities and 
equity 
instruments no HfT eligible for 
GAR calculation 
 
21,065 
 
11,393 
 
1,474 
 
1,327 
 
9 
 
62 
 
173 
 
10 
 
- 
 
1 
 
12,015 
 
1,484 
 
1,327 
 
9 
 
63 
2 
Financial undertakings 
 
2,519 
 
9 
 
4 
 
- 
 
0 
 
0 
 
5 
 
- 
 
- 
 
- 
 
463 
 
4 
 
- 
 
0 
 
0 
3 
Credit institutions 
 
2,447 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
446 
 
- 
 
- 
 
- 
 
- 
4 
 
Loans and advances 
 
987 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
169 
 
- 
 
- 
 
- 
 
- 
5 
 
Debt securities, including UoP 
 
1,451 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
275 
 
- 
 
- 
 
- 
 
- 
6 
 
Equity instruments 
 
9 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
7 
Other financial corporations 
 
71 
 
9 
 
4 
 
- 
 
0 
 
0 
 
5 
 
- 
 
- 
 
- 
 
18 
 
4 
 
- 
 
0 
 
0 
8 
 
of which investment firms 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
9 
Loans and advances 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
10 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
11 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
12 
of which management companies 
 
14 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
13 
 
Loans and advances 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
14 
 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
15 
 
Equity instruments 
 
1 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
0 
 
- 
 
- 
 
- 
16 
of which insurance undertakings 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
17 
Loans and advances 
 
0 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
0 
 
- 
 
- 
 
- 
 
- 
18 
Debt securities, including UoP 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
19 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
20 
Non-financial undertakings 
 
5,016 
 
1,794 
 
1,434 
 
1,291 
 
9 
 
62 
 
167 
 
10 
 
- 
 
1 
 
1,961 
 
1,444 
 
1,291 
 
9 
 
63 
21 
 
Loans and advances 
 
4,286 
 
1,663 
 
1,377 
 
1,291 
 
2 
 
56 
 
95 
 
1 
 
- 
 
- 
 
1,758 
 
1,378 
 
1,291 
 
2 
 
56 
22 
 
Debt securities, including UoP 
 
721 
 
126 
 
57 
 
- 
 
6 
 
5 
 
72 
 
9 
 
- 
 
1 
 
198 
 
66 
 
- 
 
6 
 
6 
23 
 
Equity instruments 
 
9 
 
5 
 
0 
 
0 
 
0 
 
0 
 
- 
 
- 
 
5 
 
0 
 
0 
 
0

 
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Million EUR 
Total [gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant 
sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally sustainable 
(Taxonomy 
-aligned) 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
24 
Households 
 
13,512 
 
9,590 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,590 
 
36 
 
36 
 
- 
 
- 
25 
of which loans collateralised 
by 
residential immovable property 
 
9,162 
 
9,162 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,162 
 
- 
 
- 
 
- 
 
- 
26 
of which 
building renovation loans 
 
36 
 
36 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
36 
 
36 
 
36 
 
- 
 
- 
27 
of which motor vehicle loans 
 
392 
 
392 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
392 
 
- 
 
- 
 
- 
 
- 
28 
Local governments financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
29 
Housing financing 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
30 
Other local govemment 
financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
31 
Collateral obtained 
by taking possession: 
residential and commercial immovable 
properties 
 
590 
 
590 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
590 
 
- 
 
- 
 
- 
 
- 
32 
Assets excluded from the numerator 
for GAR 
calculation (covered 
in the denominator) 
 
38,795 
33 
Financial and Non-financial undertakings 
 
28,901 
34 
SMEs and NFCs (other 
than SMEs) not 
subject to NFRD disclosure obligations 
 
23,799 
35 
 
Loans and advances 
 
21,576 
36 
of which loans collateralised 
by 
commercial immovable property 
 
7,074 
37 
of which building renovation 
loans 
 
- 
38 
 
Debt securities 
 
2,038 
39 
 
Equity instruments 
 
185 
40 
Non-EU country counterparties not 
subject 
to NFRD disclosure obligations 
 
5,102 
41 
 
Loans and advances 
 
4,732 
42 
 
Debt securities 
 
321 
43 
 
Equity instruments 
 
49 
44 
Derivatives 
 
897 
45 
On demand interbank loans 
 
19 
46 
Cash and cash-related assets 
 
502 
47 
Other categories of assets (e.g. goodwill, 
commodities etc.) 
 
8,476 
48 
Total GAR 
assets 
 
60,449 
 
11,983 
 
1,474 
 
1,327 
 
9 
 
62 
 
173 
 
10 
 
- 
 
1 
 
12,605 
 
1,484 
 
1,327 
 
9 
 
63

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
37
|
Page 
€ = Euro 
m = million 
bn = billion
Million EUR 
Total [gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant 
sectors (Taxonomy 
-eligible) 
Of which towards taxonomy 
relevant sectors (Taxonomy 
-eligible) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally 
sustainable (Taxonomy 
-aligned) 
Of which environmentally sustainable 
(Taxonomy 
-aligned) 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
49 
Assets not covered for 
GAR calculation 
 
20,715 
50 
Central governments 
and Supranational 
issuers 
 
9,914 
51 
Central banks exposure 
 
10,422 
52 
Trading book 
 
379 
53 
Total assets 
 
81,165 
 
11,983 
 
1,474 
 
1,327 
 
9 
 
62 
 
173 
 
10 
 
- 
 
1 
 
12,605 
 
1,484 
 
1,327 
 
9 
 
63 
Off-balance sheet exposures 
-Undertakings subject to 
NFRD disclosure obligations 
54 
Financial guarantees 
 
2,323 
 
360 
 
44 
 
- 
 
3 
 
4 
 
28 
 
0 
 
- 
 
0 
 
387 
 
44 
 
- 
 
3 
 
4 
55 
Assets under management 
 
5,441 
 
142 
 
21 
 
- 
 
3 
 
7 
 
27 
 
2 
 
- 
 
0 
 
169 
 
24 
 
- 
 
3 
 
7 
56 
Of which debt securities 
 
629 
 
107 
 
10 
 
- 
 
1 
 
1 
 
13 
 
1 
 
- 
 
0 
 
120 
 
11 
 
- 
 
1 
 
1 
57 
Of which equity instruments 
 
237 
 
35 
 
11 
 
- 
 
2 
 
6 
 
14 
 
1 
 
- 
 
0 
 
49 
 
13 
 
- 
 
2 
 
6

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
38
|
Page 
€ = Euro 
m = million 
bn = billion
1.Assets for the 
calculation of GAR - Capex 
Million EUR 
Total 
[gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which environmentally 
sustainable (Taxonomy-aligned) 
Of which environmentally 
sustainable (Taxonomy-
aligned) 
Of which environmentally sustainable 
(Taxonomy-aligned) 
Of which 
Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR- Covered assets in both numerator 
and denominator 
1 
Loans and advances, debt securities and 
equity instruments no HfT eligible for GAR 
calculation 
 
21,065 
 
12,469 
 
2,081 
 
1,327 
 
26 
 
78 
 
333 
 
7 
 
- 
 
1 
 
13,251 
 
2,088 
 
1,327 
 
26 
 
79 
2 
Financial undertakings 
 
2,519 
 
19 
 
18 
 
- 
 
1 
 
- 
 
4 
 
- 
 
- 
 
- 
 
472 
 
18 
 
- 
 
1 
 
- 
3 
Credit institutions 
 
2,447 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
446 
 
- 
 
- 
 
- 
 
- 
4 
 
Loans and advances 
 
987 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
169 
 
- 
 
- 
 
- 
 
- 
5 
 
Debt securities, including UoP 
 
1,451 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
275 
 
- 
 
- 
 
- 
 
- 
6 
 
Equity instruments 
 
9 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
7 
Other financial corporations 
 
71 
 
19 
 
18 
 
- 
 
1 
 
- 
 
4 
 
- 
 
- 
 
- 
 
26 
 
18 
 
- 
 
1 
 
- 
8 
 
of which investment firms 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
9 
Loans and advances 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
10 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
11 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
12 
of which management companies 
 
14 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
13 
 
Loans and advances 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
1 
 
- 
 
- 
 
- 
 
- 
14 
 
Debt securities, including UoP 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
15 
 
Equity instruments 
 
1 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
16 
of which insurance undertakings 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
17 
Loans and advances 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
18 
Debt securities, including UoP 
 
12 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
2 
 
- 
 
- 
 
- 
 
- 
19 
Equity instruments 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
20 
Non-financial undertakings 
 
5,016 
 
2,860 
 
2,027 
 
1,291 
 
25 
 
78 
 
329 
 
7 
 
- 
 
1 
 
3,189 
 
2,034 
 
1,291 
 
25 
 
78 
21 
 
Loans and advances 
 
4,286 
 
2,498 
 
1,811 
 
1,291 
 
3 
 
67 
 
247 
 
1 
 
- 
 
- 
 
2,745 
 
1,811 
 
1,291 
 
3 
 
67 
22 
 
Debt securities, including UoP 
 
721 
 
357 
 
216 
 
- 
 
21 
 
11 
 
82 
 
6 
 
- 
 
1 
 
440 
 
222 
 
- 
 
21 
 
11 
23 
 
Equity instruments 
 
9 
 
5 
 
1 
 
- 
 
- 
 
- 
 
- 
 
- 
 
5 
 
1 
 
- 
 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
39
|
Page 
€ = Euro 
m = million 
bn = billion
Million EUR 
Total 
[gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which environmentally 
sustainable (Taxonomy-aligned) 
Of which environmentally 
sustainable (Taxonomy-
aligned) 
Of which environmentally sustainable 
(Taxonomy-aligned) 
Of which 
Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
24 
Households 
 
13,512 
 
9,590 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,590 
 
36 
 
36 
 
- 
 
- 
25 
of which loans collateralised by 
residential immovable property 
 
9,162 
 
9,162 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
9,162 
 
- 
 
- 
 
- 
 
- 
26 
of which 
building renovation 
loans 
 
36 
 
36 
 
36 
 
36 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
36 
 
36 
 
36 
 
- 
 
- 
27 
of which motor vehicle loans 
 
392 
 
392 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
392 
 
- 
 
- 
 
- 
 
- 
28 
Local governments financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
29 
Housing financing 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
30 
Other local govemment financing 
 
18 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
31 
Collateral obtained by taking 
possession: residential and commercial 
immovable properties 
 
590 
 
590 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
- 
 
590 
 
- 
 
- 
 
- 
 
- 
32 
Assets excluded from the numerator for 
GAR calculation (covered in the 
denominator) 
 
38,795 
33 
Financial and Non-financial 
undertakings 
 
28,901 
34 
SMEs and NFCs (other than SMEs) not 
subject to NFRD disclosure obligations 
 
23,799 
35 
 
Loans and advances 
 
21,576 
36 
of which loans collateralised by 
commercial immovable property 
 
7,074 
37 
of which building renovation loans 
 
- 
38 
 
Debt securities 
 
2,038 
39 
 
Equity instruments 
 
185 
40 
Non-EU country counterparties not 
subject to NFRD disclosure obligations 
 
5,102 
41 
 
Loans and advances 
 
4,732 
42 
 
Debt securities 
 
321 
43 
 
Equity instruments 
 
49

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
40
|
Page 
€ = Euro 
m = million 
bn = billion
Million EUR 
Total 
[gross] 
carrying 
amount 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which towards taxonomy relevant 
sectors (Taxonomy-eligible) 
Of which towards taxonomy relevant sectors (Taxonomy-
eligible) 
Of which environmentally 
sustainable (Taxonomy-aligned) 
Of which environmentally 
sustainable (Taxonomy-
aligned) 
Of which environmentally sustainable 
(Taxonomy-aligned) 
Of which 
Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
44 
Derivatives 
 
897 
45 
On demand interbank loans 
 
19 
46 
Cash and cash-related assets 
 
502 
47 
Other categories of assets (e.g. goodwill, 
commodities etc.) 
 
8,476 
48 
Total GAR 
assets 
 
60,449 
 
13,059 
 
2,081 
 
1,327 
 
26 
 
78 
 
333 
 
7 
 
- 
 
1 
 
13,841 
 
2,088 
 
1,327 
 
26 
 
79 
49 
Assets not covered for GAR calculation 
 
20,715 
50 
Central governments and 
Supranational issuers 
 
9,914 
51 
Central banks exposure 
 
10,422 
52 
Trading book 
 
379 
53 
Total assets 
 
81,165 
 
13,059 
 
2,081 
 
1,327 
 
26 
 
78 
 
333 
 
7 
 
- 
 
1 
 
13,841 
 
2,088 
 
1,327 
 
26 
 
79 
Off-balance sheet exposures-Undertakings subject to 
NFRD disclosure obligations 
54 
Financial guarantees 
 
2,323 
 
462 
 
152 
 
- 
 
4 
 
6 
 
25 
 
- 
 
- 
 
- 
 
487 
 
152 
 
- 
 
4 
 
6 
55 
Assets under management 
 
5,441 
 
287 
 
116 
 
- 
 
3 
 
11 
 
22 
 
1 
 
- 
 
- 
 
309 
 
116 
 
- 
 
3 
 
11 
56 
Of which debt securities 
 
629 
 
205 
 
64 
 
- 
 
1 
 
3 
 
12 
 
- 
 
- 
 
- 
 
217 
 
64 
 
- 
 
1 
 
3 
57 
Of which equity instruments 
 
237 
 
82 
 
52 
 
- 
 
2 
 
8 
 
10 
 
1 
 
- 
 
- 
 
92 
 
53 
 
- 
 
2 
 
8

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
41
|
Page 
€ = Euro 
m = million 
bn = billion
2. GAR sector information - Turnover 
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
1 
Other B7 - Mining of metal ores 
16 
- 
16 
- 
16 
- 
2 
C10.6.1 - Manufacture 
of grain mill 
products 
- 
- 
- 
- 
- 
- 
3 
Other C11 - Manufacture of 
beverages 
4 
- 
4 
- 
4 
- 
4 
C13.9.5 
- Manufacture of non-wovens 
and articles made from non-wovens, 
except apparel 
1 
1 
1 
- 
1 
1 
5 
Other C17 - Manufacture of paper 
and paper products 
3 
- 
3 
- 
3 
- 
6 
C18.1.0 - Printing and service activities 
related to printing 
1 
- 
1 
- 
1 
- 
7 
C19.2.0 - Manufacture of refined 
petroleum products 
542 
3 
542 
- 
542 
3 
8 
Other C19 - Manufacture of coke and 
refined petroleum products 
53 
1 
53 
- 
53 
1 
9 
C20.4.2 - Manufacture of perfumes 
and toilet preparations 
27 
- 
27 
- 
27 
- 
10 
C20.5.9 - Manufacture 
of other 
chemical products n.e.c. 
2 
2 
2 
- 
2 
2 
11 
Other C20 - Manufacture of 
chemicals and chemical products 
4 
- 
4 
- 
4 
- 
12 
C22.2.1 - Manufacture of plastic 
plates, sheets, tubes and profiles 
- 
- 
- 
- 
- 
- 
13 
C22.2.2 - Manufacture of plastic 
packing goods 
2 
1 
2 
- 
2 
1 
14 
C23.5.0 - Manufacture of cement, 
lime and plaster 
- 
- 
- 
- 
- 
- 
15 
C23.5.1 - Manufacture of cement 
20 
1 
20 
1 
20 
2

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
42
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
16 
Other C23 - Manufacture of other 
non-metallic mineral products 
106 
5 
106 
5 
106 
9 
17 
C24.1.0 - Manufacture of basic iron 
and steel and of ferro-alloys 
89 
9 
89 
- 
89 
9 
18 
C24.4.2 - Aluminium production 
11 
1 
11 
- 
11 
1 
19 
C24.4.4 - Copper production 
47 
- 
47 
- 
47 
- 
20 
C24.5.1 - Casting of iron 
51 
5 
51 
- 
51 
5 
21 
C27.2.0 - Manufacture of batteries 
and accumulators 
- 
- 
- 
- 
- 
- 
22 
C27.3.2 - Manufacture of other 
electronic and electric wires and 
cables 
92 
35 
92 
- 
92 
35 
23 
Other C29 - Manufacture of motor 
vehicles, trailers and semi-trailers 
10 
1 
10 
- 
10 
1 
24 
D35.1.1 
- Production of electricity 
1,100 
1,087 
1,100 
- 
1,100 
1,087 
25 
D35.1.3 - Distribution of electricity 
164 
- 
164 
- 
164 
- 
26 
D35.1.4 - Trade 
of electricity 
441 
- 
441 
- 
441 
- 
27 
Other D35 - Electricity, gas, steam 
and air conditioning supply 
250 
15 
250 
2 
250 
17 
28 
F41.2.0 - Construction of residential 
and non-residential buildings 
1 
- 
1 
- 
1 
- 
29 
F42.2.2 - Construction of utility 
projects for electricity and 
telecommunications 
200 
200 
200 
- 
200 
200 
30 
F42.9.9 
- Construction of other civil 
engineering projects n.e.c. 
2 
2 
2 
- 
2 
2 
31 
Other F42 - Civil engineering 
39 
4 
39 
- 
39 
4 
32 
F43.9.9 
- Other specialised 
construction activities n.e.c. 
4 
- 
4 
- 
4 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
43
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
33 
G45.1.1 
- Sale of cars and light motor 
vehicles 
- 
- 
- 
- 
- 
- 
34 
G45.3.0 - Sale of motor vehicle parts 
and accessories 
5 
- 
5 
- 
5 
- 
35 
Other G45 - Wholesale and retail 
trade and repair of motor vehicles 
and motorcycles 
1 
- 
1 
- 
1 
- 
36 
G46.3.6 - Wholesale of sugar and 
chocolate and sugar confectionery 
14 
- 
14 
- 
14 
- 
37 
G46.3.9 - Non-specialised wholesale 
of food, beverages and tobacco 
- 
- 
- 
- 
- 
- 
38 
G46.4.5 - Wholesale of perfume and 
cosmetics 
- 
- 
- 
- 
- 
- 
39 
G46.4.6 - Wholesale of 
pharmaceutical goods 
- 
- 
- 
- 
- 
- 
40 
G46.4.7 - Wholesale of furniture, 
carpets and lighting equipment 
21 
- 
21 
- 
21 
- 
41 
G46.5.1 - Wholesale of computers, 
computer peripheral equipment and 
software 
3 
- 
3 
- 
3 
- 
42 
G46.5.2 - Wholesale of electronic and 
telecommunications equipment and 
parts 
4 
- 
4 
- 
4 
- 
43 
G46.7.0 
- Other specialised wholesale 
2 
- 
2 
- 
2 
- 
44 
G46.7.1 
- Wholesale of solid, liquid 
and gaseous fuels and related 
products 
66 
1 
66 
- 
66 
1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
44
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
45 
G46.7.2 - Wholesale of metals and 
metal ores 
11 
1 
11 
- 
11 
1 
46 
G46.7.7 
- Wholesale of waste and 
scrap 
4 
- 
4 
- 
4 
- 
47 
G47.1.1 
- Retail sale in non-specialised 
stores with food, beverages 
or 
tobacco predominating 
- 
- 
- 
- 
- 
- 
48 
G47.7.1 
- Retail sale of clothing in 
specialised stores 
2 
- 
2 
- 
2 
- 
49 
G47.7.8 
- Other retail sale of new 
goods in specialised stores 
2 
- 
2 
- 
2 
- 
50 
Other H51 - Air transport 
4 
- 
4 
- 
4 
- 
51 
H52.1.0 - Warehousing 
and storage 
1 
- 
1 
- 
1 
- 
52 
H52.2.1 - Service activities incidental 
to land transportation 
22 
5 
22 
- 
22 
5 
53 
H52.2.3 - Service activities incidental 
to air transportation 
238 
2 
238 
- 
238 
2 
54 
Other H52 - Warehousing and 
support activities for transportation 
2 
2 
2 
- 
2 
2 
55 
H53.2.0 - Other postal and courier 
activities 
- 
- 
- 
- 
- 
- 
56 
I55.1.0 - Hotels and similar 
accommodation 
43 
- 
43 
- 
43 
- 
57 
Other J58 - Publishing activities 
3 
- 
3 
- 
3 
- 
58 
Other J61 - Telecommunications 
28 
- 
28 
- 
28 
- 
59 
J62.0.1 - Computer programming 
activities 
1 
1 
1 
- 
1 
1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
45
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
60 
Other J62 - Computer programming, 
consultancy and related activities 
20 
- 
20 
- 
20 
- 
61 
K64.1.9 
- Other monetary 
intermediation 
25 
3 
25 
- 
25 
3 
62 
K64.2.0 - Activities of holding 
companies 
35 
7 
35 
- 
35 
7 
63 
K64.3.0 - K64.3.0 - Trusts, funds and 
similar financial entities 
50 
- 
50 
- 
50 
- 
64 
L68.1.0 - Buying and selling of own 
real estate 
185 
- 
185 
- 
185 
- 
65 
L68.2.0 - Renting and operating of 
own or leased real estate 
116 
- 
116 
- 
116 
- 
66 
L68.3.2 - Management of real estate 
on a fee or contract basis 
23 
- 
23 
- 
23 
- 
67 
Other L68 - Real estate activities 
9 
1 
9 
- 
9 
1 
68 
M70.2.2 - Business and other 
management consultancy activities 
31 
- 
31 
- 
31 
- 
69 
M71.2.0 - Technical testing and 
analysis 
2 
- 
2 
- 
2 
- 
70 
Other M74 - Other professional, 
scientific and technical activities 
1 
- 
1 
- 
1 
- 
71 
N77.1.1 
- Renting and leasing of cars 
and light motor vehicles 
49 
2 
49 
- 
49 
2 
72 
N79.1.1 
- Travel agency activities 
- 
- 
- 
- 
- 
- 
73 
Other R92 - Gambling and betting 
activities 
421 
- 
421 
- 
421 
- 
74 
Q86.1.0 - Hospital activities 
54 
- 
54 
- 
54 
- 
75 
Other unallocated 
234 
34 
234 
3 
234 
37

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
46
|
Page 
€ = Euro 
m = million 
bn = billion
2. GAR sector information - Capex 
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
1 
Other B7 - Mining of metal ores 
16 
- 
16 
- 
16 
- 
2 
C10.6.1 - Manufacture 
of grain mill 
products 
- 
- 
- 
- 
- 
- 
3 
Other C11 - Manufacture of 
beverages 
4 
1 
4 
1 
4 
1 
4 
C13.9.5 
- Manufacture of non-wovens 
and articles made from non-wovens, 
except apparel 
1 
1 
1 
- 
1 
1 
5 
Other C17 - Manufacture of paper 
and paper products 
3 
- 
3 
- 
3 
- 
6 
C18.1.0 - Printing and service activities 
related to printing 
1 
- 
1 
- 
1 
- 
7 
C19.2.0 - Manufacture of refined 
petroleum products 
542 
277 
542 
- 
542 
277 
8 
Other C19 - Manufacture of coke and 
refined petroleum products 
53 
40 
53 
- 
53 
40 
9 
C20.4.2 - Manufacture of perfumes 
and toilet preparations 
27 
- 
27 
- 
27 
- 
10 
C20.5.9 - Manufacture 
of other 
chemical products n.e.c. 
2 
2 
2 
- 
2 
2 
11 
Other C20 - Manufacture of 
chemicals and chemical products 
4 
- 
4 
- 
4 
- 
12 
C22.2.1 - Manufacture of plastic 
plates, sheets, tubes and profiles 
- 
- 
- 
- 
- 
- 
13 
C22.2.2 - Manufacture of plastic 
packing goods 
2 
1 
2 
- 
2 
1 
14 
C23.5.0 - Manufacture of cement, 
lime and plaster 
- 
- 
- 
- 
- 
- 
15 
C23.5.1 - Manufacture of cement 
20 
3 
20 
- 
20 
3

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
47
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
16 
Other C23 - Manufacture of other 
non-metallic mineral products 
106 
17 
106 
- 
106 
17 
17 
C24.1.0 - Manufacture of basic iron 
and steel and of ferro-alloys 
89 
9 
89 
- 
89 
9 
18 
C24.4.2 - Aluminium production 
11 
8 
11 
- 
11 
8 
19 
C24.4.4 - Copper production 
47 
- 
47 
- 
47 
- 
20 
C24.5.1 - Casting of iron 
51 
5 
51 
- 
51 
5 
21 
C27.2.0 - Manufacture of batteries 
and accumulators 
- 
- 
- 
- 
- 
- 
22 
C27.3.2 - Manufacture of other 
electronic and electric wires and 
cables 
92 
33 
92 
- 
92 
33 
23 
Other C29 - Manufacture of motor 
vehicles, trailers and semi-trailers 
10 
2 
10 
- 
10 
2 
24 
D35.1.1 
- Production of electricity 
1,100 
1,097 
1,100 
- 
1,100 
1,097 
25 
D35.1.3 - Distribution of electricity 
164 
- 
164 
- 
164 
- 
26 
D35.1.4 - Trade 
of electricity 
441 
- 
441 
- 
441 
- 
27 
Other D35 - Electricity, gas, steam 
and air conditioning supply 
250 
79 
250 
3 
250 
81 
28 
F41.2.0 - Construction of residential 
and non-residential buildings 
1 
- 
1 
- 
1 
- 
29 
F42.2.2 - Construction of utility 
projects for electricity and 
telecommunications 
200 
200 
200 
- 
200 
200 
30 
F42.9.9 
- Construction of other civil 
engineering projects n.e.c. 
2 
2 
2 
- 
2 
2 
31 
Other F42 - Civil engineering 
39 
24 
39 
- 
39 
24 
32 
F43.9.9 
- Other specialised 
construction activities n.e.c. 
4 
- 
4 
- 
4 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
48
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
33 
G45.1.1 
- Sale of cars and light motor 
vehicles 
- 
- 
- 
- 
- 
- 
34 
G45.3.0 - Sale of motor vehicle parts 
and accessories 
5 
- 
5 
- 
5 
1 
35 
Other G45 - Wholesale and retail 
trade and repair of motor vehicles 
and motorcycles 
1 
- 
1 
- 
1 
- 
36 
G46.3.6 - Wholesale of sugar and 
chocolate and sugar confectionery 
14 
- 
14 
- 
14 
- 
37 
G46.3.9 - Non-specialised wholesale 
of food, beverages and tobacco 
- 
- 
- 
- 
- 
- 
38 
G46.4.5 - Wholesale of perfume and 
cosmetics 
- 
- 
- 
- 
- 
- 
39 
G46.4.6 - Wholesale of 
pharmaceutical goods 
- 
- 
- 
- 
- 
- 
40 
G46.4.7 - Wholesale of furniture, 
carpets and lighting equipment 
21 
- 
21 
- 
21 
- 
41 
G46.5.1 - Wholesale of computers, 
computer peripheral equipment and 
software 
3 
- 
3 
- 
3 
- 
42 
G46.5.2 - Wholesale of electronic and 
telecommunications equipment and 
parts 
4 
- 
4 
- 
4 
- 
43 
G46.7.0 
- Other specialised wholesale 
2 
- 
2 
- 
2 
- 
44 
G46.7.1 
- Wholesale of solid, liquid 
and gaseous fuels and related 
products 
66 
44 
66 
- 
66 
44

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
49
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
45 
G46.7.2 - Wholesale of metals and 
metal ores 
11 
1 
11 
- 
11 
1 
46 
G46.7.7 
- Wholesale of waste and 
scrap 
4 
- 
4 
- 
4 
- 
47 
G47.1.1 
- Retail sale in non-specialised 
stores with food, beverages 
or 
tobacco predominating 
- 
- 
- 
- 
- 
- 
48 
G47.7.1 
- Retail sale of clothing in 
specialised stores 
2 
- 
2 
- 
2 
- 
49 
G47.7.8 
- Other retail sale of new 
goods in specialised stores 
2 
- 
2 
- 
2 
- 
50 
Other H51 - Air transport 
4 
- 
4 
- 
4 
- 
51 
H52.1.0 - Warehousing 
and storage 
1 
- 
1 
- 
1 
- 
52 
H52.2.1 - Service activities incidental 
to land transportation 
22 
16 
22 
- 
22 
16 
53 
H52.2.3 - Service activities incidental 
to air transportation 
238 
29 
238 
- 
238 
29 
54 
Other H52 - Warehousing and 
support activities for transportation 
2 
2 
2 
- 
2 
2 
55 
H53.2.0 - Other postal and courier 
activities 
- 
- 
- 
- 
- 
- 
56 
I55.1.0 - Hotels and similar 
accommodation 
43 
- 
43 
- 
43 
- 
57 
Other J58 - Publishing activities 
3 
- 
3 
- 
3 
- 
58 
Other J61 - Telecommunications 
28 
- 
28 
- 
28 
- 
59 
J62.0.1 - Computer programming 
activities 
1 
- 
1 
1 
1 
1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
50
|
Page 
€ = Euro 
m = million 
bn = billion
31 December 2023 
Breakdown by sector - NACE 4 digits level 
(code and label) 
Million EUR 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
Non-Financial corporates 
(Subject to NFRD) 
SMEs and other NFC not 
subject to NFRD 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
[Gross] carrying amount 
Gross carrying amount 
Gross carrying amount 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCM) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable (CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
Mn EUR 
Of which 
environmentally 
sustainable 
(CCM + CCA) 
60 
Other J62 - Computer programming, 
consultancy and related activities 
20 
- 
20 
- 
20 
- 
61 
K64.1.9 
- Other monetary 
intermediation 
25 
- 
25 
- 
25 
- 
62 
K64.2.0 - Activities of holding 
companies 
35 
25 
35 
- 
35 
25 
63 
K64.3.0 - K64.3.0 - Trusts, funds and 
similar financial entities 
50 
18 
50 
- 
50 
18 
64 
L68.1.0 - Buying and selling of own 
real estate 
185 
- 
185 
- 
185 
- 
65 
L68.2.0 - Renting and operating of 
own or leased real estate 
116 
2 
116 
- 
116 
2 
66 
L68.3.2 - Management of real estate 
on a fee or contract basis 
23 
- 
23 
- 
23 
- 
67 
Other L68 - Real estate activities 
9 
1 
9 
- 
9 
1 
68 
M70.2.2 - Business and other 
management consultancy activities 
31 
- 
31 
- 
31 
- 
69 
M71.2.0 - Technical testing and 
analysis 
2 
- 
2 
- 
2 
- 
70 
Other M74 - Other professional, 
scientific and technical activities 
1 
- 
1 
- 
1 
- 
71 
N77.1.1 
- Renting and leasing of cars 
and light motor vehicles 
49 
5 
49 
- 
49 
5 
72 
N79.1.1 
- Travel agency activities 
- 
- 
- 
- 
- 
- 
73 
Other R92 - Gambling and betting 
activities 
421 
- 
421 
- 
421 
- 
74 
Q86.1.0 - Hospital activities 
54 
- 
54 
- 
54 
- 
75 
Other unallocated 
234 
77 
234 
3 
234 
80

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
51
|
Page 
€ = Euro 
m = million 
bn = billion
3. GAR KPI Stock - Turnover 
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
18.8 
2.4 
2.2 
0.0 
0.1 
0.3 
0.0 
- 
0.0 
19.9 
2.5 
2.2 
0.0 
0.1 
26.0 
2 
Financial corporations 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.8 
0.0 
- 
0.0 
0.0 
3.1 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.7 
- 
- 
- 
- 
3.0 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.3 
- 
- 
- 
- 
1.2 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.5 
- 
- 
- 
- 
1.8 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.0 
7 
Other financial corporations 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.0 
0.0 
- 
0.0 
0.0 
0.1 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.0 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
52
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
20 
Non-financial corporations 
3.0 
2.4 
2.1 
0.0 
0.1 
0.3 
0.0 
- 
0.0 
3.2 
2.4 
2.1 
0.0 
0.1 
6.2 
21 
Loans and advances 
2.8 
2.3 
2.1 
0.0 
0.1 
0.2 
0.0 
- 
- 
2.9 
2.3 
2.1 
0.0 
0.1 
5.3 
22 
Debt securities, including 
UoP 
0.2 
0.1 
- 
0.0 
0.0 
0.1 
0.0 
- 
0.0 
0.3 
0.1 
- 
0.0 
0.0 
0.9 
23 
Equity instruments 
0.0 
0.0 
- 
0.0 
0.0 
- 
- 
- 
0.0 
0.0 
- 
0.0 
0.0 
24 
Households 
15.9 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
15.9 
0.1 
0.1 
- 
- 
16.6 
25 
of which loans collateralised 
by residential immovable 
property 
15.2 
- 
- 
- 
- 
- 
- 
- 
- 
15.2 
- 
- 
- 
- 
11.3 
26 
of which building renovation 
loans 
0.1 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
0.1 
0.1 
0.1 
- 
- 
0.0 
27 
of which motor vehicle loans 
0.6 
- 
- 
- 
- 
- 
- 
- 
- 
0.6 
- 
- 
- 
- 
0.5 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable properties 
1.0 
- 
- 
- 
- 
- 
- 
- 
- 
1.0 
- 
- 
- 
- 
0.7 
32 
Total GAR assets 
19.8 
2.4 
2.2 
0.0 
0.1 
0.3 
0.0 
- 
0.0 
20.9 
2.5 
2.2 
0.0 
0.1 
26.7

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
53
|
Page 
€ = Euro 
m = million 
bn = billion
3. GAR KPI Stock - Capex 
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
21.7 
3.4 
2.2 
- 
0.1 
0.6 
- 
- 
- 
23.0 
3.5 
2.2 
- 
0.1 
26.0 
2 
Financial corporations 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
3.1 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.7 
- 
- 
- 
- 
3.0 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.3 
- 
- 
- 
- 
1.2 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.5 
- 
- 
- 
- 
1.8 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
7 
Other financial corporations 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
54
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to total covered assets in the 
denominator) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of 
total assets 
covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
20 
Non-financial corporations 
4.7 
3.4 
2.1 
- 
0.1 
0.5 
- 
- 
- 
5.3 
3.4 
2.1 
- 
0.1 
6.2 
21 
Loans and advances 
4.1 
3.0 
2.1 
- 
0.1 
0.4 
- 
- 
- 
4.5 
3.0 
2.1 
- 
0.1 
5.3 
22 
Debt securities, including 
UoP 
0.6 
0.4 
- 
- 
- 
0.1 
- 
- 
- 
0.7 
0.4 
- 
- 
- 
0.9 
23 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
24 
Households 
16.9 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
16.9 
0.1 
0.1 
- 
- 
16.6 
25 
of which loans collateralised 
by residential immovable 
property 
16.2 
- 
- 
- 
- 
- 
- 
- 
- 
16.2 
- 
- 
- 
- 
11.3 
26 
of which building renovation 
loans 
0.1 
0.1 
0.1 
- 
- 
- 
- 
- 
- 
0.1 
0.1 
0.1 
- 
- 
- 
27 
of which motor vehicle loans 
0.6 
- 
- 
- 
- 
- 
- 
- 
- 
0.6 
- 
- 
- 
- 
0.5 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable properties 
1.0 
- 
- 
- 
- 
- 
- 
- 
- 
1.0 
- 
- 
- 
- 
0.7 
32 
Total GAR assets 
22.7 
3.4 
2.2 
- 
0.1 
0.6 
- 
- 
- 
24.0 
3.5 
2.2 
- 
0.1 
26.7

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
55
|
Page 
€ = Euro 
m = million 
bn = billion
4. GAR KPI flow - Turnover 
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
13.4 
6.8 
6.2 
0.0 
0.1 
0.6 
0.1 
- 
- 
14.8 
6.9 
6.2 
0.0 
0.1 
31.1 
2 
Financial undertakings 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.9 
0.0 
- 
0.0 
0.0 
4.4 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.3 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.2 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.1 
7 
Other financial corporations 
0.0 
0.0 
- 
0.0 
0.0 
0.0 
- 
- 
- 
0.1 
0.0 
- 
0.0 
0.0 
0.2 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.0 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
0.0 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
56
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.0 
- 
- 
- 
- 
0.1 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
20 
Non-financial undertakings 
7.5 
6.8 
6.2 
0.0 
0.1 
0.6 
0.1 
- 
- 
8.0 
6.8 
6.2 
0.0 
0.1 
20.8 
21 
Loans and advances 
7.0 
6.5 
6.2 
0.0 
0.1 
0.4 
0.0 
- 
- 
7.4 
6.6 
6.2 
0.0 
0.1 
19.6 
22 
Debt securities, including 
UoP 
0.4 
0.3 
- 
0.0 
0.0 
0.2 
0.0 
- 
- 
0.7 
0.3 
- 
0.0 
0.0 
1.2 
23 
Equity instruments 
0.0 
0.0 
- 
0.0 
0.0 
- 
- 
- 
0.0 
0.0 
- 
0.0 
0.0 
24 
Households 
5.9 
- 
- 
- 
- 
- 
- 
- 
- 
5.9 
- 
- 
- 
- 
5.9 
25 
of which loans collateralised 
by residential immovable 
property 
5.7 
- 
- 
- 
- 
- 
- 
- 
- 
5.7 
- 
- 
- 
- 
5.7 
26 
of which building renovation 
loans 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
27 
of which motor vehicle loans 
0.2 
- 
- 
- 
- 
- 
- 
- 
- 
0.2 
- 
- 
- 
- 
0.2 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable 
properties 
0.4 
- 
- 
- 
- 
- 
- 
- 
- 
0.4 
- 
- 
- 
- 
0.4 
32 
Total GAR assets 
13.7 
6.8 
6.2 
0.0 
0.1 
0.6 
0.1 
- 
- 
15.2 
6.9 
6.2 
0.0 
0.1 
31.5

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
57
|
Page 
€ = Euro 
m = million 
bn = billion
4. GAR KPI flow - Capex 
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
GAR - Covered assets in both 
numerator and denominator 
1 
Loans and advances, debt securities 
and equity instruments not HfT 
eligible for GAR calculation 
21.1 
11.0 
6.2 
0.1 
0.1 
0.8 
- 
- 
- 
22.7 
11.0 
6.2 
0.1 
0.1 
31.1 
2 
Financial undertakings 
0.2 
0.2 
- 
- 
- 
- 
- 
- 
- 
1.0 
0.2 
- 
- 
- 
4.4 
3 
Credit institutions 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.3 
4 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
5 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.8 
- 
- 
- 
- 
4.2 
6 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
7 
Other financial corporations 
0.2 
0.2 
- 
- 
- 
- 
- 
- 
- 
0.2 
0.2 
- 
- 
- 
0.2 
8 
of which investment firms 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
9 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
10 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
11 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
12 
of which 
management 
companies 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
13 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
14 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
15 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
16 
of which insurance 
undertakings 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
17 
Loans and advances 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
-

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
58
|
Page 
€ = Euro 
m = million 
bn = billion
% (compared to flow of total eligible 
assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of 
total new 
assets covered 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant 
sectors (Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
18 
Debt securities, including 
UoP 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
0.1 
19 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
20 
Non-financial undertakings 
15.1 
10.8 
6.2 
0.1 
0.1 
0.8 
- 
- 
- 
15.9 
10.9 
6.2 
0.1 
0.1 
20.8 
21 
Loans and advances 
14.6 
10.4 
6.2 
- 
0.1 
0.5 
- 
- 
- 
15.1 
10.4 
6.2 
- 
0.1 
19.6 
22 
Debt securities, including 
UoP 
0.5 
0.4 
- 
0.1 
- 
0.2 
- 
- 
- 
0.7 
0.4 
- 
0.1 
- 
1.2 
23 
Equity instruments 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
24 
Households 
5.9 
- 
- 
- 
- 
- 
- 
- 
- 
5.9 
- 
- 
- 
- 
5.9 
25 
of which loans collateralised 
by residential immovable 
property 
5.7 
- 
- 
- 
- 
- 
- 
- 
- 
5.7 
- 
- 
- 
- 
5.7 
26 
of which building renovation 
loans 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
27 
of which motor vehicle loans 
0.2 
- 
- 
- 
- 
- 
- 
- 
- 
0.2 
- 
- 
- 
- 
0.2 
28 
Local governments financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
29 
Housing financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
30 
Other local government 
financing 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
- 
31 
Collateral obtained by taking 
possession: residential and 
commercial immovable 
properties 
0.4 
- 
- 
- 
- 
- 
- 
- 
- 
0.4 
- 
- 
- 
- 
0.4 
32 
Total GAR assets 
21.5 
11.0 
6.2 
0.1 
0.1 
0.8 
- 
- 
- 
23.1 
11.0 
6.2 
0.1 
0.1 
31.5

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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€ = Euro 
m = million 
bn = billion
5. KPI off-balance 
sheet exposures- 
Stock- Turnover 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which 
Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar KPI) 
15.5 
1.9 
- 
0.1 
0.2 
1.2 
0.0 
- 
0.0 
16.7 
1.9 
- 
0.1 
0.2 
2 
Assets under management 
2.6 
0.4 
- 
0.1 
0.1 
0.5 
0.0 
- 
0.0 
3.1 
0.4 
- 
0.1 
0.1 
5. KPI off-balance 
sheet exposures- 
Stock- Capex 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy relevant 
sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which 
Use of 
Proceeds 
Of which 
enabling 
Of which Use of 
Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar KPI) 
19.9 
6.5 
- 
0.2 
0.2 
1.1 
- 
- 
- 
20.9 
6.5 
- 
0.2 
0.2 
2 
Assets under management 
5.3 
2.1 
- 
0.1 
0.2 
0.4 
- 
- 
- 
5.7 
2.1 
- 
0.1 
0.2

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
60
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Page 
€ = Euro 
m = million 
bn = billion
5. KPI off-balance 
sheet exposures- 
Flow- 
Turnover 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar 
KPI) 
8.6 
1.8 
- 
- 
- 
4.5 
0.0 
- 
0.0 
13.1 
1.8 
- 
- 
0.0 
5. KPI off-balance 
sheet exposures- 
Flow- 
Capex 
a 
b 
c 
d 
e 
f 
g 
h 
i 
aa 
ab 
ac 
ad 
ae 
% (compared to total eligible off-
balance sheet assets) 
31 December 2023 
Climate Change Mitigation (CCM) 
Climate Change Adaptation (CCA) 
TOTAL 
(CCM + CCA) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
eligible) 
Proportion of total covered assets funding taxonomy 
relevant sectors (Taxonomy-eligible) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-
aligned) 
Proportion of total covered assets 
funding taxonomy relevant sectors 
(Taxonomy-aligned) 
Proportion of total covered assets funding 
taxonomy relevant sectors (Taxonomy-aligned) 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
enabling 
Of which Use 
of Proceeds 
Of which 
transitional 
Of which 
enabling 
1 
Financial guarantees (FinGuar 
KPI) 
15.1 
11.9 
- 
- 
- 
1.4 
- 
- 
- 
16.5 
11.9 
- 
- 
-

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
61
|
Page 
€ = Euro 
m = million 
bn = billion
Template 1 
Nuclear and fossil gas related activities 
Row 
Nuclear energy related activities 
1. 
The undertaking carries 
out, funds or has exposures to research, development, 
demonstration and 
deployment of innovative electricity generation 
facilities that produce 
energy from nuclear 
processes with minimal waste from the 
fuel cycle. 
NO 
2. 
The undertaking carries 
out, funds or has exposures to construction and safe 
operation of new 
nuclear installations to produce electricity or process 
heat, 
including for the purposes of district heating or industrial processes 
such as 
hydrogen production, 
as well as their safety upgrades, 
using best available 
technologies. 
YES 
3. 
The undertaking carries 
out, funds or has exposures to safe operation 
of existing 
nuclear installations that produce electricity or process 
heat, including for the 
purposes of district heating or industrial processes such as hydrogen 
production 
from nuclear energy, 
as well as their safety upgrades. 
YES 
Fossil gas related activities 
4. 
The undertaking carries 
out, funds or has exposures to construction or operation 
of electricity generation facilities 
that produce electricity using fossil 
gaseous 
fuels 
YES 
5. 
The undertaking carries 
out, funds or has exposures to construction, refurbishment, 
and operation of combined heat/cool 
and power generation 
facilities using fossil 
gaseous fuels. 
YES 
6. 
The undertaking carries 
out, funds or has exposures to construction, refurbishment 
and operation of heat 
generation facilities 
that produce heat/cool 
using fossil gaseous 
fuels. 
YES 

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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Page 
€ = Euro 
m = million 
bn = billion
Turnover 
KPI Tables 
Table 1 - Taxonomy 
-aligned economic activities (denominator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
9 
- 
9 
- 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
1,475 
2 
1,465 
2 
10 
- 
8. 
Total applicable KPI 
1,484 
3 
1,474 
2 
10 
- 
Table 2 -Taxonomy 
-aligned economic activities (numerator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the numerator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
9 
0.6 
9 
0.6 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
0.4 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
1,475 
99.4 
1,465 
99.4 
10 
99.6 
8. 
Total amount and proportion of taxonomy-aligned economic 
activities in the numerator of the applicable KPI 
1,484 
100.0 
1,474 
100.0 
10 
100.0

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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Page 
€ = Euro 
m = million 
bn = billion
Table 9 - Taxonomy 
-eligible but not taxonomy-aligned economic activities 
Row 
Economic activities 
Amount (in Million EUR) and Pproportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.26 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.27 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.28 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
4. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.29 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
52 
0 
52 
0 
- 
- 
5. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.30 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
3 
- 
3 
- 
- 
- 
6. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.31 of Annexes I 
and II to Delegated EN 6 EN Regulation 2021/2139 in the 
denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-eligible but not 
taxonomy-aligned economic activities not referred to in rows 1 to 
6 above in the denominator of the applicable KPI 
10,476 
17 
9,864 
16 
162 
0 
8. 
Total amount and proportion of taxonomy eligible but not 
taxonomy-aligned economic activities in the denominator of the 
applicable KPI 
10,531 
17 
9,920 
16 
162 
0

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
64
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Page 
€ = Euro 
m = million 
bn = billion
Table 10 - Taxonomy 
non-eligible economic activities 
Row 
Economic activities 
Amount 
(in 
Million 
EUR) 
% 
Amount and proportion of economic activity referred to in row 1 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
2. 
Amount and proportion of economic activity referred to in row 2 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
3. 
Amount and proportion of economic activity referred to in row 3 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
4. 
Amount and proportion of economic activity referred to in row 4 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
5. 
Amount and proportion of economic activity referred to in row 5 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of EN 7 EN the applicable KPI 
- 
- 
6. 
Amount and proportion of economic activity referred to in row 6 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
7. 
Amount and proportion of other taxonomy-non-eligible economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
48,435 
80.1 
8. 
Total amount and proportion of taxonomy-non-eligible economic 
activities in the denominator of the applicable KPI 
48,435 
80.1

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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€ = Euro 
m = million 
bn = billion
CapexKPI Tables 
Table 1 - Taxonomy 
-aligned economic activities (denominator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
2 
- 
2 
- 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
14 
- 
14 
- 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
2,072 
3.4 
2,065 
3.4 
7 
- 
8. 
Total applicable KPI 
2,088 
3.5 
2,081 
3.4 
7 
- 
Table 2 -Taxonomy 
-aligned economic activities (numerator) 
Row 
Economic activities 
Amount (in Million EUR) and proportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.26 of Annexes I and II to Delegated 
Regulation 2021/2139 in the numerator of the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.27 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
2 
0.1 
2 
0.1 
- 
- 
3. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.28 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
14 
0.7 
14 
0.7 
- 
- 
4. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.29 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
5. 
Amount and proportion of taxonomy-aligned economic activity EN 
3 EN referred to in Section 4.30 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
6. 
Amount and proportion of taxonomy-aligned economic activity 
referred to in Section 4.31 of Annexes I and II to Delegated 
Regulation 2021/2139 in the denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-aligned economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
2,072 
99.2 
2,065 
99.2 
7 
100.0 
8. 
Total amount and proportion of taxonomy-aligned economic 
activities in the numerator of the applicable KPI 
2,088 
100.0 
2,081 
100.0 
7 
100.0

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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€ = Euro 
m = million 
bn = billion
Table 9 - Taxonomy 
-eligible but not taxonomy-aligned economic activities 
Row 
Economic activities 
Amount (in Million EUR) and Pproportion (the information is 
to be presented in monetary amounts and as percentages) 
(CCM + CCA) 
Climate change 
mitigation (CCM) 
Climate change 
adaptation (CCA) 
Amount 
% 
Amount 
% 
Amount 
% 
1. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.26 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
2. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.27 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
3. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.28 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
- 
- 
- 
- 
- 
- 
4. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.29 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
57 
0.1 
57 
0.1 
- 
- 
5. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.30 of Annexes I 
and II to Delegated Regulation 2021/2139 in the denominator of 
the applicable KPI 
2 
- 
2 
- 
- 
- 
6. 
Amount and proportion of taxonomy-eligible but not taxonomy-
aligned economic activity referred to in Section 4.31 of Annexes I 
and II to Delegated EN 6 EN Regulation 2021/2139 in the 
denominator of the applicable KPI 
- 
- 
- 
- 
- 
- 
7. 
Amount and proportion of other taxonomy-eligible but not 
taxonomy-aligned economic activities not referred to in rows 1 to 
6 above in the denominator of the applicable KPI 
11,744 
19.4 
10,969 
19.0 
327 
0.5 
8. 
Total amount and proportion of taxonomy eligible but not 
taxonomy-aligned economic activities in the denominator of the 
applicable KPI 
11,803 
19.5 
11,028 
18.2 
327 
0.5

 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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m = million 
bn = billion
Table 10 - Taxonomy 
non-eligible economic activities 
Row 
Economic activities 
Amount 
(in 
Million 
EUR) 
% 
1. 
Amount and proportion of economic activity referred to in row 1 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.26 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
2. 
Amount and proportion of economic activity referred to in row 2 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.27 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
3. 
Amount and proportion of economic activity referred to in row 3 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.28 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
4. 
Amount and proportion of economic activity referred to in row 4 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.29 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
5. 
Amount and proportion of economic activity referred to in row 5 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.30 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of EN 7 EN the applicable KPI 
- 
- 
6. 
Amount and proportion of economic activity referred to in row 6 of 
Template 1 that is taxonomy-non-eligible in accordance with 
Section 4.31 of Annexes I and II to Delegated Regulation 2021/2139 
in the denominator of the applicable KPI 
- 
- 
7. 
Amount and proportion of other taxonomy-non-eligible economic 
activities not referred to in rows 
1 to 6 above in the denominator 
of the applicable KPI 
46,559 
77.0 
8. 
Total amount and proportion of taxonomy-non-eligible economic 
activities in the denominator of the applicable KPI 
46,559 
77.0

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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APPENDIX 2 
Definition 
of 
Alternative 
Performance 
Measures 
(APMs) 
in 
accordance 
with 
European 
Securities 
and 
Markets 
Authority (ESMA) guidelines, which are 
included in the Report of Directors/Financial 
Statements: 
a)
Loans to Deposits ratio:
 
Loans and advances 
to customers at 
amortised cost divided by 
due to customers 
at the end of the 
reported period, 
b)
Pre-Provision 
Income (PPI):
 
Profit from 
operations 
before 
impairments, provisions 
and restructuring 
costs 
as disclosed in the financial statements 
for the 
reported period, 
c)
Core income:
 
The 
total of 
net interest 
income, 
net banking 
fee 
and commission 
income 
and income 
from 
non banking services, 
d)
Core 
Pre-provision 
Income 
(Core 
PPI):
 
The 
core 
income 
minus 
the 
operating 
expenses 
of 
the 
reported 
period, 
e)
Net Interest 
Margin (NIM):
 
The 
net interest 
income of 
the 
reported period, 
annualised and divided 
by the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, 
excluding 
those related 
to discontinued operations’, 
at the end 
of the reported 
period, at the 
end of interim quarters 
and at the end of the 
previous period), 
f)
Fees and commissions:
 
The total of net 
banking fee and commission income and income 
from non banking 
services of the 
reported period, 
g)
Fees 
and commissions 
over assets 
ratio: 
The 
Fees 
and commissions 
of the 
reported period 
divided by 
the 
average 
balance 
of continued 
operations’ 
total 
assets (the 
arithmetic 
average 
of total 
assets, 
excluding 
those related 
to discontinued operations’, 
at the end 
of the reported 
period, at the 
end of interim quarters 
and at the end of the 
previous period),
 
h)
Income from trading and other activities
: The total of net trading income, gains less 
losses from investment 
securities and other 
income/ (expenses) of the 
reported period, 
i)
Cost to Income ratio:
 
Total 
operating expenses 
divided by total operating 
income, 
j)
Adjusted 
net 
profit: 
Net 
profit/loss 
from 
continuing 
operations 
excluding 
restructuring 
costs, 
goodwill 
impairment/ 
gain 
on 
acquisition, 
gains/losses 
related 
to 
the 
transformation 
and 
NPE 
reduction 
plans, 
contributions to restoration 
initiatives following 
natural disasters 
and income tax adjustments,
k)
Non-performing 
exposures (NPE):
 
Non Performing 
Exposures (in 
compliance with 
EBA Guidelines) 
are the 
Group’s 
material exposures 
which are 
more than 
90 days 
past-due or 
for 
which the 
debtor is 
assessed as 
unlikely to pay its credit obligations in full without realization of collateral, regardless of the existence of any 
past due 
amount or the 
number of 
days past 
due. The 
NPE, as reported 
herein, 
refer 
to the 
gross loans 
at 
amortised cost except for 
those that 
have been classified as held for 
sale, 
l)
NPE 
ratio:
 
NPE 
divided 
by 
gross 
loans 
and 
advances 
to 
customers 
at 
amortised 
cost 
at 
the 
end 
of 
the 
reported period, 
m)
NPE 
formation:
 
Net 
increase/decrease 
of 
NPE 
in 
the 
reported 
period 
excluding 
the 
impact 
of 
write 
offs, 
sales and other 
movements,
n)
NPE 
Coverage 
ratio:
 
Impairment 
allowance 
for 
loans 
and 
advances 
to 
customers 
and 
impairment 
allowance 
for 
credit 
related 
commitments 
(off 
balance 
sheet 
items), 
divided 
by 
NPE 
at 
the 
end 
of 
the 
reported period, 
o)
Provisions 
(charge) 
to 
average 
net 
loans 
ratio 
(Cost 
of 
Risk):
 
Impairment 
losses 
relating 
to 
loans 
and 
advances 
charged 
in 
the 
reported 
period, 
annualised 
and 
divided 
by 
the 
average 
balance 
of 
loans 
and 
advances to 
customers 
at amortised 
cost (the 
arithmetic 
average 
of loans 
and advances 
to customers 
at 
amortised cost, including those that have been classified as held 
for sale, at the end of the reported 
period, 
at the end of interim quarters 
and at the end of the 
previous period), 
p)
Return 
on 
tangible 
book 
value 
(RoTBV): 
Adjusted 
net 
profit 
divided 
by 
average 
tangible 
book 
value. 
Tangible 
book value is the total equity excluding preference 
shares, preferred 
securities and non controlling 
interests minus intangible assets, 
Definition of capital and other 
selected ratios in accordance 
with the regulatory 
framework, 
which are included 
in the Report of Directors/Financial Statements: 
a)
Total 
Capital 
Adequacy 
ratio:
 
Total 
regulatory 
capital 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
based on the 
transitional rules for 
the reported 
period, divided by 
total Risk Weighted 
Assets (RWA). 
The RWA are the Group’s 
assets and off-balance-sheet exposures, weighted according to risk factors based 
on Regulation (EU) No 575/2013, 
taking into account credit, market and operational 
risk, 
b)
Common Equity 
Tier 
1 (CET1):
 
Common Equity 
Tier 
I regulatory 
capital 
as defined 
by 
Regulation 
(EU) No 
575/2013 as in force, 
based on the transitional 
rules for the 
reported period, divided by 
total RWA, 
c)
Fully loaded Common Equity 
Tier I (CET1):
 
Common Equity Tier I regulatory capital as 
defined by Regulation 
No 575/2013 as in force, 
without the application 
of the relevant transitional 
rules, divided by total RWA, 
d)
Liquidity Coverage 
Ratio (LCR):
 
The 
total amount of 
high quality 
liquid assets divided 
by the 
net liquidity 
outflows for a 30-day stress 
period. 
e)
Minimum 
Requirements 
for 
Eligible 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL) 
ratio: 
The 
sum 
of 
i) 
total 
regulatory 
capital 
(at 
Eurobank 
S.A. consolidated 
level) 
as 
defined 
by 
Regulation 
(EU) 
No 
575/2013 
as 
in 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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bn = billion
force, 
based on the 
transitional rules for 
the reported 
period ii) part 
of any Tier 
2 instruments to the 
extent 
that it 
does not qualify 
as Tier 
2 capital (amortized 
part counts towards 
MREL), and iii) 
liabilities issued by 
Eurobank 
S.A. 
that 
meet 
the 
MREL-eligibility 
criteria 
set 
out 
in 
Regulation 
(EU) 
No 
575/2013 
as 
in 
force, 
divided by RWA 
. 
The following 
table presents the 
components of the 
calculation of the 
above APMs, 
which are derived 
from the 
Company’s consolidated 
financial statements 
for the 
year ended 
31 December 
2023 and for 
the year 
ended 31 
December 2022: 
Components of Alternative Performance 
Measures 
€ million 
FY 2023 
FY22 
(Restated) 
⁽⁸⁾
Net Interest Income 
⁽
¹
⁾
2,174 
1,480 
Fees and commissions 
544 
522 
Total 
Operating income 
⁽
²
⁾
2,914 
3,041 
Total 
Operating income, 
excluding the gain on investment 
in Hellenic Bank in 
2023 and on project "Triangle" 
in 2022
⁽
²
⁾
2,803 
2,716 
Total 
Operating expenses, 
excluding the contribution to restoration 
initiatives 
after natural 
disasters 
⁽
³
⁾
(902) 
(857) 
Pre-provision 
income (PPI) 
1,999 
2,184 
Pre-provision 
income (PPI), excluding the 
gain on investment in Hellenic Bank 
and the contribution to restoration 
initiatives after 
natural disasters in 2023 
and on project "Triangle" 
in 2022 
1,902 
1,859 
Core Pre-provision 
income (Core PPI), excluding the 
contribution to restoration 
initiatives after natural 
disasters in 2023 
1,816 
1,145 
Net profit/(loss) from continued 
operations 
1,281 
1,345 
Gain on project "Triangle" 
(before tax) 
 
- 
325 
Gain on project "Triangle" 
(after tax) 
 
- 
231 
Restructuring costs, after tax 
(29) 
(63) 
Gain on investment in Hellenic Bank (associate) 
111 
 
- 
Contribution to restoration 
initiatives after 
natural disasters, before 
tax 
(14) 
 
- 
Contribution to restoration 
initiatives after 
natural disasters, after 
tax 
(10) 
 
- 
Loss on projects "Solar" and "Leon", after 
tax 
(48) 
 
- 
Loss on projects "Solar" and "Leon", 
before tax 
(67) 
 
- 
Adjusted net profit 
1,256 
1,178 
Impairment losses relating to loans 
and advances 
(412) 
(276) 
Impairment losses for 
loans, excluding the loss on projects 
"Solar" and "Leon" 
(345) 
(276) 
NPE formation
⁽⁴⁾
138 
40 
Non performing exposures 
(NPE) 
1,512 
2,156 
Due to customers 
57,442 
55,609 
Gross Loans and advances to customers 
at amortized cost 
42,773 
41,811 
Impairment allowance for 
loans and advances to customers 
(1,258) 
(1,572) 
Impairment allowance for 
credit related commitments 
(48) 
(57) 
Due to customers (Greek operations) 
39,955 
39,575 
Gross Loans and advances to customers 
at amortized cost (Greek operations) 
32,308 
32,812 
Impairment allowance for 
loans and advances to customers 
(Greek 
operations) 
(1,003) 
(1,332) 
Average 
balance of continued operations’ 
total assets 
⁽⁵⁾
79,106 
77,672 
Average 
balance of loans and advances to customers 
at amortized cost 
⁽⁶⁾
40,645 
38,834 
Average 
balance of tangible book value 
⁽⁷⁾
6,957 
5,793 
(1) 
4Q2023 
NIM: 
Net 
interest 
income 
of 
the 
fourth 
quarter 
2023 
(€573m), 
annualised, 
divided by 
the 
average 
balance 
of 
continued 
operations’ 
total 
assets 
(€78,902m). 
The 
average 
balance 
of 
continued 
operations’ 
total 
assets, 
has 
been 
calculated as the arithmetic 
average of their balances at the 
end of the reporting period (31 December 2023: €79,781m) and 
at the end of interim quarter (30 September 2023: €78,023m).
(2) 
International 
Operations: 
Operating 
income: 
€778m 
(2022, 
adjusted: 
€497m). 
Greek 
operations: 
Operating 
income: 
€2,025m, excluding the gain on investment in Hellenic Bank of €111m 
(2022: €2,219m, excluding the gain on project "Triangle" 
of €325m). 
(3)
 
International Operations: 
Operating 
expenses: €258m 
(2022, adjusted: 
€212m). Greek 
operations: 
Operating 
expenses: 
€644m, excluding contribution to restoration initiatives 
after natural disasters of €14m (2022: €645m).
(4) 
NPEs formation 
has been 
calculated 
as the 
decrease of 
NPE in 
2023 (€745m), 
after deducting 
the 
impact of 
write-offs 
€405m, classifications as held for 
sale / sales €493m and other movements 
(€15m). 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
REPORT OF THE DIRECTORS 
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bn = billion
(5)
The 
average 
balance 
of continued 
operations’ 
total 
assets, has 
been calculated 
as the 
arithmetic 
average 
of the 
their 
balances 
at the 
end of 
the 
reporting period 
(31 December 
2023: €79,781m), 
at the 
end of 
interim quarters 
(30 September 
2023: €78,023m, 30 June 2023: €79,137m and 31 March 2023: €79,538m), and at the end of the previous 
period (31 December 
2022: 
€79,052m). 
The 
respective 
figures 
for 
31 
December 
2022: 
€79,052m, 
30 
September 2022: 
€81,065m 
30 
June 2022: 
€77,847m 
31 March 2022: €74,873 and 31 December 2021: €75,521m.
(6)
The 
average 
balance 
of 
loans 
and 
advances 
to 
customers 
measured 
at 
amortized 
cost, 
excluding 
Eurobank 
Direktna 
operations, has been calculated as the arithmetic average of their balances at the 
end of the reporting period (31 December 
2023: €41,515m), at the end of interim quarters (30 September 
2023: €40,734m, 30 June 2023: €40,604m and 31 March 2023: 
€40,137m), and at the end of the previous period (31 
December 2022 €40,237m). The respective figures for 31 
December 2022: 
€40,237m, 30 September 2022: €39,754m 30 June 2022: €38,970m 31 March 2022: €37,761 and 31 December 2021: €37,445m.
(7)
 
The average 
balance of tangible book value, has been calculated 
as the arithmetic 
average of the 
total equity minus the 
intangible assets and non 
controlling interests 
at the 
end of the 
reporting period (31 
December 2023: €7,565m), 
at the 
end 
of interim quarters (30 September 
2023: €7,221m, 30 June 2023: €7,039m and 31 March 2023: €6,618m) and at the end of the 
previous period 
(31 December 2022: €6,340m).
The respective 
figures for 
31 December 2022: €6,340m, 30 
September 2022: 
€6,038m 30 June 2022: €5,934m 
31 March 2022: €5,380 and 31 December 2021: €5,270m. 
(8)
The comparative information 
has been adjusted 
due to a) 
the retrospective application of IFRS 17 by the Group’s associate 
Eurolife 
FFH Insurance 
Group Holdings 
S.A. and b) the 
presentation of 
operations of 
Eurobank Direktna 
a.d. disposal group 
as discontinued. 
Source of financial Information 
The 
Directors’ 
Report 
includes 
financial 
data 
and 
measures 
as 
derived 
from 
the 
Company’s 
consolidated 
financial statements 
for 
the 
year 
ended 31 
December 
2023 and 
for 
the 
year 
ended 31 
December 
2022, which 
have 
been 
prepared 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
(IFRS). 
In 
addition, 
it 
includes 
information 
as 
derived 
from 
internal 
information 
systems, 
consistent 
with 
the 
Group’s 
accounting 
policies, 
such 
as 
the 
selected 
financial 
information 
for 
the 
Group’s 
two 
main 
reportable 
segments 
a) 
Greek 
Operations, 
which 
incorporate 
the 
business 
activities originated 
from 
the 
Company, 
the 
Bank and 
the 
Greek 
subsidiaries and b) 
International Operations, which incorporate the business activities originated from the banks 
and the 
other 
local 
subsidiaries 
operating 
in Bulgaria, 
Cyprus 
and Luxembourg 
(as described 
at the 
relevant 
section on page 4). 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
71
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CORPORATE GOVERNANCE STATEMENT 
2023 
1. 
Adoption of the Hellenic Corporate Governance Code 
 
In compliance with art. 17 of L.4706/2020 for 
the listed companies (effective from 18.7.2021 onwards), which 
stipulates that 
listed companies should adopt and 
implement a corporate governance 
code, prepared by a 
recognized and reputable body, 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(Company, 
Eurobank 
Holdings, 
Holdings 
or 
HoldCo) 
has 
adopted 
and 
implements the Hellenic Corporate Governance Code (the Code). 
The 
Code 
is available on Eurobank Holdings’ website (https://www.eurobankholdings.gr/en/corporate-
governance/corporate-governance-principles/).
Given 
that 
the 
Eurobank 
Holdings 
Group 
(the 
Group) 
consists 
mainly 
of 
Eurobank 
S.A. 
(Eurobank 
or 
Bank) 
and 
its 
subsidiaries 
(the 
Eurobank 
or 
Bank 
Group), 
the 
present Corporate 
Governance 
Statement 
outlines 
how 
the 
principles 
stipulated by the Code were applied to both Eurobank Holdings and Eurobank during 2023. 
2. 
Board of Directors
5
2.1
 
General 
The HoldCo/Bank are managed 
by their respective Boards 
of Directors (Board or 
BoD), which are collectively 
responsible 
for 
their 
long-term 
success. 
The 
Boards 
exercise 
their 
responsibilities 
in 
accordance 
with 
the 
Greek 
legislation 
and 
international best practices, as well as with their Articles of Association and the 
shareholders’ General Meetings’ legitimate 
decisions. 
The role of the 
Board is to 
offer entrepreneurial leadership to 
the Group within 
a framework of 
prudent and effective controls, 
facilitating the assessment and 
management of risks. The 
Board establishes the Group's strategic 
objectives, ensures the 
availability 
of 
essential 
financial 
and 
human 
resources 
for 
the 
Group 
to 
fulfil 
its 
purpose, 
and 
evaluates 
management 
performance. It also defines 
the Group's values and 
standards, ensuring that its 
responsibilities to shareholders and 
other 
stakeholders are acknowledged and fulfilled. 
All members of the Board 
are required to act 
in the best interests of 
the Group, 
aligning with their legal duties. 
2.2
 
Composition of the Board 
The 
members 
of 
the 
Board 
are 
elected 
by 
the 
HoldCo’s 
and 
Eurobank’s 
General 
Meetings, 
which 
determine 
the 
exact 
number of the 
directors and their 
term of office, 
within the limits of 
the law and of 
the HoldCo’s and 
Eurobank’s Articles of 
Association and also designates the independent non-executive directors. 
During 2023: 
-
 
further 
to 
the 
discussions 
and 
the 
decisions 
reached 
at 
HoldCo/Bank 
NomCo 
meetings 
dated 
22.06.2023, 
23.06.2023 
and 
27.06.2023 
and 
the 
resolutions 
of 
the 
HoldCo/Bank 
Annual 
General 
Meeting 
(AGM) 
of 
shareholders 2023, the number of the HoldCo/Bank BoD members increased to fifteen members with the election 
of Messrs Burkhard 
Eckes and John 
Hollows who were 
appointed as independent 
Non-Executive Directors. The 
term of office 
of the 
aforementioned new 
members expires concurrently 
with the term 
of office of 
the other members 
of the HoldCo/Bank 
Board and more specifically 
on 23.07.2024, prolonged until 
the end of the 
period the Annual 
General Meeting for the year 2024 will take place. 
-
 
following the Hellenic Financial Stability 
Fund’s (HFSF) divestment from HoldCo, and 
taking into consideration that 
the HoldCo and Bank 
are no longer subject to law 3864/2010 and 
to the special rights of the HFSF provided for in 
such 
law, 
including 
HFSF’s 
right 
to 
appoint 
its 
representative 
in 
the 
HoldCo 
and 
Bank 
Boards 
and 
Board 
Committees, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli, submitted 
her 
resignation 
from 
the 
abovementioned 
positions on 26 October 2023, effective as of 7 November 2023. 
-
 
On 31 October 2023, Mr. Andreas Athanasopoulos, Deputy 
CEO and Executive Member of 
the HolDCo/Bank BoD 
submitted his resignation from the above positions with effect from December 31, 2023. 
 
5
Information regarding the Board’s composition is also included 
in relevant note of the consolidated accounts of 
HoldCo and Eurobank 
respectively.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
72
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Following the above, 
the current 
Boards, as of 
the date of 
approval of the 
here-in Statement, 
consist of thirteen 
(13) Directors 
of whom, three (3) executives, three (3) non-executives and seven (7) independent non-executives: 
Eurobank Holdings 
Eurobank 
First 
appointment 
End of 
Term 
First 
appointment 
End of 
Term 
Georgios P. Zanias 
Chairperson, Non-Executive Director 
Mar. 2019 
2024
Mar. 2020 
2024 
Georgios K. Chryssikos 
Vice-Chairperson, Non-Executive Director 
Jun. 2014 
2024 
Mar. 2020 
2024 
Fokion C. Karavias 
Chief Executive Officer 
Jun. 2014 
2024 
Mar. 2020 
2024 
Stavros E. Ioannou 
Deputy Chief Executive Officer 
Apr. 2015 
2024 
Mar. 2020 
2024 
Konstantinos V. Vassiliou 
Deputy Chief Executive Officer 
July 2018 
2024 
Mar. 2020 
2024 
Bradley Paul L. Martin 
Non-Executive Director 
Jun. 2014 
2024 
Mar. 2020 
2024 
Rajeev K. L. Kakar 
Non-Executive Independent Director 
July 2018 
2024 
Mar. 2020 
2024 
Jawaid A. Mirza 
Non-Executive Independent Director 
Jun. 2016 
2024 
Mar. 2020 
2024 
Alice K. Gregoriadi 
Non-Executive Independent Director 
Apr. 2020 
2024 
Apr. 2020 
2024 
Irene Rouvitha Panou 
Non-Executive Independent Director 
Apr. 2020 
2024 
Apr. 2020 
2024 
Cinzia V. Basile 
Non-Executive Independent Director 
Dec. 2020 
2024 
Dec. 2020 
2024 
Burkhard Eckes 
Non-Executive Independent Director 
Jul. 2023 
2024 
Jul. 2023 
2024 
John Arthur Hollows 
Non-Executive Independent Director 
Jul. 2023 
2024 
Jul. 2023 
2024 
The 
short 
CVs 
of 
the 
HoldCo 
and 
Eurobank 
Boards 
members 
as 
summarized 
below 
are 
evidence 
that 
the 
Boards’ 
composition reflects the knowledge, skills 
and experience required for the execution of 
their duties, in accordance with the 
Board Nomination Policy and the HoldCo’s/Bank’s business model and strategy. 
It is also 
noted that the 
directorships of the 
HoldCo and Eurobank 
Boards members as 
at 31.12.2023, are 
outlined in Section 
2.7, “Directorships of Board members”. 
Georgios Zanias 
Chairperson, Non-Executive Director 
Year of birth: 1955 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: - 
George 
P. 
Zanias 
joined 
Eurobank 
as 
the 
Chairman 
of 
the 
Board 
of 
Directors 
in 
2019. 
He 
is 
also 
a 
Professor 
Emeritus 
of 
Economics 
at 
the 
Athens University of Economics and Business and a Member of the 
Board 
of IOBE. 
In 
the 
past, 
Mr 
Zanias 
has 
served 
as 
the 
Minister 
of 
Finance 
(2012), 
Chairman of the Board of 
Directors of the National Bank 
of Greece (2012-
2015), Chairman 
of the 
Board of 
the Hellenic 
Banking Association (2012-
2015), Member 
of the 
Board of 
the European 
Banking Federation 
(2012-
2015), Member of 
the Board of 
the American-Greek Chamber 
of Commerce 
( 2019-2022), Chairman 
of the Council of 
Economic Advisors at 
the Ministry 
of Finance (2009-2012), General Secretary of the Ministry 
of Economy and 
Finance 
(2001-2004), 
Chairman 
and 
Scientific 
Director 
of 
the 
National 
Economic Institute (KEPE) (1998-2001). 
He 
has 
also 
served 
as 
a 
Director on 
the 
Boards 
of 
Hellenic 
Exchanges 
(2000-2001), 
Public 
Debt 
Management 
Office 
(PDMA) 
(2009-2012), 
General 
Bank 
(1997-1998), 
CHIPITA 
SA 
(2015-2019), 
the 
European 
Financial Stability Mechanism (EFSF/ESM) 
(2010-2012). Also: Member of 
the 
Board 
of 
Governors of 
the 
Black 
Sea 
Trade 
and 
Development Bank 
(2003-2004), Alternate 
Governor of 
the Board of 
Governors of 
EBRD (2002-
2004), 
Member 
of 
the 
European 
Securities 
Committee 
(2001-2002), 
Member of the 
Monetary Policy Committee 
of the Bank 
of Greece (May-July 
2012), Chairman of 
the Board of 
Directors of Piraeus 
Real Estate SA 
and 
Picar SA (2017-2019), Vice Chairman 
of the Board of 
ETVA Industrial Zone 
SA (2018-2019). 
He holds a Doctorate from Oxford University, an M.Sc. for the University of 
Reading 
and 
a 
B.Sc. 
from 
the 
Athens 
University 
of 
Economics 
and 
Business. 

 
 
 
 
 
 
 
 
 
 
 
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George Chryssikos 
Vice Chairman, Non-Executive Director of the BoD 
Membership in Board Committees: 
Remuneration Committee
 
– Member 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 800.000 
Mr. 
Chryssikos is the 
Founder and BoD 
Member of 
Grivalia Management 
Company SA and also serves as Chairman & CEO of 
Grivalia Hospitality. 
In the 
past, Mr. 
Chryssikos had 
also the 
following significant 
posts: Non-
Executive Director of 
the BoD, MYTILINEOS 
(2017-2019), Member of 
the 
BoD, 
Praktiker 
Hellas 
(2014-2019), 
Member 
of 
the 
BoD 
and 
General 
Secretary, 
British 
Hellenic 
Chamber 
of 
Commerce 
(2014-2017), 
CEO, 
Executive Director of the BoD and Chairman of the Investment Committee, 
Grivalia Properties REIC (2013-2019), Non-Executive Director 
of the BoD, 
Lamda Hellix (2013-2017), 
General Manager, Executive 
Director of 
the BoD 
and 
Chairman 
of 
the 
Investment 
Committee, 
Grivalia 
Properties 
REIC 
(2008), 
Investment 
Manager 
and 
Member 
of 
the 
Investment 
Committee, 
Grivalia Properties REIC (2006). 
He 
holds 
an 
MBA 
in 
Corporate 
Finance 
& 
Strategy 
from 
the 
Columbia 
Business School, 
USA, an 
MSc in 
Engineering & 
Construction Management 
from UC 
Berkeley, 
USA, as 
well as 
a MEng 
in Civil 
Engineering from the 
National Technical University of Athens. 
Fokion Karavias 
Chief Executive Officer (CEO) 
Year of birth: 1964 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 269.495
Mr. 
Karavias 
joined 
Eurobank 
in 
1997 
and 
served, 
inter 
alia, 
as 
Senior 
General Manager, Group Corporate 
& Investment Banking, 
Capital Markets 
& 
Wealth 
Management 
(2014-2015) 
and 
Executive 
Committee 
Member 
(2014-2015), General Manager 
and Executive Committee 
Member (2005-
2013), Deputy General Manager and Treasurer (2002-2005), Head 
of fixed 
income and derivative product trading (1997). 
In the past, Mr. Karavias had also the following significant posts: Treasurer 
of 
Telesis 
Investment 
Bank 
(2000), 
Head 
of 
fixed 
income 
products 
and 
derivatives in Greece of 
Citibank, Athens (1994) 
and has also worked 
in the 
Market Risk Management Division of JPMorgan NY 
(1991). 
He 
holds 
a 
PhD 
in 
Chemical 
Engineering 
from 
the 
University 
of 
Pennsylvania, Philadelphia, USA and an MA in 
Chemical Engineering from 
the same university, as well as 
a Diploma in Chemical 
Engineering from the 
National Technical University of Athens. 
He has published 
articles on topics 
related to his academic research. 
Stavros Ioannou 
Deputy Chief Executive Officer (CEO), Group Chief 
Operating Officer (COO) & International Activities 
Membership in Board Committees: 
Board Digital and Transformation Committee - Member 
Year of birth: 1961 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 133.154 
Mr. 
Ioannou holds several 
other posts in 
the Eurobank Group 
as member 
of the BoD of Eurobank Bulgaria AD 
(since October 2015), Vice-Chairman 
in Eurobank Cyprus 
Ltd (since November 2022) 
and is also 
the Chairman 
of 
the 
BoD, 
BE-Business 
Exchanges 
SA 
(since 
January 
2014).
Group 
Private Banking is 
also in the 
area of his 
responsibilities since 2019 while 
he 
has 
been 
appointed 
as 
the 
responsible 
BoD 
member 
of 
Eurobank 
Holdings and Eurobank for climate-related and environmental risks and for 
the outsourcing function. 
He 
is 
currently 
Non-Executive 
Board 
member 
of 
Grivalia 
Management 
Company S.A. (since September 2019). 
In the past, Mr. 
Ioannou had also the following significant posts: Chairman 
of 
the 
Executive 
Committee 
in 
the 
Hellenic 
Banking 
Association 
(2020-
2022)
where he had been 
member since 2013, Vice 
Chairman at Cardlink 
SA (2013-2015), 
Member of 
the BoD 
in Millennium 
Bank, responsible 
for 
Retail, 
Private 
Banking 
and 
Business 
Banking 
(2003), 
Head 
at 
Barclays 
Bank PLC, responsible for Retail Banking, Private Banking and Operations 
(1990-1997). 
He holds an MA 
in Banking and Finance from the 
University of Wales, UK 
and a 
Bachelor Degree 
in Business 
Administration from 
the University 
of 
Piraeus. 
Kostas Vassiliou 
Deputy Chief 
Executive Officer 
(CEO), Head 
of Corporate & 
Investment Banking 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 131.626 
Mr. Vassiliou holds several other posts in 
the Eurobank Group 
as Chairman 
of the BoD 
of Eurobank Factors 
Single Member 
SA (since December 
2018), 
Member of the BoD of Eurobank Equities Single Member SA 
(since March 
2015). 
He 
also 
serves 
as 
Vice-Chairman 
of 
the 
BoD 
of 
Eurolife 
FFH 
Insurance 
Group 
Holdings 
SA 
(since 
January 
2021), 
Eurolife 
FFH 
Life 
Insurance SA (since December 2020) and Eurolife FFH General Insurance 
SA (since December 2020). 
In the 
past, Mr. 
Vassiliou 
had also the 
following significant posts: 
Country 
Manager 
for 
Greece, 
Cyprus 
and 
the 
Balkans, 
Mitsubishi 
UFJ 
Financial 
Group, London 
(2000-2005) and Senior 
Relationship Manager, 
Mitsubishi 
UFJ Financial Group, London (1998-2000). 

 
 
 
 
 
 
 
 
 
 
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He 
holds 
an 
MΒΑ 
from 
Boston 
University, 
USA 
and 
a 
BA 
in 
Business 
Administration from the Athens University of Economics 
and Business. 
Alice Gregoriadi 
Independent Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Remuneration Committee – Member 
Board Digital and Transformation Committee – Chairwoman 
Year of birth: 1968 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: -
Mrs. 
Gregoriadi 
also 
serves 
as 
an 
Affiliate 
Partner 
– 
Management 
Consultant 
at 
True 
North 
Partners 
LLP, 
London, 
UK. 
In 
the 
past, 
Mrs. 
Gregoriadi had also the 
following significant posts: Hellenic Corporation of 
Assets 
& 
Participations 
(HCAP), Greece, 
Non-Executive Board 
member, 
Audit 
Committee 
member, 
Corporate 
Governance 
and 
Nominations 
Committee member (February 2017 – 
February 2021), JPMorgan, London, 
UK, various posts 
as Managing Director 
(February 2010 – 
May 2015), IBOS 
Board Director (April 
2010 – August 
2014), ABN Amro 
Bank, Amsterdam, 
Netherlands & London, UK, 
various posts as Managing 
/ Executive Director 
(November 
2001 
– 
December 
2009), 
Citibank 
NA, 
London, 
UK, 
various 
Senior Executive Director posts (February 1994 
– August 2001) , Clearing 
House Automated Payments 
System (CHAPS), UK, 
Board Director (June 
1997 – July 2000). 
She holds an MBA 
from the Manchester 
Business School, UK (1991-1993), 
including an MBA international exchange 
program from the E.J.Cox School 
of 
Management, 
Texas, 
USA 
– 
(1992), 
an 
Executive 
Certification 
on 
Blockchain 
for 
business 
from 
University 
College 
London 
(2019), 
an 
Executive Certification 
on eCommerce 
from the 
Darden School 
of Business, 
Virginia University, USA (2000) and a BSc in Business Administration from 
the The American College, Athens, (1987-1990). 
Rajeev Kakar 
Independent Non-Executive Director 
Membership in Board
Committees: 
Audit Committee – Member 
Board Risk Committee – Chairman 
Nomination & Corporate Governance Committee – 
Member 
Board Digital and 
Transformation Committee – 
Vice Chairman 
Year of birth: 1963 
Nationality: Indian 
Number of shares in Eurobank Holdings: -
Mr. Kakar is a senior international 
banker with 35 years 
of financial services 
experience, 
and 
currently 
also 
serves 
as 
a 
board 
member 
of 
several 
Financial Institutions- 
including Commercial 
International Bank 
(Egypt), Gulf 
International Bank 
Group Board 
(Bahrain), Gulf 
International Bank 
(Saudi 
Arabia), UTI Asset Management Company 
Ltd. (India), and is also 
a Global 
Advisory 
Board 
member 
at 
the 
University 
of 
Chicago’s 
Booth 
School 
of 
Business. 
In 
the 
past 
Mr. 
Kakar 
has 
also 
served 
as 
board 
member 
on 
several 
international 
financial 
institutions/bank 
boards 
- 
eg., 
as 
Board 
Member 
of 
Visa 
International 
CEEMEA 
(United 
Kingdom 
2004-2006), 
Chairman of 
the BoD, 
Fullerton Securities & 
Wealth Advisors 
(New Delhi, 
India 2008-2017), board Member of 
Fullerton India Credit Company 
(India 
2009-2017), Member of the Board of Commissioners, 
Adira Dinamika Multi 
Finance Tbk, subsidiary of Bank Danamon (Indonesia 
2010-2013), etc. 
Between 
2006-2018, 
Mr. 
Kakar 
served 
as 
the 
Global 
Co-Founder 
of 
Fullerton 
Financial 
Holdings 
(Singapore) 
- 
a 
wholly 
owned 
subsidiary 
of 
Temasek 
Holdings, Singapore. In this role, 
he also concurrently served as 
Fullerton’s 
Global CEO 
of Consumer 
Banking, Regional 
CEO for 
Central 
Europe, 
Middle 
East 
and 
Africa, 
and 
also 
as 
the 
Founder, 
Managing 
Director and 
CEO of 
Dunia Finance 
(Fullerton’s UAE 
subsidiary). Prior 
to 
2016, he was at Citibank 
for 20 years working across 
various countries and 
held 
various 
senior 
management 
positions, 
including, 
his 
most 
recent 
Citibank 
assignment 
where 
he 
served 
as 
the 
Regional 
CEO 
& 
Division 
Executive for Citibank-Turkey, Middle East and Africa until Jan 2006. 
 
Mr. Kakar 
holds an MBA, 
Finance & Marketing from 
the Indian Institute 
of 
Management, 
Ahmedabad 
(India) 
and 
a 
Bachelor 
of 
Technology, 
Mechanical Engineering from the Indian Institute of Technology (India). 
Bradley Paul Martin 
Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Nomination 
& 
Corporate 
Governance 
Committee 
– 
Vice 
Chairman 
Year of birth: 1959 
Nationality: Canadian 
Number of shares in Eurobank Holdings: 122.500 
Mr. Martin 
also serves as a Vice 
Chairman in Strategic Investments of 
the 
Fairfax 
Financial 
Holdings, 
where 
he 
has 
been 
a 
senior 
executive 
since 
1998. 
In 
the 
past Mr. 
Martin has 
also served 
as: Member 
of the 
BoD, 
Bank 
of 
Ireland 
(2013-2017), 
Chief 
Operating 
Officer 
(COO), 
Fairfax 
Financial 
Holdings (2006-2012) and Partner, Torys LLP law firm (before 1998). 
He holds a 
ΒΑ from 
Harvard University, USA 
and an 
LLB from 
the University 
of Toronto, Canada. 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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Jawaid Mirza 
Independent Non-Executive Director 
Membership in Board Committees: 
Audit Committee – Chairman 
Nomination & Corporate Governance Committee – 
Member 
Board Digital and Transformation Committee – Member 
Remuneration Committee – Vice Chairman 
Year of birth: 1958 
Nationality: Canadian 
Number of shares in Eurobank Holdings: -
Mr. 
Mirza is 
a strong proponent 
and practitioner of 
international corporate 
governance and brings 
with him over 
35 years of diversified 
experience and 
a 
solid 
track 
record 
in 
all 
facets 
of 
financial 
and 
risk 
management, 
technology, mergers and acquisitions, business turnarounds and operation 
management. 
 
In 
the 
past, 
Mr. 
Mirza 
was 
also 
the 
lead 
Director 
with 
Commercial 
International Bank of 
Egypt, as well as 
Independent Non-Executive Director 
with 
South 
Africa 
Bank 
of 
Athens 
(Johannesburg). 
He 
also 
served 
Commercial Bank of 
Egypt (CIB) as 
Managing Director 
& CEO of 
Consumer 
Banking 
and 
Group 
COO. 
Over 
the 
years, 
Mr. 
Mirza 
has 
worked 
with 
global institutions 
like Citibank 
and ABN 
AMRO Bank 
Ltd where 
he held 
several senior positions as CFO European Region, Managing Director and 
Chief Operating Officer for Global 
Private Banking, Asset Management 
and 
New 
Growth 
Markets, 
Chief 
Financial 
Officer 
for 
Asian 
region 
including 
Australia/New 
Zealand 
and 
Middle 
East. 
Mr. 
Mirza 
led 
several 
due 
diligences for acquiring 
banks in Europe, 
Asia, and Latin 
America. Mr. Mirza 
was also a member 
of the Top Executive Group (TEG) 
of ABN AMRO Bank 
as well as member of the Group Finance and 
Group COO Board. 
 
Mr. Mirza also serves as Non-Executive Independent 
Director of AGT Food 
& Ingredients (Canada), IDRF (Canada). 
 
Mr. 
Mirza 
holds 
various 
business 
management 
courses 
from 
reputable 
institutions 
like 
Queens 
Business 
school, 
Wharton 
Business 
school, 
Stanford Graduate School 
of Business and 
is also a member 
of the Institute 
of Corporate Directors, Canada. 
Irene Rouvitha Panou 
Independent Non-Executive Director 
Membership in Board Committees: 
Nomination & Corporate Governance Committee – 
Chairwoman 
Audit Committee – Vice Chairwoman 
Year of birth: 1958 
Nationality: Cypriot 
Number of shares in Eurobank Holdings: - 
Mrs. Rouvitha 
Panou is 
Independent Non-Executive 
Director of 
CAC Cyprus 
Asset Management Company 
KEDIPES where she 
is Member of the 
Board 
Audit and Risk Committees, Member of 
the Board of Trustees of UK-based 
Stelios Philanthropic 
Foundation, Member 
of the 
Advisory Council 
of School 
of Economics & 
Management University of 
Cyprus, Member of 
the British 
High 
Commission 
Judging 
Panel 
for 
UK 
Study 
Awards, 
Member 
of 
the 
International Advisory Committee of Komvos Global Hellenism 
Network. 
In the 
past, she 
had the 
following significant 
posts: Chair 
of the 
Board of 
Cyta 
(Cyprus’ leading 
integrated electronic 
communications provider) 
for 
two 
consecutive 
tenures 
(July 2016-July 
2021), 
Chair 
of 
the 
Pensions & 
Grants 
Fund 
of 
the 
Personnel 
of 
Cyta 
(January 
2019-July 
2021), 
Board 
member of Τhe 
Cyprus Employers and 
Industrialists Federation (May 
2020-
July 2021) and 
of Cyprus public 
company Vassiliko Cement, where 
she was 
Member of the Board Audit 
Committee (February 2012-October 
2014). She 
was Independent Non-Executive 
Director of Alpha 
Bank Group subsidiaries 
(Alpha 
Bank 
Romania, 
Alpha 
Bank 
Cyprus, 
Alpha 
Leasing 
in 
Greece), 
where she was 
Chair/Member of the Board Audit, 
Risk and Remuneration 
Committees (November 
2014-April 2020). 
She was 
Chair of 
the Board 
of 
Cyprus 
Development Bank 
following the 
Bank’s 
privatisation (September 
2008-April 
2014). 
She 
worked 
at 
Laiki 
Group 
(HSBC 
associate 
bank) 
(October 
1991-November 
2006) 
where 
she 
was, 
among 
others, 
Group 
General Manager (January 
2000-November 2006) and Managing 
Director 
of 
Laiki 
Bank 
Hellas 
SA 
(April 
2002-November 
2006), 
also 
serving 
as 
Director on the 
Boards of Laiki 
Group and 
its banking 
subsidiaries in 
Greece 
and 
Australia. She 
held senior 
positions in 
the field 
of 
management and 
financial services consulting based in Boston, USA (June 1994-September 
1991). 
She graduated from 
London School of 
Economics, UK (B.Sc. 
Economics, 
Metcalfe Scholar) with 
postgraduate studies 
at University of 
Cambridge, UK 
(M.Phil. 
Economics) 
and 
Massachusetts 
Institute 
of 
Technology, 
USA 
(Master of Science in Management, Fulbright Scholar). 
Cinzia Basile 
Independent Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Vice Chairwoman 
Remuneration Committee – Chairwoman 
Year of birth: 1971 
Nationality: Italian 
Number of shares in Eurobank Holdings: - 
In the past, Mrs. Basile 
had also the following significant posts: she 
set up 
and 
ran 
Credit 
Suisse 
AG’s 
Investment 
Bank 
multi-asset 
investment 
management 
business 
(Custom 
Markets) 
in 
the 
UK, 
Ireland 
and 
Luxembourg, Non-Executive 
Member of 
the BoD 
and Chair 
of the Operating 
and 
Risk 
Committee 
of 
Credit 
Suisse 
Custom 
Markets, 
a 
sponsored 
management company of Credit Suisse located Luxembourg 
(August 2011 
– 
August 
2017), 
Non-Executive 
Member 
of 
the 
BoD 
and 
Chair 
of 
the 
Operating of 
Custom Markets 
plc and 
Custom Markets 
QIAF, 
sponsored 
management companies of Credit 
Suisse located in Ireland (August 
2011 – 
August 
2017), 
Non-Executive 
Member 
of 
the 
BoD 
and 
Chair 
of 
the 
Operating and 
Risk 
Committee of 
Custom 
Markets QIAF 
a subsidiary 
of 
Credit Suisse located in Ireland (August 2011 – August 2017). 

 
 
 
 
 
 
 
 
 
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She 
holds 
a 
Juris 
Doctor 
Degree 
from 
the 
University 
of 
Rome 
“La 
Sapienza”, 
Italy 
and 
she 
was 
awarded 
a 
Thesis 
Scholarship 
(derivative 
instruments), London School of Economics, UK. 
John Arthur Hollows 
Independent, Non-Executive Director 
Membership in Board Committees: 
Board Risk Committee – Member 
Board Digital and Transformation Committee – Member 
Year of birth: 1956 
Nationality: British 
Number of shares in Eurobank Holdings: - 
Mr. Hollows served for 
26 years in 
the KBC Group 
as Member of 
the Boards 
of Directors, 
KBC Bank 
and KBC 
Insurance (2009-2022), 
Member of 
the 
Executive 
Committee, 
KBC 
Group 
(2009-2022), 
Chair 
of 
the 
Board 
of 
Directors 
of 
Československá 
obchodní 
banka, 
a. 
s. 
(ČSOB) 
and 
CEO 
(2014-2022), Member of the Board of Directors of KBC Group N.V., 
Group 
Chief 
Risk 
Officer 
(2010-2014), 
CEO, 
Central 
and 
Eastern 
Europe 
and 
Russia 
(2009-2010), 
Senior 
General 
Manager, 
Banking, 
Central 
Europe 
Business Unit, KBC 
Group, Brussels (2006-2009), CEO, 
Kereskedelmi es 
Hitelbank Rt., 
Hungary (2003-2006), General 
Manager, Asia 
Pacific, KBC 
Bank 
N.V. 
(1999-2003), General 
Manager, 
Shanghai Branch, 
KBC 
Bank 
N.V. 
(1997-1999) 
and 
Commercial 
Banking 
Head, 
Hong 
Kong 
Branch, 
Kredietbank N.V (1996). 
In the 
past. Mr. 
Hollows served at 
Barclays Bank PLC 
as Chief 
Manager, 
Taipei 
Branch (1991-1995), Head of 
International Trade Services, 
London 
(1989-1991), Manager, 
Export Finance Department, 
London (1986-1989), 
Corporate Manager, Watford Branch 
(1984-1986), Assistant 
Manager, Cost 
Control Unit, General Manager’s Office (1982-1984) and Graduate 
Trainee 
(1978-1982). He has also 
served as Chair, European Council 
of Commerce 
and 
Trade 
(1994-1995) 
and 
Deputy 
Chair, 
British 
Exporters 
Association 
(1989-1991). 
He 
holds a 
Master 
of Arts, 
Sidney Sussex 
College, Cambridge 
(law and 
economics). 
Burkhard Eckes 
Independent, Non-Executive Director 
Membership in Board Committees: 
Audit Committee – Vice Chairman 
Nomination and Corporate 
Governance Committee 
– Member 
Year of birth: 1960 
Nationality: German 
Number of shares in Eurobank Holdings: - 
Mr. Eckes 
served for more than 
30 years at 
PwC as Senior Advisor, 
PwC 
Germany and 
EMEA (Europe, 
Middle East and 
Africa) (2022 
- 2023), 
Global 
Banking 
and 
Capital 
Markets 
(BCM), 
ESG 
Leader 
and 
member 
of 
the 
Global 
Financial 
Services 
(FS) 
ESG 
Leadership 
Team 
(2019 
- 
2022), 
responsible 
for 
BCM 
activities 
in 
ESG 
consulting 
globally 
EMEA 
BCM, 
Leader 
and 
member 
of 
the 
EMEA 
FS 
Leadership 
Team 
(2017 
- 
2022), 
responsible for BCM client relationships, 
projects and strategy in consulting 
and 
assurance 
services, 
including 
development 
and 
implementation 
of 
banking 
strategies, 
business 
models, 
supervisory 
and 
regulatory 
requirements and practices, 
governance, risk 
management, accounting 
and 
reporting best practices, ESG, 
bank restructuring and bank transformation 
advice, 
Member 
of 
the 
Global 
BCM 
Leadership 
Team 
(2009 
- 
2022), 
German 
BCM 
Leader and 
member of 
the 
German FS 
Leadership Team 
(2009 - 2018), responsible for 
consulting and assurance services, 
including 
HR, people development 
and statutory audits 
of large German 
banks, Chair 
of 
the Global 
Banking International 
Accounting Group 
(2002 - 
2023) and 
Partner (1996 - 2022). 
In the past. 
Mr. Eckes 
has served as Chair 
of the Banks 
Working Party of 
Accountancy 
Europe 
(former 
FEE 
- 
Fédération 
des 
Experts 
Comptables 
Européens) 
(2015 
- 
2022), 
Chair 
of 
the 
Banking 
Committee 
(Bankenfachausschuss – 
BFA) 
of the 
German Institute 
of Public 
Auditors 
(Institut der Wirtschaftsprüfer - IDW) 
(2017 - 2022) and member of the 
BFA 
(2008 - 
2022), Member 
of the 
European Parlamentary 
Financial Services 
Forum 
- 
EPFSF 
(2012 
- 
2023) 
and 
Member 
of 
the 
Steering 
Committee 
Sustainability of IDW (2020 - 2022). 
He holds an MBA from the University 
of Saarland, Saarbrücken (1986) and 
is a Certified Public Auditor (German Wirtschaftsfprüfer) 
(1996). 
 

 
 
 
 
 
 
 
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The short CV of the Secretary to the BoD is the following: 
Ioannis Chadolias 
Secretary to the BoD, Head of Group Company 
Secretariat 
Secretary to the following
Board Committees: 
Remuneration Committee 
Nomination & Corporate Governance Committee 
Board Digital and Transformation Committee 
Year of birth: 1970 
Nationality: Hellenic 
Number of shares: 10.000 
Mr. Chadolias is responsible to provide effective company secretarial support 
to the Board and 
Board Committees of Eurobank and Eurobank 
Holdings as 
well as 
to their 
most important Executive 
Committees, and to 
safeguard the 
integrity of the corporate governance framework of 
these companies. 
Mr. 
Chadolias 
has 
served 
within 
Eurobank 
Group 
as 
Deputy 
Company 
Secretary 
(September 
2016 
– 
January 
2021), 
Head 
of 
Group 
Corporate 
Governance 
Division 
(September 
2009 
– 
August 
2016) 
and 
Subsidiaries 
Control and Compliance Manager (December 2006 – 
September 
2009). 
He 
holds 
a 
Master 
of 
Science 
(MSc) 
in 
Project 
Analysis, 
Finance 
and 
Investment from the University of York (United Kingdom), a Bachelor Degree 
in Economics from 
the Economic University 
of Athens (Greece) 
and several 
professional qualifications. 
There 
are 
no 
limitations 
regarding 
the 
re-election 
and 
cessation 
of 
Directors 
in 
the 
Articles 
of 
Association 
of 
the 
HoldCo/Bank. In cases where a member's membership has expired, the Board has the authority to continue managing and 
representing the HoldCo/Bank without replacing 
the expired members, as long as the 
remaining members constitute more 
than half of the original number of members prior to the lapse event, and in any case, not fewer than three (3). 
As per the Articles of Association of HoldCo/Bank, in compliance with Law 4548/2018, the Board can consist of three (3) to 
fifteen (15) members. 
Additionally, in accordance with 
Law 4706/2020 on 
corporate governance, independent 
non-executive 
Directors are 
appointed by 
the General 
Meeting and 
must constitute 
at least 
one-third (1/3) 
of the 
total number 
of Board 
members (rounded to the nearest integer), and in any case, not fewer than two (2). 
For 
the 
year 
2023, 
the 
HoldCo/Bank 
Nominations 
and 
Corporate 
Governance 
Committees, 
at 
their 
meetings 
held 
on 
30.05.2023 
and 
12.12.2023, 
reviewed 
the 
independence 
criteria 
as 
per 
Law 
4706/2020, 
European 
Commission 
Recommendation 2005/162/EC and the Joint ESMA and EBA Guidelines on the “Assessment of the suitability of members 
of 
the 
management 
body 
and 
key 
function 
holders” 
(EBA/GL/2021/06). 
The 
Committees 
concluded 
that 
the 
seven 
Independent Non-Executive Members still meet the relevant independence criteria. 
2.3
 
HFSF and Tripartite Relationship Framework Agreement (TRFA) 
After the complete 
divestment on 9.10.2023 of 
the shares held by 
the Hellenic Financial Stability 
Fund (HFSF) in 
HoldCo, 
the HoldCo and the Bank are no longer bound by Law 3864/2010 or the special rights granted to HFSF under that law, 
nor 
are they subject to the provisions outlined in the Tripartite Relationship Framework Agreement ("TRFA"). 
2.4
 
Division of responsibilities 
There 
is a 
distinct 
allocation of 
responsibilities 
at the 
top level 
of 
the 
HoldCo and 
the 
Bank, separating 
the 
governance 
functions overseen by the Chairperson from 
the operational and managerial aspects handled 
by the Chief Executive Officer 
(CEO) and Deputy CEOs. Notably, the roles of Chairperson and CEO are held by different individuals. 
Chairperson 
The Chairperson of the HoldCo/Bank 
Boards is a Non-Executive Director and 
does not concurrently serve as Chairperson 
of 
either 
the 
Risk 
or 
Audit 
Committees. 
Elected 
by 
all 
Board 
members, 
including 
the 
Independent 
Non-Executives, 
in 
accordance with L. 4548/2018 and the Articles of Association, the Chairperson presides over Board meetings 
and ensures 
their effective and efficient operation and organization. 
The Chairperson is responsible to: 
●
 
organize and coordinate the work of the Board, 
●
 
set the Board’s agenda and ensure that adequate time is available for discussion of all agenda items, in particular 
strategic issues, 
●
 
promote a culture of open-mindedness and constructive dialogue, 
●
 
facilitate and promote the 
establishment of good and 
constructive relationships between the 
members of the Board 
and the effective contribution of all non-executive members, 
●
 
ensure that 
the Directors 
receive accurate, 
timely and 
clear information 
and that 
their developmental 
needs are 
met, with the view of enhancing the effectiveness of the Board as a team, 
●
 
ensure continuous 
and clear 
communication with 
the representatives 
of the 
Ministry of 
Finance, the 
BoG and 
of 
other public authorities, 
●
 
ensure that the Board as a whole has a satisfactory understanding of the views of the shareholders, 
●
 
ensure effective communication 
with all shareholders as 
well as the fair 
and equitable treatment of 
their interests 
and the development of constructive dialogue with them in order to understand their positions, 
●
 
work closely with the CEO and Corporate Secretary to prepare the BoD and to fully inform its members. 

 
 
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ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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The Board has also elected a Vice-Chairperson. The Vice-Chairperson who 
is a Non-executive Director, supports the Chair 
and acts as a liaison between the Chair and the members of the Board. 
It is noted that the Board has not appointed a Senior Independent Director. 
CEO 
The CEO of HoldCo/Bank is responsible and accountable 
for strategy development and its execution in alignment with the 
Group's vision. His role involves leading the organization towards the realization of its goals and objectives. 
Executive Directors 
The 
Executive 
Directors 
of 
HoldCo/Bank, 
including 
the 
CEO 
and 
Deputy 
CEOs, 
bear 
responsibility 
for 
the 
day-to-day 
management and oversight of the Group, as well as the execution of its strategy as 
defined by the Board. Additionally, they 
are tasked with the following responsibilities: 
●
 
regularly consulting with non-Executive Directors to assess the appropriateness of the implemented strategy, 
●
 
providing 
updates 
to 
the 
Board, 
in 
collaboration 
with 
other 
senior 
managers 
of 
HoldCo/Bank, 
regarding 
market 
conditions and any other developments affecting HoldCo/Bank, 
●
 
promptly informing the Board, either 
jointly or individually in writing, by 
submitting a report with their assessments 
and 
proposals, of crisis situations or risks that are anticipated to impact the financial situation of HoldCo/Bank. 
The CEO and Deputy CEOs of HoldCo/Bank fulfill their 
duties as outlined in the HoldCo's and Bank's 
Internal Governance 
Control Manuals (IGCMs), 
which are endorsed 
by the respective 
HoldCo's/Bank's Board. These 
IGCMs, designed to 
comply 
with 
legal 
and 
regulatory 
standards 
related 
to 
corporate 
governance, 
detail 
the 
comprehensive 
framework 
guiding 
the 
direction and supervision of HoldCo/Bank. 
Non-Executive Directors 
The non-Executive Directors hold the 
responsibility for promoting and safeguarding the 
interests of HoldCo and Bank as a 
whole. Additionally, they are tasked with: 
●
 
monitoring and evaluating the strategy and its execution, along with assessing the attainment of objectives, 
●
 
ensuring effective oversight of the executive members, including monitoring and evaluating their performance, 
●
 
reviewing and providing feedback on proposals presented by the Executive Directors based on available information, 
●
 
approving, revising, and overseeing the implementation of the remuneration policy at the Group level. 
The non-Executive 
Directors have 
the authority 
to request, 
following HoldCo's/Bank's 
established internal 
procedures, to 
engage 
with the 
executives of 
the company's 
senior management. 
This can 
be facilitated 
through 
regular presentations 
conducted by the heads of departments and services. 
The non-Executive 
Directors convene 
at least 
once a 
year, 
or as 
deemed appropriate, 
without the 
presence of 
executive 
members to evaluate their 
performance. During these meetings, the 
non-Executive Directors do not 
function as a de 
facto 
body or a committee of the Board. In 2023, the HoldCo's/Bank's non-Executive Directors held a meeting on 26.01.2023. 
The HoldCo and the 
Bank encourage the non-Executive Directors 
to take care of their 
information regarding all the issues 
that the respective Board deals with. 
The 
Independent 
non-Executive 
Directors 
have 
the 
responsibility 
to 
present, 
either 
individually 
or 
collectively, 
their 
own 
reports to the Annual or Extraordinary General Meeting of Shareholders, in addition to the reports submitted by the Board. 
2.5
 
Operation of the Board 
The 
operation 
of 
the 
Board, 
including 
its 
meeting 
protocols, 
decision-making 
processes 
and 
procedural 
guidelines, 
is 
outlined in 
the HoldCo's/Bank's 
Internal Governance 
Control Manual 
(IGCM). This 
manual is 
endorsed by 
the respective 
HoldCo's/Bank's 
Board and 
is formulated 
to 
adhere to 
legal and 
regulatory standards 
concerning corporate 
governance 
issues, in addition to considering the relevant provisions of the HoldCo's/Bank's Articles of Association. 
Board Meetings 
The Board convenes regularly every quarter and on an ad hoc basis whenever required by 
law or the needs of HoldCo and 
Bank. Annually, and within the 3rd Quarter of the preceding year, the Board establishes an annual calendar of meetings for 
the Board and 
its Committees, along 
with an annual action 
plan. This plan 
is adjusted as necessary 
to ensure the proper, 
comprehensive 
and 
timely 
execution 
of 
its 
responsibilities, 
as 
well 
as 
the 
thorough 
examination 
of 
all 
matters 
requiring 
decisions. 
Any 
updates 
or 
amendments 
to 
the 
annual 
calendar 
are 
promptly 
communicated 
to 
all 
Board 
and 
Board 
Committees members to facilitate their planning. 
Board meetings are convened with a notice period of 
at least two (2) business days or at least 
five (5) business days if the 
meeting 
is held 
outside the 
HoldCo/Bank's registered 
office, 
as mandated 
by Company 
Law 4548/2018 
provisions. The 
invitation must clearly state the agenda items. If the agenda is not clearly mentioned, a decision 
can only be made when all 
Board members are 
present or represented, 
and no objections 
are raised regarding 
the meeting's convocation 
and decision-
making. Documents submitted to the Board are typically circulated along with the agenda. 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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Dissemination of Information 
The Board utilises technological tools with the necessary security 
specifications for real-time information and facilitates the 
connection and information of members. 
The 
CEO and 
senior management 
shall ensure 
that any 
information necessary 
for the 
performance of 
the duties 
of the 
members of the Board is available to them at any time. 
Quorum in the Board Meetings 
The Board is deemed to 
have a quorum and 
conducts valid meetings when at 
least half plus one 
of its members are 
present 
or 
represented. 
The 
number of 
present 
or 
represented 
members 
cannot 
fall 
below 
three (3), 
disregarding 
any 
resulting 
fraction when determining the quorum. Decisions of the Board are made by an absolute 
majority of the Directors present or 
represented. In the event of a tie vote, the Chairperson of the Board does not have a decisive vote. 
Board Decisions and Minutes 
Decisions are taken following 
discussions which exhaust the 
agenda items to the 
satisfaction of all members 
present. Board 
meetings minutes are 
kept by the 
Company Secretary of 
the Board, are 
approved at subsequent 
Board meetings and 
signed 
by 
all 
members 
present. 
Finally, 
the 
drawing 
up 
and 
signing 
of 
minutes 
by 
all 
the 
members 
of 
the 
Board 
or 
their 
representatives is equal to a decision of the Board, even if no meeting has preceded. 
Company Secretary 
The Boards of HoldCo/Bank are assisted by a 
capable, skilled, and experienced Company Secretary to ensure 
adherence 
to internal procedures and 
policies, as well 
as compliance with 
relevant laws and 
regulations, enabling effective and 
efficient 
operations. The Company Secretary of HoldCo/Bank 
holds a senior management position 
and is appointed or dismissed 
by 
the Board based on the recommendation of the Chair. 
The Company Secretary serves as the head of the Group Company Secretariat, a division within the Bank. In collaboration 
with the Chair, the Company Secretary holds several responsibilities, including: 
●
 
ensuring prompt, transparent, and comprehensive communication to the Board and Board Committees, 
●
 
managing the integration of new members into the Board and Board Committees, 
●
 
organizing General Meetings of Shareholders, 
●
 
facilitating communication between shareholders and the Board, 
●
 
facilitating communication between the Board and senior management. 
Furthermore, 
the 
Company 
Secretary 
is 
tasked 
with 
providing 
advice 
to 
the 
Board, 
through 
the 
Chairperson, 
on 
all 
governance matters and ensuring adherence to Board procedures. 
All 
members 
are 
entitled 
to 
access 
the 
advice 
and 
services 
offered 
by 
the 
Company 
Secretary, 
who 
is 
responsible 
for 
facilitating their orientation and supporting their professional growth. 
2.6
 
Attendance of Board members in the Board and Board Committees 
In accordance 
with HoldCo’s 
and Bank’s 
Board and 
Board Committees’ 
Attendance Policy, the 
Board members 
are expected 
to attend all Board and Board Committees’ meetings to which they are appointed. 
It 
is 
accepted, 
though, 
that 
the 
Board 
members 
may 
be 
unable 
to 
attend 
some 
meetings 
due 
to 
conflicts 
with 
other 
commitments or other 
unforeseen circumstances. In 
this context, a 
mandatory minimum attendance 
of not less 
than 85% 
for each 
member should 
be achieved 
every calendar 
year. 
Individual meetings 
up to 
15% can 
be missed 
only if 
a valid 
excuse is provided. 
In addition, 
according to 
L. 4706/2020, 
in case 
of unjustified 
absence of 
a Board 
member in 
at least 
two (2) 
consecutive 
meetings of 
the Board, 
this member 
shall be 
considered as resigned. 
This resignation 
is established 
by a 
decision of 
the 
Board, which replaces the member, in accordance with the procedure provided by the law. 
During 2023, HoldCo/Bank 
NomCo reviewed the 
attendance of 
Directors to the 
Board and Board 
Committees on 
30.05.2023 
and on 
12.12.2023. In 
addition, during 
2023, the 
average Directors’ 
of HoldCo 
and Eurobank 
Board attendance 
was as 
follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
24 
20 
96.4% 
99.6% 
Bank 
23 
21 
96.3% 
98% 
During 
2023, 
at 
individual 
level, 
the 
attendance 
of 
the 
Directors 
to 
the 
Board 
(with 
the 
exception 
of 
Mr. 
Andreas 
Athanasopoulos), stood above the 85% threshold. However, Mr. 
Andreas Athanasopoulos provided representation proxies 
for his missed 
Board attendances (21 
out of 24 
meetings), leading to 
an attendance rate 
(physical and under 
representation) 
of 100%. 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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In particular, the Directors’ attendance rates at the Board meetings in 2023 were the following: 
Eurobank Holdings Board 
Eurobank Board 
Eligible to attend 
Attended in 
person (# and 
%) 
Eligible 
to attend 
Attended in 
person 
(# 
and %) 
Georgios Zanias, 
Chairperson, Non-Executive Director
24 
24
100% 
23 
23 
100% 
Georgios Chryssikos, 
Vice-Chairperson, Non-Executive Director
24 
22 
92% 
23 
21 
91% 
Fokion Karavias, 
Chief Executive Officer
1
24 
24 
100% 
23 
23 
100% 
Stavros Ioannou, 
Deputy Chief Executive Officer
24 
24 
100% 
23 
23 
100% 
Konstantinos Vassiliou, 
Deputy Chief Executive Officer
24 
24 
100% 
23 
23 
100% 
Andreas Athanasopoulos, 
Deputy Chief Executive Officer
1
24 
21 
88% 
23 
19 
83% 
Bradley Paul Martin, 
Non-Executive Director
24 
22 
92% 
23 
23 
100% 
Rajeev Kakar, 
Non-Executive Independent Director
24 
23 
96% 
23 
23 
100% 
Jawaid Mirza, 
Non-Executive Independent Director
24 
24 
100% 
23 
23 
100% 
Alice Gregoriadi, 
Non-Executive Independent Director
24 
24 
100% 
23 
23 
100% 
Irene Rouvitha Panou, 
Non-Executive Independent Director
24 
23 
96% 
23 
22 
96% 
Cinzia Basile, 
Non-Executive Independent Director
24 
23 
96% 
23 
23 
100% 
Burkhard Eckes, 
Non-Executive Independent Director
2
13 
13 
100% 
13 
11 
85% 
John Arthur Hollows, 
Non-Executive Independent Director
2
13 
11 
85% 
13 
11 
85% 
Efthymia Deli, 
Non-Executive Director, HFSF Representative
3
20 
20 
100% 
19 
18 
95% 
1 
Mr. Andreas Athanasopoulos resigned on 31.12.2023. 
2 
Mr. Burkhard Eckes and Mr. John Arthur Hollows were appointed as BoD members 
on 20.07.2023. 
3 
Ms. Efthymia Deli resigned on 7.11.2023. 
The 
average 
Director’s 
attendance 
rates 
to 
HoldCo’s 
and 
Eurobank’s 
Board 
Committees, 
along 
with 
the 
individual 
attendance 
rates 
per 
Board 
Committee 
are 
presented 
separately, 
under 
the 
subsection 
of 
the 
present 
Corporate 
Governance Statement, referring to the Board Committees. 
2.7
 
Directorships of Board members 
The 
directorships 
of 
the 
Board members 
(including 
significant 
non-executive 
commitments 
to 
companies 
and 
non-profit 
organisations) 
are 
notified 
before 
their 
appointment 
to 
the 
Nomination 
& 
Corporate 
Governance 
Committee 
(NomCo) 
Chairperson 
and/or 
the NomCo 
in 
accordance 
with the 
HoldCo and 
Bank External 
Engagements 
Policy. 
In 
parallel, the 
Board members notify 
changes regarding their 
directorships to the 
Bank Group Company 
Secretariat as soon 
as they occur. 
The number of directorships which may be held 
by the Board members at the same time comply 
with the provisions of art. 
83 
of 
the 
Law 
4261/2014 
(Law), 
according 
to 
which 
the 
Directors 
shall 
not 
hold 
more 
than 
one 
(1) 
of 
the 
following 
combinations of directorships at 
the same time: a) 
one (1) executive directorship 
with two (2) non-executive 
directorships; 
and b) four (4) non-executive directorships. This restriction is not applied to directorships within the Group. Bank of Greece 
(BoG) as the competent authority may allow Board members to hold one (1) additional non-executive directorship. 
In addition, it is noted that directorships in organizations, which do not pursue predominantly commercial objectives, do not 
count for regulatory purposes. 
In the 
context of 
Board’s overall 
effectiveness assessment 
through which 
the NomCo 
assesses annually 
the knowledge, 
skills, 
experience 
and 
contribution 
of 
individual 
Board 
members 
and 
of 
the 
Board 
collectively 
and 
reports 
to 
the 
Board 
accordingly, 
the Board 
members’ directorships 
were also 
reviewed for 
2023. The 
relevant review 
revealed that 
all Board 
members are compliant with the Law’s provisions. 
 

 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
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HoldCo 
and 
Eurobank 
Board 
Members’ 
Directorships 
(including 
Directorships 
within 
Eurobank 
Group) 
as 
at 
31.12.2023 
Georgios Zanias – 
Chairperson, Non-Executive Director
 
Foundation for Economic and Industrial Research (IOBE) – 
Board Member
1
Georgios Chryssikos – 
Vice-Chairperson, Non-Executive Director 
 
Grivalia Management Company S.A. – 
Vice Chairman, Non-Executive Director
 
Grivalia Hospitality S.A. – 
Chairman of the BoD, Chief Executive Officer
Fokion Karavias – 
Chief Executive Officer 
 
Hellenic Bank Association (HBA) – 
Vice Chairman
1
Stavros Ioannou 
– Deputy Chief Executive Officer 
 
Grivalia Management Company S.A. – 
Non-Executive Director 
 
Be-Business Exchanges S.A. of Business Exchanges Networks and Accounting and Tax Services – 
Chairman
 
Eurobank Cyprus Ltd – 
Non-Executive Director
2
 
Eurobank Bulgaria AD – 
Non-Executive Director, Supervisory Board
2
Konstantinos Vassiliou 
– Deputy Chief Executive Officer 
 
Hellenic Exchanges – Athens Stock Exchange S.A. – 
Non-Executive Director
 
Marketing Greece S.A. – 
Non-Executive Director
1
 
Eurolife FFH General Insurance Single Member S.A – 
Vice Chairman, Non-Executive Director
3
 
Eurolife FFΗ Life Insurance Single Member S.A. – 
Vice Chairman, Non-Executive Director
3
 
Eurolife FFH Insurance Group Holdings S.A. 
– Vice Chairman, Non-Executive Director
3
 
Eurobank Equities Investment Firm Single Member S.A. – 
Non-Executive Director
2
 
Eurobank Factors Single Member S.A. – 
Chairman
2
Bradley Paul Martin – 
Non-Executive Director 
 
Blue Ant Media Inc.- 
Non-Executive Director 
 
AGT Food and Ingredients Inc – 
Non-Executive Director
Rajeev Kakar – 
Non-Executive Independent Director 
 
Gulf International Bank, Bahrain – 
Non-Executive Director
4
 
Gulf International Bank, Kingdom of Saudi Arabia – 
Non-Executive Director
4
 
Commercial International Bank (CIB) – 
Non-Executive Director
7
 
Commercial International Bank (CIB) Kenya Limited – 
Non-Executive Director
7
 
UTI Asset Management Co. Ltd (UTIAMC) – 
Non-Executive Director
Jawaid Mirza – 
Non-Executive Independent Director 
 
AGT Food and Ingredients Inc – 
Non-Executive Director 
 
Commercial International Bank (CIB) – 
Non-Executive Director
7
Alice Gregoriadi – 
Non-Executive Independent Director 
 
Hellenic Blockchain Hub
 
– 
Non-Executive Director
1
Cinzia Basile – 
Non-Executive Independent Director 
 
Creditis Servizi Finanziari S.p.A. – 
Non-Executive Director
6
 
Brent Shrine Credit Union (trading name My Community Bank) – 
Non-Executive Chair of the Board
1
 
Zenith Service S.p.A. – 
Non-Executive Director 
 
Nikko Europe Asset Management – 
Non-Executive Director
5
 
Nikko AM Global Umbrella Fund
 
– Non-Executive Director
5
 
Fincentro Finance S.p.A
. – Non-Executive Director 
6
Irene Rouvitha Panou – 
Non-Executive Independent Director
 
Stelios Philanthropic Foundation – 
Member of the Board of Trustees
1
 
Cyprus Asset Management Company Ltd (KEDIPES) – 
Non-Executive Director
Burkhard Eckes – 
Non-Executive Independent Director 
Solaris SE – 
Non-Executive Member of Supervisory Board
Bank Pictet & Cie (Europe) AG – 
Non-Executive Member of Supervisory Board
Inexogy Energy Holding KGaA – 
Non-Executive – Chairman of Supervisory Board 
John Hollows – Non-Executive Independent Director 
None 
1 
Organization that does not pursue predominantly 
commercial objectives. 
2
 
Company that belongs to Eurobank 
Group and along with 
directorships in HoldCo, Eurobank and the 
other companies of the 
Group is 
considered as 1 (one) directorship for each 
Board membe.r
3
 
Company that belongs to Eurolife 
FFH Group and along with 
directorships in the other companies 
of that group, is considered 
as 1 (one) 
directorship for each Board member.
4
 
Company that belongs to Gulf International 
Bank Group and along with directorships 
in the other companies of that group, 
is considered 
as 1 (one) directorship for each Board member. 
5
 
Company that belongs 
to Nikko Asset 
Management Group 
and along with 
directorships in 
the other companies 
of that group, 
is considered 
as 1 (one) directorship for each Board member. 

 
 
 
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ATTACHMENT 
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6 
Company that belongs to 
Columbus HoldCo S.a.r.l Group and 
along with directorships 
in the other companies 
of that group, is 
considered 
as 1 (one) directorship for each Board member. 
7 
Company that belongs to Commercial International Bank (CIB) Group and along with directorships in the other companies of that 
group, 
is considered as 1 (one) directorship for each 
Board member. 
2.8
 
Conflicts of interest 
The Group has implemented a "Conflicts of 
Interest Policy," endorsed 
by the HoldCo's and Eurobank's Board of 
Directors, 
which includes a set 
of policies, procedures, systems, 
and controls to 
identify, prevent, and manage situations that 
may lead 
to actual, potential, or perceived conflicts of interest arising from the Group's business activities. 
To 
prevent 
conflicts 
of 
duties, 
the 
Group 
has 
established 
procedures 
that 
segregate 
the 
executive 
and 
non-executive 
responsibilities 
of Board 
members, including 
differentiating 
the responsibilities 
of 
the Chairperson 
of 
the Board 
from the 
executive responsibilities of the CEO. These procedures ensure effective segregation of duties to avoid incompatible roles, 
conflicts of interest among Board members, Management, and Executives, and the misuse of inside information or assets. 
Board members are expected to: 
●
 
adhere to high standards of professional ethics and apply the principles of the Conflicts of Interest Policy, 
●
 
act independently, making sound, objective, and independent decisions and judgments, 
●
 
disclose any personal interests that may conflict with Holdings' (or 
the Group's) interests or any other potential conflicts 
of interest, 
●
 
maintain privacy and confidentiality 
of non-public information and 
avoid behaviors constituting market 
abuse or conflict 
of interest. 
Board members are 
required to disclose 
any engagements, directorships, 
or interests outside 
the Group and 
provide any 
necessary information to 
the Group. They 
must also disclose 
ongoing or new 
facts that may 
affect the assessment of 
conflict 
of interest and independence of mind. 
All 
actual or 
potential conflicts 
of 
interest at 
the Board 
level should 
be communicated, 
discussed, 
documented, decided 
upon, and managed/mitigated 
by the Group. 
Persistent conflicts 
of interest are 
managed continuously, while one-off 
conflicts 
arising unexpectedly 
are addressed 
with specific 
measures. Board 
members must 
abstain from 
voting on 
matters where 
they have identified conflicts of interest. 
2.9
 
Remuneration 
Eurobank Holdings 
has established 
a Board 
of Directors’ 
Remuneration Policy 
(Remuneration Policy) in 
accordance with 
the relevant requirements of Law 
4548/2018 (the Law), with the latest 
version of the Policy approved by 
the Annual General 
Meeting of Shareholders on 20.7.2023. This Remuneration Policy has been designed to meet the specific provisions of the 
Law, including articles 109, 110, 
111, 
112, and 114. 
The Remuneration 
Policy outlines 
the essential 
components and 
considerations of 
the remuneration 
structure for 
Board 
members. Its 
objective is 
to ensure 
that remuneration 
is fair, 
gender-neutral, and 
adequate to 
retain and 
attract directors 
possessing 
the 
necessary 
skills 
and 
experience 
to 
develop 
and 
implement 
Eurobank 
Holdings’ 
business 
strategy. 
Additionally, 
it aims 
to safeguard the 
long-term interests 
and sustainability 
of the 
organization by 
avoiding excessive 
risk-
taking. This is accomplished through 
continuous monitoring of market 
trends and best practices at 
both domestic and global 
levels. The remuneration 
framework defines 
the salary structure 
and ranges, tailored 
to attract 
and retain talented 
individuals 
appropriately. 
In establishing the 
Remuneration Policy, 
external and independently produced 
benchmarking analyses of remuneration 
in 
the financial and 
banking sectors in 
Greece are utilized. This 
benchmarking also includes the 
remuneration framework for 
Board members, ensuring alignment with industry standards and best practices. 
In addition, regarding the Remuneration Policy, it is noted that: 
●
 
the process of its development is characterised by objectivity and transparency, 
●
 
the 
Board 
members 
exercise 
independent 
judgment 
and 
discretion 
when 
approving 
and 
recommending 
to 
the 
General Meeting its approval and generally when approving any remuneration, taking into account 
both individual 
performance and the performance of the company. 
Eurobank 
Holdings 
produces, 
for 
each 
financial 
year, 
a 
Remuneration 
Report 
concerning 
the 
remuneration 
and 
other 
financial benefits 
paid to 
each Executive 
and Non-Executive 
Directors of 
the Board 
during the 
reporting financial 
year, 
in 
line 
with 
the 
requirements 
of 
Article 
112 
of 
the 
Law. 
The 
Eurobank 
Holdings 
Remuneration 
Report 
for 
2022 
(https://www.eurobankholdings.gr/-/media/holding/omilos/grafeio-tupou/etairikes-anakoinoseis/2023/etairiki-anakoinosi-28-
06-23/ekthesi-apodoxon-2022-eng.pdf) has been 
approved by the 
Annual General Meeting 
on 20.7.2023 and 
for reasons 
of transparency and 
efficient information, presents 
clearly the additional 
remuneration of the 
Board members participating 
in committees. 
The remuneration of the 
executive Directors, as well 
as the senior management 
of the company, 
are related to the size 
of 
the company, the extent of their responsibilities, the corporate strategy, 
the company's objectives and their realisation, with 

 
 
 
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the ultimate goal of avoiding excessive risk-taking including 
with respect to direct or indirect sustainability risks 
and creating 
long-term value in the company. 
In addition, regarding the remuneration of the executive Directors, it is noted that: 
●
 
the Stock Options that are provided to them are completely matured after four (4) years from the date of granting, 
●
 
they have not received bonus during 2023, therefore there was no need for the Board to examine the refund of all 
or part of the bonus awarded to them, due to breach of contractual terms or incorrect financial statements. 
Due to same 
composition of the 
Board of the 
HoldCo and Bank and 
since the Directors are 
paid solely by one 
of the two, 
that being the Bank, any reference to the remuneration and /or the benefits payable to the Directors of Eurobank Holdings, 
applies to the relevant remuneration they receive as Directors of the Bank. 
The 2023 Board and 
key management remuneration disclosure 
is included in the 
relevant note of the 
consolidated accounts 
of Eurobank Holdings 
and in 
compliance with 
the provisions 
of the 
Company Law 
4548/2018 and 
in order 
to ensure 
adequate 
transparency 
to 
the 
market 
of 
the 
remuneration 
structures 
and 
the 
associated 
risks, 
is 
uploaded 
at 
website 
www.eurobankholdings.gr
. 
2.10
 
Board Role and Responsibilities 
The principal duties 
and responsibilities of 
the HoldCo/Bank’s Board 
encompass a wide 
range of strategic, 
oversight, and 
governance functions: 
●
 
review, guide, 
and approve the strategy, 
major plans of action, 
risk policy, 
business and restructuring plans, 
and set 
performance objectives, 
●
 
monitor performance and oversee major 
capital expenditures, acquisitions, divestitures, and 
formation of new entities, 
including special purpose vehicles, 
●
 
ensure the availability of necessary financial and human resources, as well as an internal control system, 
●
 
approve the annual budget and monitor its implementation quarterly, 
●
 
approve the three-year business plan and monitor its implementation, 
●
 
review 
and 
approve 
at 
least 
annually 
the 
risk 
strategy 
and risk 
appetite, 
ensuring 
alignment 
with 
overall 
business 
strategy and other plans, 
●
 
receive and discuss comprehensive risk reports on a quarterly basis, 
●
 
develop and deliver objectives in agreed restructuring plans under applicable laws, 
●
 
provide oversight to senior management and approve corporate governance practices and values, 
●
 
set standards shaping corporate culture and integrate desired culture into systems, policies, and behaviors, 
●
 
approve risk and capital strategy and monitor CEO and Executive Board implementation, 
●
 
approve organization chart and related policies as required by law or internal processes, 
●
 
ensure rigorous processes for 
monitoring organizational compliance with 
strategy, risk appetite, laws, and regulations, 
●
 
select, compensate, monitor, and replace key executives as needed and oversee succession planning, 
●
 
align executive and board remuneration with long-term interests of Group and shareholders, 
●
 
facilitate formal and transparent board nomination and election processes, 
●
 
monitor and manage potential conflicts of interest among management, board, and shareholders, 
●
 
ensure integrity of accounting and financial reporting systems, including independent audit and control systems, 
●
 
review and monitor Non-Performing Loans (NPL) and Non-Performing Exposures (NPE) performance, 
●
 
oversee disclosure and communication processes, 
●
 
determine appropriate level of remuneration for Board and Committees’ members pending ratification, 
●
 
address matters related to new technologies and environmental issues, 
●
 
identify and engage with important stakeholders, understanding their interests and interactions with Group strategy, 
●
 
facilitate open dialogue 
with stakeholders and 
utilize various communication 
channels for effective 
engagement and 
understanding. 
These 
duties 
collectively 
contribute 
to 
the 
effective 
governance, 
strategic 
direction, 
risk 
management, 
and 
sustainable 
growth of the HoldCo/Bank and its operations. 
2.11
 
Main issues the Board dealt with during 2023 
In 2023, the HoldCo’s/Bank’s Board 
has reviewed the corporate strategy, 
the main risks to the business and the system of 
internal controls. 
 

 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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In more detail, in discharging its responsibilities for 2023 the main issues Holdco’s/Bank’s BoDs dealt with related to: 
Eurobank Holdings 
Bank 
a)
 
Governance: 
●
 
approval 
(subject 
to 
the 
approval 
of 
the 
Annual 
General Meeting 
(AGM)) of 
the nomination 
of new 
member/s to the BoD and AC 
●
 
approval 
of 
changes 
at 
the 
Board 
Committees’ 
composition 
●
 
approval 
of 
revised 
Terms 
of 
Reference 
of 
the 
Nomination and Corporate 
Governance Committee 
and the Remuneration Committee. 
●
 
preparation 
and 
convocation 
of 
the 
Shareholders 
General Meeting 
●
 
annual 
evaluation 
of 
the 
Board 
and 
the 
Board 
Committees and 
approval of 
the 2023 
Action Plan 
that 
included 
recommendations 
from the 
BoD and 
BoD Committees Self-Assessment 2022 
●
 
review of 
the attendance 
of Directors 
to the 
Board 
and Board Committees 
●
 
approval by the Non-Executive Directors 
of the BoD 
of 
CEO’s 
performance 
evaluation 
for 
2022 
and 
of 
his financial and non-financial objectives for 2023 
●
 
approval 
of 
the 
External 
Engagements 
Policy, 
the 
Board and Board 
Committees Evaluation Policy, the 
Policy for 
Reporting Illegal 
or Unethical 
Conduct & 
the 
appointment 
of 
the 
Report 
Receiving 
& 
Monitoring Officer the 
Group Compliance 
Policy, the 
Conflicts 
of 
Interest 
Policy, 
the 
Anti-Bribery 
and 
Corruption 
Policy 
and 
the 
Dividend 
Distribution 
Policy 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
Board 
Nomination Policy 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Board 
of 
the 
Remuneration 
Policy 
and 
the 
Separation Policy 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
‘Board 
and 
Board 
Committees’ 
fees 
for 
Non-Executive 
Directors, the Remuneration Policy for 
the Directors 
and the Remuneration 
Report for the financial 
year 
2022 
●
 
approval of 
the 8th 
stock option 
plan implementation 
for 2023 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
Voluntary Exit Scheme (VES) 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Remuneration 
Framework 
of 
Eurobank 
Holdings 
and the Group Variable Remuneration Pool 
●
 
approval 
of 
HoldCo’s 
Internal Governance 
Control 
Manual 
●
 
approval 
of 
the 
revised 
HoldCo 
Group 
Organizational Chart 
●
 
regular update on Board Committees’ matters 
●
 
approval of Board and 
Board Committees calendar 
for 2024, 
●
 
various remuneration issues 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General Meeting for approval, 
of the appointment of 
the auditors for the financial Year 2023 
●
 
discussion 
on 
the 
Preliminary Supervisory 
Review 
and 
Evaluation 
Process 
(SREP) 
assessment 
of 
2023 and updates for the relevant decisions 
●
 
approval of the 
next steps following 
the disposal of 
HFSF’s entire stake in HoldCo. 
a) Governance: 
●
 
approval 
(subject 
to 
the 
approval 
of 
the 
Annual 
General Meeting 
(AGM)) of 
the nomination 
of new 
member/s to the BoD and AC 
●
 
approval 
of 
changes 
at 
the 
Board 
Committees’ 
composition 
●
 
approval 
of 
revised 
Terms 
of 
Reference 
of 
the 
Nomination and Corporate 
Governance Committee 
and Remuneration Committee 
●
 
preparation 
and 
convocation 
of 
the 
Shareholders 
General Meetings 
●
 
annual 
evaluation 
of 
the 
Board 
and 
Board 
Committees and 
approval of 
the 2023 
Action Plan 
that 
included 
recommendations 
from the 
BoD and 
BoD Committees Self-Assessment 2022 
●
 
review of 
the attendance 
of Directors 
to the 
Board 
and Board Committees 
●
 
approval by the Non-Executive Directors 
of the BoD 
of 
CEO’s 
performance 
evaluation 
for 
2022 
and 
of 
his financial and non-financial objectives for 2023 
●
 
approval 
of 
the 
Board 
Nomination 
Policy, 
Group 
Subsidiary Board Remuneration 
Policy, the External 
Engagements 
Policy, 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy, 
the 
Policy 
for 
Reporting 
Illegal 
or 
Unethical 
Conduct 
& 
the 
appointment 
of the 
Report Receiving 
& Monitoring 
Officer, the 
Group Compliance Policy, 
the Dividend 
Distribution 
Policy, 
the 
Conflicts 
of 
Interest 
Policy, 
the 
Anti-Bribery 
and 
Corruption 
Policy 
and 
the 
AML/CFT and Sanctions Policy 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Board 
of 
the 
Remuneration 
Policy 
and 
the 
Separation Policy 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General 
Meeting 
for 
approval, 
of 
the 
Board 
and 
Board 
Committees’ 
fees 
for 
Non-Executive 
Directors
●
 
update 
on 
the 
implementation 
of 
the 
Group 
Subsidiary Board Remuneration 
Policy through the 
Group during 2022 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
a 
Voluntary Exit Scheme (VES) 
●
 
approval 
by 
the 
Non-Executive 
Directors 
of 
the 
Remuneration 
Framework 
of 
Eurobank 
Holdings 
and the Group Variable Remuneration Pool 
●
 
approval 
of 
Bank’s 
Internal 
Governance 
Control 
Manual 
●
 
approval 
of 
the 
revised 
Eurobank 
Group 
Organizational Chart 
●
 
regular update on Board Committees’ matters 
●
 
approval of Board and 
Board Committees calendar 
for 2024 
●
 
various remuneration issues, including 
issues of the 
international 
subsidiaries 
(performance 
related 
variable 
remuneration, 
remuneration 
adjustments 
etc) 
●
 
approval 
and 
further 
submission 
to 
the 
Annual 
General Meeting for approval, 
of the appointment of 
the auditors for the financial Year 2023 
●
 
●
 
update from its international banking subsidiaries 
●
 
approval of credit facilities to related parties 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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●
 
Approval 
of 
the 
appointment 
of 
the 
BoD 
member 
responsible 
for 
the 
implementation 
of 
the 
Greek 
AML Law 
●
 
approval of the 
next steps following 
the disposal of 
HFSF’s entire stake in HoldCo. 
b)
 
Environmental, Social & Governance (ESG) issues: 
●
 
approval 
of 
the 
Environmental 
and 
Social 
Governance (ESG) Strategy 
●
 
update on various ESG matters 
●
 
update 
by 
the 
responsible 
BoD 
member 
for 
climate-related and environmental risks 
b)
 
Environmental, Social & Governance (ESG) issues: 
●
 
approval 
of 
the 
Environmental 
and 
Social 
Governance (ESG) Strategy 
●
 
update on various ESG matters 
●
 
update by the responsible BoD member 
for climate-
related and environmental risks 
●
 
c)
 
Strategic issues including Corporate and other actions: 
●
 
discussion of various strategy issues 
●
 
approval of the share 
capital increase following 
the 
exercise 
of 
stock 
option 
rights (stock 
options) 
and 
amendment of article 5 
of the Articles 
of Association 
of the Company according 
to article 113 
par. 3 
of l. 
4548/2018. 
●
 
approval 
(subject 
to 
the 
approval 
of 
The 
Annual 
General 
Meeting 
(AGM) 
of 
the 
share 
buyback 
of 
HFSF’s shares 
●
 
approval of the issuance of a common bond loan in 
the context of share buyback of HFSF’s shares 
c)
 
Strategic issues including Corporate and other actions: 
●
 
discussion of various strategy issues 
●
 
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“STANDARD 
SINGLE 
MEMBER 
REAL 
ESTATE 
SOCIETE ANONYME” 
by way 
of its 
absorption by 
the Bank 
●
 
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“CLOUD 
HELLAS 
SINGLE 
MEMBER 
KTIMATIKI 
S.A.” 
by 
way of its absorption by the Bank 
●
 
approval 
of 
the 
merger 
of 
the 
Bank 
with 
“ADEXA 
MONOPROSOPI 
ANONYMI 
ETAIREIA 
DIACHEIRISHS 
KAI 
EKMETALLEFSHS 
AKINITON” by way of its absorption by the Bank 
●
 
approval of sale in Serbia (Project Leo) 
●
 
approval of 
acquisition of 
additional stake 
in Hellenic 
Bank (Project Hermione) 
●
 
approval 
of 
revised 
Real 
Estate 
Owned 
(REO) 
Strategy 
●
 
approval of Real Estate acquisitions 
●
 
approval 
of 
Arbitration 
Agreements 
and 
authorizations 
●
 
approval of Bank’s Covered Bonds Programme II 
of 
up to €5b 
●
 
approval 
of 
HAPS 
Securitization 
of 
a 
Syndicated 
Corporate Positions 
across all four 
systemic banks 
of c.1.2bn (Project Solar) 
●
 
approval 
of 
Covered 
Bond 
Programme 
II 
- 
Use 
of 
the “European Covered Bond (Premium)” label 
●
 
approval of Bank’s Covered Bond Programme 
IIΙ up 
to €5 billion 
●
 
discussion of an NPE portfolio sale (Project Leon) 
d)
 
Capital adequacy: 
●
 
approval 
of 
the 
2023 
Internal 
Capital 
& 
Liquidity 
Adequacy Statements 
(CAS & 
LAS) in 
the context 
of 
the 
Internal 
Capital 
& 
Liquidity 
Adequacy 
Assessment Process (ICAAP & ILAAP 2023). 
●
 
approval of 
ad-hoc data 
collection on 
financial and 
macroeconomic projections 
●
 
update on capital projections and MREL plan 
d)
 
Capital adequacy: 
●
 
approval 
of 
the 
2023 
Internal 
Capital 
& 
Liquidity 
Adequacy Statements 
(CAS & 
LAS) in 
the context 
of 
the 
Internal 
Capital 
& 
Liquidity 
Adequacy 
Assessment Process (ICAAP & ILAAP 2023) 
●
 
approval of 
ad-hoc data 
collection on 
financial and 
macroeconomic projections 
●
 
approval of securitizations 
of the Bank’s receivables 
from portfolios of business and other loans. 
e)
 
Business monitoring: 
●
 
approval 
of 
the 
2022 
annual 
financial 
statements 
and the 2023 interim financial statements 
●
 
approval 
of 
the 
Annual 
Budget 
2024 
and 
the 
3-
Years Business Plan for the period 2024-2026 
●
 
discussion of 2023 performance versus budget 
●
 
discussion of business developments and liquidity. 
●
 
discussion 
of 
the 
top-down 
Business 
and 
Capital 
Plan 2023-2025 
e)
 
Business monitoring: 
●
 
approval of 
the 2022 
annual consolidated 
financial 
statements 
and 
the 
2023 
interim 
consolidated 
financial statements 
●
 
approval 
of 
the 
Annual 
Budget 
2024 
and 
the 
3-
Years Business Plan for the period 2024-2026 
●
 
approval of the Group’s NPE Targets 
for the period 
2023-2025 and the NPE management Strategy 
●
 
update 
on 
significant 
subsidiaries 
activities 
and 
strategic priorities 
●
 
discussion of 2023 performance versus budget 

 
 
 
 
 
 
 
 
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●
 
review of business developments and liquidity. 
f)
 
Risk Management and Internal Control: 
●
 
briefing on the assessment on Internal 
Audit Group 
and Group Compliance annual regulatory reports 
●
 
update on significant 
internal audit and 
compliance 
issues 
●
 
update on significant legal issue 
●
 
approval 
of 
the 
Risk 
Appetite 
Framework, 
Group 
Risk 
and 
Capital 
Strategy 
and 
Risk 
Appetite 
Statements 
●
 
approval 
of 
Risk 
Identification 
and 
Materiality 
Assessment (RIMA) framework and reports 
●
 
approval of the updated Funding Plan 
●
 
approval of the 
consolidated Pillar 
3 Reports 
(capital 
and 
risk 
management 
disclosures) 
for 
2022, 
3Μ2023, 6M2023 and 9M2023 
●
 
regular 
briefing 
on 
Board 
Risk 
and 
Audit 
Committees’ matters 
●
 
update 
on 
significant 
risk 
issues, 
including 
the 
Group 
Chief 
Risk 
Officer’s 
Annual 
Report 
for 
the 
year 2022 
●
 
update 
on 
the 
2022 
Annual 
Activity 
Report 
of 
the 
Audit 
Committee 
before 
submission 
to 
the 
Annual 
General Meeting 
●
 
approval of new or 
revised policies and plans 
as per 
the 
legal 
and 
regulatory 
framework 
and 
internal 
processes, 
including 
the 
Non-Financial 
Risk 
Management 
Policy, 
the 
Non-Financial 
Risks 
Improvements Plan and the Outsourcing Policy 
●
 
approval of the 2023 Group Recovery Plan 
●
 
approval 
of 
the 
appointment 
of 
Group 
Corporate 
Security 
as 
the 
Control 
Function 
responsible 
for 
managing 
and 
overseeing 
“Information 
and 
Communications 
Technology 
(ICT) 
and 
Security 
risks”, 
as 
per 
BoG 
Executive 
Committee’s 
Act 
190/2/16.6.2021 
requirements, 
which 
adopts 
European 
Banking 
Authority 
(EBA) 
Guidelines 
on 
ICT and Security Risk Management. 
f)
 
Risk Management and Internal Control: 
●
 
briefing on the assessment on Internal 
Audit Group 
and Group Compliance annual regulatory reports 
●
 
update on significant internal audit issues 
●
 
update 
on significant 
compliance 
issues, 
including 
the 
Anti-money 
Laundering 
Business 
Risk 
Assessment and Compliance Risk Assessment 
●
 
update on significant legal issue 
●
 
approval of the 
Risk Appetite Framework, 
the Group 
Risk 
and 
Capital 
Strategy 
and 
Risk 
Appetite 
Statements 
●
 
approval 
of 
Risk 
Identification 
and 
Materiality 
Assessment (RIMA) framework and reports 
●
 
approval of the consolidated Pillar 3 Report (capital 
and risk management disclosures) for 2022 
●
 
update 
on 
credit 
and 
NPE 
related 
issues 
through 
various reports 
●
 
regular 
briefing 
on 
Board 
Risk 
and 
Audit 
Committees’ matters 
●
 
update 
on 
significant 
risk 
issues, 
including 
the 
Group 
Chief 
Risk 
Officer’s 
Annual 
Report 
for 
the 
year 2022 
●
 
update 
on 
the 
2022 
Annual 
Activity 
Report 
of 
the 
Audit 
Committee 
before 
submission 
to 
the 
Annual 
General Meeting 
●
 
approval of new or 
revised policies as per the 
legal 
and 
regulatory 
framework 
and 
internal 
processes, 
including 
the 
Non-Financial 
Risk 
Management 
Policy, the Non-Financial Risks Improvements Plan 
and the Outsourcing Policy 
●
 
initial approval 
for the 
successor of the 
Chief Audit 
Executive (to be effective within 2024) 
●
 
approval 
of 
the 
appointment 
of 
Group 
Corporate 
Security 
as 
the 
Control 
Function 
responsible 
for 
managing 
and 
overseeing 
“Information 
and 
Communications 
Technology 
(ICT) 
and 
Security 
risks”, 
as 
per 
BoG 
Executive 
Committee’s 
Act 
190/2/16.6.2021 
requirements, 
which 
adopts 
European 
Banking 
Authority 
(EBA) 
Guidelines 
on 
ICT and Security Risk Management. 
g)
 
Transformation Project: 
●
 
received 
regular 
updates 
on 
the 
transformation 
project. 
g)
 
Transformation Project: 
●
 
received 
regular 
updates 
on 
the 
transformation 
project. 
Board Strategy Day 
In addition to 
the formal meetings 
concerning Eurobank’s 
annual budget and 
its 3-year business 
plan, an annual 
strategy 
meeting, known 
as the 
Board Strategy 
Day, 
is held 
outside the 
regular Board 
of Directors' 
meetings. During 
this informal 
gathering, no formal minutes are kept. The purpose of the Board Strategy Day is to provide ample time for Board members 
to 
engage 
in 
discussions 
and 
deliberations 
regarding 
the 
top 
strategic 
initiatives 
relevant 
to 
Eurobank’s 
growth 
and 
its 
competitive position among its peers. 
The most 
recent Board 
Strategy Day 
took place 
on 29 
and 30 
September 2023, 
with a 
primary focus 
on Transformation 
priorities and in-depth analyses of key transformation streams. 
2.12
Board and Board Committees overall effectiveness assessment 
Board and Board Committees Evaluation conducted internally 
The HoldCo/Bank NomCo is tasked with 
evaluating the structure, size, composition, and 
performance of the Board and its 
Committees, making recommendations for 
necessary changes. The 
NomCo oversees the 
self-evaluation of the 
Board's and 
Committees' effectiveness (Internal Evaluation), typically using a self-assessment questionnaire. 

 
 
 
 
 
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The 
2023 
Internal 
Evaluation 
utilized 
Board 
self-assessment 
questionnaires 
as 
the 
primary 
tool. 
These 
questionnaires, 
administered through Diligent’s secure web-based platform, 
covered various areas such as 
strategy oversight, engagement 
with 
management, 
risk 
management, 
Board 
composition, 
dynamics, 
Chairperson's 
role, 
secretarial 
support, 
and 
Board 
Committees' effectiveness. 
The results of 
the Internal Evaluation 
indicated that the 
HoldCo/Bank Boards continued 
to function effectively 
in 2023, similar 
to 2022. The key findings in different areas are as follows: 
Strategy: 
●
 
Positive impression 
regarding the 
Board's role 
in strategy, 
including review 
and approval 
of business 
plans and 
budget. 
Relationship with Management: 
●
 
Positive view on senior management performance and frequency of reporting to the Board. 
Strategic HR and Remuneration: 
●
 
Improvement noted in remuneration practices. 
Risk Governance and Internal Control: 
●
 
Board has a comprehensive 
understanding of risk 
profile and exercises 
adequate oversight over risk 
management. 
Board Profile and Composition: 
●
 
Adequate knowledge, skills, experience, and diversity within the Board. 
Board Functioning and Dynamics: 
●
 
Adequate meeting frequency, preparedness, agenda planning, and constructive discussions. 
Board Chairman's Role: 
●
 
Reflects the leadership needs of the Board effectively. 
Board Secretarial Support: 
●
 
Effective support provided with timely delivery of documents and quality Board packs and minutes. 
While 
the evaluation 
highlighted 
positive aspects, 
it 
also 
identified 
areas 
for 
improvement, 
particularly 
in 
enhancing 
risk 
governance and internal control, focusing on non-financial risks like climate and cybersecurity. 
The main 
conclusions of the 
Internal Evaluation regarding 
Board Committees 
have been integrated 
into the 
relevant sections 
detailing the Committees' functioning and operations. 
Assessment 
of 
the 
knowledge, 
skills 
and 
experience 
(KSE) 
of 
the 
Board 
collectively 
as 
well 
as 
the 
KSE 
and 
contribution of individual Board members. 
The NomCo has 
also the responsibility 
to assess the 
knowledge, skills and 
experience (KSE) of 
the Board collectively 
as 
well as the KSE and contribution of individual Board members and to report to the Board accordingly. 
Individual Evaluations 
The individual evaluations (i.e. the assessment of the Board Chairperson, the assessment of NEDs and the assessment of 
the 
Executive 
Directors) 
take 
into 
account 
the 
status 
of 
the 
member 
(executive, 
non-executive, 
independent), 
the 
participation in committees, the 
undertaking of specific responsibilities 
/ projects, the time 
devoted, the behavior and 
the use 
of knowledge and experience. 
A. Assessment of the Board Chairperson 
The 
Board 
Chair’s evaluation 
is 
part 
of 
the 
Internal 
Evaluation 
(mentioned 
above) 
and 
is 
conducted 
by 
all 
other 
Board 
members via the Questionnaire for the self-evaluation of the Board’s and the Board Committees’ effectiveness. 
The HoldCo/Bank Board Chair’s evaluation in 2023 remained very strong (similarly to the respective evaluation in 2022).
B. Assessment of the Non-Executive Directors’ (NEDs), excluding the Chairperson, contribution to the Board 
The Board Chair 
is responsible to 
conduct the assessment 
of the NEDs’ 
contribution to the 
Board and present 
the results 
to the NomCo. 
The assessment of the NEDs’ contribution to the Board is performed in the following discrete steps: 
●
 
the NomCo approves the NEDs self-evaluation questionnaire, 
●
 
the questionnaire is distributed to the NEDs. Responses are strictly confidential and can only be sent 
to the Board Chair and/or those expressly mandated to assist in the task by him/her, 
●
 
the Board Chair holds 
confidential one-on-one interviews with 
each NED, using 
the individual NEDs 
self-evaluation Questionnaire as an input, 
●
 
the Board Chair presents an overall report on his findings to the NomCo, 
●
 
the Board Chair’s views on 
NEDs performance and contribution of 
knowledge, skills and experience 
are 
presented 
and 
discussed 
at 
the 
NomCo 
also 
during 
the 
process 
of 
developing 
the 
NomCo’s 
proposals for discussing the (re)appointment / succession planning of individual Board members. 

 
 
 
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In 
accordance 
with 
the 
procedure 
described 
above, 
the 
2022 
annual 
assessment 
of 
the 
NEDs’ 
contribution 
to 
the 
HoldCo/Bank Board was 
directed by the 
Board Chair with 
the use of 
an individual self-evaluation 
questionnaire consisted 
of 10 
questions aiming 
to identify 
the strengths 
and areas 
for improvement 
of individual 
Directors across 
the following 
5 
areas: 
●
 
contribution to overall Board profile skillset 
●
 
Board participation and quality of contributions to Board deliberations 
●
 
punctuality and attendance 
●
 
team Spirit and demeanor 
●
 
independent Thinking and Constructive Challenge 
The 2023 annual assessment of the NEDs’ 
contribution to the HoldCo/Bank Board demonstrated that the 
NEDs adequately 
meet expectations for effectively accomplishing their role as Directors of the HoldCo/Bank. 
C. Executive Directors’ Performance Evaluation 
The 
evaluation 
of 
the 
Executive 
Directors' 
performance, 
including 
the 
CEO 
and 
Deputy CEOs, 
is 
conducted 
separately 
through 
a 
structured 
process 
involving 
the 
CEO, 
the 
NomCo, 
and 
the 
Board 
Remuneration 
Committee 
(RemCo). 
This 
evaluation occurs 
annually and 
is based 
on both 
qualitative and 
quantitative Key 
Performance Indicators 
(KPIs) that 
are 
approved by the Non-Executive Directors each year. 
Specifically 
for 
the 
CEO, 
the 
RemCo 
proposes 
relevant 
KPIs 
related 
to 
the 
CEO's 
remuneration 
to 
the 
Non-Executive 
Directors 
for 
approval. 
The 
CEO's 
performance 
is 
then 
assessed 
based 
on 
these 
approved 
KPIs. 
The 
results 
of 
the 
evaluation are communicated to the CEO and are considered in determining his remuneration. 
Collective Suitability Assessment 
During 2023, in 
addition to the evaluation 
of the Board 
of Directors' performance, 
an assessment of 
the Board's collective 
suitability was conducted based on the Joint ESMA/EBA Guidelines on the assessment of the suitability of members of the 
management body 
and key 
function holders 
(EBA/GL/2021/06). This 
assessment was 
carried out 
with the 
support of 
the 
NomCo. 
The assessment 
focused on 
evaluating whether 
the Board 
of Directors 
collectively possesses 
the necessary 
knowledge, 
skills, 
and 
experience 
to 
understand 
the 
business 
model, 
strategy, 
risks, 
and 
various 
governance-related 
matters. 
It 
concluded 
that 
the 
Board 
is 
collectively 
suitable 
to 
comprehend 
these 
areas 
effectively. 
However, 
the 
evaluation 
also 
emphasized 
the 
potential 
for 
improvement 
in 
certain 
skillsets, 
particularly 
in 
areas 
such 
as 
technology 
and 
digitization, 
specific business lines and products, various geographies, and subsidiaries. 
2.13
 
Directors’ Induction and Continuous Professional Development Process 
All new Board members undergo a comprehensive Induction 
Program designed to achieve several key objectives. 
Firstly, it 
aims to convey 
the vision and 
culture of the 
HoldCo/Bank. Secondly, it covers 
practical procedural duties 
to ensure a 
smooth 
transition into their roles. Thirdly, it aims to expedite their productivity 
by reducing the time needed to familiarize 
themselves 
with their responsibilities. Fourthly, 
it integrates them as valued members 
of the Board. Fifthly, 
it familiarizes them with the 
HoldCo/Bank's 
organizational 
structure. 
Lastly, 
it 
provides 
an 
understanding 
of 
the 
HoldCo/Bank's 
business, 
strategy, 
market dynamics, relationships, and its people. 
Upon 
their 
appointment, 
new 
Board 
members 
also 
receive 
a 
Manual 
of 
Obligations 
outlining 
their 
main 
responsibilities 
towards Supervisory Authorities 
and the HoldCo/Bank. 
This manual informs 
them about local 
regulations and the 
Board's 
procedures. Additionally, meetings and presentations are arranged with Key Executives of the 
HoldCo/Bank to provide new 
Directors with a comprehensive overview of the organization. 
Recognizing 
the 
importance 
of 
continuous 
professional 
development, 
the 
HoldCo/Bank 
provides 
resources 
for 
ongoing 
knowledge 
and 
skill 
enhancement 
for 
all 
Board 
members. 
In 
2023, 
this 
included 
formal 
training 
sessions 
on 
Workforce 
issues in banking, Cloud providers 
and data protection, Cyber resilience 
and security awareness, and 
Generative Artificial 
Intelligence 
Challenges 
and 
Opportunities. 
Furthermore, 
Board 
members 
received 
regular 
updates, 
reports, 
and 
presentations from senior management on operational and strategic targets, as 
well as updates on risk, audit, compliance, 
financial, human resources, 
legal, and regulatory 
matters. They also 
received regular and 
ad-hoc research and 
economic 
bulletins from Eurobank's Economic Analysis and Financial Markets Research Division. 

 
 
 
 
 
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3. 
Board Committees 
The Boards of HoldCo/Bank are assisted in carrying out 
their duties by Board Committees to whom 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 Committees Evaluation Policy. 
3.1
 
Audit Committee
6
 
The primary function of the Audit Committee (AC) 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 
the compliance 
with rules 
and 
regulations monitoring process, 
●
the review of the financial reporting process and satisfaction as to the integrity of the HoldCO’s Financial Statements, 
●
the External Auditors’ selection, performance and independence, 
●
the effectiveness and performance of the Internal Audit and of the Compliance function.
In addition, 
in the 
context of 
AC’s responsibility 
to safeguard 
External Auditors’ 
independence, the 
AC ensures 
that the 
nature of non-audit services, prior to their being undertaken by the External Auditors, has been reviewed and approved 
as 
required and that there is proper balance between audit and non-audit work in accordance with Group’s / Bank’s policy on 
External Auditors’ Independence. 
AC Membership/Composition 
The 
HoldCo/Bank’s 
AC 
are 
Committees 
consisted 
exclusively 
by 
Board 
members 
and 
their 
compositions 
have 
been 
approved by the General 
Meetings of the Shareholders 
(as per the legal 
framework), following the recommendation of 
the 
NomCos to the Boards. The 
tenure of the Committee members 
coincides with the tenure of 
the HoldCo/Bank’s Boards, with 
the option to renew 
their appointment, but in 
any case, the 
service in the Committees 
should not be 
more than nine (9) 
years 
in 
total. 
The 
Chairperson 
of 
the 
Committees 
is 
appointed 
by 
the 
members 
of 
the 
Committees, 
while 
the 
Committee’s 
members may also appoint a Vice Chairperson. 
All AC members have sufficient knowledge 
in the field of HoldCo/Bank’s activities and the 
necessary skills and experience 
to carry out their duties and meet the requirement of established knowledge and experience in auditing and/or accounting. 
The 
ACs 
consist 
of 
four 
(4) 
independent 
non-executive 
Directors 
of 
the 
Board. 
In 
particular, 
the 
HoldCo/Bank’s 
AC 
composition is outlined below: 
AC Chairperson:
Jawaid Mirza, 
Non-Executive Independent Director of the Board
AC Vice-Chairperson: 
Burkhard Eckes, 
Non-Executive Independent Director of the Board
AC Members: 
Irene Rouvitha Panou, 
Non-executive Independent Director of the Board
Rajeev Kakar
,
Non-Executive Independent Director of the Board
It 
is 
noted 
that 
in 
line 
with 
the 
provisions 
of 
article 
44 
of 
law 
4449/2017, 
as 
in 
force, 
and 
further 
to 
the 
decision 
of 
the 
HoldCo/Bank’s 
Annual 
General 
Meetings 
of 
Shareholders 
as 
of 
20.7.2023 
regarding 
the 
recomposition 
of 
the 
Audit 
Committees and more 
specifically regarding their 
type, composition and 
term of office; 
and the BoDs’ 
decision of 23.06.2023 
(in combination with 27.06.2023) 
and 20.07.2023 regarding the nomination and appointment of a new member to 
the ACs 
respectively, 
and in particular 
of Mr. 
Burkhard Eckes, following 
relevant recommendations by 
the NomCos of 
22.06.2023, 
the ACs decided on their constitution and on the appointment of their Chairman. 
Compared to the previous ACs’ composition and following the recomposition of the ACs on 20.07.2023, the ACs’ members 
remained four (4) since Ms. Efthymia Deli submitted her resignation on 27 October 2023, effective as of 7 November 2023, 
from the BoDs, ACs and Remuneration Committees that was member at that time. 
AC Meetings 
The HoldCo/Bank’s ACs meet at least eight (8) times per year or more frequently, as circumstances require, report on their 
activities to the HoldCo/Bank’s Boards on a 
quarterly basis and submit the 
minutes of their meetings and the 
annual Activity 
Reports (before their submission 
to the HoldCo/Bank Shareholders’ 
Annual General Meeting) 
to the HoldCo/Bank’s Boards. 
Quorum in the AC Meetings 
The ACs’ meeting is in 
quorum and meets validly 
when half of its members 
plus one are present or 
represented, provided 
that at least three (3), including the Chairperson or the Vice Chairperson, are 
present. Each member of the Committee may 
validly 
represent only 
one 
of 
the 
other Committee 
members. 
Representation 
in 
the 
Committee may 
not be 
entrusted 
to 
persons other than the members thereof.
 
6
 
HoldCo/Bank’s 
Audit 
Committees’ 
Terms 
of 
Reference 
may 
be 
found 
at 
the 
HoldCo/Bank 
websites 
(
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
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AC Decisions 
The AC resolutions are validly 
taken by an absolute majority 
of the members who are 
present and represented. In case of 
a tie 
of votes, 
the Chairperson 
and in 
case of 
his/her absence 
the Vice 
Chairperson has 
the casting 
vote. The 
Board is 
informed whenever a decision of the AC is not reached unanimously. 
Attendance to the AC Meetings 
During 2023 the attendance details for the Audit Committee were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
17 
14 
100% 
100%
Bank 
16 
14 
100% 
100% 
AC Secretary and Minutes 
The AC appoints its Secretary, 
who reports to the Group Company Secretariat and cooperates with 
the Chairperson of the 
Committee. 
The 
Secretary 
is 
responsible 
to 
minute 
the 
proceedings 
and 
decisions 
of 
all 
Audit 
Committees’ 
meetings, 
including the names of those present and in attendance and the action plans and follow ups 
for assignments,
as well as for 
the issuance of extracts. Decisions, actions and follow ups are disseminated to the responsible parties, as required. 
AC Terms of Reference (ToR) 
The AC’s ToR 
are reviewed annually and revised if necessary, 
unless significant changes necessitate earlier revision. The 
ToR 
are approved by the Board. 
AC’s Performance Evaluation 
The 
AC 
conducted 
a 
self-evaluation, 
and 
its 
members 
expressed 
satisfaction 
with 
the 
committee's 
effectiveness 
and 
leadership. They commended 
the AC's efficient use 
of time, well-planned 
meetings, and timely 
scheduling. The Chairperson 
of the 
AC was 
noted for 
being well-prepared 
and skilled 
in guiding 
discussions through 
the agenda, 
fostering critical 
dialogue, 
and ensuring all members 
could express their views 
freely. Participants were also acknowledged 
for their preparedness and 
active engagement in vital discussions, demonstrating a commendable level of challenge. 
However, 
the evaluation 
identified areas 
for improvement, 
notably the 
need for 
enhanced oversight 
on critical 
audit and 
compliance issues 
within major subsidiaries. 
There was also 
a call for 
strengthening cybersecurity mechanisms 
and Anti-
Money 
Laundering 
(AML) 
controls 
and 
measures. 
Additionally, 
the 
evaluation 
emphasized 
the 
importance 
of 
providing 
training in 
new areas 
to enhance 
the skills 
of the 
Internal Audit 
Team. 
These areas 
of improvement 
were highlighted 
to 
further enhance the effectiveness and capabilities of the AC in fulfilling its responsibilities. 
AC’s Activity in 2023 
For 2023, AC has amongst others: 
Eurobank Holdings 
Bank 
●
decided 
on 
its 
constitution 
/ 
reconstitution 
and 
the 
appointment of its Chairman 
●
approved the 
revised Internal 
Audit Mandate 
and Terms 
of 
Reference 
(ToR) 
and 
the 
revised 
Compliance 
Mandate 
●
approved 
the 
annual 
Plans 
of 
Internal 
Audit 
and 
Compliance and monitored their progress 
●
reviewed 
and 
discussed 
reports 
with 
information 
relating 
mainly 
to 
the 
Internal 
Audit 
and 
Compliance 
issues, 
including 
quarterly 
reports 
from 
Internal 
Audit 
and Compliance functions 
●
received updates on 
various legal 
and regulatory issues 
●
ensured 
that 
an 
annual 
evaluation 
of 
the 
System 
of 
Internal Controls for the year 2022 has been 
performed 
and documented by Internal 
Audit and prepared 
its own 
assessment 
report on 
Internal Audit’s 
evaluation. The 
reports 
were 
further 
submitted 
to 
the 
Board 
and 
the 
BoG in line with the BoG Act 2577/2006 
●
reviewed the annual 
Compliance Sector’s reports over 
compliance activities for the 
year 2022 and prepared 
its 
own 
assessment 
report 
thereon. 
The 
reports 
were 
further submitted to the Board and the BoG, in line with 
the BoG Governors Act 2577/2006 
●
in the context of the independent triennial Evaluation of 
the System 
of Internal 
Controls (SIC) 
per BoG 
Act 2577, 
approved 
the 
proposed 
scope 
of 
the 
assignment 
and 
the appointment of the firm 
●
decided 
on 
its 
constitution 
/ 
reconstitution 
and 
the 
appointment of its Chairman 
●
approved the 
revised Internal 
Audit Mandate 
and Terms 
of 
Reference 
(ToR) 
and 
the 
revised 
Compliance 
Mandate 
●
approved 
and 
further 
submitted 
to 
the 
BoD 
for 
information 
the 
annual 
and 
triennial 
Plans 
of 
Internal 
Audit and Compliance and monitored their progress. 
●
reviewed 
and 
discussed 
reports 
with 
information 
relating 
to 
the 
System 
of 
Internal 
Controls, 
including 
quarterly 
reports 
from 
Internal 
Audit 
Group, 
Compliance, Operational Risk Sector, Clients Relations 
Office, etc. 
●
received updates on 
various legal 
and regulatory issues 
●
ensured 
that 
an 
annual 
evaluation 
of 
the 
System 
of 
Internal Controls has been performed and documented 
by the Internal Audit 
Group for the year 
2022. The Audit 
Committee has prepared its own assessment report on 
Internal 
Audit 
Group’s 
evaluation. 
The 
reports 
were 
further submitted to the Board and 
the BoG in line with 
the BoG Act 2577/2006 
●
in the context of the independent triennial Evaluation of 
the System 
of Internal 
Controls (SIC) 
per BoG 
Act 2577, 
approved 
the 
proposed 
scope 
of 
the 
assignment 
and 
the appointment of the firm 
●
focused particularly 
on the 
AML function 
and received 
regular updates on the AML issues 

 
 
 
 
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●
reviewed 
and 
depending 
on 
the 
case, 
approved 
or 
approved and further submitted to 
the BoD for approval 
/ information 
a) the 
revised Code 
of Conduct 
and Ethics, 
b) the 
revised Policy 
for Reporting 
Illegal or 
Unethical 
Conduct 
and the 
appointment of 
Report Receiving 
& 
Monitoring 
Officer 
in 
Greece, 
c) 
the 
revised 
Group 
Antitrust Compliance Policy, d) the revised Compliance 
Policy, 
e) the revised 
Conflict of Interest 
Group Policy, 
f) the revised Anti-bribery and Corruption Policy 
and g) 
the revised Insider Dealing Guideline. 
●
discussed 
with 
Management, 
Internal 
Audit 
and 
External Auditors issues relating 
to the financial results, 
●
reviewed 
and 
cleared 
the 
financial 
statements 
and 
other financial reports and trading updates prior to their 
release 
●
discussed 
with 
Management 
the 
implementation 
of 
corrective 
actions 
to 
recommendations 
made 
by 
Internal 
and 
External 
Auditors 
and 
Regulatory 
Authorities 
●
assessed 
the 
effectiveness, 
objectivity, 
and 
independence of the 
External Auditors for the 
financial 
year 2022, discussed the 
results of their evaluation 
with 
Management 
and 
Internal 
Audit 
and 
communicated 
final results to the Board and to the External Auditors 
●
approved the remuneration of External 
Auditors for the 
financial year 2023 
●
proposed to the Board 
and the Annual General 
Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the financial year 2023 
●
approved 
the 
External 
Auditors’ 
Independence 
Policy 
and 
monitored, 
in 
line 
with 
this 
Policy, 
the 
non-audit 
services provided by the External Auditor in 2023 
●
approved 
the 
Key 
Audit 
Partner 
(KAP) 
selection/rotation 
policy 
which 
is 
addendum 
of 
the 
Holdings Group Tendering 
Policy and Procedure 
●
discussed a 5-yr (2024-28) rolling plan on 
the eligibility 
of 
audit 
firms 
for 
the 
statutory 
audit 
of 
the 
Group, 
including 
potential 
conflict 
of 
interest 
situations 
with 
eligible audit 
firms, based 
on Greek 
Law 4449/17 
and 
EU Reg 
537/14, and 
requirements of 
the International 
Code 
of 
Ethics 
for 
Professional 
Accountants 
of 
the 
International 
Ethics 
Standards 
Board 
for 
Accountants 
(IESBA) 
●
assessed the 
performance of 
the Internal 
Auditor and 
the 
Head 
of 
Compliance 
/ 
Anti-Money 
Laundering 
Reporting Officer 
●
received updates on the progress 
of the Annual Budget 
●
in 
accordance 
with 
the 
provisions 
of 
Law 
2533/1997, 
the 
Audit 
Committee 
reviewed 
reports 
on 
substantial 
stock 
transactions 
of 
the 
HoldCo’s 
Directors 
and 
General 
Managers 
which 
meet 
the criteria 
set 
in Law 
2533/1997 and notified the Board 
●
approved and notified the Board 
for further submission 
to the Annual 
General Meeting, the 
annual AC Activity 
Report for 2022 
●
Discussed the Annual AC Plan for 2024. 
●
discussed 
and 
further 
submitted 
to 
the 
BoD 
for 
discussion the Anti-Money Laundering (AML) Business 
Risk Assessment and Compliance Risk Assessment 
●
reviewed 
the 
annual 
Group 
Compliance 
Sector’s 
reports over AML and compliance activities of the Bank 
for 
the 
year 
2022 
and 
prepared 
its 
own 
assessment 
report 
thereon. 
The 
reports 
were 
further 
submitted 
to 
the Board and the BoG, in line with the BoG Governors 
Act 2577/2006 
●
reviewed 
and 
depending 
on 
the 
case, 
approved 
or 
approved and further submitted to 
the BoD for approval 
/ information 
a) the 
revised Code 
of Conduct 
and Ethics, 
b) the 
revised Policy 
for Reporting 
Illegal or 
Unethical 
Conduct 
and the 
appointment 
of 
Report 
Receiving & 
Monitoring 
Officer 
in 
Greece, 
c) 
the 
revised 
Group 
Antitrust Compliance Policy, d) the revised Compliance 
Policy, 
e) the revised 
Conflict of Interest 
Group Policy, 
f) the 
revised Anti-bribery and 
Corruption Policy 
g) the 
revised 
Insider 
Dealing 
Guideline, 
h) 
the 
revised 
Inducements 
Policy, 
i) 
the 
revised 
AML/CFT 
and 
Sanctions Policy, j) the revised Order Execution Policy. 
●
discussed 
with 
Management, 
Internal 
Audit 
and 
External Auditors issues relating 
to the financial results, 
●
reviewed 
and 
cleared 
the 
consolidated 
financial 
statements 
●
discussed 
with 
Management 
the 
implementation 
of 
corrective 
actions 
to 
recommendations 
made 
by 
Internal 
and 
External 
Auditors 
and 
Regulatory 
Authorities 
●
discussed 
with 
the 
Audit 
Committee 
Chairpersons 
ofEurobank Bulgaria, 
Eurobank Cyprus 
and Eurobank 
Private 
Bank Luxembourg 
the key 
audit 
issues 
of 
the 
International Subsidiaries 
●
assessed 
the 
effectiveness, 
objectivity 
and 
independence of the 
External Auditors for 
the financial 
year 2022, discussed the 
results of their 
evaluation with 
Management 
and 
Internal 
Audit 
and 
communicated 
final results to the Board and to the External Auditors 
●
approved the remuneration of External 
Auditors for the 
financial year 2023 
●
proposed to the Board 
and the Annual 
General Meeting 
of 
Shareholders 
for 
approval 
the 
appointment 
of 
the 
External Auditors for the financial year 2023 
●
approved 
the 
External 
Auditors’ 
Independence 
Policy 
and and monitored, 
in line with 
this Policy, the non-audit 
services provided by the External Auditor in 2023 
●
assessed the performance of the Chief Audit Executive 
and the 
General Manager Head of Group Compliance 
/ Anti-Money Laundering Reporting Officer 
●
monitored the memberships 
and the modus 
operandi of 
the 
Audit 
Committees 
of 
the 
banking 
subsidiaries, 
as 
required, and reviewed their Activity Reports 
●
in 
accordance 
with 
the 
provisions 
of 
Law 
2533/1997, 
the 
Audit 
Committee 
reviewed 
reports 
on 
substantial 
stock transactions of the Bank’s 
Directors and General 
Managers which meet the 
criteria set in Law 
2533/1997 
and notified the Board 
●
approved and notified the Board 
for further submission 
to the Annual 
General Meeting, the 
annual AC Activity 
Report for 2022. 
●
discussed the Annual AC Plan for 2024. 
It is noted that in accordance with the Law 4449/2017 as in force, the HoldCo/Bank ACs submit an annual activity report to 
their Shareholders’ Annual General Meeting on 
the issues dealt with by 
the ACs during the previous year, 
also including a 
description of the sustainability policy followed by each entity. 
The 2023 HoldCo/Bank 
AC Activity Reports 
which are also part 
of the 2023 
HoldCo/Bank Annual Financial 
Reports, refer 
to the AC activity during 2023, the issues addressed and the sustainability policy. 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
3.2
 
Board Risk Committee
7
 
The purpose of the HoldC/Bank’s Board Risk Committee (BRC) is to assist the Board in the following risk-related issues: 
●
to advise 
and support 
BoD regarding 
the monitoring 
of overall 
actual and 
future risk appetite 
and strategy, 
taking into 
account all 
types of 
risks to 
ensure that 
they are 
in line 
with the 
business strategy, 
objectives, corporate 
culture and 
values of the institution, 
●
to provide BoD with recommendations on necessary adjustments to the risk strategy, 
●
to assist BoD in overseeing the implementation of risk strategy and the corresponding limits set, 
●
to oversee 
the implementation 
of the 
strategies for 
capital and 
liquidity management 
as well 
as for 
all other 
relevant 
risks, such as 
credit and market 
risks as well 
as non-financial risks 
such as operational, 
reputational conduct legal, 
cyber, 
outsourcing 
climate 
and 
environmental, 
in 
order 
to 
assess 
their 
adequacy 
against 
the 
approved 
risk 
appetite 
and 
strategy, 
●
to oversee the progress 
made to enhance 
resolvability in accordance with 
the requirements of 
the Resolution Authorities 
(for Bank BRC only),
●
to review 
a number 
of possible 
scenarios, including 
stressed scenarios, 
to assess 
how the 
risk profile 
would react 
to 
external and internal events, 
●
to oversee the alignment between all material financial products and services offered to clients and the business model 
and risk strategy. The BRC should assess the risks associated with the 
offered financial products and services and take 
into account the alignment between the prices assigned to and the profits gained from those 
products and services 
(for 
Bank BRC only,)
●
to provide advice on the appointment of external consultants that BoD may decide to engage for advice or support, 
●
to 
assess 
the 
recommendations 
of 
internal 
or 
external 
auditors 
and 
follow 
up 
on 
the 
appropriate 
implementation 
of 
measures taken, 
●
to 
ensure that 
an appropriate 
risk 
management 
framework has 
been developed 
which 
is embedded 
in the 
decision-
making process 
(e.g. new 
products and 
services introduction, 
risk adjusted 
pricing, internal 
risk models, 
risk adjusted 
performance measures and capital allocation), 
●
to define the risk management principles and ensure that there 
are the appropriate methodologies, modeling tools, data 
sources and sufficient and competent staff to identify, assess, monitor and mitigate risks, and 
●
to set, approve and oversee 
the implementation of the institution’s 
risk culture, core values and expectations 
regarding 
credit risk. 
BRC Membership/Composition 
The BRC members 
are appointed by 
the BoD, following 
the recommendation of 
the NomCo, in 
accordance with the 
legal 
and regulatory framework 
where applicable. The Chairperson 
qualifies as independent member 
with a solid experience 
in 
commercial banking and preferably risk and/or Non-Performing Exposures management and is familiar with the Greek and 
international 
regulatory 
framework. 
The 
appointment 
of 
the 
Chairperson 
and 
the 
Vice-Chairperson 
shall 
go 
through 
the 
NomCo’s proposal process 
and approved by 
the Board. The tenure 
of the BRC members 
coincides with the 
tenure of the 
Bank’s Board, with the option to renew their appointment, 
but in any case, the service in the BRC should not be more 
than 
nine (9) years in total.
The BRC consists of five (5) non-executive Directors, four (4) of whom are independent, including the Chairperson and the 
Vice-Chairperson. One (1) of the BRC members is the HFSF Representative. In 
particular, the BRC composition is outlined 
below: 
BRC Chairperson:
Rajeev Kakar, 
Non-Executive Independent Director of the Board
BRC Vice-Chairperson: 
Cinzia Basile, 
Non-executive Independent Director of the Board
BRC Members: 
Bradley Paul Martin,
 
Non-Executive Director of the Board
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
John Arthur Hollows
, Non-executive Independent Director of the Board
It is 
noted that 
during 2023 
and following 
NomCos’ recommendations 
for the 
recomposition of 
the HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 
29.09.2023, Mr. John Arthur Hollows to replace 
Ms. Efthymia Deli (taking 
also into consideration that her role as representative of the HFSF would cease after the disposal of 
HFSF’s participation). 
BRC Meetings
The BRC meets 
at least on 
a monthly basis 
and the Chairperson 
updates the BoD 
members on the 
material matters covered 
by the Committee during the previous period (if any) at the quarterly meetings of the BoD. 
Apart from the BRC members, the AC’s members may also attend BRC sessions when common issues are discussed (i.e. 
on operational 
risk matters, 
on IT 
security and 
cyber risks).
The Chairperson 
of the 
BRC may 
also invite 
to the 
meetings 
other executives of the Group or external advisors or experts, as deemed appropriate. 
7
 
HoldCo/Bank’s BRCs’ Terms of Reference may be found at the HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
Quorum in the BRC Meetings 
Quorum requires the majority of members (half plus one) to be present or represented, provided that no less than three (3) 
Committee members, including the Chairperson or the Vice Chairperson, are 
present.
Each member of the Committee may 
validly 
represent only 
one 
of 
the 
other Committee 
members. 
Representation 
in 
the 
Committee may 
not be 
entrusted 
to 
persons other than 
the members thereof.
In determining the 
number of members 
for the quorum, 
fractions, if any, 
will not 
be counted. 
BRC Decisions 
The BRC 
resolutions require 
a majority 
vote of 
the members 
who are 
present or 
represented. In 
case of 
a tie, 
the Chairperson 
and in case of 
his/her absence the Vice 
Chairperson has the casting vote. 
In case of non-unanimous 
decisions, the views 
of the minority are also minuted. The Board is informed of the BRC’s minutes. 
Attendance to the BRC Meetings 
During 2023, attendance details for the Board Risk Committee were as follows, 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
12 
10 
100% 
95%
Bank 
13 
14 
100% 
97% 
It is noted that in 2022, 
Directors provided representation proxies for all 
missed meetings in HoldCo/Bank’s BRCs, 
leading 
their overall attendance rates (physical and under representation) at 100% in BRC. 
BRC Secretary and Minutes 
The BRC appoints its 
Secretary, who reports to the Group Company 
Secretariat and cooperates with 
the Chairperson of the 
Committee 
and 
the 
Group 
Chief 
Risk 
Officer 
(“GCRO”). 
The 
Secretary 
is 
responsible 
to 
minute 
the 
proceedings 
and 
resolutions of 
all BRC meetings, 
including the names 
of those present 
and in 
attendance and the 
action plans 
and follow 
ups for assignments, as well 
as for issuance of extracts. 
Decisions, actions and follow ups 
are disseminated to the 
Bank’s 
responsible Units, as required. 
 
BRC Terms of Reference (ToR) 
BRC’s ToR 
are reviewed at least annually and revised, if necessary, unless significant changes in the role, responsibilities, 
organization and/or regulatory requirements necessitate earlier revision. The ToR are approved by the Board. 
BRC’s Performance Evaluation 
BRC’s performance is 
evaluated annually according 
to the provisions 
of the Board 
and Board Committees 
Evaluation Policy. 
The 
self-evaluation 
conducted by 
the 
BRC indicates 
overall satisfaction 
among 
its 
members 
regarding the 
Committee's 
leadership and effectiveness. 
Members 
of 
the 
BRC 
expressed 
satisfaction 
with 
the 
leadership 
provided 
by 
the 
Chairperson 
of 
the 
Committee. 
The 
Chairperson is reported to be well-prepared for meetings and encourages critical discussions, ensuring that every member 
can freely express their 
views. Additionally, members of the BRC 
are also well-prepared for 
meetings, leading to a 
high level 
of participation in important discussions and maintaining an adequate level of challenge within the Committee. 
However, the evaluation also highlighted areas for improvement. Specifically, the BRC's oversight of local market risks and 
its focus on risks 
related to cybersecurity, data protection, and 
geopolitics were identified as 
areas that should be 
enhanced. 
This 
recognition underscores 
the 
importance 
of 
continuously 
evolving 
risk 
management 
strategies 
to 
address 
emerging 
threats and challenges in these areas effectively. 
BRC’s Activity in 2023 
For 2023, the BRC has, amongst others: 
Eurobank Holdings 
Bank 
●
 
monitored 
the 
Group’s 
overall 
actual 
and 
future 
risk 
appetite 
and 
strategy, 
taking 
into 
account 
all 
types 
of 
risks 
to ensure 
that they 
are in 
line 
with 
the business 
strategy, objectives, corporate culture and values 
of the 
Group 
●
 
approved, 
among others, 
the following 
regulatory and 
other reports, including risk policies and frameworks: 
-
 
Internal Capital & 
Liquidity Adequacy Assessment 
processes ICAAP/ILAAP 
-
 
Capital 
Adequacy 
Statements, 
Liquidity 
Adequacy Statements 
-
 
Risk Identification and Materiality Process (RIMA) 
Report 
-
 
Group Recovery Plan 
●
 
monitored 
Eurobank’s 
overall 
actual 
and 
future 
risk 
appetite 
and 
strategy, 
taking 
into 
account 
all 
types 
of 
risks 
to 
ensure that 
they 
are in 
line 
with the 
business 
strategy, objectives, corporate culture and values of 
the 
institution 
●
 
monitored qualitative and quantitative aspects of 
credit, 
market, liquidity and operational risks, 
●
 
reviewed Information 
and Communication 
Technology 
(ICT) Risk and Security (incl. Cyber Security), 
Physical 
Security and Fraud detection 
●
 
reviewed General 
Data Protection 
Regulation (GDPR) 
and Payment Services Directive 2 (PSD2) status 
●
 
approved, 
among others, 
the following 
regulatory and 
other reports, including risk policies and frameworks 

 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
94
|
Page 
●
 
approved the GCRO Annual Report 
●
 
approved the Group 
Risk and Capital 
Strategy and Risk 
Appetite 
Framework 
as 
well 
as 
Risk 
Appetite 
Statements incl. RAS dashboard 
-
 
Single 
Resolution 
Board’s 
(SRB’s) 
Working 
Priorities 
and 
Eurobank’s 
Resolvability 
Work 
Programme (Bail in playbook, etc.) 
-
 
Minimum 
Requirement 
for 
Own 
Funds 
and 
Eligible 
Liabilities 
(MREL) 
Issuance 
plan 
& 
Targets 
-
 
Non-performing Exposures (NPE) 
Reduction Plan 
2023-2025: 
Summary 
report, 
impairments 
and 
key risk metrics 
­
 
EBA Dashboard 
●
 
reviewed and/or approved: 
­
 
Early Warning Framework 
­
 
Forbearance reporting 
­
 
Risk Parameters monitoring 
­
 
Outsourcing 
reports 
incl. 
OSI 
regarding 
IT 
Outsourcing 
­
 
SRT Securitisations performance updates 
­
 
ALM tool governance framework guideline 
●
 
approved several policies 
incl. market risk, 
counterparty 
risk, liquidity, credit, collection etc. 
●
 
EBA Stress Test 
Exercise 2023 
●
 
Climate Related and Environmental Risk Disclosures 
3.3
 
Remuneration Committee
8
 
The HoldCo/Bank’s 
Boards have 
delegated to 
the respective 
RemCos the 
responsibilities (a) 
to provide 
specialized and 
independent advice for matters 
relating to remuneration policy and 
its implementation at HoldCo/Bank Group 
level and for 
the 
incentives 
created 
while managing 
risks, capital 
and 
liquidity, 
(b) 
to 
safeguard 
the 
proper 
exercise 
of 
its duties 
and 
responsibilities, 
the 
efficient 
alignment 
of 
the 
personnel’s 
remuneration 
with 
the 
risks 
the 
HoldCo/Bank 
undertakes 
and 
manages and the required alignment between the HoldCo/Bank and the Group, and (c) to approve or propose for approval 
all exposures of Key Management Personnel
9
 
and their relatives (spouses, children, siblings).
The Non-Executive Directors 
of HoldCo/Bank have the responsibility to approve and periodically review HoldCo/Bank’s remuneration policy and oversee 
its implementation both at Bank and Group level. 
 
The implementation 
of the 
HoldCo/Bank remuneration 
policy is 
in line 
with the 
provisions of 
Laws 3864/2010, 
4261/2014 
and Bank of Greece Governor’s Act 2650/2012. 
The HoldCo/Bank RemCo is also responsible to: 
●
 
determine the 
remuneration system 
for the 
members of 
the Board 
of Directors 
and the 
senior executives 
and to 
make 
a 
relevant 
recommendation 
on 
them 
to 
the 
Board 
of 
Directors, 
which 
decides 
on 
them 
or 
to 
make 
recommendations to the General Meeting, where required, 
●
 
propose 
to 
the 
Non-Executive Directors 
of 
the 
HoldCo/Bank’s 
BoD 
for 
their 
approval 
the 
goals 
and 
objectives 
relevant 
to the 
HoldCo/Bank’s 
CEO remuneration 
and evaluate 
his/her performance 
in light 
of these 
goals and 
objectives, 
●
 
guide and monitor the external remuneration consultant (if hired) and ensure that it 
receives appropriate reporting 
from 
him/her. 
In 
addition, 
HoldCo/Bank 
RemCo 
ensures 
that 
the 
external 
consultant 
is 
referred 
in 
the 
HoldCo/Bank’s 
annual report 
of the 
year hired 
and/or completed 
his/her work, 
together with 
a statement 
of any 
possible 
relationship 
between 
him/her 
and 
the 
HoldCo/Bank 
or 
with 
members 
of 
the 
HoldCo/Bank’s 
Board 
individually. 
RemCo Membership/Composition 
The RemCo members are appointed by the Board. 
In 
the 
event 
that 
the 
Chairperson 
of 
the 
Bank’s 
Board 
is 
a 
member 
of 
the 
RemCo, 
she/he 
cannot 
participate 
in 
the 
determination of his/her remuneration. 
The tenure 
of the 
RemCo members 
coincides with 
the tenure 
of the 
HoldCo/Bank’s Board, 
with the 
option to 
renew their 
appointment, but in any case, the service in RemCos should not be more than nine (9) years in total. 
 
8
HoldCo/Bank’s Remuneration Committees’ Terms 
of Reference may be found at the 
HoldCo/Bank websites (
www.eurobankholdings.gr
 
& 
www.eurobank.gr
). 
9
Key Management Personnel includes: Bank’s Executive and Non-Executive 
BoD members, Executive Board (ExBo) members, 
General 
Managers non-members of the ExBo and the Heads 
of Group Internal Audit, Group Compliance, 
Group Risk Management.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
The 
RemCos 
consists 
of 
four 
(4) 
non- 
executive 
Directors 
three 
(3) 
of 
whom 
are 
independent 
Directors, 
including 
the 
Chairperson and the Vice-Chairperson. In particular, the HoldCo/Bank RemCo composition is outlined below: 
RemCo Chairperson:
Cinzia Basile, 
Non-executive Independent Director of the Board
RemCo Vice-Chairperson: 
Jawaid Mirza, 
Non-Executive Independent Director of the Board
Members: 
George Chryssikos,
 
Non-Executive Director of the Board
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
Compared to the previous RemCo’s composition, the number of RemCo members decreased from five (5) to four (4) since 
Ms. Efthymia Deli submitted her 
resignation on 27 October 2023, effective 
as of 7 November 2023, 
from the HoldCo/Bank 
BoDs, ACs and Remuneration Committees that was member at that time. 
RemCo meetings 
HoldCo/Bank’s RemCo meets at least twice a year and minutes are kept. 
Quorum in RemCo meetings 
HoldCo/Bank’s RemCo 
is in 
quorum and meets 
validly when half 
of its 
members plus one 
(1) are 
present or 
represented 
(fractions, if 
any, 
are not 
counted), provided 
that no 
less than 
three (3) 
members, including 
the Chairperson 
or the 
Vice 
Chairperson 
are 
present.
Each 
member 
of 
RemCo 
may 
validly 
represent 
only 
one 
of 
the 
other 
RemCo 
members. 
Representation in RemCo may not be entrusted to persons other than the members thereof. 
RemCo Decisions 
RemCo’s resolutions are 
validly taken by an absolute 
majority of the members who 
are present or represented. 
In case of 
a tie, the Chairperson and 
in case of his/her absence 
the Vice Chairperson of 
RemCo shall have the casting 
vote. In case 
of non-unanimous 
decisions, the 
views of 
the minority 
should also 
be minuted. 
The Board 
shall be 
informed whenever 
a 
decision of the Committee is not reached unanimously. 
Attendance to the RemCo meetings 
During 2023 the attendance details for the Remuneration Committees were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
2022 
HoldCo 
12 
6 
97% 
100%
Bank 
12 
8 
98% 
100% 
The Directors’ individual attendance rates at the RemCo meetings in 2023 were the following: 
Eurobank Holdings’ RemCo 
Eurobank RemCo 
Eligible to attend 
Attended in person 
(# and %) 
Eligible to 
attend 
Attended in person 
(# and %) 
Cinzia Basile, 
RemCo Chairperson
12 
12
100% 
12 
12 
100% 
Jawaid Mirza,
 
RemCo Vice-Chairperson
12 
12 
100% 
12 
12 
100% 
George Chryssikos, 
RemCo member
12 
11 
92% 
12 
11 
92% 
Alice Gregoriadi,
 
RemCo member 
12 
12 
100% 
12 
12 
100% 
Efthymia Deli, 
RemCo member until 7.11.2023
10 
9 
90% 
10 
10 
100% 
It is noted that 
in 2023, Mr. 
George Chryssikos provided representation 
proxies for his missed meetings 
in HoldCo/Bank’s 
RemCos, leading his overall attendance rate (physical and under representation) at 100% in RemCo. 
RemCo Secretary and Minutes 
RemCo 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company Secretariat 
and 
cooperates 
with 
the 
Chairperson of 
RemCo and the 
Group Human 
Resources Deputy 
General Manager. The 
Secretary is 
responsible to 
minute the 
proceedings 
and resolutions of all RemCo’s meetings, including the names of those present and in attendance and the action plans and 
follow ups for 
assignments, as well 
as for issuance 
of extracts. Decisions, 
actions and follow 
ups are disseminated 
to the 
Bank’s responsible Units, as required. 
RemCo Terms of Reference (ToR) 
RemCo’s 
ToR 
are 
reviewed 
annually 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, 
organization and/or regulatory requirements necessitate earlier revision. 
The ToR 
are approved by the Board. 
 

 
 
 
 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
RemCo’s Performance Evaluation 
RemCo’s performance 
is evaluated 
annually according 
to the 
provisions of 
the Board 
and Board 
Committees Evaluation 
Policy. 
The self-evaluation conducted 
by RemCo members 
reflects overall satisfaction 
with the Committee's 
effectiveness 
and leadership. 
According to the evaluation, RemCo members 
believe that the Committee utilizes its 
time effectively and has good planning 
and scheduling of meetings. The material for 
meetings is provided in advance, allowing both 
the Chairperson and members 
to be well prepared. The discussions within RemCo 
are described as open and sufficiently thorough, with 
members actively 
engaged, possessing high levels of knowledge, and acting independently to ensure an adequate level of challenge. 
However, the evaluation also emphasized the need 
to maintain a focus 
on remuneration matters. While improvements 
have 
been made in 
this area, it 
is suggested that 
remuneration should continue 
to be regularly 
assessed against relevant 
local 
and 
international 
benchmarking. 
This 
ongoing 
assessment ensures 
that 
remuneration practices 
remain 
competitive 
and 
aligned with industry standards. 
RemCos' Activity in 2023 
For 2023, RemCo has amongst others: 
Eurobank Holdings 
Bank 
●
proposed to the 
BoD for approval the 
revised RemCo 
Terms 
of Reference 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for approval the Remuneration Policy of the HoldCo 
●
reviewed and 
proposed to 
the Board 
and the 
Annual 
General 
Meeting 
(AGM) 
for 
approval 
the 
Remuneration Policy for Directors 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for 
approval 
the 
Remuneration 
Framework 
of 
the 
HoldCo 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for 
approval 
the 
Variable 
Remuneration 
- 
Key 
Performance Indicators & Key Risk Indicators and 
the 
Group Variable Remuneration Pool 
●
Reviewed and approved the Material Risk Takers’ List 
●
discussed 
the remuneration 
policy 
implementation 
at 
Group level 
●
discussed 
the Remuneration 
Policy 
Review 
– 
Follow 
up (for the Year 2021), conducted by 
the Internal Audit 
Group 
●
proposed 
to 
the 
Board 
and 
Annual 
General 
Meeting 
(AGM) for approval the Board and Board Committees’ 
Fees 
for 
Non-Executive 
Directors 
of 
the 
HoldCo
(Actual Fees 2022 & Estimated Fees 2023) 
●
proposed to the Board for 
approval the Remuneration 
Report for the financial year 2022 
●
proposed to 
the Non-Executive 
Directors of 
the Bank 
for 
approval 
the 
CEO’s 
Performance 
Evaluation 
for 
2022 & CEO’s Financial and Non-Financial 
objectives 
for 2023 
●
approved the Remuneration Disclosures for 2022 
●
reviewed the 
implementation of 
the Board 
and Board 
Committees’ attendance policy 
●
approved the Remuneration Disclosures for 2022 
●
proposed to the 
Non-Executive Directors for 
approval 
a Voluntary Exit Scheme (VES) 
●
proposed to the BoD for approval the 8
th
 
Stock Option 
Plan Implementation for 2023 
●
depending on 
the case, 
approved or 
proposed to 
the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration issues and borrowing requests 
●
discussed 
the 
Supervisory 
Review 
and 
Evaluation 
Process (SREP) findings 
regarding Human Resources 
matters 
●
proposed to the 
Non-Executive Directors for 
approval 
the Separation Policy 
●
approved the revised benefits Policy 
●
approved 
the 
proposal 
to 
assign 
to 
External 
Consultants 
to 
conduct 
a 
benchmarking 
exercise 
for 
Top 
Management Remuneration 
●
proposed to the 
BoD for approval the 
revised RemCo 
Terms 
of Reference 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for approval the Remuneration Policy of the Bank 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for approval the Remuneration 
Framework of the Bank 
●
reviewed and 
proposed to 
the Non-Executive 
Directors 
for 
approval 
the 
Variable 
Remuneration 
- 
Key 
Performance Indicators & Key Risk Indicators and 
the 
Group Variable Remuneration Pool 
●
Reviewed and approved the Material Risk Takers’ List 
●
discussed 
the remuneration 
policy 
implementation 
at 
Bank and Group level 
●
discussed 
the Remuneration 
Policy 
Review 
– 
Follow 
up (for the Year 2021), conducted by 
the Internal Audit 
Group 
●
proposed 
to 
the 
Board 
and 
Annual 
General 
Meeting 
(AGM) for approval the Board and Board Committees’ 
Fees for Non-Executive 
Directors of the 
Bank
(Actual 
Fees 2022 & Estimated Fees 2023) 
●
proposed to 
the Non-Executive 
Directors of 
the Bank 
for 
approval 
the 
CEO’s 
Performance 
Evaluation 
for 
2022 & CEO’s Financial and Non-Financial 
objectives 
for 2023 
●
reviewed the 
implementation of 
the Board 
and Board 
Committees’ attendance policy 
●
discussed 
and 
further 
submitted 
to 
the 
Board 
for 
information 
the 
implementation 
of 
the 
Group 
Subsidiary 
Board 
Remuneration 
Policy 
through 
the 
Group during 2022 
●
approved the Remuneration Disclosures for 2022 
●
proposed to the 
Non-Executive Directors for 
approval 
aVoluntary Exit Scheme (VES) 
●
depending on 
the case, 
approved or 
proposed to 
the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration 
issues 
of 
the 
international 
subsidiaries 
(remuneration 
framework, 
performance 
related 
variable remuneration, remuneration increases etc) 
●
depending on 
the case, 
approved or 
proposed to 
the 
Non-Executive 
Directors 
for 
approval 
various 
remuneration 
issues, 
borrowing 
requests 
and 
incentive schemes 
●
received 
and 
reviewed 
the 
annual 
updates 
of 
the 
RemCo Chairpersons of Group’s banking subsidiaries 
●
approved 
the appointment 
of RemCo 
Chairperson 
in 
Eurobank Direktna Serbia and Eurobank Cyprus 
●
. 
●
discussed 
the 
Supervisory 
Review 
and 
Evaluation 
Process (SREP) findings 
regarding Human Resources 
matters 

 
 
 
 
 
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●
discussed the Annual RemCo Plan for 2024. 
●
proposed to the 
Non-Executive Directors for 
approval 
the Separation Policy 
●
approved the revised benefits Policy 
●
approved 
the 
proposal 
to 
assign 
to 
External 
Consultants to conduct 
a benchmarking exercise 
Top 
Management Remuneration 
●
discussed the Annual RemCo Plan for 2024. 
3.4
 
Nomination and Corporate Governance Committee
10
 
Eurobank Holdings 
and the 
Bank’s Boards 
have delegated 
to the 
NomCos the 
responsibilities (a) 
to lead 
the process 
for 
Board and Board Committees appointments, including the identification, nomination and recommendation of candidates for 
appointment 
to 
the Board, 
(b) to 
consider 
matters related 
to the 
Board’s 
adequacy, 
efficiency 
and effectiveness
and (c)
r
eview 
the 
Group’s 
corporate 
governance 
policies, 
procedures 
and 
arrangements. 
The 
Committees 
were 
renamed 
Nomination and Corporate Governance Committees in order to accurately reflect their expanded purpose. 
The NomCo, in carrying out its duties, is accountable to the Board. 
In particular, among others, the NomCo is responsible: 
●
 
at least annually and in accordance with Board and Board 
Committees Evaluation Policy, to 
assess the structure, 
size, composition and performance of the BoD and make recommendations to 
the BoD with regard to the need for 
its renewal and/or any other changes it considers appropriate, 
●
 
at least annually 
and in accordance 
with Board and 
Board Committees Evaluation 
Policy, to assess the knowledge, 
skills, experience and contribution of 
individual Board members and of 
the Board collectively and report 
to the BoD 
accordingly, 
●
 
in 
the 
context 
of 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
implementation, 
to 
determine 
the 
evaluation 
parameters based 
on best 
practices and 
ensure the 
effectiveness 
of the 
evaluation of 
the Board, 
the individual 
evaluation 
of Non-Executive 
Directors, 
including 
the Chair, 
the 
succession plan 
of the 
Chief Executive 
and the 
members of 
the Board, 
the targeted 
composition of 
the Board 
of Directors 
in relation 
to the 
strategy and 
Board 
Nomination Policy, 
●
 
to play 
a leading 
role in 
the nomination 
process and 
the design 
of the 
succession plan 
for the 
members of 
the 
Board and senior management, 
●
 
to review at least once every two years and recommend for the approval of the BoD the BoD Nomination Policy, 
●
 
to 
ensure 
that 
the 
nomination 
process, 
as 
this 
is 
defined 
in 
the 
BoD 
Nomination 
Policy, 
is 
clearly 
defined 
and 
applied in a transparent manner and in a way that ensures its effectiveness, 
●
 
to 
ensure 
that 
there 
is 
adequate, 
step-wise 
succession 
planning 
for 
Board 
members 
so 
as 
to 
maintain 
an 
appropriate level of continuity 
and organizational memory 
at Board level, especially 
when dealing with sudden 
or 
unexpected absences or departures of Board members, 
●
 
to monitor the Board succession planning 
in order to ensure the smooth succession 
of the members of the Board 
with their gradual replacement in order to avoid the lack of management, 
●
 
to ensure that the succession framework 
takes into account the findings of 
the evaluation of the Board in order 
to 
achieve the necessary changes in composition or skills and 
to maximise the effectiveness and collective suitability 
of the Board, 
●
 
to 
review 
at 
least 
annually 
and 
always 
before 
the 
initiation 
of 
the 
CEO 
succession 
process 
the 
qualifications 
required for the 
position of the CEO, 
to ensure that 
there is a 
viable pool of 
internal and external 
candidates and 
also to ensure that the CEO is involved 
in all the areas of CEO Succession Plan, including 
the assessment of the 
nominees for his/her position, as he deems appropriate, 
●
 
to ensure that the 
CEO is involved in the 
succession planning process of the 
senior executives at the level 
of the 
CEO minus one, including the assessment of nominees for the said positions. 
As 
far 
as 
NomCos 
of 
subsidiaries 
are 
concerned, 
neither 
the 
HoldCo 
NomCo 
nor 
the 
Eurobank 
NomCo 
replace 
them. 
However, 
the Eurobank 
NomCo has the 
overall responsibility to 
oversee that 
the NomCos 
of subsidiaries 
comply with 
its 
standards, modus operandi and governance framework. 
NomCo Membership/Composition 
NomCo members are appointed by the Board. The tenure of NomCo members coincides with the tenure of the Board, with 
the option to renew 
their appointment, but in 
any case, the service 
in NomCo should not 
be more than nine 
(9) years in total. 
 
10
HoldCo/Bank’s NomCos’ Terms of Reference may be found at the HoldCo/Bank websites 
(
www.eurobankholdings.gr
 
& 
www.eurobank.gr
)

 
 
 
 
 
 
 
 
 
 
 
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The NomCo 
as of 
the date 
of approval 
of the 
here-in Statement, 
consists of 
five (5) 
non-executive Directors, 
four (4) 
of 
whom are 
independent Directors, 
including the 
Chairperson who 
may not 
serve as 
the Chairperson 
of the 
Remuneration 
Committee. 
The NomCo composition is outlined below: 
NomCo Chairperson:
Irene Rouvitha Panou, 
Non-Executive Independent Director of the Board
NomCo Vice-Chairperson: 
Jawaid Mirza,
 
Non-Executive Independent Director of the Board
Members: 
Burkhard Eckes, 
Non-Executive Independent Director of the Board
Rajeev Kakar, 
Non-Executive Independent Director of the Board
Bradley Paul L. Martin, 
Non-Executive Director of the Board
It is 
noted that 
during 2023 
and following 
NomCos’ recommendations 
for the 
recomposition of 
the HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 29.09.2023: 
●
 
to appoint Mr. Burkhard Eckes as new NomCo member, 
in replacement of Ms. Efthymia Deli Deli (taking also into 
consideration that her role as representative of the HFSF would cease after the disposal of 
HFSF’s participation). 
●
 
Mr. Jawaid Mirza to swap 
his NomCo status with 
that of Mr. Bradley Paul 
Martin, i.e. Mr. Jawaid Mirza 
to undertake 
the position of NomCo’s 
Vice Chair (previously held 
the position of NomCo’s 
member) whereas Mr. 
Bradley Paul 
Martin to undertake the position of NomCo’s member (previously held the position of NomCo’s Vice Chair) 
NomCo Meetings 
NomCo meets at least twice a year and minutes are kept. 
Quorum in the NomCo Meetings 
NomCo is in quorum and meets validly 
when half of its members plus one 
(1) are present or represented (fractions, if any, 
are 
not counted), 
provided 
that no 
less than 
three (3) 
members, 
including the 
Chairperson 
or the 
Vice 
Chairperson are 
present. 
Each member 
of 
NomCo may 
validly 
represent only 
one 
of 
the other 
NomCo members. 
Representation 
in 
the 
NomCo may not be entrusted to persons other than the members thereof.
 
NomCo Decisions 
NomCo’s resolutions are 
validly taken by an absolute 
majority of the members who 
are present or represented. 
In case of 
a tie, the Chairperson and 
in case of his/her absence 
the Vice Chairperson of 
NomCo shall have the casting 
vote.
In case 
of non-unanimous 
decisions, the 
views of 
the minority 
should also 
be minuted. 
The Board 
shall be 
informed whenever 
a 
decision of the Committee is not reached unanimously. 
Attendance to the NomCo meetings 
During 2023 the attendance details for the NomCo were as follows: 
Company 
Meetings 
Average ratio of 
Directors’ attendance 
2023 
2022 
2023 
20212022 
HoldCo 
11 
6 
100% 
97% 
Bank 
11 
7 
100% 
98% 
It is noted that in 
2022, representation proxies were provided 
for all missed meetings in 
HoldCo/Bank NomCo, leading the 
overall attendance rate (physical and under representation) at 100% in HoldCo/Bank NomCo. 
NomCo Secretary and Minutes 
NomCo 
appoints 
its 
Secretary, 
who 
reports 
to 
the 
Group 
Company Secretariat 
and 
cooperates 
with 
the 
Chairperson of 
NomCo. The 
Secretary is 
responsible to 
minute the 
proceedings and 
resolutions of 
all NomCo’s 
meetings, including 
the 
names of those present 
and in attendance and the 
action plans and follow ups 
for assignments, as well 
as for issuance of 
extracts. Decisions, actions and follow ups are disseminated to the responsible parties, as required. 
NomCo Terms of Reference (ToR) 
NomCo’s 
ToR 
are 
reviewed 
annually 
and 
revised, 
if 
necessary, 
unless 
significant 
changes 
in 
the 
role, 
responsibilities, 
organization and/or regulatory requirements necessitate earlier revision. The ToR 
are approved by the Board. 
NomCo’s Performance Evaluation 
NomCo’s performance 
is evaluated 
annually according 
to the 
provisions of 
the Board 
and Board 
Committees Evaluation 
Policy. 
The self-evaluation conducted by 
the NomCo indicates overall satisfaction 
among its members regarding the 
Committee's 
effectiveness and leadership. 
NomCo members believe that the Committee 
utilizes its time effectively and demonstrates good 
planning and scheduling of 
meetings. The Chairperson of NomCo is reported to 
be well prepared for meetings, facilitating effective navigation 
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the agenda, encouraging critical discussion, and ensuring that all members 
can freely express their views. The members of 
the 
NomCo 
are 
also 
well-prepared, 
leading 
to 
a 
high 
level 
of 
participation 
in 
important 
discussions 
and 
maintaining 
an 
adequate level of challenge within the Committee. 
However, 
the 
evaluation 
also 
highlighted 
areas 
for 
improvement, 
particularly 
focusing 
on 
succession 
planning. 
The 
Committee 
believes that 
more attention 
should be 
given to 
succession 
planning 
efforts, which 
should 
include 
additional 
training and career planning 
for potential successors. This 
emphasis on succession 
planning is crucial for 
ensuring the long-
term sustainability and effectiveness of leadership within the organization. 
NomCo’s Activity in 2023 
For 2023, NomCo has amongst others: 
Eurobank Holdings 
Bank 
●
 
Proposed to 
the BoD 
for approval 
the revised 
NomCo 
Terms 
of Reference 
●
 
reviewed for further update of 
the Board, the Board and 
Board 
Committees 
2022 
self-evaluation 
and 
the 
Board’s overall effectiveness assessment 
●
 
discussed and 
proposed to 
the Board 
for approval 
the 
new 
composition 
of 
the 
Board 
Committees 
and 
other 
Board and Board Committees’ matters 
●
 
proposed 
to the 
Board and 
the AGM 
for 
approval the 
new BoD and AC members 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
External Engagements Policy and 
the Board and Board 
Committees 
Evaluation 
Policy. 
In 
addition, 
reviewed 
and 
proposed 
to 
the 
BoD 
and 
AGM 
for 
approval 
the 
Board Nomination Policy 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
revised HoldCo Group Organizational Chart 
●
 
proposed 
to 
the 
Board 
for 
approval 
the 
Internal 
Governance Control Manual 
●
 
reviewed and proposed to the 
Audit Committee and the 
Board 
for 
approval 
the 
2022 
Corporate 
Governance 
Statement 
●
 
proposed 
to 
the 
Non-Executive 
Directors 
for 
approval 
the appointment of a Senior Executive 
●
 
discussed the 
handling of potential 
conflicts of interest 
following the resignation of an Executive BoD member, 
effective as of 31.12.2023 
●
 
reviewed and 
updated 
the Board on 
Senior Executives 
succession plan
●
 
approved external engagements for Board members 
●
 
reviewed 
the 
independence 
of 
the 
Independent 
Non-
Executive directors 
●
 
reviewed the attendance 
of Directors to 
the Board and 
Board Committees 
●
 
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
2023 Action 
Plan including recommendations 
from the 
BoD and BoD Committees Self-Assessment 2022 
●
 
discussed the NomCo Annual Plan for 2024 
●
 
discussed 
and 
submitted 
a 
proposal 
to 
the 
BoD 
regarding the 
term of 
office of 
the Non-Executive 
BoD 
member/HFSF 
representative 
following 
the 
HFSF’s 
share buyback. 
●
 
Proposed to 
the BoD 
for approval 
the revised 
NomCo 
Terms 
of Reference 
●
 
reviewed for further update of 
the Board, the Board and 
Board 
Committees 
2022 
self-evaluation 
and 
the 
Board’s overall effectiveness assessment 
●
 
discussed and 
proposed to 
the Board 
for approval 
the 
new 
composition 
of 
the 
Board 
Committees 
and 
other 
Board and Board Committees’ matters 
●
 
proposed 
to the 
Board and 
the AGM 
for 
approval 
the 
new BoD and AC members 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
External 
Engagements 
Policy, 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy 
and 
the 
Board 
Nomination Policy 
●
 
reviewed 
and 
proposed 
to 
the 
Board 
for 
approval 
the 
revised Eurobank Group Organizational Chart 
●
 
proposed 
to 
the 
Board 
for 
approval 
the 
Internal 
Governance Control Manual 
●
 
approved 
the 
selection 
of 
candidates 
as 
members 
of 
the 
Board 
of 
Directors 
and/or 
CEOs 
of 
Group’s 
significant subsidiaries 
●
 
approved the NomCo Chairperson of Eurobank Cyprus 
●
 
proposed 
to 
the 
Non-Executive Directors 
for 
approval 
the appointment of a Senior Executive 
●
 
discussed the 
handling of potential 
conflicts of interest 
following the resignation of an Executive BoD member, 
effective as of 31.12.2023 
●
 
received 
and 
reviewed 
the 
annual 
updates 
of 
the 
NomCo Chairpersons of Group’s banking subsidiaries 
●
 
reviewed and updated the Board 
on Senior Executives 
succession plan 
●
 
approved 
external 
engagements 
for 
Board 
Members 
and 
General 
Managers 
/ 
Executive 
Board 
(ExBo) 
members that are not Board Members 
●
 
reviewed 
the 
independence 
of 
the 
Independent 
Non-
Executive directors 
●
 
reviewed the attendance 
of Directors to 
the Board and 
its Committees 
●
 
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
2023 Action 
Plan including recommendations 
from the 
BoD and BoD Committees Self-Assessment 2022 
●
 
discussed 
the 
talent 
development 
and 
mobilization 
practices in Eurobank 
●
 
discussed the NomCo Annual Plan for 2024 
●
 
discussed 
and 
submitted 
a 
proposal 
to 
the 
BoD 
regarding the 
term of 
office of 
the Non-Executive 
BoD 
member/HFSF 
representative 
following 
the 
HFSF’s 
share buyback. 
 

 
 
 
 
 
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Board of Directors Diversity Policy 
The HoldCo/Bank Board of 
Directors Diversity Policy outlines 
the organization's commitment 
to diversity on the 
Board in line 
with international best practices and applicable legal requirements. 
According 
to 
the 
Policy, 
the Board's 
diversity 
encompasses 
various 
factors 
such 
as 
skills, 
educational 
and 
professional 
background, 
geographical 
origin, 
gender, 
age, 
and 
other 
relevant 
qualities 
of 
Directors. 
The 
NomCo 
is 
responsible 
for 
considering diversity when assessing the composition and structure of the Board. 
During the review process of the 
Board collective suitability, NomCo members discuss and agree on measurable objectives 
for 
achieving 
diversity 
on 
the 
Board. 
These 
objectives 
are 
also 
considered 
during 
the 
(re)appointment 
and 
succession 
planning of individual Board members, in accordance with the Board and Board Committees Evaluation Policy. 
One of the specific targets outlined in the Policy is related to gender diversity. 
NomCo aims for at least 25% representation 
of the less represented gender 
on the Board, calculated based 
on the total Board size. 
This target is set for 
the next three 
years, with the 
intention to maintain 
the actual percentage 
above the minimum 
target at all 
times, considering industry 
trends 
and best practices. 
As of 31.12.2023, the representation of the female gender on the 
Board met the provisions of Greek Law, which requires at 
least 25% representation. If there is 
a fractional result, the percentage is 
rounded to the previous integer. This indicates that 
the HoldCo/Bank is meeting its diversity objectives, particularly concerning gender representation on the Board. 
Senior Management Diversity 
The Bank/HoldCo has taken 
significant steps to enhance 
gender diversity and support 
career growth for women 
executives. 
These 
efforts 
are 
aimed 
at 
creating 
a 
pipeline 
of 
eligible 
female 
professionals 
who 
can 
potentially 
join 
the 
Executive 
Committee and/or Board. 
One key 
initiative is 
the annual Succession 
Planning exercise, which 
identifies potential 
successors and has 
seen a 27% 
increase 
in 
the 
participation 
of 
women 
successors 
in 
the 
pool. 
This 
demonstrates 
a 
commitment 
to 
promoting 
gender 
diversity at senior levels within the organization. 
Additionally, the Bank is 
actively involved 
in initiatives like 
"the Boardroom" initiative 
in Greece, which 
supports senior female 
leaders aiming to become Board members in 
major organizations. By sponsoring such initiatives, the Bank 
encourages its 
employees and clients to seize opportunities for leadership roles. 
In the 
long term, 
the Bank 
has launched 
the "Women 
In Banking" 
program, a 
Women Leadership 
Acceleration program. 
This program focuses on supporting the career growth 
of high-potential women in middle management roles, with the goal 
of preparing them for transition to top executive roles in the future. 
Furthermore, 
the 
Bank's 
Human 
Resources department 
is continuously 
examining additional 
actions 
to 
further 
enhance 
diversity at the senior and senior management levels within the Bank/HoldCo. These efforts reflect a strong commitment to 
promoting gender diversity and supporting the professional growth of women within the organization. 
Board Nomination Policy 
The HoldCo/Banks’ 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 
and 
(c) 
on 
the 
basis of 
individual merit and ability, following a best practice process. 
The primary objectives of the Policy are to: 
●
 
define the general 
principles which guide the 
NomCo as it discharges 
its role across 
all stages of the 
nomination 
process, 
●
 
devise the specific criteria and requirements for Board nominees, 
●
 
establish a transparent, efficient and fit-for-purpose nomination process, 
●
 
ensure that the 
structure of 
the Board (including 
the succession 
planning) meets 
high ethical 
standards, has optimal 
balance of knowledge, skills and experience and is aligned with the current regulatory requirements. 
The Board supported by NomCo shall nominate candidates who meet the following nomination criteria: 
●
Reputation along with honesty, integrity and trust 
a)
 
Reputation: Sufficiently 
good repute, 
high social 
esteem and 
adherence to 
the reputation, 
honesty, 
and integrity 
criteria of the applicable regulatory framework 
b)
 
Honesty, 
integrity 
and 
trust: 
Demonstration 
of 
the 
highest 
standards 
of 
ethics, 
honesty, 
integrity, 
fairness, 
and 
personal discipline, through personal history, professional track record or other public commitments 
 

 
 
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●
Knowledge, skills, experience (KSE) and other general suitability requirements 
a)
 
Understanding of the HoldCo/Bank: Sufficient KSE for the development of a 
proper and up-to-date understanding 
of the 
business, culture, group 
structure, governance arrangements, 
supervisory and 
regulatory context, product 
and geographic markets of operations, stakeholders and risks of the HoldCo and its subsidiaries 
b)
 
Seniority: Several 
years of 
experience in a 
generally recognised position 
of leadership 
in the candidate’s 
field of 
endeavour 
c)
 
Independent mind-set and ability to challenge: Ability of 
forming and expressing an independent judgement on all 
matters that reach the Board 
and candour to challenge 
proposals and views on these 
matters by management and 
other candidates 
d)
 
Collegiality, 
team skills 
and leadership: 
Ability to 
contribute constructively 
and productively 
to Board 
discussions 
and decision making along with ability of leading such discussions as 
chair or vice-chair of specific committees or 
the Board as a whole 
e)
 
Additional 
criteria 
for 
the 
nomination 
of 
Executive 
Directors: 
Proven, 
through 
current 
and 
previous 
executive 
positions, 
knowledge, 
skills, 
experience 
and 
character 
to 
lead 
the 
HoldCo/Bank 
and 
its 
subsidiaries 
in 
the 
achievement of strategic 
objectives, along with 
willingness to enter 
into full time 
employment with the 
HoldCo/Bank. 
●
Conflicts of interest and independence of mind 
NomCo 
examines 
the 
personal, 
professional, 
financial, 
political 
and 
any 
other 
possible 
interests 
and 
affiliations 
of 
candidates, ensuring that the candidates do not have actual, potential or perceived conflicts of interest which cannot be 
prevented, adequately mitigated 
or managed under 
the written policies 
of the HoldCo/Bank, 
that would impair 
their ability 
to represent the 
interests of all 
shareholders of the 
HoldCo/Bank, fulfil 
their responsibilities as 
Directors and make 
sound, 
objective and independent decisions (act with independence of mind). 
In 
particular, 
NomCo 
shall 
also 
examine 
relevant 
direct 
and indirect 
monetary 
interests 
and 
non-monetary 
interests, 
including those arising from affiliations with and membership in other organisations. 
●
Time commitment 
NomCo ensures that 
all nominees are 
able to commit 
the time 
necessary to effectively 
discharge their responsibilities 
as Directors, including regularly attending and participating in meetings of the Board and its Committees. 
●
Collective suitability
 
The 
Board 
should 
collectively 
be 
able 
to 
understand 
the 
institution's 
activities, 
including 
the 
main 
risks, 
and 
to 
take 
appropriate 
decisions 
considering 
the 
business 
model, 
risk 
appetite, 
strategy 
and 
markets 
in 
which 
the 
institution 
operates, i.e.: 
●
 
the composition of the management body should reflect 
the knowledge, skills and experience necessary to fulfil 
its 
responsibilities. This 
includes that 
the management 
body collectively 
has an 
appropriate understanding 
of those 
areas for 
which the 
members are 
collectively accountable, 
and the 
skills to 
effectively manage 
and oversee 
the 
institution, including the following aspects: 
●
 
the business of the institution and main risks related to it, 
●
 
each of the material activities of the HoldCo/Bank, 
●
 
relevant 
areas 
of 
sectoral/financial 
competence, 
including 
financial 
and 
capital 
markets, 
solvency 
and 
models, 
environmental, governance and social risks and risk factors, 
●
 
financial accounting and reporting, 
●
 
risk management, compliance, including AML/CFT, and internal audit, 
●
 
information/digital technology and security, 
●
 
local, regional and global markets, where applicable, 
●
 
the legal and regulatory environment, 
●
 
managerial skills and experience, 
●
 
the ability to plan strategically, 
●
 
the management of (inter)national groups and risks related to group structures, where applicable, 
●
 
corporate governance, 
●
 
ESG issues, 
●
 
gender representation, as per the Board of Directors Diversity Policy. 
Among others, in overseeing the 
nomination process, the NomCo shall 
ensure that there is 
adequate, step-wise succession 
planning for Board members so as to maintain an appropriate level of continuity and organizational memory at Board level, 
especially when dealing with sudden or unexpected 
absences or departures of Board members. 
In this respect, the NomCo 
shall: 
●
 
monitor 
the 
tenures of 
Board members 
and make 
its nomination 
proposals in 
such 
a 
manner as 
to 
encourage 
staggered 
appointments/retirements 
on 
the 
Board, 
wherever 
possible. 
The 
reappointment 
of 
current 
Board 
members shall be based on continuing adherence to the criteria established in this Policy, 
●
 
ensure that there is an appropriate level of 
presence of relevant KSEs on the Board, without 
undue reliance on the 
expertise of a few Directors, 
●
 
review whether 
there are 
sufficient 
Board members 
who are 
capable of 
serving as 
Board Chair 
and Committee 
Chairs, if necessary, 
●
 
periodically monitor as required the availability 
of candidates who could address the 
Board’s succession planning 
needs, 

 
 
 
 
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●
 
take into account account 
a) the objectives and targets 
defined in the HoldCo/Bank Board 
Diversity Policy and b)
the findings of the HoldCo and Bank BoD 
evaluations in order to achieve the necessary 
changes in composition or 
skills and to maximise the effectiveness and collective suitability of the HoldCo and Bank BoD. 
The Board Nomination 
Policy is reviewed at 
least annually by 
the NomCo and approved 
by the Board/General Meeting 
of 
Shareholders as necessary, unless material changes, regulatory or other, 
necessitate earlier revision. 
CEO Succession Planning 
The 
HoldCo/Bank's 
CEO 
Succession 
Planning 
Policy 
(Policy) 
plays 
a 
crucial 
role 
in 
ensuring 
a 
smooth 
transition 
in 
leadership. The key elements of the Policy are outlined below: 
●
 
Qualifications for CEO 
Position: The NomCo, 
in collaboration with 
the current CEO, 
defines the 
qualifications required 
for the position of the CEO. This ensures that the successor 
possesses the necessary skills, experience, and attributes 
to lead the organization effectively. 
●
 
Viable Pool 
of Candidates: 
NomCo ensures that 
there is a 
viable pool of 
candidates who meet 
the required profile 
for 
the 
CEO 
position. 
This 
may 
involve 
identifying 
internal 
candidates 
within 
the 
organization 
or 
considering 
external 
candidates as well. 
●
 
Annual 
Review: 
NomCo reviews 
the 
qualifications 
required for 
the 
CEO position 
and 
the pool 
of candidates 
at 
least 
annually. This continuous review ensures that the succession planning process remains up-to-date and aligned with the 
evolving needs of the organization. 
●
 
Selection 
Process: 
NomCo 
leads 
the 
selection 
process 
for 
the 
CEO 
successor. 
This 
involves 
evaluating 
candidates 
based 
on 
their qualifications, 
experience, 
leadership 
capabilities, 
and 
fit 
with 
the 
organization's 
culture 
and 
strategic 
goals. 
●
 
Tailored 
Induction Program: 
Upon the 
selection of 
the new 
CEO, NomCo 
approves a 
tailored induction 
program. This 
program 
is 
designed 
to 
facilitate 
a 
smooth 
transition 
and 
ensure 
that 
the 
new 
CEO 
is 
equipped 
with 
the 
necessary 
knowledge, resources, and support to succeed in the role. 
Overall, the CEO Succession 
Planning Policy ensures that 
the organization is well-prepared 
for leadership transitions and 
can maintain continuity and effectiveness in its leadership team. 
3.5
 
Board Digital & Transformation Committee
11
The Bank’s Board 
Digital & 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, 
innovation, transformation and 
cybersecurity, 
in 
order 
to 
contribute 
in 
achieving 
the 
vision 
and 
strategic 
goals 
of 
the 
Bank. 
The 
BDTC, 
in 
carrying 
out 
its 
duties, 
is 
accountable to the Bank Board. 
BDTC Membership / Chairmanship 
The BDTC members are appointed by the Board. 
The tenure of the BDTC members coincides with 
the tenure of the Bank’s 
Board, with 
the option to 
renew their appointment, 
but in any 
case the service 
in BDTC should 
not be more 
than nine 
(9) 
years in total. 
The 
BDTC 
consists 
of 
five 
(5) 
Directors 
of 
whom 
one 
(1) 
executive 
and 
(4) 
independent 
non-executives. 
The 
BDTC 
composition is outlined below: 
BDTC Chairperson:
 
Alice Gregoriadi, 
Non-Executive Independent Director of the Board
BDTC Vice-Chairperson: 
 
Rajeev Kakar, 
Non-executive Independent Director of the Board
Members: 
 
Jawaid Mirza, 
Non-executive Independent Director of the Board
 
John Arthur Hollows, 
Non-executive Independent Director of the Board
 
Stavros Ioannou, 
Executive Director of the Board / Deputy Chief Executive Officer, Group 
Chief Operating Officer (COO) & International Activities 
It is 
noted that 
during 2023 
and following 
NomCos’ recommendations 
for the 
recomposition of 
the HoldCo/Bank’s 
BoDs 
Committees, the HoldCo/Bank’s BoDs decided on 
29.09.2023, Mr. John Arthur Hollows to replace 
Ms. Efthymia Deli (taking 
also into consideration that her role as representative of the HFSF would cease after the disposal of HFSF’s participation). 
In addition, 
on 31 
October 2023, 
Mr. 
Andreas Athanasopoulos, 
Deputy CEO 
and Executive 
Member of 
the HoldCo/Bank 
BoD and member of the Bank BDTC submitted his resignation from these roles, with effect from December 31st, 2023. 
 
11
BDTC ToR may be found at the Bank’s website (www.eurobank.gr). 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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BDTC Meetings
BDTC meets at least twice a year and as each time required, also considering that the annually held Strategy Away Day is 
a 
forum 
in 
which 
relevant 
digital and 
transformation 
strategic matters 
are 
also 
discussed, 
while minutes 
are kept 
for 
all 
meetings. 
Quorum in BDTC 
BDTC is in 
quorum and meets 
validly when half 
of its members 
plus one (1) 
are present or 
represented (fractions, if 
any, 
are not counted), provided that no less than three (3) members, 
including the Chairperson or the Vice Chairperson and one 
non
‐
executive director are present.
At all times, the Chairperson or the Vice 
Chairperson are present and the total number 
of non
‐
executive (incl. independent nonexecutive) directors should be the majority of the members present or represented. 
Each member 
may 
validly 
represent only 
one of 
the 
other BDTC 
members 
and 
representation may 
not be 
entrusted to 
persons other than the Committee members.
 
BDTC Decisions 
BDTC’s resolutions are validly taken by 
an absolute majority of the members who 
are present or represented. In case of 
a 
tie, the Chairperson 
and in case 
of his/her absence 
the Vice Chairperson 
of BDTC shall 
have the casting 
vote. 
In case of 
non-unanimous 
decisions, 
the 
views 
of 
the 
minority 
should 
also 
be 
minuted. 
The 
Board 
shall 
be 
informed 
whenever 
a 
decision of the BDTC is not reached unanimously. 
BDTC Attendance Rate
During 2023, BDTC held two (3) meetings and the ratio of attendance was 94% (vs. 100% in 2022).
The Directors’ individual attendance rates at the BDTC meetings in 2023 were the following: 
Eurobank ‘s BDTC 
Eligible to attend 
Attended in person 
(# and %) 
Alice Gregoriadi, 
BDTC Chairperson
3 
3
100% 
Rajeev Kakar,
 
BDTC Vice-Chairperson
3 
3 
100% 
Jawaid Mirza, 
BDTC member
3 
3 
100% 
John Arthur Hollows,
 
BDTC member since 20.7.2023 
1 
1 
100% 
Stavros Ioannou, 
BDTC member
3 
3 
100% 
Efthymia Deli, 
BDTC member until 7.11.2023
2 
2 
100% 
Andreas Athanasopoulos, BDTC member until 31.12.2023 
3 
2 
67% 
It is noted 
that in 2023, 
Mr. Andreas Athanasopoulos provided 
representation proxy for 
his missed meeting 
in BDTC, leading 
the overall attendance rate (physical and under representation) at 100% in BDTC. 
BDTC Secretary and Minutes 
BDTC appoints its 
Secretary, who reports to the 
Group Company Secretariat 
and cooperates with 
the Chairperson of 
BDTC. 
The Secretary 
is responsible 
to minute 
the proceedings 
and resolutions 
of all 
BDTC’s meetings, 
including the 
names of 
those present and 
in attendance and 
the action plans 
and follow ups 
for assignments, as 
well as for 
issuance of extracts. 
Decisions, actions and follow ups are disseminated to the Bank’s responsible Units, as required. 
BDTC Terms of Reference (ToR) 
The BDTC ToR 
are reviewed at least once 
every two (2) years and 
revised if necessary, 
unless significant changes in 
the 
role, responsibilities, organization and/or regulatory requirements 
necessitate earlier revision. The ToR are approved by the 
Board. 
BDTC Performance Evaluation 
BDTC’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
the 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According to 
the self-evaluation 
conducted by 
the BDTC, 
its members 
expressed satisfaction 
with the 
effectiveness 
and 
leadership of 
the Committee. 
They are 
of the 
opinion that 
the BDTC 
utilizes its 
time efficiently 
and engages 
in thorough 
planning and scheduling of meetings. The Chairperson of the BDTC is consistently well-prepared for meetings and adeptly 
guides the Committee through its agenda, fostering critical discussions and ensuring that all 
members have the opportunity 
to freely 
express their 
views. Furthermore, 
members are 
adequately prepared 
for discussions, 
leading to 
a high 
level of 
participation, which indicates a satisfactory level of challenge within the Committee. 
The 
evaluation also 
brought 
attention 
to areas 
for potential 
improvement 
within 
the BDTC, 
particularly 
in enhancing 
the 
planning and scheduling of future meetings. The suggestion is to incorporate more benchmarking and best practices items 
into the agenda, shifting focus away from matters solely related to the current state of the Bank. 

 
 
 
 
 
 
 
 
 
 
 
 
 
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BDTC’s Activity
For 2023 BDTC has discussed updates of the 
Eurobank 2030 Transformation and its 2024 big 
rocks, including deep dives 
in various areas. The Committee reviewed among others the IT Architecture Model and 
strategy to support transformation, 
the digital maturity 
and was also 
updated on innovation 
benchmarking, walked 
through the Eurobank’s 
Innovation Center 
and noted the progress of innovation initiatives. 
4. 
Management Committees 
Given that there is no relevant regulatory requirement neither a business 
need, the CEO has not established committees at 
HoldCo 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 the Executive 
Board, the Strategic 
Planning 
Committee, the Management 
Risk Committee, the 
Group Asset and 
Liability Committee, the 
Central Credit Committees (I 
& 
II), 
the 
Troubled 
Assets 
Committee, 
the 
Products 
and 
Services 
Committee 
(PSC) 
and 
the 
Environmental, 
Social 
& 
Governance (ESG) Management Committee.
 
Executive Board
The Composition of the Executive Board and short biographical details of its members are summarized below: 
Fokion Karavias 
Chief Executive Officer (CEO) 
Year of birth: 1964 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 269.495
Mr. Karavias joined Eurobank in 1997 and served, inter alia, as 
Senior General 
Manager, 
Group Corporate 
& Investment 
Banking, Capital 
Markets & 
Wealth 
Management 
(2014-2015) 
and 
Executive 
Committee 
Member 
(2014-2015), 
General 
Manager 
and 
Executive 
Committee 
Member 
(2005-2013), 
Deputy 
General 
Manager 
and 
Treasurer 
(2002-2005), 
Head 
of 
fixed 
income 
and 
derivative product trading (1997). 
In the past, 
Mr. Karavias 
had also the 
following significant posts: 
Treasurer of 
Telesis Investment Bank (2000), Head of 
fixed income products 
and derivatives 
in Greece 
of Citibank, Athens 
(1994) and has 
also worked in 
the Market 
Risk 
Management Division of JPMorgan NY (1991). 
He holds a PhD 
in Chemical Engineering from the 
University of Pennsylvania, 
Philadelphia, 
USA 
and 
an 
MA 
in 
Chemical 
Engineering 
from 
the 
same 
university, 
as 
well 
as 
a 
Diploma 
in 
Chemical 
Engineering 
from 
the 
National 
Technical 
University of 
Athens. He 
has published 
articles on 
topics related 
to 
his academic research. 
Stavros Ioannou 
Deputy Chief Executive Officer (CEO), Group Chief 
Operating Officer (COO) & International Activities 
Membership in Board Committees: 
Board Digital and Transformation Committee - Member 
Year of birth: 1961 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 133.154 
Mr. Ioannou holds several other posts 
in the Eurobank Group 
as member of the 
BoD 
of 
Eurobank 
Bulgaria 
AD 
(since 
October 
2015), 
Vice-Chairman 
in 
Eurobank Cyprus Ltd 
(since November 2022) and 
is also the 
Chairman of the 
BoD, BE-Business 
Exchanges SA 
(since January 2014).
Group Private Banking 
is also in 
the area of 
his responsibilities 
since 2019 while 
he has been 
appointed 
as 
the 
responsible 
BoD 
member 
of 
Eurobank 
Holdings 
and 
Eurobank 
for 
climate-related and environmental risks and for the outsourcing 
function 
He 
is 
currently 
Non-Executive 
Board 
member 
of 
Grivalia 
Management 
Company S.A. (since September 2019). 
In the 
past, Mr. 
Ioannou had 
also the 
following significant 
posts: Chairman 
of 
the 
Executive 
Committee 
in 
the 
Hellenic 
Banking 
Association 
(2020-2022)
where he had been member since 2013, Vice Chairman at 
Cardlink SA (2013-
2015), Member of 
the BoD in 
Millennium Bank, responsible 
for Retail, 
Private 
Banking 
and 
Business 
Banking 
(2003), 
Head 
at 
Barclays 
Bank 
PLC, 
responsible for Retail Banking, Private Banking and Operations 
(1990-1997). 
He holds an MA in Banking and Finance from the 
University of Wales, UK and 
a Bachelor Degree in Business Administration from 
the University of Piraeus. 
Kostas Vassiliou 
Deputy Chief Executive Officer 
(CEO), Head of Corporate 
& Investment Banking 
Year of birth: 1972 
Nationality: Hellenic 
Mr. Vassiliou 
holds several other posts in the Eurobank Group as 
Chairman of 
the 
BoD 
of 
Eurobank 
Factors 
Single 
Member 
SA 
(since 
December 
2018), 
Member 
of 
the 
BoD 
of 
Eurobank 
Equities 
Single 
Member 
SA 
(since 
March 
2015), Vice-Chairman of 
the BoD of Eurolife 
FFH Insurance Group 
Holdings SA 
(since January 2021), Eurolife 
FFH Life Insurance SA 
(since December 2020) 
and Eurolife FFH General Insurance SA (since December 
2020). 

 
 
 
 
 
 
 
 
 
 
 
 
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Number of shares in Eurobank Holdings: 131.626 
In 
the 
past, 
Mr. 
Vassiliou 
had 
also 
the 
following 
significant 
posts: 
Country 
Manager for Greece, Cyprus and the Balkans, 
Mitsubishi UFJ Financial Group, 
London 
(2000-2005) 
and 
Senior 
Relationship 
Manager, 
Mitsubishi 
UFJ 
Financial Group, London (1998-2000). 
He 
holds 
an 
MΒΑ 
from 
Boston 
University, 
USA 
and 
a 
BA 
in 
Business 
Administration from the Athens University of Economics 
and Business. 
Christos Adam 
General Manager, Group Risk Management, Group 
Chief 
Risk Officer (Group CRO), Eurobank SA 
Year of birth: 1958 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 120.365 
Mr. Adam has 
been Group 
CRO since 
November 2013 
and he 
has served 
within 
the Eurobank Group as Deputy General Manager (2005-2013), Head of Group 
Credit 
Control 
Sector 
(1998-2013) 
and 
Senior 
Account 
Officer 
& 
Senior 
Manager, Corporate Division (1990-1997). 
In the past Mr. Adam worked 
in ANZ 
Grindlays 
Greek 
Branch, 
he 
had 
the 
position 
of 
Account 
Manager 
in 
the 
Corporate Division. 
He holds an MBA in Finance from the University of Michigan, Ann Arbor, USA, 
with full scholarship from the Fulbright Foundation and a Degree in Economics 
with Honors 
from the 
School of 
Economics & 
Political Sciences, 
University of 
Athens. 
Thanasis Athanasopoulos 
General Manager – 
Head of Group 
Compliance General 
Division of Eurobank SA 
Year of birth: 1973 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 103.888 
In 
the 
past, Mr. 
Athanasopoulos has 
served as 
Chief Audit 
Executive of 
the 
Alpha 
Bank 
Group 
and 
Vice 
President 
- 
Audit 
& 
Risk 
Review 
of 
the 
Mellon 
Financial Corporation. 
He 
holds 
a 
BSc, 
Business 
Administration 
from 
the 
Athens 
University 
of 
Economics and 
Business, a 
MSc, Banking 
from the 
University of 
Reading, a 
MSc, Economic 
History from 
the London 
School of 
Economics and 
he is 
certified 
as a Fellow 
Chartered Accountant of ICAEW 
and a Certified Director 
(IDP) by 
INSEAD. 
Iakovos Giannaklis 
Deputy Chief 
Executive Officer, 
Head of 
Retail & 
Digital 
Banking of Eurobank SA 
Year of birth: 1971 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 82.421 
He is 
also the 
Vice-President in 
the Board 
of Directors 
of Worldline 
Merchant 
Acquiring Greece S.A. 
In 
the 
past, 
Mr. 
Giannaklis 
held 
BoD 
positions 
in 
the 
following 
entities 
of 
Eurobank 
Group: 
Eurobank 
FPS 
Loans 
and 
Credits 
Claim 
Management 
SA 
(2018-2019), 
Eurobank 
Household 
Lending 
Services 
SA 
(2016-2018), 
Eurobank 
Asset 
Management 
MFMC 
(2014-2017) 
and 
Eurobank 
Business 
Services (2009-2017). 
He also 
held the 
following posts 
in Eurobank: 
Head of 
Retail Banking General Division 
(2016-2023), Head of Branch 
Network General 
Division 
(2014-2016), 
Head 
of 
Branch 
Network 
Commercial 
Development 
Sector (2014), and Head of Branch Network Sector (2009-2014). 
He 
has 
also 
been 
a 
member 
of 
the 
BoDs 
of 
Eurolife 
FFH 
Group 
Holdings, 
General Insurance and Life Insurance (2021-2023). Mr 
Giannaklis also served 
as 
Group 
Deputy 
General 
Manager, 
Retail 
and 
Digital, 
Growth 
and 
Transformation in Bank Muscat, Oman (2023) 
He holds an 
MBA from the 
University of Indianapolis, 
USA and a 
BA in Business 
Administration, from the City University of Seattle, 
USA. 
Tasos Ioannidis 
General 
Manager 
Markets 
& 
Asset 
Management, 
Eurobank SA 
Year of birth: 1968 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 101.962 
In 
the 
past 
Mr. 
Ioannidis 
has 
served 
as 
General 
Manager, 
Head 
of 
Global 
Markets & Treasury (April 2015 
- July 2019), Deputy 
General Manager, Head of 
Global 
Markets 
& 
Treasury 
(October 
2013 
- 
March 
2015), 
Deputy 
General 
Manager, 
Group 
Treasurer 
(April 
2009 
- 
October 
2013), 
Deputy 
General 
Manager, Group Head 
of Trading (March 
2007 - 
April 2009). 
He has 
also served 
as 
Member 
of 
the 
BoD, 
Eurobank 
Asset 
Management 
MFMC 
(May 
2015 
- 
September 
2017), 
Chairman 
of 
the 
BoD, 
Eurobank 
ERB 
MFMC, 
former 
TT 
ELTA 
MFMC (February 2014 
- September 2015), Member 
of the BoD, 
Global 
Asset Management SA 
(June 2006 - 
December 2009), and 
Member of the 
BoD, 
Portfolio Investment SA (June 2002 - April 2003). 
He holds 
a MSc in 
Shipping, Trade 
and Finance from 
Cass Business School, 
London, UK 
and a 
BSc, School 
of Mechanical 
Engineering from 
the National 
Technical University of Athens. 
Apostolos Kazakos 
General Manager, Group Strategy, Eurobank SA 
Year of birth: 1972 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 104.417 
Mr. 
Kazakos 
has 
also 
served 
as 
Deputy 
CEO, 
Eurobank 
Equities, 
the 
investment banking and 
brokerage arm of 
Eurobank Group (May 
2010 – August 
2013), 
Assistant 
General 
Manager, 
Head 
of 
Group 
Strategy 
& 
Investment 
Relations, 
National 
Bank 
of 
Greece 
(August 
2014 
– 
March 
2015), 
General 
Manager 
and 
Head 
of 
the 
Investment 
Banking, 
Restructuring 
& 
Capital 
Investment 
Division, 
General 
Bank, 
Piraeus 
Group 
(September 
2013 
– 
July 
2014),
Senior 
Executive 
and 
eventually 
Head 
of 
the 
Investment 
Banking 
Division, Eurobank Equities and Telesis Bank (January 1998 – May 2010). 
He 
holds 
an 
MSc 
in 
International 
Securities, 
Investment 
and 
Banking, 
International 
Securities 
Market 
Association 
(ISMA) 
from 
the 
University 
of 
Reading, UK and a Degree in Accounting, Faculty of Administration & Finance 

 
 
 
 
 
 
 
 
 
 
 
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from 
the 
International 
University 
of 
Greece 
(ex-Technological 
Educational 
Institute of Central Macedonia). 
Harris Kokologiannis 
General Manager, Group Finance, Group Chief Financial 
Officer (Group CFO), Eurobank SA 
Year of birth: 1967 
Nationality: Hellenic 
Number of shares
in Eurobank Holdings: 119.788 
Mr. Kokologiannis joined Eurobank in January 2008 as Head of Group 
Finance 
and Control until his appointment as Group CFO 
in July 2013. 
He 
has 
served 
as 
Audit 
Supervisor, 
Deloitte 
(Tax, 
Audit, 
Management 
Consultant), 
Group 
CFO 
(Lafarge 
Cement 
- 
Heracles 
General 
Cement 
Company), Director 
of Finance 
and Control 
(L’Oreal 
Hellas), Group 
Financial 
Manager (PLIAS Group). 
He 
is 
a 
Chartered 
Accountant 
in 
UK, 
member 
of 
the 
Chartered 
Institute 
of 
Management Accountant (C.I.M.A.), UK. He holds an MBA from the 
University 
of Warwick (UK) and a BA in Business 
Management and Organization from the 
School of Economics and Business Science (ASOEE). 
Michalis Louis 
Head of International Activities & Group Private 
Banking 
Year of birth: 1962 
Nationality: Cypriot 
Number of shares
in Eurobank Holdings: - 
Mr. Louis 
also serves as CEO, 
Eurobank Cyprus Ltd (since 
2007), Member of 
the 
BoD, 
Eurobank 
Private 
Bank 
Luxembourg 
SA 
and 
Member 
of 
the 
Supervisory Board (SB) of Eurobank Bulgaria AD. 
He holds a MSc in Corporate Finance & 
Accounting from the London School of 
Economics and Political Sciences, UK and a Degree in Accounting 
from Ealing 
College, UK. 
Natassa Paschali 
General 
Manager, 
Head 
of 
Group 
Human 
Resources 
General Division, (Group CHRO), Eurobank SA 
Year of birth: 1972 
Nationality: Greek 
Number of shares
in Eurobank Holdings: 47.968 
Mrs. Paschali is the Group Chief Resources 
Officer (Group CHRO), since June 
2018 In the past she has served within 
the Eurobank Group as Head of People 
Engagement (January 2017 – June 
2018), Head of HR, Eurobank 
Private Bank 
Luxembourg SA 
(parallel assignment), 
Luxembourg (May 
2014 – 
May 2017), 
Head of HR Line Management, Wholesale Banking 
(2008-2016). 
She 
also held positions in Citigroup- 
Citibank International Plc 
as Head of HR – 
Vice 
President, Global Corporate and Investment 
Banking Group, (July 2006 – June 
2008) 
and 
Head 
of 
Training 
& 
Development 
– 
Assistant 
Vice 
President, 
Consumer Banking Group, (February 2004 – July 2006) 
She holds a 
MSc in Industrial 
Relations and Personnel Management 
from the 
London School 
of Economics 
and Political 
Science (1995-1996) 
and a 
BA in 
English 
Language 
and 
Literature 
from 
the 
University 
of 
Athens, 
School 
of 
Philosophy (1991-1995). 
Ioannis Serafeimidis 
General 
Manager, 
Retail 
Banking 
Channels, 
Eurobank 
SA 
Year of birth: 1973 
Nationality: Hellenic 
Number of shares in Eurobank Holdings: 44.523 
Mr Serafimidis 
is also 
a Non-Executive 
member of 
the BoDs 
in, Eurolife 
FFH 
Insurance Group 
Holdings SA (since 
July 2023), 
Eurolife FFH 
Life Insurance 
SA 
(since July 2023) and Eurolife FFH General 
Insurance SA (since July 2023). 
In 
the 
past 
Mr. 
Serafeimidis 
has 
served 
as 
General 
Manager 
and 
Head 
of 
Branch Network, Eurobank, Athens (2019-2023), Executive Director and Head 
of 
Retail 
Banking, 
Postbank, 
Sofia 
(2014-2019), 
Head 
of 
Branch 
Network, 
Postbank, 
Sofia 
(2011-2014), 
Senior 
Executive Manager 
and 
Head of 
Small 
Business 
Banking, 
Bancpost, 
Bucharest 
(2008-2011), 
as 
well 
as 
other 
significant posts in Eurobank’s Branch Network, 
which he joined in 2002 after 
a 
4 year incumbency in KPMG Management Consulting 
in Athens. 
He holds an MSc 
in International Relations from London School 
of Economics 
(UK) and a BSc in Economics from the University 
College London (UK). 
Mrs. Veronique Karalis, Deputy Group Company Secretary, 
serves as the Secretary of the ExBo. 
The ExBo 
manages the 
implementation of 
Group’s strategy 
in line 
with the 
Board’s guidance. 
The functioning 
of ExBo 
is 
subject to the 
provisions of the 
TRFA. 
The ExBo is 
established by the 
CEO and its 
members are appointed 
by the CEO. 
The ExBo meets on a weekly basis or ad hoc when necessary. Other executives of the Group, depending on the subject to 
be discussed, may be invited to attend. 
The ExBo is in quorum and meets validly when half of its members plus one are present or represented. In 
determining the 
number of 
members for 
the quorum, fractions, 
if any, 
shall not 
be counted. 
The ExBo 
resolutions require a 
majority vote. 
The ExBo appoints 
its Secretary, 
who reports to 
the Group Company 
Secretariat and cooperates 
with the Chairperson 
of 
the Committee. The Secretary is responsible to minute the proceedings and resolutions of all ExBo meetings, including the 
names of those present 
and in attendance and the 
action plans and follow ups 
for assignments, as well as 
for issuance of 
extracts. Decisions, actions and follow ups are disseminated to the Bank’s responsible Units, as required. 
The ExBo Terms 
of Reference (ToR) are 
approved by the CEO and revised as appropriate. 
The ExBo’s key tasks and responsibilities are to: 
●
 
manage the implementation of the Group’s strategy as developed by the SPC, in line with the BoD’s guidance, 
●
 
draw up the annual budget and the business plan. 
The SPC reviews the key objectives and the 
goals contained therein, 
as well as the major business initiatives, and submits them to the Board for approval, 

 
 
 
 
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●
 
approve issues concerning the Group’s strategic choices (e.g. partnerships, share capital increase, issuing convertibles 
and/or launching debt issuance programs, 
mergers, acquisitions or disposals, the 
formation of joint ventures, 
creation or 
dissolution of special purpose vehicles, dividend distribution and all other investments or 
non-material disinvestments
12
by the Group etc.), ensuring these being in line with the approved Group’s strategy, if the issue under discussion is less 
than or equal to €40 million. In case though: 
a)
 
the issue under discussion exceeds € 40 million, 
b)
 
a decision of the Board is obligatory by Law or by the Bank’s contractual commitments, 
c)
 
it is 
deemed necessary 
by the 
SPC, taking 
into account 
the complexity 
and nature 
of the 
strategic choices 
under 
discussion, 
the issues concerning the 
Group’s strategic choices are 
approved by the Board 
following a relevant proposal 
by the SPC 
(as per its Terms of 
Reference), 
●
 
monitor the performance of each business unit 
and country against budget and 
ensure corrective measures are in place 
wherever required, 
●
 
decide on all 
major Group’s initiatives 
aiming at transforming 
the business and 
operating model, enhancing 
the operating 
efficiency and cost rationalization, improving organizational and business structure, 
●
 
ensure that adequate systems of internal controls are properly maintained, 
●
 
review and 
approve Bank’s Policies 
(other than 
Credit Policies 
that are approved 
by Management 
Risk Committee 
and/or 
Troubled 
Assets Committee 
and/or BRC) 
that are 
related to 
its responsibilities 
and/or are of 
critical importance 
to the 
Bank, including but not limited to those requiring BoD approval as per the TRFA, 
●
 
review the 
performance of 
any Committee 
and /or 
individuals to 
whom it 
has delegated 
part of 
its responsibilities, 
as 
approved, 
●
 
ensure adequacy of Resolution Planning governance, processes and systems, 
●
 
hire and retain external consulting firms 
and approve their compensation and terms of 
engagement in accordance with 
Bank’s policies and procedures, 
●
 
hire and retain investment banking advisors, and approve their compensation and terms of engagement, in accordance 
with Bank’s policies and procedures, where applicable, 
●
 
To 
review the quarterly report of 
Group Operational Risk Sector 
(GORS) before submission to 
the BRC since it entails 
group wide operational risk issues. 
ExBo’s performance 
is evaluated 
annually according 
to the provisions 
of Bank’s 
Management Committees’ 
Policy and its 
Terms 
of Reference. For 2023, 
ExBo performed its 
self-evaluation. According to this 
evaluation, it was determined 
that its 
overall performance 
remained strong 
in 
all areas 
with a 
slight 
decrease vs. 
last year. 
Members 
of ExBo 
discussed the 
following considerations: i) 
number of items 
in the agendas 
being excessive, ii) 
Meetings’ agenda being 
more focused on 
regulatory 
and 
operational 
and 
less 
strategic 
and 
business 
oriented 
and 
iii) 
supporting 
material 
being 
lengthy 
and 
the 
necessity of an executive summary. 
Strategic Planning Committee
13
The purpose of the SPC is to: 
a)
 
assist Management in planning, developing and implementing the Bank Group’s Strategy and 
b)
 
recommend to the Board certain initiatives in relation to the Bank Group’s Strategy. 
The key tasks and responsibilities of the SPC are: 
●
 
within the framework of which the 
Executive Board draws up the annual 
budget and the business plan, 
to review the key 
objectives and goals contained therein and review major business initiatives, 
before their submission for approval to the 
Board, 
●
 
to 
review, 
analyze 
and deliberate 
issues 
concerning the 
Bank Group’s 
strategic choices 
(e.g. strategic 
partnerships, 
share capital increase, issuing convertibles and/or launching debt issuance programs, mergers/demergers, 
acquisitions 
or disposals, the formation of 
joint ventures, creation or dissolution 
of special purpose vehicles, dividend 
distribution and 
all other major 
investments or disinvestments 
by the Bank 
Group etc.), ensuring 
these being in 
line with the 
approved 
Bank Group’s strategy.
The SPC shall formulate relevant proposals to the Board, if: 
a)
 
the issue under discussion exceeds € 40 million, while for lower amounts approval will be provided by the Executive 
Board, 
b)
 
a decision of the Board is obligatory by Law or by the Bank’s contractual commitments, 
c)
 
it is 
deemed necessary 
by the 
SPC, taking 
into account 
the complexity 
and nature 
of the 
strategic choices 
under 
discussion, 
●
 
to submit to 
the Board 
for approval 
proposals relating 
to the 
strategy and 
the budget 
of the 
Property Portfolio 
as described 
in the Service Level Agreement between Eurobank and Grivalia Management Company, 
●
 
to submit to the 
Board for approval proposals for 
the acquisition and disposal of 
assets other than repossessed assets 
(as these are 
defined in the 
Service Level Agreement 
between Eurobank and 
Grivalia Management Company) 
with book 
value above € 10 million, 
●
to submit to the Board 
for approval proposals for the disposal of repossessed 
assets (as these are defined 
in the Service 
Level Agreement between Eurobank and Grivalia Management Company) with gross book value above € 20 million,
12
 
As specified in the Divestment Policy 
13
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
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●
 
to maintain 
and take 
all necessary 
actions on 
regulatory and 
internal capital 
required to 
cover all 
types of 
risks (incl. 
strategic and reputational risks, as well as other non-quantifiable risks) and 
to ensure that capital requirements are met 
at all times, 
●
 
to review and evaluate all major Bank Group’s initiatives aiming at transforming the business and operating model, 
●
 
to monitor on 
a regular 
basis the 
strategic and the 
key performance 
indicators of the 
Bank Group, 
including the 
segmental 
view, 
●
 
to review and, as needed, make proposals to the Board on all other issues of strategic importance to the Bank Group. 
The SPC is composed of the following members with voting rights: 
- The Chief Executive Officer (CEO) 
- The Deputy CEOs 
- The Group Chief Risk Officer 
- The Group Chief Financial Officer 
The Chairman 
of the 
Board, the 
Vice-Chairman of 
the Board 
and the 
General Manager 
Group Strategy 
participate in 
the 
SPC as a permanent attendees with no voting rights. 
The SPC is chaired by the 
CEO and in case of absence 
or impediment of the CEO, by the 
longest serving Deputy CEO in 
attendance. 
The SPC meets on a weekly basis or ad hoc, when necessary, and keeps minutes of its meetings. 
The SPC is in quorum and meets validly when a) half of its members plus one are present (fractions are excluded from the 
computation), provided 
that at 
least three 
members are 
present and 
b) SPC’s 
Chairperson or the 
longest serving 
Deputy 
CEO in attendance, entitled to chair the Committee, is present. 
The resolutions 
of the 
SPC require 
a majority 
vote. In 
case of 
a tie 
of votes, 
SPC’s Chairperson 
has the 
casting vote. 
If 
SPC’s Chairperson is 
absent, the 
longest serving 
Deputy CEO 
in attendance, 
entitled to 
chair the 
Committee, has 
the casting 
vote. 
In the context 
of providing support 
to the Chairperson 
for ensuring the 
smooth and proper 
operation of the 
SPC, the SPC 
appoints 
its 
Secretary 
who 
reports 
to 
the 
Group 
Company 
Secretariat 
and 
cooperates 
with 
the 
Chairperson 
of 
the 
Committee. 
The Secretary is responsible to maintain an annual calendar of the scheduled meetings, which may be revisited depending 
on 
unforeseen 
circumstances, following 
the 
approval 
of 
SPC’s 
Chairperson. 
In 
addition, 
the 
Secretary is 
responsible 
to 
organize meeting details 
(including venues), record 
the attendance of 
members and other 
attendees/invitees, ensure that 
quorum requirements are 
met, minute the 
proceedings and resolutions 
of all Committee 
meetings, issue true 
copies/extracts 
of the 
SPC’s minutes 
and notify 
the responsible 
managers regarding 
any issue 
discussed by 
the SPC 
and is 
relevant to 
them or on which they need to take action. 
The SPC Terms 
of Reference (ToR) are approved by the 
CEO and revised as appropriate. 
SPC’s performance 
is evaluated annually 
according to the 
provisions of Bank’s 
Managements Committees’ Policy 
and its 
Terms of Reference. According to SPC’s self-evaluation for 2023, it was determined that its overall performance and all the 
specific 
areas 
of 
evaluation 
i.e. the 
profile 
and 
composition, 
the 
organization 
and 
administration 
and 
the 
key 
tasks 
and 
responsibilities, are strong. 
Management Risk Committee
14
The main responsibility of 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. 
As part of its responsibility, the MRC, facilitates reporting to the BRC on the range of risk-related topics under its purview. 
As part of its mandate, the MRC: 
●
 
reviews 
the 
Group’s 
risk 
profile 
vis-à-vis 
its 
declared 
risk 
appetite, 
examines 
any 
proposed 
modifications 
to 
the 
risk 
appetite, 
●
 
reviews and approves the stress testing programme results, 
●
 
determines 
appropriate 
management 
actions 
which 
are 
discussed 
and 
presented 
to 
the 
ExBo 
for 
information 
and 
submitted to the BRC for approval. 
The MRC maintains at all times a pro-active approach to Management. 
The MRC understands 
and evaluates risks, 
addresses escalated issues, 
provides oversight 
of the Group’s 
risk management 
framework – including the 
implementation of risk policies 
– and informs the 
BRC of the Group’s 
risk profile. The 
Group CRO 
14
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 

 
 
 
 
 
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updates the ExBo on material risks and 
issues on a periodical basis. Furthermore, the 
MRC assists the BRC in defining risk 
management 
principles 
and 
methodologies 
thereby 
ensuring 
that 
the 
Group’s 
Risk 
Management 
Framework 
contains 
processes for 
identifying, measuring, 
monitoring, mitigating 
and reporting 
the current 
risk profile 
against its 
risk appetite, 
limits, and performance targets. Specific responsibilities performed by the MRC are described below: 
●
 
revises and presents 
to the BRC 
for approval the 
risk strategy and 
the risk appetite, 
the risk limits 
and the measures 
for monitoring both 
financial and non-financial 
risks, in conjunction 
with the Board’s 
approval of the 
annual business 
plan / strategy, 
●
 
monitors : 
a) current risk exposures 
at a Group level, 
b) company-wide compliance with 
the risk limits, c) 
Bank’s 
overall risk assessment processes and d) Bank's capability to identify and manage new risk types as they emerge 
●
 
performs risk escalation and remediation 
by reviewing and reporting 
on any material breaches 
of risk limits and 
the 
adequacy of proposed specific actions to address them, 
●
 
reviews the Stress Testing 
Programme with regards to: 
o
 
its effectiveness and robustness, 
o
 
material risks developed in the risk identification process 
and scenarios developed in the scenario design 
process, 
o
 
key modelling assumptions and the stress testing results before the submission to the BRC 
●
 
reviews at least on an annual basis the following reports: 
o
 
the Group ICAAP and ILAAP, 
o
 
the Group Recovery Plan 
in compliance with the regulatory requirements and guidelines before final submission to the BRC, 
●
 
Regarding the 
Resolution Planning, 
the MRC 
reviews and 
approves the 
Bank’s resolution 
planning initiatives 
to 
enhance its resolvability material/documents requested by the Resolution Authorities (SRB). 
The MRC does not conflict with the GCRO or the Risk Management General Division’s responsibilities for 
Risk governance 
as prescribed under the Bank of Greece’s 
Governor Act no. 2577/2006. They have responsibility to 
escalate material risks 
and issues to the 
BRC and to update ExBo on material risks and issues on a periodical basis. 
The MRC which meets on a monthly basis prior 
to the BRC meeting or more frequently on 
an ad-hoc basis, if required, is in 
quorum and meets 
validly when 
half of 
its members, including 
the Chairperson 
or the 
Vice-Chairperson, plus 
one are present 
or represented. Selected attendees can 
be invited to the 
MRC meetings, when the 
topics for discussion fall 
under their remit 
or they have the requisite expertise to constructively participate. The finalized minutes are distributed to the BRC, SPC 
and 
ExBo 
members, 
as 
prepared 
by 
the 
committee’s 
secretary 
and 
approved 
by 
its 
Chairperson. 
Abstracts 
of 
resolutions 
reached and actions to be taken are provided to Management, SPC and/or ExBo members, as necessary. 
Resolutions of the 
MRC are decided 
based on 
a simple 
majority and in 
case of a 
tie vote, 
the Chairman or 
the Vice-Chairman 
in the 
case of 
Chairman’s absence, 
has the 
casting vote. 
The opinion 
of the 
minority is 
recorded in 
the meeting 
minutes 
whenever a decision of the MRC is not reached unanimously, and the BRC is informed accordingly. 
Changes to 
the ToR 
of the 
MRC are 
reviewed by 
the MRC 
at least 
every two 
(2) years 
and revised 
if necessary, 
unless 
significant changes 
in the 
composition, role, 
responsibilities, organization 
and / 
or regulatory 
requirements necessitate 
earlier 
revision and are approved by the CEO. The ToR 
of MRC are also submitted to the BRC for information purposes. 
The MRC’s performance 
is evaluated annually according 
to the provisions of 
Bank’s Management Committees Policy 
and 
its Terms of Reference. For 2023, it was determined that its overall performance and all the specific areas of evaluation i.e. 
the profile and composition, 
the organization and 
administration and the key 
tasks and responsibilities, are 
strong. Members 
reviewed key points raised by the self-assessment 
exercise, noting that the main issues concern 
members’ attendance and 
participation, the length of the meeting and the 
agenda as well as the timely submissions. 
Members exchanged opinions on 
how to 
improve the committee 
and agreed 
on the 
need to 
educate the 
presenters to 
be short and 
concise so 
as to 
allow 
more time for questions/discussion. 
Group Asset and Liability Committee (G-ALCO)
15
G-ALCO’s primary mandate is to: 
a)
 
formulate, propose, approve, implement 
and monitor – as 
the case may be 
- the Group’s i) 
liquidity position and 
risk profile 
and its 
funding strategies 
and policies 
ii) interest 
rate guidelines 
and interest 
rate risk 
profile and 
policies 
iii) Capital 
investments - 
as well 
as FX 
exposure and 
hedging - 
strategy iv) 
Group’s business 
initiatives and/or 
investments that affect the bank’s capital, market and liquidity risk profile. Further, to approve at a first stage, and 
recommend to BRC 
for final approval 
the respective country 
limits and the 
relevant policy/methodology (special 
attention is given for the approval/monitoring of the limits for countries where Eurobank has a local presence). 
15
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(
www.eurobank.gr
). 

 
 
 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
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b)
 
approve or propose – as the case 
may be - changes to these policies 
that conform to the Bank’s risk appetite and 
levels of exposure as determined by 
the Board Risk Committee (and BoD 
as the case may be) and 
Management, 
while complying with the framework established by regulatory/supervisory authorities. 
G- ALCO 
responsibility is 
to also 
review the 
overall liquidity 
positions and 
developments of 
the Group 
on a 
country-by-
country 
level. 
In 
this 
context, 
international 
subsidiaries’ 
ALCOs 
should 
report 
on 
monthly 
basis 
material 
country 
developments and 
decisions (reflected 
in respective 
country ALCO 
minutes) to 
G-ALCO, based 
on the 
above principles 
and their respective regulatory/supervisory authorities’ instructions and guidelines. 
The key tasks and responsibilities of G-ALCO involve the following broad areas: 
●
Approval 
of 
general 
policies 
and 
guidelines, 
compliance 
with 
regulatory 
requirements, 
review 
of 
activities/investments, risks & exposures 
●
Liquidity Risk 
●
Interest Rate Risk in the Banking Book (IRRBB) and Credit Spread Risk in the Banking Book (CSRBB) 
Key reports reviewed by G-ALCO: 
●
Deposit rates evolution (per business unit) and market share evolution (Greece) 
●
LCR & NSFR evolution on a monthly basis (at a Solo and Group level) 
●
Liquidity buffer analysis (Solo, Group, and per country). 
●
Liquidity stress tests 
●
Liquidity risk analysis/sensitivities 
●
Market risk analytics reports (PV01 in FVOCI and AC, VaR analysis, historical simulation results and reporting of 
the relevant KRIs for MTM exposure in OCI & AC, evolution of RWAs for market risk, reports on the level of KRIs 
related to market risk. 
●
IRRBB reports: sensitivity of NII and sensitivity of EVE per regulatory framework (EBA IRRBB guideline) & per 
internal framework 
●
International subsidiaries’ liquidity buffers and regulatory ratios. 
G-ALCO convenes once a month and/or whenever required. 
Required 
quorum for 
G-ALCO meetings 
to be 
effective 
is six 
members. In 
order to 
have a 
quorum the 
presence of 
its 
Chairperson and 
a minimum 
of three 
(3) SPC members 
is required. 
Decisions on issues 
are to 
be taken 
by majority; in 
case of 
a tie 
vote, the 
issue under 
discussion is 
escalated to 
ExBo
.
 
Additionally, under exceptional 
circumstances, decisions 
may be taken 
by circulation, which is 
equal to a 
decision of the 
G-ALCO, even if 
no meeting has taken 
place. A relevant 
approval memo is then issued by the Secretary. 
G-ALCO’s performance is evaluated annually according 
to the provisions of 
Management Committees’ Policy and its 
Terms 
of Reference. 
G ALCO’s 
self-evaluation for 
2023 is 
in progress, 
while according 
to G-ALCO’s 
self-evaluation for 
2022, it 
was determined 
that: i) 
its members’ 
engagement is 
well appropriate, ii) 
the G-ALCO 
continues to 
function effectively 
in 
relation to 
its mandate 
and responsibilities, 
with members 
engaging in 
critical discussions 
during meetings 
on key 
risk issues, 
iii) 
in 
light 
of 
the 
increasing 
complexity 
and 
importance 
of 
issues 
arising, 
the 
evolution 
of the 
regulatory 
framework and 
emergence 
of 
additional 
risk 
considerations, 
G-ALCO 
should 
improve 
its 
organizational 
and 
operational 
efficiency 
with 
increasing frequency and/or length of meetings as may be required to remain as effective. 
Central Credit Committees 
Central Credit Committee I 
The main objective of Central 
Credit Committee I (CCCI) is 
to ensure the objective credit 
underwriting of relevant exposures 
of Greek 
corporate performing 
and private 
banking clients, 
in accordance 
to the 
Risk Appetite 
Framework and 
the Credit 
Policy Manual of the Bank and in a way that balances credit risk and return on equity. 
The CCCI is chaired by 
an independent to Business 
and Risk Professional, convenes 
at least once a week 
and all meetings 
are 
minuted. 
Decisions 
are 
taken 
unanimously. 
If 
unanimity 
is 
not 
achieved, 
the 
credit 
request 
is 
escalated 
by 
the 
Chairperson to the next (higher) approval level 
requiring a unanimous decision. In case of non-unanimity 
the final decision 
lies with the Management Risk Committee (MRC), by majority voting. 
The main 
duty and 
responsibility of 
the CCCI is 
to assess 
and approve 
all credit 
requests for clients 
in the 
Greek related 
corporate 
performing 
and 
private 
banking 
portfolio 
of 
a 
total 
exposure 
above 
€50mio 
and 
unsecured 
exposure 
above 
€35mio. 
For 
total 
exposure 
exceeding 
€75mio 
and 
unsecured 
exposure 
exceeding 
€50mio, 
additional 
approval 
by 
the 
GCRO is 
required, while 
for total 
exposure exceeding 
€150mio and 
unsecured exposure 
exceeding €100mio, 
additional 
approval by 
the CEO 
is required. 
Furthermore, for 
exposures higher 
than 10% 
(or 20% 
for selected 
borrowers where 
no 
single 
risk exists) 
of 
the Bank’s 
regulatory capital 
the additional 
approval 
of the 
Management Risk 
Committee (MRC) 
is 
required. Subsequently, the final approval is granted by the Board Risk Committee (BRC). 
 

 
 
 
 
 
 
 
 
 
 
 
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Central Credit Committee II 
The main objective of the Central Credit Committee II (CCCII) is the same as for the CCCI for lower levels of exposure. 
The CCCII convenes at least 
once a week and all 
meetings are minuted. Decisions are 
taken unanimously. 
If unanimity is 
not achieved, the request is escalated by the Chairperson to the next approval level. 
The 
main 
duty 
and 
responsibility 
of 
CCCII 
is 
to 
assess 
and 
approve 
all 
credit 
requests 
for 
clients 
in 
the 
Greek 
related 
corporate performing 
and private banking 
portfolio for total 
exposure from 
€20mio up to 
€50mio and unsecured 
exposure 
from €10mio up to €35mio and retail exposures for total limits above €3mio. 
Central Credit 
Committees’ performance 
is evaluated 
annually according 
to the 
provisions of 
Managements Committees’ 
Policy and its Terms 
of Reference. The Central Credit Committee’s self-evaluation for 2023 is currently in progress. 
Troubled Assets Committee
16
The Troubled 
Assets Committee (TAC) 
is established according 
to the regulatory provisions. 
The main purpose 
of TAC 
is 
to act 
as an 
independent oversight 
body, 
closely monitoring 
the Bank’s 
troubled assets 
portfolio and 
the execution 
of its 
NPE Management Strategy. 
The 
Committee 
meets 
at 
least 
once 
per 
month 
and/or 
whenever 
required 
if 
the 
majority 
of 
the 
members, 
including 
the 
Chairperson, are present. Decisions are taken by majority, are minuted and circulated as appropriate. The Chairman has a 
casting 
vote. 
TAC 
cooperates 
with 
Group 
Risk 
Management 
Division 
to 
reach 
a 
mutual 
understanding 
and 
develop 
an 
appropriate methodology for the evaluation of the risks inherent in the portfolio management. TAC’s propositions regarding 
NPE policy updates are submitted to the Board Risk Committee. 
TAC’s main responsibilities: 
●
 
review internal reports regarding troubled assets management under the regulatory provisions, 
●
 
approve 
the 
available 
forbearance, 
resolution 
and 
closure 
solutions 
by 
loan 
sub-portfolio, 
and 
monitor 
their 
performance through Key Performance Indicators (KPIs), 
●
 
define the criteria to assess the 
sustainability of credit and collateral workout 
solutions through the design and 
use of 
“decision trees”, 
●
 
approve, monitor and assess pilot modification programmes and 
●
 
supervise 
and 
provide 
guidance 
and 
know-how 
to 
the 
respective 
troubled 
assets 
units 
of 
Eurobank’s 
subsidiaries 
abroad. 
In compliance with the 
provisions of the Management 
Committees’ Policy and its 
Terms of Reference, TAC is in the process 
of conducting the self-evaluation for 2023, while for 2022, 
the evaluation concluded that the committee operates effectively,
in 
the 
areas 
of 
Profile 
and 
Composition, 
Organization 
& 
Administration 
as 
well 
as 
regarding 
the 
Key 
Tasks 
and 
Responsibilities. However, the 
evaluation also identified that while the 
overall quality and quantity of information 
submitted 
related 
to 
the 
proposals 
for 
assessment 
by 
the 
TAC 
members 
is 
adequate, 
there 
is 
room 
for 
further 
enhancement 
on 
providing 
more 
details 
on 
the quantification 
of 
the 
impact 
of 
the 
proposed 
for 
approval 
actions. 
Such enhancement 
will 
benefit TAC members to make more informed decisions. 
Products & Services Committee (PSC)
17
 
Products 
& 
Services 
Committee 
(PSC) 
is 
responsible 
for 
creating 
and 
supervising 
the 
governance 
framework 
for 
the 
products and services offered to Eurobank’s clients in Greece through the physical 
and alternative channels, in accordance 
with the supervisory and regulatory requirements. A governance framework assessing financial and non-financial risks is in 
place. The PSC approves all new products 
& services as well as significant modifications in 
existing ones. The Committee 
also implements a periodic review of all 
products and services, according to their risk 
profile to determine their continuation, 
modification or discontinuation. The products and services of Remedial & Servicing Sector are excluded and are under 
the 
responsibility of TAC (Troubled Assets Committee). 
PSC convenes 
once a 
month and/or 
whenever required. 
Other executives 
or managers 
of the 
Group, depending 
on the 
subject to be discussed, may be invited to attend as required. 
The PSC is in quorum and meets validly when half of its members plus one are present (fractions are excluded from the 
computation). For quorum, the Chairperson should be also present. 
Decisions require, as a minimum, a majority vote of 50%+1 of the members present in the meeting and are recorded in the 
meeting’s minutes. 
In case of a tie vote, the 
Chairperson has the casting vote. All 
members of the PSC have equal voting 
16
 
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr). 
17
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
 
 
 
 
 
 
 
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rights. In case 
of no reaching 
a decision due 
to disagreement of 
Members, the issue 
under discussion is 
escalated to the 
Executive Board (ExBo). 
Additionally, 
decisions may be taken 
by circulation, which is 
equal to a 
decision of the Committee, 
even if no meeting 
has 
preceded.
No resolution 
can be 
deemed for 
high risks 
products/services by 
circulation. They 
will be 
submitted to 
a PSC 
Meeting for discussion and approval or rejection. 
The Committee’s performance is evaluated annually according to the provisions of the Management 
Committees’ Policy of 
the 
Group 
and its 
Terms 
of 
Reference. 
Committee’s 
2023 
self-evaluation 
is 
still 
in 
progress, 
while 
according 
to 
the 
Committee’s 2022 
self-evaluation, its 
performance was 
assessed as very 
strong, it 
was determined 
that the 
Committee’s 
operation 
is continuously 
improving and 
that 
it 
functions very 
effectively, 
especially 
in 
the 
areas 
of 
leadership 
and 
PSC 
Chairperson’s contribution in organizing/coordinating meetings and encouraging critical discussions in meetings. 
Environmental, Social & Governance (ESG) Management Committee - ESG ManCo
18
The primary mandate of 
the ESG ManCo is 
to i) provide strategic 
direction on ESG initiatives, 
ii) review the ESG 
Strategy 
prior to approval, 
iii) integrate the 
elements of the 
ESG strategy into 
the Bank’s business 
model & operations, 
iv) approve 
eligible 
assets 
of 
Green 
Bond 
Frameworks, 
v) 
regularly 
measure 
and 
analyze 
the 
progress 
of 
the 
ESG 
goals 
and 
performance targets, and vi) ensure the proper implementation of ESG related policies and procedures, in accordance with 
supervisory requirements and voluntary commitments. 
ESG ManCo convenes four times a year and/or ad hoc when necessary. Other Bank employees, depending on the subject 
to be discussed, may be invited as deemed appropriate. 
Required quorum for ESG ManCo meetings to 
be effective is seven members. In order 
to have a quorum, the presence of 
its Chairperson and 
a minimum of six 
(6) members is required. 
Decisions on issues are 
taken by majority. 
In case of a 
tie 
vote, the 
Chairperson has 
the casting 
vote. Whenever 
a decision 
of the 
ESG ManCo 
is not 
reached unanimously, 
this is 
recorded in the minutes along with 
the opinion of the minority. 
All meetings and decisions are minuted 
by the Committee’s 
Secretary and distributed to ESG ManCo members. 
The Terms 
of Reference of the ESG 
ManCo will be reviewed at 
least every two (2) years 
and revised if necessary, 
unless 
significant changes 
in the 
composition, role, 
responsibilities, organization 
and / 
or regulatory 
requirements necessitate 
earlier 
revision. 
ESG ManCo’s 
performance is evaluated 
annually according to 
the provisions of 
the Management Committees 
Policy and 
Its Terms of Reference. According 
to the Committee’s 
self-evaluation for 2023, 
it was determined 
that it continues 
to function 
efficiently and effectively, especially in areas such 
as ESG ManCo Chairperson 
encouraging critical discussions 
in meetings 
and ensuring constructive dialogue, reviewing ESG Rating results and Secretary duties. 
The evaluation highlighted 
the need 
to further improve 
the level of 
awareness in the 
Bank as 
well as to 
increase the 
meetings 
cadence. 
Ethics Co
19
 
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. 
Adherence to 
the rules 
of ethics 
contributes, on 
the one 
hand, to 
the protection 
of dignity 
and personality 
of the 
personnel, and 
on the 
other hand, to the good reputation and the protection of the interests of the Bank. 
The Ethics 
Committee convenes 
once a 
month, if 
there are 
issues to 
be discussed 
or, 
exceptionally, 
more frequently, 
in 
case of an 
emergency, 
in a place 
and time that 
are stated in 
the agenda. The 
Ethics Committee may 
convene either with 
the physical presence of its members, or by electronic means. The Committee shall act unanimously. 
The Ethics Committee’s performance is evaluated 
annually according to the 
provisions of Management Committees’ Policy. 
Ethics Committee’s performance was evaluated for the first time in 2022 and it was determined that it continues to function 
effectively, especially in the areas of Profile & Composition as well as 
Organization & Administration. The Ethics Committee 
encourages critical discussion and a healthy challenging culture. 
 
18
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).
19
Information 
regarding 
current 
composition 
and 
short 
biographical 
details 
of 
its 
members 
may 
be 
found 
at 
the 
Bank’s 
website 
(www.eurobank.gr).

 
 
 
 
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5. 
Key Control Functions 
As part 
of its 
overall system 
of internal 
controls, HoldCo/Bank 
have established 
a number 
of dedicated 
control functions 
whose 
main 
responsibility 
is 
to 
act 
as 
independent 
control 
mechanisms 
thus 
reinforcing 
the 
control 
structure 
of 
the 
HoldCo/Bank. The most important functions and their key responsibilities are described below.
5.1
 
Internal Audit 
Eurobank Holdings 
Internal Audit (“IA”) is an independent, objective assurance and consulting function designed to add value and improve the 
operations of 
Eurobank Holdings. 
IA has 
adequate organisation structure 
and appropriate resources 
to ensure 
that it can 
fulfil its roles and responsibilities. 
 
Eurobank’s 
IAG maintains 
a quality 
assurance and 
improvement programme 
to ensure 
that the 
methodology is 
applied 
consistently and the objectives and responsibilities of IAG 
are met. Under the framework of co-operation between 
IAU and 
IAG, IA assigns the assessment of the effectiveness of internal audit activities and conformance with IIA Standards to IAG. 
In order to safeguard its independence, IA reports functionally to the 
Audit Committee and administratively to the CEO. The 
Board has delegated 
the responsibility 
for monitoring the 
activity of the 
IA to 
the Audit Committee 
of the 
HoldCo. IA 
is headed 
by the Chief 
Internal Auditor 
(CIA) who 
is appointed by 
the Audit 
Committee. The 
latter also 
assesses the 
CIA’s performance. 
The mission of 
IA is to 
enhance and protect organisational 
value by providing 
risk-based and objective assurance, 
advice 
and insight. The key assurance and consulting responsibilities of IA are to: 
●
 
provide 
reasonable 
assurance, 
in 
the 
form 
of 
an 
independent 
opinion, 
as 
to 
the 
adequacy 
and 
effectiveness 
of 
the 
internal control framework of the HoldCo, 
●
 
assist Management 
on the 
prevention and detection 
of fraud or 
defalcation or unethical 
practices and undertake 
such 
special projects as required, 
●
 
assist 
Management 
in 
enhancing 
the 
system 
of 
internal 
control 
including 
improvement 
of 
existing 
policies 
and 
procedures. 
●
 
follow-up to ascertain that appropriate action is taken on reported audit findings within agreed deadlines, 
●
 
carry 
out 
specific 
responsibilities 
required 
by 
Regulatory 
Authorities 
and/or 
participate 
in 
HoldCo’s 
projects 
in 
an 
assurance or consulting capacity. 
Eurobank 
Internal 
Audit Group 
(“IAG”) is 
an 
independent, 
objective assurance 
and consulting 
function designed 
to add 
value 
and 
improve the 
operations of 
Eurobank and 
its subsidiaries. 
IAG has 
adequate organisation 
structure and 
appropriate resources 
to ensure that it can fulfil its roles and responsibilities. 
IAG comprises the “Internal Audit Sector”, the “Forensic Audit Division”, the “International Audit Division” and 
the “Business 
Monitoring 
and 
Organisational 
Support 
Division”. 
IAG 
also 
has 
a 
Quality 
Assurance 
function 
(QAF), 
to 
assess 
the 
effectiveness 
of 
the 
Group’s 
internal 
audit 
activities 
and 
conformance 
with 
IIA 
Standards. 
QAF 
operates 
as 
Centre 
of 
Excellence 
for 
Audit 
Standards 
& 
Methodology, 
acting 
as 
an 
advisor 
to 
IAG 
Management 
in 
topics 
related 
to 
quality 
improvement and methodology. In addition, the Data Analytics Centre of Excellence 
(DAnCoE) unit of IAG aims to 
enhance 
people 
skills 
towards 
data 
analytics, 
enable 
the 
generation 
of 
data-driven 
insights 
and provide 
valuable 
perspectives 
to 
Management of the Group. 
In order 
to safeguard 
its independence, 
IAG reports 
functionally to 
the Audit 
Committee and 
administratively to 
the CEO. 
The Board has delegated the responsibility for monitoring the activity of the IAG to the Audit Committee of the Bank. IAG is 
headed by the Group 
Chief Audit Executive (CAE) who 
is appointed by the 
Audit Committee. The latter 
also assesses the 
CAE’s performance. 
The key assurance and consulting responsibilities of IAG are to: 
●
 
provide 
reasonable 
assurance, 
in 
the 
form 
of 
an 
independent 
opinion, 
as 
to 
the 
adequacy 
and 
effectiveness 
of 
the 
internal control framework of the Bank and its subsidiaries. 
In order to form an opinion, IAG establishes and carries out 
a programme of audit work (based on the risk assessment of the audit universe), 
●
 
assist 
and 
advise 
Management 
on 
the 
prevention 
and 
detection 
of 
fraud 
or 
defalcation 
or 
unethical 
practices 
and 
undertake such special projects as required, 
●
 
assist 
Management 
in 
enhancing 
the 
system 
of 
internal 
control 
including 
improvement 
of 
existing 
policies 
and 
procedures, 
●
 
follow-up to ascertain that appropriate action is taken on reported audit findings within agreed deadlines, 
●
 
carry out any other specific duties required by the Regulatory Authorities, 
●
 
participate in Bank projects in an assurance or consulting capacity, 
●
 
assess the performance of the Group’s internal audit functions, which have a direct reporting line to IAG. 
 

 
 
 
 
 
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5.2
 
Risk Management 
Eurobank Holdings 
As part of its overall system of internal controls HoldCo has engaged in a Service Level Agreement (SLA) with Eurobank in 
order to receive supporting 
and advisory services in all 
areas of risk management 
(credit, market, liquidity and operational 
risks) undertaken 
by the 
Group. The 
most important 
services provided 
through the 
above-mentioned SLA 
are described 
below: 
●
 
Provision of advice on: 
-
 
Identification, evaluation and monitoring of credit risk, 
-
 
Ensuring policy and instructions (strategy and products) recommended by business owners and Servicers are 
aligned to applicable credit policy manual and regulatory guidelines, 
-
 
Standardization of procedures and guidelines, 
-
 
Update and maintenance of the risk strategic framework master document, 
-
 
Participation in systemic bank consultation committees, 
-
 
Review new remedial products and initiatives prior submission to TAC or approval 
●
 
Coordination of NPE related regulatory reporting, 
●
 
Provision of input for SSM submission and 3-year business plan, monthly MIS actual data (including Greek and 
International subsidiaries), 
●
 
Advising on identification, support/advise, recording and evaluation of liquidity risks and financial monitoring, 
●
 
Advising in the identification, assessment, recording and monitoring of operational risks (e.g. RCSA, events capture, 
outsourcing etc.), 
●
 
Advising in the identification, assessment, recording and monitoring of climate risk. 
Eurobank 
The Group Risk Management, which is headed by the Group Chief Risk Officer (GCRO), is independent from the business 
units and has full responsibility for monitoring the 
material risks, as identified through the Risk Identification and Materiality 
Assessment (RIMA) 
process and listed 
in the relevant 
RIMA report. Material 
risk types include 
financial and non-financial 
risks, indicatively credit 
risk, market 
risk, liquidity risk, 
interest rate risk 
and credit spread 
risk in 
the banking book, 
operational 
risk, climate risk, country risk, reputational risks, conduct risk, risks stemming from strategic projects. 
It comprises the Group Credit, 
the Group Credit Control, the 
Group Credit Risk Capital Adequacy 
Control, the Group Market 
& Counterparty Risk, the Group 
Operational and Non-financial Risks, the Group 
Model Validation & Governance, the Group 
Risk 
Management 
Strategy 
Planning 
Operations 
& 
Climate 
Risk, 
the 
Risk 
Analytics 
and 
the 
Supervisory 
Relations 
& 
Resolution Planning
20
 
Units. 
The GCRO serves 
as a pivotal 
point for the 
risk management functions. 
Centralization ensures that 
business targets and 
related growth are combined with a risk conscious perspective, thus ensuring that the approved risk appetite is adhered to. 
The GCRO develops and formalises the Risk Appetite Framework (RAF), defines the Risk Appetite 
Statements (RAS), and 
submits them to 
the Board Risk 
Committee for approval. 
The GCRO oversees 
the implementation of 
the frameworks and 
policies for the identification, measurement and management of risks. 
The 
GCRO 
reviews 
and 
approves 
the 
risk 
policies 
before 
their 
submission 
for 
approval 
to 
the 
BRC 
or 
to 
the 
BoD 
and 
oversees their implementation thereafter. The 
GCRO reports to 
the BRC deviations from 
the risk policies 
or potential conflict 
with the approved risk strategy and risk appetite. 
The GCRO 
is responsible 
to provide 
to the 
BRC adequate 
information, so 
that the 
Committee can 
properly assess 
and 
advise the BoD 
on the 
Group’s risk 
exposures / profile 
and risk strategy. 
The GCRO oversees 
compliance with approved 
Risk Appetite 
Limits and 
reports to 
the BRC 
the compliance 
status and 
any deviations, 
as stipulated 
in the 
Risk Appetite 
Framework (RAF). 
Eurobank 
has 
a 
well-established 
strategy 
and 
clear 
risk 
management 
objectives 
that 
has 
to 
deliver 
through 
core 
risk 
management processes and methodologies. At a strategic level, the risk management objectives are to: 
●
 
Identify the new risks relevant to the Group and assess their materiality, 
●
 
Assess the current and emerging risks as an integral part of the strategic planning process, 
●
 
Provide opinion for the Group Business Plan regarding the risk 
perspective on the overall outcome and reliability of the 
Plan, 
●
 
Ensure that business plan is consistent with Eurobank’s risk appetite, 
●
 
Participate actively in decision-making processes to ensure that risk considerations are considered appropriately, 
●
 
Optimize 
risk/return 
decisions 
by 
taking 
them 
as 
closely 
as 
possible 
to 
the 
business, 
while 
establishing 
strong 
and 
independent review, 
●
 
Ensure that business growth plans are properly supported by effective risk infrastructure, 
●
 
Manage risk 
profile to 
ensure that 
specific financial 
deliverables remain 
possible under 
a range 
of adverse 
business 
conditions, 
20
 
The Supervisory Relations & Resolution Planning Unit 
has a dual reporting line to both the GCRO 
& the Group Chief Financial Officer 

 
 
 
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●
 
Assist senior executives to improve the control and co-ordination of risk taking across their businesses, 
●
 
Cultivate a robust risk 
culture throughout the Bank, 
encouraging a positive attitude 
towards risk management, regulatory 
compliance and the internal control framework, through strong 
risk awareness and ownership, where all staff members 
consider risk management as an integral part of their everyday responsibilities, 
●
 
Provide the framework, 
procedures and guidance 
to enable all 
employees to manage 
risk in their 
own areas and 
improve 
the control and co-ordination of risk taking across the Bank, 
●
 
Advise and 
support Eurobank 
Holdings in 
risk management 
according to 
the agreed 
Service Level 
Agreement (SLA) 
between Eurobank Holdings and Eurobank. 
Risk 
Management 
along 
with 
Compliance 
and 
other 
Units 
are 
involved 
in 
the 
assessment 
of 
all 
products 
and 
services 
throughout their lifecycle. 
The 
Group 
applies 
the 
elements of 
the 
Three Lines 
of 
Defence 
Model 
for 
the 
management 
of 
risk. 
The 
Three Lines 
of 
Defence Model enhances 
risk management and 
control by clarifying 
roles and responsibilities 
within the organization. 
Under 
the 
oversight 
and 
direction 
of 
the 
Management 
Body, 
three 
separate 
lines 
of 
defence 
are 
necessary 
for 
effective 
risk 
management. In particular: 
Line 1 - 
Own and manage 
risk and controls. 
The front-line business 
and operations are 
accountable for this 
responsibility 
as they own the rewards and are the primary risk generators. 
Line 2 - 
Monitor risk and 
controls in support 
of Executive Management, 
providing oversight, challenge, 
advice and group-
wide direction. These include the Risk Management and Compliance Units, among others. 
Line 3 - Provide independent assurance to the 
Board and Executive Management concerning the effectiveness of 
risk and 
control management. This refers to Internal Audit. 
5.3
 
Compliance 
Eurobank Holdings 
Eurobank 
Holdings 
Compliance 
is 
established 
with 
the 
approval 
of 
the 
Board 
of 
Directors 
and 
the 
Audit 
Committee 
of 
Eurobank Holdings. It is 
a permanent function and 
independent from Eurobank Holdings’ 
business activities so that 
conflicts 
of interests are avoided. In order to safeguard its independence, Eurobank Holdings Compliance reports functionally to the 
Audit Committee 
of Eurobank Holdings 
and for 
administrative purposes to 
the CEO.
The Audit Committee 
in consultation 
with the 
NomCo, proposes to 
the Board for 
approval the appointment, 
replacement or dismissal 
of the Head 
of Eurobank 
Holdings Compliance. The performance of the Head of Eurobank Holdings 
Compliance is assessed on an annual basis by 
the 
AC.
The 
Head 
of 
Compliance 
attends 
all 
AC 
meetings 
and 
submits 
quarterly 
and 
annually 
reports 
(per 
regulatory 
requirements) summarising Compliance’s activity and highlighting the main compliance issues.
Its 
mission 
is 
to 
promote, 
within 
Eurobank 
Holdings, 
an 
organizational 
culture 
that 
encourages 
ethical 
conduct, 
and 
a 
commitment to compliance with laws and regulations as well as global governance standards. 
The main 
objective of 
Eurobank Holdings 
Compliance is 
to ensure 
that Eurobank 
Holdings has 
established an 
adequate 
system of 
internal controls 
that allows 
it to 
operate in 
accordance with 
the ethical 
set of 
values contained 
in its 
"Code of 
Conduct 
and 
Ethics" and 
in compliance 
with applicable 
laws, regulations 
and internal 
policies. More 
specifically, 
for 
the 
regulatory topics within its scope of responsibilities, Eurobank Holdings Compliance is mandated to:
●
 
raise compliance awareness in Eurobank Holdings, 
●
 
provide advice the Board of Directors and Senior Management on Eurobank Holdings compliance with applicable laws, 
rules and standards and keeping them informed of related developments, 
●
 
issue, 
as 
necessary, 
policies 
and 
other 
documents, 
in 
order 
to 
provide 
guidance 
to 
staff 
on 
the 
appropriate 
implementation 
of 
applicable 
laws, 
rules 
and 
standards 
as 
well 
as 
to 
assist 
the 
business to 
develop 
and implement 
regulatory compliant policies and procedures, 
●
 
review new activities and advise on potential compliance risks, 
●
 
ensure that staff is adequately trained about compliance issues, 
●
 
provide support and challenge, if 
required, the business line management regarding 
the effectiveness of the compliance 
risk management activities, 
●
 
monitor 
whether 
staff 
applies 
effectively 
the 
internal 
processes 
and 
procedures 
aimed 
at 
achieving 
regulatory 
compliance, 
●
 
monitor through appropriate procedures 
staff adherence to 
internal policies and the "Code 
of Conduct and Ethics" 
and 
identify fraudulent activity, 
●
 
monitor timely submission of reports to Competent Authorities and report any delays 
and fines for any alleged breaches 
of regulations to the AC, 
●
 
fulfil any statutory responsibilities and liaise with regulators and external bodies on compliance issues. 
 

 
 
 
 
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Eurobank 
Group Compliance is established 
with the approval of 
the Board of Directors 
and the Audit Committee 
of Eurobank. It is 
a 
permanent function and independent 
from the Bank’s business 
activities so that conflicts of 
interests are avoided. In 
order 
to safeguard its 
independence, Group Compliance 
reports functionally 
to the 
the Board 
of Directors through 
Audit Committee 
of the Bank and 
for administrative purposes
21
 
to the CEO.
The Audit Committee in consultation 
with the NomCo proposes 
to the Board for approval 
the appointment, replacement or dismissal of 
the Group Chief Compliance Officer 
(Group CCO). 
The 
performance 
of 
the 
Group 
CCO 
is 
assessed 
on 
an 
annual 
basis 
by 
the 
AC.
The 
Group 
CCO 
attends 
all 
Audit 
Committee’s 
meetings 
and 
submits 
quarterly 
and 
annual 
reports 
(per 
regulatory 
requirements) 
summarising 
Group 
Compliance’s activity and highlighting the main compliance issues.
Its mission is to promote, within Eurobank and its subsidiaries (Eurobank group), an organizational culture that encourages 
ethical conduct 
through integrity 
and a 
commitment to 
compliance with 
laws and 
regulations as 
well as 
the application 
of 
international governance standards. 
The 
main objective 
of 
Group Compliance 
is to 
ensure 
that the 
Eurobank group 
has established 
an 
adequate system 
of 
internal controls that allows it to operate in accordance 
with the ethical set of values contained in its “Code of 
Conduct and 
Ethics” and in compliance 
with applicable laws, regulations 
and internal policies, as 
well as international best 
practices. In 
brief, for the regulatory topics within its scope of responsibilities, Group Compliance is mandated to:
●
 
raise compliance awareness throughout the Eurobank group, 
●
 
provide 
advice 
to 
the 
Board 
of 
Directors 
and 
Senior 
Management 
on 
compliance 
with 
applicable 
laws, 
rules 
and 
standards and keep them informed of related developments, 
●
 
issue policies, procedures 
and other documents 
such as compliance 
manuals, internal codes 
of conduct & 
ethics and 
practice guidelines in order to provide guidance to staff on the appropriate implementation of applicable laws, rules and 
standards as well as to assist the business to develop and implement regulatory compliant policies and procedures, 
●
 
review new activities and advise on potential compliance risks, 
●
 
ensure that staff is adequately trained 
and frequently updated about compliance issues by designing 
training programs 
and co-operating with HR for their implementation, 
●
 
ensure 
the 
development 
of 
a 
robust 
compliance 
risk 
identification 
and 
assessment 
framework, 
provide 
support 
and 
challenge, if 
required, the business 
line management 
regarding the 
effectiveness of 
the compliance 
risk management 
activities, 
●
 
coordinate compliance risk management actions performed by other business units, 
●
 
monitor and test 
whether staff applies 
effectively the internal 
processes and procedures 
aimed at achieving 
regulatory 
compliance and report 
to the relevant 
Business Units any 
potential breaches in 
order for the 
latter to proceed 
with the 
required improvements, 
●
 
monitor staff 
adherence to 
internal policies 
and the 
"Code of 
Conduct and 
Ethics" and 
identify potential 
breaches or 
fraudulent activity, 
●
 
monitor timely submission of reports to Competent Authorities and report any delays 
and fines for any alleged breaches 
of regulations to the AC, 
●
 
fulfil any statutory responsibilities and liaise with regulators and external bodies on compliance issues, 
●
 
supervise, monitor, coordinate and 
evaluate the activities 
of the Compliance 
Officers of the 
Bank’s local and 
international 
subsidiaries in order to ensure compliance with Eurobank group standards. 
The scope of activities of Group Compliance covers the following core regulatory topics: 
●
 
Financial 
Crime 
including 
laws 
and 
regulations 
on 
Anti 
Money 
Laundering 
(AML) 
and 
Countering 
the 
Financing 
of 
Terrorism (CFT) and legislation aimed at 
combatting Tax evasion such as FATCA and CRS (tax 
compliance). The scope 
includes the 
provision of 
timely and 
accurate responses 
to requests 
arising from 
regulatory and 
judicial authorities 
for 
the lifting of banking 
secrecy or freezing of assets 
and co-operation with them. 
Financial Crime also includes 
anti-bribery 
and anti-corruption 
legislation. The 
Eurobank Audit 
Committee in 
consultation with 
the Eurobank 
NomCo proposes 
to 
the Board 
for approval 
the appointment, 
replacement, or 
dismissal of 
the Anti-Money 
Laundering Reporting 
Officer of 
Eurobank, who may be the same person as the Group CCO, and his/her Deputy 
●
 
Conduct related regulations, including: 
o
 
market Conduct related regulation regarding the provision of investment products and services to clients including 
laws and regulations on Market Manipulation, 
Insider Trading, Unlawful disclosure 
of inside information and other 
financial crimes, 
o
 
internal conduct & Ethics 
rules including Conflict of 
interest regulatory provisions, 
internal codes of conduct, 
Insider 
Dealing, 
o
 
consumer conduct laws 
and regulations (including, 
inter alia, dormant accounts 
legislation, BoG’s Code of 
Conduct 
for loans, the Payment Services Directive and the Deposit Guarantee scheme). 
Group 
Compliance 
has 
an 
overlay 
role 
over 
the 
regulatory 
framework 
concerning 
personal 
data 
protection, 
corporate 
governance, prudential regulation (credit 
market, liquidity and operational 
risk), information & IT 
security, cyber security risk, 
outsourcing 
and 
ESG. 
In 
this 
context 
Group 
Compliance 
performs 
a 
high-level 
monitoring 
through 
compliance 
risk 
assessments of the alignment of the Bank’s activities with regulatory requirements. 
21
The administrative reporting line to the CEO does 
not entail any form of oversight over 
GC. It is rather intended to facilitate the smooth 
day to day administrative processes.

 
 
 
 
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The scope of activities can be expanded with the approval of the AC. 
Personal Data Protection 
Eurobank Holdings 
In the context of Personal Data Protection, Eurobank Holdings has entrusted the following functions to the Bank’s Personal 
Data Protection Unit with the support of Legal where needed: 
●
 
consultation 
and 
advice 
regarding 
the 
drafting 
of 
privacy 
notices 
for 
the 
customers, 
employees, 
shareholders 
of 
the 
HoldCo and/ or persons with voting rights and their representatives in the HoldCo meetings and committees, 
●
 
provision of drafts of privacy policies, cookies policies and cookies management tool for the HoldCo's website, 
●
 
provision of advice in handling requests and complaints of data subjects, 
●
 
provision of advice for incident and data breach management and notifications to the competent authority, if required, 
●
 
provision of advice on GDPR policies and related guidelines. 
Eurobank 
Personal Data Protection Unit assists the Data 
Protection Officer (DPO) in performing his duties 
in an independent manner. 
Key tasks include: 
●
 
issues relevant guidelines on GDPR requirements and provides relevant advice to involved Units, 
●
 
provides 
advice, 
where 
requested, 
for 
the 
appropriate 
technical 
and 
organizational 
measures 
to 
be 
implemented 
to 
ensure compliance with the principles of privacy by design and privacy by default, 
●
 
provides advice regarding the content of privacy notices, 
●
 
provides advice on the appropriate handling of the GDPR requests and/or complaints, 
●
 
upon request, provides 
advice regarding the 
categorization of the 
third parties, in 
accordance with the 
GDPR and any 
other applicable data 
protection legislation 
(controller/ joint 
controller/processor/ sub-processor), and 
the relevant 
privacy 
terms to be signed, 
●
 
provides 
advice 
to 
the 
Incident 
Management 
Team 
on 
whether 
the 
incident 
must 
be 
reported to 
the 
data 
protection 
authority, 
●
 
provides advice, where requested, as regards the performance of Data Protection Impact Assessments, 
●
 
provides advice where requested as regards the maintenance of the Register of Processing Activity. 
6. 
System of Internal Controls 
Principles of Internal Controls 
The Group 
has established 
a robust 
System of 
Internal Controls 
that aligns 
with international 
best practices 
and utilizes 
COSO terminology. 
This system is 
designed to provide 
reasonable assurance regarding 
the achievement of 
objectives in 
key categories: 
●
 
Efficient and 
Effective Operations: 
The Group's 
internal controls ensure 
that operations are 
conducted efficiently 
and 
effectively, promoting productivity and optimal resource utilization. 
●
 
Reliability and 
Completeness of 
Financial and 
Management Information: 
Internal controls 
are in 
place to 
ensure that 
financial and management information 
is reliable, accurate, and 
complete. This helps in 
making informed decisions and 
maintaining transparency. 
●
 
Compliance 
with 
Applicable 
Laws 
and 
Regulations: 
The 
Group 
emphasizes 
compliance 
with 
all 
relevant 
laws, 
regulations, 
and 
industry 
standards. 
Internal 
controls 
are 
designed 
to 
ensure 
adherence 
to 
legal 
requirements 
and 
mitigate regulatory risks. 
The key principles that underpin the Group’s System of Internal Controls are as follows: 
●
 
Control Environment: The control environment serves as the foundation 
for all internal control components. It includes 
factors such as 
management's integrity and 
ethical values, recruitment 
and training policies, 
organizational structure, 
and delegation of authority. These elements contribute to a strong control consciousness among employees. 
●
 
Risk 
Management: 
The 
Group 
recognizes 
the 
importance 
of 
risk 
management 
in 
its 
operations. 
It 
implements 
mechanisms 
to 
identify, 
assess, 
and 
manage 
risks 
that 
may 
impact 
the 
achievement 
of 
objectives. 
The 
risk 
management framework is dynamic and evolves to address new and emerging risks. 

 
 
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●
 
Control Activities: Internal control activities are 
documented in policies and procedures that 
ensure safe operations and 
accurate record-keeping. 
Segregation of duties 
is a 
crucial organizational 
measure to 
enhance control 
effectiveness, 
ensuring that key functions such as approval, dealing, administration, and controlling are separated. 
●
 
Information 
and 
Communication: 
Effective 
information 
and 
communication 
channels 
are 
established 
to 
ensure 
that 
relevant information is 
identified, captured, 
and communicated in 
a timely manner. This 
includes internal communication 
within the organization 
and external 
communication with 
stakeholders such 
as regulators, 
shareholders, and 
customers. 
●
 
Monitoring: 
The 
Group 
conducts 
ongoing 
monitoring 
of 
activities 
as 
part 
of 
its 
operations. 
This 
includes 
regular 
management 
and supervisory 
activities, 
internal audits, 
and independent 
evaluations of 
the internal 
control system. 
Internal control deficiencies are reported and escalated 
as necessary, 
with major issues reported to top management, 
the Audit Committee, and the Board. 
Additionally, 
the 
efficiency 
of 
the 
internal 
control 
system 
is 
independently 
evaluated 
every 
three 
years 
by 
a 
third-party 
auditing firm, in accordance with 
regulatory requirements. The evaluation 
report is assessed by 
competent bodies within the 
Group and submitted to regulatory authorities for review and acknowledgment. 
Characteristics of the System of Internal Controls (SIC) 
HoldCo and Eurobank have 
established key characteristics of 
their System of Internal 
Controls (SIC), which are 
indicative 
and not restrictive. These characteristics include: 
●
 
Code of Conduct: There is a defined Code of Conduct along with processes for monitoring its implementation to ensure 
ethical conduct and adherence to standards. 
●
 
Organizational 
Chart: 
An 
approved 
organizational 
chart 
is 
in 
place, 
depicting 
the 
hierarchy 
and 
functions 
of 
each 
sector/department clearly defined to ensure effective management. 
●
 
Audit Committee: The 
composition and function 
of the Audit 
Committee are outlined 
to oversee financial 
reporting and 
compliance. 
●
 
Strategic Planning: 
A description 
of strategic 
planning processes 
is provided, 
including development, 
implementation, 
and periodic evaluation of strategic objectives. 
●
 
Action Plans: 
Long-term and 
short-term action 
plans for 
important activities 
are established, 
with periodic 
reports and 
identification of deviations along with justifications. 
●
 
Articles of Association: The Articles of Association are complete and 
up-to-date, reflecting the objectives and operations 
of the entity. 
●
 
Directorates and Departments: Tasks 
of directorates, departments, and job descriptions are defined 
to ensure clarity in 
roles and responsibilities. 
●
 
Policies and Procedures: 
Policies and procedures for 
important operations are documented, 
including internal controls 
for risk management. 
●
 
Compliance 
Processes: 
Processes 
for 
compliance 
with 
legal 
and 
regulatory 
frameworks 
are 
established 
to 
ensure 
adherence to laws and regulations. 
●
 
Risk Assessment 
and Management: 
Processes for 
risk assessment 
and management 
are in 
place to 
identify and 
mitigate 
risks effectively. 
●
 
Financial 
Information Integrity: 
Processes ensure 
the integrity 
and reliability 
of financial 
information through 
accurate 
reporting and controls. 
●
 
Executive Performance Evaluation: 
Processes for 
recruitment, training, 
delegation, targeting, 
and evaluation 
of executive 
performance are outlined. 
●
 
Information 
Systems 
Security: 
Processes 
for 
the 
security, 
adequacy, 
and 
reliability 
of 
information 
systems 
are 
established to safeguard data. 
●
 
Personnel 
and 
Asset 
Protection: 
Processes 
are 
in 
place 
to 
safeguard 
personnel 
and 
assets, 
ensuring 
security 
and 
protection. 
●
 
Reporting and 
Communication: Reporting 
lines and 
communication channels 
within and 
outside the 
organization are 
described for effective information flow. 

 
 
 
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●
 
Monitoring and Evaluation: 
Mechanisms are established 
for monitoring and 
evaluating the efficiency 
and effectiveness 
of processes regularly. 
●
 
Independent 
Evaluation: There 
is a 
process 
for 
periodic 
evaluation of 
the 
adequacy and 
efficiency 
of 
the 
SIC by 
an 
independent auditor to ensure objectivity. 
●
 
Environmental 
Policies: 
Policies 
for 
environmental 
management 
and 
other 
ESG 
factors 
are 
recorded 
to 
address 
sustainability and social responsibility. 
These policies and procedures are part of 
the corporate governance system's assessment and are 
regularly reviewed and 
updated to align with best practices and regulatory requirements. 
Evaluation of the System of Internal Controls 
The Bank's AC 
is responsible for 
annually reviewing and 
evaluating the adequacy 
of the Internal 
Control System (ICS) 
of 
both the Bank 
and its subsidiaries. 
This evaluation is 
based on data 
and information provided 
by the Internal 
Audit Group 
(IAG) of the Bank, external auditors' 
findings and remarks, as well as 
feedback from supervisory authorities. The AC 
utilizes 
oversight 
and 
reporting 
mechanisms 
established 
with 
the 
Audit 
Committees 
of 
the 
Bank's 
Subsidiaries 
to 
ensure 
a 
comprehensive assessment. 
Similarly, the HoldCo's AC is tasked with reviewing and evaluating the adequacy of 
the Internal Control System (ICS) of the 
HoldCo itself. This 
evaluation is conducted 
based on relevant 
data and information 
from the Internal 
Audit (IA) of 
the HoldCo, 
findings 
and 
remarks 
from 
external 
auditors, 
and 
feedback 
from 
supervisory 
authorities. 
The 
AC 
ensures 
a 
thorough 
assessment of the HoldCo's ICS to uphold standards of governance and compliance. 
Independent Evaluation of the HoldCo/Bank System of Internal Controls
In March 2024, Grant Thornton presented the scope, findings, and methodology of their 
Independent triennial Evaluation of 
the HoldCo/Bank System of Internal Controls 
(SIC) to the AC 
members, as per the Bank 
of Greece Act 2577/9.3.2006 (BoG 
Act). 
Based 
on 
the 
procedures 
conducted 
and 
the 
evidence 
gathered, 
there 
were 
no 
indications 
that 
the 
SIC, 
at 
the 
time 
of 
assessment, was not compliant in all material aspects with the requirements of the BoG Act. 
Grant Thornton identified 21 observations during their assessment, categorized as 16 
low-risk observations and 5 medium-
risk observation related to 
the IT issues in 
Eurobank Equities, and 7 recommendations 
for improvement. Management will 
take appropriate actions in response to these observations. 
7. 
Sustainability 
Sustainability Approach 
Eurobank places more 
importance on sustainability than 
ever before. The 
Bank’s approach to 
sustainability is attached 
to 
its ambitious 
vision to 
reimagine its 
business and its 
operations in 
a transformative 
journey to 
the next 
decade towards a 
lower carbon 
future, an 
innovative 
digital environment 
that enhances 
the potential 
of its 
clients, 
a diverse, 
inclusive and 
equitable society, 
and a 
governance environment 
that builds 
trust in 
the market. 
The Bank’s 
ambition for 
sustainability is 
expressed through quantified objectives, such as its detailed action plan to align its 
operations, portfolio and investments to 
become Net Zero by 2050. 
Eurobank has expressed 
the Environmental, Social, 
Governance (ESG) aspect 
of its business 
through the lens 
of Impact 
generation. The Sustainability Strategy has been defined in a holistic approach across two pillars of impact: 
the operational 
impact arising 
from its 
own activities 
and the 
financed impact 
resulting from 
the Bank’s 
lending and 
investing activities 
to 
specific sectors 
and clients. 
These two 
pillars of 
impact aim 
to capture 
the essence 
of the 
Bank’s business 
effect on 
the 
climate, the protection of the natural environment, its contribution 
to addressing societal challenges at large, the prosperity 
of its 
own people, 
its contribution 
to raising 
business capacity 
in the 
markets where 
the Bank 
operates, and 
the internal 
processes that build and secure the confidence of its stakeholders. 
Eurobank has designed, approved and currently implements the Sustainability Strategy including targets and commitments 
along the two key pillars: 
A.
 
Operational Impact Strategy 
The Operational Impact Strategy sets 
targets and commitments addressing the impact 
arising from the Bank’s 
operational 
activities 
and 
footprint 
and 
are 
based 
on 
three 
strategic 
axes, 
each 
of 
which 
is 
supported 
by 
a 
specific 
objective, 
commitments and targets: 
•
 
Environmental impact: Operational net zero, paperless banking, circular economy. 
•
 
Employer’s impact: Diversity and inclusion, wellbeing culture, innovative environment. 
•
 
Social and business impact: Sustainable procurement, socio-economic effect, transparency. 

 
 
 
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B. Financed Impact Strategy 
The Bank’s Financed Impact Strategy sets targets and commitments addressing the impact arising from the 
Bank’s lending 
and investing activities to specific sectors and clients and focuses on: 
•
 
Clients’ engagement and awareness to adapt their business so as to address climate change challenges. 
•
 
Actions for supporting clients in their transition efforts towards a more ESG-friendly economic environment. 
•
 
Enablers and tools such as frameworks and products to underpin Sustainable Financing. 
•
 
The assessment and management of climate-related material exposures. 
Sustainability Policies & Frameworks 
Eurobank has taken action 
towards updating its Sustainability 
Policy Framework, to outline 
the approach for adherence to 
applicable regulatory 
requirements and voluntary 
initiatives as well 
as adopted 
standards and guidelines, 
thus enabling a 
contemporary 
and 
continuously 
updated 
approach 
to 
Sustainability, 
in 
line 
with 
international 
best 
practices. 
The 
Sustainability 
Policy 
Framework 
sets 
the 
foundation 
towards 
integration 
of 
ESG 
into 
Eurobank’s 
business 
model 
and 
operations. 
Focusing 
on 
the 
social 
aspect 
of 
ESG, 
Eurobank 
has 
taken 
actions 
that 
outline 
its 
corporate 
values, 
principles 
and 
commitments by issuing 
the Human Rights 
Statement, the Diversity, Equity 
and Inclusion Policy 
as well as 
the Policy against 
Harassment 
and 
Violence 
in 
Workplace. 
In 
order 
to 
further 
enhance 
its 
efforts 
against 
Harassment 
and 
Violence 
in 
Workplace, 
the Bank 
has introduced 
a relevant 
focused training 
program to 
all employees. 
This approach 
outlines zero-
tolerance for various 
types of violation 
and discrimination as 
well as for 
the equal opportunities 
with fairness and 
meritocracy 
and 
irrespective 
of 
gender, 
nationality, 
age 
or 
other 
traits 
throughout 
the 
entire 
employee 
life cycle 
(i.e recruitment 
and 
selection, learning, performance, talent and career development, reward management). 
Moreover, 
Eurobank 
has 
developed 
and 
implements 
three 
guiding 
frameworks, 
defining 
the 
approach 
and 
criteria 
for 
classifying its financing and investing activities as sustainable: 
●
 
its 
Sustainable 
Finance 
Framework 
(SFF), 
which 
supports 
the 
identification 
of 
sustainable/green 
financing 
opportunities (finance the transition of Bank’s clients), 
●
 
its Green Bond Framework. The Framework, which has 
been externally reviewed by an established second-party 
opinion provider, 
facilitates the 
financing of 
projects that 
will deliver 
environmental benefits 
to the 
economy and 
support Bank’s business strategy and vision, 
●
 
its Sustainable Investment 
Framework, which specifies 
the respective criteria 
that are utilized 
in the Bank’s 
banking 
books investment strategy, along with the selection process of eligible sustainable investments. 
The above-mentioned frameworks enable Bank to pursue economic growth in line with ESG criteria. 
These 
frameworks 
are 
complemented 
by 
the 
adopted 
Environmental 
Policy, 
Energy 
Management 
Policy 
and 
Water 
Management Policy, 
aiming to protect the environment in 
all aspects of its operations. 
In line with these policies, 
the Bank 
applies certified management systems, in accordance with 
international standards, such as an Environmental 
Management 
System (ISO 14001, EMAS) and an Energy Management System (ISO 50001).
Stakeholders engagement and materiality analysis 
An integral 
part of 
Eurobank's approach 
to Sustainability 
is to 
foster strong 
relationships of 
trust, cooperation 
and mutual 
benefit with all stakeholders affected by its activities, directly or indirectly. Eurobank promotes two-way communication and 
develops ongoing dialogue with 
stakeholders, to be able 
to actively meet the expectations, 
concerns and issues raised 
by 
all its stakeholders. A more detailed presentation of the cooperation framework, expectations 
and means of communication 
and response for each stakeholder group is included in the Annual Report 2021 – Business & Sustainability. 
Eurobank’s 
materiality 
analysis 
is 
the 
key 
process 
used 
to 
define 
the 
Annual 
Report 
2022 
– 
Business 
& 
Sustainability 
contents. Adopting 
the new 
GRI Standards 
(2021) methodology, 
Eurobank identified, 
assessed, prioritised 
and validated 
the 
positive 
and 
negative 
impacts 
that 
the 
Bank 
creates 
or 
may 
create 
on 
the 
environment, 
people 
and 
the 
economy. 
Prioritising 
the 
identified 
impacts 
contributed 
to 
determining 
the 
Bank’s 
sustainable 
development 
materiality 
topics. 
The 
methodology was carried out along 4 phases, namely i. Understanding the organization’s context, ii. Identifying impacts, iii. 
Assessing impacts, and 
iv. 
Prioritising and validating 
impacts. As per 
the final stage 
of the materiality 
analysis process, a 
list of topics 
was prioritised as 
material, which formed 
the basis for 
determining the contents 
of the Annual 
Report 2022 – 
Business & Sustainability, 
as well as 
the disclosures of 
relevant key performance 
indicators. Further details 
regarding the 
aforementioned process and its results are embedded in the Annual Report 2022 – Business & Sustainability. 
Furthermore, as part of 
the Financed Impact Strategy, 
in order to facilitate the 
green transition of its clients, 
Eurobank has 
developed a dedicated approach to increase clients’ engagement and awareness regarding environmental risks. 
Governance
Sustainability at Eurobank 
is deployed across 
an ESG governance 
structure that addresses 
both regulatory requirements 
and voluntary commitments. 
BoD oversight with 
respect to Sustainability 
Strategy is addressed 
through the inclusion 
of ESG 
items in the Board Meetings agenda, as per international 
best practice. The Group has updated its governance 
structure by 
introducing and 
defining the 
roles and 
responsibilities in 
relation to 
ESG and 
climate related 
and environmental 
(CR&E) 
risks, embedding 
regulatory guidelines 
and market 
practices involving 
various key 
stakeholders (i.e. 
Business functions, 
Units and Committees). 
The updated governance 
structure aims to 
further enhance effective 
oversight of ESG 
matters at 
Management / BoD level, support the roll out of its Sustainability Strategy and the 
integration of ESG and C&E risks. In that 
context,
the 
Group 
Risk 
Management 
Strategy 
Planning 
Operations 
and 
Climate 
Risk 
(GRMSPO&CR) 
has 
the 
overall 
responsibility for 
overseeing, monitoring, 
and managing 
CR&E risks. 
Specifically, 
the Unit 
operates as 
the Project 
office 

 
 
 
 
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responsible 
for 
the implementation 
of 
the climate 
related 
and 
environmental 
risks 
roadmap 
(“Programme 
Field”), 
with a 
coordinating and supervisory role on all related project 
streams to ensure alignment with the Bank’s business 
strategy and 
the 
regulatory 
authorities’ 
expectations. 
Moreover, 
the 
HoldCo/Bank 
BoD 
has 
assigned 
an 
executive 
member 
as 
the 
responsible 
BoD member 
for climate 
-related and 
environmental 
risks, ensuring 
that material 
ESG 
issues 
are 
taken 
into 
account in the decision-making process. As part of 
his duties, the member responsible updates the Board Risk 
Committee 
(BRC) (in alignment with the BRC Terms 
of Reference) and the Board of Directors of HoldCo and 
Bank on climate change 
and environmental related risks at least on a semi - annually basis. 
A dedicated ESG 
Management Committee complements 
the ESG governance 
model and is 
chaired by the 
BoD member 
responsible for climate-related and 
environmental risks. The purpose of 
the ESG Management Committee, 
established by 
the 
Bank 
CEO 
who 
appoints 
its 
members, 
is 
to 
provide 
strategic 
direction 
on 
ESG 
initiatives, 
review 
the 
Sustainability 
Strategy 
prior 
to 
approval, 
integrate 
the 
elements 
of 
the 
Sustainability 
Strategy 
into 
the 
Bank’s 
business 
model 
and 
operations, approve 
eligible assets 
of Green 
Bond Frameworks, 
regularly measure 
and analyze 
the progress of 
the ESG 
goals and performance 
targets, ensure the 
proper implementation of 
ESG related policies and 
procedures and to 
validate 
the prioritized ESG impacts / Material Issues reported in the Annual 
Report - Business & Sustainability, 
in accordance with 
supervisory requirements and voluntary commitments. 
A dedicated ESG Unit 
is responsible for the 
design and monitoring of 
the implementation of the 
Operational Impact Strategy 
(OIS), the 
monitoring of 
the Operational 
ESG performance 
and coordination 
of ESG 
linked operational 
activities that 
enhance 
the Bank’s Impact. The Unit 
reports to Deputy CEO, 
Group COO and International 
Activities and acts as 
a custodian of ESG 
principles & 
culture and 
as a 
cross functional 
coordinator in 
order to 
ensure alignment 
in ESG 
issues. The 
Head of 
ESG 
acts as secretary to the ESG Management Committee. 
Further 
details 
regarding 
the 
Bank’s 
ESG 
governance 
model 
are 
embedded 
in 
the 
Annual 
Report 
2022 
– 
Business 
& 
Sustainability. 
Reporting and Transparency 
HoldCo/Bank 
issues 
its 
Annual 
Report 
– 
Business 
& 
Sustainability 
with 
a 
view 
to 
fully 
inform 
its 
stakeholders 
about 
its 
performance 
in 
the 
sustainable 
development 
pillars 
(economy, 
society, 
environment). 
The 
publication 
is 
prepared 
in 
accordance with the 
Global Reporting 
Initiative (GRI) 
Standards (2021), 
applying the reporting 
principles (accuracy, balance, 
clarity, 
comparability, 
completeness, 
sustainability 
context, 
timeliness, 
verifiability). 
This 
reporting 
approach 
aims 
at 
providing comprehensive and transparent information to stakeholders, relates to Eurobank’s response to their expectations 
and interests, and 
invests in continuously 
promoting open dialogue 
with them. Through 
the Report, Euroban/HoldCo 
provide 
full 
disclosure 
on 
sustainability 
impacts 
such 
as 
environmental 
performance, 
energy 
and 
emissions, 
social 
impact 
and 
corporate governance, information 
regarding the 
Bank’s initiatives, while 
addressing all 
material stakeholder 
interests across 
the ESG 
spectrum. The 
Annual Report 
- Business 
& Sustainability 
is accessible 
to all 
interested parties 
through the 
corporate 
website. Additionally, besides the sustainability reporting frameworks 
of the GRI sectoral supplement 
on Financial Services, 
the SASB Commercial Banks 
Standard, as well as 
the Athens Stock Exchange 
(ATHEX) ESG Reporting Guide (2022) have 
been considered. This report also incorporates the 10 Principles of the United Nations Global Compact (UNGC), as well as 
the Accountability AA1000 2018 Principles. The sustainability-related disclosures in the report are assured 
by a competent 
assurance provider 
in accordance 
with the 
AA1000 Assurance 
Standard (version 
3) and 
related Principles 
for inclusivity, 
materiality, 
responsiveness and impact, 
as per the 
independent auditor’s Limited 
Assurance Report which 
is disclosed as 
part of the 
Annual Report – Business 
& Sustainability. 
In addition, the 
Holdco/Bank reports disclosures 
as required by the 
EU Taxonomy 
(Regulation (EU) 2020/852 of the 
European Parliament and of the 
Council). Specifically, 
upon reviewing its 
business activities, to align 
taxonomy reporting with its 
core activities, provides the 
key performance indicators (KPIs) 
and 
other disclosure requirements 
related to its dominant 
financial undertakings as 
laid down in Article 
10 of the Art. 
8 Delegated 
Act. Furthermore, 
in the 
context of 
Pillar III 
disclosures on 
ESG risks, 
Holdco/Bank discloses 
ESG risk 
information on 
a 
semi-annual 
basis. 
Moreover, 
the 
first 
Task 
Force 
on 
Climate-related 
Financial 
Disclosures 
(TCFD) 
Climate 
- 
related & 
Environmental 
Risk Report 
as well 
as the 
first Climate 
- related 
& Environmental 
Risk Report 
were published. 
Also, the 
Bank's GHG financed emissions for loans, bonds and shares positions, following the PCAF methodology, were disclosed. 
Furthermore, 
the 
Bank’s 
environmental 
and 
energy 
management 
performance, 
with 
respect 
to 
the 
improvement 
of 
its 
operational footprint, 
is monitored 
through specific 
indicators and 
associated targets 
disclosed also 
in the 
Environmental 
Report 
(EMAS). 
This 
constitutes 
an 
environment 
and 
energy 
monitoring 
and 
self-improvement 
tool, 
in 
line 
with 
commitments, regulated 
by applicable 
standards, audited 
& verified 
by independent 
third party. 
Within the 
EMAS Report 
framework, the Bank 
discloses the Green 
House Gas emissions 
record in line 
with the ISO14064 standard, 
as verified by 
external independent party and in line with the provisions of the national Climate Law. 
Moreover, 
Holdco/Bank 
actively 
participates 
in 
internationally 
recognized 
ESG 
ratings 
to 
highlight 
the 
continuous 
improvement 
in 
its 
environmental, 
social 
and 
governance 
performance, 
upgrade 
the 
relevant 
disclosures, 
and 
further 
enhance investor confidence in its practices. 
8. 
Shareholders’ General Meeting 
The 
Shareholders’ 
General 
Meeting 
(General 
Meeting), 
serves 
as 
the 
highest 
authority 
within 
the 
HoldCo/Bank 
and 
is 
convened by 
the respective 
Board to 
address all 
matters concerning 
the entity. 
It holds 
exclusive jurisdiction 
over issues 
outlined in Article 117 
of Company Law 4548/2018, such as amendments to the 
Articles of Association. Every shareholder 
has the right to participate and vote at the General Meeting either in person or through their 
legal representatives, following 
the prescribed legal procedures. 
For 
the 
General 
Meeting 
to 
be 
considered 
in 
quorum 
and 
valid, 
shareholders 
present 
or 
represented 
must 
collectively 
represent 
at 
least 
20% 
(1/5) 
of 
the 
paid-in 
share 
capital 
associated 
with 
voting 
shares. 
Resolutions 
are 
passed 
by 
an 

 
 
 
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absolute majority and 
are binding on 
both absent and 
dissenting shareholders. However, 
for certain significant 
decisions, 
such as 
those related 
to share capital 
changes or mergers, 
a higher quorum 
of at least 
50.00% (1/2) of 
the paid-in share 
capital is required, and resolutions must be approved by a two-thirds (2/3) majority. 
According to article 
119 
par. 1 
of l. 4548/2018, 
the Annual General 
Meeting is held 
annually no later 
than the tenth 
(10th) 
calendar day 
of the 
ninth month 
after the 
end of 
the business 
year, while an 
Extraordinary General 
Meeting may 
be convened 
by the Board as deemed necessary or required by law. 
Minutes 
of 
the 
General 
Meeting 
are 
authenticated 
by 
the 
Chairperson 
and 
the 
Secretary 
of 
the 
General 
Meeting, 
and 
standard minority rights outlined in Company Law 4548/2018 are applicable. 
Information about the Eurobank Holdings General Meetings 
Requirements for calling and convening the General Meetings 
All 
persons appearing 
as shareholders 
of ordinary 
shares of 
the HoldCo 
in the 
registry of 
the Dematerialized 
Securities 
System (DSS) managed by Hellenic 
Central Securities Depository S.A. on the 
Record Date, namely at the start 
of the fifth 
day before the General Meeting, 
have the right to participate and vote in the HoldCo General Meeting.
The aforementioned 
record date is applicable for the Repeat Meeting as well. The shareholders are informed on time about the agenda of each 
General Meeting and new technologies are used to help them participate. 
At 
least 
20 
days 
before 
the 
General 
Meeting 
date, 
the 
shareholders 
are 
informed 
and 
given 
access 
to 
all 
necessary 
information, in compliance with the Greek Law. The Notice of General Meeting includes: 
●
Date, time and place of the Meeting 
●
Items on the agenda 
●
Participation and voting rights with the relevant procedures 
●
Minority shareholder rights 
●
Relevant documents available 
All resolutions and information about each General Meeting are posted under Investor Relations on the Eurobank Holdings 
website. 
Participation and proxies 
Shareholders are assisted to participate in HoldCo General Meetings. All 
Eurobank Holdings shareholders have the right to 
participate in person or appoint a proxy. Proxies must be appointed at least 48 hours before the General Meeting date. 
To 
the extent that shareholders' questions on items 
on the agenda are not answered during 
General Meeting, HoldCo has 
a process for submitting the relevant answers. 
Annual General Meeting (AGM) of the shareholders 
In the 
Annual General 
Meeting of 
the HoldCo’s 
shareholders, held 
on July 
20, 2023, 
remotely via 
teleconference in 
real 
time, participated shareholders representing 2,754,969,489 
shares out of 3,710,677,508 shares, 
corresponding to 74.24% 
of the paid up share capital with voting rights on the items of the agenda. In respect of the 
items on the agenda, as referred 
to on the invitation dated 27.06.2023, the General Meeting: 
1.
 
Approved, 
with 
a 
majority 
exceeding 
the 
minimum 
required 
by 
the 
law, 
the 
Annual 
and 
Consolidated 
Financial 
Statements for the financial year 2022, as well as the Directors’ and Auditors’ Reports.
2.
 
Approved, with a 
majority exceeding the 
minimum required by 
the law, 
the overall management 
for the financial 
year 
2022 as well as the discharge of the Auditors for the financial year 2022. 
3.
 
Approved, with a majority 
exceeding the minimum required by 
the law: a) the appointment 
of the firm KPMG 
Certified 
Auditors S.A. (KPMG) 
as statutory auditor 
for the Annual 
and Consolidated Financial 
Statements of the 
Company for 
the financial year 2023; 
and b) KPMG’s relevant 
fees for the audit 
of the Annual 
and Consolidated Financial Statements 
of the Company for the financial year 2023 to amount to €0.2 m. 
4.
 
Approved, with a majority 
exceeding the minimum 
required by the law, the 
acquisition of own 
shares in accordance with 
article 49 of 
Law 4548/2018, and 
in particular the 
acquisition of all 
of the Company’s shares 
which the Hellenic 
Financial 
Stability Fund (“Fund”) owns, under the following conditions: (α) 
Maximum number of shares to be acquired: According 
to article 49 
of Law 4548/2018, 
the maximum number 
of shares that 
the Company may 
acquire, added together 
with 
the 
shares 
belonging to 
the 
Company from 
time 
to 
time, 
cannot exceed 
10% 
of the 
Company's 
paid 
share 
capital. 
Specifically, in 
this transaction, the number of shares 
to be purchased will be the 
total of its issued shares held 
by the 
Fund, i.e. 52,080,673 shares, 
which correspond to approximately 
1.4% of its 
share capital. (b) The 
duration for which 
the approval is granted is set at 6 months from the day of 
the General Meeting. (c) The maximum purchase price is set 
at €1.90 per share 
and the minimum purchase 
price is set at €1.10 
per share. (d) To 
authorize the Board of 
Directors 
to 
determine 
the 
specific 
conditions 
and 
relevant 
details 
for 
the 
acquisition, 
taking 
into 
account 
the 
supervisory 
approvals. 
5.
 
Approved with a majority exceeding 
the minimum required by the 
law, the amendment 
of the Remuneration Policy for 
Directors of the Company. 
6.
 
Approved, with a 
majority exceeding the 
minimum required by 
the law,
the remuneration paid 
for the financial 
year 2022 
as well as the advance payment 
of remuneration for the financial year of 
2023 to the non-executive Board members 
for 
the execution of their duties as Board Members and as members of the Board Committees. 
7.
 
Casted a positive vote on the Remuneration Report for the financial year 2022. 
8.
 
Approved, with a majority exceeding the minimum required by the law, pursuant tο the provisions and following the 
procedure of article 86 of l. 4261/2014, a higher than 100% maximum level of the ratio between the fixed and variable 

 
 
 
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components of remuneration for the Chief Executive Officer (CEO), the three (3) Deputy CEOs, the Group Chief Risk 
Officer, Group Chief Financial Officer and the General Manager Group Strategy. 
Approved, with a majority 
exceeding the minimum required by the law, the amendment of the Nomination Policy of the Directors of the Board. 
9.
 
Approved, with a majority exceeding the minimum required by the law the appointment of Mr. Burkhard Eckes and Mr. 
John Arthur Hollows as new independent non-executive members of the Company’s Board of Directors. The term of 
office of the aforementioned new members expires concurrently with the term of office of the other members of the 
Board (with a membership of fifteen from now onwards) and more specifically on 23.07.2024, prolonged until the end 
of the period the Annual General Meeting for the year 2024 will take place. 
10.
 
Approved, with a 
majority exceeding the 
minimum required 
by the 
law: a) 
The Audit 
Committee to 
function as 
Committee 
of the Board of Directors (“BoD”) consisting of members of the BoD. b) The Audit Committee to consist of five (5) non-
executive members of the BoD of which at least four 
(4) shall be independent. c) The term of office 
of the members of 
the Audit 
Committee that 
will be 
appointed by 
the BoD 
in accordance 
with article 
44, par. 
1c of 
L. 4449/2017, 
as in 
force, to coincide 
with their term 
of office as 
members of the 
BoD, i.e. the 
term of office 
of the Audit 
Committee members 
will expire on 23.07.2024, prolonged until the end of the period the Annual General Meeting for the year 2024 will take 
place. 
12. 
Approved, with a majority exceeding the minimum required by 
the law, the amendment of Article 
11 of the 
Company’s 
Articles 
of 
Association 
by 
updating 
paragraph 
1 
aiming 
to 
the 
option 
the 
appointment 
and 
revocation 
of 
the 
representative and the relevant notification to the 
Company may take place via electronic 
means, and more specifically 
via electronic mail 
(email) at the 
email address referred 
to in the 
Invitation of the 
General Meeting and/or 
other electronic 
means referred to therein. 
13. 
Was informed
on the Annual Activity Report of the Audit Committee for the financial year 2022. 
14. 
Was informed on the Independent Non-Executive Directors’ Report. 
All 
information 
on 
the 
AGM 
can 
be 
found 
at 
Eurobank 
Holding’s 
website 
(https://www.eurobankholdings.gr/en/investor-
relations/shareholders/general-meetings-pages/annual-general-meeting-of-shareholders-on-20-07-23). 
Information about the Eurobank General Meetings 
The HoldCo, following 
the demerger, constitutes the Eurobank’s 
sole shareholder, who represents 
100% of its 
share capital.
According to 
article 121 
par. 5 
of Law 
4548/2018, an 
invitation to 
convene a 
general meeting is 
not required 
in the 
event 
that the meeting is attended or represented 
by shareholders representing the entire capital and none 
of them objects to its 
holding and decision-making. In this context the following general meetings of Eurobank were held.
Annual General Meeting (AGM) of the shareholders 
In the 
Annual General 
Meeting of 
Eurobank’s shareholders, 
held on 
July 20, 
2023 in 
Athens, at 
“Bodossakis Foundation 
Building” 
(“John 
S. Latsis” 
Hall), 20 
Amalias 
Avenue, 
participated 
the sole 
shareholder Eurobank 
Holdings representing 
3,683,244,830 shares, corresponding to 100% of the paid up share capital with voting rights on the items of the agenda. In 
respect of the items on the agenda, the General Meeting: 
1. Approved 
the Annual 
and Consolidated 
Financial Statements 
for the 
financial year 
2022 as 
well as 
the Directors’ 
and 
Auditors’ Reports. Profit sharing. 
2. Approved the overall management for the financial year 2022 and discharge of the Auditors for the financial year 2022. 
3. Appointed “KPMG Certified Auditors S.A.” as Auditors for the financial year 2023. 
4. Approved 
the remuneration 
for the 
financial year 
2022 and 
of the 
advance payment 
of the 
remuneration for 
the 
non-
executive Board Directors for the financial year 2023. 
5. Approved, 
pursuant tο 
the provisions 
and following 
the procedure 
of article 
86 of 
Law 4261/2014, 
a higher 
than 100% 
maximum level of the ratio between the fixed and variable components of remuneration for seven (7) executives. 
6. Approved the appointment of Messrs. Burkhard Eckes and John Arthur Hollows 
as new members of the Bank’s BoD and 
their designation as Independent Non-Executive Directors, whose term of office expires concurrently with the term of office 
of the 
other members 
of the 
BoD (with 
a membership 
of fifteen 
from now 
onwards) and 
more specifically 
on 23.07.2024, 
prolonged until the end of the period the Annual General Meeting for the year 2024 will take place. 
7. Approved the recomposition of the Audit Committee. 
8
.
Approved the 
Amendment of article 11 of the Bank’s Articles of Association aiming to its update. 
6. Approved the Annual Activity Report of the Audit Committee for the financial year 2022. 
Extraordinary General Meeting of the Shareholders 
In 
the 
Extraordinary 
General 
Meeting 
of 
Eurobank’s 
shareholders, 
held 
on 
July 
31, 
2023, 
in 
Athens, 
at 
“Bodossakis 
Foundation 
Building” 
(“John 
S. 
Latsis” 
Hall), 
20 
Amalias 
Avenue, 
participated 
the 
sole 
shareholder 
Eurobank 
Holdings 
representing 3,683,244,830 
shares, corresponding to 
100% of 
the paid up 
share capital with 
voting rights on 
the items of 
the agenda. In respect of the sole item on the agenda, the General Meeting
resolved on the: 
Approval of subscribing the bonds of the issuance of 
a common bond loan (the “Loan”) which Eurobank Holdings will 
issue, 
for 
partially financing 
the buy 
back 
from the 
Hellenic Financial 
Stability Fund 
of 52,080,673 
registered shares 
issued 
by 
Eurobank Holdings. 
9. 
Other information required by Directive 2004/25/EU 
The elements 
c), d), 
f), h), 
i) of 
paragraph 1 
of article 
10 of 
Directive 2004/25/EC 
of the 
European Parliament 
and of 
the 
Council, are incorporated into elements c), d), e), g), h) of article 4 par. 
7 of Law 3556/2007, and are referred to the Report 
of the Directors, part of which is the present Corporate Governance Statement. 

 
 
 
 
 
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APPENDIX AUDIT COMMITTEE ACTIVITY REPORT FOR THE YEAR 2023 
Purpose 
1. 
In 
accordance 
with 
the 
Law 
4449/2017 
as 
amended, 
the 
Audit 
Committee 
(AC) 
of 
Eurobank 
Ergasias 
Services and Holdings S.A. (Eurobank Holdings or HoldCo or Company) should submit an annual report to 
the Shareholders’ Annual General 
Meeting on the issues 
dealt with by 
the AC during the 
previous year, also 
including therein a description of the sustainability policy 
followed by the entity. 
2. 
The current 2023 AC Activity 
Report of Eurobank Holdings which 
is also part of the 2023 Annual 
Financial 
Report, refers to 
the AC activity 
during 2023 and 
the issues addressed. 
In addition, it 
describes Eurobank 
Holdings’ sustainability policy. 
3. 
No deviations from the AC’s Terms 
of Reference (ToR) 
have been identified. 
AC Composition / Membership 
4.
 
It 
is 
noted 
that 
in 
line 
with 
the 
provisions 
of 
article 
44 
of 
law 
4449/2017, 
as 
in 
force, 
and 
further 
to 
the 
decision 
of 
the 
HoldCo’s 
Annual 
General 
Meeting 
of 
Shareholders 
as 
of 
20.7.2023 
regarding 
the 
recomposition 
of 
the 
Audit 
Committee 
and 
more 
specifically 
regarding 
its 
type, 
composition 
and 
term 
of 
office; and 
the BoD’s 
decision of 
23.06.2023 (in 
combination 
with 27.06.2023) 
and 20.07.2023 
regarding 
the nomination and appointment of a new member to the AC respectively, and in particular of Mr. Burkhard 
Eckes, 
following 
relevant 
recommendations 
by 
the 
NomCos 
of 
22.06.2023, 
the 
AC 
decided 
on 
its 
constitution and on the appointment of its Chairman. 
 
5.
 
In addition, following the 
Hellenic Financial Stability Fund’s (HFSF) 
divestment from HoldCo, and 
taking into 
consideration 
that 
HoldCo 
is 
no 
longer 
subject 
to 
law 
3864/2010 
and 
to 
the 
special 
rights 
of 
the 
HFSF 
provided for in such 
law, including HFSF’s right to appoint its 
representative in the HoldCo Board 
and Board 
Committees, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli 
in 
the 
HoldCo 
Board 
and 
Board 
Committees, 
submitted her resignation from HoldCo’s BoD and 
HoldCo’s Audit and Remuneration Committees (that was 
present at that time) on 26 October 2023, effective 
as of 7 November 2023. 
6.
 
Following 
the 
above, 
the 
AC 
consists 
exclusively 
of 
BoD 
members, 
four 
(4) 
in 
total, 
all 
of 
which 
are 
independent non-executive Directors, according to the 
provisions of article 9 of L. 4706/2020. In particular, 
the 
AC 
consists 
of 
the 
following 
members: 
1. 
Jawaid 
Mirza 
(Chairperson 
of 
the 
Audit 
Committee, 
independent 
non-executive 
BoD 
member), 
2. 
Burkhard 
Eckes 
(Vice-Chairperson 
of 
the 
Audit 
Committee, 
independent 
non-executive 
BoD 
member), 
3. Irene 
Rouvitha-Panou 
(Audit 
Committee 
member, independent non-executive BoD member), and 4. Rajeev Kakar 
(Audit Committee member, 
independent non-executive BoD member).
 
7.
 
All AC 
members 
have sufficient 
knowledge 
in the 
field 
of HoldCo 
activities 
and 
the necessary 
skills and 
experience to carry out their 
duties and meet the requirement 
of established knowledge and 
experience in 
auditing and/or accounting. 
8. 
Information regarding current 
AC composition and short 
biographical details of its 
members may be found 
at the HoldCo’s website (www.eurobankholdings.gr). 
Meetings Held During the Period & Attendance 
9. 
During 2023, the Audit Committee held seventeen (17) meetings, including 
four (4) meetings by circulation, 
while during 2022, the Audit Committee held fourteen (14) 
meetings. 
10. 
The average ratio of attendance at the meetings by the 
AC members stood at 100% (2022: 100%). 
11. 
The quarterly meetings were attended 
in person and the rest 
were held via conference 
calls. This practice 
is allowed by the AC ToR 
and is consistent across all HoldCo’s BoD 
Committees. 
12. 
The 
submissions 
for 
the 
AC 
meetings 
have 
become 
available 
to 
all 
BoD 
members 
through 
the 
Diligent 
platform. 
13. 
The 
BoD 
Chair 
has 
regularly 
attended 
the 
AC 
meetings. 
In 
addition, 
all 
meetings 
were 
attended 
by 
the 
Internal Audit (IA), while 
the General Manager of 
Group Compliance was attending the 
meetings depending 
on the subject under discussion. 

 
 
 
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14. 
The External Auditor of 2023 
financial statements (i.e. 
KPMG) has been invited and 
attended meetings as 
required. 
15. 
The AC Chair updated the Board members, at the quarterly meetings of the Board, on the material matters 
covered during the AC meetings. 
16. 
In 2023, 
the members 
of the 
AC have 
been invited 
and participated 
in the 
Board Risk 
Committee (BRC) 
meetings and similarly the members of the BRC have been invited and participated in the Audit Committee 
meetings (joint Audit Committee 
and Board Risk 
Committee meetings) for the 
discussion / approval of 
items 
that fall under the responsibility of both Committees. 
Highlights of Issues of Importance during 2023 
Internal Controls System and Risk Management 
17. 
The AC, in accordance with its Terms 
of Reference
, reviews the adequacy of the Internal Control and Risk 
Management systems and the compliance with rules 
and regulations of the monitoring process. 
18. 
Throughout the year 2023: 
●
 
the AC Members 
received update by 
IA and Compliance, 
covering matters of 
the System of 
Internal 
Controls, Risk Management, Compliance with rules and 
regulations and legal issues. 
●
 
significant weaknesses in internal 
controls and the progress of 
actions taken to address them, 
were 
presented 
in 
the 
Internal 
Audit 
Activity 
Report 
and 
several 
pending 
issues 
(including 
External 
Auditors’ Management Letter) were discussed with Management and the AC ensured that the time 
plans and deadlines will be followed up. 
●
 
the 
AC 
acknowledged 
the 
annual 
Internal 
Audit 
Evaluation 
Report 
of 
the 
System 
of 
Internal 
Controls, a 
requirement of 
the Bank 
of Greece 
Act 2577/9.3.2006. 
The said 
report along 
with the 
AC’s own assessment of the evaluation was 
further submitted to the BoD and 
subsequently to BoG 
in June 2023. 
●
 
in the context 
of the independent 
triennial Evaluation 
of the System 
of Internal 
Controls (SIC) 
per 
BoG 
Act 
2577/9.3.2006, 
the 
AC 
approved 
the 
proposed 
scope 
of 
the 
assignment 
and 
the 
appointment of the firm. 
●
 
in accordance with the provisions of Law 2533/1997, 
the AC reviewed reports on substantial stock 
transactions performed by the Company’s Directors and General Managers in listed securities and 
notified the Board. 
Internal Audit (IA) 
19. 
The Internal 
Audit (IA) 
function of 
HoldCo is 
independent (Internal 
Audit has 
a functional 
reporting line 
to 
the 
AC 
and 
a 
dotted 
reporting 
line 
for 
administrative 
matters 
to 
the 
CEO), 
adequately 
organized, 
has 
unrestricted access to any 
pertinent information and operates 
efficiently and effectively 
in compliance with 
the Standards of the Institute of Internal Auditors. 
20. 
During 2023, the AC: 
●
 
approved the revised Internal Audit Mandate and Terms 
of Reference (ToR). 
●
 
received confirmation from the Chief Internal Auditor (CIA) 
regarding IA’s 
independence for 2022. 
●
 
discussed the performance of the IA Annual Plan for 2022. 
●
 
approved and further submitted to the BoD for information 
the IA Annual Plan for 2024. 
●
 
monitored the progress of the IA Audit Plan for 2023 through the 
Activity Reports. 
●
 
at the Quarterly AC meetings, discussed the key highlights of the IA 
Activity Reports (including the 
follow-up of the external auditors’ Management Letter 
points). 
●
 
discussed 
the 
progress 
of 
the 
actions 
for 
resolution 
of 
a 
Very 
High 
risk 
finding 
identified 
in 
the 
beginning of 2022 (doValue 
Suspense Accounts). 
●
 
Carried out the assessment of the Internal Auditor’s performance for 2022. 

 
 
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Compliance 
21. 
The 
Compliance 
of 
HoldCo 
is 
a 
permanent 
and 
independent 
function 
(the 
Head 
of 
Compliance 
reports 
functionally to the 
AC and for administrative 
purposes to the 
CEO of Holdings) 
adequately organized, has 
unrestricted access to any pertinent information and operates efficiently 
and effectively. 
22. 
During 2023, the AC: 
●
 
approved the revised Compliance Mandate. 
●
 
approved and further submitted to the BoD for information the 
2024 Compliance Annual Plan. 
●
 
at the Quarterly AC meetings, discussed the key highlights 
of the Compliance Activity Reports. 
●
 
reviewed and depending 
on the case, 
approved or approved 
and further submitted 
to the BoD 
for 
approval / 
information a) 
the revised 
Code of 
Conduct and Ethics, 
b) the 
revised Policy for 
Reporting 
Illegal 
or 
Unethical 
Conduct 
and 
the 
appointment 
of 
Report 
Receiving 
& 
Monitoring 
Officer 
in 
Greece, c) the revised Group Antitrust Compliance Policy, d) the revised Compliance Policy, e) the 
revised Conflict of Interest 
Group Policy, f) the revised Anti-bribery and 
Corruption Policy and g) 
the 
revised Insider Dealing Guideline. 
●
 
In line with the BoG requirements, 
received the Annual Group 
Compliance Report as per 
BoG Act 
2577/9.3.2006 (including MiFID report) for acknowledgement. 
The said report along with the AC’s 
assessment was further submitted to the BoD and subsequently 
to the BoG in June 2022. 
●
 
Carried out the assessment of the performance of the Head of Compliance 
for 2022. 
Financial reporting 
23. 
The AC, in 
accordance with 
its Terms 
of Reference, 
monitors the financial 
reporting process 
and submits 
recommendations and proposals to ensure its integrity. In addition, it supervises and assesses whether the 
internal 
controls 
related 
to 
financial 
reporting 
are 
adequate 
and 
effective 
and 
that 
these 
controls 
are 
adjusted to reflect any major changes in the risk profile 
of Holdings. 
24. 
During the AC meetings in 2023: 
●
 
the 
AC, 
among 
others, 
reviewed 
and 
approved 
the 
quarterly 
results, 
semi-annual 
and 
annual 
Accounts 
and 
Financial 
Statements, 
Annual 
General 
Meeting 
(AGM) 
matters 
and 
matters 
of the 
External 
auditors. 
In 
addition, 
the 
AC 
reviewed 
and 
proposed 
to 
the 
BoD 
for 
approval 
the 
Consolidated Pillar III report. 
●
 
Group 
Finance 
made 
presentations 
on 
issues 
such 
as 
accounting 
policies, 
critical 
accounting 
estimates, significant 
one-off items 
impacting the 
Financial Statements, 
major variations 
between 
periods, 
important 
disclosures, 
significant 
issues 
with 
tax 
authorities, 
as 
well 
as 
Group 
Control 
issues. 
●
 
IA performed a 
high level review 
of material submitted 
to the AC 
for the clearance 
of the financial 
results and reported significant items to the AC Chairman for 
his attention. 
●
 
with regards 
to the monitoring 
of the Actual 
vs Budget 
Report, the AC 
received quarterly 
updates 
by Group Finance which were subsequently presented to the 
BoD. 
External Auditors 
25. 
The 
AC, 
in 
accordance 
with 
its 
Terms 
of 
Reference, 
is 
responsible 
for 
the 
selection, 
performance 
and 
independence 
of the 
External 
Auditors, 
KPMG. 
In 
addition, 
the 
AC reviews 
the 
scope 
of 
audit 
work 
and 
audit approach 
and assesses 
the process 
for identifying 
and responding 
to key 
audit and 
internal control 
risks. 
 

 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
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26. 
During the AC meetings in 2023: 
●
 
KPMG presented its 2023 Audit Plan to the AC. The AC has also, in line with its ToR, reviewed the 
Engagement letter for the 2023 Statutory Audit of the 
Company. 
●
 
KPMG 
presented 
and 
discussed 
with 
the 
AC 
members 
a 
summary 
of 
audit 
work 
done, 
major 
findings, including a summary of unadjusted differences, 
and other issues of importance. 
27. 
The AC has 
received the 2022 
KPMG Management 
Letter (ML) and 
has discussed the 
issues raised with 
KPMG and Management. 
28. 
The annual assessment of the External Auditors for the 2022 audit was discussed by the AC members and 
Management. At the same 
AC meeting, the AC 
decided to propose to 
the BoD for approval 
and subsequent 
recommendation to the Annual General Meeting of shareholders 
for approval, the reappointment of KPMG 
as statutory auditors for 
the separate and consolidated 
Financial Statements of Eurobank 
Holdings for the 
financial year of 2023.
29. 
The AC has discussed and approved the Global Group Audit 
and assurance Fees of 2023. 
30. 
The 
AC 
has 
received 
the 
External 
Auditors’ 
Independence 
written 
confirmation, 
while 
it 
monitored 
the 
independence 
of 
the 
External 
Auditors 
through 
the 
Auditors 
independence 
monitoring 
tool 
submitted 
quarterly by 
Group Finance, 
depicting the 
value of 
non-audit services 
provided as 
compared to 
the limits 
set by 
the Group 
External Auditor’s 
Independence Policy 
that was 
also updated 
during 2023. 
In line 
with 
the Group 
External 
Auditor’s Independence 
Policy, 
the AC 
in 2023 
reviewed 
and approved 
all non-audit 
services including the audit assurance 
related work re Fairfax Financial 
Holdings (FFH) annual requirement 
on the reconciliation of IFRS consolidated Total Equity and Profit & Loss to U.S. GAAP, 
for the year ending 
31.12.2022, ensuring that the independence limits are 
complied with. 
31. 
The AC met with the External Auditors (with and without Management present) to discuss issues related to 
the audit, in addition to any significant issues related to 
the External Auditors’ audit plan. 
32. 
The AC reviewed the External Auditor’s Report and the Report on 
Key Audit Issues. 
33.
 
The AC approved the updated External Auditors Tendering 
Policy and Procedure, as well as the Key Audit 
Partner (KAP) selection/rotation policy as an addendum 
to it, based on market practices. 
34.
 
The AC discussed a 5-yr 
(2024-28) plan on the 
eligibility of audit firms for 
the statutory audit of 
the Group, 
including potential conflict 
of interest situations 
with eligible audit 
firms, based on 
Greek Law 4449/17 
and 
EU Reg 537/14, 
and requirements 
of the 
International Code 
of Ethics for 
Professional Accountants 
of the 
International Ethics Standards Board for Accountants (IESBA) 
AC’s Evaluation 
35.
 
The 
AC’s 
performance 
is 
evaluated 
annually 
according 
to 
the 
provisions 
of 
HoldCo’s 
Board 
and 
Board 
Committees 
Evaluation 
Policy. 
According 
to 
the 
AC’s 
2023 
self-evaluation, 
the 
AC 
members 
expressed 
satisfaction with 
the committee’s 
effectiveness and 
leadership. They 
commented the 
AC’s efficient 
use of 
time, well-planned 
meetings, and 
timely scheduling. The 
Chairperson of 
the AC was 
noted for being 
well-
prepared and skilled in guiding discussions through the agenda, fostering critical dialogue, and ensuring all 
members could express their views 
freely. Participants were also acknowledged for their preparedness and 
active engagement in vital discussions, demonstrating a commendable 
level of challenge. 
36.
 
However, 
the 
evaluation 
identified 
areas 
for 
improvement, 
notably 
the 
need 
for 
enhanced 
oversight 
on 
critical 
audit 
and 
compliance 
issues 
within 
major 
subsidiaries. 
There 
was 
also 
a 
call 
for 
strengthening 
cybersecurity 
mechanisms 
and 
Anti-Money 
Laundering 
(AML) 
controls 
and 
measures. 
Additionally, 
the 
evaluation emphasized the 
importance of providing 
training in new 
areas to enhance 
the skills of 
the Internal 
Audit 
Team. 
These 
areas 
of 
improvement 
were 
highlighted 
to 
further 
enhance 
the 
effectiveness 
and 
capabilities of the AC in fulfilling its responsibilities. 
 

 
 
 
 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
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|
Page 
Other AC Matters 
37.
 
The AC 
has 
approved 
and 
notified the 
Board 
for further 
submission 
to the 
Annual 
General 
Meeting, 
the 
annual Activity Report for 2022. 
38.
 
The AC has discussed its annual Plan for 2024. 
Sustainability Overview 
39. 
The 
Group 
supports 
the 
sustainable 
transition 
of 
the 
economy 
and 
considers 
sustainability 
and 
climate 
change 
as an 
opportunity. 
A key 
strategic objective 
is 
to adapt 
its 
business 
and 
operation 
in 
a way 
that 
addresses climate change 
challenges, accommodate social 
needs within its banking 
business model, and 
safeguard 
prudent 
governance 
for itself 
and 
its counterparties, 
in accordance 
with 
supervisory 
initiatives 
and following international standards/ best practices. 
40. 
Committed 
to 
actively 
contributing 
to 
the 
achievement 
of 
the 
United 
Nations 
Sustainable 
Development 
Goals (SDGs) and the 2030 Agenda goals, Eurobank is a signatory of the UN Global Compact since 2008. 
In September 2019 
Eurobank signed the 
UNEP FI Principles 
for Responsible Banking 
(PRB), affirming 
its 
commitment to play an active role in implementing the SDGs and 
the Paris Agreement on Climate Change. 
In full 
compliance with 
its obligations 
relating to 
implementing the 
Principles, Eurobank 
has issued 
its 3
rd
 
PRB Progress Report as part of the Annual Report 2022 
– Business & Sustainability. 
41. 
Eurobank has expressed the Environmental, Social, Governance 
(ESG) aspect of its business through the 
lens of 
Impact generation. 
The Sustainability 
Strategy has 
been defined 
across two 
pillars of 
impact: the 
operational impact arising from its own activities 
and the financed impact resulting from the 
Bank’s lending 
and investing activities. 
42. 
Eurobank has 
designed, approved 
and currently 
implements the 
Sustainability 
Strategy including 
targets 
and commitments along the two key pillars. 
43. 
The Operational Impact Strategy comprises of 3 strategic 
pillars, namely: 
i. Environmental 
impact 
with 
the objective 
to 
minimize 
negative impact 
across 
the Bank’s 
value 
chain 
to 
promote environmental stewardship. The aim is to 
minimize Scope 1 and 2 
emissions, become a paperless 
banking network and extend circular economy practices. 
ii. Employer’s 
impact 
with 
the 
objective 
to 
empower 
people 
to 
perform 
at their 
best 
through 
an 
inclusive 
environment, 
promoting 
ethics 
and 
integrity. 
The 
aim 
is 
to 
embed 
a 
diverse 
and 
inclusive 
environment, 
encompass a wellbeing culture, along with stimulating 
an innovative environment. 
iii. 
Social 
and 
business 
impact 
with 
the 
objective 
to 
drive 
positive 
change 
for 
entrepreneurs 
and 
wider 
communities 
to 
foster 
sustainable 
development 
and 
ensure 
social 
prosperity. 
The 
aim 
is 
to 
intensify 
sustainability in 
procurement practices, 
rationalize Socio 
-Economic Impact 
as well 
as boost 
transparency 
and ESG capacity. 
44. 
The Financed Impact Strategy, 
applicable to lending and 
investment portfolios, leverages 
on the identified 
ESG 
and 
climate 
related 
opportunities 
and 
by 
assessing 
relevant 
risks 
aims 
to 
mitigate 
ESG 
& 
climate 
related risks for the Group’s portfolios. 
45. 
The 
Financed 
Impact 
Strategy 
is 
also 
directed 
on 
clients’ 
engagement 
and 
awareness 
to 
adapt 
their 
business in a 
way to address climate 
change challenges, actions for supporting 
customers in their transition 
efforts towards 
a more 
ESG-friendly economic 
environment, enablers 
and tools 
such as 
frameworks and 
products to underpin Sustainable 
Financing, as well as 
the assessment and management 
of climate-related 
material exposures. 
46. 
Climate Risk – 
The Group has 
recognized climate change 
as a material 
risk and based 
on its supervisory 
guidelines, is 
adapting 
its policies 
and methodologies 
for identifying 
and monitoring 
the relevant 
risks. In 
this context, 
a dedicated 
Climate-Related 
& 
Environmental 
Risks 
Materiality 
Assessment 
document 
was 
created,
outlining 
the 
Climate-Related 
and 
Environmental 
(CR&E) 
Risks’ 
Materiality 
Assessment 
of 
Eurobank Group. 
47.
 
Adopting a strategic approach for the management of risks and the identification of opportunities in relation 
to sustainability and climate change, the Bank follows, 
and accelerates where possible, a detailed roadmap 
prioritizing 
actions 
for 
the 
effective 
management 
of 
climate-related 
& 
environmental 
(CR&E) 
risk 
in 

 
 
EUROBANK ERGASIAS SERVICES AND HOLDINGS S.A. 
ATTACHMENT 
TO THE REPORT OF THE DIRECTORS 
 
129
|
Page 
alignment 
with 
the 
supervisory 
expectations 
included 
at 
the 
ECB 
Guide 
on 
Climate
-Related 
and 
Environmental Risks. 
Also, the IA 
is informed and 
follows up 
the Climate 
Risk Roadmap, 
which has 
been 
agreed with the 
supervisor. 
The respective developments 
are considered in 
IA risk-based audit 
approach. 
With regard to the 
banking activity of 
HoldCo (i.e. Eurobank 
S.A. or the Bank), 
the Internal Audit 
Group of 
the Bank issued in 2023 one consulting report in the area (Pillar 
III disclosures on ESG risk). 
48. 
The Group has updated 
its governance structure 
by introducing and 
defining the roles and 
responsibilities 
in relation to 
ESG and climate 
related and environmental 
risks, embedding regulatory guidelines 
and market 
practices 
(both 
for 
transition 
risk 
and 
physical 
risk) 
within 
the 
3 
Lines 
of 
Defense. 
Moreover, 
the 
HoldCo/Bank BoD has assigned an executive member as the responsible 
BoD member for climate-related 
and 
environmental 
risks. 
The 
same 
member 
chairs 
the 
Eurobank 
ESG 
Management 
Committee, 
established by 
the Eurobank 
CEO.As part 
of his 
duties, the 
member responsible 
updates the 
Board Risk 
Committee (BRC) 
(in alignment 
with the 
BRC Terms 
of Reference) 
and the 
Board of 
Directors of 
HoldCo 
and Bank on climate change and environmental related risks 
at least on a semi-annually basis. 
49. 
Committed 
to 
being 
transparent 
and 
further 
enhancing 
its 
ESG 
approach 
as 
well 
as 
to 
ensure 
that 
the 
decision-making 
is 
in 
line 
with 
environmental 
protection 
and 
sustainability, 
Eurobank 
has 
established 
a 
monitoring dashboard with appropriate 
CR&E risks KPIs/ KRIs 
that are reported 
to the Senior 
Management, 
Management Body, as well as at Board level on a periodic basis, in order to 
safeguard efficient oversight of 
CR&E risks. 
The Group also 
developed and 
approved its 
CR&E Risks 
Management Policy 
which aims 
at 
fostering a 
holistic understanding 
of the 
effects 
of CR&E 
risks 
on its 
business 
model, as 
well as 
support 
decision-making 
regarding 
these 
matters 
and 
provide 
a 
robust 
governance 
under 
its 
Risk 
Management 
Framework. 
Moreover, 
the 
ESG 
Risk 
Assessment 
supports 
Eurobank’s 
business 
strategy 
and 
ESG 
risk 
awareness and ensures adherence to the Group’s 
risk appetite and credit policies. 
Jawaid Mirza 
AC Chairman 
March 20, 2024 

 
 
 
 
 
 
KPMG Certified Auditors S.A.
44 Syngrou Avenue
117 42 Athens, Greece
Telephone: 
+30 210 60 62 100
Fax: 
+30 210 60 62 111
Email: 
info@kpmg.gr
KPMG Certified Auditors S.A., a Greek Societe Anonyme and a member 
firm of the KPMG global organization of independent member firms affiliated 
with KPMG International Limited, a private English company limited by 
guarantee.All rights reserved.
Certified Auditors
GCR 001352601000
Independent Auditors’ 
Report
To 
the Shareholders of 
Eurobank Ergasias Services and Holdings S.A.
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We 
have 
audited 
the 
accompanying 
Separate 
and 
Consolidated 
Financial 
Statements 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings 
S.A. 
(the 
“Company”) 
which 
comprise 
the 
Separate 
and 
Consolidated 
Balance 
Sheet 
as 
at 
31 December 
2023, 
the 
Consolidated 
Income 
Statement, 
the 
Separate 
and 
Consolidated Statements of Comprehensive Income, 
Changes in Equity and Cash Flow for the year 
then 
ended, and notes, comprising material accounting policies 
and other explanatory information.
In our 
opinion, the 
accompanying 
Separate and 
Consolidated 
Financial 
Statements present 
fairly, 
in all 
material 
respects, 
the 
separate 
and 
consolidated 
financial 
position 
of 
Eurobank 
Ergasias 
Services 
and 
Holdings S.A. 
and its 
subsidiaries (the 
“Group”) as 
at 31 December 
2023, its 
separate and 
consolidated 
financial performance and 
its separate and 
consolidated cash flows 
for the 
year then ended, 
in accordance 
with International Financial Reporting Standards as adopted 
by the European Union.
Basis for Opinion
We conducted our 
audit in accordance with 
International Standards on Auditing 
(ISA), as incorporated in 
Greek 
legislation. 
Our 
responsibilities 
under 
those 
standards 
are 
further 
described 
in 
the 
Auditors’ 
Responsibilities for the Audit of 
the Separate and Consolidated Financial 
Statements section of our 
report. 
We are independent of the 
Company and the Group in 
accordance with the International Ethics 
Standards 
Board for Accountants 
International Code of Ethics 
for Professional Accountants, as 
incorporated in Greek 
legislation, and with 
the ethical requirements 
that are relevant 
to the audit 
of the separate 
and consolidated 
financial statements 
in Greece 
and we 
have fulfilled 
our other 
ethical responsibilities 
in accordance 
with 
the 
requirements 
of 
the 
applicable 
legislation. 
We 
believe 
that 
the 
audit 
evidence 
we 
have 
obtained 
is 
sufficient and appropriate to provide a basis for our 
opinion.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key Audit Matters
Key audit 
matters are 
those matters, 
that, in 
our professional 
judgment, were 
of most 
significance 
in our audit of the Separate 
and Consolidated Financial 
Statements of the current period. 
These 
matters and the relevant significant assessed risks of material misstatement were addressed in 
the context of our audit of the 
Separate and Consolidated Financial 
Statements as a whole, and 
in forming our opinion thereon, and we do not provide a separate 
opinion on these matters.
Impairment allowance on loans and advances at amortised cost
See 
Notes 2.2.13
, 
3.1
, 
20
 
and
 
21
 
to the Consolidated Financial Statements.
The key audit matter
How the matter was addressed in our audit
Loans 
and 
advances 
to 
customers 
at 
amortized 
cost 
for 
the 
Group 
amounted 
to 
EUR 42 
773 million 
as at 
31 December 2023 
(2022: 
EUR 
43 
450 
million) 
and 
impairment 
allowance 
for 
expected 
credit 
losses 
(“ECL”) 
for the Group amounted to 
EUR 1 258 million 
as at 31 
December 2023 
(2022: 1 626 
million). 
The 
estimation 
of 
expected 
credit 
losses 
on 
loans 
and 
advances 
at 
amortised 
cost 
involves 
significant 
judgment 
and 
estimates. 
The 
key 
areas 
where 
we 
identified 
greater 
levels 
of 
management 
judgement 
and 
therefore, increased 
levels of 
audit focus 
in the 
Group’s estimation of ECL are:
●
 
Significant Increase 
in Credit Risk 
(“SICR”) 
– The identification of qualitative 
indicators 
for 
identifying 
a 
significant 
increase 
in 
credit 
risk 
for 
staging 
classification 
is 
judgmental 
taking 
also 
into 
account 
the 
current 
macroeconomic 
and 
geopolitical 
uncertainty. 
●
 
Model estimations – Inherently judgmental 
modelling 
and 
assumptions 
are 
used 
to 
estimate 
ECL 
which 
involves 
determining 
Probabilities of Default 
(“PD”), Loss Given 
Default (“LGD”), and Exposures 
at Default 
(“EAD”). 
ECL 
may 
be 
inappropriate 
if 
certain models or underlying assumptions, 
Our audit procedures included, among others:
Controls testing:
We 
tested 
relevant 
manual, 
general 
IT 
and 
automated 
controls 
over 
key 
systems 
used 
in 
the ECL process.
Main 
aspects 
of 
our 
controls 
testing 
involved 
evaluating the design and testing the operating 
effectiveness of the key controls over the: 
●
 
Completeness 
and 
accuracy 
of 
the 
key 
inputs into the IFRS 9 impairment models. 
●
 
Application of the staging criteria. 
●
 
Model validation. 
●
 
Management adjustments. 
Test 
of details:
Key 
aspects 
of 
our 
testing 
included, 
among 
others:
●
 
We performed substantive procedures 
on a 
sample 
basis 
in 
order 
to 
assess the 
SICR 
assessment 
for 
both 
corporate 
and 
retail 
portfolios. 
●
 
We 
assessed 
the 
appropriateness 
of 
management 
adjustments 
to 
the 
model 
driven 
ECL 
results, 
by 
considering 
the 
assumptions, 
reviewing 
calculations 
and 

 
 
 
 
 
their 
application 
or 
data 
used 
do 
not 
accurately 
predict 
defaults 
or 
recoveries 
over 
time 
or 
fail 
to 
reflect 
the 
estimated 
credit 
losses 
of 
loans 
and 
advances 
to 
customers. 
As 
a 
result, 
certain 
IFRS 
9 
models, model assumptions and 
data, are 
the 
key 
drivers 
of 
complexity 
and 
subjectivity in 
the Group’s 
calculation of 
the 
ECL estimate. 
●
 
Management 
adjustments 
– 
Adjustments 
to the model-driven ECL results are raised 
by 
management 
to 
address 
any 
known 
limitations 
or 
emerging 
trends 
as 
well 
as 
risks 
not 
captured 
by 
models. 
These 
adjustments 
are 
inherently 
uncertain 
and 
significant 
management 
judgement 
is 
involved especially 
in relation 
to the 
current 
macroeconomic 
and 
geopolitical 
environment. 
●
 
Macroeconomic 
Forward 
Looking 
Information 
scenarios 
– 
IFRS 
9 
requires 
the Group 
to measure 
ECL on 
an unbiased 
forward-looking basis reflecting a 
range of 
future 
economic 
conditions. 
Significant 
management 
judgement 
is 
applied 
in 
determining the 
forward-looking economic 
scenarios used, 
the probability 
weightings 
associated 
with 
the 
scenarios 
and 
the 
complexity 
of 
models 
used 
to 
derive 
the 
probability 
weightings 
applied 
to 
them, 
especially 
when 
considering 
the 
current 
macroeconomic 
and 
geopolitical 
environment. 
●
 
Individually 
assessed 
loans 
–The 
estimation of 
future cash 
flows, valuation 
of 
collateral 
and 
probability 
weighting 
of 
scenarios constitute 
assumptions with 
high 
estimation uncertainty. 
Disclosures 
in 
the 
Consolidated 
Financial 
Statements.
The 
disclosures 
regarding 
the 
Group’s 
application 
of 
IFRS 
9 
are 
key 
for 
the 
understanding 
of 
the 
significant 
judgements 
and material inputs to the 
IFRS 9 ECL results, 
as 
well 
as, 
to 
provide 
transparency 
of 
the 
credit risk exposures of the Group.
data 
used 
and 
inspecting 
the 
governance 
around these adjustments. 
●
 
We 
assessed 
the 
reasonableness 
and 
appropriateness 
of 
the 
macroeconomic 
variables’ 
forecasts, 
scenarios, 
weights, 
and models 
applied, with 
the support 
from 
our 
specialists. 
Our 
testing 
included 
benchmarking against external sources. 
●
 
We 
performed 
substantive 
procedures 
to 
assess 
the 
completeness and 
accuracy of 
critical data input used in the ECL models. 
●
 
We 
reperformed 
ECL 
calculations 
for 
lending 
exposures 
in 
all 
stages, 
with 
the 
support 
from 
our 
financial 
risk 
specialists 
and on a sample basis. 
●
 
We 
performed 
substantive 
procedures 
to 
assess 
the 
reasonableness 
of 
significant 
assumptions 
used 
in 
the 
measurement 
of 
impairment 
of 
individually 
assessed 
credit 
impaired 
exposures, 
including 
the 
assumptions 
used 
to 
estimate 
discounted 
future 
cash 
flows 
and 
the 
valuation 
of 
collaterals for 
which we 
have engaged 
our 
real estate valuation specialists. 
Our financial risk specialists assisted with the:
●
 
Assessment 
of 
the 
Group’s 
impairment 
methodologies conceptual soundness. 
●
 
Assessment 
of 
the 
Group’s 
impairment 
methodologies 
implementation 
by 
evaluating the risk 
parameter models used 
as 
well 
as, 
reperforming the 
calculation 
of 
certain risk parameters, on a sample basis. 
Assessing disclosures:
●
 
We 
evaluated 
the 
adequacy 
and 
appropriateness 
of 
the 
disclosures 
in 
the 
Financial 
Statements 
that 
address 
the 
uncertainty which 
exists when 
determining 
the ECL. In addition, we assessed whether 
the 
disclosure 
of 
the 
key 
judgements 
and 
assumptions 
was 
sufficiently 
clear 
and 
explanatory. 

 
 
 
 
 
 
 
 
 
 
 
Recognition of deferred tax assets
See 
Notes 2.2.16
, 
3.5
 
and
 
13
 
to the Consolidated Financial Statements.
The key audit matter
How the matter was addressed in our audit
The 
Group 
has 
recognized 
deferred 
tax 
assets 
of 
EUR 
3 
991 
million 
as 
at 
31 December 2023 (2022: 4 161 million).
The 
recognition 
and 
measurement 
of 
deferred 
tax 
assets 
is 
considered 
a 
key 
audit matter as 
it depends on 
estimates of 
future 
profitability, 
which 
requires 
significant 
judgement 
and 
includes 
the 
risk of management bias.
Significant 
judgement 
and 
especially 
complex assumptions 
and method, 
due to 
inherent 
uncertainties 
relate 
to 
the 
following:
●
The 
extent 
that 
there 
are 
probable 
future taxable profits that will 
allow the 
deferred 
tax 
asset 
amount 
to 
be 
recovered in the foreseeable future.
●
Forecast of future taxable 
profit, which 
is mainly impacted by macroeconomic 
forward-looking information.
Disclosures in the Consolidated Financial 
Statements
The 
disclosures 
regarding 
the 
Group’s 
application 
of 
the 
Standards 
in 
this 
area 
are 
key for 
the 
understanding of 
the 
key 
judgements 
surrounding 
the 
recoverability of deferred tax assets.
Our 
audit 
procedures, 
included, 
among 
others 
the 
following:
●
We assessed the design and implementation of 
controls 
relevant 
to 
the 
recognition 
and 
recoverability 
of 
deferred 
tax 
assets 
including 
the 
approval 
of 
three-year 
business 
plan 
and 
monitoring of actual results against budgeted. 
●
We 
evaluated 
the 
appropriateness 
of 
the 
assumptions 
used 
by 
management 
in 
the 
approved 
three-year 
business 
plan 
by 
comparing the 
revenue and 
growth projections 
to industry 
trends and 
ensuring consistency 
with 
strategic 
plans. 
We 
also 
evaluated 
the 
appropriateness 
of 
the 
assumptions 
used 
and 
the reasonableness of projections 
for the period 
that 
lies 
beyond 
the 
approved 
three-year 
business plan. 
●
We assessed the accuracy of 
forecasted future 
taxable 
profits 
by 
evaluating 
the 
accuracy 
of 
management’s 
projections 
of 
prior 
year 
by 
comparing them to actual results. 
●
We 
tested 
the 
accuracy 
of 
the 
relevant 
underlying 
data 
of 
the 
estimate, 
including 
the 
conversion 
of 
future 
accounting 
profits 
to 
taxable profits. 
●
Our 
tax 
specialists 
assisted 
to 
confirm 
the 
completeness and 
accuracy of 
the relevant 
tax 
adjustments that produce the taxable results. 
Assessing disclosures:
We evaluated the adequacy 
and appropriateness of 
the 
disclosures 
in 
the 
Consolidated 
Financial 
Statements 
that 
address 
the 
deferred 
tax 
asset 
recoverability. In addition, we assessed whether the 
disclosures of 
the key 
judgements and 
assumption 
were sufficiently clear and explanatory.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Use of IT systems relevant to the financial information
The key audit matter
How the matter was addressed in our audit
The Group’s 
financial reporting 
processes 
are 
dependent 
to 
a 
large 
extent 
on 
information 
produced 
by 
the 
Group’s 
Information 
Technology 
(IT) 
systems, 
and/or automated processes 
and controls 
(i.e. 
calculations, 
reconciliations) 
implemented in these systems.
The 
above 
is 
a 
key 
audit 
matter 
as 
the 
Group’s 
financial 
reporting 
systems 
rely 
heavily 
on 
complex 
information 
systems 
that 
process 
very 
large 
number 
of 
transactions. 
These 
IT 
systems 
function 
based 
on 
the 
operating 
effectiveness 
of 
internal 
controls 
in 
place 
to 
assure 
the 
completeness 
and 
accuracy 
as 
well 
as 
the 
security 
of 
the 
information 
of 
the 
Group 
that 
produce 
eventually 
the 
financial information to be included 
in the 
Consolidated Financial Statements.
We have evaluated 
in collaboration 
with our IT 
Audit 
specialists the general controls 
over the IT systems, 
databases 
and 
applications 
that 
support 
the 
financial reporting process of the Group.
For 
this 
purpose, 
we 
performed 
procedures 
as 
follows:
●
We 
evaluated 
the 
information 
security 
resilience of 
the Group 
by evaluating 
the design 
of key IT processes and 
controls over financial 
reporting. 
●
We 
evaluated 
the 
design 
of 
the 
relevant 
preventative and 
detective general 
IT 
controls 
over administration of 
access to programs 
and 
data for the systems in 
scope of our audit and, 
we tested 
the operating 
effectiveness of 
these 
relevant controls. 
●
We evaluated 
the design 
of the 
relevant general 
IT 
controls 
of 
the 
Group 
over 
program 
development, 
program 
change 
management 
and 
computer 
operations 
for 
the 
systems 
in 
scope of our audit and, we 
tested the operating 
effectiveness of these relevant controls. 
Other Information
The Board of Directors is responsible 
for the other information. The other 
information comprises 
the 
information included 
in the 
Board of 
Directors’ Report, 
for 
which reference 
is made 
in the 
“Report on Other Legal and Regulatory Requirements” and the Declarations of the Members of 
the Board of 
Directors but 
does not 
include the 
Separate and 
Consolidated Financial 
Statements 
and our Auditors’ Report thereon.
Our opinion 
on the 
Separate and 
Consolidated Financial Statements 
does not 
cover the 
other 
information and we do not express any form of assurance 
conclusion thereon.
In 
connection 
with 
our 
audit 
of 
the 
Separate 
and 
Consolidated 
Financial 
Statements, 
our 
responsibility 
is 
to 
read 
the 
other 
information 
and, 
in 
doing 
so, 
consider 
whether 
the 
other 
information is materially inconsistent with 
the Separate and Consolidated Financial 
Statements 

 
 
 
 
 
 
 
 
or our 
knowledge obtained 
in the 
audit, or 
otherwise appears 
to be 
materially misstated. 
If, based 
on the work we have performed, we conclude that there is a material misstatement of this other 
information, we are required to report that fact. We have nothing to report in 
this regard.
Responsibilities 
of 
the 
Board 
of 
Directors 
and 
Those 
Charged 
with 
Governance 
for the Separate and Consolidated Financial Statements
The Board 
of Directors is 
responsible for the 
preparation and fair 
presentation of the 
Separate 
and 
Consolidated 
Financial 
Statements 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
as 
adopted 
by 
the 
European 
Union, 
and 
for 
such 
internal 
control 
as 
the 
Board 
of 
Directors 
determines 
is 
necessary 
to 
enable 
the 
preparation 
of 
separate 
and 
consolidated 
financial statements that are free from material misstatement, 
whether due to fraud or error.
In 
preparing 
the 
Separate 
and 
Consolidated 
Financial 
Statements, 
the 
Board 
of 
Directors 
is 
responsible for assessing 
the Company’s and 
the Group’s ability 
to continue as 
a going concern, 
disclosing, as applicable, matters related 
to going concern and using the 
going concern basis of 
accounting unless the Board of 
Directors either intends to 
liquidate the Company and 
the Group 
or to cease operations, or has no realistic alternative but to do 
so. 
The 
Audit 
Committee 
of 
the 
Company 
is 
responsible 
for 
overseeing 
the 
Company’s 
and 
the 
Group’s financial reporting process.
Auditor’s 
Responsibilities 
for 
the 
Audit 
of 
the 
Separate 
and 
Consolidated 
Financial Statements
Our 
objectives 
are 
to 
obtain 
reasonable 
assurance 
about 
whether 
the 
Separate 
and 
Consolidated Financial 
Statements as 
a whole 
are free 
from material 
misstatement, whether 
due 
to fraud 
or error, 
and to 
issue an 
auditors’ report 
that includes 
our opinion. 
Reasonable assurance 
is a high 
level of assurance, but 
is not a 
guarantee that an audit 
conducted in accordance with 
ISAs 
which 
have 
been 
incorporated 
in 
Greek 
legislation 
will 
always 
detect 
a 
material 
misstatement 
when 
it 
exists. Misstatements 
can arise 
from 
fraud 
or 
error and 
are 
considered 
material if, individually 
or in 
the aggregate, they 
could reasonably be 
expected to influence the 
economic decisions of 
users taken on 
the basis of 
these Separate and 
Consolidated Financial 
Statements.
As part of an audit in accordance with ISAs, which have 
been incorporated in Greek legislation, 
we exercise 
professional judgment 
and maintain professional 
skepticism throughout the 
audit. 
We also:
●
 
Identify 
and 
assess 
the 
risks 
of 
material 
misstatement 
of 
the 
separate 
and 
consolidated 
financial statements, 
whether due 
to fraud 
or error, 
design and 
perform audit 
procedures 
responsive 
to 
those 
risks, 
and 
obtain 
audit 
evidence 
that 
is 
sufficient 
and 
appropriate 
to 
provide a basis 
for our opinion. The 
risk of not 
detecting a material misstatement resulting 
from fraud 
is higher 
than for 
one resulting 
from error, as 
fraud may 
involve collusion, 
forgery, 
intentional omissions, misrepresentations, or the override of internal control. 
●
 
Obtain 
an 
understanding of 
internal 
control 
relevant 
to 
the 
audit 
in 
order 
to 
design 
audit 

 
 
 
procedures that are appropriate in 
the circumstances, but not 
for the purpose of expressing 
an opinion on the effectiveness of the Company’s and the Group’s internal control. 
●
 
Evaluate 
the 
appropriateness 
of 
accounting 
policies 
used 
and 
the 
reasonableness 
of 
accounting estimates and related disclosures made by the Board of Directors. 
●
 
Conclude on the appropriateness of the Board of Directors’ use of the going concern basis 
of 
accounting and, 
based on 
the audit 
evidence obtained, 
whether a 
material uncertainty 
exists related to events or conditions 
that may cast significant doubt on 
the Company’s and 
the Group’s ability 
to continue 
as a going 
concern. If we 
conclude that 
a material 
uncertainty 
exists, we are required to draw attention in our auditors’ report to the related disclosures in 
the Separate 
and Consolidated 
Financial Statements 
or, if such disclosures 
are inadequate, 
to modify our opinion. Our conclusions are based on the 
audit evidence obtained up to the 
date of our auditors’ report. However, 
future events or conditions may cause the Company 
or the Group to cease to continue as a going concern. 
●
 
Evaluate the overall presentation, structure, and content of the Separate and Consolidated 
Financial Statements, 
including the 
disclosures, and 
whether the 
separate and 
consolidated 
financial 
statements 
represent 
the 
underlying 
transactions 
and 
events 
in 
a 
manner 
that 
achieves fair presentation. 
●
 
Obtain sufficient 
appropriate audit 
evidence regarding 
the financial 
information of 
the entities 
or 
business 
activities 
within 
the 
Group 
to 
express 
an 
opinion 
on 
these 
Consolidated 
Financial Statements. 
We are 
responsible for 
the direction, 
supervision, and 
performance 
of the group audit. We remain solely responsible for our audit opinion. 
We 
communicate 
with 
those 
charged 
with 
governance 
regarding, 
among 
other 
matters, 
the 
planned 
scope 
and 
timing 
of 
the 
audit 
and 
significant 
audit 
findings, 
including any 
significant 
deficiencies in internal control that we identify during our audit.
We also 
provide those 
charged with 
governance with 
a statement 
that we 
have complied 
with 
relevant 
ethical 
requirements 
regarding 
independence 
and 
communicate 
with 
them 
all 
relationships and 
other matters 
that may 
reasonably be 
thought to 
bear on 
our independence, 
and where applicable, related safeguards.
From 
the 
matters 
communicated 
with 
those 
charged 
with 
governance, 
we 
determine 
those 
matters that 
were of most 
significance in the 
audit of the 
Separate and Consolidated 
Financial 
Statements 
of 
the 
current 
period 
and 
are 
therefore the 
key 
audit 
matters. We 
describe 
these 
matters 
in 
our 
auditors’ 
report 
unless 
law 
or 
regulation 
precludes 
public 
disclosure 
about 
the 
matter 
or 
when, 
in 
extremely 
rare 
circumstances, 
we 
determine 
that 
a 
matter 
should 
not 
be 
communicated in our report 
because the adverse consequences of 
doing so would reasonably 
be expected to outweigh the public interest benefits of such 
communication.
Report on Other Legal and Regulatory Requirements
1 
Board of Directors’ Report
The Board of Directors is responsible for the preparation of the Board of Directors’ Report and 
the Corporate 
Governance Statement 
that is 
included in 
this report. 
Our opinion 
on the 
financial 

 
 
 
 
 
 
 
 
 
 
 
 
statements 
does 
not 
cover 
the 
Board 
of 
Directors’ 
Report 
and 
we 
do 
not 
express 
an 
audit 
opinion thereon. Our 
responsibility is to 
read the 
Board of 
Directors’ Report and, 
in doing 
so, 
consider 
whether, 
based 
on 
our 
financial 
statements 
audit 
work, 
the 
information 
therein 
is 
materially misstated 
or inconsistent 
with the 
financial statements 
or our 
audit knowledge. 
Based 
solely 
on 
that 
work 
pursuant 
to 
the 
provisions 
of 
paragraph 5 
of 
Article 2 
of 
L. 4336/2015 
(part B), we note that:
a)
 
The 
Board 
of 
Directors’ 
Report 
includes 
a 
Corporate 
Governance 
Statement 
which 
provides the information set by Article 152 of L. 4548/2018. 
b)
 
In our 
opinion, the Board 
of Directors’ Report 
has been prepared 
in accordance with 
the 
applicable legal requirements of Articles 150-151 and 153-154 and of paragraph 
1 (cases 
c and d) of 
article 152 of L. 4548/2018 
and its contents 
correspond with the 
accompanying 
Separate and Consolidated Financial Statements for the year ended 
31 December 2023. 
c)
 
Based on 
the knowledge 
acquired during 
our audit, 
relating to 
Eurobank Ergasias 
Services 
and Holdings S.A. and 
its environment, we have 
not identified any material 
misstatements 
in the Board of Directors’ Report. 
2 
Additional Report to the audit Committee 
Our audit 
opinion on 
the Separate 
and Consolidated 
Financial Statements 
is consistent 
with 
the Additional Report to the Audit Committee of the Company dated 29 
March 2024, pursuant 
to the requirements of article 11 of the Regulation 537/2014 of the European Union (EU).
3 
Provision of non Audit Services 
We have 
not provided to 
the Company and 
its subsidiaries any 
prohibited non-audit services 
referred to in article 5 of Regulation (EU) 537/2014.
The permissible non-audit services that 
we have provided to the Company 
and its subsidiaries 
during 
the 
year 
ended 
31 December 
2023 
are 
disclosed 
in 
Notes 
20 
and 
46 
of 
the 
accompanying Separate and Consolidated Financial Statements, 
respectively.
4 
Appointment of Auditors 
We were 
appointed for 
the first 
time as 
Certified Auditors 
of the 
Company based 
on the 
decision 
of 
the 
Annual 
General 
Shareholders’ 
Meeting 
dated 
10 
July 
2018. 
From 
then 
onwards 
our 
appointment 
has 
been 
renewed 
uninterruptedly 
for 
a 
total 
period 
of 
six 
years 
based 
on 
the 
annual decisions of the General Shareholders’ Meeting.
5 
Operations Regulation 

 
 
 
The Company 
has an 
Operations Regulation 
in accordance 
with the 
content provided 
by the 
provisions of the article 14 of L. 4706/2020.
6 
Assurance Report on the European Single Electronic Reporting Format 
We examined the 
digital files of 
the company Eurobank Ergasias 
Services and Holdings 
S.A. 
(the Company 
or/and Group), 
which were 
prepared in 
accordance with 
the European 
Single 
Electronic 
Format 
(ESEF) 
that 
is 
determined 
by 
the 
Commission 
Delegated 
Regulation 
(EU) 2019/815, 
as 
amended 
by 
the 
Regulation (EU) 2020/1989 
(the 
ESEF 
Regulation) 
that 
include the 
Separate and Consolidated 
Financial Statements of 
the Company and 
the Group 
for the year ended as at 31 December 2023 in XHTML format (JEUVK5RWVJEN8W0C9M24-
2023-12-31-en.xhtml), 
and 
also 
the 
file 
XBRL 
(JEUVK5RWVJEN8W0C9M24-2023-12-31-
en.zip) with the 
appropriate mark-up of 
the those consolidated 
financial statements, including 
of the Notes to the Consolidated Financial Statements. 
Regulatory framework
The digital files of the European Single Electronic Format are prepared in accordance with the 
ESEF Regulation and the 2020/C 
379/01 Commission Interpretative Communication 
issued on 
10 November 2020, 
as required 
by the 
L. 3556/2007 and 
the relevant 
announcements of 
the 
Hellenic Capital Markets Commission and the 
Athens Stock Exchange (the “ESEF Regulatory 
Framework”).
This Framework includes in summary, among others, the following requirements:
●
 
All the annual financial reports must be prepared in XHTML format. 
●
 
With 
respects 
to 
the 
consolidated 
financial 
statements 
based 
on 
International Financial 
Reporting Standards (IFRS), the financial information that is included in the Consolidated 
Balance 
Sheet, 
Consolidated 
Statements 
of 
Income 
and 
Comprehensive 
Income, 
Changes in Equity 
and Cash Flow, 
as well as 
in the Notes 
to the Consolidated 
Financial 
Statements, must be 
marked up with 
XBRL tags, in 
accordance with 
the ESEF Taxonomy, 
as in force. 
The technical 
requirements for the 
ESEF, including the relevant taxonomy, are 
included 
in 
the 
ESEF 
Regulatory 
Technical 
Standards, 
including 
of 
the 
Notes 
to 
the 
Consolidated Financial Statements. 
The requirements 
as defined 
in the 
ESEF Regulatory 
Framework as 
in force 
are appropriate 
criteria in order to express a reasonable assurance conclusion.
Responsibilities of the Board of Directors and those charged with governance
The 
Board 
of 
Directors 
is 
responsible 
for 
the 
preparation 
and 
filing 
of 
the 
Separate 
and 
Consolidated Financial 
Statements of 
the Company 
and the 
Group, for 
the year 
ended as 
at 
31 December 2023, in accordance with the requirements determined by 
the ESEF Regulatory 
Framework, and for such internal control as the Board 
of Directors determines is necessary to 
enable the preparation of 
digital files that are 
free from material misstatement, whether 
due to 
fraud or error.
Auditors’ Responsibilities
Our 
responsibility 
is 
the 
planning 
and 
the 
execution 
of 
this 
assurance 
engagement 
in 

accordance 
with 
the 
214/4/11-02-2022 
Decision 
of 
the 
Hellenic 
Accounting 
and 
Auditing 
Standards Oversight 
Board and 
the 
Guidelines for 
the 
assurance engagement 
and report 
of 
Certified Auditors on the 
European Single Electronic Reporting Format 
(ESEF) of issuers with 
shares listed in a 
regulated market in 
Greece”, as these 
were issued by 
the Institute of 
Certified 
Public Accountants of Greece on 14 February 2022 (the 
“ESEF Guidelines”), in order to obtain 
reasonable 
assurance 
that 
the 
Separate 
and 
Consolidated 
Financial 
Statements 
of 
the 
Company and 
the Group 
that are 
prepared by 
the the 
Board of 
Directors of 
the Company 
in 
accordance with 
the ESEF 
comply in 
all material 
respects with 
the ESEF 
Regulatory Framework 
as in force.
Our 
work 
was 
performed 
in 
accordance 
with 
the 
International 
Ethics 
Standards 
Board 
for 
Accountants’ 
Code 
of 
Ethics 
for 
Professional 
Accountants, 
as 
it 
has 
been 
incorporated 
into 
Greek legislation 
and we 
have also 
fulfilled our 
independence requirements, 
in accordance 
with 
the L. 4449/2017 and the Regulation (EU) 537/2014.
The 
assurance work 
that 
we 
carried out 
refers exclusively 
to 
the 
ESEF Guidelines 
and 
was 
conducted in 
accordance with 
the International 
Standard on 
Assurance Engagements 
3000, 
“Assurance 
Engagements 
other 
than 
Audits 
or 
Reviews 
of 
Historical 
Financial 
Information”. 
Reasonable 
assurance 
is 
a 
high 
level 
of 
assurance 
but 
is 
not 
a 
guarantee 
that 
such 
an 
assurance engagement will always detect 
a material misstatement regarding non-compliance 
with the requirements of the ESEF Regulation.
Conclusion
Based 
on 
the 
procedures performed 
and the 
evidence obtained, 
we 
express the 
conclusion 
that the 
Separate and Consolidated 
Financial Statements of 
the Company and 
the Group 
for 
the 
year 
ended 
as 
of 
31 December 
2023 
in 
XHTML 
format 
(JEUVK5RWVJEN8W0C9M24-
2023-12-31-en.xhtml), 
and 
the 
XBRL 
file 
(JEUVK5RWVJEN8W0C9M24-2023-12-31-en.zip) 
marked up with respects to 
the Consolidated Financial Statements, including the Notes to 
the 
Consolidated Financial 
Statements, have 
been prepared, 
in all 
material respects, 
in accordance 
with the requirements of the ESEF Regulatory Framework.
Athens, 29 March 2024
KPMG Certified Auditors S.A. 
AM SOEL 114 
Harry Sirounis, Certified Auditor 
AM SOEL 19071

CONSOLIDATED 
FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 
31 DECEMBER 2023 
8 Othonos Str, Athens 
105 57, 
Greece 
eurobankholdings.gr, 
Tel.: (+30) 214 40 61000 
General Commercial 
Registry No: 000223001000

 
 
.
 
.
 
Index to the Consolidated Financial Statements ................................................................................................ 
................................ Page 
Consolidated Balance Sheet ................................................................................................................................ 
..................................... 
1 
Consolidated Income Statement ................................................................................................ 
.............................................................. 
2 
Consolidated Statement of Comprehensive 
Income ................................................................................................................................ 
3 
Consolidated Statement of Changes in Equity .......................................................................................................................................... 
4 
Consolidated Cash Flow Statement .......................................................................................................................................................... 5 
Notes to the Consolidated Financial Statements 
1. 
General information ................................................................................................ 
........................................................................ 
6 
2. 
Basis of preparation and material accounting 
policies 
.................................................................................................................... 6 
2.1 
Basis of preparation ......................................................................................................................................................................... 
6 
2.2 
Material accounting policies .......................................................................................................................................................... 
11 
2.3 
Impact of IFRS 17 adoption by a Group’s 
associate 
....................................................................................................................... 39 
3. 
Critical accounting estimates and judgments 
in applying accounting policies .............................................................................. 
40 
4. 
Capital Management ................................................................................................................................ 
..................................... 
49 
5. 
Financial risk management and fair value ................................................................................................ 
..................................... 
52 
5.2.1 Credit Risk ...................................................................................................................................................................................... 
54 
5.2.2 Market risk 
................................................................................................................................................................ 
..................... 
87 
5.2.3 Liquidity risk 
................................................................................................................................................................ 
................... 
92 
5.2.4 Interest Rate Benchmark reform 
-IBOR reform .............................................................................................................................. 
95 
5.2.5 Climate-related and environmental 
risks ...................................................................................................................................... 95 
5.3 
Fair value of financial assets and liabilities .................................................................................................................................... 
96 
6. 
Net interest income ..................................................................................................................................................................... 100 
7. 
Net banking fee and commission income .................................................................................................................................... 
101 
8. 
Income from non banking services .............................................................................................................................................. 
102 
9. 
Net trading income and gains less losses from investment 
securities ........................................................................................ 102 
10. 
Other income/ (expenses) ........................................................................................................................................................... 103 
11. 
Operating expenses ..................................................................................................................................................................... 103 
12. 
Other impairments, risk provisions and restructuring costs ........................................................................................................ 
105 
13. 
Income tax ................................................................................................................................................................................... 105 
14. 
Earnings per share ................................................................................................................................................................ 
....... 
109 
15. 
Cash and balances with central banks ......................................................................................................................................... 
110 
16. 
Cash and cash equivalents and other information 
on cash flow statement 
................................................................................ 
111 
17. 
Due from credit institutions 
......................................................................................................................................................... 111 
18. 
Securities held for trading................................................................ 
............................................................................................ 
112 
19. 
Derivative financial instruments and hedge 
accounting.............................................................................................................. 112 
20. 
Loans and advances to customers ............................................................................................................................................... 116 

 
 
.
 
.
 
21. 
Impairment allowance for loans and advances to 
customers ..................................................................................................... 
120 
22. 
Investment securities 
................................................................................................................................................................ 
... 
122 
23. 
Group composition ...................................................................................................................................................................... 
125 
23.1. Shares in subsidiaries 
................................................................................................................................................................ 
... 
125 
23.2. Acquisition of BNP Paribas Personal Finance Bulgaria 
by Eurobank Bulgaria A.D. ...................................................................... 
129 
24. 
Investments in associates and joint 
ventures 
.............................................................................................................................. 130 
25. 
Structured Entities ....................................................................................................................................................................... 
134 
26. 
Property and equipment ................................................................................................ 
............................................................. 
137 
27. 
Investment property .................................................................................................................................................................... 
138 
28. 
Intangible assets .......................................................................................................................................................................... 140 
29. 
Other assets 
................................................................................................................................................................ 
................. 
140 
30. 
Disposal groups classified as held for sale and discontinued 
operations .................................................................................... 
141 
31. 
Due to central banks .................................................................................................................................................................... 
143 
32. 
Due to credit institutions ............................................................................................................................................................. 
143 
33. 
Due to customers 
................................................................................................................................................................ 
......... 
143 
34. 
Debt securities in issue ................................................................................................................................................................ 
143 
35. 
Other liabilities ................................................................................................................................ 
............................................ 
145 
36. 
Standard legal staff retirement 
indemnity obligations and termination benefits ....................................................................... 
146 
37. 
Share capital, share premium and treasury shares ................................ 
..................................................................................... 
148 
38. 
Reserves and retained earnings 
................................................................................................................................................... 149 
39. 
Share options 
................................................................................................................................................................ 
............... 
150 
40. 
Transfers 
of financial assets 
......................................................................................................................................................... 151 
41. 
Leases ................................................................................................................................................................ 
.......................... 
152 
42. 
Contingent liabilities and other commitments ............................................................................................................................ 154 
43. 
Operating segment information .................................................................................................................................................. 155 
44. 
Post balance sheet events ................................................................................................................................ 
........................... 
159 
45. 
Related parties 
................................................................................................................................................................ 
............. 
159 
46. 
External Auditors ................................................................................................................................................................ 
......... 
161 
47. 
Board of Directors 
................................................................................................................................................................ 
........ 
162 
APPENDIX – Disclosures under Law 4261/2014 ................................................................ 
................................................................... 
163

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Balance Sheet 
.
1
|
Page
 
31 December 2023 Consolidated Financial Statements 
31 December 
2023 
2022 
Restated ⁽¹⁾ 
Note 
€ million 
€ million 
ASSETS 
Cash and balances with central banks 
15 
10,943
14,994
Due from credit institutions 
17 
2,354
1,329
Securities held for trading 
18 
379
134
Derivative financial instruments 
19 
881
1,185
Loans and advances to customers 
20 
41,545
41,677
Investment securities 
22 
14,710
13,261
Investments in associates and joint ventures 
24 
541
187
Property and equipment 
26 
773
775
Investment property 
27 
1,357
1,410
Intangible assets 
28 
334
297
Deferred tax assets 
13 
3,991
4,161
Other assets 
29 
1,767
1,980
Assets of disposal groups classified as held for sale 
30 
206
84
Total assets 
79,781
81,474
LIABILITIES 
Due to central banks 
31 
3,771
8,774
Due to credit institutions 
32 
3,078
1,814
Derivative financial instruments 
19 
1,450
1,661
Due to customers 
33 
57,442
57,239
Debt securities in issue 
34 
4,756
3,552
Other liabilities 
35 
1,385
1,702
Total liabilities 
71,882
74,742
EQUITY 
Share capital 
37 
818
816
Share premium 
37 
1,161
1,161
Reserves and retained earnings 
38 
5,920
4,660
Equity attributable to shareholders of the Company 
7,899
6,637
Non controlling interests 
0
95
Total equity 
7,899
6,732
Total equity and liabilities 
79,781
81,474
 
(1)
 
The comparative 
information has 
been restated 
due to 
the retrospective 
application of 
IFRS 17 
by the 
Group's associate 
Eurolife FFH 
Insurance 
Group Holdings S.A. (note 2.3).
 
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements. 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Income Statement
 
.
2
|
Page
 
31 December 2023 Consolidated Financial Statements 
Year ended 31 December 
2023 
2022 
Restated⁽¹⁾ 
Note 
€ million 
€ million 
Interest income 
4,454
2,226
Interest expense 
(2,280)
(746)
Net interest income 
6 
2,174
1,480
Banking fee and commission income 
570
554
Banking fee and commission expense 
(123)
(127)
Net banking fee and commission income 
7 
447
427
Income from non banking services 
8 
97
95
Net trading income/(loss) 
9 
71
725
Gains less losses from investment securities 
9 
57
(9)
Other income/(expenses) 
10 
68
323
Operating income 
2,914
3,041
Operating expenses 
11 
(915)
(857)
Profit from operations before impairments, 
risk provisions and restructuring costs 
1,999
2,184
Impairment losses relating to loans and 
advances to customers 
21 
(412)
(276)
Other impairments, risk provisions and related costs 
12 
(96)
(103)
Restructuring costs 
12 
(37)
(89)
Share of results of associates and joint ventures 
24 
88
35
Profit before tax from continuing operations 
1,542
1,751
Income tax 
13 
(261)
(406)
Net profit from continuing operations 
1,281
1,345
Net profit/(loss) from discontinued operations 
30 
(153)
2
Net profit 
1,128
1,347
Net profit/(loss) attributable to non controlling interests 
(12)
0
Net profit attributable to shareholders 
1,140
1,347
€ 
€ 
Earnings per share 
-Basic and diluted earnings per share 
14 
0.31
0.36
Earnings per share from continuing operations 
-Basic and diluted earnings per share 
14 
0.34
0.36
(1)
The comparative information has been adjusted 
due to a) the retrospective application 
of IFRS 17 by the Group’s 
associate Eurolife FFH Insurance 
Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna a.d. disposal group as discontinued (note 30).
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statement of Comprehensive Income 
.
3
|
Page
 
31 December 2023 Consolidated Financial Statements 
Year ended 31 December 
2023 
2022 
Restated⁽¹⁾ 
€ million 
€ million 
Net profit 
1,128
1,347
Other comprehensive income: 
Items that are or may be reclassified subsequently to 
profit or loss: 
Cash flow hedges 
- changes in fair value, net of tax 
19
5
- transfer to net profit, net of tax 
(21)
(2)
(5)
(0)
Debt securities at FVOCI 
- changes in fair value, net of tax (note 22) 
188
(547)
- transfer to net profit, net of tax (note 22) 
(104)
84
222
(325)
Foreign currency translation 
- foreign operations' translation differences 
1
1
- transfer to net profit on the sale/liquidation of 
foreign subsidiaries (note 23.1) 
122
123
76
77
Associates and joint ventures 
- changes in the share of other comprehensive 
income, net of tax (note 24) 
(4)
(4)
(2)
(2)
201
(250)
Items that will not be reclassified to profit or loss: 
- Gains/(losses) from equity securities at 
FVOCI, net of tax 
18
24
- Actuarial gains/(losses) on post employment 
benefit obligations, net of tax 
(2)
4
16
28
Other comprehensive income 
217
(222)
 
Total comprehensive 
income attributable to: 
Shareholders 
- from continuing operations 
1,371
1,127
- from discontinued operations 
(15)
(1)
Non controlling interests 
- from continuing operations 
0
0
- from discontinued operations 
(11)
(1)
1,345
1,125
(1)
 
The comparative information has been adjusted 
due to a) the retrospective application of IFRS 
17 by the Group’s 
associate Eurolife FFH Insurance 
Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna a.d. disposal group as discontinued (note 30).
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated Statement of Changes in Equity 
.
4
|
Page
 
31 December 2023 Consolidated Financial Statements 
Share 
capital 
Share 
premium 
Reserves and 
retained 
earnings 
Non 
controlling 
interests 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 2022 
816
8,056
(3,333)
96
5,635
Restatement due to adoption of IFRS 17 by a Group's associate 
(note 2.3) 
-
 
-
 
(33)
-
 
(33)
Balance at 1 January 2022, as restated 
816
8,056
(3,366)
96
5,602
Net profit (restated, note 2.3) 
-
 
-
 
1,347
0
1,347
Other comprehensive income (restated note 2.3) 
-
 
-
 
(221)
(1)
(222)
Total comprehensive income for 
the 
year ended 31 December 2022 
-
 
-
 
1,126
(1)
1,125
Offsetting of equity accounts 
-
 
(6,895)
6,895
-
 
-
 
Share options plan 
0
0
4
-
 
4
Purchase/sale of treasury shares 
-
 
-
 
1
-
 
1
0
(6,895)
6,900
-
 
5
Balance at 31 December 2022 (as restated) 
816
1,161
4,660
95
6,732
Balance at 1 January 2023 
816
1,161
4,660
95
6,732
Net profit 
-
 
-
 
1,140
(12)
1,128
Other comprehensive income 
-
 
-
 
216
1
217
Total comprehensive income for 
the year ended 31 December 2023 
-
 
-
 
1,356
(11)
1,345
Changes in participating interests in subsidiary undertakings 
-
 
-
 
-
 
(83)
(83)
Share options plan (note 39) 
1
0
7
-
 
8
Purchase/sale of treasury 
shares (notes 37 and 38) 
-
 
-
 
(100)
-
 
(100)
Other 
-
 
-
 
(3)
-
 
(3)
1
0
(96)
(83)
(178)
Balance at 31 December 2023⁽¹⁾ 
818
1,161
5,920
0
7,899
Note 37 
Note 37 
Note 38 
(1)
 
The changes in equity for the year ended 31 December 2023 do not sum to the totals provided due to rounding.
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Consolidated 
Cash Flow Statement 
.
5
|
Page
 
31 December 2023 Consolidated Financial Statements 
Year ended 31 December 
2023 
2022 
restated⁽¹⁾ 
Note 
€ million 
€ million 
Cash flows from continuing operating activities 
Profit before income tax from continuing operations 
1,542
1,751
Adjustments for : 
Impairment losses relating to loans and advances to customers 
21 
412
276
Other impairments, risk provisions and restructuring costs 
12 
133
192
Depreciation and amortisation 
11 
120
117
Other (income)/losses οn investment securities 
16 
 
(70)
 
(15)
Valuation of investment property 
10 
 
(6)
 
(34)
Other adjustments 
16 
 
(153)
 
(260)
1,978
2,027
Changes in operating assets and liabilities 
Net (increase)/decrease in cash and balances with central banks 
104
 
(246)
Net (increase)/decrease in securities held for trading 
 
(260)
0
Net (increase)/decrease in due from credit institutions 
 
(447)
1,048
Net (increase)/decrease in loans and advances to customers 
 
(1,517)
 
(3,124)
Net (increase)/decrease in derivative financial instruments 
 
(62)
868
Net (increase)/decrease in other assets 
158
247
Net increase/(decrease) in due to central banks and 
credit institutions 
 
(3,637)
 
(2,073)
Net increase/(decrease) in due to customers 
1,730
3,925
Net increase/(decrease) in other liabilities 
 
(313)
155
 
(4,244)
800
Income tax paid 
 
(64)
 
(45)
Net cash from/(used in) continuing operating activities 
 
(2,330)
2,782
Cash flows from continuing investing activities 
Acquisition of fixed and intangible assets 
26,27,28 
 
(140)
 
(153)
Proceeds from sale of fixed and intangible assets 
26,27 
33
121
(Purchases)/sales and redemptions of investment securities 
 
(1,287)
 
(2,950)
Acquisition of subsidiaries, net of cash acquired 
23 
 
(440)
-
 
Acquisition of holdings in associates and joint ventures, participations in capital increases 
24 
 
(73)
-
 
Disposal of subsidiaries and merchant acquiring business, net of cash disposed 
10,23,30 
 
(425)
281
Disposal/liquidation of holdings in associates and joint ventures 
24 
3
26
Dividends from investment securities, associates and 
joint ventures 
16,24 
15
21
Net cash from/(used in) continuing investing activities 
 
(2,314)
 
(2,654)
Cash flows from continuing financing activities 
(Repayments)/proceeds from debt securities in issue 
16 
1,048
1,059
Repayment of lease liabilities 
41 
 
(40)
 
(37)
(Purchase)/sale of treasury shares 
and exercise of share options 
37 
 
(99)
1
Net cash from/(used in) continuing financing activities 
909
1,023
Net increase/(decrease) in cash and cash equivalents from continuing operations 
 
(3,735)
1,151
Net cash flows from discontinued operating activities 
148
93
Net cash flows from discontinued investing activities 
44
 
(3)
Net cash flows from discontinued financing activities 
 
(1)
 
(3)
Effect of exchange rate 
changes on cash and cash equivalents 
1
1
Net increase/(decrease) in cash and cash equivalents from discontinued operations 
192
88
Cash and cash equivalents at beginning of year 
16 
14,388
13,149
Cash and cash equivalents at end of year 
16 
10,845
14,388
(1)
 
The comparative information has been adjusted 
due to a) the retrospective application of IFRS 
17 by the Group’s 
associate Eurolife FFH Insurance 
Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna a.d. disposal group as discontinued (note 30).
Notes on pages 
6
 
to 
162
 
form an integral part of these consolidated financial statements.

 
 
Notes to the Consolidated Financial Statements 
.
6
|
Page
 
31 December 2023 Consolidated Financial Statements
1. 
General information
Eurobank Ergasias Services and Holdings S.A.
 
(the Company 
or Eurobank 
Holdings), which 
is the 
parent 
company of 
Eurobank S.A. 
(the 
Bank) 
and 
its 
subsidiaries 
(the 
Group), 
consisting 
mainly 
of 
Eurobank 
S.A. 
Group, 
are active in retail, corporate and private 
banking, asset management, treasury, capital markets and other services.
The Group operates mainly in Greece and in Central and 
Southeastern Europe.
The Company is incorporated in Greece
, with 
its registered 
office at 
Othonos Street, Athens 105 57
 
and its 
shares are listed on the Athens Stock Exchange.
These consolidated 
financial statements, 
which include the 
Appendix, were 
approved by 
the Board 
of Directors 
on 28 March 
2024. 
The Independent Auditor’s Report of the Financial Statements 
is included in the section B.I of the Annual Financial Report.
The website 
address, 
where the 
annual 
financial statements 
of the 
consolidated 
non-listed 
Company’s 
subsidiaries are 
uploaded, 
along with the independent Auditors’ reports and the Board 
of Directors’ Reports for these entities 
is: www.eurobankholdings.gr.
2. 
Basis of preparation and material accounting policies
The consolidated financial statements of the Group have been prepared on a 
going concern basis and in 
accordance with the material 
accounting policies set out below:
2.1 
Basis of preparation
The 
consolidated 
financial 
statements 
of 
the 
Group 
have 
been 
prepared 
in 
accordance 
with 
International 
Financial 
Reporting 
Standards 
(IFRS) issued 
by the 
International 
Accounting 
Standards 
Board 
(IASB), as 
endorsed by 
the European 
Union (EU), 
and in 
particular with those standards and interpretations, issued and 
effective or issued and early adopted as 
at the time of 
preparing these 
consolidated financial statements.
The consolidated 
financial statements 
are prepared 
under the 
historical 
cost basis 
except 
for the 
financial assets 
measured at 
fair 
value through 
other comprehensive 
income, financial 
assets and 
financial liabilities 
(including derivative 
instruments) measured 
at 
fair-value-through-profit-or-loss 
and investment property measured 
at fair value.
The accounting policies for 
the preparation of 
the consolidated financial 
statements of the 
Group have been 
consistently applied to 
the years 
2023 and 
2022, after 
taking into 
account the 
amendments in 
IFRSs as 
described in 
section 2.1.1 
(a) “New 
and amended 
standards 
adopted 
by 
the 
Group 
as 
of 
1 
January 
2023”. 
In 
addition, 
as 
presented 
in 
notes 
2.1.1 
(a) 
and 
2.3, 
the 
comparative 
information has 
been restated 
due to 
the retrospective 
application of 
IFRS 17- Insurance 
Contracts.
 
Where necessary, 
comparative 
figures have been adjusted to conform 
to changes in presentation in the current year. 
The preparation of financial 
statements in accordance with IFRS 
requires the use of 
estimates and judgements that affect the 
reported 
amounts of assets 
and liabilities and 
disclosure of 
contingent liabilities 
at the date 
of the consolidated 
financial statements, 
as well 
as 
the 
reported 
amounts 
of 
revenues 
and 
expenses 
during 
the 
reporting 
period. 
Although 
these 
estimates 
are 
based 
on 
management's best knowledge of current events 
and conditions, actual results ultimately may differ 
from those estimates.
The Group’s presentation 
currency is the Euro (€) being the functional currency of the parent company. Except 
as indicated, financial 
information presented in Euro 
has been rounded to the nearest million. The figures 
presented in the notes may not sum precisely to 
the totals provided due to rounding.
 
 
Going concern considerations
The annual financial 
statements have been prepared on 
a going 
concern basis, as 
the Board of 
the Directors considered as 
appropriate, 
taking into consideration the following:
Despite the 
fragile international 
environment, 
the economies of 
Greece, Bulgaria 
and Cyprus remained 
in expansionary 
territory in 
2023, overperforming 
their European 
Union (EU) 
peers. 
More specifically, 
according 
to provisional 
data by 
the Hellenic 
Statistical 
Authority (ELSTAT), 
the Greek economy 
expanded by 
2% on an 
annual basis in 
2023 (2022: 5.6%), 
driven by 
increases in exports 
of 
goods and services, household 
consumption, and fixed 
investment. According 
to its Winter 
Economic Forecast 
(February 2024), the 
European Commission (EC) expects a GDP growth rate 
of 2.3% in 2024 and 2025. 
Amid strong base effects and easing energy prices, 
the inflation rate, as measured by the annual change in the Harmonized Index of Consumer Prices (HICP) decelerated to 4.2% in 2023 
from 9.3% in 
2022 according to 
ELSTAT, 
with the EC forecasting 
further de-escalation to 
2.7% in 2024, and 
2% in 2025. The 
average 

Notes to the Consolidated Financial Statements 
.
7
|
Page
 
31 December 2023 Consolidated Financial Statements
 
 
 
quarterly unemployment rate decreased to 
11.1% from 12.4% in 2022, with the International Monetary 
Fund forecasts for 2024 and 
2025 standing 
at 9.2% 
and 8.5% 
in 2024 
and 2025 
respectively, 
according to 
its January 
2024 Art. 
IV Country 
Report. On 
the fiscal 
front, according 
to the 
2024 State 
Budget, the 
general government 
primary balance 
is expected 
to post 
primary surpluses 
of 1.1% 
and 2.1% 
of GDP in 
2023 and 2024 
respectively, 
up from 
0.1% of GDP 
in 2022. The 
gross public debt 
-to-GDP ratio, 
having declined 
significantly to 172.6% in 2022 due to the strong 
economic recovery and the effect 
of the high inflation on nominal GDP, 
is expected 
to decline further to 160.3% in 2023 and 152.3% in 2024.
According to EC’s winter 
economic forecasts (February 2024), the real 
GDP in Bulgaria is expected to grow 
by 1.9% and 2.5% in 2024 
and 2025, respectively 
(2023: 2%), while 
the HICP is forecast 
to decrease to 
3.4% in 2024 and 
2.9% in 2025 (2023: 
8.6%). In Cyprus, 
the real GDP 
growth is forecast 
at 2.8% and 
3% in 2024 
and 2025, respectively 
(2023: 2.5%), while 
the HICP is 
estimated at 
2.4% in 
2024 and 2.1% in 2025 (2023: 3.9%). 
Growth in Greece as well as in Bulgaria and Cyprus is expected to receive a significant boost from EU-funded investment projects and 
reforms. 
Greece shall 
receive € 
36 billion 
(€ 18.2 
billion in 
grants and 
€ 17.7 
billion in 
loans) up 
to 2026 
through the 
Recovery and 
Resilience Facility (RRF), Next Generation 
EU (NGEU)’s largest instrument, 
out of which € 14.7 billion (€ 7.4 billion in grants and € 7.3 
billion in loans) has already been disbursed by the EU. A further € 40 
billion is due through EU’s long-term budget (MFF), out of which 
€20.9 billion 
is to 
fund the 
National Strategic 
Reference 
Frameworks 
(ESPA 
2021–2027). Moreover, 
following the 
September 2023 
floods in the Thessaly region, Greece could benefit from 
EU support of up to € 2.65 billion, according to the EC President.
On the 
monetary policy 
front, the 
Governing Council 
of the 
ECB, in 
line with 
its strong 
commitment to 
its price 
stability 
mandate, 
proceeded with ten rounds of interest rate 
hikes in 2022 and in 2023 (the most recent one in September 2023), raising 
the three key 
ECB 
interest 
rates 
by 
450 
basis 
points 
on 
aggregate. 
Furthermore, 
although 
net 
bond 
purchases 
under 
the 
temporary 
Pandemic 
Emergency Purchase Programme (PEPP) ended in 
March 2022, as scheduled, 
the ECB will continue 
to reinvest principal from maturing 
securities 
at 
least 
until 
the 
end 
of 
2024, 
including 
purchases 
of 
Greek 
Government 
Bonds 
(GGBs) 
over 
and 
above 
rollovers 
of 
redemptions. 
In 2023, the Greek government issued or re 
-opened twelve bonds of various maturities (from 
5 to 19 years) through the Public Debt 
Management Agency (PDMA), raising 
a total of € 11.45 billion 
from the international financial 
markets. In February 
2024, the PDMA 
raised 
an 
additional 
€ 
4.4 
billion 
through 
a 
new 
10-year 
bond 
issue 
and 
the 
reopening 
of 
two 
past 
issues. 
Following 
a 
series 
of 
sovereign 
rating 
upgrades 
in the 
second 
half of 
2023, Greek 
government’s 
long-term 
debt securities 
were 
considered 
investment 
grade by four 
out of the five 
Eurosystem-approved 
External Credit Assessment 
Institutions (Fitch, Scope, 
S&P: BBB-, stable 
outlook; 
DBRS: BBB(low), stable outlook), 
and one notch below investment 
grade by the fifth one, Moody’s 
(Βa1, stable outlook) as of March 
2024.
Regarding 
the 
outlook 
for 
the 
next 
12 
months, 
the 
major 
macroeconomic 
risks 
and 
uncertainties 
in 
Greece 
and 
our 
region 
are 
associated with: (a) the open war fronts in Ukraine and the Middle East, 
their implications regarding regional and global sta 
bility and 
security, 
and their 
repercussions on 
the global 
and the 
European economy, 
including the 
disruption in 
global trade 
caused by 
the 
recent 
attacks 
on trading 
vessels in 
the 
Red 
Sea, (b) 
a potential 
prolongation 
of the 
ongoing inflationary 
wave 
and its 
impact 
on 
economic growth, employment, public finances, household budgets, firms’ production 
costs, external trade and banks’ asset quality, 
as well as any potential 
social and/or political ramifications 
these may entail, (c) 
the timeline of the anticipated 
interest rate 
cuts by 
the ECB and 
the Federal Reserve 
Bank, as persistence 
on high rates 
for longer may 
keep exerting 
pressure on sovereign 
and private 
borrowing costs 
and certain financial institutions’ 
balance sheets, but early 
rate cuts entail 
the risk of a 
rebound in inflation, 
(d) the 
prospect of 
Greece’s 
and Bulgaria’s 
major trade 
partners, primarily 
the euro 
area, remaining 
stagnant 
or even 
facing a 
temporary 
downturn, (e) the persistently large current account deficits that have started to become once again a structural feature of the Greek 
economy, (f) the absorption capacity of the NGEU and MFF funds and the attraction of new investments in the countries of presence, 
especially in 
Greece, 
(g) the 
effective 
and timely 
implementation 
of the 
reform 
agenda required 
to meet 
the RRF 
milestones 
and 
targets 
and to 
boost productivity, 
competitiveness, 
and resilience 
and (h) 
the exacerbation 
of natural 
disasters 
due to 
the climate 
change and their effect on GDP, 
employment, fiscal balance and sustainable development 
in the long run.
Materialization of the above risks, would 
have potentially adverse effects 
on the fiscal planning of the Greek government, as 
it could 
decelerate the pace of 
expected growth 
and on the liquidity, 
asset quality, 
solvency and profitability of 
the Greek banking sector. 
In 
this context, 
the Group’s 
Management and 
Board are 
continuously monitoring 
the developments 
on the macroeconomic, 
financial 
and 
geopolitical 
fronts 
as 
well 
as 
the 
evolution 
of 
the 
Group’s 
asset 
quality 
and 
liquidity 
KPIs 
and 
have 
increased 
their 
level 
of 
readiness, so as to accommodate decisions, initiatives 
and policies to protect the Group’s 
capital, asset quality and liquidity standing 

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
as well as the fulfilment, to the maximum possible degree, of its strategic and business goals in accordance with the business plan for 
2024 - 2026.
For the year ended 
31 December 2023, 
the net profit attributable to shareholders amounted 
to € 1,140 
million (2022: € 
1,347 million). 
The adjusted 
net profit, 
excluding 
the € 
111 million 
gain 
arising from 
the acquisition 
of the 
29.2% shareholding 
of Hellenic 
Bank, 
accounted for as an associate (note 
24), € 141 
million net loss from 
discontinued operations (note 30), € 48 
million net loss on 
projects 
‘Solar’ and 
‘Leon' related 
to the 
NPE reduction 
plan (note 
20), € 
10 million 
provision 
(after tax) 
for 
the Bank’s 
contribution to 
the 
restoration initiatives 
after natural disasters 
(note 11), and € 29 million restructuring costs 
(after tax) (note 12) amounted 
to € 1,256 
million (2022: € 1,178 million), of which € 468 million profit was related 
to the international operations (2022: € 211 million profit). 
As at 31 
December 2023, the 
Group’s 
Total 
Adequacy Ratio (total 
CAD) and Common 
Equity Tier 1 
(CET1) ratios 
stood at 19.4% 
(31 
December 2022: 19.2%) and 16.9% 
(31 December 2022: 16%) 
respectively and carried the effect of the ending 
of the 5-year transition 
period for the recognition of the 
IFRS 9 impact on the 
regulatory capital and the reversion to the standardized approach as of 1 
March 
2023. Pro 
-forma 
with the 
completion of 
projects 
“Solar” and 
“Leon” and 
the issuance 
of Subordinated 
Tier II 
debt instruments 
in 
January 2024, 
the total 
CAD and CET1 
ratios would 
be 20.2% and 
17% respectively 
(note 4). The 
Group completed 
successfully the 
2023 EU-wide stress test 
(ST), which was coordinated 
by the European Banking Authority (EBA) 
in cooperation with the ECB 
and the 
European Systemic 
Risk Board 
(ESRB (note 
4). On 
9 October 
2023, the 
Company completed 
the buy 
back of 
all of 
its issued 
shares 
held 
by 
HFSF. 
Accordingly, 
the Company 
and the 
Bank 
are 
no longer 
subject to 
Law 
3864/2010 and 
to the 
special rights 
of 
HFSF 
provided for in the law (note 37). 
With regard 
to asset 
quality, 
the Group’s 
NPE formation 
was positive 
by € 
138 million 
during the 
year, 
out of 
which € 
119 million 
referring to 
a single corporate 
customer, 
(fourth quarter 
2023: € 29 million 
negative), (2022: € 
40 million positive 
excluding
Serbian 
operations). In total, the Group’s 
NPE stock stood at € 1.5 billion, following the 
classification of the loan portfolio of project ‘Leon’ as 
held for sale, the sale of Eurobank Direktna 
a.d. disposal group, and the write-offs during 
the year (31 December 2022: € 2.3 billion), 
driving the NPE ratio 
to 3.5% (31 
December 2022: 5.2%), while 
the NPE coverage ratio improved to 86.4% 
(31 December 2022: 
74.6%). 
Net NPEs, i.e. gross NPEs minus accumulated stock of loan provisions, 
amounted to € 0.2 billion. 
In terms 
of liquidity, 
as at 
31 December 
2023, following 
the completion 
of the 
sale of 
Eurobank Direktna 
a.d. disposal 
group, the 
Group deposits 
stood at 
€ 57.4 billion 
(31 December 2022: 
€ 57.2 billion), 
leading the Group’s 
(net) loans 
to deposits 
(L/D) ratio 
to 
72.3% (31 December 
2022: 73.1%), while 
the funding from 
the ECB refinancing 
operations amounted 
to € 3.8 
billion (31 December 
2022: € 8.8 billion) 
(note 31). During 
the year, 
the Bank proceeded 
with the issuance 
of two preferred 
senior notes of 
€ 500 million 
each (note 
4). More 
recently, 
in January 
2024, the 
Company 
completed 
the issuance 
of a 
€ 300 
million Subordinated 
Tier II 
debt 
instrument (note 
34). As at 
31 December 2023, 
the Bank’s 
MREL ratio 
at consolidated 
level stands 
at 24.91% of 
RWAs, higher 
than 
the interim non-binding MREL target 
of 23.23% from 1 January 2024. 
The Group Liquidity Coverage 
ratio (LCR) has 
been maintained 
at high level reaching 
178.6% (31 December 2022: 173%). 
In the context of 
the 2024 ILAAP (Internal 
Liquidity Adequacy Assessment 
Process), the 
liquidity stress 
tests results 
indicate that 
the Bank 
has adequate 
liquidity buffer 
to cover 
the potential 
outflows 
that 
could occur in all scenarios regarding 
the short term (1 month), the 
3-month and the medium-term horizon 
(1 year). Information on 
the interest rate 
and liquidity risk exposures of the Group is included in notes 5.2.2 and 5.2.3.
Going concern assessment
The Board of 
Directors, acknowledging 
the geopolitical, macroeconomic 
and financial risks 
to the economy 
and the banking 
system 
and taking into account the above 
factors relating to 
(a) the idiosyncratic growth 
opportunities in Greece and the region for 
this and 
the next years, also underpinned by the mobilisation of the 
already approved EU funding mainly through the RRF, and (b) the Group’s 
pre-provision income 
generating capacity, 
asset quality, 
capital adequacy and liquidity 
position, has been satisfied 
that the financial 
statements of the Group can be prepared 
on a going concern basis.

 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
2.1.1 
New and amended standards and interpretations
(a) New and amended standards adopted by the Group as of 
1 January 2023
The following standards 
and amendments to existing 
standards as issued 
by the IASB and endorsed 
by the EU, apply as 
of 1 January 
2023: 
IFRS 17, Insurance Contracts 
IFRS 17, 
which supersedes 
IFRS 4 
“Insurance Contracts” 
provides a 
comprehensive 
and consistent 
accounting model 
for insurance 
contracts. 
It applies 
to 
all types 
of 
insurance 
contracts 
as 
well as 
certain 
guarantees 
and financial 
instruments 
with discre 
tionary 
participating features. Financial guarantee contracts are allowed to 
be within the 
scope of IFRS 
17, if the 
entity has previously asserted 
that it regarded them as insurance contracts.
According to 
IFRS 17 core 
general model, 
the groups 
of insurance contracts 
which are managed 
together and 
are subject to 
similar 
risks, are 
measured based 
on building 
blocks of 
discounted, probability 
-weighted estimates 
of future 
cash flows, 
a risk 
adjustment 
and 
a 
contractual 
service 
margin 
(“CSM”) 
representing 
the 
unearned 
profit 
of 
the 
contracts. 
Under 
the 
model, 
estimates 
are 
remeasured at 
each reporting period. 
A simplified measurement 
approach may 
be used if 
it is expected 
that doing 
so a reasonable 
approximation of the general model is produced, 
or if the contracts are of short duration.
Revenue is allocated 
to periods in 
proportion to the 
value of expected 
coverage and 
other services that 
the insurer provides 
during 
the period, 
claims are 
presented 
when incurred 
and any 
investment 
components 
i.e. amounts 
repaid to 
policyholders 
even if 
the 
insured event 
does not occur, 
are not included 
in revenue 
and claims. Insurance 
services results are 
presented separately 
from the 
insurance finance income or expense.
In June 2020, the IASB issued Amendments to IFRS 17 to 
assist entities in its implementation. 
The amendments aim to assist entities 
to transition in order 
to implement the 
standard more easily, while they deferred the 
effective date, so that entities 
would be required 
to apply IFRS 17 for annual periods beginning on or after 
1 January 2023. 
In December 2021, the IASB issued a narrow 
-scope amendment to the transition requirements 
of IFRS 17 for entities that 
first apply 
IFRS 17 and IFRS 9 “Financial Instruments” at the same time. 
The 
Group 
has 
not 
issued 
contracts 
within 
the 
scope 
of 
IFRS 
17; 
therefore, 
the 
adoption 
of 
the 
standard 
had 
no 
impact 
to 
the 
consolidated financial statements, other than through the Group’s share on the results of its associate ‘’Eurolife FFH Insurance Group 
Holdings S.A.’’ 
(note2.3). 
IAS 8, Amendments, Definition of Accounting Estimates 
The amendments in IAS 8 “Accounting 
Policies, Changes in Accounting Estimates 
and Errors” introduced the definition 
of accounting 
estimates and 
include other 
amendments to 
IAS 8 which 
are intended 
to help 
entities distinguish 
changes in 
accounting estimat 
es 
from changes in accounting policies.
The 
amendments 
clarify how 
accounting 
policies and 
accounting 
estimates 
relate 
to 
each other 
by 
(i) explaining 
that 
accounting 
estimates are developed 
if the application of 
accounting policies requires 
items in the financial statements 
to be measured in 
a way 
that involves 
a measurement uncertainty 
and (ii) replacing 
the definition of 
a change in 
accounting estimates 
with the definition 
of 
accounting 
estimates, 
where 
accounting 
estimates 
are 
defined 
as 
“monetary 
amounts 
in 
financial statements 
that 
are 
subject to 
measurement uncertainty”. In addition, the amendments clarify that selecting an estimation or valuation technique and choosing 
the 
inputs to be used constitutes 
development of an accounting 
estimate and that the effects 
of a change in an input 
or technique used 
to 
develop 
an accounting 
estimate 
are 
changes in 
accounting 
estimates, 
if they 
do not 
result 
from 
the 
correction 
of prior 
period 
errors.
The adoption of the amendments had no impact on the consolidated financial statements.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Amendments to IAS 1 Presentation of Financial Statements 
and IFRS Practice Statement 2: Disclosure 
of Accounting policies 
IASB issued 
amendments to 
IAS 1 “Presentation 
of Financial Statements” 
that require 
entities to 
disclose their 
material accounting 
policies rather than their significant accounting policies. 
According 
to 
IASB, 
accounting 
policy 
information 
is 
material 
if, 
when 
considered 
together 
with 
other 
information 
included 
in 
an 
entity’s financial statements, it can reasonably be expected to influence decisions that the primary users 
of general purpose financial 
statements make on the 
basis of those financial statements.
Furthermore, 
the amendments 
clarify how 
an entity 
can identify 
material 
accounting policy 
information 
and provide 
examples 
of 
when accounting policy 
information is 
likely to 
be material. The 
amendments to 
IAS 1 also clarify 
that immaterial 
accounting policy 
information does not 
need to be disclosed. 
However, 
if it is disclosed, 
it should not obscure 
material accounting policy 
information. 
To support the IAS 1 amendments, the Board 
has also developed guidance and examples to explain and demonstrate 
the application 
of 
the 
“four-step 
materiality 
process”, 
as 
described 
in 
IFRS 
Practice 
Statement 
2 “Making 
Materiality 
Judgements” 
to 
accounting 
policy disclosures.
The 
adoption 
of 
the 
amendments 
had 
no 
impact 
on 
the 
consolidated 
financial 
statements. 
The 
Group 
took 
into 
account 
the 
amendments in disclosing its material accounting policies (note 2.2).
IAS 12, Amendments, Deferred Tax 
related to Assets and Liabilities arising from a Single Transaction 
The amendments 
clarify that 
the exemption 
on initial 
recognition set 
out in 
IAS 12 
‘Income Taxes’ 
does not 
apply for 
transactions 
such 
as 
leases and 
decommissioning 
obligations 
that, 
on initial 
recognition, 
give 
rise to 
equal amounts 
of taxable 
and deductible 
temporary differences. Accordingly, for such transactions an entity is required to recognise the 
related deferred tax asset and liability, 
with 
the 
recognition 
of 
any 
deferred 
tax 
asset 
being 
subject 
to 
the 
recoverability 
criteria 
in 
IAS 
12. 
The 
amendments 
apply 
to 
transactions that occur on or after the beginning of the earliest 
comparative period presented.
The adoption of the amendments had no impact on the consolidated financial statements.
IAS 12, Amendment, International Tax 
Reform – Pillar Two Model Rules 
The amendments introduce 
a mandatory temporary 
exception (
relief
) from the 
recognition and 
disclosure of deferred 
taxes arising 
from 
the implementation 
of the 
Organisation 
for 
Economic 
Co-operation 
and Development’s 
(OECD) 
Pillar Two 
model rules 
(“the 
Pillar Two Income taxes”) 
that are applicable as of 1 January 2024. 
Additionally, the amendments require an entity to disclose that it has applied the above 
exception related to Pillar Two income taxes, 
while in the periods in which the legislation is (substantively) enacted but not yet effective, an entity is required 
to disclose of known 
or reasonably estimable information that helps users of financial statements understand the entity’s exposure arising from Pillar Two 
income taxes. Subsequently, in the periods when the legislation is effective it is 
required to separately disclose its current tax expense 
(income) related to Pillar Two 
income taxes.
The 
Group 
has 
adopted 
the 
amendments 
and 
the 
temporary 
exception 
retrospectively, 
upon 
their 
endorsement 
by 
the 
EU 
in 
November 2023. The adoption of the amendments
had no impact on the consolidated financial statements.
Detailed information in respect of the 
Group’s exposure 
to Pillar Two income taxes 
is provided in note 13.
(b) New and amended standards not yet adopted by the Group 
A number of amendments 
to existing standards 
are effective 
after 2023, as 
they have not 
yet been endorsed 
by the EU or 
have not 
been early applied by the Group. Those that may be relevant 
to the Group are set out below: 
IAS 1, Amendments, Classification of Liabilities as Current or Non-Current 
(effective 1 January 2024)
The 
amendments, 
published 
in 
January 
2020, 
introduce 
a 
definition 
of 
settlement 
of 
a 
liability, 
while 
they 
make 
clear 
that 
the 
classification of liabilities as current or non-current should be based on rights that are in existence at the end of the reporting period. 
In addition, it is clarified that the 
assessment for liabilities classification made at the end of the reporting period is 
not affected by the 
expectations 
about 
whether 
an 
entity 
will 
exercise 
its 
right 
to 
defer 
settlement 
of 
a 
liability. 
The 
Board 
also 
clarified 
that 
when 
classifying liabilities as current or non-current, an entity can 
ignore only those conversion options that 
are classified as equity. 
In October 2022, 
the IASB issued
 
Non-current Liabilities with 
Covenants (Amendments to 
IAS 1)
 
with respect to 
liabilities for which 
an 
entity’s 
right to 
defer 
settlement 
for 
at 
least 
12 months 
is subject 
to 
the entity 
complying with 
conditions 
after 
the reporting 

Notes to the Consolidated Financial Statements 
.
11
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31 December 2023 Consolidated Financial Statements
 
 
period. The amendments specify that 
covenants to be complied 
with after the reporting 
date do not affect 
the classification of debt 
as current 
or non-current 
at the 
reporting 
date. Instead, 
the amendments 
require 
a company 
to disclose 
information 
about these 
covenants in the notes to the financial statements.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
IFRS 16, Amendment, Lease Liability in a Sale and Leaseback (effective 1 January 2024 )
The amendment requires a seller-lessee 
to subsequently measure lease liabilities arising in a sale and 
leaseback transaction in a way 
that it does not recognise any amount of the gain or loss that relates to the right of use it retains. Any 
gains and losses relating to the 
full or partial termination of a lease continue to be recognised when they occur. The amendment does not change the accounting for 
leases unrelated to sale and leaseback transactions.
The adoption of the amendment is not expected to impact the consolidated 
financial statements.
IAS 21, Amendments, Lack of Exchangeability (effective 
1 January 2025, not yet endorsed by EU)
The 
amendments 
to 
IAS 21” 
The 
Effects 
of 
Changes 
in 
Foreign 
Exchange 
Rates”, 
specify how 
an 
entity 
can 
determine 
whether 
a 
currency 
is 
exchangeable 
into 
another 
currency 
at 
the 
measurement 
date, 
and 
the 
spot 
exchange 
rate 
to 
use 
when 
it 
is 
not. 
In 
addition, 
when 
a 
currency 
is 
not 
exchangeable 
an 
entity 
should 
disclose 
information 
that 
would 
enable 
users 
of 
its 
financial 
statements to understand 
the related effects and risks as well as the 
estimated rates and techniques used.
The adoption of the amendments is not expected to impact the consolidated 
financial statements.
 
.
2.2 
Material accounting policies
2.2.1 
Consolidation
 
(i) Subsidiaries
Subsidiaries are all entities controlled by the Group. The Group controls an entity when it is exposed, or 
has rights to, variable returns 
from 
its 
involvement 
with 
the 
entity, 
and 
has 
the 
ability 
to 
affect 
those 
returns 
through 
its 
power 
over 
the 
entity. 
The 
Group 
consolidates an entity only when all the above three elements 
of control are present. 
Power over 
the entity may 
arise from voting rights 
granted by equity 
instruments such as shares 
or, 
in other cases, may 
result from 
contractual arrangements. 
Where voting 
rights are 
relevant, 
the Group 
is deemed 
to have 
control 
where it 
holds, directly 
or indirectly, 
more than 
half of 
the 
voting rights over 
an entity, 
unless there is evidence 
that another investor 
has the practical 
ability to unilaterally 
direct the relevant 
activities.
The 
Group 
may 
have 
power, 
even 
when 
it 
holds 
less 
than 
a 
majority 
of 
the 
voting 
rights 
of 
the 
entity, 
through 
a 
contractual 
arrangement 
with 
other 
vote 
holders, 
rights 
arising 
from 
other 
contractual 
arrangements, 
substantive 
potential 
voting 
rights, 
ownership of the largest 
block of voting rights in a situation 
where the remaining rights are 
widely dispersed (‘de 
facto power’), or a 
combination 
of 
the 
above. 
In assessing 
whether 
the 
Group 
has 
de 
facto 
power, 
it 
considers 
all 
relevant 
facts 
and 
circumstances 
including 
the 
relative 
size 
of 
the 
Group’s 
holding 
of 
voting 
rights 
and dispersions 
of 
holdings of 
other 
vote 
holders 
to 
determine 
whether the Group has the practical ability to direct 
the relevant activities. 
In assessing whether the 
Group has the ability 
to use its power 
to affect 
the amount of returns 
from its involvement 
with an entity, 
the Group determines whether in 
exercising its decision-making rights, 
it is acting as an agent or 
as a principal. The Group acts as 
an 
agent when it is engaged 
to act on behalf and for 
the benefit of another party, 
and as a result does not 
control an entity. 
Therefore, 
in 
such 
cases, 
the 
Group 
does not 
consolidate 
the 
entity. 
In making 
the 
above 
assessment, 
the 
Group 
considers 
the scope 
of 
its 
decision-making authority over the 
entity, the 
rights held by other 
parties, the remuneration 
to which the Group 
is entitled from its 
involvement, and its exposure to 
variability of returns from other interests 
in that entity. 
The Group 
has interests 
in certain 
entities which 
are structured 
so that 
voting rights 
are not 
the dominant 
factor 
in deciding 
who 
controls the entity, such as when any voting rights 
relate to administrative tasks only and the relevant activities are 
directed by means 
of contractual rights. In determining whether the Group 
has control over such structured entities, it considers 
the following factors:

Notes to the Consolidated Financial Statements 
.
12
|
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31 December 2023 Consolidated Financial Statements
 
 
-
The purpose and design of the entity;
-
Whether the Group has certain rights that 
give it the ability to direct the relevant 
activities of the entity unilaterally, 
as a result 
of existing contractual arrangements 
that give it the power to govern the entity 
and direct its activities;
-
In case another 
entity is granted 
decision making rights, 
the Group assesses 
whether this entity 
acts as an agent 
of the Group 
or another investor;
-
The existence of any special relationships 
with the entity; and
-
The extent 
of the Group’s 
exposure to 
variability of returns 
from its involvement 
with the entity, 
including its exposure 
in the 
most subordinated securitized 
notes issued by the entity as well as subordinated 
loans or other credit enhancements that may 
be granted to the entity, 
and if the Group has the power to affect such variability.
Information about the Group’s 
structured entities is set out in note 25.
The Group reassesses whether it 
controls an entity if facts 
and circumstances indicate that there are 
changes to one or 
more elements 
of 
control. 
This 
includes 
circumstances 
in 
which 
the 
rights 
held 
by 
the 
Group 
and 
intended 
to 
be 
protective 
in 
nature 
become 
substantive upon 
a breach of 
a covenant 
or default on 
payments in a 
borrowing arrangement, 
and lead to 
the Group having 
power 
over the investee.
Subsidiaries are 
fully consolidated 
from the 
date on 
which control 
is transferred 
to the Group 
and are 
no longer consolidated 
from 
the 
date 
that 
control 
ceases. 
Total 
comprehensive 
income 
is 
attributed 
to 
the 
owners 
of 
the 
parent 
and 
to 
the 
non-controlling 
interests even if this results 
in the non-controlling interests having 
a deficit balance. 
In determining the proportion of profit or loss and changes in equity allocated 
to the Group and non-controlling interests, 
the Group 
takes 
into 
account 
current 
ownership 
interests, 
also 
including 
in-substance 
current 
ownership 
interests, 
after 
considering 
the 
eventual exercise 
of any potential 
voting rights 
and other derivatives 
that currently 
give the Group 
access to the returns 
associated 
with an ownership interest. 
Changes in the 
Group's ownership 
interest in 
subsidiaries that do 
not result in 
a loss of control 
are recorded 
as equity transactions. 
Any difference between the consideration 
and the share of the new net assets acquired is recorded directly in equity. Gains or losses 
arising from disposals of 
ownership interests that 
do not result in a 
loss of control 
by the Group are 
also recorded directly 
in equity. 
For disposals of ownership interests 
that result in a loss of control, the Group derecognizes 
the assets and liabilities of the subsidiary 
and any related 
non-controlling interest 
and other components 
of equity and 
recognizes gains 
and losses in 
the income statement. 
When 
the 
Group 
ceases to 
have 
control, 
any 
retained 
interest 
in 
the former 
subsidiary 
is re-measured 
to 
its 
fair 
value, 
with 
any 
changes in 
the carrying 
amount recognized 
in the 
income statement. 
The Group 
considers 
the eventual 
exercise 
of any 
potential 
voting 
rights 
and 
other 
derivatives 
and 
whether 
they 
currently 
give 
the 
Group 
access 
to 
the 
returns 
associated 
with 
a 
retained 
ownership interest, in determining 
whether that ownership interest should 
be derecognised or not.
Intercompany transactions, 
balances and intragroup 
gains on transactions between 
Group entities are eliminated; 
intragroup losses 
are also eliminated unless the transaction provides 
evidence of impairment of the asset transferred.
 
(ii) Business combinations
The purchase method of accounting is used to account for the acquisition of subsidiaries by the 
Group. The consideration transferred 
for an acquisition is measured at the fair value of the assets given, equity instruments 
issued or exchanged and liabilities undertaken 
at 
the 
date 
of 
acquisition, 
including 
the 
fair 
value 
of 
assets 
or 
liabilities 
resulting 
from 
a 
contingent 
consideration 
arrangement. 
Acquisition related 
costs are expensed 
as incurred. Identifiable 
assets acquired and 
liabilities and contingent 
liabilities assumed in a 
business combination are measured initially at 
their fair values at the 
acquisition date irrespective of the 
extent of any non-controlling 
interest. Any previously held interest in 
the acquiree is 
remeasured to fair value 
at the acquisition 
date with any gain 
or loss recognized 
in the 
income statement. 
The Group 
recognizes 
on an 
acquisition-by-acquisition basis 
any non-controlling 
interest 
in the 
acquiree 
either at fair value or at the non-controlling 
interest's proportionate share 
of the acquiree's net assets.
The excess of the consideration 
transferred, the 
amount of any non-controlling 
interest in the acquiree and 
the acquisition-date fair 
value of 
any previous 
equity interest 
in the 
acquiree over 
the fair 
value of 
the identifiable 
net assets 
of the 
subsidiary acquired, 
is 
recorded as 
goodwill. If 
this is 
less than 
the fair 
value of 
the net 
assets of 
the acquiree, 
the difference 
is recognized 
directly in 
the 
income statement. 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
If the 
initial accounting 
for a 
business combination 
is incomplete 
by the 
end of 
the reporting 
period in 
which it 
occurs, the 
Group 
reports 
provisional 
amounts 
for 
the 
items 
for 
which 
the 
accounting 
is 
incomplete. 
Those 
provisional 
amounts 
are 
adjusted 
retrospectively 
during 
the 
measurement 
period 
to 
reflect 
the 
new 
information 
obtained 
about 
the 
facts 
and 
circumstances 
that 
existed at 
the acquisition 
date that, 
if known, 
would have 
affected the 
amounts recognized 
at that 
date. The 
measurement period 
adjustments, as 
mentioned above, 
affect accordingly 
the amount 
of goodwill 
that was 
initially recognized, 
while the 
measurement 
period cannot exceed one year from 
the acquisition date.
Commitments to 
purchase non-controlling 
interests 
through derivative 
financial instruments 
with the 
non-controlling 
interests, 
as 
part of 
a business 
combination 
are 
accounted 
for 
as a 
financial liability, 
with no 
non-controlling 
interest 
recognized 
for 
reporting 
purposes. 
The 
financial 
liability 
is 
measured 
at 
fair 
value, 
using 
valuation 
techniques 
based 
on 
best 
estimates 
available 
to 
Management. Any difference between 
the fair value of the financial liability upon initial recognition and the nominal non-controlling 
interest's share of net assets is recognized as part of goodwill. Subsequent revisions to the valuation of the 
derivatives are recognized 
in the income statement.
Forward contracts 
to buy/sell an entity 
that will result in a business 
combination at a future date, 
which do not exceed the 
normally 
necessary period 
to 
complete the 
transaction, 
including obtaining 
the required 
approvals, 
are not 
accounted 
for 
by the 
Group 
as 
derivatives but as executory 
contracts.
For 
acquisitions 
of 
subsidiaries 
not 
meeting 
the 
definition 
of 
a 
business, 
the 
Group 
allocates 
the 
consideration 
to 
the 
individual 
identifiable assets and liabilities based 
on their relative fair 
values at the date of 
acquisition. Such transactions or events 
do not give 
rise to goodwill. 
A listing of the Bank’s subsidiaries is set 
out in note 23.
(iii) Business combinations involving entities under common control
Pursuant to 
IAS 8 ‘Accounting 
Policies, Changes 
in Accounting 
Estimates and 
Errors’, 
since business 
combinations between 
entities 
under common 
control 
are excluded 
from the 
scope of 
IFRS 3 
‘Business Combinations’, 
such transactions 
are accounted 
for in 
the 
Group’s financial statements by using the pooling of interests method (also known as merger accounting), with reference to the most 
recent pronouncements of other standard-setting bodies that use a similar conceptual framework and comply with the IFRSs general 
principles, as well as accepted industry practices.
Under the 
pooling 
of interests 
method, the 
Group 
incorporates 
the assets 
and liabilities 
of the 
acquiree 
at their 
pre-combination 
carrying amounts from the highest level of 
common control, without any 
fair value adjustments. Any difference 
between the cost 
of 
the transaction and the carrying amount of the net assets acquired 
is recorded in Group's equity.
The Group accounts for the cost of such business combinations at the fair value of the consideration 
given, being the amount of cash 
or shares issued or if that cannot be reliably measured, the consideration 
received.
Formation of a new Group entity to effect a business combination
Common control transactions that involve the formation of a new Group entity to effect a business combination by bringing together 
two or more previously uncombined 
businesses under the new Group entity 
are also accounted for 
by using the pooling of interests 
method. 
Other common control 
transactions that involve 
the acquisition of a single existing 
Group entity or a single 
group of businesses by 
a 
new entity formed 
for this purpose 
are accounted 
for as capital 
reorganizations, 
on the basis that 
there is no business 
combination 
and no substantive 
economic change in 
the Group. Under 
a capital reorganization, 
the acquiring entity 
incorporates the 
assets and 
liabilities of the acquired 
entity at their carrying 
amounts, as presented 
in the books of 
that acquired entity, 
rather than those 
from 
the highest level 
of common control. 
Any difference 
between the cost 
of the transaction 
and the carrying amount 
of the net assets 
acquired is 
recognized 
in the 
equity of 
the new 
entity. 
Capital reorganization 
transactions do 
not have 
any impact 
on the 
Group’s 
consolidated financial statements.
 
(iv) Associates
Investments 
in associates are 
accounted for 
using the equity 
method of 
accounting in the 
consolidated financial 
statements. These 
are undertakings over which the Group exercises 
significant influence but which are not controlled.

Notes to the Consolidated Financial Statements 
.
14
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31 December 2023 Consolidated Financial Statements
 
 
 
Equity accounting 
involves recognizing 
in the income 
statement 
the Group's 
share of 
the associate's profit 
or loss for 
the year. 
The 
Group's interest in the associate is carried 
on the balance sheet at an amount that reflects its share of the net assets of the associate 
and any 
goodwill identified 
on acquisition 
net of any 
accumulated impairment 
losses. If the 
Group's share 
of losses of 
an associate 
equals or 
exceeds its 
interest 
in the associate, 
the Group 
discontinues recognizing 
its share 
of further 
losses, unless 
it has incurred 
obligations or made payments on behalf of the associate. 
When the Group obtains 
or ceases to have 
significant influence, any 
previously held or retained 
interest in the 
entity is remeasured 
to its fair value, with any change in the carrying amount recognized in the income statement, 
except in cases where an investment in 
associate becomes 
an investment 
in a joint 
venture where 
no remeasurement 
of the interest 
retained is 
performed and 
use of the 
equity method continues to apply.
(v) Joint arrangements
A 
joint 
arrangement 
is 
an 
arrangement 
under 
which 
the 
Group 
has 
joint 
control 
with 
one 
or 
more 
parties. 
Joint 
control 
is 
the 
contractually agreed sharing of control and exists only when decisions about relevant activities require the unanimous consent of the 
parties sharing control. The Group evaluates 
the contractual terms of joint arrangements 
to determine whether a joint arrangement 
is a joint operation or a joint venture. 
All joint arrangements in which the Group has an interest 
are joint ventures.
As 
investments 
in 
associates, 
the 
Group's 
interest 
in 
joint 
ventures 
is 
accounted 
for 
by 
using 
the 
equity 
method 
of 
accounting. 
Therefore, the accounting policy described 
in note 2.2.1 (iv) applies also for joint ventures. 
A listing of the Group's associates and joint ventures 
is set out in note 24.
2.2.2 Foreign currencies
(i) Translation of foreign subsidiaries
Assets and liabilities of foreign 
subsidiaries are translated 
into the Group’s 
presentation currency at 
the exchange rates 
prevailing at 
each reporting 
date whereas 
income and expenses 
are translated 
at the average 
exchange rates 
for the 
period reported. 
Exchange 
differences 
arising from 
the translation 
of the 
net investment 
in a 
foreign 
subsidiary, 
including exchange 
differences 
of monetary 
items receivable or payable to the foreign 
subsidiary for which settlement is neither planned nor likely 
to occur that form part of the 
net investment in the foreign 
subsidiaries, are recognized in other comprehensive 
income. 
Exchange 
differences 
from 
the 
Group’s 
foreign 
subsidiaries 
are 
released 
to 
the 
income 
statement 
on 
the 
disposal 
of 
the 
foreign 
subsidiary while for monetary items that form part of the net investment in the foreign subsidiary, on repayment or when settlement 
is expected to occur.
(ii) Transactions in foreign currency
Foreign 
currency 
transactions 
are 
translated 
into 
the 
functional 
currency 
using 
the 
exchange 
rates 
prevailing 
at 
the 
dates 
of 
the 
transactions. 
Foreign 
exchange 
gains 
and 
losses 
resulting 
from 
the 
settlement 
of 
such 
transactions 
are 
recognized 
in 
the 
income 
statement.
Monetary assets 
and liabilities denominated 
in foreign 
currencies are translated 
into the 
functional currency 
at the 
exchange rates 
prevailing at each reporting 
date and exchange 
differences are recognized 
in the income statement, 
except when deferred 
in equity 
as qualifying cash flow or net investment hedges. 
Non-monetary assets and liabilities are 
translated into the 
functional currency at the exchange 
rates prevailing 
at initial recognition, 
except for non-monetary items denominated 
in foreign currencies that are measured at fair value 
which are translated at the rate of 
exchange at the date the fair value 
is determined. The exchange differences 
relating to these items are treated 
as part of the change 
in fair 
value and 
are recognized 
in the 
income statement 
or recorded 
directly in 
equity depending 
on the 
classification of 
the non-
monetary item.

Notes to the Consolidated Financial Statements 
.
15
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
2.2.3 Derivative financial instruments and hedging
Derivative financial instruments that mainly include foreign exchange 
contracts, forward currency agreements, currency 
and interest 
rate options (both written and purchased), as well as currency and interest 
rate swaps are initially recognized in the balance 
sheet at 
fair value, 
on the date 
on which the 
derivative contracts 
are entered 
into, and 
subsequently are 
re-measured at 
their fair value. 
All 
derivatives are carried as assets when fair 
value is positive and as liabilities when fair value is negative.
The principles 
for the 
fair value 
measurement 
of financial 
instruments, 
including derivative 
financial instruments, 
are described 
in 
notes 3.2 and 5.3.
Embedded derivatives
Embedded derivatives 
are components 
of hybrid 
contracts 
that also 
include non-derivative 
hosts with 
the effect 
that some 
of the 
cash flows of the combined instruments vary 
in a way similar to stand-alone derivatives. 
Financial 
assets 
that 
contain 
embedded 
derivatives 
are 
recognised 
in 
the 
balance 
sheet 
in 
their 
entirety 
in 
the 
appropriate 
classification category, 
following the instruments’ 
assessment of their contractual 
cash flows and 
their business model as 
described 
in note 2.2.9. 
On the other 
hand, derivatives embedded in 
financial liabilities, such 
as bonds issued 
by the Group, are 
treated as separate derivatives 
when their risks 
and characteristics are 
assessed not to 
be closely related 
to those of 
the host contract 
and the host 
contract is not 
carried at 
fair value 
through profit 
or loss. These 
embedded derivatives 
are separated 
in the balance 
sheet and 
treated similarly 
to 
stand-alone derivatives measured at fair 
value with changes in fair value recognized 
in the income statement.
Derivatives held for hedge accounting
The use of derivative financial instruments is inherent 
in the Group’s activities and aims principally at 
managing risks effectively. 
Accordingly, 
the Group, 
as part of 
its risk management 
strategy, 
may enter 
into transactions 
with external 
counterparties to 
hedge 
partially or fully exposure to interest rates, 
foreign currency rates, equity prices and other market 
factors that are generated 
from its 
activities. 
The objectives of hedging with derivative financial instruments 
include:
•
Reduce interest rate 
exposure that is in excess of the Group’s 
appetite; 
•
Manage efficiently interest 
rate risk and achieve optimization 
and normalization of the evolution of 
net interest margin and 
net 
interest income by tracking the evolution of 
interest rates and spreads and hedging the 
changes to movements of the 
benchmark 
interest rates represented 
by the prevailing reference rates; 
●
Reduce variability arising from the fair value 
changes of derivatives embedded in financial assets; 
•
Manage future variable cash flows; 
•
Reduce foreign currency risk or inflation 
risk; 
•
Reduce variability in the Group’s 
equity arising from translating a foreign net 
investment at different 
exchange rates. 
Hedge accounting
The Group has elected, 
as a policy choice permitted 
under IFRS 9, to 
continue to apply 
hedge accounting in accordance 
with IAS 39, 
as endorsed by the European Union (IAS 39 “carve out'’). In 2023, 
the Group introduced a new risk management strategy which is the 
fair value hedging 
of the core 
deposits held in Greece 
and Cyprus from 
both retail and 
wholesale portfolios. Accordingly, 
the Group 
applied for 
the first 
time the 
provisions 
of IAS 
39 carve-out 
that 
enables entities 
to designate 
core 
deposits as 
hedged 
items in 
a 
portfolio 
hedge of 
interest 
rate 
risk, as 
further described 
in the 
sections below. 
Under the 
EU carve-out 
version 
of IAS 
39, certain 
requirements related 
to hedge accounting 
were removed, 
in order to 
facilitate (a) 
the application of 
fair value hedge 
accounting to 
the macro-hedges 
used for 
structural hedges 
including demand deposits 
and (b) the 
hedge effectiveness 
assessment by 
permitting 
the use of bottom layer approach for 
the determination of the fair value of hedged item, 
attributable to interest rate 
risk.
For 
hedge 
accounting 
purposes, 
the 
Group 
forms 
a 
hedging 
relationship 
between 
a 
hedging 
instrument 
or 
group 
of 
hedging 
instruments and a 
related item or 
group of items 
to be hedged. 
A hedging instrument 
is a 
designated derivative or group 
of derivatives, 
or a designated non-derivative financial asset or financial liability whose fair value or cash flows are expected to offset changes in the 
fair value 
or cash flows 
of a designated 
hedged item 
or group of 
items. Specifically, 
the Group designates 
certain derivatives 
as: (a) 
hedges of the 
exposure to 
changes in fair 
value of recognized 
assets or liabilities 
on a single 
or portfolio 
basis or unrecognized 
firm 

Notes to the Consolidated Financial Statements 
.
16
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31 December 2023 Consolidated Financial Statements
 
 
 
commitments (fair 
value hedging), 
(b) hedges of 
the exposure to 
variability in 
cash flows of 
recognized assets 
or liabilities or 
highly 
probable forecasted 
transactions (cash flow 
hedging) or, 
(c) hedges of the exposure 
to variability in the 
value of a net 
investment in 
a foreign 
operation 
which is 
associated with 
the translation 
of the 
investment's 
net assets 
in the 
Group's functional 
currency (net 
investment hedging).
In 
order 
to 
apply 
hedge 
accounting, 
specified 
criteria 
should 
be 
met. 
Accordingly, 
at 
the 
inception 
of 
the 
hedge 
accounting 
relationship, the Group documents the 
relationship between hedging instruments 
and hedged items, as well as its risk management 
objective 
and 
strategy 
for 
undertaking 
various 
hedge 
transactions, 
together 
with 
the 
method 
that 
will 
be 
used 
to 
assess 
the 
effectiveness of the hedging 
relationship. The Group also 
documents its assessment, both 
at inception of 
the hedge and 
on an ongoing 
basis, of whether the 
derivatives that 
are used in the 
hedging transactions are 
highly effective in 
offsetting changes 
in fair values 
or 
cash flows 
of hedged 
items and 
whether the actual 
results of 
each hedge 
are within 
a range 
of 80-125%. 
If a relationship 
does not 
meet 
the 
abovementioned 
hedge 
effectiveness 
criteria, 
the 
Group 
discontinues 
hedge 
accounting 
prospectively. 
Similarly, 
if 
the 
hedging 
derivative 
expires 
or 
is 
sold, 
terminated 
or 
exercised, 
or 
the 
hedge 
designation 
is 
revoked, 
then 
hedge 
accounting 
is 
discontinued prospectively. In addition, the Group uses other 
derivatives, not designated in qualifying 
hedge relationships, to manage 
its exposure 
primarily to 
interest 
rate 
and foreign 
currency risks. 
Non qualifying 
hedges are 
derivatives 
entered 
into 
as economic 
hedges of 
assets and 
liabilities for 
which hedge 
accounting is 
not applied. 
The said 
derivative instruments 
are classified 
along with 
those held for trading purposes.
Furthermore, the Group may 
designate groups of items 
as hedged items 
by aggregating recognized assets 
or liabilities or 
unrecognized 
but highly probable transactions of 
similar risk characteristics that share the 
exposure for which they are hedged. 
Although the overall 
risk exposures may be different for 
the individual items in the group, the specific risk being hedged is inherent in each of the items in 
the group.
The Group applied 
the Phase 1 and 
Phase 2 IBOR reform 
amendments to IFRS 
9, IAS 39 and 
IFRS 7, that 
provided temporary 
reliefs 
on hedging relationships during the period before the replacement of the existing interest rate 
benchmarks with alternative risk-free 
rates 
(RFRs), assumed 
no change 
at 
its hedging 
relationship 
as a 
result 
of the 
IBOR reform, 
and amended 
accordingly 
its hedging 
documentation . 
The 
Group 
has 
implemented 
its IBOR 
reform 
transition 
program, 
on 
the 
outstanding 
exposures 
that 
referenced 
the 
above 
rates, 
mainly referring to loans to customers 
and derivatives and therefore, 
the relative reliefs ceased to 
apply. 
(i) Fair value hedging
The Group applies 
fair value hedging 
to hedge exposures 
primarily to changes 
in the fair value 
attributable to 
interest rate 
risk with 
respect to the applicable benchmark rate 
and currency risk.
Hedged items
The items that qualify for fair value hedge accounting 
include financial assets and liabilities such as: 
•
fixed rate investment 
securities measured at AC or FVOCI, 
•
fixed rate term deposits and debt 
securities in issue measured at amortized cost; 
•
portfolios of floating-rate 
loans and investment securities with embedded interest 
rate options (such as purchased interest 
rate floors) measured at AC; 
•
portfolios of fixed rate amortizing loans (macro hedging) including securitized notes issued and held by 
the Group measured 
at AC. 
●
portfolios of liabilities (macro hedging) and more specifically demand deposits with interest 
rates determined by the Group 
and 
announced 
on 
its 
pricing 
list 
(sight/savings 
deposit 
rate) 
that 
are 
identified 
as 
interest 
rate-insensitive 
liabilities 
measured at 
AC. More 
specifically, 
demand deposits 
(sight or 
savings) are 
liabilities with 
no contractual 
maturity that 
the 
customers have the flexibility 
to withdraw at any time. Despite their 
contractual terms, and due to their 
nature, part of the 
demand 
deposits
behaves 
as 
a 
portfolio 
of 
longer-term 
fixed 
rate 
liabilities, 
as 
they 
remain 
insensitive 
to 
interest 
rate 
movements. This part of demand deposits represents the core 
deposits. 
Hedge effectiveness assessment
The 
Group 
uses 
the 
dollar-offset 
method 
at 
inception 
(prospective 
measurement) 
and 
on 
an 
ongoing 
basis 
(retrospective 
measurement), in 
order to 
assess the effectiveness 
of fair 
value hedges 
on a single 
or portfolio 
basis. This is 
a quantitative 
method 

Notes to the Consolidated Financial Statements 
.
17
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31 December 2023 Consolidated Financial Statements
 
 
 
that involves the comparison of the change in the fair value of 
the hedging instrument with the change in the fair value of 
the hedged 
item attributable to the hedged risk. The above comparison constitutes 
the dollar-offset ratio and 
should be within the range of 80% 
-125% for the hedge to be highly effective. 
The Group 
may also 
use the 
hypothetical 
derivative 
method, an 
approach to 
the dollar 
offset method, 
mainly applied 
in portfolio 
hedges that 
carry embedded 
derivatives, 
where the 
hedged risk 
is modelled 
through hypothetical 
derivatives, 
which replicate 
the 
embedded derivative. 
The fair value 
of the hypothetical 
derivative is used 
as a proxy 
for the net present 
value of the hedged 
future 
cash 
flows 
against 
which 
changes 
in 
value 
of 
the 
actual 
hedging 
instrument 
are 
compared 
to 
assess 
effectiveness 
and 
measure 
ineffectiveness. 
Hedge ineffectiveness 
may arise in 
case of potential 
differences in 
the critical 
terms between 
the hedged 
item and 
the hedging instrument such as maturity, 
interest rate reset 
frequency and discount curves as well as differences 
between expected 
and actual cash flows.
In addition, for hedging relationships 
where the critical terms 
of the hedged item match 
the ones of the hedging instrument 
such as 
coupon, maturity, 
and payment frequency, 
it is presumed that by construction, effectiveness 
is expected to be highly effective. 
The Group has identified the following sources of ineffectiveness:
•
Differences in the repricing frequency 
of the hedged items and hedging instruments 
•
The use of different interest 
rate curves applied to discount the hedged items 
and hedging instruments. 
Fair value hedging adjustments and discontinuation of hedge 
accounting 
Changes in the fair value of derivatives that are designated and qualify as 
fair value hedges are recorded in the income statement line 
“net trading income/(loss)” 
together with the changes 
in the fair value 
of the hedged assets 
or liabilities that are 
attributable to the 
hedged risk 
(fair value 
hedging adjustments). 
Fair value 
hedging adjustments 
to the 
hedged items 
measured at 
amortised cost 
are 
recorded as 
part of their 
carrying value in 
the balance sheet, 
with the exception 
of hedging adjustments 
for portfolios 
of fixed 
rate 
assets in the context of macro-hedging (see below).
The Group 
discontinues hedge 
accounting prospectively 
in case the 
hedging instrument 
expires or 
is sold, terminated 
or exercised, 
the hedge no 
longer meets the 
qualifying criteria for 
hedge accounting, or 
designation is revoked. 
In such cases, 
any adjustment 
to 
the carrying amount of 
the hedged item, for which 
the effective interest method is applied, is 
amortized to profit or loss in 
the income 
statement 
line 
“interest 
income” 
over 
the 
remaining 
period 
to 
maturity 
with 
amortization 
commencing 
no 
later 
than 
when 
the 
hedged 
item 
ceases 
to 
be 
adjusted 
for 
changes 
in 
its 
fair 
value 
attributable 
to 
the 
risk 
being 
hedged. 
If 
the 
hedged 
item 
is 
derecognised, the unamortised fair value adjustment 
is recognised immediately in the income statement
. 
Portfolio hedging of interest rate risk (macro 
-hedging)
With 
reference 
to 
portfolio 
hedging 
of 
interest 
rate 
risk, 
a 
dynamic 
hedging 
strategy 
is 
applied 
according 
to 
which 
the 
Group 
voluntarily designates and de-designates 
the hedge relationship on a monthly basis. 
For portfolios of financial assets, the Group determines the designated hedged amount by 
identifying portfolios of homogenous fixed 
rate assets based on their contractual interest rates, maturity and other risk characteristics. Assets within the identified portfolios are 
allocated into 
repricing time periods 
based on their 
repricing/maturity dates or 
interest payment 
dates with assumptions 
made for 
expected prepayments 
and capital repayments. 
The hedging instruments 
are groups 
of interest 
rate swaps 
replicating in 
aggregate 
the amortization 
profile of 
the assets 
and designated 
appropriately to 
their repricing 
time periods. 
Following the 
above allocation 
into time buckets, the designated 
hedged principal and the resulting percentage 
of the asset portfolio hedged (hedge ratio) 
for each 
time bucket are determined. 
For 
the core 
deposits’ portfolios, 
the Group 
determines 
their aggregated 
balances and 
allocation 
into 
time buckets 
by applying 
a 
modelled approach that is based 
on regulatory standards.
More specifically, the portfolio of core deposits to be 
hedged is determined 
by an internal 
designated behavioral 
model that utilizes 
a number of 
assumptions regarding 
the behavior and 
evolution of demand 
deposits balances, which are assessed, 
monitored and documented in accordance with the 
Group’s risk management framework. The 
approach 
involves 
the 
allocation 
of 
demand 
deposits 
in 
sub-categories 
considering 
their 
nature, 
i.e. 
retail 
and 
wholesale, 
their 
idiosyncratic behavioral analysis per portfolio, 
their sensitivity on interest rates and their withdrawal patterns 
and expected maturity 
profile 
analyzed 
in time 
buckets 
for 
a maximum 
period of 
ten years. 
Furthermore, the 
model performs 
a capacity 
check per 
time 
bucket to ensure that there is sufficient hedge capacity on the hedged item amortizing profile, compared to the 
hedging instruments’ 
profile in order to ensure that there is no 
over hedge.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Against 
this 
modelled 
interest 
rate 
exposure, 
the 
Group 
then 
uses 
groups 
of 
interest 
rate 
swaps 
with 
maturity 
up 
to 
ten 
years, 
designated as hedging 
instruments, that receive fixed 
interest rate and pay floating 
interest rate based on 
the benchmark rate 
hedged. 
The groups 
of swaps 
are staggered 
to cover 
different 
periods in time 
replicating in 
aggregate the 
estimated amortization 
profile of 
the hedged core deposits 
per time bucket. Additionally, their volume is 
re-assessed on a monthly 
basis. Following the above 
allocation 
into time buckets, 
the designated hedged principal 
and the resulting percentage 
of the portfolio hedged 
(hedge ratio) for 
each time 
bucket are determined.
For 
hedge 
effectiveness 
assessment 
purposes, 
the dollar-offset 
method 
also applies 
to 
portfolio 
hedging 
of interest 
rate 
risk and 
hedge effectiveness 
is measured on 
a monthly basis. For 
prospective effectiveness 
measurement, the dollar-offset 
method involves 
a comparison of the sensitivity of 
fair value to a change of 1 
basis point in interest rates (Dollar Value of a basis point - DV01) 
between 
the hedging instruments 
and the hedged assets 
or liabilities. A 
DV01 offset 
within the threshold 
of 80% to 
125% demonstrates 
that 
the 
hedge 
is 
expected 
to 
be 
highly 
effective. 
Retrospective 
effectiveness 
is 
measured 
by 
comparing 
fair 
value 
changes 
of 
the 
designated portion of the portfolio of assets or liabilities attributable to the hedged risk, estimated as the present value of the future 
cash flows 
using discount 
factors based 
on the 
applicable benchmark 
interest rate 
at the 
inception and 
reporting date, 
against the 
fair value changes of the derivatives, 
to ensure that they are within an 80% to 125% range.
Fair 
Value 
hedging 
adjustments 
do 
not 
affect 
the 
carrying 
amount 
of 
the 
hedged 
assets 
or 
liabilities 
pool, 
but 
instead 
they 
are 
presented 
as a 
separate 
line item 
within balance 
sheet lines 
loans and 
advances to 
customers 
and due 
to customers 
respectively. 
Considering the designation and de-designation process
for a portfolio hedging of interest 
rate risk is performed on a monthly basis, 
the hedging adjustments are recorded in the income 
statement line “net trading income/(loss)” and begin amortization on the 
month 
they occur over the expiration of the designate 
d 
time periods on a straight line basis.
Furthermore, the pool of hedging instruments is managed 
dynamically and therefore when 
new derivatives are added in the pool 
of 
hedging instruments, they are included in the 
next period’s hedge assessment and consequently the change in 
fair value in the month 
of their inception affects the P&L. Similarly, 
when existing swaps are de-designated, 
either to improve expected hedge 
effectiveness 
or to be liquidated, the respective change in fair value from de-designation up to the next designation 
or liquidation date, affects the 
P&L.
(ii) Cash flow hedging
The Group applies cash flow hedging to hedge exposures to variability in cash flows primarily attributable to the interest rate risk and 
currency risk associated with a recognized asset 
or liability or a highly probable forecast transaction.
The items that qualify for cash flow hedging include recognized assets and liabilities such as variable rate deposits 
or loans measured 
at amortized cost, variable rate debt 
securities in issue and foreign currency variable rate loans. The interest 
rate risk with respect to 
the applicable benchmark rate may 
be hedged using interest 
rate swaps and cross 
currency swaps. The foreign 
currency risk may be 
hedged using currency forwards and currency 
swaps.
Furthermore, cash 
flow hedging is 
used for 
hedging highly probable 
forecast transactions 
such as the 
anticipated future 
rollover of 
short-term 
deposits 
or 
repos 
measured 
at 
amortized 
cost. 
Specifically, 
the 
forecast 
variable 
interest 
payments 
of 
a 
series 
of 
anticipated 
rollovers 
of these 
financial liabilities 
are aggregated 
and hedged 
as a 
group with 
respect to 
changes in 
the benchmark 
interest rates, eliminating cash flow variability. 
In addition, cash flow hedging applies to 
hedges of currency risk arising from probable 
forecasted sales of financial assets or 
settlement of financial liabilities in foreign currency.
If the 
hedged item 
is documented 
as a 
forecast 
transaction, the 
Group 
assesses and 
verifies that 
there is 
a high 
probability of 
the 
transaction occurring. 
In order to assess the effectiveness 
of cash flow hedges of interest 
rate risk, the Group 
uses regression analysis which demonstrates 
that there is high 
historical and expected future correlation between 
the interest rate risk designated as 
being hedged and the 
interest 
rate risk 
of the hedging 
instrument. For 
assessing the effectiveness 
of cash flow 
hedges of currency 
risk, the Group 
uses the dollar-
offset method as it is described in section (i) above. 
The effective 
portion of changes 
in the fair 
value of derivatives 
that are designated 
and qualify as cash 
flow hedges is recognized 
in 
other comprehensive income whereas the ineffective portion is recognized in the income statement 
line “net trading income/(loss)”.
Amounts accumulated 
in equity 
are recycled 
to the 
income statement 
in the 
periods in which 
the hedged 
item will 
affect profit 
or 
loss (for example, when the forecast 
sale that is hedged takes place).

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
When a 
hedging instrument 
expires or 
is sold, 
or when 
a hedge no 
longer meets 
the criteria 
for hedge 
accounting, the 
cumulative 
gain or loss existing in equity at that time remains 
in equity until the hedged cash flows affect 
the income statement.
When a forecast 
transaction is 
no longer 
expected to 
occur, 
the cumulative 
gain or 
loss that was 
reported in 
equity is immediately 
transferred to the income 
statement.
(iii) Net investment hedging
The Group 
applies net 
investment 
hedging to 
hedge exposures 
to variability 
in the 
value of 
a net 
investment 
in foreign 
operation 
(including monetary items that form part of the net investment), 
such as foreign subsidiaries, associates or other foreign 
operations, 
associated 
with 
the 
translation 
of 
the 
net 
investment’s 
carrying 
amount 
into 
the 
Group’s 
presentation 
currency. 
Any 
exchange 
differences deriving from the translation 
are deferred in OCI until the net investment 
is disposed of or liquidated, at which time they 
are recognized in the profit or loss.
The 
foreign 
currency 
exposure 
that 
arises 
from 
the 
fluctuation 
in 
spot 
exchange 
rates 
between 
the 
net 
investment’s 
functional 
currency and the Group’s presentation currency may be 
hedged using currency swaps, currency 
forward contracts and their economic 
equivalents, as well as cash instruments. 
The effectiveness of net investment 
hedges is assessed with the Dollar-Offset Method 
as described above for fair value hedge.
Hedges of 
net investments 
in foreign 
operations 
are accounted 
for 
similarly to 
cash flow 
hedges. Any 
gain or 
loss on 
the hedging 
instrument relating to 
the effective portion of the 
hedge is recognized in equity; 
the gain or loss relating 
to the ineffective portion 
is 
recognized in the income statement. 
Gains and losses accumulated in equity are included in the income statement 
when the foreign 
operation is disposed of as part of the gain or loss on the disposal.
(iv) Derivatives not designated as hedging instruments for hedge accounting 
purposes
Changes 
in the 
fair 
value 
of derivative 
financial instruments 
that 
are 
entered 
into 
for 
trading purposes 
or as 
economic hedges 
of 
assets, liabilities or 
net positions in 
accordance with the Group’s hedging 
objectives and risk 
management policies that may 
not qualify 
for hedge accounting are recognized 
in the income statement. 
The fair 
values of 
derivative instruments 
held for 
trading, including 
those entered 
into as 
economic hedges, 
and hedge 
accounting 
purposes are disclosed in note 19.
2.2.4 Offsetting financial instruments
Financial 
assets 
and 
liabilities 
are 
offset 
and 
the net 
amount 
is presented 
in 
the balance 
sheet when, 
and only 
when, 
the Group 
currently 
has a 
legally enforceable 
right to 
set off 
the recognized 
amounts 
and intends 
either to 
settle them 
on a 
net basis, 
or to 
realize the asset and settle the liability simultaneously.
2.2.5 Income statement
 
(i) Interest income and expense
Interest income and expense are recognized in the 
income statement for all interest bearing financial instruments on an 
accrual basis, 
using 
the effective 
interest 
rate 
(EIR) 
method. The 
effective 
interest 
rate 
is the 
rate 
that 
exactly 
discounts 
estimated 
future 
cash 
payments or receipts through the 
expected life of the financial 
instrument or, when appropriate, a shorter period to 
the gross carrying 
amount of the financial asset or to the amortized 
cost of a financial liability. When 
calculating the EIR for financial instruments 
other 
than purchased or originated credit-impaired, the Group estimates future cash flows considering all contractual terms of the financial 
instrument 
but does 
not 
consider 
expected 
credit 
losses. 
For 
purchased 
or originated 
credit 
impaired 
(POCI) financial 
assets, 
the 
Group 
calculates 
the 
credit-adjusted 
EIR, 
which 
is 
the 
interest 
rate 
that 
upon 
the 
original 
recognition 
of 
the 
POCI 
financial 
asset 
discounts the estimated future cash flows 
(including expected credit losses) to the fair 
value of the POCI asset. 
The 
amortized 
cost 
of 
a 
financial asset 
or 
liability 
is 
the 
amount 
at 
which 
it 
is 
measured 
upon 
initial 
recognition 
minus 
principal 
repayments, plus 
or minus cumulative 
amortization using 
the EIR (as 
described above) 
and for 
financial assets it 
is adjusted 
for the 
expected credit loss allowance. The gross carrying amount of a 
financial asset is its amortized cost before adjusting for ECL allowance.
The EIR calculation includes fees and points paid 
or received that are an integral part 
of the effective interest rate, 
transaction costs, 
and other premiums or discounts. Transaction costs include incremental costs that are directly attributable to the acquisition or issue 
of a financial asset or liability.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
The Group calculates interest 
income and expense by applying the EIR to 
the gross carrying amount of non 
-impaired financial assets 
(exposures in Stage 1 and 2) and to the amortized 
cost of financial liabilities respectively. 
For financial assets 
that have 
become credit-impaired 
subsequent to 
initial recognition (exposures 
in Stage 3), 
the Group calculates 
interest income by applying the effective interest rate to the amortized cost of the financial asset (i.e. gross carrying amount adjusted 
for the 
expected credit 
loss allowance). 
If the 
asset is no 
longer credit-impaired, 
then the EIR 
is applied 
again to 
the gross 
carrying 
amount with the exception of POCI assets for 
which interest income does not revert 
to gross basis calculation. 
For inflation-linked 
instruments the 
Group recognizes 
interest 
income and 
expense by 
adjusting the 
effective interest 
rate on 
each 
reporting period due 
to changes in 
expected future cash 
flows, incorporating 
changes in inflation 
expectations over 
the term of the 
instruments. 
The adjusted 
effective 
interest 
rate 
is applied 
in order 
to calculate 
the new 
gross carrying 
amount on 
each reporting 
period. 
The changes to 
the basis for 
determining the 
financial instruments’ 
contractual cash 
flows, required 
in the context 
of IBOR reform, 
are accounted for as an update to 
the instruments’ EIR.
Interest income 
and expense are 
presented separately 
in the income statement 
for all interest 
bearing financial instruments 
within 
net interest income.
(ii) Fees and commissions
Fee and commission received 
or paid that are 
integral to the effective interest rate on a 
financial asset or 
financial liability are included 
in the effective interest 
rate.
Other 
fee 
and 
commission 
income 
such 
as 
account 
servicing 
and 
asset 
management 
fees 
(including 
performance 
based 
fees) 
is 
recognised 
over 
time 
as 
the 
related 
services 
are 
being 
provided 
to 
the 
customer, 
to 
the 
extent 
that 
it 
is 
highly 
probable 
that 
a 
significant reversal 
of the revenue 
amount recognized 
will not occur. 
Transaction-based 
fees such as 
foreign exchange 
transactions, 
imports-exports, remittances, 
bank charges and 
brokerage 
activities are recognised 
at the point 
in time when the 
transaction takes 
place. Other 
fee 
and 
commission 
expenses 
relate 
mainly 
to 
transaction 
and service 
fees, 
which 
are 
expensed 
as 
the 
services are 
received.
In the case of a contract 
with a customer that results 
in the recognition of a financial 
instrument in the Group’s 
financial statements 
which may 
be partially 
in the 
scope of 
IFRS 9 
and partially 
in the 
scope of 
IFRS 15, 
the Group 
first 
applies IFRS 
9 to 
separate 
and 
measure the part of the contract that is in the scope of 
IFRS 9 and subsequently applies IFRS 15 to the residual part.
2.2.6 Property, equipment and Investment 
property
(i) Property and equipment
Property and equipment are measured at cost 
less accumulated depreciation and any accumulated impairment 
losses. Cost includes 
expenditure that 
is directly attributable 
to the acquisition 
of the asset. Subsequent 
expenditure is recognized 
in the asset's 
carrying 
amount only 
when it 
is probable 
that 
future economic 
benefits will 
flow to 
the Group 
and the 
cost of 
the asset 
can be 
measured 
reliably. All other repair 
and maintenance costs are recognized in 
the income statement as incurred.
Depreciation is calculated 
using the straight-line method 
to write down the cost 
of property and equipment, 
to their residual values 
over their estimated useful life as follows:
-
Land: no depreciation;
-
Freehold buildings: 40-50 years and up to 70 years 
(for specific strategic properties constructed 
or heavily renovated according 
to the best practices and guidelines of sustainable construction 
and renovation, using resilient materials 
and designs);
-
Leasehold improvements: over the lease term or 
the useful life of the asset if shorter;
-
Computer hardware and related 
integral software: 4-10 years;
-
Other furniture and equipment: 4-20 years; and
-
Motor vehicles: 5-7 years.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
(ii) Investment property
Property 
held 
for 
rental 
yields and/or 
capital 
appreciation 
that 
is not 
occupied by 
the 
Group’s 
entities 
is classified 
as 
investment 
property. 
Investment 
property 
is 
measured 
initially 
at 
its 
cost, 
including 
related 
transaction 
costs, 
and 
subsequently 
at 
fair 
value 
with 
any 
change therein recognized 
in income statement 
line ‘’other 
income / (expenses)’’. 
Subsequent expenditure 
is charged to the asset’s 
carrying amount only when it is probable that 
future economic benefits associated with the 
item will flow to the Group and the cost 
of the 
item can 
be measured 
reliably. 
Such expenditure 
includes enhancements 
that increase 
the value 
of the 
asset and 
its future 
income-earning 
potential, 
as well 
as costs 
to 
comply with 
environmental 
and other 
legal requirements. 
Repairs 
and maintenance 
costs are recognized to 
the income statement during the financial period in which they are 
incurred. 
Any gain 
or loss 
on disposal 
(calculated as 
the difference 
between the 
net proceeds 
from disposal 
and the 
carrying amount 
of the 
asset) is recognized in income statement.
If an 
investment 
property 
becomes 
owner-occupied, 
it is 
reclassified 
as 
property 
and equipment 
and its 
fair 
value 
at 
the date 
of 
reclassification becomes its deemed cost. If an item of property and equipment becomes an investment property because its use has 
changed, any resulting 
decrease between the 
carrying amount and the 
fair value of this 
item at the date 
of transfer 
is recognized in 
income statement 
while any resulting 
increase, to the extent 
that the increase 
reverses previous 
impairment loss for 
that property, 
is 
recognized 
in 
income 
statement 
while 
any 
remaining 
part 
of 
the 
increase 
is 
recognized 
in 
other 
comprehensive 
income 
and 
increases the revaluation surplus within equity.
If a 
repossessed asset 
becomes investment 
property, 
any difference 
between the 
fair value 
of the 
property at 
the date 
of transfer 
and its previous carrying amount is recognized 
in income statement. 
Reclassifications among own used, repossessed assets and 
investment properties may occur when there is 
a change in the 
use of such 
properties. Additionally, 
an investment property 
may be reclassified to ‘non-current 
assets held for sale’ category 
to the extent that 
the criteria described in note 2.2.25 are met.
2.2.7 Intangible assets
(i) Goodwill
Goodwill 
arising on 
business 
combinations 
is included 
in ‘intangible 
assets’ 
and is 
measured at 
cost less 
accumulated 
impairment 
losses. 
Goodwill arising on acquisitions of associates and jointly controlled entities is neither disclosed nor tested separately for impairment, 
but instead is included in ‘investments 
in associates’ and ‘investments in jointly 
controlled entities’. 
(ii) Computer software
Costs 
associated 
with 
the 
maintenance 
of 
existing 
computer 
software 
programs 
are 
expensed 
as 
incurred. 
Development 
costs 
associated 
with 
the 
production 
of 
identifiable 
assets 
controlled 
by 
the 
Group 
are 
recognized 
as 
intangible 
assets 
when 
they 
are 
expected to generate economic benefits and can be measured reliably. Internally 
generated computer software assets are amortized 
using the straight-line method over 4 years, 
except for core systems 
whose useful life may extend up to 
20 years. 
(iii) Other intangible assets
Other 
intangible 
assets 
are 
assets that 
are 
separable 
or arise 
from 
contractual 
or other 
legal 
rights 
and are 
amortized 
over their 
estimated useful lives. These include intangible 
assets acquired in business combinations.
Intangible assets that have an indefinite 
useful life are not subject to amortization 
and are tested annually for impairment.
 
2.2.8 Impairment of non-financial assets
(i) Goodwill
Goodwill is tested 
for impairment annually 
or more frequently 
if there are 
any indications that 
impairment may have 
occurred. The 
Group considers 
external information 
such as prevailing 
economic conditions, persistent 
slowdown in financial markets, 
volatility in 
markets and changes in levels of market and exchange risk, an unexpected decline in an asset’s market value or market capitalization 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
being below the book value of equity, together 
with a deterioration in internal performance 
indicators, in assessing whether there is 
any indication of impairment.
For the purpose of impairment testing, 
goodwill acquired in a business combination 
is allocated to each Cash 
Generating Unit (CGU) 
or groups 
of CGUs 
that are 
expected to 
benefit from 
the synergies 
of the 
combination. The 
Group monitors 
goodwill either 
at the 
separate legal entity level or 
group of legal entities consistent with the 
internal monitoring of operating segments.
The Group impairment model compares the carrying 
value of a CGU or 
group of CGUs with its 
recoverable amount. The carrying value 
of a CGU 
is based on 
the assets and 
liabilities of each 
CGU. The 
recoverable 
amount is 
determined on 
the basis of 
the value-in-use 
which is the present value of the future cash flows expected to be derived from the 
CGU or group of CGUs. The estimated future cash 
flows are discounted 
to their present 
value using a pre 
-tax discount 
rate that reflects 
current market 
assessments of the time 
value 
of money and the risks specific to the asset or CGU and the countries where 
the CGUs operate.
An impairment loss arises if the carrying amount of an asset or CGU 
exceeds its recoverable 
amount and is recognized in the 
income 
statement. 
Impairment 
losses 
are 
not 
subsequently 
reversed. 
Gains 
and 
losses 
on 
the 
disposal 
of 
an 
entity 
include 
the 
carrying 
amount of goodwill relating to the entity sold.
Goodwill arising in a business combination is not tested for impairment during the one-year period from the acquisition date allowed 
for the 
completion of 
the purchase 
accounting and 
allocation of 
goodwill, unless 
there has 
been a triggering 
event suggesting 
that 
the acquired goodwill might be impaired, even if the 
allocation process is not complete.
(ii) Other non-financial assets
Other non-financial assets, including property and equipment and other intangible assets, are assessed for indications of impairment 
at each reporting date 
by considering both external 
and internal sources of information 
such as a significant reduction 
in the asset’s 
value 
and 
evidence 
that 
the 
economic 
performance 
of 
the 
asset 
is 
or 
will 
be 
worse 
than 
expected. 
When 
events 
or 
changes 
in 
circumstances indicate 
that the carrying amount may 
not be recoverable, 
an impairment loss is recognized 
for the amount by which 
the asset’s carrying 
amount exceeds its recoverable 
amount. The recoverable 
amount is the higher of 
an asset’s fair 
value less costs 
to 
sell 
and 
value 
in 
use. 
For 
the 
purposes 
of 
assessing 
impairment, 
assets 
are 
grouped 
at 
the 
lowest 
levels 
for 
which 
there 
are 
separately 
identifiable 
cash 
flows, 
where 
applicable. 
Non-financial 
assets, 
other than 
goodwill, for 
which an 
impairment 
loss was 
recognized in prior reporting periods, are reviewed 
for possible reversal of such impairment at 
each reporting date.
Impairment losses arising from the Group’s 
associates and joint ventures are determined 
in accordance with this accounting policy.
 
2.2.9 Financial assets
Financial assets - Classification and measurement
The 
Group 
classifies 
financial 
assets 
based 
on 
the 
business 
model 
for 
managing 
those 
assets 
and 
their 
contractual 
cash 
flow 
characteristics. 
Accordingly, 
financial assets 
on initial 
recognition 
are classified 
into one 
of the 
following 
measurement categories: 
amortized cost, fair value 
through other comprehensive income or fair value 
through profit or loss.
Purchases and 
sales of 
financial assets 
are recognized 
on trade 
date, which 
is the 
date the 
Group commits 
to purchase 
or sell 
the 
assets. Loans originated by the Group are recognized 
when cash is advanced to the borrowers. 
Financial Assets measured at Amortized Cost (‘AC’)
The Group classifies and measures 
a financial asset at AC only 
if both of the following conditions 
are met and is not designated 
as at 
FVTPL:
(a) The 
financial asset 
is held within 
a business model 
whose objective 
is to 
collect contractual 
cash flows 
(hold-to-collect business 
model) and
(b) The 
contractual 
terms of 
the financial 
asset give 
rise on 
specified dates 
to cash 
flows that 
are solely 
payments of 
principal and 
interest on the principal amount outstanding 
(SPPI).
These financial 
assets are 
recognized initially 
at fair 
value plus 
or minus direct 
and incremental 
transaction costs 
and fees 
received 
that are attributable to the acquisition of these assets, and are subsequently measured at amortized cost, using the effective interest 
rate (EIR) method (as described in note 2.2.5 above).

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Interest 
income, realized 
gains and 
losses on derecognition, 
and changes 
in expected 
credit losses 
from assets 
classified at 
AC, are 
included in the income statement.
Financial Assets measured at Fair Value through Other 
Comprehensive Income (‘FVOCI’)
The Group classifies and measures a financial asset at FVOCI only if both of the following conditions are 
met and is not designated as 
at FVTPL:
(a) The financial asset 
is held within a 
business model whose objective 
is achieved by both collecting 
contractual cash flows and selling 
financial assets (hold-to-collect-and-sell business 
model) and
(b) The contractual terms of the financial asset give rise on specified dates 
to cash flows that are SPPI. 
Financial 
assets 
that 
meet 
these 
criteria 
are 
debt 
instruments 
and 
are 
measured 
initially 
at 
fair 
value, 
plus 
or 
minus 
direct 
and 
incremental transaction costs that 
are attributable to the acquisition of these assets. 
Subsequent 
to 
initial recognition, 
FVOCI 
debt 
instruments 
are 
re-measured 
at 
fair 
value 
through 
OCI, except 
for 
interest 
income, 
related foreign exchange gains 
or losses and expected credit losses, which are recognized in the income statement. 
Cumulative gains 
and losses previously recognized in OCI are transferred from OCI to the income statement when the debt instrument is 
derecognised. 
Equity Instruments designated at FVOCI
The Group may make an irrevocable election to 
designate an equity instrument at FVOCI. 
This designation, if elected, is 
made at initial 
recognition 
and on 
an 
instrument 
by 
instrument 
basis. 
Gains and 
losses 
on these 
instruments, 
including when 
derecognized, 
are 
recorded 
in 
OCI 
and 
are 
not 
subsequently 
reclassified 
to 
the 
income 
statement. 
Dividends 
received 
are 
recorded 
in 
the 
income 
statement.
Financial Assets measured at Fair Value through Profit 
and Loss (“FVTPL”)
The 
Group 
classifies 
and 
measures 
all 
other 
financial 
assets 
that 
are 
not 
classified 
at 
AC 
or 
FVOCI, 
at 
FVTPL. 
Derivative 
financial 
instruments 
are measured 
at FVTPL 
with changes 
in fair 
value recognized 
in the 
income statement, 
unless they 
are designated 
as 
effective hedging instruments, where 
hedge accounting requirements under IAS 39 apply (as described 
in note 2.2.3 above).
Furthermore, a financial asset that meets the above conditions 
to be classified at AC or FVOCI, may be irrevocably 
designated by the 
Group at 
FVTPL at 
initial recognition, 
if doing 
so eliminates, 
or significantly 
reduces an 
accounting mismatch 
that would 
otherwise 
arise.
Financial assets measured at FVTPL are initially recorded at fair value 
and any unrealized gains or losses arising due to changes in fair 
value are included in the income statement.
Business model and contractual characteristics assessment
The business model assessment 
determines how the 
Group manages a 
group of assets 
to generate cash 
flows. That is, 
whether the 
Group's objective 
is solely 
to collect 
contractual 
cash flows 
from the 
asset, to 
realize cash 
flows from 
the sale 
of assets, 
or both to 
collect contractual cash flows and cash flows 
from the sale of assets. In addition, the business model is determined after aggregating 
the financial assets into groups (business lines) which are managed 
similarly rather than at an individual instrument’s 
level. 
The business 
model is 
determined 
by the 
Group’s 
key 
management personnel 
consistently 
with the 
operating 
model, considering 
how financial assets are managed 
in order to generate cash flows, the objectives 
and how performance of each 
portfolio is monitored 
and reported and any available information 
on past sales and on future sales’ strategy, 
where applicable. 
Accordingly, 
in making 
the above 
assessment, the 
Group 
will consider 
a number 
of factors 
including the 
risks associated 
with the 
performance of 
the business model 
and how those 
risks are evaluated 
and managed, the 
related personnel 
compensation, and the 
frequency, volume 
and reasons of past sales, as well as expectations about future 
sales activity.
Types of business models
The Group’s business 
models fall into three categories, which 
are indicative of the key strategies 
used to generate returns.
The 
hold-to-collect 
(HTC) 
business model 
has the 
objective 
to 
hold 
the financial 
assets in 
order 
to 
collect contractual 
cash flows. 
Financial 
assets 
classified 
within 
this 
business 
model 
include 
investment 
securities, 
due 
from 
banks 
and 
loans 
and 
advances 
to 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
customers including securitized notes issued by special purpose entities established by 
the Group and recognized in its balance sheet, 
which are 
measured at 
amortized cost. 
Sales within 
this model 
are monitored 
per financial 
asset class 
and may 
be performed 
for 
reasons which are not inconsistent with this business model. More specifically, sales of financial assets due to credit deterioration, as 
well as sales close to the maturity are considered consistent with the objective of hold-to-collect contractual 
cash flows regardless of 
value and frequency. Sales for other reasons may be consistent with the HTC model such as liquidity needs in 
any stress case scenario 
or sales made to manage high concentration 
level of credit risk. Such sales are monitored and assessed depending 
on frequency and 
value to conclude whether they are consistent 
with the HTC model. 
The 
hold-to-collect-and-sell 
business 
model 
(HTC&S) 
has 
the 
objective 
both 
to 
collect 
contractual 
cash 
flows 
and 
sell 
the 
assets. 
Activities such as liquidity management, interest 
yield and duration are consistent with this 
business model, while sales of assets are 
integral to 
achieving the objectives 
of this business 
model. Financial assets 
classified within this 
business model include 
investment 
securities which are measured at FVOCI, subject to meeting the SPPI assessment 
criteria.
Other business models 
include financial assets 
which are managed 
and evaluated 
on a fair 
value basis as 
well as portfolios 
that are 
held for trading. This is a residual category for financial assets not meeting the criteria of the business models of 
HTC or HTC&S, while 
the collection of contractual cash flows may 
be incidental to achieving the business models’ objective.
The Group’s 
business models 
are 
reassessed 
at 
least 
annually or 
earlier, 
if there 
is a 
sales’ assessment 
trigger or 
if there 
are 
any 
changes in the Bank’s strategy 
and main activities, as evidenced by the Bank’s 
business plan, budget and NPE strategy. 
Cash flow characteristics assessment
For a 
financial asset 
to be 
measured at 
AC or 
FVOCI, its 
contractual 
terms must 
give rise 
on specified 
dates to 
cash flows 
that 
are 
solely payments of principal 
and interest (SPPI) 
on the principal amount outstanding. 
For the purpose of this 
assessment principal is 
defined as the 
fair value of 
the asset at 
initial recognition and 
interest as 
the consideration 
for the time 
value of money, 
credit risk, 
other basic lending risks and a profit margin. 
More 
specifically, 
at 
initial 
recognition 
of 
a financial 
asset, 
an 
assessment 
is performed 
of whether 
the 
financial 
asset 
contains 
a 
contractual term that 
could change the amount or timing 
of contractual cash flows 
in a way that it would 
not be consistent with the 
above 
condition. 
The 
Group 
considers 
the 
existence 
of 
various 
features, 
including 
among 
others, 
contractually 
linked 
terms, 
prepayment 
terms, 
deferred 
interest-free 
payments, 
extension 
and 
equity 
conversion 
options, 
terms 
that 
introduce 
leverage 
including index linked payments, as well 
as environmental, social and governance linked features (ESG) 
where the contractual interest 
rate 
is 
adjusted 
if 
the 
borrower 
meets, 
or 
fail 
to 
meet 
specific 
sustainability 
performance 
targets. 
Where 
the 
contractual 
terms 
introduce exposure to risk or volatility that are 
inconsistent with a basic lending 
arrangement, the related financial asset is considered 
to have failed the SPPI assessment and will be measured 
at FVTPL.
In addition, if a contractual feature could have an effect that is de-minimis on the contractual cash flows of the financial asset, it does 
not affect 
its classification. Moreover, 
a contractual 
feature is considered 
as not genuine by 
the Group, if 
it affects the 
instrument’s 
contractual cash flows 
only on the occurrence of an event 
that is extremely rare, 
highly abnormal and very unlikely 
to occur. 
In such 
a case, it does not affect the instrument’s 
classification.
Moreover, 
for the 
securitized 
notes issued 
by special 
purpose entities 
and held 
by the 
Group, the 
cash flow 
characteristics 
of the 
notes and the 
underlying pool of financial 
assets as well 
as the credit 
risk inherent in 
each securitization’s 
tranche compared 
to the 
credit risk of all of the underlying pool of financial assets, are considered.
In case of 
special lending arrangements such 
as non-recourse loans, 
in its assessment 
of the SPPI 
criterion, the Group considers 
various 
factors 
such 
as 
the 
nature 
of 
the 
borrower 
and 
its 
business, 
the 
pricing 
of 
the 
loans, 
whether 
it 
participates 
in 
the 
economic 
performance of the 
underlying asset and 
the extent to 
which the collateral 
represents all 
or a substantial 
portion of the borrower’s 
assets. Moreover, 
for non-recourse 
loans, the Group 
takes into 
consideration the 
borrower’s adequacy 
of loss absorbing 
capital by 
assessing jointly the criteria of equity 
sufficiency, Loan to 
Value ratio (LTV), 
the Average Debt Service Coverage 
ratio (ADSCR) as well 
as the existence of corporate 
and personal guarantees. 
In certain cases when 
the time value of 
money element is modified 
in that the financial 
asset’s interest 
rate is periodically 
reset but 
the reset frequency 
does not match 
the tenor of 
the interest 
rate or when 
a financial asset’s 
interest rate 
is periodically reset 
to an 
average of particular short-term and long-term 
interest rates, a quantitative assessment is 
performed (the “Benchmark Test”) in order 
to determine whether the contractual cash 
flows are SPPI.

Notes to the Consolidated Financial Statements 
.
25
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31 December 2023 Consolidated Financial Statements
 
 
In particular, 
the Group 
assesses the contractual 
cash flows 
of the “real 
instrument”, 
whose interest 
rate is 
reset with 
a frequency 
that does not match 
the tenor of the 
interest rate, and those of 
the “benchmark instrument”, which are identical in 
all respects except 
that the tenor of the 
interest rate 
matches exactly the 
interest period. 
If the undiscounted cash 
flows of the former 
are significantly 
different 
from the 
benchmark cash 
flows due 
to the 
modified time value 
of money 
element, the 
financial asset 
does not 
meet the 
SPPI criterion. In its assessment, the Group considers 
both the effect of the modified time value of money element 
in each reporting 
period 
and 
cumulatively 
over 
the 
life 
of 
the 
instrument. 
This 
is 
done, 
as 
far 
as 
the 
lifetime 
of 
the 
instrument 
is 
concerned, 
by 
comparing 
the 
cumulative 
projected 
undiscounted 
cash 
flows 
of 
the 
real 
and the 
benchmark 
instrument, 
and 
for 
each 
quarterly 
reporting period, 
by comparing 
the projected 
undiscounted 
cash flows 
of the 
two instruments 
for that 
quarterly reporting 
period, 
based on predefined thresholds.
The Group performs the SPPI assessment for its 
lending exposures on a product basis for the 
retail and part of the wholesale portfolio 
where contracts are of standardized form, whereas for the remaining wholesale portfolio, securitized notes issued by special purpose 
entities, either established by the Group or third parties, 
and held by the Group, and debt securities the assessment is performed 
on 
an individual basis. 
 
Derecognition of financial assets
The 
Group 
derecognizes 
a 
financial 
asset 
when 
its 
contractual 
cash 
flows 
expire, 
or 
the 
rights 
to 
receive 
those 
cash 
flows 
are 
transferred in an outright sale in which substantially all risks and rewards of ownership have 
been transferred. In addition, a financial 
asset is derecognized 
even if rights 
to receive cash 
flows are retained 
but at the same 
time the Group 
assumes an obligation 
to pay 
the received cash flows without a material delay (pass through agreement) or when substantially all 
the risks and rewards are neither 
transferred 
nor retained 
but the Group 
has transferred 
control of 
the asset. Control 
is transferred 
if, and 
only if, 
the transferee 
has 
the practical ability to sell 
the asset in its entirety to 
unrelated third party and is able to 
exercise that ability unilaterally 
and without 
imposing additional restrictions on the transfer.
The main transactions that are subject to the above de-recognition 
rules are securitization transactions, repurchase 
agreements and 
stock lending 
transactions. In 
the case of 
securitization transactions, 
in order 
to assess the 
application of 
the above 
mentioned de-
recognition 
principles, 
the 
Group 
considers 
the 
structure 
of 
each 
securitization 
transaction 
including 
its 
exposure 
to 
the 
more 
subordinated 
tranches 
of 
the 
notes 
issued 
and/or 
credit 
enhancements 
provided 
to 
the 
special 
purpose 
entities, 
as 
well 
as 
the 
securitization’s contractual 
terms that may indicate that the Group retains control of the underlying assets. In the case of repurchase 
transactions and stock lending, the assets transferred 
are not derecognised since the terms of the transaction 
entail the retention of 
all their risks and rewards. 
On derecognition of 
a financial asset, 
the difference 
between the carrying 
amount of the 
asset and the sum 
of (i) the consideration 
received 
(including 
any 
new 
asset 
obtained 
less 
any 
new 
liability 
assumed) 
and 
(ii) 
any 
cumulative 
gain 
or 
loss 
that 
had 
been 
recognized 
in OCI 
for 
financial assets 
at FVOCI, 
is recognized 
in income 
statement, 
except 
for 
cumulative 
gains or 
losses of 
FVOCI 
equity instruments which are not reclassified from OCI to 
income statement at the date of 
derecognition.
Modification of financial assets that may result in derecognition
In addition, 
derecognition of 
financial asset 
arises when 
its contractual 
cash flows 
are modified 
and the 
modification is 
considered 
substantial 
enough 
so 
that 
the 
original 
asset 
is derecognized 
and 
a new 
one 
is 
recognised. 
Substantial 
modifications 
resulting 
in 
derecognition 
may include 
among others 
change in 
borrower, 
change in 
the asset’s 
denomination 
currency, 
debt consolidation 
of 
unsecured exposure into a single new secured asset. The Group records the modified asset as a ‘new’ financial asset at fair value plus 
any eligible transaction costs and the difference 
with the carrying amount of the existing one is recorded in the income statement 
as 
derecognition gain or loss. 
The Group may 
modify the contractual 
terms of a lending exposure 
either as a concession granted 
to a client facing 
or that is about 
to 
face 
financial 
difficulties 
or 
due 
to 
other 
commercial 
reasons 
such 
as 
changes 
in 
market 
conditions, 
competition 
or 
customer 
retention. 
In addition, 
the Group 
may occasionally 
enter, 
in the 
context 
of loans’ 
modifications, into 
debt-for-equity 
transactions. 
These are 
transactions where the terms of a lending exposure 
are renegotiated and as a result, 
the borrower issues equity instruments (voting 
or no 
voting) in 
order to 
extinguish part 
or all 
of its 
financial liability 
to the 
Group. Such 
transactions 
may include 
also exercise 
of 
conversion rights embedded into 
convertible or exchangeable bonds 
and enforcement of shares held as collateral.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
In debt-for-equity transactions, the 
modified loan is derecognized while the 
equity instruments received in 
exchange are recognized 
at their fair value, with any resulting gain 
or loss recognized in the Group’s 
income statement.
2.2.10 Reclassifications of financial assets
The Group reclassifies a financial 
asset only when it changes its business 
model for managing financial assets. Generally, 
a change in 
the business model is expected to be rare and occurs when the Group either begins or ceases to perform an activity that is significant 
to its operations; for 
example, when a business 
line is acquired, disposed of or 
terminated. In the rare 
event when there is 
a change 
to the existing business 
models, the updated assessment 
is approved by the Group’s 
competent Committees and 
the amendment is 
reflected appropriately in the Group’s 
budget and business plan. 
Changes 
in intention 
related 
to particular 
financial assets 
(even in 
circumstances 
of significant 
changes in 
market 
conditions), the 
temporary disappearance of 
a particular market for 
financial assets or a transfer 
of financial assets between parts of the 
Group with 
different business models, are not 
considered by the Group changes in business model.
The reclassification 
is applied 
prospectively 
from the 
reclassification 
date, 
therefore 
previously 
recognized 
gains, 
losses (including 
impairment losses) or interest are not restated.
 
2.2.11 Financial liabilities
Financial liabilities - Classification and measurement
The Group 
classifies its 
financial liabilities 
in the 
following 
categories: financial 
liabilities measured 
at amortized 
cost and 
financial 
liabilities measured at fair-value-through 
-profit-or-loss (FVTPL). 
Financial liabilities at FVTPL comprise two sub categories: financial 
liabilities held for trading and financial liabilities designated at fair-
value-through-profit-or-loss upon 
initial recognition.
Financial liabilities 
held for 
trading, which 
include short positions 
of debt 
securities (sold but 
not yet 
purchased), are 
liabilities that 
the Group 
incurs principally 
for 
the purpose 
of repurchasing 
in the 
near term 
for 
short term 
profit 
or in 
the context 
of economic 
hedging strategies of groups of assets 
and/or liabilities or net positions for which hedge accounting 
is not applied. 
The Group 
may, 
at initial 
recognition, 
irrevocably 
designate financial 
liabilities at 
fair-value-through-profit-or-loss 
when one 
of the 
following criteria is met:
●
the designation eliminates or significantly 
reduces an accounting mismatch 
which would otherwise arise from measuring assets 
or 
liabilities or recognising the gains and losses on them on different 
bases; or
●
a group of financial liabilities 
or financial assets and financial liabilities 
is managed and its performance 
is evaluated on 
a fair value 
basis in accordance with a documented risk management or 
investment strategy; or
●
the financial liability contains one or more embedded derivatives as components of a 
hybrid contract which significantly modify the 
cash flows that otherwise would be required by the 
contract.
Financial liabilities held for trading or designated at FVTPL are initially recognized at fair value. Changes in fair value are recognized 
in 
the income statement, except 
for changes in the fair value of liabilities designated 
at fair-value-through-profit 
-or-loss attributable to 
changes in the 
Group’s 
own credit risk, 
which are recognised 
in OCI and 
are not subsequently 
reclassified to 
the income statement 
upon derecognition of the 
liabilities. However, if such treatment creates or 
enlarges an accounting mismatch 
in the income 
statement, 
all gains or losses of this financial liability, 
including the effects of changes in the credit risk, are recognized 
in the income statement.
Derecognition of financial liabilities
A 
financial 
liability 
is 
derecognized 
when 
the 
obligation 
under 
the 
liability 
is 
discharged, 
cancelled 
or 
expires. 
When 
an 
existing 
financial liability of the Group is replaced by another from the same counterparty on substantially different 
terms, or the terms of an 
existing liability are 
substantially modified, 
such an exchange 
or modification is 
treated as 
an extinguishment of 
the original liability 
and the recognition of a new liability and any difference 
arising is recognized in the income statement.
The Group considers 
the terms to be 
substantially different, 
if the discounted present 
value of the cash 
flows under the new 
terms, 
including any fees paid net of any fees received and discounted using the original effective interest rate, is at least 10% different from 
the discounted present value of the remaining 
cash flows of the original financial liability.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
If an 
exchange 
of debt 
instruments 
or modification 
of terms 
is accounted 
for as 
an extinguishment, 
any costs 
or fees 
incurred are 
recognized as part of 
the gain or 
loss on 
the extinguishment. If 
the exchange or modification 
is not 
accounted for as an 
extinguishment, 
any 
costs 
or fees 
incurred 
adjust the 
carrying amount 
of the 
liability and 
are amortized 
over the 
remaining 
term 
of the 
modified 
liability.
Similarly, 
when 
the 
Group 
repurchases 
any 
debt 
instruments 
issued 
by 
the 
Group, 
it 
accounts 
for 
such 
transactions 
as 
an 
extinguishment of debt.
2.2.12 Fair value measurement of financial instruments
Fair 
value 
of 
financial 
instruments 
is the 
price 
that 
would 
be received 
to 
sell 
an 
asset 
or paid 
to 
transfer 
a liability 
in 
an 
orderly 
transaction between market participants at the measurement date under 
current market conditions in the principal 
or, in its absence, 
the most advantageous 
market to 
which the Group 
has access at 
that date. 
The fair value 
of a liability 
reflects its non-performance 
risk.
When available, the 
Group measures the fair 
value of an instrument 
using the quoted price 
in an active market 
for that instrument. 
A market 
is regarded 
as active 
if transactions 
for 
the asset 
or liability 
take 
place with 
sufficient 
frequency and 
volume to 
provide 
pricing 
information 
on 
an 
ongoing 
basis. 
If 
there 
is 
no 
quoted 
price 
in 
an 
active 
market, 
then 
the 
Group 
uses 
other 
valuation 
techniques that maximize 
the use of relevant 
observable inputs and minimize 
the use of unobservable 
inputs. The chosen valuation 
technique incorporates all of the factors 
that market participants would take 
into account in pricing a transaction.
The Group has elected to use mid-market pricing as 
a practical expedient for fair 
value measurements within a bid-ask spread.
The best evidence 
of the fair value 
of a financial instrument 
at initial recognition 
is normally the transaction 
price, i.e. the fair 
value 
of the consideration given 
or received unless 
the Group determines 
that the fair 
value at initial 
recognition differs from the transaction 
price. In this case, 
if the fair value is evidenced 
by a quoted price in 
an active market for an identical asset or 
liability (i.e. Level 1 input) 
or based on 
a valuation 
technique that 
uses only data 
from observable 
markets, a 
day one 
gain or 
loss is recognized 
in the 
income 
statement. 
On the 
other hand, 
if the 
fair value 
is evidenced 
by a 
valuation 
technique that 
uses unobservable 
inputs, the 
financial 
instrument 
is initially 
measured at 
fair value, 
adjusted to 
defer the 
difference 
between the 
fair value 
at initial 
recognition and 
the 
transaction price (day 
one gain or 
loss). Subsequently the 
deferred gain 
or loss is amortized 
on an appropriate 
basis over the 
life of 
the instrument or released 
earlier if a quoted 
price in an active market 
or observable market 
data become available 
or the financial 
instrument is closed out.
All assets and liabilities for 
which fair value is measured 
or disclosed in the financial statements 
are categorized 
within the fair value 
hierarchy based on the lowest level 
input that is significant to the fair value 
measurement as a whole.
For assets and 
liabilities that are 
measured at fair 
value on a 
recurring basis, the 
Group recognizes 
transfers 
into and out 
of the fair 
value hierarchy levels at 
the beginning of the quarter in which a financial instrument's transfer 
was effected.
 
2.2.13 Impairment of financial assets
The 
Group 
recognizes 
allowance 
for 
expected 
credit 
losses 
(ECL) 
that 
reflect 
changes 
in 
credit 
quality 
since initial 
recognition 
to 
financial assets that 
are measured at 
AC and FVOCI, including 
loans, securitized notes 
issued by special purpose 
entities established 
by the Group, lease 
receivables, debt securities, as well 
as 
financial guarantee contracts and loan 
commitments. ECL are a probability-
weighted average estimate of credit losses that reflects the time value of money. Upon initial recognition of the financial instruments 
in scope of the impairment policy, 
the Group records a 
loss allowance equal to 12-month ECL, 
being the ECL that result from default 
events 
that 
are 
possible 
within 
the 
next 
twelve 
months. 
Subsequently, 
for 
those 
financial 
instruments 
that 
have 
experienced 
a 
significant 
increase 
in 
credit 
risk 
(SICR) since 
initial 
recognition, 
a loss 
allowance 
equal 
to 
lifetime 
ECL 
is recognized, 
arising 
from 
default 
events 
that are 
possible over 
the expected 
life 
of the 
instrument. 
If upon 
initial recognition, 
the financial 
asset meets 
the 
definition of purchased or originated credit 
impaired (POCI), the loss allowance is based on the change in 
the ECL over the life of the 
asset.
Loss allowances for 
trade receivables 
are always 
measured at an 
amount equal to 
lifetime ECL. For 
all other financial assets 
subject 
to impairment, the general three-stage 
approach applies.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Accordingly, 
ECL are recognized using a three-stage 
approach based on the extent of credit deterioration 
since origination:
•
Stage 1 – When 
there is no 
significant increase in 
credit risk since initial 
recognition of a 
financial instrument, an amount 
equal 
to 12-month ECL is recorded. 
The 12 – month ECL represent 
a portion of lifetime losses, that result from 
default events that are 
possible 
within the 
next 
12 months 
after 
the reporting 
date 
and 
is equal 
to 
the 
expected 
cash 
shortfalls 
over 
the 
life 
of 
the 
instrument or group of instruments, due to loss events probable within the next 12 months. 
Not credit-impaired financial assets 
that are either newly originated or purchased, as well as assets recognized following 
a substantial modification accounted for as 
a derecognition, are classified initially in Stage 1. 
•
Stage 2 – 
When a financial 
instrument experiences a 
SICR subsequent to 
origination but is 
not considered to 
be in default, 
it is 
included 
in 
Stage 
2. 
Lifetime 
ECL 
represent 
the 
expected 
credit 
losses 
that 
result 
from 
all 
possible 
default 
events 
over 
the 
expected life of the financial instrument. 
•
Stage 3 – Financial 
instruments that 
are considered to 
be in default 
are included in this 
stage. Similar to 
Stage 2, the allowance 
for credit losses captures the lifetime expected 
credit losses. 
•
POCI - Purchased 
or originated 
credit impaired 
(POCI) assets are 
financial assets that 
are credit impaired 
on initial recognition. 
They are 
not subject 
to stage 
allocation and 
are always 
measured on 
the basis 
of lifetime 
expected credit 
losses. Accordingly, 
ECL 
are 
only 
recognized 
to 
the 
extent 
that 
there 
is 
a 
subsequent 
change 
in 
the 
assets’ 
lifetime 
expected 
credit 
losses. 
Any 
subsequent favorable change to 
their expected cash flows is recognized as impairment gain 
in the income statement even if the 
resulting expected 
cash flows exceed 
the estimated 
cash flows at 
initial recognition. Apart 
from purchased assets 
directly from 
the 
market 
or 
through 
a business 
combination, 
POCI 
assets 
may 
also 
include 
financial 
instruments 
that 
are 
considered 
new 
assets, following a substantial modification 
accounted for as a derecognition (see section 
2.2.9). 
Definition of default
To determine the risk of default, the 
Group applies a 
default definition for accounting purposes, which 
is consistent with the 
European 
Banking Authority 
(EBA) definition 
for non-performing 
exposure 
and regulatory 
definition of 
default 
as applied 
by the 
Group on 
1 
January 2021 (refer 
to note 
5.2.1.2 (a)). The 
accounting definition 
of default 
is also consistent 
with the 
one used for 
internal credit 
risk management purposes. 
A financial asset 
is credit-impaired 
when one or 
more events 
that have 
a detrimental 
impact on the 
estimated future 
cash flows 
of 
that exposure have occurred: 
•
The borrower faces a significant difficulty 
in meeting his financial obligations. 
•
There has been a breach of contract, such as a default or unpaid amounts, above specified materiality thresholds, for 
more than 
90 consecutive days. 
•
The Group, 
for 
economic or 
contractual 
reasons 
relating 
to the 
borrower’s 
financial difficulty, 
has granted 
to the 
borrower 
a 
concession(s) that the Group would not otherwise consider. 
•
There is a probability that the borrower 
will enter bankruptcy or other financial re-organization. 
•
For 
POCI 
financial 
assets, 
a 
purchase 
or 
origination 
at 
a 
deep 
discount 
that 
reflects 
incurred 
credit 
losses 
is 
considered 
a 
detrimental 
event. 
The 
Group 
assesses 
the 
deep 
discount 
criterion 
following 
a 
principle 
-based 
approach 
with 
the 
aim 
to 
incorporate all reasonable and supportable 
information which reflects market conditions that 
exist at the 
time of the 
assessment. 
For debt securities, the Group determines the risk of default using an internal credit rating scale. The Group considers debt securities 
as credit impaired if the internal rating of the issuer/counterparty 
corresponds to a rating equivalent to "C" (Moody's 
rating scale) or 
the external rating of the issuer/counterparty at 
the reporting date is equivalent to “C” (Moody’s rating scale) and the internal rating 
is not available.
Significant increase in credit risk (SICR) and staging allocation
Determining whether a loss 
allowance should be based 
on 12-month expected credit losses 
or lifetime expected credit losses 
depends 
on whether 
there has been 
a significant 
increase in credit 
risk (SICR) of 
the financial assets, 
issued loan commitments 
and financial 
guarantee contracts, 
since initial recognition. 
At each reporting date, the Group performs an assessment as to whether 
the risk of a default occurring over the remaining expected 
lifetime of the exposure has increased significantly from the expected 
risk of a default estimated at origination for 
that point in time. 
The 
assessment 
for 
SICR 
is 
performed 
using 
both 
qualitative 
and 
quantitative 
criteria 
based 
on 
reasonable 
and 
supportable 
information 
that is 
available 
without undue 
cost or 
effort 
including forward 
looking information 
and macroeconomic 
scenarios as 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
well as historical experience. Furthermore, regardless 
of the outcome of the SICR assessment based on the above triggers, the credit 
risk of a financial asset is deemed to have increased significantly 
when contractual payments are more 
than 30 days past due.
As a primary criterion 
for SICR assessment, the Group compares 
the residual lifetime probability of default (PD) at 
each reporting date 
to the residual lifetime PD for the same point 
in time which was expected at the origination.
The Group 
may also consider 
as a SICR 
trigger when the 
residual lifetime 
PD at each 
reporting date 
exceeds certain 
predetermined 
values. The criterion may be applied in order to 
capture cases where the relative 
PD comparison does not result to the identification 
of SICR although the absolute value of PD is at levels which 
are considered high based on the Group’s 
risk appetite framework.
Internal credit risk rating 
(on a borrower basis) is also used 
as a basis for the identification 
of SICR with regards to 
lending exposures 
of the 
Wholesale portfolio. 
Specifically, 
the Group 
takes 
into consideration 
the changes 
of internal 
ratings 
by a 
certain number 
of 
notches. In 
addition, a watchlist 
status is 
also considered 
by the Group 
as a trigger 
for SICR 
identification. Internal 
credit risk rating 
models include borrower specific 
information as well as, forward-looking information regarding the prospects 
of the industry in 
which 
it operates. 
For securitized 
notes issued by 
special purpose entities 
established by 
the Group, the 
SICR assessment is 
performed by 
considering 
the 
performance 
of 
the 
underlying 
assets, 
where 
the 
level 
of 
their 
expected 
cash 
flows 
is 
compared 
to 
the 
carrying 
amount of the securitized notes. 
In addition, the assessment of SICR for 
debt securities is performed on an individual 
basis based on 
the number of notches downgrade in the internal 
credit rating scale since the origination date.
Forbearance measures as monitored by the 
Group are considered as a SICR trigger and thus the exposures are 
allocated into Stage 2 
upon 
forbearance, 
unless 
they 
are 
considered 
credit-impaired 
or 
the 
net 
present 
value 
of 
their 
cash 
flows 
before 
and 
after 
the 
restructuring exceed the threshold of 1%, in which cases they are classified 
as Stage 3. Furthermore, regardless of the outcome of the 
SICR 
assessment 
based 
on 
the 
above 
triggers, 
the 
credit 
risk 
of 
a 
financial 
asset 
is 
deemed 
to 
have 
increased 
significantly 
when 
contractual payments are 
more than 30 days past due.
Furthermore, 
Management 
may 
apply 
temporary 
collective 
adjustments 
when 
determining 
whether 
credit 
risk 
has 
increased 
significantly since initial 
recognition on exposures 
that share the same 
credit risk characteristics 
to reflect macro-economic 
or other 
factors which are 
not adequately addressed by the 
current credit risk models. These factors 
may depend on information 
such as the 
type of the 
exposure, counterparty’s 
specific information 
and the characteristics 
of the financial instrument, 
while their application 
requires the application of significant judgment. 
Transfers from Stage 
2 to Stage 1
A financial asset, 
which is classified to 
Stage 2 due 
to Significant 
Increase in Credit 
Risk (SICR), is reclassified 
to Stage 1, 
as long as 
it 
does not meet anymore any of the Stage 2 Criteria. 
Where forbearance measures have been applied, the Group uses a probation period of two years, 
in order to fulfill the requirements 
for 
a transfer 
back to 
Stage 
1. If 
at 
the end 
of that 
period 
the borrowers 
have 
made regular 
payments 
of 
a significant 
aggregate 
amount, there are 
no past due amounts 
over 30 days and 
the loans are neither credit 
impaired, nor any other 
SICR criteria are met, 
they exit forborne status and are 
classified as stage 1. 
Transfers from Stage 
3 to Stage 2
A financial 
asset is 
transferred 
from Stage 
3 to 
Stage 2, 
when the 
criteria based 
on which 
the financial 
asset was 
characterized 
as 
credit impaired 
are no 
longer valid 
and the 
applicable probation 
period for 
the assets’ 
return in 
non impaired 
status, ranging 
from 
three to twelve months, has passed. 
Criteria for grouping of exposures based on shared credit risk characteristics
The assessment 
of loss allowance 
is performed 
either on an 
individual basis or 
on a collective 
basis for 
groups of similar 
items with 
homogeneous 
credit 
risk 
characteristics. 
The 
Group 
applies 
the 
same 
principles 
for 
assessing 
SICR 
since 
initial 
recognition 
when 
estimating ECL on a collective or on an individual basis.
The 
Group 
segments 
its 
lending 
exposures 
on 
the 
basis 
of 
shared 
credit 
risk 
characteristics 
for 
the 
purposes 
of 
both 
assessing 
significant 
increase 
in 
credit 
risk 
and 
measuring 
loan 
loss 
allowance 
on 
a collective 
basis. 
The 
different 
segments 
aim to 
capture 
differences in PDs and in the rates 
of recovery in the event of default.

Notes to the Consolidated Financial Statements 
.
30
|
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31 December 2023 Consolidated Financial Statements
 
 
 
The 
shared 
credit 
risk 
characteristics 
used 
for 
the segmentation 
of 
exposures 
include 
several 
elements 
such 
as: instrument 
type, 
portfolio 
type, 
asset 
class, 
product 
type, 
industry, 
originating 
entity, 
credit 
risk 
rating, 
remaining 
term 
to 
maturity, 
geographical 
location of the borrower, 
value of collateral to the financial asset, forbearance 
status and days in arrears.
The Group 
identifies individually 
significant exposures 
and performs 
the ECL measurement 
based on borrower 
specific information 
for both 
retail and 
wholesale portfolios. 
This measurement 
is performed 
at a 
borrower level, 
hence the 
criteria are 
defined at 
this 
level, while both qualitative and quantitative 
factors are taken 
into consideration including forward 
looking information.
For 
the 
remaining 
retail 
and 
wholesale 
exposures, 
ECL 
are 
measured 
on 
a 
collective 
basis. 
This 
incorporates 
borrower 
specific 
information, 
collective 
historical 
experience 
of 
losses 
and 
forward-looking 
information. 
For 
debt 
securities 
and 
securitized 
notes 
issued by 
special purpose 
entities established 
by the 
Group, the 
measurement of 
impairment losses 
is performed 
on an 
individual 
basis. 
Measurement of Expected Credit Losses
The measurement of ECL is an unbiased probability-weighted average estimate of credit losses that reflects the time value of money, 
determined by 
evaluating a 
range of 
possible outcomes. 
A credit 
loss is 
the difference 
between the 
cash flows 
that are 
due to 
the 
Group in 
accordance with 
the contractual 
terms of 
the instrument 
and the 
cash flows 
that the 
Group 
expects to 
receive (i.e. 
cash 
shortfalls) 
discounted 
at 
the 
original 
effective 
interest 
rate 
(EIR) 
of 
the 
same 
instrument, 
or 
the 
credit-adjusted 
EIR 
in 
case 
of 
purchased 
or 
originated 
credit 
impaired 
assets 
(POCI). 
In 
measuring 
ECL, 
information 
about 
past 
events, 
current 
conditions 
and 
reasonable 
and 
supportable 
forecasts 
of 
future 
conditions 
are 
considered. 
For 
undrawn 
commitments, 
ECL 
are 
calculated 
as 
the 
present value of 
the difference between 
the contractual cash 
flows due if the 
commitment was drawn 
and the cash flows 
expected 
to be received, while for financial guarantees ECL are measured 
as the expected payments to reimburse the holder less any amounts 
that the Group expects to receive.
The Group 
estimates expected 
cash shortfalls, 
which reflect 
the cash 
flows expected 
from all 
possible sources, 
including collateral, 
guarantees 
and other 
credit enhancements 
that are 
part of 
the contractual 
terms and 
are not 
recognized 
separately. 
In case 
of a 
collateralized financial instrument, 
the estimated expected cash flows related 
to the collateral reflect the amount 
and timing of cash 
flows 
that 
are 
expected 
from 
liquidation 
less the 
discounted 
costs 
of obtaining 
and selling 
the collateral, 
irrespective 
of 
whether 
liquidation is probable.
ECL are calculated 
over the maximum contractual 
period over which the 
Group is exposed 
to credit risk, 
which is determined based 
on the 
substantive 
terms of 
the instrument, 
or in 
case of 
revolving credit 
facilities, by 
taking into 
consideration factors 
such as 
the 
Group’s expected 
credit risk management actions to mitigate 
credit risk and past practice.
Receivables from customers arising from the Group’s activities other than lending, are presented under Other 
Assets and are typically 
short term. Therefore, considering that usually 
there is no 
significant financing component, the 
loss allowance for such 
financial assets 
is measured at an amount equal to the lifetime expected 
credit losses under the simplified approach. 
ECL Key Inputs
The ECL calculations are based on the term structures 
of the probability of default (PD), the loss given default 
(LGD), the exposure at 
default (EAD) and 
other input parameters 
such as the credit conversion 
factor (CCF) and the 
prepayment rate. 
Generally, 
the Group 
derives these parameters from internally 
developed statistical models and observed point 
-in-time and historical data, leveraging the 
existing infrastructure development 
for the regulatory framework 
and risk management practices.
The PD 
represents the 
likelihood of 
default assessed 
on the 
prevailing economic 
conditions at 
the reporting 
date, adjusted 
to take 
into account estimates of future economic 
conditions that are likely to impact the 
risk of default, over a given time horizon.
The Group uses Point in Time (PiT) PDs in order to remove any bias towards historical data thus aiming to reflect management’s 
view 
of the future as at the reporting date, incorporating 
relevant forward looking information 
including macroeconomic scenarios. 
Two types of PD are used for 
calculating ECL:
•
12-month PD, which is the estimated probability of default occurring within the 
next 12 months (or over the remaining life of 
the 
financial asset if this is less than 12 months). It is used to calculate 12-month ECL 
for Stage 1 exposures. 
•
Lifetime PD, 
which is the 
estimated probability 
of a default 
occurring over the 
remaining life 
of the financial 
asset. It is 
used to 
calculate lifetime ECL for Stage 
2, Stage 3 and POCI exposures. 

Notes to the Consolidated Financial Statements 
.
31
|
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31 December 2023 Consolidated Financial Statements
 
 
 
For debt securities, 
PDs are obtained 
by an international 
rating agency using 
risk methodologies that 
maximize the use 
of objective 
non-judgmental variables and market data. The Group assigns internal credit ratings to each issuer/counterparty based on these PDs. 
In case of counterparties for which no information 
is available, the Group assigns PDs which are derived from 
internal models. 
The Exposure 
at default 
(EAD) is an 
estimate of 
the exposure 
at a 
future default 
date, taking 
into account 
expected changes 
in the 
exposure after 
the reporting date, 
including repayments 
of principal and interest 
and expected drawdowns 
on committed facilities. 
The EAD includes both on and off balance sheet exposures. The on balance sheet exposure corresponds 
to the total amount that has 
been withdrawn and is due to be paid, which includes the outstanding 
principal, accrued interest and any past 
due amounts. The off 
balance sheet exposure represents the credit 
that is available to be withdrawn, 
in excess of the on balance sheet exposure.
Furthermore, the CCF factor is used to 
convert the amount of a credit facility and 
other off-balance sheet amounts to an 
EAD amount. 
It is a modelled assumption 
which represents a proportion 
of any undrawn 
exposure that is expected 
to be drawn 
prior to a default 
event occurring. 
In 
addition, 
the 
prepayment 
rate 
is 
an 
estimate 
of 
early 
prepayments 
on 
loan 
exposure 
in 
excess 
of 
the 
contractual 
repayment 
according to the repayment schedule and is expressed as a percentage applied to the EAD at each period, reducing the latter amount 
accordingly.
LGD represents the Group's expectation of the extent of loss on a 
defaulted exposure and it is the difference between the contractual 
cash flows due and 
those that the Group 
expects to receive including 
any amounts from 
collateral liquidation. 
LGD varies by type 
of 
counterparty, 
type and seniority of claim, availability of collateral or other credit support, and is usually expressed as a percentage of 
EAD. The Group distinguishes 
its loan portfolios into two 
broad categories i.e. secured 
and unsecured. The Group estimates 
the LGD 
component 
using 
cure 
rates 
that 
reflect 
cash 
recoveries, 
estimated 
proceeds 
from 
collateral 
liquidation, 
estimates 
for 
timing 
realization, 
realization 
costs, 
etc. 
Where 
the 
LGD’s 
component 
values 
are 
dependent 
on 
macro 
– 
economic 
data, 
such 
types 
of 
dependencies are reflected by incorporating forward looking information, such as 
forecasted price indices into the respective models. 
The 
estimation 
of 
the 
aforementioned 
component 
values 
within 
LGD 
reflects 
available 
historical 
data 
which 
cover 
a 
reasonable 
period, i.e. a full economic cycle.
For 
debt 
securities, 
the 
LGD 
is 
typically 
based 
on 
historical 
data 
derived 
mainly 
from 
rating 
agencies’ 
studies 
but 
may 
also 
be 
determined considering the existing and expected 
liabilities structure of the obligor and macroeconomic environment.
Furthermore, the 
seniority of 
the debt 
security, 
any potential 
collaterals 
by the 
obligor or 
any other 
type of 
coverage is 
taken 
into 
account for the calculation.
Forward-looking information
The 
measurement 
of 
expected 
credit 
losses 
for 
each 
stage 
and 
the 
assessment 
of 
significant 
increases 
in 
credit 
risk 
consider 
information 
about 
reasonable 
and 
supportable 
forecasts 
of 
future 
events 
and 
macroeconomic 
conditions. 
The 
estimation 
and 
application of forward-looking information 
requires significant judgment.
The Group uses three macroeconomic scenarios (i.e. base, adverse and optimistic) to achieve the objective of 
measuring ECL in a way 
that reflects an unbiased and probability weighted outcome. 
The baseline scenario represents the most likely scenario and is aligned 
with the information used by the Group for 
strategic planning and budgeting purposes.
The scenarios 
are reflected 
in the 
risk parameters, 
and, namely 
12-month PD, 
Lifetime PD 
and LGD, 
hence 3 
sets of 
each of 
these 
parameters are used, in line with the scenarios developed.
The Group then 
proceeds to the 
calculation of weights 
for each scenario, 
which represent 
the probability of 
occurrence for each 
of 
these 
scenarios. 
These 
weights 
are 
applied 
on 
the 
3 sets 
of 
calculations 
of 
the 
parameters 
in order 
to 
produce 
a single 
scenario 
weighted 
risk 
parameter 
value 
which 
is 
subsequently 
used 
in 
both 
SICR 
assessment 
and 
ECL 
measurement. 
ECL 
calculation 
incorporates 
forward-looking 
macroeconomic 
variables, 
including 
GDP 
growth 
rates, 
house 
price 
indices, 
unemployment 
rates, 
interest 
rates, 
inflation, 
etc. 
In order 
to 
capture 
material 
non – 
linearities 
in the 
ECL model, 
in the 
case of 
individually 
significant 
exposures, the 
Group considers 
the relevance 
of forward 
looking information 
to each 
specific group 
of borrowers 
primarily on 
the 
basis of the business sector they belong and other drivers of credit risk 
(if any).

Notes to the Consolidated Financial Statements 
.
32
|
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31 December 2023 Consolidated Financial Statements
 
 
Modified Financial Assets
In 
cases 
where 
the 
contractual 
cash 
flows 
of 
a financial 
asset have 
been 
modified 
and the 
modification 
is considered 
substantial 
enough (for the 
triggers of derecognition, 
refer to 
Derecognition of Financial 
assets in section 2.2.9 
above), the modificati 
on date is 
considered 
to 
be 
the 
date 
of 
initial 
recognition 
for 
impairment 
calculation 
purposes, 
including 
for 
the 
purposes 
of 
determining 
whether a significant increase in credit risk has occurred. Such a modified asset is typically classified as Stage 
1 for ECL measurement 
purposes. However, 
in some circumstances following a modification that results in derecognition of the original financial asset, there 
may be evidence that the new financial asset is credit-impaired 
at initial recognition, and thus, the financial asset is recognized 
as an 
originated credit-impaired financial asset (POCI).
In cases where the contractual 
cash flows of a financial asset 
have been modified and the 
modification is not considered 
substantial 
enough, the Group recalculates the 
gross carrying amount of the financial asset and 
recognizes the difference 
as a modification gain 
or loss in the 
income statement 
and determines if 
the financial asset’s 
credit risk has 
increased significantly 
since initial recognition 
by comparing the risk 
of a default occurring 
at initial recognition based 
on the original unmodified contractual 
terms and the risk 
of 
a default occurring at the reporting date, based 
on the modified contractual terms. 
Presentation of impairment allowance 
For financial assets measured 
at amortized cost, impairment 
allowance is recognized as 
a loss allowance reducing the 
gross carrying 
amount of the financial assets in the balance sheet. For debt instruments measured at 
FVOCI, impairment allowance is recognized in 
other comprehensive income and does not reduce the carrying amount of the debt instruments in the balance sheet. For off-balance 
sheet financial items arising from lending activities, impairment allowance is presented in Other Liabilities. The respective ECL for the 
above financial items is recognised within impairment 
losses.
Write-off of financial assets
Where the 
Group 
has no 
reasonable 
expectations 
of recovering 
a financial 
asset either 
in its 
entirety 
or a 
portion of 
it, the 
gross 
carrying amount of that instrument is reduced directly, 
partially or in full, against the impairment allowance. The amount written-off 
is considered 
as derecognized. 
Subsequent 
recoveries 
of amounts 
previously 
written 
off decrease 
the amount 
of the 
impairment 
losses in the income statement.
Financial assets that 
are written 
off could 
still be subject 
to enforcement 
activities in order 
to comply with 
the Group’s 
procedures 
for recovery of amounts due.
2.2.14 Sale and repurchase agreements, securities lending and borrowing 
(i) Sale and repurchase agreements
Securities sold subject to repurchase 
agreements (repos) continue 
to be recorded in the 
Group's Balance Sheet as the Group 
retains 
substantially all risks 
and rewards of 
ownership, while the 
liability to the counterparty 
is included in amounts 
due to other banks 
or 
due to customers, as 
appropriate, and measured at 
amortized cost. Securities purchased 
under agreements to resell (reverse 
repos) 
are recorded 
as loans 
and advances 
to other 
banks or 
customers, as 
appropriate, 
and measured 
at amortized 
cost. The 
difference 
between the 
sale and repurchase 
price in case 
of repos 
and the purchase 
and resale 
price in case 
of reverse 
repos is 
recognized 
as 
interest and accrued over the period of the repo 
or reverse repo agreements using the effective 
interest method.
 
.
(ii) Securities lending and borrowing
Securities lent to 
counterparties against the receipt of 
a fee continue to 
be recognized in the 
financial statements. Securities borrowed 
are 
recognized 
as trading 
liabilities when 
sold to 
third parties 
and measured 
at fair 
value with 
any 
gains or 
losses included 
in the 
income statement.
 
2.2.15 Leases
T
he Group enters into leases either 
as a lessee or as a lessor. 
At inception of a contract, the Group 
assesses whether a contract is, or 
contains, a lease. 

Notes to the Consolidated Financial Statements 
.
33
|
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31 December 2023 Consolidated Financial Statements
 
 
 
(i) Accounting for leases as lessee
When the 
Group 
becomes the 
lessee in 
a lease 
arrangement, 
it recognizes 
a lease 
liability and 
a corresponding 
right-of-use 
(RoU) 
asset at the commencement of the lease term when the Group acquires 
control of the physical use of the asset. 
Lease liabilities are presented within Other liabilities and RoU assets within Property 
and equipment and investment property. 
Lease 
liabilities are measured based on 
the present value of 
the future lease 
payments over the lease term, 
discounted using an incremental 
borrowing rate. The interest 
expense on lease liabilities is presented within net interest 
income. 
The lease liability is remeasured when there is a 
change in future lease payments 
arising from a change in an index or 
rate, a change 
in the Group’s estimate of 
the amount expected to 
be payable under a 
residual value guarantee or if 
the Group changes its 
assessment 
of 
whether 
it 
will 
exercise 
a 
purchase, 
extension 
or 
termination 
option. 
When 
the 
lease 
liability 
is 
remeasured 
in 
this 
way, 
a 
corresponding 
adjustment 
is made 
to the 
carrying amount 
of the 
right-of-use 
asset, or 
is recorded 
in profit 
or loss 
if the 
carrying 
amount of the right-of-use asset has been reduced to zero.
The RoU asset 
is initially recorded 
at an amount 
equal to the lease liability 
and is adjusted 
for rent prepayments, 
initial direct costs, 
or lease incentives 
received. Subsequently, 
the RoU 
asset is depreciated 
over the 
shorter of 
the lease term 
or the useful 
life of 
the 
underlying asset, with the depreciation presented 
within operating expenses. 
When a lease 
contains extension 
or termination 
options that the 
Group considers 
reasonably certain 
to be exercised, 
the expected 
future lease payments or costs of early termination 
are included within the lease payments used to calculate 
the lease liability.
The Group has 
elected not to 
recognise right-of-use 
assets and lease 
liabilities for 
leases of low-value 
assets and short-term 
leases. 
The Group recognises the lease payments 
associated with these leases as an expense on a straight-line basis 
over the lease term.
(ii) Accounting for leases as lessor
At inception date of the lease, the Group, acting as a lessor, classifies each of its leases as either an operating 
lease or a finance lease 
based on whether the lease transfers 
substantially all of the risks and 
rewards incidental to the 
ownership of the underlying asset. If 
this is the case, then the 
lease is a finance lease; if not, 
then it is an operating 
lease. As part of this assessment, 
the Group considers 
certain indicators such as whether the 
lease is for the major part of the economic life of the asset.
Finance leases
At commencement date, 
the Group derecognizes 
the carrying amount 
of the underlying assets held under 
finance lease, recognizes 
a receivable at 
an amount equal to 
the net investment 
in the lease and recognizes, 
in income statement, 
any profit or 
loss from the 
derecognition 
of the 
asset and 
the recognition 
of the 
net investment. 
The net 
investment 
in the 
lease is 
calculated as 
the present 
value of the future lease payments in the same way 
as for the lessee.
After 
commencement 
date, 
the 
Group 
recognizes 
finance 
income 
over 
the 
lease 
term, 
based 
on 
a 
pattern 
reflecting 
a 
constant 
periodic rate of return on the lessor’s net investment in the lease. The 
Group also recognizes income from variable payments that are 
not included in the net 
investment in the 
lease. After lease commencement, 
the net investment 
in a lease is not remeasured 
unless 
the lease is modified or the lease term is revised. 
Operating leases
The Group continues to recognize 
the underlying asset and does not recognize a net 
investment in the lease on the balance sheet or 
initial profit (if any) on the income statement.
The Group recognizes 
lease payments 
from the lessees as 
income on a 
straight-line basis 
or another systematic 
basis considered as 
appropriate. 
Also it 
recognizes 
costs, 
including depreciation, 
incurred in 
earning the 
lease income 
as an 
expense. The 
Group 
adds 
initial direct costs incurred in obtaining an operating 
lease to the carrying amount of the underlying asset and recognizes those costs 
as an expense over the lease term on the same basis as the lease income.

Notes to the Consolidated Financial Statements 
.
34
|
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31 December 2023 Consolidated Financial Statements
 
 
Subleases 
The Group, acting as a 
lessee, may enter into arrangements to sublease a 
leased asset to a third 
party while the original 
lease contract 
is in effect. The Group acts as both the lessee and lessor of the same underlying asset. The sublease is a separate lease agreement, in 
which the intermediate lessor classifies the sublease as a finance lease or an operating 
lease as follows:
-
if the head lease is a short-term lease, the sublease is classified as an operating 
lease; or 
-
otherwise, 
the 
sublease 
is 
classified 
by 
reference 
to 
the 
right-of-use 
asset 
arising 
from 
the 
head 
lease, 
rather 
than 
by 
reference to the underlying asset.
 
2.2.16 Income tax
Income tax consists of current and 
deferred tax.
(i) Current income tax
Income tax payable 
on profits, based on 
the applicable tax 
law in each jurisdiction and 
the tax rate 
enacted at the reporting 
date, is 
recognized as an expense in the period in which profits 
arise. 
(ii) Deferred tax
Deferred 
tax 
is 
provided 
in 
full, 
using 
the 
liability 
method, 
on 
temporary 
differences 
arising 
between 
the 
tax 
base 
of 
assets 
and 
liabilities and their carrying amounts in the consolidated 
financial statements. Deferred 
tax assets and liabilities are measured 
at the 
tax rates that are expected to apply to the period when the asset is realized or the liability is 
settled, based on tax rates (and tax laws) 
that 
have 
been 
enacted 
or 
substantively 
enacted 
by 
the 
balance 
sheet 
date. 
The 
principal 
temporary 
differences 
arise 
from 
impairment/valuation 
and 
accounting 
write-offs 
relating 
to 
loans, 
Private 
Sector 
Initiative 
(PSI+) 
tax 
related 
losses, 
losses 
from 
disposals and crystallized write-offs 
of loans, depreciation of property and equipment, fair value adjustment 
of investment property, 
pension 
and 
other 
retirement 
benefit 
obligations, 
and 
revaluation 
of 
certain 
financial 
assets 
and 
liabilities, 
including 
derivative 
financial instruments.
Deferred 
tax 
assets 
are 
recognized 
where 
it 
is 
probable 
that 
future 
taxable 
profit 
will 
be 
available 
against 
which 
the 
temporary 
differences can be utilized. 
The carrying amount of deferred 
tax assets is reviewed at 
each reporting date and reduced 
to the extent 
that it is no longer probable 
that sufficient taxable 
profits will be available 
to allow all or part of the 
asset to be recovered. 
Any such 
reduction is 
reversed to 
the extent 
that it becomes 
probable that 
sufficient taxable 
profit will be 
available. The 
Group recognises 
a 
previously unrecognised deferred tax asset to the extent that it 
has become probable that future taxable profit will 
allow the deferred 
tax asset to be recovered.
Deferred 
tax 
related 
to 
debt 
securities 
at 
FVOCI 
and 
cash 
flow 
hedges 
is 
recognized 
to 
other 
comprehensive 
income, 
and 
is 
subsequently recognized in the income statement 
together with the deferred gain 
or loss.
The deferred 
tax asset on 
income tax losses 
carried forward 
is recognized as 
an asset when it 
is probable that 
future taxable 
profits 
will be available against which these losses can be utilized.
The Group has 
applied the mandatory 
temporary exception 
(relief) to the requirement 
of IAS 12 and 
does not recognise or 
disclose 
information about deferred 
taxes arising from the Pillar Two 
Income taxes.
(iii) Uncertain tax positions
The Group determines and assesses all material tax positions taken, including all, if 
any, significant uncertain positions, in all tax years 
that are 
still subject 
to assessment 
(or when 
the litigation 
is in 
progress) 
by relevant 
tax authorities. 
In evaluating 
tax positions 
in 
various states, 
local, and foreign 
jurisdictions, the 
Group examines 
all supporting 
evidence (Ministry of 
Finance circulars, 
individual 
rulings, 
case 
law, 
past 
administrative 
practices, 
ad 
hoc 
tax/legal 
opinions 
etc.) 
to 
the 
extent 
they 
are 
applicable 
to 
the 
facts 
and 
circumstances of the particular Group’s 
case/ transaction. 
In addition, judgments concerning 
the recognition of a provision 
against the possibility of 
losing some of the tax 
positions are highly 
dependent on 
advice received 
from internal/ 
external legal 
counselors. For 
uncertain tax 
positions with a 
high level of 
uncertainty, 
the Group recognizes, on a transaction by transaction basis, or together as a group, depending 
on which approach better predicts the 
resolution of the uncertainty using an expected value (probability 
-weighted average) approach: (a) 
a provision against tax receivable 
which has been booked for the amount of 
income tax already paid but further 
pursued in courts or (b) a 
liability for the amount which 

Notes to the Consolidated Financial Statements 
.
35
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31 December 2023 Consolidated Financial Statements
 
 
 
is expected to be paid to the tax authorities. The Group presents in its balance sheet all uncertain tax balances as current or deferred 
tax assets or liabilities. 
The Group as a general 
rule has opted to obtain 
for the Group’s 
Greek companies an ‘Annual 
Tax 
Certificate’, 
which is issued after a 
tax audit is performed by the same statutory auditor or audit firm that audits the annual financial statements. Further 
information in 
respect of the Annual 
Tax 
Certificate and the 
related tax 
legislation, as well as 
the unaudited tax 
years for 
the Group’s 
companies is 
provided in note 13.
2.2.17 Employee benefits
(i) Short term benefits
Short term employee 
benefits are 
those expected 
to be settled 
wholly before 
twelve months 
after the 
end of the 
annual reporting 
period in which the employees render the related 
services and are expensed as these services are provided. 
(ii) Pension obligations
The Group provides a number 
of defined contribution pension 
plans where annual contributions are invested and 
allocated to specific 
asset 
categories. 
Eligible 
employees 
are 
entitled 
to 
the 
overall 
performance 
of 
the 
investment. 
The 
Group's 
contributions 
are 
recognized as employee benefit expense 
in the year in which they are paid.
(iii) Standard legal staff retirement indemnity obligations (SLSRI) and termination 
benefits
The 
Group 
operates 
unfunded 
defined 
benefit 
plans 
in 
Greece 
and 
Bulgaria, 
under 
broadly 
similar 
regulatory 
frameworks. 
In 
accordance 
with the 
local labor 
legislation, the 
Group 
provides for 
staff 
retirement 
indemnity obligation 
for 
employees which 
are 
entitled to 
a lump 
sum payment 
based on 
a) the 
number of 
years 
of service, 
as of 
the date 
when employee 
service first 
leads to 
benefits under the plan until the date 
when further employee service will lead to 
no material amount of further 
benefits, and b) the 
level 
of 
remuneration 
at 
the 
date 
of 
retirement, 
if they 
remain 
in 
the 
employment 
of 
the Group 
until 
normal 
retirement 
age. In 
addition, 
the 
Group 
provides 
termination 
benefits 
mainly 
in 
respect 
of 
the 
Voluntary 
Exit 
Schemes 
(VES), 
which 
have 
been 
implemented through 
either lump-sum payments or 
long-term leaves during 
which the employees will be 
receiving a percentage 
of 
a monthly salary, 
or a combination thereof. 
Provision has been made for 
the actuarial value of the 
lump sum payable on 
retirement 
(SLSRI) 
and 
termination 
benefits 
using 
the 
projected 
unit 
credit 
method. 
Under 
this 
method 
the 
cost 
of 
providing 
retirement 
indemnities and termination 
benefits is charged 
to the income 
statement 
so as to 
spread the cost 
over the period 
of service of 
the 
employees, in accordance with the respective actuarial 
valuations, which are performed every year.
The SLSRI and termination benefits 
obligation is calculated 
as the present value 
of the estimated future 
cash outflows using interest 
rates of high quality corporate bonds. In countries where there is no deep market in such bonds, the yields on government bonds are 
used. The currency 
and term to 
maturity of the 
bonds used are 
consistent with 
the currency and 
estimated term 
of the retirement 
and termination 
benefit obligations. 
Actuarial gains 
and losses 
that arise 
in calculating 
the Group’s 
SLSRI and 
termination 
benefits 
obligations are 
recognized directly 
in other comprehensive 
income in the 
period in which 
they occur and 
are not reclassified 
to the 
income statement in subsequent 
periods.
Interest 
cost on 
the staff 
retirement 
indemnity and 
termination 
benefits 
obligations, 
as well 
as service 
cost, 
consisting 
of current 
service cost, past service cost and gains or losses on settlement 
are recognized in the income statement. 
Termination 
benefits are payable when employment is terminated by the Group before 
the normal retirement date, or whenever an 
employee accepts 
voluntary redundancy 
in exchange 
for these 
benefits (including 
those in 
the context 
of the VES 
implemented by 
the 
Group). 
The 
Group 
recognizes 
termination 
benefits 
at 
the 
earlier 
of 
the 
following 
dates: 
(a) 
when 
the 
Group 
can 
no 
longer 
withdraw 
the 
offer 
of 
those 
benefits; 
and 
(b) 
when 
the 
Group 
recognizes 
costs 
for 
a 
restructuring 
that 
involves 
the 
payment 
of 
termination benefits. Any 
reversals of the 
SLRSI obligation arising 
from employees that 
are included in the long-term 
leaves scheme 
are accounted 
for as 
a curtailment 
gain recognized 
in the 
income statement. 
In the 
case of 
an offer 
made to 
encourage voluntary 
redundancy, 
the termination 
benefits are measured 
based on the 
number of employees 
expected to 
accept the 
offer. 
Termination 
benefits falling due more than 12 months after 
the end of the reporting period are discounted to their present 
value.
(iv) Performance-based cash payments
The Group's Management awards high performing employees with bonuses in cash, from time to time, on a discretionary basis. Cash 
payments 
requiring only 
Management approval 
are recognized 
as employee 
benefit expenses 
on an 
accrual basis. 
Cash payments 

Notes to the Consolidated Financial Statements 
.
36
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31 December 2023 Consolidated Financial Statements
 
 
requiring General 
Meeting approval 
as distribution of 
profits to staff 
are recognized 
as employee benefit 
expense in the 
accounting 
period that they are approved by the Group’s 
shareholders.
(v) Share-based payments
The Group’s Management awards 
employees with bonuses in the form of shares and share options on a discretionary basis and after 
taking into account the current 
legal framework. Non-performance 
related shares vest in the 
period granted. Share based payments 
that are contingent upon the achievement 
of a performance and service condition, vest only if both conditions are 
satisfied.
The fair value of the share options 
granted is recognized as an employee benefit expense over the 
vesting period, with an equal credit 
in equity, 
i.e.no impact on 
the Group’s 
equity. 
The amount 
ultimately recognised 
as an expense 
is based on 
the number 
of awards 
that meet the related service and non-market 
performance conditions at the vesting date. 
The fair 
value of the 
share options 
at grant 
date is determined 
by using an 
adjusted option 
pricing model which 
takes into 
account 
the 
exercise 
price, 
the 
exercise 
dates, 
the 
term 
of 
the 
option, 
the 
share 
price 
at 
grant 
date 
and 
expected 
price 
volatility 
of 
the 
underlying share, 
the expected 
dividend yield 
and the 
risk-free 
interest 
rate 
for the 
term of 
the options. 
The expected 
volatility is 
measured at the grant date of the options 
and is based on the historical volatility of the share price.
For share-based 
payment awards 
with non-vesting 
conditions, the fair 
value of the 
share-based payment 
at grant 
date also reflects 
such conditions and there is no true-up for differences 
between expected and actual outcomes.
When the options 
are exercised 
and new shares 
are issued, the 
proceeds received 
net of any 
directly attributable 
transaction costs 
are credited to share capital 
(par value) and share premium.
2.2.18 Repossessed properties
Land and buildings repossessed 
through an auction 
process to recover 
impaired loans are, 
except where otherwise 
stated, included 
in ‘Other Assets’. Assets acquired from an auction process are held temporarily for liquidation and are valued at the lower of cost and 
net realizable value, which is the estimated 
selling price, in the ordinary course of business, less costs necessary to 
make the sale.
In cases where the Group makes use of repossessed 
properties as part of its operations, they may be reclassified to 
own occupied or 
investment properties, as appropriate. 
Any gains or losses on liquidation are included in the income statement.
2.2.19 Related party transactions
Related parties of the Group include:
(a) an entity that has control over the Group and 
entities controlled, jointly controlled or significantly influenced by this entity, as well 
as members of its key management personnel 
and their close family members;
(b) an entity that has significant influence over the Group 
and entities controlled by this entity,
(c) members of key 
management personnel of the Group, 
their close family members and 
entities controlled or jointly 
controlled by 
the abovementioned persons;
(d) associates and joint ventures of the Group; 
(e) fellow subsidiaries;
(f) post-employment benefit plans established for the benefit 
of the Group’s employees.
Transactions 
of similar 
nature are 
disclosed on 
an aggregate 
basis. All 
banking transactions 
entered into 
with related 
parties are 
in 
the normal course of business and are conducted on an arm's length 
basis.
 
2.2.20 Provisions and contingent liabilities
Provisions are recognized when 
the Group has a present legal or 
constructive obligation as a result of past 
events, it is probable that 
an outflow of resources embodying economic benefits will be required 
to settle the obligation, and reliable estimates 
of the amount 
of the obligation can be made.

Notes to the Consolidated Financial Statements 
.
37
|
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31 December 2023 Consolidated Financial Statements
 
 
The amount recognized as a provision is the best 
estimate of the expenditure required to settle a present obligation at each reporting 
date, taking into account the risks and 
uncertainties surrounding the amount of such expenditure.
Provisions 
are reviewed 
at 
each reporting 
date 
and adjusted 
to 
reflect 
the current 
best 
estimate. 
If, 
subsequently, 
it is 
no longer 
probable that an outflow 
of resources embodying economic 
benefits will be 
required to settle the 
obligation, the provision is 
reversed.
A provision is not 
recognized and a contingent liability 
is disclosed when 
it is not 
probable that an outflow 
of resources will be 
required 
to settle the 
obligation, when the 
amount of the obligation 
cannot be measured reliably 
or in case that 
the obligation 
is considered 
possible and is subject to the occurrence or non -occurrence of one or more uncertain 
future events.
2.2.21 Operating segment 
An operating 
segment is 
a component 
of the 
Group that 
engages in 
business activities 
from which 
it may 
earn revenue 
and incur 
expenses within 
a particular 
economic environment. 
Operating segments 
are identified 
on the 
basis of 
internal reports, 
regarding 
operating results, of components of the 
Group that are regularly reviewed 
by the chief operating decision maker 
in order to allocate 
resources 
to the 
segment 
and to 
assess its 
performance. 
The chief 
operating 
decision maker 
has been 
identified 
as the 
Strategic 
Planning Committee that is 
responsible for strategic decision making. 
Segment revenue, segment expenses 
and segment performance 
include 
transfers 
between 
business 
segments. 
Such 
transfers 
are 
accounted 
for 
at 
competitive 
prices 
in 
line 
with 
charges 
to 
unaffiliated customers 
for similar services.
2.2.22 Share capital
Ordinary shares and preference 
shares are classified as equity. 
Incremental 
costs directly 
attributable 
to the 
issue of 
new shares 
or 
options are shown in equity as a deduction from the proceeds, net 
of tax.
Dividend 
distribution 
on 
shares 
is 
recognized 
as 
a 
deduction 
in 
the 
Group’s 
equity 
when 
approved 
by 
the 
General 
Meeting 
of 
shareholders 
and the 
required 
regulatory 
approvals, 
if any, 
are 
obtained. 
Interim 
dividends are 
recognized 
as 
a deduction 
in 
the 
Group's equity when approved by the Board of 
Directors.
Intercompany 
non-cash 
distributions 
that 
constitute 
transactions 
between 
entities 
under 
common 
control 
are 
recorded 
in 
the 
Group’s equity by reference 
to the book value of the assets distributed. 
Where any Group entity purchases the Company’s equity share capital (treasury shares), the consideration paid including 
any directly 
attributable incremental 
costs (net 
of income taxes), 
is deducted 
from shareholders’ 
equity until the 
shares are 
cancelled, reissued 
or disposed of. Where such 
shares are subsequently sold or reissued, any consideration 
received is included in shareholders’ equity.
2.2.23 Preferred securities
Preferred securities issued by the 
Group are classified as equity when there 
is no contractual obligation to 
deliver to the holder cash 
or another financial asset. 
Incremental costs directly attributable to the issue of new preferred securities are shown in equity as a deduction from the proceeds, 
net of tax.
Dividend distribution on preferred securities 
is recognized as a deduction in the Group’s 
equity on the date it is due.
Where 
preferred 
securities, 
issued 
by 
the 
Group, 
are 
repurchased, 
the 
consideration 
paid 
including 
any 
directly 
attributable 
incremental costs (net of income 
taxes), is deducted from shareholders’ equity. Where such securities 
are subsequently called or sold, 
any consideration received is included 
in shareholders’ equity.
 
2.2.24 Financial guarantees and commitments to extend 
credit
Financial guarantees 
Financial guarantee 
contracts are 
contracts that 
require the issuer 
to make 
specified payments to 
reimburse the 
holder for a 
loss it 
incurs because 
a specified 
debtor fails 
to make 
payments when 
due, in 
accordance with 
the terms 
of a 
debt instrument. 
Financial 
guarantees 
granted 
by the 
Group to 
financial institutions 
and other 
bodies on 
behalf of 
customers to 
secure loans, 
overdrafts 
and 
other 
banking 
facilities, 
are 
initially 
recognized 
at 
fair 
value, 
being 
the 
premium 
received. 
Subsequent 
to 
initial recognition, 
such 
guarantees are measured 
at the higher of the amount of 
the ECL allowance, and the 
amount initially recognised less any 
cumulative 
amortization of the fee earned, where appropriate. 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Financial guarantees purchased 
by the Group that 
are considered as integral 
to the contractual 
terms of the guaranteed 
instrument 
are not accounted for separately and 
the cash flows from 
the guarantee are taken into account 
in the measurement of 
the guaranteed 
instrument’s expected credit losses, whereas any fees paid or transaction costs incurred for the acquisition of the financial guarantee 
are considered as part of the guaranteed 
asset’s effective interest 
rate. 
On the 
other hand, 
financial guarantees 
purchased that 
are not 
considered as 
integral to 
the contractual 
terms of 
the guaranteed 
instruments are accounted for separately where a reimbursement asset is recognized and included in Other 
Assets once is its 
virtually 
certain that, under the terms and conditions of the guarantee, the Group will be reimbursed for the credit loss incurred. 
The changes 
in the carrying 
amount of the 
above reimbursement 
asset arising from 
financial guarantees, 
entered into 
to mitigate 
the credit risk 
of lending exposures measured at amortized 
cost, are recognized under ‘Impairment 
losses’ in the Group’s income 
statement.
Commitments to extend credit
Commitments represent 
off-balance sheet items 
where the 
Group commits, 
over the 
duration of 
the agreement, 
to provide 
a loan 
with 
pre-specified 
terms 
to 
the 
customer. 
Such 
contractual 
commitments 
represent 
commitments 
to 
extend 
credit 
and 
standby 
letters and they are part of the normal lending 
activities of the Group, for which an ECL allowance is recognised 
under IFRS 9. 
ECL allowance for off-balance sheet exposures 
(financial guarantees granted and 
commitments) is included within Other Liabilities.
2.2.25 Non-current assets classified as held for sale and discontinued 
operations
Non-current 
assets are 
classified as 
held for 
sale if 
their carrying 
amount will 
be recovered 
through a 
sale transaction 
rather than 
through 
continuing 
use. 
For 
a non 
- 
current 
asset 
to 
be classified 
as 
held 
for 
sale, it 
is available 
for 
immediate 
sale 
in 
its 
present 
condition, subject to terms that are usual and 
customary for sales of such assets, and the sale is considered 
to be highly probable. In 
such cases, management 
is committed to 
the sale and actively markets 
the property for 
sale at a price that 
is reasonable in relation 
to the 
current 
fair value. 
The sale 
is also 
expected to 
qualify for 
recognition 
as a 
completed sale 
within one 
year from 
the date 
of 
classification. 
Before 
their 
classification 
as 
held 
for 
sale, 
such 
assets 
or 
disposal 
groups 
are 
remeasured 
in 
accordance 
with 
the 
respective accounting standard. 
Assets held for sale are subsequently remeasured at the lower of their carrying amount and 
fair value less cost to sell. Any loss arising 
from the above measurement is recorded in 
profit or loss and can 
be reversed in the future. When 
the loss relates to a disposal 
group, 
it is allocated to the assets within that disposal group. 
The Group presents discontinued 
operations in a 
separate line in 
the consolidated income statement. if 
a Group entity 
or a 
component 
of a Group entity has been disposed of or is classified as held for sale and:
(a) Represents a separate 
major line of business or geographical area of operations;
(b) Is part of a single coordinated plan to dispose of a separate 
major line of business or geographical area of operations; 
or
(c) Is a subsidiary acquired exclusively with a view 
to resale.
Profit or 
loss from 
discontinued operations 
includes the 
profit or 
loss before 
tax from 
discontinued operations, 
the gain 
or loss 
on 
disposal 
before 
tax 
or 
measurement 
to 
fair 
value 
less 
costs 
to 
sell 
and 
discontinued 
operations 
tax 
expense. 
Intercompany 
transactions 
between 
continuing 
and 
discontinued 
operations 
are 
presented 
on 
a 
gross 
basis 
in 
the 
income 
statement. 
Upon 
classification of a Group entity as a discontinued operation, 
the Group restates prior periods in 
the consolidated income statement.
2.2.26 Cash and cash equivalents
Cash and 
cash equivalents 
include cash 
in hand, 
unrestricted 
deposits with 
central 
banks, 
due from 
credit 
institutions 
that are 
all 
carried at amortised cost and other short-term highly liquid investments with original maturities of three months or 
less that are held 
for trading.
2.2.27 Government grants
Government grants are recognized when there is reasonable assurance that the grant will 
be received and the Group will 
comply with 
the conditions 
attached to 
it. The 
grants 
are recognized 
in the 
income statement 
on a 
systematic 
basis to 
match the 
way that 
the 
Group 
recognizes 
the 
expenses 
for 
which 
the 
grants 
are 
intended 
to 
compensate. 
In 
case 
of 
subsequent 
changes 
in 
the Group’s 
expectations 
of 
meeting 
the 
conditions 
attached 
to 
the 
government 
grants, 
the 
effect 
of 
such 
changes 
is 
recognised 
in 
income 
statement.

 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
2.2.28 Fiduciary activities
The Group provides 
custody, 
trustee, corporate 
administration, investment 
management and advisory 
services to third 
parties that 
result in the 
holding or investing 
of assets on behalf 
of its clients. Those 
assets that are 
held in a fiduciary 
capacity are not 
assets of 
the Group and are not recognized 
in the financial statements. In addition, 
the Group does not guarantee these investments 
and as a 
result it is not exposed to any credit risk in relation 
to them.
2.3 Impact of IFRS 17 adoption by a Group’s associate
As of 
1 January 
2023, the 
Group’s 
associate Eurolife 
FFH Insurance 
Group 
Holdings S.A. 
(Eurolife) 
has adopted 
IFRS 17 
“Insurance 
Contracts” with 
retrospective 
application as 
of 1 
January 2022. 
Following the 
finalization of 
Eurolife transition 
impact to 
IFRS 17 
in 
the 
fourth 
quarter 
of 
2023, 
the 
Group 
has 
adjusted 
the 
carrying 
amount 
of 
its 
investment 
in 
the 
associate 
accordingly. 
The 
comparative 
information 
as 
restated 
for 
the 
line 
items 
of 
the 
Group’s 
balance 
sheet, 
income 
statement 
and 
the 
statement 
of 
comprehensive income that are affected, 
is set out below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
1 January 2022 
Consolidated Balance Sheet 
As 
published 
Restatement 
Restated 
As 
published 
Restatement 
Restated 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
ASSETS 
Investments in associates and joint ventures 
173 
14 
187 
267 
(33) 
234 
Total assets 
81,460 
14 
81,474 
77,852 
(33) 
77,819 
EQUITY 
Reserves and retained earnings 
4,646 
14 
4,660 
(3,333) 
(33) 
(3,366) 
Equity attributable to 
shareholders of the Company 
6,623 
14 
6,637 
5,539 
(33) 
5,506 
Total equity 
6,718 
14 
6,732 
5,635 
(33) 
5,602 
Total equity and liabilities 
81,460 
14 
81,474 
77,852 
(33) 
77,819
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Υear ended 31 December 2022 
Consolidated Income Statement 
As published 
Restatement 
Restated 
€ million 
€ million 
€ million 
Share of results of 
associates 
and joint ventures 
18 
17 
35 
Profit before tax⁽¹⁾ 
1,734 
17 
1,751 
Net profit 
1,330 
17 
1,347 
Net profit attributable to shareholders 
1,330 
17 
1,347 
 
€ 
€ 
€ 
Earnings per share 
-Basic and diluted earnings per share 
0.36 
0.00 
0.36
(1)
The amount of 
€1,735 million as published , was adjusted to € 1,734 
million, following the presentation in the year ended 31 December 2023 
of operations 
of Eurobank Direktna a.d.disposal group as discontinued.

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended 31 December 2022 
Consolidated Statement of 
Comprehensive Income 
As 
published 
Restatement 
Restated 
€ million 
€ million 
€ million 
Net profit 
1,330 
17 
1,347 
Associates and joint ventures 
- changes in the share of other comprehensive 
income, net of tax 
(32) 
30 
(2) 
Other comprehensive income 
(252) 
30 
(222) 
Total comprehensive income 
1,078 
47 
1,125 
Total comprehensive income attributable to 
shareholders 
1,079 
47 
1,126
Furthermore, following the above, the amount of “profit before tax from continuing operations” presented 
in the comparative 
information of the consolidated cash flow statement 
(CFS) has been adjusted accordingly against 
the line “other adjustments” 
that is also included within “cash 
flows from continuing operating 
activities”.
 
3. 
Critical accounting estimates and judgments in applying accounting policies
In the process 
of applying the Group’s 
accounting policies, Management 
makes various 
judgments, estimates and 
assumptions that 
may affect 
the reported 
amounts of 
assets and 
liabilities, revenues 
and expenses 
recognized in 
the financial 
statements within 
the 
next financial year 
and the accompanying 
disclosures. Estimates and 
judgments are continually 
evaluated and 
are based on current 
conditions, historical experience 
and other factors, including 
expectations of future 
events that are believed to 
be reasonable under 
the 
circumstances. 
Revisions 
to 
estimates 
are 
recognized 
prospectively. 
The 
most 
significant 
areas 
in 
which 
the 
Group 
makes 
judgments, estimates and assumptions in applying its accounting 
policies are set out below:
3.1 
Impairment losses on loans and advances to customers
On the back of the international economic environment, that remains volatile, the economies in which the Group operates remained 
in 
expansionary 
territory 
in 
2023. 
More 
specifically, 
Greek 
economy 
expansion 
is 
mainly 
driven 
by 
the 
increase 
in 
household 
consumption, export of goods and services, as well as 
its strong performance in tourism (note 2). Moreover, the Group's asset quality 
continued to 
strengthen 
in 2023, 
as evidenced 
by the 
level of 
its credit 
quality indicators 
at year 
end 2023 
that outperformed 
the 
expected levels 
in terms 
of NPE 
ratio and 
NPE coverage 
that maintained 
their improving 
trend, standing 
at 3.5% 
(2022: 5.2%) 
and 
86.4% (2022: 75.5%), respectively. 
The Group, remains cautious for any developments 
in the macroeconomic trends and geopolitical front 
and closely monitors all loan 
portfolios, so as to revise, if needed, the respective estimates 
and assumptions.
Expected Credit Loss (ECL) measurement 
The ECL measurement requires Management to apply judgment, in 
particular, the estimation of the amount and timing 
of future cash 
flows 
and collateral 
values 
when determining 
impairment losses 
and the 
assessment of 
a significant 
increase in 
credit risk. 
These 
estimates are driven by a number of factors, changes in 
which can result in significant changes to the 
timing and amount of allowance 
for credit loss to be recognized.
The Group’s ECL calculations are 
outputs of complex 
models with a 
number of underlying 
assumptions regarding the choice 
of variable 
inputs 
and 
their 
interdependencies. 
In 
addition, 
temporary 
adjustments 
may 
be 
required 
to 
capture 
new 
developments 
and 
information available, which are not 
reflected yet in the ECL calculation through 
the risk models.
The elements of the ECL models that are considered 
significant accounting judgments and estimates include:
Determination of a significant increase of credit risk
IFRS 9 
does not 
include a definition 
of what 
constitutes a 
significant increase 
in credit 
risk (SICR). An 
assessment of 
whether credit 
risk has increased 
significantly since initial 
recognition is performed 
at each reporting 
period by considering 
primarily the change 
in 

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
the risk of default occurring over the 
remaining life of the financial instrument. The Group assesses 
whether a SICR has occurred since 
initial 
recognition 
based 
on 
qualitative 
and 
quantitative 
reasonable 
and 
supportable 
forward-looking 
information 
that 
includes 
significant 
management 
judgment 
(note 
2.2.13). 
More 
stringent 
criteria 
could 
significantly 
increase 
the 
number 
of 
instruments 
migrating to stage 2.
Retail lending
For retail 
lending exposures 
the primary criterion 
is the change in 
the residual cumulative 
lifetime Probability 
of Default 
(PD) above 
specified thresholds. 
These thresholds 
are set 
and vary 
per portfolio, 
origination year, 
, product 
type as 
well as 
per origination 
PD 
level. In 
2023, the 
Group, recalibrated 
its SICR 
thresholds, by 
segregating 
further its 
retail exposures 
based on 
their disbursement 
year, with 
a view to aligning the comparison between the origination and residual lifetime PD to the remaining maturity of the loans. 
Accordingly, 
performing lending exposures 
close to maturity 
exhibit lower origination 
PDs and therefore 
are associated with 
higher 
SICR 
thresholds, 
while 
higher 
origination 
PDs 
corresponding 
to 
exposures 
of 
longer 
maturity 
are 
associated 
with 
lower 
SICR 
thresholds. The impact in ECL and SICR assessment, resulting from 
the above recalibration of SICR thresholds, 
was insignificant. 
As at 31 December 2023 and 
2022, the upper PD thresholds based 
on the above segmentation, 
that trigger the allocation to stage 
2 
for Greece’s retail 
exposures are set out below: 
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Retail exposures 
31 December 2023 
31 December 2022 
Upper SICR threshold 
Mortgage 
170% 
50% 
Home Equity 
80% 
80% 
SBB 
130% 
65% 
Consumer 
100% 
100%
 
Wholesale lending
For wholesale lending exposures, the origination PD curves and the residual lifetime PD curves at each reporting date 
are mapped to 
credit rating 
bands. Accordingly, 
SICR thresholds 
are based 
on the 
comparison of 
the origination 
and reporting 
date credit 
ratings, 
whereby rating downgrades represent changes in residual lifetime PD. Similar to retail 
exposures, the Group segments the wholesale 
lending exposures based 
on asset class, loan 
type and credit rating 
at origination.
In addition, for securitized 
notes issued by special 
purpose entities established by 
the Group, the 
SICR assessment is 
performed by considering the 
performance of the 
underlying assets.
As 
at 
31 
December 
2023 
and 
2022, 
the 
credit 
rating 
deterioration 
thresholds 
per 
rating 
bands 
for 
Greece’s 
wholesale 
lending 
exposures that trigger 
allocation to stage 
2 are set out 
below. In 
particular, 
as per the Group’s 
SICR policy, 
any downgrade 
to rating 
band 6 or high-risk rating bands (7,8 or 9) is considered as SICR event 
to all corporate lending portfolios: 
.
 
 
 
 
 
 
 
 
 
 
 
 
Wholesale internal rating bands 
Minimum SICR threshold range 
1 
Five notches 
2 
Four notches 
3 
Three notches 
4 
Two notches 
5-8 
One notch
 
Determination of scenarios, scenario weights and macroeconomic factors
To achieve 
the objective of measuring ECL, the Group evaluates a 
range of possible outcomes in line with the requirements 
of IFRS 9 
through the 
application of 
three macroeconomic 
scenarios, i.e. baseline, 
adverse and 
optimistic, in a 
way that 
reflects an 
unbiased 
and probability weighted outcome. Each of the scenarios is based 
on Management’s assumptions around future economic conditions 
in the form 
of macroeconomic, market 
and other factors. 
As at 31 
December 2023 and 
2022, the probability 
weights for 
the above 
mentioned scenarios 
applied by the 
Group in the 
ECL measurement 
calculations are 
50% for the 
baseline scenario and 
25% for the 
adverse and optimistic scenarios.
The baseline scenario assumes no escalation of the open 
war fronts, no change in EU sanctions 
against Russia, continuation of 
ECB’s 
monetary policy trajectory 
as well as Greek government’s 
fiscal support measures. Core 
inflation for Greece is assumed 
to gradually 

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
de-escalate suggesting a moderate economic growth path, employment is assumed to contribute to lower unemployment path given 
the 
capacity 
constraints 
stemming 
from 
demographic 
factors, 
real 
estate 
prices 
show 
signs 
of 
slowing 
down 
for 
2023 
and 
2024 
compared 
to 2022 but will remain on a positive range and inflation rate is forecasted 
to decrease slightly implying stable price levels. 
Additionally, 
the 
economies’ 
short-term 
prospects 
are 
supported 
by 
the: 
(a) 
strong 
tourist 
season 
expected, 
(b) 
Recovery 
and 
Resilience 
Facility, 
Multiannual Financial 
Framework 
and European 
Investment 
Bank funds, 
(c) ample 
liquidity 
(deposits and 
state 
cash buffer) and (d) fiscal measures implemented 
to mitigate the impact of energy costs. 
The optimistic and 
adverse scenarios originate 
from forecasts 
that are, respectively, 
more positive, or 
more negative 
regarding real 
GDP growth, 
inflation, 
and unemployment 
rates, 
in comparison 
to 
the baseline 
scenario. The 
forecasts 
for 
these macroeconomic 
variables 
in 
the 
adverse/optimistic 
scenarios 
of 
the 
IFRS9 
probability-weighted 
framework 
are 
produced 
using 
a 
Vector 
Auto 
Regression 
(VAR) 
model. 
This 
model 
uses 
historical 
data 
on 
real 
GDP 
growth, 
inflation, 
and unemployment 
rates 
to 
generate 
its 
forecasts. In more detail 
regarding the adverse and optimistic 
forecasted scenarios: 
●
The adverse scenario paints a more challenging picture compared to the baseline scenario. The 
real GDP growth from a low start 
of 
0.6% 
in 
2024, 
contracts 
to 
-0.5% 
in 
2025, 
and 
improves 
slightly 
in 
2026 
and 
2027 
reaching 
0.2% 
and 
0.5%, 
respectively. 
Unemployment is 
anticipated 
to remain 
high, while 
the inflation 
rate 
remains relatively 
higher than 
in the 
base line 
scenario, 
although it shows a slight downward trend. 
●
In contrast, the 
optimistic scenario suggests a buoyant 
economic outlook, with real GDP 
growth from 4.0% in 
2024 to 3.7% and 
3.1% in 
2026 and 
2027 respectively. 
The unemployment 
rate 
is forecasted 
to 
fall 
significantly 
indicating 
a robust 
job market 
compared to the baseline scenario. The inflation rate is expected to be lower compared to the baseline scenario, signifying well-
contained price increases. 
Forward-looking information
The Group 
ensures that 
impairment estimates 
and macroeconomic 
forecasts, 
as provided 
by Economic 
Analysis 
& Research 
Unit, 
applicable 
for 
business 
and regulatory 
purposes 
are 
fully 
consistent. 
Accordingly, 
the 
IFRS 
9 
baseline 
scenario 
applied 
in 
the 
ECL 
calculation coincides with 
the one used for 
ICAAP and business planning 
purposes. In addition, relevant 
experience gained from 
the 
stress tests imposed by the regulator, has been taken into account in the process of developing the macroeconomic scenarios, as 
well 
as impairments for stress testing purposes 
have been forecasted in 
line with IFRS 9 ECL methodology.
In 
terms 
of 
macroeconomic 
assumptions, 
the 
Group 
assesses 
a 
number 
of 
indicators 
in 
projecting 
the 
risk 
parameters, 
namely 
Residential and 
Commercial Property 
Price Indices, unemployment, 
Gross Domestic 
Product (GDP), Greek 
Government Bond 
(GGB) 
spread over Euribor and inflation as well as 
interest and FX rates. The arithmetic averages of the annual forecasts per macroeconomic 
scenario for the next four year 
period following the reporting date, 
used in the ECL measurement of Greek lending 
portfolios for the 
year ended 31 December 2023 and 2022, are set in the following table:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Key macroconomic 
 
indicators 
31 December 2023 
 
Average (2024-2027) annual forecast 
31 December 2022 
 
Average (2023-2026) annual forecast 
Optimistic 
Base 
Adverse 
Optimistic 
Base 
Adverse 
Gross Domestic Product growth 
3.91% 
2.05% 
0.19% 
3.67% 
2.42% 
-0.10% 
Unemployment Rate 
7.60% 
9.09% 
10.60% 
9.21% 
10.50% 
12.84% 
Residential property prices' index 
6.14% 
3.90% 
1.66% 
5.23% 
4.06% 
1.50% 
Commercial property prices' index 
5.37% 
1.47% 
-2.42% 
4.75% 
3.67% 
1.73% 
Inflation rate 
1.75% 
2.10% 
2.44% 
2.40% 
2.98% 
4.03%
 
Changes in the 
scenarios and weights, 
the corresponding 
set of macroeconomic 
variables and 
the assumptions made 
around those 
variables for 
the forecast 
horizon would 
have a significant 
effect on 
the ECL amount. 
The Group independently 
validates all models 
and 
underlying 
methodologies 
used 
in 
the 
ECL 
measurement 
through 
competent 
resources, 
who are 
independent 
of 
the 
model 
development process. 
Development of ECL models, including the various formulas, choice 
of inputs and interdependencies
For the purposes 
of ECL measurement 
the Group performs 
the necessary model parameterization 
based on observed point 
-in-time 
data on 
a granularity 
of monthly intervals. 
The ECL calculations 
are based 
on input parameters, 
i.e. exposure 
at default 
(EAD), PDs, 
loss 
given 
default 
(LGD), 
credit 
conversion 
factors 
(CCFs) 
etc. 
incorporating 
Management’s 
view 
of 
the 
future. 
The 
Group 
also 
determines the 
links between 
macroeconomic scenarios 
and, economic inputs, 
such as unemployment 
levels and collateral 
values, 
and the effect on PDs, EADs and LGDs.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Furthermore, 
the 
PDs 
are 
unbiased 
rather 
than 
conservative 
and 
incorporate 
relevant 
forward 
looking 
information 
including 
macroeconomic scenarios. The forecasting 
risk parameters models incorporate 
a number of macroeconomic variables, 
such as GDP, 
unemployment etc. and 
portfolio specific variables 
such as seasonal flag etc., 
which are used as independent 
variables for optimum 
predictive 
capability. 
Additionally, 
the PD 
models involve 
industry specific 
macro 
variables 
in corporate 
borrowers, 
as well 
as 
the 
application of interest 
rate and inflation 
scalars in the 
estimation of retail 
customers’ debt 
to income ratio. 
More specifically, 
in the 
latter case, the borrowers’ instalments are estimated with the use of the projected interest rates, 
while the income model, also takes 
into account the projected inflation 
on top of the projected GDP and unemployment ratio. 
The ECL 
models are 
based on 
logistic regressions 
and run 
under the 
different 
macroeconomic scenarios 
and relevant 
changes and 
shocks in the macro environment reflected 
accordingly in a non-linear manner. 
Segmentation of financial assets when their ECL is assessed on a collective 
basis
The Group segments 
its exposures on the 
basis of shared credit 
risk characteristics 
upon initial recognition 
for the purposes 
of both 
assessing significant 
increase in 
credit risk 
and measuring 
loan loss 
allowance on 
a collective 
basis. The 
different 
segments aim 
to 
capture differences 
in PDs 
and in the 
rates of 
recovery in 
the event 
of default. 
On subsequent 
periods, the 
Group re-evaluates 
the 
grouping 
of 
its 
exposures 
at 
least 
on 
an 
annual basis, 
in 
order 
to 
ensure 
that 
the groups 
remain 
homogeneous 
in 
terms 
of 
their 
response 
to the 
identified 
shared credit 
risk characteristics. 
Re-segmentation 
reflects 
management’s 
perception 
in respect 
to 
the 
change of credit risk associated with the particular exposures 
compared to initial recognition.
Modeling and Management overlays / adjustments
A number 
of sophisticated 
models have 
been developed 
or modified 
to 
calculate ECL, 
while temporary 
management 
adjustments 
may be required to 
capture new developments and information 
available, which are not yet 
reflected in the ECL calculation 
through 
the risk models. 
Such adjustments are governed 
by the Group’s IFRS9 
ECL Model Adjustments’ framework which 
aims to ensure 
timely 
identification of non-modeled risks, if 
any, that 
may have an impact on 
lending portfolios, as well as sufficient 
quantification of such 
risks based 
on sound 
methodologies and 
processes. For 
2023, the 
Group reassessed 
the need 
for overlay, 
considering the 
current 
geopolitical 
developments 
and 
taking 
into 
account 
the 
macroeconomic 
uncertainty 
resulting 
this 
time 
mainly 
from 
persistent 
inflationary pressures, 
high interest 
rates 
and open 
war fronts, 
Management incorporated 
in the 
ECL calculations 
as a 
post model 
adjustment, an estimation for potentially 
non modeled risks of € 31 million (2022: € 66 million), focusing now on both corporate and 
retail borrowers that 
are considered more sensitive to any negative 
macro environment developments 
in the foreseeable future. 
The risk 
models are 
governed 
by the 
Group’s 
validation 
framework 
which aims 
to 
ensure their 
independent 
verification. 
The risk 
models as well as the management adjustments, if any, are approved by the Board Risk Committee (BRC) as per the internal approval 
processes. 
Sensitivity analysis on lending portfolios
The sensitivity analysis when performed on certain key parameters can provide meaningful information only for portfolios 
where the 
risk parameters have a significant 
impact on the overall credit risk of a lending portfolio, particularly where such sensitivities are also 
used for internal credit risk management purposes. Otherwise, a sensitivity analysis on certain combinations of some 
risk parameters 
may not produce 
meaningful results, as 
in reality there 
are interdependencies 
between the various 
economic inputs, rendering 
any 
changes in the parameters, changes correlated 
in other factors.
The sensitivity analysis presented 
in the tables below 
is applied in the modeled ECL 
output and assumes a favorable 
and an adverse 
shift 
in 
the 
scenario 
weighting, 
compared 
to 
the 
one 
applied 
in 
the 
ECL 
measurement. 
As 
at 
31 
December 
2022 
and 
2023, 
the 
favorable shift assumes an increase in the weighting of the optimistic scenario at 50% and a stable weighting of the baseline scenario 
at 50%, 
while the 
adverse shift 
assumes an 
increase in 
the weighting 
of the 
adverse scenario 
at 50% 
and a 
stable weighting 
of the 
baseline scenario at 50%. 

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
The tables below 
present the estimated 
effect in the 
Group’s 
ECL measurement (including 
off-balance sheet items) 
per stage, 
upon 
potential reasonable 
combined changes 
of forecasts 
in key 
macroeconomic indicators 
over the 
next 5 
years (2024-2028 
and 2023-
2027, respectively):
 
As at 31 December 2023 
As at 31 December 2022 
Sensitivity scenario 
Sensitivity scenario 
Key 
macroeconomic 
 
indicators 
Combined change % 
Key 
macroeconomic 
 
indicators 
Combined change % 
Positive 
change 
Adverse 
change 
Positive 
change 
Adverse 
change 
GDP growth 
42% 
-42% 
change of annual forecasts 
GDP growth 
41% 
-41% 
change of annual forecasts 
Unemployment 
rate 
-11% 
11% 
change of annual forecasts 
Unemployment 
rate 
-11% 
11% 
change of annual forecasts 
Inflation rate 
-1% 
1% 
change of annual forecasts 
Inflation rate 
-2% 
2% 
change of annual forecasts 
Residential 
property prices' 
index 
4% 
-4% 
change of 
index adjusted 
real estate collateral market 
values 
Residential 
property prices' 
index 
4% 
-4% 
change of 
index adjusted 
real estate collateral market 
values 
Commercial 
property prices' 
index 
9% 
-9% 
change of 
index adjusted 
real estate collateral market 
values 
Commercial 
property prices' 
index 
4% 
-4% 
change of 
index adjusted 
real estate collateral market 
values
 
Estimated effect per stage as at 31 December 2023 
Positive change 
Adverse change 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2023 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2023 
 
Ιmpact in 
€ million 
(16) 
(27) 
(21) 
(64) 
16 
33 
21 
70 
 
Ιmpact in 
% allowance 
-8.53 
-8.27 
-2.63 
-4.92 
8.26 
9.81 
2.74 
5.34
 
Estimated effect per stage as at 31 December 2022 
Positive change 
Adverse change 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2022 
12-month 
ECL - Stage 1 
Lifetime ECL 
- Stage 2 
Lifetime ECL 
credit-impaired 
31 December 
2022 
 
Ιmpact in 
€ million 
(12) 
(36) 
(34) 
(82) 
10 
43 
35 
88 
 
Ιmpact in 
% allowance 
-7.08 
-9.96 
-2.93 
-4.86 
5.73 
11.99 
3.03 
5.24
 
The 
Group 
updates 
and 
reviews 
the 
reasonability 
and 
performs 
back-testing 
of 
the 
main 
assumptions 
used 
in 
its 
methodology 
assessment for SICR 
and ECL measurement, 
at least on an 
annual basis or earlier, 
based on facts and 
circumstances. In this 
context, 
experienced and dedicated staff within the 
Group’s Risk Management function monitor the 
risk parameters applied for the 
estimation 
of ECL. Furthermore, as part of the well-defined governance framework, 
any revisions to the methodology used are approved by the 
Group competent committees and 
ultimately the Board Risk Committee (BRC).
3.2 
Fair value of financial instruments
The fair 
value of financial 
instruments is 
the price that 
would be received 
to sell an 
asset or paid 
to transfer 
a liability in 
an orderly 
transaction 
between market 
participants in 
the principal 
(or most 
advantageous) 
market 
at the 
measurement 
date 
under current 
market 
conditions 
(i.e. an 
exit price) 
regardless 
of whether 
that 
price is 
directly 
observable 
or estimated 
using another 
valuation 
technique.
The fair 
value of financial 
instruments that 
are not quoted 
in an active 
market are 
determined by 
using other 
valuation techniques 
that 
include 
the 
use 
of 
valuation 
models. 
In 
addition, 
for 
financial 
instruments 
that 
trade 
infrequently 
and 
have 
little 
price 
transparency, 
fair value is less objective and requires varying degrees of judgment depending on liquidity, concentration, uncertainty

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
of market factors, 
pricing assumptions and other risks 
affecting the specific instrument. 
In these cases, the fair values 
are estimated 
from observable data in respect of similar financial instruments 
or using other valuation techniques.
The valuation models used include 
present value methods and other models based 
mainly on observable inputs and 
to a lesser extent 
to non-observable inputs, in order to maintain 
the reliability of the fair value measurement.
Where valuation 
techniques are used 
to determine the 
fair values 
of financial instruments 
that are not 
quoted in an 
active market, 
they are validated 
and periodically reviewed by 
qualified personnel independent of the 
personnel that created 
them. All models are 
certified before they are used, and are calibrated to ensure that outputs reflect actual data and comparative market 
prices. The main 
assumptions and estimates, considered by 
management when applying a valuation model include:
●
the likelihood and expected timing of future 
cash flows; 
●
the selection of the appropriate discount rate, which is based on an assessment of what a market participant would regard as an 
appropriate spread of the rate 
over the risk-free rate; 
and 
●
judgment to determine what model to use in order 
to calculate fair value. 
To the extent practicable, models use only observable 
data, however areas such as 
credit risk (both own 
and counterparty), volatilities 
and correlations require 
the Management to 
make estimates 
to reflect uncertainties 
in fair values 
resulting from the 
lack of market 
data inputs. Inputs 
into valuations based 
on unobservable data 
are inherently uncertain 
because there is little 
or no current market 
data available. However, in most cases there will be 
some historical data on 
which to base 
a fair value measurement and 
consequently 
even when unobservable inputs are used, fair values 
will use some market observable inputs.
Information in respect of the fair valuation 
of the Group’s financial assets and liabilities 
is provided in note 5.3.
3.3 
Classification of financial instruments
The Group applies significant judgment in assessing the classification 
of its financial instruments and especially, in 
the below areas:
Business model assessment
Judgment is exercised 
in order 
to determine 
the appropriate 
level at which 
to assess the 
business model. In 
assessing the business 
model of financial instruments, these are aggregated into groups (business lines) based on their characteristics, and the way they are 
managed in order 
to achieve the Group’s 
business objectives. In 
general, the assessment 
is performed at 
the business unit level 
for 
lending 
exposures 
including 
securitized 
notes 
issued 
by 
special 
purpose 
entities 
established 
by 
the 
Group 
and 
based 
on 
the 
measurement category for debt securities. 
However, 
further disaggregation may be performed by business 
strategy 
or region.
In assessing the business model for financial 
instruments, the Group performs a past sales evaluation of the 
financial instruments and 
assesses their expected evolution in the future. Judgment is 
exercised in determining the effect of sales to a “hold 
to collect” business 
model depending on their objective and their acceptable level and frequency.
Contractual cash flow characteristics test 
(SPPI test)
The 
Group 
performs 
the 
SPPI 
assessment 
of 
lending 
exposures 
and 
debt 
securities 
by 
considering 
all 
the 
features 
which 
might 
potentially lead to SPPI failure. The above assessment may be 
particularly challenging for more complex instruments with contractual 
terms including leverage, prepayment 
or extension options, securitizations 
where the cash flows are linked 
to the underlying assets, 
non-recourse 
arrangements, 
as 
well 
as 
environmental, 
social 
and 
governance 
linked 
features 
(sustainability 
linked). 
Judgment 
is 
applied by the responsible business 
units when considering whether 
certain contractual features significantly affect future cash flows, 
are de-minimis or not genuine. 
Accordingly, for 
non-recourse financial assets, the Group assesses jointly criteria such as the adequacy of equity, 
LTV (Loan-to-Value) 
and DSCR 
(Debt-Service-Coverage-Ratio) 
ratios 
as well 
as the 
existence 
of corporate 
and personal 
guarantees. 
For 
the securitized 
notes 
issued 
by 
special 
purpose 
entities, 
either 
established 
by 
the 
Group 
or 
third 
parties, 
and 
held 
by 
the 
Group, 
the 
cash 
flow 
characteristics of the notes 
and the underlying 
pool of financial 
assets as well 
as the credit 
risk inherent in 
each securitization’s tranche 
compared to 
the credit 
risk of all 
of the underlying 
pool of 
financial assets, 
are assessed. 
Furthermore, in 
order to 
assess whether 
any 
variability 
in 
the 
cash 
flows 
is 
introduced 
by 
the 
modified 
time 
value 
of 
money 
element, 
the 
Group 
performs 
a 
quantitative 
assessment (as described 
in note 2.2.9). For 
the SPPI assessment 
of sustainability linked 
instruments that include 
features that 
may 
change the contractual 
cash flows, by 
reducing or increasing 
the interest rate 
depending on whether the 
borrower meets or 
fails to 
meet predetermined 
ESG targets, 
the Group 
considers 
whether such 
targets 
are specific 
to 
the borrower, 
as well 
as whether 
the 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
related contractual cash flows’ change introduces compensation for non-basic lending risks (information 
about the Group’s exposure 
in sustainability linked instruments is provided in note 20). Moreover, 
the Group evaluates certain cases on whether the existence of 
performance-related terms exposes 
the Group to asset risk rather to the borrower's 
credit risk.
The Group has established a robust framework to perform the necessary assessments in accordance with Group’s 
policies in order to 
ensure 
appropriate 
classification 
of 
financial 
instruments, 
including 
reviews 
by 
experienced 
staff 
for 
lending 
exposures 
and 
debt 
securities.
3.4 
Assess control over investees 
Management exercises 
judgment in 
order to 
assess if the 
Group has control 
over another 
entity based on 
the control 
elements set 
out in note 2.2.1 (i). 
In particular, as part of its 
funding activity and 
non-performing loans’ management strategy, the Group sponsors certain securitization 
vehicles, the relevant 
activities of which have 
been predetermined as part of 
their initial design by the Group. 
The Group is exposed 
to variability of returns 
from these vehicles 
through the holding of 
debt securities issued 
by them or 
by providing credit enhancements 
in accordance with the respective contractual terms. In assessing whether it 
has control, the Group considers whether it manages the 
substantive decisions that could 
affect these vehicles’ returns. Accordingly, 
the Group assesses on a case-by-case basis the structure 
of securitization transaction, including the respective 
contractual arrangements, in order 
to conclude if it controls these vehicles.
In 
addition, 
the 
Group 
is 
involved 
in 
the 
initial 
design 
of 
various 
mutual 
funds 
in 
order 
to 
provide 
customers 
with 
investment 
opportunities. The 
Group primarily 
acts as 
an agent 
in exercising 
its decision 
making authority 
as it 
is predefined 
by the 
applicable 
regulated framework. 
As a result, the Group has concluded that it does not control 
these funds.
Further information in respect of the structured 
entities the Group is involved, either consolidated 
or not, is provided in note 25. 
3.5 
Income tax
The Group is subject to income taxes 
in various jurisdictions and estimates are required 
in determining the liability for income taxes. 
The Group 
recognizes 
liabilities 
for 
anticipated 
tax 
audit issues 
based on 
estimates 
of whether 
additional taxes 
will be 
due or 
for 
anticipated 
tax disputes. 
Where the 
final tax 
outcome of 
these matters 
is different 
from the 
amounts that 
were initially 
recorded, 
such differences will impact the income tax and deferred 
tax in the period in which such determination is made. Further information 
in relation to the above is provided in 
note 13.
In addition, 
the Group 
recognizes deferred 
tax assets 
to the 
extent that 
it is probable 
that sufficient 
taxable profit 
will be 
available 
against 
which 
unused 
tax 
losses 
and 
deductible 
temporary 
differences 
can 
be 
utilized. 
Recognition 
therefore 
involves 
judgment 
regarding the 
future financial performance 
of the particular Group 
legal entity in which 
the deferred tax 
asset has been recognized. 
Particularly, 
in order to determine the amount of deferred 
tax assets that can be recognized, 
significant management judgments are 
required regarding the likely timing 
and level of 
future taxable profits. In 
making this evaluation, 
the Group has 
considered all available 
evidence, including management’s projections 
of future taxable income and the tax legislation 
in each jurisdiction.
The most significant judgment exercised by Management relates to the recognition of deferred tax assets in respect of losses realized 
in Greece. In the event that, the Group assesses that it 
would not be able to recover any portion of 
the recognized deferred tax assets 
in the future, the unrecoverable portion 
would impact the deferred tax balances in the period in which 
such judgment is made. 
Further 
information 
in 
respect 
of 
the 
deferred 
tax 
assets 
recognized 
by 
the 
Group 
and the 
assessment 
for 
their recoverability 
is 
provided in note 13.
3.6 
Retirement benefit obligations
The present 
value of 
the retirement 
benefit obligations 
depends on 
a number 
of factors 
that are 
determined on 
an actuarial 
basis 
using a number of assumptions, 
such as the discount rate 
and future salary increases. Any 
change in these assumptions impacts the 
carrying amount of the pension obligations.
The Group determines 
the appropriate discount 
rate used to 
calculate the present 
value of the estimated 
retirement obligations, 
at 
the end 
of each 
year based 
on interest 
rates 
of high-quality 
corporate 
bonds. In 
countries where 
there is 
no deep 
market 
in such 
bonds, 
the 
yields 
on 
government 
bonds 
are 
used. 
The 
currency 
and term 
to 
maturity 
of 
the 
bonds 
used 
are 
consistent 
with 
the 
currency and estimated average 
term to maturity of the retirement benefit obligations. 
The salary rate increase assumption is based 
on future inflation estimates reflecting also 
the Group's reward structure 
and expected market conditions. 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Other 
assumptions 
for 
pension obligations, 
such as 
future 
inflation 
estimates, 
are 
based 
in part 
on current 
and expected 
market 
conditions.
For information in respect of the sensitivity analysis of the Group’s 
retirement benefit obligations to reasonably 
possible, at the time 
of preparation of these financial statements, 
changes in the abovementioned key actuarial assumptions, refer 
to note 36.
3.7 
Investment properties 
Investment 
property is 
carried at 
fair value, 
as determined 
by external, 
independent and 
certified valuators 
on an 
annual basis, 
or 
more frequently 
if deemed 
appropriate 
upon assessment 
of any 
relevant 
circumstances. 
The primary 
valuation method 
applied in 
determining the fair 
value of the Group’s 
investment properties 
is the Discounted 
Cash Flow (DCF) method 
which is considered 
the 
most appropriate 
in cases of income generating 
assets. This method is 
based on discounting the 
net future cash flows 
generated by 
a property over the assumed holding period, by using an appropriate 
market derived discount rate. 
Accordingly, 
the main factors underlying the determination 
of fair value under the DCF method, are related 
with rental income from 
current leases and assumptions 
about its future 
growth in the light 
of current market conditions, including 
CPI indexation that is based 
on CPI predictions 
for the next 
10 years, as 
well as exit 
yields that are 
determined based on 
each property’s characteristics/use 
and 
future 
prospects 
of 
the 
economy 
and 
property 
market 
in 
general 
as 
forecasted 
by 
the 
IMF 
or 
other 
internationally 
recognized 
institutions. In addition, 
potential legal or other 
restrictions on the 
aforementioned rental income levels are 
taken into account, where 
applicable. 
To 
the above 
projected 
net cash 
flows series, 
an appropriate, 
market-derived 
discount 
rate 
is applied 
to 
establish the 
present 
value 
of 
each 
property. 
Such 
discount 
rate 
is 
calculated 
by 
taking 
into 
consideration 
the 
initial 
yield 
of 
the 
investment 
property, the 
expected return, the real rental growth 
and annual obsolescence of the property.
Other assumptions incorporated in the valuations include 
future vacancy rates and periods, the 
level of future maintenance and 
other 
operating costs, as well as sustainability 
issues, where applicable. 
Where 
the 
fair 
value 
is 
determined 
based 
on 
market 
prices 
of 
comparable 
transactions 
those 
prices 
are 
subject 
to 
appropriate 
adjustments, 
in 
order 
to 
reflect 
current 
economic 
conditions 
and 
Management’s 
best 
estimate 
regarding 
the 
future 
trend 
of 
properties market based on advice received from 
its independent external valuers.
Further information in respect of the fair valuation 
of the Group’s investment 
properties is provided in note 27.
3.8 
Provisions and contingent liabilities
Considering the 
subjectivity and 
uncertainty 
inherent 
in the 
determination 
of the 
probability and 
amount of 
the abovementioned 
outflows, the Group takes into account 
a number of factors including primarily legal advice, the progress 
of the matter and historical 
evidence from 
similar cases. 
In the 
case of 
an offer 
made within 
the context 
of the 
Group’s 
voluntary 
exit scheme, 
the number 
of 
employees expected to accept the 
abovementioned offer along with their 
age cluster is a 
significant factor affecting the measurement 
of the outflow for the termination benefits. 
Further information in relation to 
the Group’s provisions 
and contingent liabilities is provided in notes 35 and 42.
3.9 
Share-based payments
The Group 
grants shares 
and share 
options to 
its employees 
as a 
common feature 
of employee 
remuneration. 
IFRS 2 
requires the 
recognition of 
an expense for 
those shares 
and share options 
at their 
fair value 
on the grant 
date (equity-settled 
plans). For shares 
granted to employees, the fair value is measured directly 
at the market price of the entity’s shares, adjusted 
to take into account 
the 
terms and conditions upon which the shares were granted. For share options 
granted to employees, in many cases market 
prices are 
not available because the options granted 
are subject to terms and conditions that do not apply to traded 
options. If this is the case, 
the Group estimates 
the fair value of the 
equity instruments granted 
using a valuation technique, 
which is consistent 
with generally 
accepted valuation methodologies.
The valuation 
method and the 
inputs used to 
measure the share 
options granted 
to employees of 
the Group are 
presented in 
note 
39.

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
3.10 
Leases 
The Group, as a lessee, determines the lease term as the non-cancellable term of the 
lease, together with any periods covered by 
an 
option to extend 
the lease if it is 
reasonably certain to 
be exercised, 
or any periods covered 
by an option to 
terminate the lease if 
it 
is reasonably certain not to be exercised.
The Group 
applies judgement 
in evaluating 
whether it is 
reasonably certain 
or not to 
exercise an 
option to 
renew or 
terminate the 
lease, by 
considering all 
relevant 
factors 
and economic 
aspects that 
create an 
economic incentive. 
The Group 
reassesses the 
lease 
term if 
there is 
a significant 
event or 
change in 
circumstances 
that is 
within its 
control 
that affects 
its ability 
to exercise 
or not 
to 
exercise the 
option to 
renew or to 
terminate, such 
as significant leasehold 
improvements or 
significant customization 
of the leased 
asset.
In measuring 
lease liabilities, 
the Group 
uses the 
lessees’ incremental 
borrowing 
rate 
(‘IBR’) when 
it cannot 
readily determine 
the 
interest rate implicit in the 
lease. The IBR is the rate of interest 
that the Group would have to 
pay to borrow over a similar 
term, and 
with 
a 
similar 
security, 
the 
funds 
necessary 
to 
obtain 
an 
asset 
of 
a 
similar 
value 
to 
the 
right-of-use 
asset 
in 
a 
similar 
economic 
environment. 
Therefore, 
estimation is 
required when 
no observable 
rates are 
available (such 
as for 
subsidiaries that 
do not 
enter into 
financing 
transactions) or when 
they need to 
be adjusted to 
reflect the terms 
and conditions of 
the lease. The Group 
estimates the IBR 
using 
observable inputs (such as government bond yields) 
as a starting point when available, and 
performs certain additional entity-specific 
adjustments, 
such as 
credit spread 
adjustments 
or adjustments 
to reflect 
the lease 
terms and 
conditions. For 
the Bank 
and Greek 
subsidiaries, 
the 
IBR 
is 
derived 
from 
the 
estimated 
covered 
bonds 
yield 
curve, 
which 
is 
constructed 
based 
on 
observable 
Greek 
Government 
Bond 
yields, 
while 
for 
international 
subsidiaries 
the 
IBR 
is 
determined 
on 
a 
country 
basis, 
taking 
into 
consideration 
specific local conditions.
3.11 
Other accounting estimates and judgments
Information in respect of other estimates 
and judgments that are made by the Group is provided 
in notes 20, 24 and 30. 
.

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
4. 
Capital Management
The Group’s capital 
adequacy position is presented in the following table:
 
 
 
 
 
 
 
 
 
 
 
2023 
2022⁽²⁾ 
€ million 
€ million 
Equity attributable to shareholders 
of the Company 
7,899 
6,623 
Add: Adjustment due to IFRS 9 transitional arrangements 
- 
279 
Add: Regulatory non-controlling interests 
- 
68 
Less: Goodwill 
(44) 
(2) 
Less: Other regulatory adjustments 
(507) 
(253) 
Common Equity Tier 1 Capital 
7,348 
6,715 
Total Tier 1 Capital 
7,348 
6,715 
Tier 2 capital-subordinated debt 
1,074 
1,250 
Add: Other regulatory adjustments 
- 
61 
Total Regulatory 
Capital 
8,422 
8,026 
Risk Weighted Assets 
43,395 
41,899 
Ratios: 
% 
% 
Common Equity Tier 1 
16.9 
16.0 
Pro-forma Common Equity Tier 1⁽¹⁾ 
17.0 
16.0 
Total 
Capital Adequacy Ratio 
19.4 
19.2 
Pro-forma Total 
Capital Adequacy Ratio⁽¹⁾ 
20.2 
19.0
 
(1)
 
Pro-forma with the completion of the projects “Solar” 
(for 31/12/2022 and 31/12/2023 ratios) and “Leon” (for 31/12/2023) (note 30), as well as accounting 
for the impact
from the completion of the issuance of Subordinated Tier 2 debt instruments in January 2024 (see below). 
(2) 
The capital adequacy ratios for the year ended 31 December 2022 have not been adjusted 
with:
 
a) the restatement due 
to the retrospective application 
of IFRS 17 by the Group’s associate Eurolife FFH Insurance Group Holdings S.A. (note 2.3) and b) the presentation of operations of Eurobank Direktna 
a.d. disposal group as discontinued (note 30).
Notes: 
a) The profit of € 
1,140 million attributable to 
the shareholders of the Company 
for the year ended 
31 December 2023 (31 
December 2022: profit of € 
1,330 
million) has been included in the calculation of the above capital ratios. 
b) As of 31 December 2023, the increase in CET1 ratio, compared to 
31 December 2022, is mainly attributed to the organic profitability 
for the year ended 31 
December 2023 and 
Wave IV securitization (note 20), 
partly offset by i) 
the increase of the 
RWAs due to the reversion from 
the Internal Ratings Based 
Approach 
(IRB) to 
the Standardized 
Approach (STD) 
(see below) 
and the 
new production 
of loans, 
loan commitments 
and letters 
of guarantee 
and ii) 
the impact 
on 
regulatory capital from the ending on 1 January 2023 of 
the 5-year period of the IFRS 9 transitional adjustments 
according to the Regulation (EU) 2017/2395 
and the FVOCI prudential treatment specified in Article 468 of the CRR, amended by the 
Regulation (EU) 2020/873 
On 1 March 
2023, the Group 
received approval 
from ECB to 
revert to the 
Standardized approach 
(STD) for 
all credit risk 
exposures. 
The Group’s 
decision to 
move to 
a less 
sophisticated 
method for 
capital 
requirements 
calculation 
was 
based on 
the fact 
that the 
historical 
data 
and 
performance 
on 
which 
Internal 
Ratings 
Based 
(IRB) 
models 
are 
calibrated 
is 
considered 
to 
be 
of 
limited 
representativeness 
taking into account 
the recent 
economic developments. 
The Bank intends 
to continue 
utilizing its advanced 
risk 
management capabilities for internal purposes 
such as credit approvals, risk adjusted pricing, IFRS 9 provisions 
and risk monitoring.
The Group 
has sought 
to 
maintain 
an actively 
managed 
capital 
base to 
cover 
risks 
inherent 
in the 
business. 
The adequacy 
of the 
Group's 
capital 
is 
monitored 
using, among 
other 
measures, 
the 
rules 
and 
ratios 
established 
by 
the 
Basel 
Committee 
on 
Banking 
Supervision (BIS rules/ratios) which have been incorporated in the European Union (EU) 
legislation through the Directive 2013/36/EU 
(known as 
CRD IV) 
along with 
the Regulation 
No 575/2013/EU 
(known as 
CRR), as 
they are 
in force. 
The above 
Directive has 
been 
transposed into Greek legislation by Law 4261/2014, as in force. Furthermore, the CRR as amended by the Regulation 2020/873 (CRR 
quick fix) provides, among others, for the extension by two years of the ability of the 
banks to add back to their regulatory capital any 
increase in provisions 
for (stage 
1 and stage 
2) expected losses 
compared to those 
that they have 
recognized on 
1 January 2020 for 
their financial assets, 
which have not 
been defaulted. The relief 
which is applicable 
for 2023 and 
for 2024 is 
50% and 25%, 
respectively.

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
Supplementary to the above, in the context of Internal Capital Adequacy Assessment Process (ICAAP), the Group considers a broader 
range of risk types 
and the Group’s risk management capabilities. 
ICAAP aims ultimately to 
ensure that the Group 
has sufficient capital 
to cover all material risks that it is exposed 
to, over a three-year horizon.
Based on Council Regulation No 1024/2013, the European Central Bank (ECB) conducts annually a Supervisory Review and 
Evaluation 
Process (SREP) in order 
to define the prudential 
requirements of the 
institutions under its supervision. 
The key purpose 
of the SREP 
is 
to 
ensure 
that 
institutions 
have 
adequate 
arrangements, 
strategies, 
processes 
and 
mechanisms 
as 
well 
as 
capital 
and 
liquidity 
to ensure a sound management and coverage of their risks, to which they are 
or might be exposed, including those revealed by stress 
testing and risks the institution may pose to 
the financial system.
According to the 2022 SREP 
decision, from January 2023 the P2R for 
the Group stands at 
2.75% in terms of total capital 
(or at 1.55% 
in 
terms 
of 
CET1 
capital), 
reflecting 
the 
improved 
Group’s 
financial 
position 
particularly 
in 
terms 
of 
asset 
quality. 
Thus, 
as 
of 
31 
December 2023, the Group 
was required 
to meet a 
Common Equity Tier 
1 Ratio of 
at least 12.20% 
(including AT1 
and Tier 2 capital 
shortfall) 
and a 
Total 
Capital 
Adequacy 
Ratio 
of 
at 
least 
14.68% (Overall 
Capital 
Requirement 
or OCR) 
including Combined 
Buffer 
Requirement of 3.93%, which is covered with 
CET1 capital and sits on top of the Total 
SREP Capital Requirement (TSCR). 
The breakdown of the Group’s 
CET1 and Total 
Capital requirements is presented 
below.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
CET1 Capital 
Requirements 
Total Capital 
Requirements 
Minimum regulatory requirement 
4.50% 
8.00% 
Pillar 2 Requirement (P2R) 
1.55% 
2.75% 
Total SREP Capital Requirement 
(TSCR) 
6.05% 
10.75% 
Combined Buffer Requirement (CBR) 
Capital conservation buffer 
(CCoB) 
2.50% 
2.50% 
Countercyclical capital buffer 
(CCyB) 
0.43% 
0.43% 
Other systemic institutions buffer 
(O-SII) 
1.00% 
1.00% 
Overall Capital Requirement (OCR), excluding 
shortfall 
9.98% 
14.68% 
AT1 and Tier 2 capital 
shortfall 
2.22% 
- 
Overall Capital Requirement (OCR), including shortfall 
12.20% 
14.68%
 
The above CET1 capital requirement of 12.20% takes into account that the Group had no AT1 
capital, while the Tier 2 capital stood at 
2.48% as at 
31 December 2023, compared 
to the portion of 
2.02% for AT1 
and 2.69% for 
Tier 2 capital allowed 
by the legislation 
to 
cover part of Total SREP Capital Requirement 
(TSCR). Assuming that the Group had fully utilized the AT1 and Tier 2 capital capacity as 
at 31 December 2023, the CET1 requirement would stand 
at 9.98%. 
From 
1 
January 
2024, 
the 
O-SII 
buffer 
for 
the 
Group 
increased 
to 
1.25% 
(from 
1% 
in 
2023), 
in 
accordance 
with 
the 
Executive 
Committee Act 221/1/17.10.2023 of the Bank of Greece, following a change in the methodology applied for the determination of the 
O-SII buffer rate. The countercyclical capital buffer is 
updated on a quarterly 
basis in accordance 
with the countercyclical capital buffer 
rates applicable in each country to 
which the Group has exposures.
Further disclosures regarding capital 
adequacy in accordance with the Regulation 
575/2013 are provided in the Consolidated Pillar 3 
Report on the Company’s website.
Minimum Requirements for Eligible Own Funds and Eligible Liabilities (MREL)
Under the Directive 
2014/59 (Bank 
Recovery and 
Resolution Directive) 
as in force, 
which was 
transposed into 
the Greek legislation 
pursuant to Law 
4335/2015 as in force, 
European banks are 
required to 
meet the minimum requirement 
for own funds 
and eligible 
liabilities (MREL). The Single Resolution Board (SRB) has determined Eurobank S.A. as the Group’s resolution entity and a Single Point 
of Entry (SPE) 
strategy for 
resolution purposes. Based 
on the latest 
SRB’s communication, 
the fully calibrated 
MREL (final target) 
to 
be met 
by 
Eurobank 
S.A. on 
a consolidated 
basis 
until 
the 
end of 
2025 is 
set 
at 
27.82% 
of 
its 
total 
risk 
weighted 
assets 
(RWAs), 
including a fully-loaded combined buffer requirement (CBR) of 4.25%. The final 
MREL target is updated by the SRB on 
an annual basis. 
The 2024 interim non-binding MREL target, applicable 
from January 2024, stands at 23.23% of RWAs, 
including a CBR of 4.18%.

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
In the 
year ended 
31 December 
2023, in 
the context 
of the 
implementation 
of its 
strategy 
to ensure 
ongoing compliance 
with its 
MREL requirements, 
the Bank successfully 
completed the 
issue of two 
€500 million MREL-eligible 
senior preferred 
notes in January 
and in November 2023, respectively (note 34). As at 31 
December 2023, the Bank’s MREL ratio at consolidated level stands at 24.91% 
of RWAs including profit for 
the year ended 
31 December 2023 
(31 December 2022: 
23.07%), which is 
higher than the 
aforementioned 
interim non-binding MREL target of 23.23%. 
Post balance sheet event
On 19 January 
2024, Eurobank Holdings 
announced that 
it successfully completed 
the issuance of 
€300 million Subordinated 
Tier 2 
debt instruments. The proceeds 
from the issue will 
support the Group’s 
strategy to 
ensure ongoing compliance 
with its total capital 
adequacy and MREL requirements, while it will be used also for 
the Bank’s general funding 
purposes (note 34). 
2023 EU – wide EBA Stress Test
.
In January 2023, 
the European Banking 
Authority (EBA) launched 
the 2023 EU-wide 
Stress Test exercise which was designed to 
provide 
valuable 
input for 
assessing the 
resilience 
of the 
European 
banking sector 
in the 
current 
uncertain 
and changing 
macroeconomic 
environment.
This 
exercise 
was 
coordinated 
by 
the 
EBA 
in 
cooperation 
with 
the 
ECB 
and 
national 
supervisory 
authorities 
and 
was 
conducted 
according to 
the EBA’s 
methodology and scenarios 
provided by 
the European 
Systemic Risk 
Board (ESRB). 
It was carried 
out on the 
basis of 
year-end 2022 
figures and 
assessed the 
performance of 
EU banks 
under a 
baseline and 
adverse macroeconomic 
scenario, 
covering a 
three-year period 
from 2023 
to 2025. 
The baseline 
scenario for 
EU countries 
was based 
on the projections 
from the 
EU 
national 
central 
banks of 
December 2022. 
The adverse 
scenario, 
although unlikely 
to unfold, 
was 
used to 
assess the 
resilience of 
banks to a hypothetical severe 
scenario of a significant deterioration 
in the overall outlook for the economy 
and financial markets in 
the next 
three years. 
The narrative 
depicted an 
adverse scenario 
related to 
a hypothetical 
worsening of 
geopolitical developments 
leading to a severe decline in GDP 
with persistent inflation and high interest rates. In terms of GDP decline, 
the 2023 adverse scenario 
was the most severe used 
in the EU 
wide stress up to 
now. Eurobank Holdings Group participated in 
the EBA-led stress test.
In parallel, 
the ECB conducted 
its own stress test 
for a number of 
medium sized- 
banks that it 
supervises directly and that 
were not included in 
the EBA-led stress test sample.
2023 Stress Test 
Results
On 28 July 2023, the 
Company announced that 
Eurobank Holdings Group 
successfully completed the 
2023 EU-wide Stress Test 
(ST), 
which 
was 
coordinated 
by 
the 
European 
Banking 
Authority 
(EBA) 
in 
cooperation 
with 
the 
European 
Central 
Bank 
(ECB) 
and 
the 
European Systemic Risk Board (ESRB). The Group significantly improved its results and resilience to stress under the adverse scenario 
compared to the ST 2021 exercise.
The starting 
point of the 
exercise is 
the financial and 
capital position 
of the Group 
as at 31 
December 2022, as 
calculated based 
on 
the Standardised Approach (STD). On that 
date, the Fully Loaded (FL) CET 1 ratio 
(based on the full implementation of Basel III 
rules) 
amounted to 14.4%. Under the Baseline scenario, the FL 
CET1 ratio increases by 360bps over the 3-year ST horizon, reaching the level 
of 18% 
at the 
end of 2025. 
Under the 
Adverse scenario, 
the FL CET1 
ratio decreases 
by 220bps 
at the 
end of 2025 
and it 
stands at 
12.2%, while at the end of the first year (2023) the Group 
registered its highest FL CET 1 ratio depletion, 
at 316bps.
.

 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
5. 
Financial risk management and fair value 
 
 
5.1 
Use of financial instruments 
By 
their 
nature 
the 
Group's 
activities 
are 
principally 
related 
to 
the 
use 
of 
financial 
instruments 
including 
derivatives. 
The 
Group 
accepts deposits from 
customers, at both 
fixed and floating 
rates, and 
for various periods 
and seeks to 
earn above average 
interest 
margins by investing these funds in high quality assets. The Group seeks to increase these margins by consolidating 
short-term funds 
and lending for longer periods at higher rates, 
while maintaining sufficient liquidity to meet all claims that might 
fall due. 
The 
Group 
also 
seeks 
to 
raise 
its 
interest 
margins 
by 
obtaining 
above 
average 
margins, 
net 
of 
provisions, 
through 
lending 
to 
commercial and retail borrowers within a range of credit standing. Such exposures include both on-balance sheet loans and advances 
and off-balance sheet guarantees and other commitments 
such as letters of credit. 
The Group also trades in financial instruments where it 
takes positions in traded and over the counter financial 
instruments, including 
derivatives, to take 
advantage of short-term 
market movements in the equity and bond markets 
and in currency and interest 
rates. 
5.2 Financial risk factors 
Due to its 
activities, the Group is 
exposed to several 
financial risks, such as 
credit risk, market 
risk (including currency, 
interest rate, 
spread, equity 
and volatility 
risk), liquidity, 
operational and 
other non-financial 
risks, as 
well as 
to climate 
risk. The 
Group's overall 
risk management 
strategy 
seeks to 
minimize any 
potential adverse 
effects on 
its financial performance, 
financial position 
and cash 
flows. 
Risk Management objectives and policies 
The Group 
acknowledges that 
taking risks 
is an integral 
part of its 
operations in 
order to 
achieve its business 
objectives. Therefore, 
the Group’s 
management sets adequate 
mechanisms to identify those 
risks at an 
early stage and 
assesses their potential impact 
on 
the achievement of these objectives. 
Due to the fact that 
economic, industry, 
regulatory and operating conditions 
will continue to change, 
risk management mechanisms 
are set 
in a 
manner that 
enable the 
Group to 
identify and 
deal with 
the risks 
associated with 
those changes. 
The Bank’s 
structure, 
internal processes and existing control mechanisms 
ensure both the 
independence principle and 
the exercise of sufficient supervision. 
The Group's 
Management considers 
effective risk 
management as 
a top priority, 
as well as 
a major 
competitive advantage, 
for the 
organization. As such, the Group has allocated significant resources for upgrading its policies, methods and infrastructure, 
in order to 
ensure compliance with the requirements of 
the European Central Bank (ECB)
and of the 
Single Resolution Board (SRB), the 
guidelines 
of 
the 
European 
Banking 
Authority 
(EBA) 
and 
the 
Basel 
Committee 
for 
Banking 
Supervision 
and 
the 
best 
international 
banking 
practices. 
The 
Group 
implements 
a 
well-structured 
credit 
approval 
process, 
independent 
credit 
reviews 
and 
effective 
risk 
management policies for all material risks it is exposed to, both in Greece and in each country of its international operations. The risk 
management policies implemented by the Group are 
reviewed mainly annually. 
The maximum amount 
of risk which the 
Group is willing 
to assume in the 
pursuit of its strategic 
objectives is articulated 
via a set of 
quantitative 
and 
qualitative 
statements 
for 
specific risk 
types, 
including 
specific tolerance 
levels 
as 
described 
in 
the 
Group’s 
Risk 
Appetite Framework. The objectives are to support the 
Group’s business growth, balance a strong capital position with higher 
returns 
on equity and to ensure the Group’s 
adherence to regulatory requirements. 
The 
risk 
appetite 
that 
is 
clearly 
communicated 
throughout 
the 
Group, 
determines 
risk 
culture 
and 
forms 
the 
basis 
on 
which 
risk 
policies and 
risk limits 
are established 
at Group 
and regional 
level.
Aiming to 
identify its 
material risks,, 
the Bank 
maintains a 
well-
defined 
Risk Identification and Materiality Assessment 
(RIMA) Framework. 
The identification and the 
assessment of all risks is the 
cornerstone for 
the effective Risk Management. 
The Group aiming to 
ensure 
a 
collective 
view 
on 
the 
risks 
linked 
to 
the 
execution 
of 
its 
strategy, 
acknowledges 
the 
new 
developments 
at 
an 
early 
stage 
and 
assesses the potential impact. 
Board Risk Committee (BRC)
The Board Risk Committee (BRC) 
is a committee of 
the BoD and its 
task is to assist the 
BoD to ensure that 
the Group has a 
well-defined 
risk and capital 
strategy in line 
with its business 
plan and in 
line with 
regulatory requirements and an 
adequate and robust risk 
appetite 
framework. 

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Τhe BRC assesses the Group’s risk profile, monitors 
compliance with the approved risk appetite and risk tolerance levels and ensures 
that the Group has developed a risk management framework 
with appropriate methodologies, modelling tools, and data 
sources, as 
well as sufficient and competent staff to 
identify, assess, monitor and mitigate risks.
Moreover, BRC is conferred with certain approval 
authorities. 
The BRC consists of five (5) non-executive directors, meets at least on a monthly basis 
and reports to the BoD on a 
quarterly basis and 
on ad hoc instances if it is needed. 
Management Risk Committee
The Management Risk Committee (MRC) is a management committee established by the 
CEO and its main responsibility is to 
oversee 
the risk management framework of the Group. As part of its responsibilities, the MRC facilitates 
reporting to the BRC on the range of 
risk-related 
topics under its 
purview. The 
MRC supports the 
Group Chief Risk 
Officer to identify 
material risks, 
to promptly 
escalate 
them to the BRC and to ensure that the necessary policies and procedures are in place to prudently manage risks and to comply with 
regulatory requirements. 
Group Risk Management 
The 
Group’s 
Risk 
Management 
Unit 
which 
is 
headed 
by 
the 
Group 
Chief 
Risk 
Officer 
(GCRO), 
operates 
independently 
from 
the 
business units and is responsible for the identification, assessment, 
monitoring, measurement and management of the risks that the 
Group is exposed 
to. It comprises of 
the Group Credit 
(GC), the Group 
Credit Control (GCC), 
the Group Credit 
Risk Capital Adequacy 
Control 
(GCRCAC), the Group 
Market and 
Counterparty Risk 
(GMCR), the Group 
Operational and Non-Financial 
Risks (GONFR), the 
Group 
Model 
Validation 
and 
Governance 
(GMVG), 
the 
Group 
Risk 
Management 
Strategy 
Planning 
Operations 
& 
Climate 
Risk 
(GRMSPO&CR), the Supervisory Relations and Resolution Planning (SRRP), and the Risk Analytics (RA) Units. 
Non-Performing Exposures (NPEs) management
The Group, following 
the strategic partnership 
with doValue S.p.A. and 
the successful transition to 
the new operating model 
for the 
management of 
NPEs, realizes 
the NPE 
Strategy Plan 
through its 
implementation by 
doValue Greece 
for the 
assigned portfolio 
and 
the successful securitization transactions. 
Troubled Assets Committee 
The 
Troubled 
Assets 
Committee 
(TAC) 
is 
established 
according 
to 
the 
regulatory 
provisions 
and 
its 
main 
purpose 
is 
to 
act 
as 
an 
independent body, 
closely monitoring the Bank’s troubled 
assets portfolio and the execution of its NPE Management 
Strategy. 
Remedial and Servicing Strategy (RSS) 
Eurobank 
established 
Remedial 
Servicing 
& 
Strategy 
Sector 
(RSS) 
with 
the 
mandate 
to 
devise 
the 
NPE 
reduction 
plan, 
to 
closely 
monitor 
the overall 
performance of 
the NPE 
portfolio 
as well 
as the 
relationship 
of the 
Bank with 
doValue 
Greece. 
Furthermore, 
following Eurobank’s commitments against the significant risk transfer (SRT) monitoring regulatory requirements pertaining to Bank’s 
concluded transactions, 
RSS has a 
pivotal role 
in ensuring that 
relevant process 
is performed smoothly 
and in a 
timely manner and 
that any 
shortcomings are 
appropriately resolved, 
while providing 
any required 
clarifications or additional 
material required 
by the 
regulatory authorities. 
The Head of 
RSS reports to the 
General Manager of Group Strategy.
In this context, RSS 
has been assigned 
inter alia with 
the following 
responsibilities: 
●
Develop and actively monitor the NPE targets 
and reduction plan 
●
Set the strategic principles, priorities, policy framework 
and KPIs under which doValue Greece is servicing the portfolio 
●
Closely monitor the execution of the 
approved strategies, as well as all 
contractual provisions under the relevant contractual 
agreements for Eurobank’s 
portfolio assigned to doValue Greece 
including the securitized portfolio of ERB Recovery 
DAC 
●
Monitoring of 
the performance 
of the 
senior notes 
of the securitizations 
in collaboration 
with Group 
Risk so 
as to 
ensure 
compliance to significant risk transfer 
(SRT) and to the Hellenic Asset Protection Scheme (HAPS) 
●
Budget and monitor the Bank’s expenses 
and revenues associated with the assigned portfolio 
●
Cooperate closely with doValue 
Greece on a daily basis in achieving the Group’s 
objectives 
●
Maintain supervisory dialogue

 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
NPE Operational targets 
Ιn line with the regulatory framework and Single Supervisory Mechanism’s (SSM) requirements 
for Non-Performing Exposures’ (NPE) 
management, the Group’s 
new NPE Management Strategy 
for 2024-2026, along with the annual NPE 
stock targets at both 
Bank and 
Group level envisages the decrease of the Group’s 
NPE ratio at 3.2% in 2026.
 
 
5.2.1 Credit Risk 
Credit risk 
is the risk 
that a 
counterparty will 
be unable 
to fulfill 
its payment 
obligations in 
full when due. 
Credit risk 
is also 
related 
with country risk and settlement risk, specified below:
a)
Country risk 
is the 
risk of 
losses arising 
from cross 
-border lending 
and investment 
activities and 
refers 
to the 
uncertainty 
associated 
with exposure 
in a 
particular country. 
This uncertainty 
may relate 
to a 
number of 
factors 
including the 
risk of 
losses following nationalization, expropriation, 
debt restructuring and foreign exchange 
rates’ movement. 
b)
Settlement 
risk 
is 
the 
risk 
arising 
when 
payments 
are 
settled, 
for 
example 
for 
trades 
in 
financial 
instruments, 
including 
derivatives 
and 
currency 
transactions. 
The 
risk 
arises 
when 
the 
Group 
remits 
payments 
before 
it 
can 
ascertain 
that 
the 
counterparties’ payments have 
been received. 
Credit 
risk 
arises 
principally 
from 
the 
wholesale 
and 
retail 
lending 
activities 
of 
the 
Group, 
as 
well 
as 
from 
credit 
enhancements 
provided, such as financial guarantees and 
letters of credit. The Group 
is also exposed to credit risk arising from other activities 
such 
as investments in debt securities, trading, capital markets and settlement activities. Taking 
into account that credit risk is the primary 
risk the Group is exposed to, it is very closely managed and 
monitored by specialised risk units, reporting to the GCRO. 
(a) Credit approval process
The credit approval 
and credit review 
processes are centralized 
both in Greece and 
in the International operations. 
The segregation 
of 
duties 
ensures 
independence 
among 
executives 
responsible 
for 
the 
customer 
relationship, 
the 
approval 
process 
and 
the 
loan 
disbursement, as well as monitoring of the loan during its lifecycle.
Credit Committees
The credit 
approval process 
in Corporate 
Banking is centralized 
through establishment 
of Credit 
Committees with 
escalating Credit 
Approval Levels. Main Committees of the Bank 
are considered to be the following: 
●
Credit 
Committees 
(Central 
and Local) 
authorized 
to 
approve 
new 
financing, renewals 
or 
amendments 
mainly 
for 
domestic 
groups in 
the existing 
credit limits, 
in accordance 
with their credit 
approval authority, 
depending on total 
limit amount of 
the 
customer/group and risk category 
(i.e. high, medium or low), as well as the value and type of security;
●
Special Handling Credit Committees authorized to 
approve credit requests and take 
actions for distressed clients; 
●
International Credit 
Committees (Regional 
and Country) 
established for 
the wholesale borrowers 
of the Group’s 
international 
bank subsidiaries, authorized to approve new limits, renewals 
or amendments to existing limits, in accordance with their credit 
approval authority, 
depending on total customer exposure and risk category (i.e. high, medium or low), as well as the value and 
type of security; and
●
International Special Handling Committees established for 
handling distressed wholesale borrowers of the 
Group’s international 
bank subsidiaries.
The Credit Committees meet on a weekly basis or more frequently, 
if needed.
Group Credit (GC)
Within an environment of increased risk 
requirements, Group Credit (GC) mission is 
to safeguard the Group’s asset side, by evaluating 
credit risk 
and making 
recommendations, 
so that 
borrower’s 
credit exposure 
is acceptable 
and within 
the approved 
Risk Appetite 
Framework. GC is headed by the Group Chief Credit 
Officer (GCCO) with direct reporting to the Group 
Chief Risk Officer (GCRO).
GC operations 
are comprised 
of two 
functions, i.e. 
the Corporate 
Credit, including 
both the domestic 
and the 
foreign underwriting 
activities (the latter only 
for material exposures of 
International Subsidiaries), and 
Retail Credit respectively, covering the underwriting 
needs of the SBB portfolio and the Individuals Lending (mortgage, consumer 
loans, auto-moto loans and credit cards). 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
1.
Corporate Credit
(a) Domestic and Greek related portfolio: the underwriting function includes the review of 
credit requests originating from Corporate 
Units handling 
large and 
medium scale 
corporate 
entities of 
every risk 
category and 
specialised lending 
units such 
as Shipping 
and 
Structured Finance (Commercial 
Real Estate, 
Hotels & Leisure, 
Project Finance, M&A 
Financing) and Private 
Banking. Major tasks 
of 
the respective workstream and involved 
credit units pertain to the following:
●
Evaluation of credit applications and 
issuance of an independent Risk Opinion when required according to 
internal procedures, 
which includes:
(i) 
assessment 
of 
the 
customer 
credit 
profile 
based 
on 
the 
qualitative 
and 
quantitative 
risk 
factors 
identified 
(market, 
operational, structural and financial) 
(ii) 
recommendations for the formulation 
of bankable, well-secured and well-controlled 
transactions (credit facility), as well as
(iii) review and confirmation of the ratings 
of each separate borrower to reflect 
the risks acknowledged.
●
Participation with voting right in all credit committees 
as per the Credit Approval procedures.
●
Active participation in 
the regulatory audits 
and major internal projects 
of the Bank, providing 
at the same 
time credit related 
knowledge, expertise and support to other Units.
●
Preparation 
of 
specialised 
reports 
to 
Management 
on 
a 
regular 
basis, 
with 
regards 
to 
the 
Top 
25 
largest, 
in 
terms 
of 
total 
exposure, borrower Groups, 
statistics on the new approved 
financings and leveraged transactions.
(b) 
International 
Subsidiaries’ 
portfolio: 
The 
GC 
through 
its 
specialized 
International 
Corporate 
Credit 
Unit 
(IC) 
is 
responsible 
to 
actively participate 
in the design, 
implementation and 
review of the 
credit underwriting 
function for 
the wholesale portfolio 
of the 
International 
Subsidiaries covering 
Bulgaria, 
Cyprus, and 
portion of 
the loan 
portfolio 
of Luxemburg 
(and London). 
Moreover, 
the 
respective unit’s tasks and responsibilities 
are highlighted below:
●
Participation 
with voting 
right in 
all International 
Committees 
(Regional 
and Special 
Handling) and 
Country Risk 
Committees 
(CRCs);
●
Participation in the sessions of Special Handling Monitoring 
Committees for Bulgaria which monitor 
and decide on the strategy 
of problematic corporate relationships with 
loan outstanding exceeding a certain threshold, that is jointly set by IC and Country 
TAG; 
●
Advice on best practices to the Credit Risk Units of International 
Subsidiaries
GC is also responsible for the preparation 
of all credit committees’ agendas, distribution of the respective 
material and maintenance 
of the respective Credit Committees’ minutes.
2.
Retail Credit 
The scope of the Retail 
Credit is the assessment of credit 
applications submitted by Retail 
Business Units, in relation to Borrowers 
of 
the retail credit portfolio (SBB loans and Individual 
Banking). 
The main tasks of Retail Credit function are 
outlined below:
●
Assess credit 
requests in 
alignment with 
the credit 
risk assessment 
criteria and 
methodology provided 
in the 
appropriate 
Credit Policy Manual. 
●
Analyze and evaluate risk factors 
depending on the type of credit request. 
●
Prepare an independent Credit Opinion ensuring that the risks 
identified are dully reflected in the Borrower’s 
Rating. 
●
Participate with 
voting rights in the 
credit committees 
as per the credit 
approval process, according 
to the Approval 
Levels 
defined in the CPM. 
●
Active participation in 
the regulatory audits and 
major internal projects of 
the Bank, providing at 
the same time 
credit related 
knowledge, expertise and support to other units. 
(b)
Credit risk monitoring 
Group Credit Control
The Group 
Credit Control 
(GCC) monitors 
and assesses the 
quality of all of 
the Group’s 
loan portfolios and 
operates independently 
from the business units of the Bank. The GCC reports directly to the GCRO. 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
The main responsibilities of the GCC are to:
●
supervise, support and maintain the credit rating and 
impairment systems used to assess the wholesale lending customers;
●
monitor and review the performance of all of the Group’s 
loan portfolios;
●
supervise and control the foreign subsidiaries’ credit 
risk management units;
●
monitor on a 
regular basis and 
report on a 
quarterly basis to 
the Board of 
Directors and 
the BRC of 
risk exposures, 
along with 
accompanying analyses;
●
monitor 
and evaluate 
the efficiency 
of 
adopted 
strategies 
and 
proposed 
solutions 
in 
terms 
of 
dealing 
with 
Non-Performing 
Exposures 
(NPEs) 
and 
the 
achievement 
of 
targets 
for 
NPEs 
reduction, 
as 
communicated 
and 
agreed 
with 
the 
Supervisory 
Authorities; 
●
conduct field reviews 
and prepare written 
reports to the 
Management on the 
quality of all 
of the Group’s 
loan portfolios and 
adherence with EBA prevailing regulations;
●
monitor the proper EBA classifications in accordance 
with the relevant provisions and guidelines;
●
participate in the approval of new credit policies and 
new loan products;
●
participate in the Troubled 
Asset Committee;
●
attend meetings of Credit Committees and 
Special Handling Committees, without voting right; 
●
formulate the Group’s credit impairment policy and measure the provisions of the Greek loan portfolios along with the relevant 
reporting to Management;
●
regularly review the adequacy of provisions of all of the Group’s 
loan portfolios;
●
formulate, in collaboration 
with the responsible lending Units the credit policy manuals for performing 
borrowers; 
●
provide guidance and monitor the process of designing and reviewing 
credit policies before approved 
by Management.
●
Through field / 
thematic reviews 
on a sample 
basis monitor the 
proper application 
of Real Estate 
collaterals’ valuation, 
as per 
the Banks’ Collateral Valuation 
policy and procedures; 
●
monitor 
the 
supervisory, 
regulatory 
developments, 
emerging 
trends 
and 
best 
practices 
within 
its 
purview 
in 
order 
to 
keep 
Management abreast and propose required 
actions;
Group Credit Risk Capital Adequacy Control 
The Group Credit 
Risk Capital Adequacy Control 
develops and maintains 
the credit risk assessment 
models for the loans 
portfolio of 
the Group, performs capital 
adequacy calculations and assessment for 
the loan portfolios of the group, 
conducts internal & external 
stress test exercises 
as well as well as forecasting of risk parameters. 
The Sector reports directly to the GCRO.
Specifically, the main responsibilities 
of the Group Credit Risk Capital Adequacy Control 
are to:
●
control, measure and monitor the capital requirements arising 
from the Group’s loan portfolio along with the relevant reporting 
to Management and regulators (ECB/SSM);
●
manage the models 
development, implementation, monitoring of the 
internal risk based 
models and IFRS9 
models of Probability 
of Default (PD), Loss Given Default (LGD) 
and Exposure at Default (EAD) for evaluating 
credit risk
●
measure and monitor the 
risk parameters (PD, 
LGD, EAD) for 
the purposes of internal capital 
adequacy assessment, as well as, 
the estimation 
of risk 
related 
parameters 
(such as 
forecast 
12-m PD, 
forecast 
lifetime 
PD) for 
IFRS 9 
impairment calculation 
purposes; 
●
review 
the 
grouping 
of 
lending 
exposures 
and 
ensuring 
their homogeneity 
in 
accordance 
with 
the 
Group’s 
IFRS 
accounting 
policies
●
re-development and monitoring of the significant 
increase in credit risk (SICR) thresholds under IFRS9 standard;
●
prepare monthly capital adequacy calculations (Pillar 
1) and relevant management, as 
well as, regulatory reports 
(COREPs, SREP) 
on a quarterly basis;
●
projection of 
asset quality and capital requirements for the loan book (projected impairments and RWAs), in the context of the 
business plan, ICAAP and recovery plan and participation in the relevant 
committees; 
●
perform stress tests, both internal 
and external (EBA/SSM), and maintain the credit risk 
stress testing infrastructure;

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
●
coordinate the stress testing 
exercises for the loan portfolios at 
Group Level;
●
prepare the credit risk analyses for Internal 
Capital Adequacy Assessment (ICAAP)/ Pillar 2 purposes; 
●
prepare the Basel Pillar 3 disclosures for credit 
risk;
●
regularly 
report 
to 
the 
GCRO, 
to 
the 
Management 
Risk 
Committee 
and 
to 
the 
Board 
Risk 
Committee 
on: 
risk 
models 
performance, risk parameters (PD, LGD, EAD), forbearance reporting, vintage analysis and 
default / redefault statistics portfolios 
forward looking analysis and new disbursements 
quality.
●
guide, monitor and supervise the Credit Risk divisions of the subsidiaries on modelling, credit stress testing and other credit risk 
related regulatory issues.
●
monitor and guide Group’s 
international subsidiaries on credit risk related 
ICAAP, 
stress testing and other regulatory credit risk 
related issues, based on Group standards. 
Review of local credit risk stress test 
exercises;
●
support the 
business units 
in the 
use of 
credit risk 
models in 
business decisions, 
for 
funding purposes, 
in the 
capital 
impact 
assessment 
of 
strategic 
initiatives 
and the 
development 
and usage 
of 
risk related 
metrics such 
as risk 
adjusted 
pricing, Risk 
Adjusted Return on Capital (RAROC) etc.; and
●
assist Remedial Servicing Strategy 
in the risk assessment and risk impact of various programs and products.
Group Model Validation and Governance 
The Group Model Validation 
and Governance 
was established in September 2018, with key 
mandates:
●
the establishment of a comprehensive model governance 
and validation framework, and
●
the independent validation of 
the technical and 
operational completeness of all 
models used by 
the Group and 
their parameters, 
as well as their compliance with the provisions of the regulatory 
framework.
In more detail, the tasks of the Unit are 
outlined as follows:
●
Prepare and update the Group’s Models Framework (to include model definition, roles involved per model, model classification 
principles and methodology, model validation principles, materiality classifications and 
thresholds, models’ registry governance, 
etc.); 
●
Establish and update the Group’s 
Models Registry;
●
Review models’ classification, in accordance with the 
methodology provided in the Group Models Framework;
●
Prepare 
and 
update 
the 
Group 
Models 
Validation 
Framework, 
while 
providing 
support 
to 
Group’s 
subsidiaries 
in 
its 
implementation;
●
Monitor changes in ECB guidelines on models’ validation;
●
Propose and escalate for approval 
the quantitative thresholds, in order to 
assess the results of the validation tests;
●
Conduct model validation tests in alignment with the Group 
Model Validation Framework 
and regulatory requirements;
●
Prepare detailed 
reports of 
the model valuation 
results according 
to the 
specific requirements 
of the 
model validated, 
if any, 
which are communicated to BRC on an annual basis 
along with any related proposed remediation 
plan; 
●
Disseminate models’ validation test results 
within the Group’s BRC or MRC 
following reporting to Group CRO, 
as appropriate;
●
Prepare action plan for remediation actions, if any, 
as a result of the model validation tests implemented, and escalate the plan 
for its approval by the appropriate 
Management Authority;
●
Participate in the approval process 
of new models for assessing ratings’ system 
accuracy and suitability; and
●
Monitor industry practices on the development 
and use of models as well as related ECB guidelines and restrictions.
Group Market and Counterparty Risk 
Group Market 
and Counterparty Risk (GMCR) is responsible 
for the measurement, 
monitoring and periodic reporting 
of the Group’s 
exposure to counterparty 
risk (issuer risk and market driven counterparty 
risk), which is the risk of loss due to the custome 
r’s failure 
to 
meet 
its contractual 
obligations 
in the 
context 
of treasury 
positions, 
such as 
debt 
securities, derivatives, 
repos, 
reverse 
repos, 
interbank placings, etc.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
 
In addition, GMCR monitors, controls and regularly reports country limits, exposures and escalates breaches to the Management and 
to Committees. 
GMCR uses a 
comprehensive methodology 
approved by 
the BRC, for 
determining the 
acceptable country 
risk level, 
including the countries in which the Group has a strategic 
presence.
The 
Group 
sets 
limits on 
the level 
of 
counterparty 
risk 
that 
are 
based 
mainly 
on 
the counterparty’s 
credit 
rating, 
as 
provided 
by 
international rating agencies, the product type and 
the maturity of the 
transaction (e.g. control limits on net 
open derivative positions 
by both amount and term, sovereign bonds exposure, 
corporate securities, asset backed securities etc.). 
GMCR maintains and updates 
the limits’ monitoring systems 
and ensures the correctness and 
compliance of all financial institutions 
limits with the Bank’s policies as approved 
by the Group’s relevant 
bodies.
The utilization of the abovementioned limits, any excess of them, as well as the aggregate 
exposure per Group’s 
entity, counterparty 
and product type are monitored by 
GMCR on a daily basis. Risk mitigation contracts 
are taken into account 
for the calculation of the 
final exposure.
Also, GMCR ensures that the 
exposure arising from counterparties complies 
with the approved country limits 
framework. The GMCR’s 
exposure 
measurement 
and 
reporting 
tool 
is 
also 
available 
to 
the 
Group’s 
subsidiaries 
treasury 
divisions, 
thus 
enabling 
them 
to 
monitor each counterparty’s exposure 
and the limit availability.
Additionally, 
for 
the 
Banks’ 
corporate 
bond 
portfolio, 
GMCR 
measures 
and 
monitors 
daily 
the 
total 
notional 
limits, 
the 
sectoral 
concentration 
and the 
maximum size 
per issuer. 
It uses 
a measurement 
tool for 
monitoring any 
downgrades and 
any idiosyncratic 
spread widening from purchase and any breach 
is communicated to the Management and to 
the relevant Committees.
GMCR implements the 
market’s best practices and safeguards the compliance 
of all involved parties 
to limits’ policies 
and procedures. 
To 
this direction, 
for various 
units and 
International 
subsidiaries, GMCR 
provides 
support and 
guidance for 
implementation 
of the 
limits’ guidelines and policies.
Furthermore, 
GMCR prepares 
specialized 
reports for 
the Management/Committees 
along with 
regular reporting 
that includes 
the 
exposure 
to the 
Hellenic Republic 
and a 
report 
that 
is based 
on the 
calculation 
of the 
Lifetime 
Expected 
Losses for 
the exposure 
towards the Hellenic Republic (HR).
(c) Credit related commitments
The primary purpose of credit 
related commitments is to ensure that funds are available to a 
customer as agreed. Financial guarantee 
contracts carry 
the same credit 
risk as loans 
since they represent 
irrevocable assurances 
that the 
Group will 
make payments 
in the 
event that a customer 
cannot meet its obligations 
to third parties. Documentary 
and commercial letters 
of credit, which are written 
undertakings by the Group 
on behalf of a customer 
authorizing a third party 
to draw drafts 
on the Group up to 
a stipulated amount 
under specific terms 
and conditions, 
are secured by 
the underlying shipment 
of goods to 
which they relate 
and therefore 
carry less 
risk than a loan. Commitments to extend credit 
represent contractual commitments 
to provide credit under pre-specified terms 
and 
conditions (note 42) in the form of loans, guarantees or letters of credit for which the 
Group usually receives a commitment fee. Such 
commitments are irrevocable over the 
life of the facility or revocable only in response 
to a material adverse effect.
(d) Concentration risk
The Group 
structures the 
levels of 
credit risk 
it undertakes 
by placing 
exposure limits 
by borrower, 
or groups 
of borrowers, 
and by 
industry segments. 
The exposure 
to each 
borrower is 
further restricted 
by sub-limits 
covering on 
and off-balance 
sheet exposures, 
and daily delivery risk limits in relation to trading items 
such as forward foreign exchange 
contracts.
Such risks are 
monitored on a 
revolving basis and are 
subject to an 
annual or more 
frequent review. Risk concentrations are monitored 
regularly 
and 
reported 
to 
the 
BRC. 
Such 
reports 
include 
the 
25 
largest 
exposures, 
major 
watch 
list 
and 
problematic 
customers, 
industry analysis, analysis by rating/risk class, by delinquency bucket, 
and loan portfolios by country.
(e) Rating systems
Rating of wholesale lending exposures
The Group has decided upon the differentiation of rating models for wholesale lending activities, in order to reflect appropriately the 
risks 
arising 
from 
customers 
with 
different 
characteristics. 
Accordingly, 
the 
Group 
employs 
the 
following 
rating 
models 
for 
the 
wholesale portfolio:

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
●
Moody’s 
Risk 
Analyst 
model 
(“MRA” 
or 
“Fundamental 
Analysis”-“FA”) 
is 
used 
to 
assess 
the 
risk 
of 
borrowers 
for 
Corporate 
Lending.
●
Internal Credit Rating model (“ICR”) is used for 
those customers that cannot be rated 
by MRA.
●
Slotting 
rating 
models 
are 
employed 
in 
view 
of 
assessing 
the 
risk 
of 
specialized 
exposures, 
which 
are 
part 
of 
the 
Specialized 
Lending corporate portfolio.
●
Transactional 
Rating model (“TR”) has 
been developed 
in order to 
assess the risk 
of transactions taking 
into consideration 
their 
collaterals/guarantees. 
●
Finally, an assessment of the borrowers’ viability and the identification of impairment triggers is performed using the “Unlikely to 
Pay” (“UTP”) / impairment test. 
MRA, ICR, Slotting and ”UTP” functions are supported by the CreditLens (“CL”) 
computing platform provided 
by an external provider 
(Moody’s Analytics), while the TR is internally developed 
and is being supported by the core applications of the Bank.
MRA follows 
the Moody’s 
fundamental analysis 
(FA) 
approach. The 
FA 
models belong 
to a 
family of 
models defined 
as Knowledge 
Based Systems and rely on a 
probabilistic reasoning approach. They use quantitative and qualitative information of 
individual obligors 
in 
order 
to 
assess 
their 
creditworthiness 
and 
determine 
their 
credit 
rating. 
In 
particular, 
MRA 
takes 
into 
account 
the 
company's 
balance sheets, profit & loss accounts and cash flow statements to calculate key ratios. Its ratio analysis includes assessments of each 
ratio’s 
trend across multiple periods, both in terms of the slope 
and volatility of the trend. It also compares 
the value of the ratio for 
the most recent period 
with the quartile values for 
a comparable peer group. 
Moreover, 
MRA is supplied with a commonly 
used set 
of qualitative 
factors 
relating to 
the quality 
of the company’s 
management, the 
standing of 
the company, 
including the 
company’s 
transaction behavior towards the Bank, and the 
perceived riskiness of the 
industry. MRA is used for the assessment 
of all legal entities 
with full accountancy tax books irrespective 
of their legal form, and is calibrated 
on the Greek corporate environment.
The MRA is 
not employed 
for certain 
types of entities 
that use different 
accounting methods 
to prepare 
their financial statements, 
such as Insurance companies and brokerage firms. Moreover, 
entities such as start-ups that have not produced financial information 
for at least 
two annual accounting periods 
are not rated 
with MRA. In such cases, the 
Internal Credit Rating 
(“ICR”) is utilized, which 
is 
a 
scorecard 
consisting 
of 
a 
set 
of 
factors 
grouped 
into 
3 
main 
sections 
corresponding 
to 
particular 
areas 
of 
analysis: 
Financial 
Information, 
Qualitative 
Criteria, 
and 
Behavior 
Analysis. 
In 
addition, 
the 
Group 
performs 
an 
overall 
assessment 
of 
wholesale 
customers, based both on their rating 
(MRA or ICR) and the collaterals and guarantees 
regularly at every credit assessment. In 2021, 
in 
combination 
with 
the 
application 
of 
the 
new 
Definition 
of 
Default, 
the 
Bank 
calibrated 
its 
MRA 
and 
ICR 
models, 
which 
were 
approved by the regulatory authorities.
With reference to Specialized Lending portfolio (for which the Bank is using Slotting rating models) and in line with European Banking 
Authority (EBA) definitions, it comprises types of 
exposures towards entities specifically created to finance or operate physical assets, 
where the primary source of 
income and repayment 
of the obligation lies directly 
with the assets being financed. Accordingly, 
three 
of its 
product lines 
that are 
included in 
the Specialized 
Lending exposure 
class: Project 
Finance (assessed 
with the 
Project Finance 
Scorecard), Commercial Real Estate 
(assessed with the CRE investor & CRE Developer 
Scorecards) and Object Finance (assessed with 
the Object Finance Scorecard tailored for 
the Shipping portfolio).
In addition, the 
Group has developed 
an Unlikely to Pay/Impairment test. Unlikeliness 
to pay refers to circumstances when 
a Borrower 
is assessed as unlikely 
to pay its credit 
obligations in full without 
realization of collateral, 
regardless of the existence 
of any past due 
amount or of the days past due (i.e. to exposures less than 90 dpd). The impairment test , which is performed to all borrowers during 
every credit assessment is implemented in the CL platform 
and includes clearly defined indicators of unlikeliness to 
pay (UTP). These 
indicators are separated 
in “Hard” and “Soft” UTP triggers.
●
Hard 
UTP 
indicators 
lead 
directly 
to 
a 
recognition 
of 
non-performing 
(automatic 
NPE 
classification), 
as 
in 
most 
cases 
these 
events, by their very nature, directly fulfil the definition 
of UTP and there is little room for interpretation. 
●
Soft UTP triggers when applied, do 
not automatically mean that an exposure is non-performing, 
but that a thorough assessment 
should be performed (assessment prior to NPE classification).
The Group has further enhanced 
its wholesale credit risk assessment 
models linking risk parameters estimation with macro-economic 
factors allowing the forecasting 
of rating transitions under different 
macroeconomic scenarios (base, adverse and optimistic). 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
The rating systems described 
above are an integral part of the wholesale banking decision-making 
and risk management processes:
●
the credit approval or rejection, both at the origination 
and review process;
●
the allocation of competence levels for 
credit approval; 
●
risk-adjusted pricing; 
●
the calculation of Economic Value 
Added (EVA) and internal capital 
allocation; and
●
the impairment calculation (staging criteria and 
subsequent ECL estimation of forecasted 
risk parameters).
Rating of retail lending exposures
The Group 
assigns credit 
scores to 
its retail 
customers 
using a 
number of 
statistically-based 
models both 
at the 
origination and 
on 
ongoing basis 
through behavioral 
scorecards. 
These models have 
been developed 
to predict, 
on the 
basis of available 
information, 
the probability of default, the loss given default and the exposure at default. They cover the entire spectrum of retail products (credit 
cards, consumer lending, unsecured revolving credits, 
car loans, personal loans, mortgages and small business loans).
The 
Bank’s 
models 
were 
developed 
based 
on 
historical 
data 
and 
credit 
bureau 
data. 
Behavioral 
scorecards 
are 
calculated 
automatically on a monthly basis, thus ensuring that the credit risk 
assessment is up to date.
The 
models 
are 
applied 
in 
the 
credit 
approval 
process, 
the 
credit 
limits 
management, 
as 
well 
as 
the 
collection 
process 
for 
the 
prioritization of the accounts in 
terms of handling. Furthermore, 
the models are often 
used for the risk 
segmentation of the customers 
and the 
risk based 
pricing of 
particular segments 
or new 
products 
introduced 
as well 
as in 
the calculation 
of the 
Economic 
Value 
Added (EVA) and Risk Adjusted Return 
on Capital (RaRoC) measures.
In the context of IFRS9 implementation, the Bank 
has further enhanced its retail credit 
risk assessment models linking risk 
parameters 
estimation with macro-economic factors allowing their 
forecasting over one year and 
lifetime horizon under different macroeconomic 
scenarios (base, adverse and optimistic) and supporting the staging analysis and allocation to risk classes under homogeneous pools.
The Group 
Credit Risk 
Capital Adequacy 
Control 
monitors the 
capacity of 
rating 
models and 
scoring systems 
to classify 
customers 
according to 
risk, as well as 
to predict the 
probability of default 
and loss given 
default and exposure 
at default on 
an ongoing basis. 
The 
Group 
Models 
Validation 
and 
Governance 
implements 
the 
Bank's 
validation 
policy 
which 
complies 
with 
international 
best 
practices and regulatory requirements. The Bank verifies the validity of the rating models and scoring systems on an annual basis and 
the validation includes both quantitative and qualitative aspects. The validation procedures 
are documented, and regularly reviewed 
and reported to the BRC. 
The Group’s Internal 
Audit also independently reviews the validation 
process in wholesale and retail rating systems 
annually.
(f) Credit risk mitigation
A key component of the Group's business strategy is to reduce risk by utilizing various risk mitigating techniques. The most important 
risk mitigating means are collaterals' 
pledges, guarantees and master 
netting arrangements.
Types of collateral commonly accepted 
by the Group
The Group has internal 
policies in place 
which set out 
the following types of 
collateral that are usually accepted 
in a credit 
relationship:
●
residential real estate, 
commercial real estate (offices, shopping malls, etc.), 
industrial buildings and land;
●
receivables (trade debtors) 
and post dated cheques;
●
securities, including listed shares and bonds;
●
deposits;
●
guarantees and letters 
of support;
●
insurance policies; and
●
equipment, mainly, vehicles 
and vessels.
A specific 
coverage 
ratio 
is pre-requisite, 
upon the 
credit relationship’s 
approval and 
on ongoing 
basis, for 
each collateral 
type, as 
specified in the Group’s credit 
policy.
For 
exposures, 
other than 
loans to 
customers 
(i.e. reverse 
repos, 
derivatives), 
the 
Group 
accepts as 
collateral 
only 
cash or 
liquid 
bonds.

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
Valuation principles of collaterals
In defining 
the maximum 
collateral 
ratio for 
loans, the 
Group considers 
all relevant 
information available, 
including the 
collaterals’ 
specific characteristics, 
if market 
participants 
would 
take 
those into 
account 
when 
pricing the 
relevant 
assets. 
The valuation 
and 
hence eligibility is based on the following factors:
●
the collateral’s 
fair 
value, 
i.e. the 
exit price 
that 
would 
be received 
to 
sell the 
asset in 
an orderly 
transaction 
under current 
market conditions; 
●
the fair value reflects market participants’ ability to generate economic benefits by using the asset in its highest and best use or 
by selling it;
●
a reduction in the 
collateral’s 
value is considered 
if the type, location 
or condition (such as deterioration 
and obsolescence) of 
the asset indicate so; and
●
no collateral value is assigned if a pledge is not 
legally enforceable.
The 
Group 
performs 
collaterals’ 
valuation 
in 
accordance 
with 
its 
processes 
and 
policies. 
The 
Group 
has 
an 
approved 
list 
of 
independent and qualified appraisers, 
which is updated on an annual basis or at shorter intervals if necessary. 
With the exception of 
special cases (e.g. syndicated 
loans), the real estate collaterals 
of all units are valued by 
Cerved Property Services S.A. (“CPS”) who is 
the successor 
of the 
Bank’s 
former subsidiary, 
Eurobank Property 
Services S.A. CPS 
is regulated 
by the 
Royal Institute 
of Chartered 
Surveyors 
and 
employs 
internal 
or 
external 
qualified 
appraisers 
based 
on 
predefined 
criteria 
(qualifications 
and 
expertise). 
All 
appraisals 
take 
into 
account 
factors 
such 
as 
the 
region, 
age 
and 
marketability 
of 
the 
property, 
and 
are 
further 
reviewed 
and 
countersigned by experienced staff. 
The valuation methodology employed is based on International 
Valuation Standards 
(IVS), while 
quality controls are in place, such as reviewing mechanisms, independent 
sample reviews by independent well established 
valuation 
companies.
In order to monitor the valuation of residential property held as collateral, the Group uses the Residential Property Index of the Bank 
of Greece. The 
index has been 
created by 
the Real Estate 
Market Analysis 
Section of BoG using 
detailed information 
collected from 
all Credit 
Institutions 
and Real 
Estate 
Investment 
Companies (REIC) 
operating 
in Greece. 
The Residential 
Property 
Index is 
used in 
combination with physical inspection and desktop 
valuation, depending on the EBA status and the 
balance of the loan.
For commercial 
real 
estates, 
the Group 
uses the 
Commercial Real 
Estate 
Index developed 
by CPS. 
This index 
is derived 
through 
a 
combination of CPS & BoG CRE indices and it is 
based on internationally accepted methodology. It constitutes a tool for the statistical 
monitoring 
of possible 
changes of 
the values 
of the 
commercial properties 
as well 
as for 
the trends 
in the 
particular market. 
It is 
updated on an annual basis. The 
Commercial Real Estate Index is used in combination with physical inspection and desktop valuation, 
depending on the EBA status and the balance of the loan.
To ensure 
the quality of the post-dated cheques 
accepted as collateral, the Bank has developed 
a pre-screening system, which 
takes 
into 
account 
a 
number 
of 
criteria 
and 
risk 
parameters, 
so 
as 
to 
evaluate 
their 
eligibility. 
Furthermore, 
the 
post-dated 
cheques’ 
valuation is monitored through 
the use of advanced statistical 
reports and through the review 
of detailed information 
regarding the 
recoverability of cheques, referrals 
and bounced cheques, per issuer broken down.
Collateral policy and documentation
Regarding collaterals, Group’s 
policy emphasizes the need that collaterals and relevant processes are timely and prudently executed, 
in 
order 
to 
ensure 
that 
collaterals 
and relevant 
documentation 
are 
legally 
enforceable 
at 
any 
time. The 
Group 
holds the 
right 
to 
liquidate collateral in the event 
of the obligor’s financial 
distress and can claim 
and control cash proceeds 
from the liquidation process.
Guarantees 
The guarantees used as credit risk mitigation 
by the Group are largely issued by central and 
regional governments in the countries in 
which 
it 
operates. 
The 
Hellenic 
Development 
Bank 
(HDB) 
and 
similar 
funds, 
banks 
and 
insurance 
companies 
are 
also 
significant 
guarantors of credit risk.
Management of repossessed properties
The 
objective 
of 
the 
repossessed 
assets’ 
management 
is 
to 
minimize 
the 
time 
cycle 
of 
the 
asset’s 
disposal 
and 
to 
maximize 
the 
recovery of the capital engaged.

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
To this 
end, the management of repossessed assets 
aims at improving rental 
and other income from the 
exploitation of such assets, 
and at the 
same time reducing 
the respective holding and 
maintenance costs. Additionally, the Group is 
actively engaged in identifying 
suitable potential buyers for its portfolio of repossessed assets (including specialized funds involved 
in acquiring specific portfolios of 
properties repossessed), both in Greece and abroad, 
in order to reduce its stock of properties with a time horizon 
of 3-5 years.
Repossessed assets are closely monitored based on technical and 
legal due diligence reports, so that their market value 
is accurately 
reported and updated in accordance with market 
trends.
Counterparty risk 
The 
Group 
mitigates 
counterparty 
risk 
arising 
from 
treasury 
activities 
by 
entering 
into 
master 
netting 
arrangements 
and 
similar 
agreements, as well 
as collateral agreements 
with counterparties with 
which it undertakes 
a significant volume 
of transactions. The 
respective credit risk is reduced through a master netting agreement to the extent that if an event of default occurs, all amounts with 
the counterparty are terminated and 
settled on a net basis. 
In the case of 
derivatives, the Group 
makes use of 
International Swaps 
and Derivatives Association 
(ISDA) contracts, 
which limit the 
exposure 
via 
the 
application 
of 
netting, 
and 
Credit 
Support 
Annex 
(CSAs), 
which 
further 
reduce 
the 
total 
exposure 
with 
the 
counterparty. Under these agreements, the total exposure with the counterparty is calculated on a daily 
basis taking into account any 
netting arrangements and collaterals.
The same 
process is 
applied in 
the case 
of repo 
transactions where 
standard 
Global Master 
Repurchase 
Agreements 
(GMRAs) are 
used. The exposure 
(the net difference 
between repo 
cash and the 
market value 
of the securities) 
is calculated 
on a daily basis 
and 
collateral is transferred 
between the counterparties thus minimizing the exposure.
Following 
the 
European 
Market 
Infrastructure 
Regulation 
(EMIR), 
the 
Bank 
performs 
centrally 
cleared 
transactions 
for 
eligible 
derivative contracts 
through an EU 
authorized European 
central counterparty 
(CCP), recorded 
in trade 
repositories. The 
use of CCP 
increases market transparency 
and reduces counterparty credit and operational 
risks inherent in derivatives markets.
The Bank uses a comprehensive 
collateral management 
system for 
the monitoring of ISDA, CSAs 
and GMRAs, i.e. the daily 
valuation 
of the derivatives 
and the market value 
of the securities are used for 
the calculation of each counterparty’s 
exposure. The collateral 
which should be posted or requested by the relevant 
counterparty is calculated daily.
With 
this 
system, 
the 
Bank 
monitors 
and 
controls 
the 
collateral 
flow 
in 
case 
of 
derivatives 
and 
repos, 
independently 
of 
the 
counterparty. The effect of any market 
movement that increases the Bank’s exposure is reported and the Bank proceeds to collateral 
call accordingly.

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
5.2.1.1 Maximum exposure to credit 
risk before collateral held
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Credit risk exposures relating to on-balance sheet assets 
are as 
follows: 
Due from credit institutions 
2,355 
1,330 
Less: Impairment allowance 
(1) 
2,354 
(1) 
1,329 
Debt securities held for trading 
245 
87 
Derivative financial instruments 
881 
1,185 
Loans and advances to customers at 
amortised cost: 
- Wholesale lending⁽¹⁾ 
25,912 
26,054 
- Mortgage lending 
9,942 
10,201 
- Consumer lending 
3,436 
3,353 
- Small business lending 
3,484 
3,842 
Less: Impairment allowance 
(1,258) 
41,516 
(1,626) 
41,824 
Fair value changes of loans in portfolio hedging of 
interest rate risk 
15 
(163) 
Loans and advances to customers measured 
at FVTPL 
15 
16 
Investment securities: 
- Debt securities measured at amortised cost 
10,974 
9,214 
Less: Impairment allowance 
(18) 
10,955 
(22) 
9,192 
Debt securities measured at FVOCI 
3,492 
3,828 
Investment securities at FVTPL 
263 
241 
Other financial assets⁽²⁾ 
218 
202 
Less: Impairment allowance 
(22) 
196 
(23) 
179 
Credit risk exposures relating to off-balance 
sheet items (note 42): 
- Loan commitments 
8,068 
7,611 
- Financial guarantee contracts and 
other commitments 
3,348 
2,860 
Total 
71,348 
68,189
(1) 
Includes loans to public sector. 
(2) 
Refers to financial assets subject to IFRS 9 impairment requirements, which are recognised within other assets 
The above table represents the Group’s 
maximum credit risk exposure as at 31 December 2023 and 
31 December 2022 respectively, 
without taking 
account 
of any 
collateral 
held or 
other credit 
enhancements 
that 
do not 
qualify for 
offset 
in the 
Group's 
financial 
statements.
For on-balance 
sheet assets, 
the exposures 
set out above 
are based 
on the carrying 
amounts as reported 
in the balance 
sheet. For 
off-balance 
sheet 
items, 
the 
maximum 
exposure 
is 
the 
nominal 
amount 
that 
the 
Group 
may 
be 
required 
to 
pay 
if 
the 
financial 
guarantee contracts 
and other commitments 
are called upon 
and the loan 
commitments are drawn 
down. Off-balance 
sheet credit 
risk exposures 
presented 
above, include 
revocable loan 
commitments to 
extend credit 
of € 
3.5 billion 
(2022: € 
3.7 billion) 
that are 
subject to ECL measurement.

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
5.2.1.2 
Loans and advances to customers
The section below provides an 
overview of the Group’s exposure to credit risk arising 
from its customer lending portfolios, in line 
with 
the guidelines 
set by 
the Hellenic 
Capital 
Markets 
Commission and 
the Bank 
of Greece 
(BoG) released 
on 30 
September 2013, 
as 
updated by the Group 
in order to comply with 
the revised IFRS 7 ‘Financial 
Instruments: Disclosures’, 
following the adoption of 
IFRS 
9 
from 
2018. 
In 
addition, 
the 
types 
of 
the 
Group’s 
forbearance 
programs 
are 
in 
line 
with 
the 
BoG’s 
Executive 
Committee 
Act 
42/30.05.2014 and its amendments.
(a) Credit quality of loans and advances to customers
Loans and advances to customers carried 
at amortised cost are classified depending on how ECL is measured. 
Accordingly, 
loans reported 
as non-impaired 
include loans 
for 
which a 
‘12-month 
ECL allowance’ 
is recognized 
as they 
exhibit 
no 
significant increase in credit risk since initial recognition and loans for which a ‘Lifetime ECL allowance’ 
is recognized as they exhibit a 
significant increase in credit risk since initial recognition 
but are not considered to be in default.
Credit impaired loans category includes loans that are considered to be in default, for which a loss allowance equal to a ‘Lifetime ECL’ 
is recognized, 
and loans 
classified as ’Purchased 
or originated 
credit impaired’ 
(POCI) which are 
always measured 
on the 
basis of a 
‘Lifetime 
ECL’. 
The 
Group 
applies 
a 
default 
definition 
for 
accounting 
purposes, 
which 
is 
consistent 
with 
the 
European 
Banking 
Authority (EBA) definition for non-performing 
exposure and regulatory definition of default.
Loans 
and 
advances 
to 
customers 
carried 
at 
FVTPL 
are 
not 
subject 
to 
ECL 
measurement 
and 
therefore 
are 
not 
included 
in 
the 
quantitative information provided in the below sections for loans and advances measured at amortised cost, except where indicated. 
The Group’s accounting 
policy for impairment of financial assets is set out in note 2.2.13.
Quantitative information
The 
following 
quantitative 
analysis 
presents 
information 
about 
the 
total 
gross 
carrying 
amount 
of 
loans 
and 
advances 
including 
securitization 
notes 
issued 
by 
special 
purpose 
entities 
established 
by 
the 
Group, 
and 
the 
nominal 
amount 
of 
credit 
related 
commitments, that are 
classified as non-impaired (stage 
1 and stage 
2) and those classified as 
credit-impaired (stage 
3 and POCI). It 
also presents 
the impairment 
allowance recognized 
in respect of 
all loans and 
advances and 
credit related 
commitments, analyzed 
into individually or 
collectively assessed, based 
on how the 
respective impairment allowance has 
been calculated, the 
carrying amount 
of 
loans 
and advances, 
as well 
as 
the 
value 
of 
collateral 
held to 
mitigate 
credit 
risk 
which is 
capped 
to 
the respective 
gross 
loan 
amount. In particular, 
the following four tables for 2023 and 
2022 
provide:
●
a summary of the credit quality of lending exposures and credit related 
commitments, presenting product line, stage 
allocation, 
respective impairment allowance and collateral 
held 
●
the classification of lending exposures and credit related 
commitments into the internal credit rating 
categories, 
●
the movement of the gross carrying amounts for 
loans and advances to customers by product line and 
stage, 
●
the ageing analysis of credit impaired (Stage 3 and 
POCI) loans and advances to customers 
Public Sector lending 
exposures include exposures 
to the central 
government, local authorities, 
state-linked 
companies and entities 
controlled and fully 
or partially owned by the 
state, excluding 
public and private 
companies with commercial activity. 
For credit risk 
management purposes, exposures to Public Sector 
are incorporated in wholesale lending. 
.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
65
|
Page 
31 December 2023 Consolidated Financial Statements
The following tables present 
summary information about the 
credit quality (stage analysis, 
impairment allowance and 
collateral held per product 
line) of loans 
and advances to 
customers carried at amortised 
cost and 
credit related 
commitments. 
In addition, 
they include the 
fair value 
changes of 
loans in 
portfolio hedging 
of interest 
rate risk 
and the loans 
and advances 
to customers 
carried at 
FVTPL for 
the 
purpose of reconciliation with the total carrying amount 
of loan and advances to customers:
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Impairment allowance 
Lifetime ECL - 
Stage 3 and POCI⁽¹⁾ 
Lifetime ECL - 
Stage 3 and POCI⁽¹⁾ 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Total gross carrying 
amount/nominal 
exposure 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Carrying amount 
Value of 
collateral 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
12,331 
3,716 
85 
730 
16,861 
(99) 
(272) 
(60) 
(381) 
16,050 
11,385 
- Mortgage 
6,909 
2,618 
39 
376 
9,942 
(20) 
(154) 
(33) 
(175) 
9,560 
Value of collateral 
6,726 
2,237 
16 
310 
9,289 
- Consumer 
2,242 
297 
1 
102 
2,642 
(45) 
(48) 
(1) 
(84) 
2,463 
Value of collateral 
132 
1 
1 
0 
133 
- Credit card 
701 
73 
0 
20 
794 
(8) 
(4) 
(0) 
(19) 
762 
Value of collateral 
0 
0 
0 
0 
0 
- Small business 
2,480 
728 
45 
231 
3,484 
(25) 
(65) 
(26) 
(102) 
3,265 
Value of collateral 
1,246 
547 
23 
147 
1,962 
Wholesale Lending 
23,987 
1,198 
539 
169 
25,893 
(71) 
(58) 
(219) 
(99) 
25,447 
16,621 
- Large corporate 
15,791 
544 
232 
27 
16,593 
(47) 
(30) 
(85) 
(12) 
16,420 
Value of collateral 
8,370 
395 
150 
10 
8,926 
- SMEs 
3,752 
654 
307 
142 
4,856 
(25) 
(28) 
(134) 
(86) 
4,584 
Value of collateral 
2,429 
517 
220 
86 
3,252 
- Securitized notes⁽²⁾ 
4,444 
- 
- 
- 
4,444 
(0) 
- 
- 
- 
4,444 
Value of collateral 
4,444 
- 
- 
- 
4,444 
Public Sector 
18 
0 
- 
0 
19 
(0) 
(0) 
- 
(0) 
18 
1 
- Greece 
18 
- 
- 
0 
18 
(0) 
- 
- 
(0) 
18 
Value of collateral 
1 
- 
- 
0 
1 
- Other countries 
0 
0 
- 
- 
0 
(0) 
(0) 
- 
- 
0 
Value of collateral 
- 
- 
- 
- 
- 
Fair value changes of loans in 
portfolio hedging of interest rate 
risk 
15 
Loans and advances to customers 
at FVTPL 
15 
15 
Total 
36,336 
4,914 
624 
899 
42,773 
(170) 
(329) 
(279) 
(480) 
41,545 
28,022 
Total value of collateral 
23,348 
3,697 
409 
553 
Credit related commitments 
11,049 
311 
36 
20 
11,416 
(18) 
(4) 
(20) 
(6) 
Loan commitments 
7,801 
259 
6 
2 
8,068 
(11) 
(3) 
- 
- 
Financial guarantee contracts and 
other commitments 
3,247 
51 
31 
19 
3,348 
(7) 
(1) 
(20) 
(6) 
Value of collateral 
1,193 
101 
14 
7

 
 
 
 
Notes to the Consolidated Financial Statements 
.
66
|
Page 
31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
 
Impairment allowance 
Lifetime ECL - Stage 3 and POCI⁽¹⁾ 
Lifetime ECL - Stage 3 and POCI⁽¹⁾ 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Total gross carrying 
amount/nominal 
exposure 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 2 
Individually 
assessed 
Collectively 
assessed 
Carrying amount 
Value of 
collateral 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
12,169 
3,992 
105 
1,131 
17,396 
(81) 
(280) 
(73) 
(571) 
16,392 
11,598 
- Mortgage 
6,832 
2,825 
50 
495 
10,201 
(21) 
(160) 
(41) 
(188) 
9,792 
Value of collateral 
6,563 
2,378 
22 
385 
9,348 
- Consumer 
2,028 
357 
0 
214 
2,599 
(31) 
(42) 
(0) 
(149) 
2,376 
Value of collateral 
125 
2 
0 
3 
130 
- Credit card 
642 
70 
0 
42 
755 
(6) 
(6) 
(0) 
(37) 
705 
Value of collateral 
0 
0 
0 
0 
0 
- Small business 
2,668 
740 
54 
380 
3,842 
(23) 
(72) 
(32) 
(197) 
3,518 
Value of collateral 
1,347 
550 
25 
198 
2,120 
Wholesale Lending 
23,424 
1,581 
841 
182 
26,028 
(68) 
(75) 
(368) 
(109) 
25,408 
16,836 
- Large corporate 
14,865 
794 
284 
19 
15,961 
(40) 
(27) 
(139) 
(11) 
15,744 
Value of collateral 
7,890 
551 
165 
11 
8,618 
- SMEs 
3,658 
787 
557 
163 
5,166 
(28) 
(48) 
(228) 
(99) 
4,763 
Value of collateral 
2,238 
601 
387 
91 
3,317 
- Securitized notes⁽²⁾ 
4,901 
 
- 
- 
- 
4,901 
(0) 
 
- 
- 
- 
4,901 
Value of collateral 
4,901 
 
- 
- 
- 
4,901 
Public Sector 
25 
0 
1 
0 
26 
(0) 
(0) 
(1) 
(0) 
25 
0 
- Greece 
25 
- 
- 
0 
25 
(0) 
 
- 
- 
(0) 
24 
Value of collateral 
0 
 
- 
- 
0 
0 
- Other countries 
0 
0 
1 
- 
1 
(0) 
(0) 
(1) 
- 
1 
Value of collateral 
0 
 
- 
- 
- 
0 
Fair value changes of loans in 
portfolio hedging of interest rate 
risk 
(163) 
Loans and advances to customers 
at FVTPL 
16 
16 
Total 
35,618 
5,573 
946 
1,313 
43,450 
(149) 
(355) 
(441) 
(680) 
41,677 
28,450 
Total value of collateral 
23,065 
4,082 
599 
688 
Credit related commitments 
10,129 
289 
36 
17 
10,471 
(20) 
(6) 
(24) 
(7) 
Loan commitments 
7,429 
178 
3 
1 
7,611 
(12) 
(5) 
(1) 
(0) 
Financial guarantee contracts and 
other commitments 
2,701 
110 
33 
16 
2,860 
(8) 
(2) 
(23) 
(7) 
Value of collateral 
1,113 
56 
9 
5
(1)
 
As at 31 December 
2023, total gross carrying amount 
of credit impaired loans includes 
POCI loans of € 
29 million and carry an 
impairment allowance of € 
8.1 million 
(2022: € 43 million gross 
carrying amount and € 6.5 
million impairment 
allowance). 
(2)
 
It refers to the 
senior notes of the 
Pillar, Cairo 
and Mexico securitizations that are 
collateralized by the underlying 
pool of loans held 
by the respective securitization 
vehicles (note 20). The 
amount of the securitized loan 
portfolios has been 
capped to the gross carrying amount of the senior notes. In addition, the senior notes of the Cairo and 
Mexico securitizations are guaranteed by the Hellenic Republic in the context of Hellenic Asset Protection Scheme (note 20).

 
Notes to the Consolidated Financial Statements 
.
67
|
Page
 
31 December 2023 Consolidated Financial Statements
The Group assesses the credit quality of its loans and advances to customers 
and credit related commitments that are subject to 
ECL 
using internal credit 
rating systems 
for the wholesale 
portfolio, which 
are based on 
a variety of quantitative 
and qualitative factors, 
while the credit quality of the retail portfolio is based 
on the allocation of risk classes into homogenous pools. 
The following tables present the distribution 
of the gross carrying amount of loans and advances and the nominal exposure 
of credit 
related commitments based on the credit quality 
classification categories and stage allocation:
 
31 December 2023 
31 December 2022 
Internal credit rating 
12-month ECL-
Stage 1 
Lifetime ECL-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total gross 
carrying 
amount 
12-month ECL - 
Stage 1 
Lifetime ECL - Stage 
2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total gross 
carrying 
amount 
Retail Lending 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
- Mortgage 
PD<2.5% 
6,587 
1,282 
0 
7,869 
6,460 
1,167 
- 
7,627 
2.5%<=PD<4% 
196 
69 
0 
265 
265 
284 
- 
549 
4%<=PD<10% 
105 
874 
0 
980 
66 
437 
- 
502 
10%<=PD<16% 
14 
192 
0 
206 
20 
553 
- 
573 
16%<=PD<99.99% 
7 
201 
1 
209 
21 
384 
- 
405 
100% 
- 
- 
414 
414 
 
- 
 
- 
545 
545 
- Consumer 
PD<2.5% 
512 
0 
- 
512 
287 
8 
- 
294 
2.5%<=PD<4% 
700 
21 
- 
721 
707 
34 
- 
742 
4%<=PD<10% 
945 
29 
0 
975 
964 
133 
- 
1,097 
10%<=PD<16% 
54 
74 
- 
129 
46 
11 
- 
57 
16%<=PD<99.99% 
30 
172 
0 
202 
23 
172 
- 
194 
100% 
- 
- 
103 
103 
 
- 
 
- 
214 
214 
- Credit card 
PD<2.5% 
335 
1 
- 
337 
372 
5 
- 
377 
2.5%<=PD<4% 
338 
26 
0 
364 
263 
41 
- 
304 
4%<=PD<10% 
27 
15 
- 
42 
6 
4 
- 
11 
10%<=PD<16% 
- 
3 
0 
3 
0 
5 
- 
5 
16%<=PD<99.99% 
- 
27 
- 
27 
0 
15 
- 
15 
100% 
- 
- 
20 
20 
 
- 
 
- 
42 
42 
- Small business 
PD<2.5% 
912 
26 
- 
938 
1,328 
48 
- 
1,376 
2.5%<=PD<4% 
715 
161 
- 
876 
498 
63 
- 
561 
4%<=PD<10% 
825 
381 
- 
1,206 
652 
47 
- 
699 
10%<=PD<16% 
1 
67 
- 
68 
47 
165 
- 
213 
16%<=PD<99.99% 
26 
93 
- 
119 
143 
417 
- 
559 
100% 
- 
- 
276 
276 
 
- 
 
- 
434 
434 
Wholesale Lending 
- Large corporate 
Strong 
11,391 
1 
- 
11,392 
10,572 
0 
- 
10,572 
Satisfactory 
4,197 
377 
10 
4,583 
4,127 
432 
- 
4,559 
Watch list 
204 
166 
- 
369 
165 
362 
- 
527 
Impaired (Defaulted) 
- 
- 
249 
249 
 
- 
 
- 
303 
303 
- SMEs 
Strong 
1,194 
19 
- 
1,213 
1,090 
9 
- 
1,098 
Satisfactory 
2,401 
334 
0 
2,735 
2,318 
321 
- 
2,639 
Watch list 
157 
301 
- 
458 
250 
458 
- 
708 
Impaired (Defaulted) 
- 
- 
450 
450 
 
- 
 
- 
720 
720 
- Securitized notes 
Strong 
4,444 
- 
- 
4,444 
4,901 
 
- 
- 
4,901 
Public Sector 
All countries 
Strong 
18 
- 
- 
18 
25 
 
- 
- 
25 
Satisfactory 
1 
- 
- 
1 
- 
- 
- 
- 
Watch list 
- 
0 
- 
0 
 
- 
0 
- 
0 
Impaired (Defaulted) 
- 
- 
0 
0 
 
- 
 
- 
1 
1 
Total 
36,336 
4,914 
1,523 
42,773 
35,618 
5,573 
2,259 
43,450

 
Notes to the Consolidated Financial Statements 
.
68
|
Page
 
31 December 2023 Consolidated Financial Statements
 
31 December 2023 
31 December 2022 
Internal credit rating 
12-month ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
nominal 
amount 
12-month ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
nominal 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Credit Related 
Commitments 
Retail Lending 
Loan commitments 
PD<2.5% 
1,084 
6 
- 
1,090 
1,455 
14 
- 
1,469 
2.5%<=PD<4% 
1,356 
46 
- 
1,401 
1,025 
62 
- 
1,088 
4%<=PD<10% 
574 
97 
- 
671 
541 
30 
- 
571 
10%<=PD<16% 
47 
18 
- 
64 
33 
3 
- 
37 
16%<=PD<99.99% 
0 
30 
- 
30 
1 
13 
- 
14 
100% 
- 
- 
2 
2 
 
- 
 
- 
1 
1 
Financial guarantee 
contracts and other 
commitments 
PD<2.5% 
14 
- 
- 
14 
81 
0 
- 
81 
2.5%<=PD<4% 
136 
0 
- 
136 
77 
1 
- 
78 
4%<=PD<10% 
29 
1 
- 
30 
22 
0 
- 
22 
10%<=PD<16% 
5 
0 
- 
6 
 
- 
0 
- 
0 
16%<=PD<99.99% 
1 
- 
- 
1 
0 
2 
- 
2 
100% 
- 
- 
2 
2 
 
- 
 
- 
1 
1 
Wholesale Lending 
Loan commitments 
Strong 
3,738 
1 
- 
3,739 
3,126 
0 
- 
3,126 
Satisfactory 
978 
56 
- 
1,034 
1,241 
37 
- 
1,278 
Watch list 
25 
7 
- 
31 
6 
18 
- 
24 
Impaired 
(Defaulted) 
- 
- 
6 
6 
 
- 
 
- 
3 
3 
Financial guarantee 
contracts and other 
commitments 
Strong 
2,017 
1 
- 
2,018 
1,940 
10 
- 
1,950 
Satisfactory 
987 
31 
- 
1,018 
552 
36 
- 
588 
Watch list 
57 
19 
- 
77 
28 
62 
- 
90 
Impaired 
(Defaulted) 
- 
- 
48 
48 
 
- 
 
- 
48 
48 
Total 
11,049 
311 
57 
11,416 
10,129 
289 
53 
10,471
The table below depicts the internal credit rating 
bands (MRA rating scale or equivalent) 
for the wholesale portfolio that correspond 
to the credit quality classification categories 
presented in the above tables:
 
Wholesale Lending 
Credit Quality classification 
categories 
Internal Credit Rating 
 
Large Corporate 
Internal Credit Rating 
 
SMEs 
Strong 
1-4 
1-3 
Satisfactory 
5-6 
4-6 
Watch list 
7-9 
7-9 
Impaired (Defaulted) 
10 
10

 
Notes to the Consolidated Financial Statements 
.
69
|
Page 
31 December 2023 Consolidated Financial Statements
The following tables present the movement of the gross carrying 
amounts for loans and advances to customers 
by product line and stage and is calculated by reference 
to the opening and closing balances 
for the reporting years from 1 January 
2023 to 31 December 2023 and 1 January 2022 to 31 December 2022:
 
31 December 2023 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
23,448 
1,581 
1,024 
6,832 
2,825 
545 
2,669 
427 
257 
2,668 
740 
434 
43,450 
New loans and advances 
originated or purchased 
5,930 
- 
- 
756 
- 
- 
859 
- 
- 
536 
- 
- 
8,081 
Arising from acquisition (note 
23.2) 
- 
- 
- 
- 
- 
- 
443 
- 
6 
- 
- 
- 
450 
Transfers 
between stages 
-to 12-month ECL 
451 
(443) 
(8) 
532 
(520) 
(12) 
74 
(65) 
(9) 
123 
(116) 
(7) 
- 
-to lifetime ECL 
(363) 
498 
(135) 
(392) 
487 
(95) 
(84) 
103 
(18) 
(186) 
235 
(49) 
- 
-to lifetime ECL credit-
impaired loans 
(55) 
(173) 
228 
(54) 
(163) 
217 
(36) 
(38) 
74 
(53) 
(77) 
130 
- 
Loans and advances 
derecognised/ reclassified as 
held for sale during the year 
(696) 
(53) 
(29) 
(180) 
(11) 
(174) 
(465) 
(91) 
(129) 
(104) 
(23) 
(155) 
(2,109) 
Amounts written-off⁽¹⁾ 
- 
- 
(216) 
- 
- 
(46) 
- 
- 
(62) 
- 
- 
(62) 
(387) 
Repayments 
(4,654) 
(240) 
(135) 
(858) 
(185) 
(49) 
(484) 
(59) 
(44) 
(578) 
(75) 
(36) 
(7,396) 
Foreign exchange differences 
and other movements 
(55) 
27 
(21) 
274 
185 
30 
(33) 
92 
48 
73 
44 
21 
685 
Gross Carrying amount at 31 
December 
24,005 
1,198 
709 
6,909 
2,618 
415 
2,942 
369 
124 
2,480 
728 
276 
42,773 
Impairment allowance 
(72) 
(58) 
(318) 
(20) 
(154) 
(208) 
(53) 
(53) 
(105) 
(25) 
(65) 
(128) 
(1,258) 
Carrying amount at 31 
December 
23,934 
1,140 
391 
6,888 
2,464 
207 
2,890 
317 
19 
2,454 
663 
148 
41,515

 
Notes to the Consolidated Financial Statements 
.
70
|
Page 
31 December 2023 Consolidated Financial Statements
 
31 December 2022 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
20,594 
1,670 
1,452 
6,871 
2,735 
498 
2,572 
311 
358 
2,540 
744 
469 
40,815 
New loans and advances 
originated or purchased 
6,986 
 
- 
8 
809 
 
- 
- 
840 
 
- 
- 
725 
 
- 
- 
9,368 
Transfers 
between stages 
-to 12-month ECL 
576 
(575) 
(1) 
333 
(318) 
(15) 
92 
(82) 
(10) 
154 
(143) 
(12) 
- 
-to lifetime ECL 
(802) 
819 
(17) 
(506) 
611 
(105) 
(272) 
303 
(31) 
(183) 
235 
(52) 
- 
-to lifetime ECL credit-
impaired loans 
(41) 
(85) 
125 
(60) 
(151) 
210 
(71) 
(44) 
115 
(38) 
(75) 
113 
- 
Loans and advances 
derecognised/ reclassified as 
held for sale during the year 
(2) 
(2) 
(276) 
(2) 
 
- 
(0) 
(0) 
 
- 
- 
 
- 
 
- 
(1) 
(282) 
Amounts written-off⁽¹⁾ 
 
- 
 
- 
(87) 
 
- 
 
- 
(10) 
 
- 
 
- 
(141) 
 
- 
 
- 
(53) 
(290) 
Repayments 
(4,060) 
(293) 
(184) 
(820) 
(179) 
(45) 
(507) 
(87) 
(61) 
(615) 
(70) 
(38) 
(6,959) 
Foreign exchange differences 
and other movements 
198 
46 
2 
204 
127 
11 
15 
26 
26 
84 
49 
8 
798 
Gross Carrying amount at 31 
December 
23,448 
1,581 
1,024 
6,832 
2,825 
545 
2,669 
427 
257 
2,668 
740 
434 
43,450 
Impairment allowance 
(68) 
(75) 
(478) 
(21) 
(160) 
(229) 
(37) 
(48) 
(186) 
(23) 
(72) 
(229) 
(1,626) 
Carrying amount at 31 
December 
23,380 
1,506 
546 
6,810 
2,665 
316 
2,633 
379 
70 
2,645 
668 
205 
41,824
(1)
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2023 and that are 
still subject to enforcement activity is € 338 million (2022: € 111 million). 
Note 1: Wholesale product line category includes also Public sector loans portfolio. 
Note 2: “Loans and 
advances derecognised/ reclassified as held 
for sale during the 
year” presents loans derecognized due 
to a) substantial 
modifications of the loans’ 
contractual terms, b) sale 
transactions, c) debt to 
equity transactions and 
those that have been reclassified as held for sale during the year (notes 20 and 30).

 
Notes to the Consolidated Financial Statements 
.
 
71
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31 December 2023 Consolidated Financial Statements
 
Credit impaired loans and advances to customers
The following 
tables present 
the ageing 
analysis of 
credit impaired 
(Stage 3 
and POCI) 
loans and 
advances by 
product line 
at their 
gross carrying amounts, as well as the respective impairment 
allowance and the value of collaterals held to 
mitigate credit risk.
For denounced loans, the Group ceases to monitor the delinquency status and therefore the respective balances have 
been included 
in the ‘over 360 days’ time band, with the 
exception of consumer exposures which continue to be monitored up to 360 
days past due.
 
31 December 2023 
Retail lending 
Wholesale lending 
Public sector 
Lifetime ECL 
credit-impaired 
Mortgage 
Consumer 
Credit card 
Small 
business 
Large 
corporate 
SMEs 
Greece and 
other countries 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
up to 90 days 
174 
42 
6 
132 
191 
189 
0 
734 
90 to 179 days 
32 
18 
6 
20 
33 
14 
- 
123 
180 to 360 days 
73 
22 
5 
33 
1 
45 
- 
179 
more than 360 days 
136 
21 
3 
91 
33 
202 
0 
487 
Total gross carrying 
amount 
415 
104 
20 
276 
259 
450 
0 
1,523 
Impairment allowance 
(208) 
(86) 
(19) 
(128) 
(98) 
(220) 
(0) 
(759) 
Carrying amount 
207 
18 
1 
148 
161 
230 
0 
764 
Value of Collateral 
326 
1 
0 
169 
160 
306 
0 
962
 
31 December 2022 
Retail lending 
Wholesale lending 
Public sector 
Lifetime ECL 
credit-impaired 
Mortgage 
Consumer 
Credit card 
Small 
business 
Large 
corporate 
SMEs 
Greece and 
other countries 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
up to 90 days 
192 
68 
7 
120 
138 
308 
0 
832 
90 to 179 days 
38 
23 
7 
19 
16 
31 
- 
133 
180 to 360 days 
82 
38 
9 
47 
1 
52 
- 
228 
more than 360 days 
233 
86 
20 
248 
149 
329 
1 
1,066 
Total gross carrying 
amount 
545 
214 
42 
434 
303 
720 
1 
2,259 
Impairment allowance 
(229) 
(149) 
(37) 
(229) 
(150) 
(327) 
(1) 
(1,121) 
Carrying amount 
316 
65 
5 
205 
153 
393 
0 
1,138 
Value of Collateral 
407 
3 
0 
223 
177 
478 
0 
1,287
Note: As at 31 December 2023, total gross carrying amount of credit impaired loans includes POCI loans 
of € 29 million (2022: € 43 million).

 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
72
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31 December 2023 Consolidated Financial Statements
(b) Collaterals and repossessed assets
 
Collaterals
The Loan-to-Value 
(LTV) 
ratio of 
the mortgage 
lending reflects 
the gross 
loan exposure 
at the 
balance sheet 
date over 
the market 
value of the property held as collateral. 
The LTV ratio 
of the mortgage portfolio is presented below:
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Mortgages 
Less than 50% 
2,852 
2,881 
50%-70% 
2,456 
2,373 
71%-80% 
1,621 
1,524 
81%-90% 
979 
1,042 
91%-100% 
659 
825 
101%-120% 
557 
604 
121%-150% 
402 
437 
Greater than 150% 
415 
516 
Total exposure 
9,942 
10,201 
Average LTV 
55.18% 
57.30%
The breakdown of collateral 
and guarantees for loans and advances to 
customers at amortised cost is presented 
below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Value of collateral received 
Guarantees 
received⁽¹⁾ 
Real Estate 
Financial 
Other 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
10,618 
304 
463 
11,385 
554 
Wholesale Lending 
5,300 
877 
10,444 
16,621 
632 
Public sector 
- 
1 
0 
1 
- 
Total 
15,919 
1,181 
10,907 
28,007 
1,186
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Value of collateral received 
Guarantees 
Received⁽¹⁾ 
Real Estate 
Financial 
Other 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
10,760 
443 
396 
11,598 
721 
Wholesale Lending 
5,544 
923 
10,368 
16,836 
744 
Public sector 
0 
0 
0 
0 
 
- 
Total 
16,304 
1,366 
10,764 
28,434 
1,465
(1) 
In addition to the above presented guarantees, (i) from December 2021, the Group has entered into two 
financial guarantees contracts ‘Wave I’ and ‘Wave 
II’ related to the 
portfolios of performing SMEs 
and large corporate loans 
of € 1.1 
billion as at 31 
December 2023 (31 
December 2022: € 1.4 
billion) (ii) from 
December 2022, into the financial guarantees contract ‘Wave III’ related to the portfolio of performing shipping loans of € 1.4 
billion as at 31 December 2023 
(31 December 2022: € 
1.6 billion) and (iii) from 
December 2023, into 
the financial guarantees contract 
‘Wave IV’ related to 
the portfolios of performing 
SBB 
and large corporate loans of € 1.5 billion as at 31 December 2023 (note 20).
The collaterals 
presented in 
the above table 
under category 
“Other”, include 
assigned receivables, 
equipment, inventories, 
vessels, 
etc. They also include the amount of the securitized loans held by the securitizations vehicles that 
issued the Pillar, Cairo and Mexico 
senior notes. The amount of the securitized loans has been capped 
to the gross carrying amount of the senior notes. In addition, 
the 
senior notes of 
the Cairo and 
Mexico securitizations are guaranteed by 
the Hellenic 
Republic in the 
context of Hellenic 
Asset Protection 
Scheme (note 20).

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
73
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31 December 2023 Consolidated Financial Statements
 
Repossessed assets
The Group recognizes 
collateral assets 
on the balance 
sheet by taking 
possession usually through 
legal processes or 
by calling upon 
other credit enhancements. As at 31 December 
2023, the carrying amount of repossessed assets 
which are included in “Other assets” 
amounted to € 495 million 
(31 December 2022: € 
559 million), note 29. These 
assets are carried at the lower of 
cost and net realizable 
value (note 2.2.18). 
The main 
type of 
collateral 
that the 
Group repossesses 
against 
repayment 
or reduction 
of the 
outstanding 
loan is 
real estate. 
The 
below 
table 
presents 
the 
movement 
of 
repossessed 
real 
estate 
assets 
during 
the 
year, 
including 
a) 
those 
transferred 
to 
the 
appropriate category based on their use by the Group as part of its operations i.e. investment property or own-used (notes 2.2.6, 26, 
and 27) and b) those reclassified to “held for sale” category 
(notes 30).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
Real estate 
Real estate 
Residential 
Commercial 
Total 
Residential 
Commercial 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 
212 
345 
557 
209 
362 
571 
Additions⁽¹⁾ 
11 
17 
28 
14 
22 
36 
Transfers 
to investment property 
(2) 
- 
(2) 
(3) 
(8) 
(11) 
Disposals 
(12) 
(27) 
(39) 
(4) 
(22) 
(26) 
Valuation losses 
(4) 
(14) 
(18) 
(4) 
(9) 
(13) 
Held for Sale (note 30 ) 
(8) 
(24) 
(32) 
- 
- 
- 
Other 
(2) 
1 
(1) 
0 
(0) 
0 
Balance at 31 December 
195 
298 
493 
212 
345 
557
(1)
 
The carrying amount 
of the real 
estate properties 
obtained during the 
year and held 
at the year 
ended 31 
December 2023 
amounted to € 
24 million 
(31 
December 2022: € 32 million). 
In addition, the Group 
repossesses other types of 
collaterals mainly 
referring to 
equity positions due to 
the participation in debt 
for 
equity transactions as part of forbearance measures 
(see below “Debt for equity swaps”).
(c) Geographical and industry concentrations 
of loans and advances to customers
As 
described 
above 
in 
note 
5.2.1, 
the 
Group 
holds 
diversified 
portfolios 
across 
markets 
and 
countries 
and 
implements 
limits 
on 
concentrations arising from the 
geographical location or the 
activity of groups 
of borrowers that could 
be similarly affected by 
changes 
in economic or other conditions, in order to mitigate 
credit risk.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
74
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31 December 2023 Consolidated Financial Statements
The following 
tables break 
down the 
Group’s 
exposure into 
loans and 
advances to 
customers and 
credit related 
commitments at 
their gross 
carrying amount 
and nominal 
amount respectively 
by stage, 
product line, industry and geographical region 
and impairment allowance by product line, industry and geographical 
region:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Greece 
Rest of Europe 
Other Countries 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
8,338 
3,374 
687 
(638) 
3,983 
341 
127 
(173) 
10 
0 
0 
(0) 
-Mortgage 
4,821 
2,531 
361 
(331) 
2,080 
87 
53 
(51) 
7 
0 
0 
(0) 
-Consumer 
936 
131 
53 
(89) 
1,303 
166 
50 
(89) 
3 
0 
0 
(0) 
-Credit card 
546 
43 
16 
(25) 
154 
30 
5 
(7) 
0 
0 
0 
(0) 
-Small business 
2,035 
670 
258 
(193) 
445 
59 
18 
(26) 
0 
- 
- 
(0) 
Wholesale Lending 
11,601 
668 
573 
(348) 
9,038 
527 
133 
(96) 
3,348 
3 
3 
(3) 
-Commerce and services⁽²⁾ 
4,443 
284 
270 
(168) 
5,411 
69 
70 
(45) 
427 
3 
1 
(1) 
-Manufacturing 
2,614 
131 
189 
(110) 
780 
42 
21 
(14) 
5 
- 
- 
(0) 
-Shipping 
14 
- 
0 
(0) 
210 
- 
- 
(0) 
2,725 
- 
1 
(2) 
-Construction 
1,329 
30 
42 
(36) 
784 
80 
4 
(4) 
83 
- 
0 
(0) 
-Tourism 
1,045 
215 
67 
(22) 
357 
98 
9 
(8) 
- 
- 
- 
- 
-Energy 
2,098 
0 
4 
(7) 
244 
21 
3 
(4) 
- 
- 
- 
- 
-Other 
58 
9 
1 
(4) 
1,253 
217 
25 
(20) 
107 
- 
- 
(0) 
Public Sector 
18 
- 
0 
(0) 
0 
0 
- 
- 
- 
- 
- 
- 
Total 
19,957 
4,042 
1,260 
(986) 
13,021 
868 
260 
(269) 
3,358 
3 
3 
(3) 
Credit related 
Commitments 
8,066 
199 
49 
(44) 
2,634 
109 
8 
(4) 
349 
3 
0 
(0) 
-Loan commitments 
5,778 
163 
0 
(11) 
1,687 
94 
7 
(3) 
336 
3 
0 
(0) 
-Financial guarantee 
contracts and other 
commitments 
2,287 
36 
49 
(33) 
947 
15 
1 
(1) 
13 
- 
0 
(0)

 
 
 
 
Notes to the Consolidated Financial Statements 
.
75
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Greece 
Rest of Europe 
Other Countries 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
Gross carrying/nominal amount 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
12-month ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Impairment 
allowance 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Retail Lending 
8,547 
3,571 
1,024 
(807) 
3,614 
420 
210 
(197) 
7 
0 
1 
(1) 
-Mortgage 
4,978 
2,677 
463 
(337) 
1,848 
147 
81 
(72) 
6 
0 
1 
(1) 
-Consumer 
835 
177 
126 
(141) 
1,191 
180 
88 
(82) 
1 
0 
0 
(0) 
-Credit card 
543 
51 
36 
(43) 
98 
19 
6 
(6) 
0 
0 
0 
(0) 
-Small business 
2,191 
665 
399 
(286) 
477 
74 
35 
(38) 
0 
- 
- 
(0) 
Wholesale Lending 
10,579 
1,001 
804 
(479) 
9,676 
572 
207 
(131) 
3,169 
8 
12 
(11) 
-Commerce and services⁽²⁾ 
4,135 
331 
393 
(242) 
6,215 
106 
62 
(47) 
535 
0 
6 
(6) 
-Manufacturing 
2,658 
292 
130 
(96) 
969 
39 
26 
(16) 
5 
- 
- 
(0) 
-Shipping 
8 
2 
44 
(44) 
241 
- 
15 
(16) 
2,455 
- 
6 
(5) 
-Construction 
1,279 
51 
57 
(45) 
616 
62 
17 
(14) 
65 
8 
- 
(0) 
-Tourism 
962 
308 
176 
(48) 
228 
118 
44 
(2) 
- 
- 
- 
- 
-Energy 
1,474 
1 
2 
(3) 
234 
31 
16 
(8) 
- 
- 
- 
- 
-Other 
64 
17 
1 
(0) 
1,174 
215 
28 
(28) 
109 
- 
- 
(0) 
Public Sector 
25 
- 
0 
(0) 
0 
0 
1 
(1) 
- 
- 
- 
- 
Total 
19,151 
4,572 
1,829 
(1,286) 
13,291 
992 
418 
(328) 
3,176 
9 
13 
(11) 
Credit related Commitments 
7,352 
175 
48 
(47) 
2,489 
114 
4 
(10) 
288 
0 
0 
(0) 
-Loan commitments 
5,493 
109 
2 
(12) 
1,654 
70 
2 
(6) 
281 
0 
0 
(0) 
-Financial guarantee 
contracts and other 
commitments 
1,859 
66 
46 
(35) 
835 
44 
2 
(4) 
7 
- 
0 
(0)
(1)
 
Includes POCI loans of € 12.7 million held by operations in Greece, € 16.1 million held by operations in Rest of Europe and € 0.1 million held by operations 
in Other Countries (2022: € 8.3 million in Greece, € 34.3 million in 
Rest of Europe and € 
0.1 million in Other Countries). 
(2)
 
The operations in Rest of Europe include € 4,444 million related to the notes of the Pillar, Cairo and Mexico securitizations (2022: € 4,901 million). 
As at 31 December 2023, the carrying amount of Group's loans measured at 
FVTPL of € 15 million was included in Wholesale lending portfolio, which 
was held by operations in Greece (2022: € 16 million).

 
 
Notes to the Consolidated Financial Statements 
.
 
76
|
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31 December 2023 Consolidated Financial Statements
 
(d) Forbearance practices on lending activities
Modifications 
of 
the 
loans’ 
contractual 
terms 
may 
arise 
due 
to 
various 
factors, 
such 
as 
changes 
in 
market 
conditions, 
customer 
retention and other factors as 
well as due 
to the potential 
deterioration in the borrowers’ financial 
condition. The Group 
has employed 
a range of forbearance 
solutions in order to 
enhance the management of 
customer relationships 
and the effectiveness 
of collection 
efforts, as well as to improve 
the recoverability of cash flows 
and minimize credit losses for both retail 
and wholesale portfolios.
Forbearance practices’ classification
Forbearance practices 
as monitored 
and reported by 
the Group, based 
on the European 
Banking Authority Implementing 
Technical 
Standards (EBA 
ITS) guidelines, 
occur only 
in the 
cases where 
the contractual 
payment terms 
of a 
loan have 
been modified, 
as the 
borrower is considered unable to 
comply with the existing loan’s 
terms due to apparent financial difficulties, and 
the Group grants a 
concession by 
providing more 
favorable 
terms and 
conditions that 
it would 
not otherwise 
consider had 
the borrower 
not been 
in 
financial difficulties.
All other 
types of 
modifications granted 
by the 
Group, where 
there is 
no apparent 
financial difficulty 
of the 
borrower and 
may be 
driven by factors of a business nature 
are not classified as forbearance measures.
Forbearance solutions
Forbearance solutions are granted following an assessment of the borrower’s ability and willingness to repay and can be of a short or 
longer 
term 
nature. 
The 
objective 
is to 
assist 
financially 
stressed 
borrowers 
by rearranging 
their 
repayment 
cash 
outflows into 
a 
sustainable 
modification, 
and 
at 
the 
same 
time, 
protect 
the 
Group 
from 
suffering 
credit 
losses. 
The 
Group 
deploys 
targeted 
segmentation strategies 
with the objective 
to tailor different 
short or long 
term and sustainable 
management solutions 
to selected 
groups of borrowers for 
addressing their specific financial needs.
The nature and type of forbearance options 
may include but is not necessarily limited to, one or more of the 
following:
●
arrears capitalization; 
●
arrears repayment plan; 
●
reduced payment above interest 
only; 
●
interest-only payments; 
●
reduced payment below interest 
only; 
●
grace period; 
●
interest rate reduction; 
●
loan term extensions; 
●
split balance and gradual step-up of installment 
payment plans; 
●
partial debt forgiveness/write-down; 
●
operational restructuring; and 
●
debt to equity swaps. 
Specifically 
for 
unsecured 
consumer 
loans 
(including 
credit 
cards), 
forbearance 
programs 
(e.g. 
term 
extensions), 
are 
applied 
in 
combination with debt consolidation whereby all existing consumer balances are pooled together. 
Forbearance solutions are applied 
in 
order 
to 
ensure 
a 
sufficient 
decrease 
on 
installment 
and 
a 
viable 
solution 
for 
the 
borrower. 
In 
selected 
cases, 
the 
debt 
consolidations may be combined with mortgage prenotations 
to convert unsecured lending exposures 
to secured ones.
In the case of mortgage loans, a decrease of installment 
may be achieved through 
forbearance measures such as extended payment 
periods, capitalization of arrears, 
split balance and gradual step-up of installment 
payment plans.
Wholesale exposures 
are subject to 
forbearance when 
there are indications 
of financial difficulties 
of the borrower, 
evidenced by a 
combination of factors including the deterioration 
of financials, credit rating downgrade, payment 
delays and other.
Debt for equity swaps
For 
wholesale 
portfolios, 
the Group 
on 
occasion 
participates 
in 
debt 
for 
equity 
transactions 
as 
part 
of 
forbearance 
measures, 
as 
described in note 
2.2.9. In 2023, 
there were 
no equity 
positions acquired 
by the Group 
and held as 
of 31 December 
2023. In 
2022, 
equity positions acquired by the Group and held 
as of 31 December 2022, related 
to the participation of 3% in Kalogirou S.A. 
for trade 
of footwear, 
apparel and leather goods for a nil consideration.

Notes to the Consolidated Financial Statements 
.
 
77
|
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31 December 2023 Consolidated Financial Statements
 
 
 
i.
Classification of Forborne loans 
Forborne loans are classified either as non-impaired (stage 
2), or impaired (stage 3) by assessing their delinquency and credit quality 
status.
Credit impaired 
forborne loans enter 
initially a probation 
period of one 
year where 
the borrowers’ 
payment performance 
is closely 
monitored. If at 
the end of the abovementioned 
period, the borrowers 
have complied with 
the terms of the 
program and there 
are 
no past due amounts and concerns 
regarding the loans’ full 
repayment, the loans are 
then reported as non-impaired forborne 
loans 
(stage 2). 
In addition, 
non-impaired forborne 
loans, including those 
that were 
previously classified as 
credit impaired 
and complied 
with the 
terms of 
the program, 
are monitored 
over a 
period of 
two years. 
If, 
at the 
end of 
that period, 
the borrowers 
have made 
regular payments 
of a 
significant aggregate 
amount, there 
are no 
past due 
amounts over 
30 days 
and the 
loans are 
neither credit 
impaired nor any other SICR criteria are met they 
exit forborne status and are classified as stage 
1.
Particularly, 
the category 
of 
credit 
impaired 
forborne 
loans includes 
those that 
(a) at 
the date 
when 
forbearance 
measures 
were 
granted, were 
more than 
90 days 
past due 
or assessed 
as unlikely 
to pay, 
(b) at 
the end 
of the one 
year probation 
period met 
the 
criteria of entering the 
non -impaired status and 
during the two years monitoring 
period new forbearance 
measures were extended 
or became more than 30 days past 
due, and (c) were initially classified as non- 
impaired and during the two years 
monitoring period 
met the criteria for entering the credit impaired 
status. 
Furthermore, 
forborne 
loans 
that 
fail 
to 
perform 
under 
the 
new 
modified 
terms 
and 
are 
subsequently 
denounced 
cease 
to 
be 
monitored as 
part of the 
Group’s 
forbearance activities 
and are reported 
as denounced credit 
impaired loans (stage 
3) consistently 
with the Group’s management 
and monitoring of all denounced loans.
ii.
Impairment assessment 
Where forbearance 
measures are extended, 
the Group performs 
an assessment of 
the borrower’s 
financial condition and 
its ability 
to repay, 
under the 
Group’s 
impairment policies, 
as described 
in notes 
2.2.13 and 
5.2.1. Accordingly, 
forborne loans 
to wholesale 
customers, 
retail 
individually 
significant 
exposures 
and 
financial 
institutions 
are 
assessed 
on 
an 
individual 
basis. 
Forborne 
retail 
lending 
portfolios 
are 
generally 
assessed 
for 
impairment 
separately 
from 
other 
retail 
loan portfolios 
on a 
collective 
basis as 
they 
consist of large homogenous portfolio. 
iii.
Loan restructurings 
In 
cases 
where 
the 
contractual 
cash 
flows 
of 
a 
forborne 
loan 
have 
been 
substantially 
modified, 
the 
original 
forborne 
loan 
is 
derecognized 
and a 
new loan 
is recognized. 
The Group 
records 
the modified 
asset as 
a ‘new’ 
financial asset 
at fair 
value and 
the 
difference with the carrying amount of the existing 
one is recorded in the income statement 
as derecognition gain or loss.
In cases where 
the modification as 
a result of 
forbearance measures 
is not considered 
substantial, the Group 
recalculates the 
gross 
carrying amount of 
the loan and 
recognizes the difference as a 
modification gain or loss 
in the income 
statement. The Group continues 
to monitor the modified forborne loan in 
order to determine if the financial 
asset exhibits significant increase in credit risk since 
initial 
recognition during the forbearance period.
As at 31 December 2023, the carrying amount of Group's forborne 
loans measured at FVTPL was nil (2022: nil).
The following 
tables present 
an analysis 
of Group’s 
forborne activities 
for loans 
measured at 
amortised cost. 
In order 
to align 
with 
the quantitative 
information provided 
in section (a) based 
on revised IFRS 
7 requirements, 
the relevant 
tables below are 
presented 
on a gross 
carrying amount basis, 
while cumulative 
impairment allowance is 
presented separately, 
in line with 
the Group’s 
internal 
credit risk monitoring and reporting. 

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
78
|
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31 December 2023 Consolidated Financial Statements
 
 
The following table presents a summary of the types of the Group’s 
forborne activities:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Forbearance measures: 
Split balance 
147 
234 
Loan term extension 
787 
1,044 
Arrears capitalisation 
72 
137 
Reduced payment below interest owed 
36 
71 
Interest rate reduction 
117 
136 
Reduced payment above interest owed 
81 
111 
Arrears repayment plan 
96 
109 
Interest only 
57 
35 
Grace period 
68 
55 
Debt/equity swaps 
- 
8 
Partial debt forgiveness/Write-down 
1 
1 
Operational restructuring 
13 
14 
Other 
34 
54 
Total gross carrying 
amount 
1,509 
2,012 
Less: cumulative impairment allowance 
(307) 
(401) 
Total carrying amount 
1,202 
1,611
The following tables present a summary of the credit 
quality of forborne loans and advances to customers:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Total loans & 
advances at 
amortised 
cost 
Forborne 
loans & 
advances 
% of Forborne 
loans & 
advances 
€ million 
€ million 
Gross carrying amounts: 
12-month ECL-Stage 1 
36,336 
- 
- 
Lifetime ECL-Stage 2 
4,914 
889 
18.1 
Lifetime ECL-Stage 3 and POCI 
1,523 
620 
40.7 
Total Gross Amount 
42,773 
1,509 
3.5 
Cumulative ECL Loss allowance: 
- 
- 
12-month ECL-Stage 1 
(170) 
- 
Lifetime ECL-Stage 2 
(329) 
(49) 
Lifetime ECL-Stage 3 and POCI of which: 
(759) 
(257) 
- Individually assessed 
(279) 
(112) 
- Collectively assessed 
(480) 
(145) 
Total carrying amount 
41,515 
1,202 
2.9 
Collateral received 
28,007 
1,184

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
79
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Total loans & 
advances at 
amortised cost 
Forborne loans 
& advances 
% of Forborne 
loans & 
advances 
€ million 
€ million 
Gross carrying amounts: 
12-month ECL-Stage 1 
35,618 
 
- 
 
- 
Lifetime ECL-Stage 2 
5,573 
1,138 
20.4 
Lifetime ECL-Stage 3 and POCI 
2,259 
874 
38.7 
Total Gross 
Amount 
43,450 
2,012 
4.6 
Cumulative ECL Loss allowance: 
 
- 
 
- 
12-month ECL-Stage 1 
(149) 
 
- 
Lifetime ECL-Stage 2 
(355) 
(80) 
Lifetime ECL-Stage 3 and POCI of which: 
(1,121) 
(321) 
- Individually assessed 
(441) 
(165) 
- Collectively assessed 
(680) 
(156) 
Total carrying amount 
41,824 
1,611 
3.9 
Collateral received 
28,434 
1,527
The following table presents the movement 
of forborne loans and advances:
 
 
 
 
2023 
2022 
€ million 
€ million 
Gross carrying amount at 1 January 
2,012 
2,946 
Forbearance measures in the year 
322 
299 
Forborne loans derecognised/ reclassified as held 
for sale during the year ⁽¹⁾ 
(85) 
(56) 
Write-offs of forborne loans 
(47) 
(22) 
Repayment of loans 
(221) 
(233) 
Loans & advances that exited forbearance status 
⁽²⁾ 
(582) 
(965) 
Other 
110 
42 
Less: cumulative impairment allowance 
(307) 
(401) 
Carrying amount at 31 December 
1,202 
1,611
(1)
 
“Forborne loans derecognised/ reclassified as held for sale 
during the year” presents loans derecognized during the year due 
to a) sale transactions and b) 
substantial modifications of the loans’ contractual terms and those that have been reclassified as held for sale during the year (notes 
20 and 30). 
(2)
 
In 2023, an amount of € 73 million loans and advances that exited forbearance status refers to loans that were denounced (2022: € 88 million).

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
80
|
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31 December 2023 Consolidated Financial Statements
The following table presents the Group’s 
exposure to forborne loans and advances by 
product line:
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Retail Lending 
762 
1,153 
- Mortgage 
457 
751 
- Consumer 
78 
106 
- Credit card 
6 
16 
- Small business 
220 
280 
Wholesale Lending 
747 
859 
-Large corporate 
237 
277 
-SMEs 
510 
582 
Total gross carrying 
amount 
1,509 
2,012 
Less: cumulative impairment allowance 
(307) 
(401) 
Total carrying amount 
1,202 
1,611
The following table presents the Group’s 
exposure to forborne loans and advances by 
geographical region:
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Greece 
1,116 
1,638 
Rest of Europe 
388 
374 
Other countries 
5 
0 
Total gross carrying 
amount 
1,509 
2,012 
Less: cumulative impairment allowance 
(307) 
(401) 
Total carrying amount 
1,202 
1,611
The 
following 
table 
provides 
information 
on 
modifications 
due 
to 
forbearance 
measures 
on 
lending 
exposures 
which 
have 
not 
resulted 
in 
derecognition. 
Such financial 
assets 
were 
modified 
while 
they 
had 
a loss 
allowance 
measured 
at 
an 
amount 
equal 
to 
lifetime ECL.
 
 
 
 
 
 
2023 
2022 
Modified lending exposures 
€ million 
€ million 
Loans modified during the year with loss allowance measured 
at an amount equal to lifetime ECL 
Gross carrying amount at 31 December 
401 
449 
Modification gain / (loss) 
8 
2 
Loans modified since initial recognition at a time when loss allowance was based on 
lifetime ECL 
Gross carrying amount at 31 December for which loss allowance has changed to 12-month 
ECL measurement 
410 
370
In 
the 
year 
ended 
31 
December 
2023, 
the 
gross 
carrying 
amount 
of 
loans 
previously 
modified 
for 
which 
the 
loan 
allowance 
has 
reverted to being measured at an amount 
equal to lifetime ECL amounted to 
€ 284 million (2022: € 371 million).

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
81
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31 December 2023 Consolidated Financial Statements
5.2.1.3 Debt Securities 
The following 
tables present 
an analysis 
of debt 
securities by 
external 
credit rating 
agency designation 
at 31 
December 2023 
and 
2022, based on Moody's ratings or their equivalent:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL-
Stage 3 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Aaa 
2,789 
- 
- 
2,789 
Aa1 to Aa3 
132 
- 
- 
132 
A1 to A3 
231 
4 
- 
235 
Lower than A3 
7,602 
3 
- 
7,605 
Unrated 
180 
- 
32 
212 
Gross Carrying Amount 
10,935 
7 
32 
10,974 
Impairment Allowance 
(11) 
(0) 
(7) 
(18) 
Carrying Amount 
10,924 
7 
25 
10,955 
Debt securities at FVOCI 
Aaa 
316 
- 
- 
316 
Aa1 to Aa3 
202 
- 
- 
202 
A1 to A3 
436 
8 
- 
444 
Lower than A3 
2,411 
40 
- 
2,451 
Unrated 
63 
- 
- 
63 
Carrying Amount 
3,427 
48 
- 
3,475
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
12-month ECL-
Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL-
Stage 3 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Aaa 
2,617 
- 
- 
2,617 
Aa1 to Aa3 
140 
- 
- 
140 
A1 to A3 
133 
- 
- 
133 
Lower than A3 
6,211 
6 
7 
6,224 
Unrated 
74 
- 
26 
100 
Gross Carrying Amount 
9,175 
6 
33 
9,214 
Impairment Allowance 
(12) 
(0) 
(10) 
(22) 
Carrying Amount 
9,163 
6 
23 
9,192 
Debt securities at FVOCI 
Aaa 
339 
- 
- 
339 
Aa1 to Aa3 
212 
- 
- 
212 
A1 to A3 
398 
- 
- 
398 
Lower than A3 
2,605 
121 
- 
2,726 
Unrated 
58 
- 
- 
58 
Carrying Amount 
3,612 
121 
- 
3,733

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
82
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Debt securities 
held for trading 
Debt securities 
measured at 
FVTPL 
€ million 
€ million 
Debt securities at FVTPL 
Aaa 
55 
- 
A1 to A3 
14 
- 
Lower than A3 
176 
0 
Unrated 
0 
25 
Carrying Amount 
245 
26
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Debt securities 
held for trading 
Debt securities 
measured at 
FVTPL 
€ million 
€ million 
Debt securities at FVTPL 
Lower than A3 
86 
0 
Unrated 
1 
- 
Carrying Amount 
87 
0
The carrying 
amount of 
debt securities 
rated 
lower than 
A3, amounting 
to € 
10,222 million 
(2022: € 
9,022 million), 
is analyzed 
as 
follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
Sovereign 
Banks and 
Corporate 
Sovereign 
Banks and 
Corporate 
€ million 
€ million 
€ million 
€ million 
Debt securities 
Greece 
6,015 
1,248 
5,413 
959 
Other Eurozone members 
967 
604 
922 
520 
Other EU members ⁽¹⁾ 
765 
67 
541 
26 
Other countries ⁽¹⁾ 
194 
362 
300 
341 
Carrying Amount 
7,941 
2,281 
7,176 
1,846
 
(1)
It includes debt securities issued by non-Eurozone members European countries of the Group's presence. As at 31 December 2023, it includes 
debt securities 
issued by Bulgaria with carrying value of € 527 million (2022: securities issued by 
Bulgaria and Serbia with carrying value of € 517 million) 
Following 
a 
series 
of 
sovereign 
rating 
upgrades 
in 
the 
second 
half 
of 
2023, 
Greek 
government’s 
long-term 
debt 
securities 
were 
considered investment grade by four out of the five Eurosystem-approved External Credit Assessment Institutions (Fitch, Scope, S&P: 
BBB-, stable outlook; DBRS: BBB(low), 
stable outlook), and one notch below investment 
grade by the fifth one, Moody’s 
(Βa1, stable 
outlook) as of March 2024. 
The carrying amount of unrated 
debt securities of € 293 million (2022: € 152 
million) mainly comprise € 181 million Greek corporate 
bonds (2022: € 133 million), and € 90 million Cyprus corporate bonds (2022: € nil).
As at 
31 December 2023, 
the nominal 
value of 
the Group’s 
Russian debt 
exposures, which 
have been 
classified as 
credit impaired, 
amounted to € 36 million, with an impairment allowance of 
€ 5 million. 
For the year 
ended 31 December 2023, 
the Group proceeded 
with the disinvestment 
of debt securities measured 
at amortized cost 
of face value 
of € 204 million, mainly 
for risk concentration 
management purposes, resulting 
in a derecognition 
gain of € 0.2 
million 
approximately. 

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
83
|
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31 December 2023 Consolidated Financial Statements
 
 
GGBs swap transaction 
In July 2023, the 
Public Debt Management 
Agency (PDMA) proceeded to 
a transaction, which included 
a switch and tender 
offer on 
specific Greek government bonds (GGB) maturing in 2024 and 2025 with coupons 3.45% and 3.375%, 
respectively, at the repurchase 
price of 100.15 for each of the notes, against a new GGB, 
maturing in 2038 with a coupon of 4.375%, at a final offer price of 99.042.
Pursuant to the above, the Bank offered 
GGBs of face value € 469 million, of which € 466 million held at the amortized 
cost portfolio 
and acquired an equal face amount of 
the new GGB, of which 
€ 459 million were classified 
at amortized cost portfolio and € 10 
million 
within trading portfolio. Accordingly, 
the original bonds were derecognized from 
the Group’s 
balance sheet with a resulting loss of € 
19 million.
The following tables present the Group's exposure in debt securities, as categorized by stage, counterparty's geographical 
region and 
industry sector:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Greece 
Other European countries 
Other countries 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 3 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL-
Stage 3 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 2 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Sovereign 
4,966 
- 
1,358 
- 
- 
1,164 
- 
7,488 
Banks 
923 
- 
572 
- 
- 
- 
- 
1,495 
Corporate 
326 
4 
1,012 
3 
27 
614 
4 
1,991 
Gross Carrying Amount 
6,215 
4 
2,942 
3 
27 
1,778 
4 
10,974 
Impairment Allowance 
(7) 
(2) 
(3) 
(0) 
(5) 
(1) 
(0) 
(18) 
Net Carrying Amount 
6,208 
3 
2,939 
3 
22 
1,777 
4 
10,955 
Debt securities at FVOCI 
Sovereign 
909 
- 
887 
- 
- 
426 
- 
2,221 
Banks 
14 
- 
210 
- 
- 
- 
- 
224 
Corporate 
172 
- 
528 
40 
- 
281 
8 
1,029 
Carrying Amount 
1,095 
- 
1,625 
40 
- 
707 
8 
3,475
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Greece 
Other European countries 
Other countries 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 3 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 2 
Lifetime ECL-
Stage 3 
12-month 
ECL-Stage 1 
Lifetime ECL-
Stage 2 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Debt securities at amortised cost 
Sovereign 
4,379 
- 
756 
- 
- 
1,165 
- 
6,300 
Banks 
736 
- 
276 
- 
- 
- 
- 
1,012 
Corporate 
241 
7 
989 
3 
26 
633 
3 
1,902 
Gross Carrying Amount 
5,356 
7 
2,021 
3 
26 
1,798 
3 
9,214 
Impairment Allowance 
(9) 
(3) 
(3) 
(0) 
(7) 
(0) 
(0) 
(22) 
Net Carrying Amount 
5,347 
4 
2,018 
3 
19 
1,798 
3 
9,192 
Debt securities at FVOCI 
Sovereign 
976 
- 
1,046 
94 
- 
451 
- 
2,567 
Banks 
12 
- 
209 
7 
- 
- 
- 
228 
Corporate 
163 
- 
475 
15 
- 
280 
5 
938 
Carrying Amount 
1,151 
- 
1,730 
116 
- 
731 
5 
3,733

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
84
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at FVTPL 
Banks 
- 
25 
- 
25 
Corporate 
0 
- 
- 
0 
Carrying Amount 
0 
25 
- 
26 
Debt securities held for trading 
Sovereign 
142 
18 
55 
216 
Corporate 
0 
27 
3 
30 
Carrying Amount 
142 
45 
58 
245
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Debt securities at FVTPL 
Corporate 
0 
- 
- 
0 
Carrying Amount 
0 
- 
- 
0 
Debt securities held for trading 
Sovereign 
63 
23 
- 
86 
Corporate 
1 
- 
- 
1 
Carrying Amount 
64 
23 
- 
87

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
85
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31 December 2023 Consolidated Financial Statements
5.2.1.4 Offsetting of financial assets and financial liabilities 
Financial assets and 
financial liabilities are 
offset according 
to IAS 32 
‘Financial Instruments 
and the net 
amount is presented 
in the 
balance sheet when, there is a legally enforceable right 
to set off the recognized amounts and there 
is an intention to settle on a net 
basis, or to realize the asset and settle the liability simultaneously (the offsetting criteria), as also set out in Group's accounting policy 
2.2.4. 
Financial instruments 
that meet the 
offsetting criteria 
include the eligible 
repos and 
reverse repos 
under global 
master repurchase 
agreements 
(GMRAs) 
and 
the 
CCP 
(Central 
Counterparty) 
cleared 
OTC 
derivative 
financial 
instruments. 
Regarding 
the 
latter, 
the 
Group has assessed the terms of the clearing agreements for the derivatives 
entered into with Clearing Members and has concluded 
that the offsetting criteria are met, in respect of the cash accounts used for variation margin purposes for such derivatives, which are 
also used for 
the settlement 
of all payments 
thereunder. 
Accordingly, 
derivative assets 
of € 752 
million (2022: € 
1,376 million) 
and 
derivative 
liabilities 
of 
€ 
492 
million 
(2022: 
€ 
444 
million) 
(note 
19) 
were 
offset 
against 
€ 
317 
million 
(2022: 
€ 
932 
million) 
cash 
collateral received (note 32) and 
€ 57 million (2022: nil) cash collateral pledged (note 
17). 
Financial instruments under 
master netting 
arrangements and 
similar agreements that 
do not meet the 
criteria for offsetting 
in the 
balance 
sheet 
include 
derivatives 
(bilateral 
agreements) 
as 
well 
as 
repos 
and 
reverse 
repos, 
for 
which 
a) 
the 
right 
of 
set-off 
is 
enforceable 
only 
following 
an 
event 
of 
default, 
insolvency 
or 
bankruptcy 
of 
the 
Group 
or 
the 
counterparties 
or 
following 
other 
predetermined events and/or b) 
the Group and its counterparties may not intend to settle 
on a net basis or to realize the assets and 
settle the liabilities simultaneously. 
The following tables 
present financial assets 
and financial liabilities that 
meet the criteria for 
offsetting and thus 
are presented 
on a 
net 
basis 
in 
the 
balance 
sheet, 
as 
well 
as 
amounts 
that 
are 
subject 
to 
enforceable 
master 
netting 
arrangements 
and 
similar 
agreements for 
which the offsetting 
criteria mentioned above 
are not satisfied. 
In respect of 
the latter, 
the Group 
may receive and 
provide 
collateral 
in 
the 
form 
of 
marketable 
securities 
and 
cash 
that 
are 
included 
in 
the 
tables 
below 
under 
columns 
‘financial 
instruments’ and ‘cash collateral’.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Related amounts not offset in the BS 
Gross amounts 
of recognised 
financial assets 
Gross amounts 
of recognised 
financial 
liabilities offset 
in the balance 
sheet 
Net amounts of 
financial assets 
presented in 
the balance 
sheet 
Financial 
instruments 
(incl. non-cash 
collateral) 
Cash 
collateral 
received 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Assets 
Reverse repos with banks 
1,249 
(1,210) 
39 
(39) 
- 
- 
Derivative financial instruments 
1,612 
(752) 
860 
(672) 
(56) 
132 
Other financial assets 
4 
(4) 
- 
- 
- 
- 
Deposits to banks pledged as 
collateral 
1,093 
(57) 
1,036 
(340) 
- 
696 
Total 
3,958 
(2,023) 
1,935 
(1,051) 
(56) 
828

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 
Related amounts not offset in the BS 
Gross amounts 
of recognised 
financial 
liabilities 
Gross amounts 
of recognised 
financial assets 
offset in the 
balance sheet 
Net amounts of 
financial 
liabilities 
presented in 
the balance 
sheet 
Financial 
instruments 
(incl. non-cash 
collateral) 
Cash 
collateral 
pledged 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Liabilities 
Derivative financial 
instruments 
1,906 
(492) 
1,414 
(930) 
(340) 
144 
Repurchase agreements with banks 
3,638 
(1,210) 
2,428 
(2,428) 
- 
- 
Other financial liabilities 
4 
(4) 
- 
- 
- 
- 
Deposits from banks received as 
collateral 
404 
(317) 
87 
(56) 
- 
31 
Total 
5,952 
(2,023) 
3,929 
(3,414) 
(340) 
175
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Related amounts not offset in the BS 
Gross amounts 
of recognised 
financial assets 
Gross amounts 
of recognised 
financial 
liabilities offset 
in the balance 
sheet 
Net amounts of 
financial assets 
presented in the 
balance sheet 
Financial 
instruments 
(incl. non-cash 
collateral) 
Cash 
collateral 
received 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Assets 
Reverse repos with banks 
116 
(114) 
2 
(2) 
- 
- 
Derivative financial instruments 
2,540 
(1,376) 
1,164 
(685) 
(232) 
247 
Other financial assets 
9 
(9) 
- 
- 
- 
- 
Total 
2,665 
(1,499) 
1,166 
(687) 
(232) 
247
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Related amounts not offset in the BS 
Gross amounts 
of recognised 
financial 
liabilities 
Gross amounts 
of recognised 
financial assets 
offset in the 
balance sheet 
Net amounts of 
financial 
liabilities 
presented in the 
balance sheet 
Financial 
instruments 
(incl. non-cash 
collateral) 
Cash 
collateral 
pledged 
Net 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Financial Liabilities 
Derivative financial 
instruments 
2,043 
(444) 
1,599 
(685) 
(237) 
677 
Repurchase agreements with banks 
877 
(114) 
763 
(763) 
- 
- 
Other financial liabilities 
9 
(9) 
- 
- 
- 
- 
Deposits from banks received as 
collateral 
1,226 
(932) 
294 
(232) 
- 
62 
Total 
4,155 
(1,499) 
2,656 
(1,680) 
(237) 
739

 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
Derivative 
financial assets 
and liabilities 
not under 
master 
netting arrangements 
and similar 
agreements 
of carrying 
value of 
€ 21 
million and € 36 million, respectively, 
(2022: € 21 million and € 62 million, respectively) are not presented 
in the above tables. 
Financial assets and 
financial liabilities are 
disclosed in the above 
tables at their 
recognized amounts, 
either at fair 
value (derivative 
assets and liabilities) or amortized cost (all other financial instruments), 
depending on the type of financial instrument.
 
5.2.2 
Market risk 
The Group takes on exposure to market risk, which is the risk of potential financial loss due to an adverse change in market variables. 
Changes 
in 
interest 
rates, 
foreign 
exchange 
rates, 
credit 
spreads, 
equity 
prices 
and 
other 
relevant 
factors, 
such 
as 
the 
implied 
volatilities, can affect the Group’s 
income or the fair value of its financial instruments. The market 
risks, the Group is exposed to, are 
monitored, controlled and estimated 
by Group Market and Counterparty Risk 
Unit (GMCRU). 
GMCRU is responsible 
for the measurement, 
monitoring, control 
and reporting of 
all market 
risks, including the 
interest rate 
risk in 
the Banking Book (IRRBB) and the credit spread risk 
in the Banking Book (CSRBB) of the Group. In particular, 
the Bank in response to 
the 
regulatory 
developments 
and requirements 
(EBA/GL/2022/14), 
has 
further 
enhanced 
its infrastructure, 
governance 
and 
limit 
structure accordingly, so as to measure and monitor its 
CSRBB, via a 
dedicated stress testing framework. The Unit reports to 
the GCRO 
and its main responsibilities include: 
●
Monitoring of all key market, 
IRRBB and CSRBB risk indicators;
●
Implementation of Stress Testing 
methodologies for market risk, IRRBB and 
CSRBB (historical and hypothetical); 
●
Monitoring and reporting of market and IRRBB and CSRBB risk limits utilization; 
●
Development, maintenance and expansion of risk management 
infrastructure.
The market risks the Group is exposed 
to, are the following:
(a) Interest rate risk
The Group takes 
on exposure to 
the effects of 
fluctuations in the 
prevailing levels 
of market interest 
rates on its 
cash flows and 
the 
fair 
value 
of 
its financial 
positions. 
Cash flow 
interest 
rate 
risk is 
the risk 
that 
the future 
cash flows 
of 
a financial 
instrument 
will 
fluctuate because of 
changes in market 
interest rates. 
Fair value interest 
rate risk 
is the risk that 
the value of 
a financial instrument 
will fluctuate because of changes in market interest 
rates. Fair value interest 
rate risk is further split into ‘General’ and ‘Specific’. 
The 
former refers 
to changes in the fair valuation 
of positions due to the movements 
of benchmark interest rates, 
while the latter refers 
to changes in the fair valuation of positions due to the 
movements of specific issuer yields and credit spreads. 
(b) Currency risk
The Group takes 
on exposure to the 
effects of fluctuations 
in the prevailing foreign 
currency exchange rates 
on its financial position 
and cash flows. 
(c) Equity risk
Equity price risk is the risk 
of the decrease of fair values as 
a result of changes in the 
levels of equity indices and the 
value of individual 
stocks. The equity risk that the Group undertakes 
arises mainly from the investment portfolio. 
(d) Implied volatilities
The Group carries limited implied volatility (vega) 
risk, mainly as a result of open positions on options.
The BoD and 
Board Risk Committee set limits on the level of exposure 
to market risks, which are monitored 
on a daily basis.
Market 
risk 
in 
Greece 
and 
International 
Subsidiaries 
is 
managed 
and 
monitored 
mainly 
using 
Value 
at 
Risk 
(VaR) 
methodology. 
Sensitivity and stress test analysis is additionally performed.

Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
(i) VaR 
summary for 2023 and 2022
VaR is a 
methodology used in measuring financial risk 
by estimating the potential 
negative change in the 
market value of 
a portfolio 
at a 
given confidence 
level and 
over a 
specified time 
horizon. The 
VaR 
that the 
Group measures 
is an 
estimate based 
upon a 
99% 
confidence level and a holding period of 1 day and the methodology used for the calculation is Monte Carlo simulation (full 
re-pricing 
of the positions is performed).
The VaR 
models are designed 
to measure 
market risk 
in a normal 
market environment. 
It is assumed 
that any 
changes occurring 
in 
the risk factors affecting the 
normal market environment 
will follow a normal distribution.
Although VaR 
is an 
important tool 
for measuring 
market risk, 
the assumptions 
on which 
the model 
is based 
do give 
rise to 
certain 
limitations. Given this, actual outcomes are 
monitored regularly, 
via back testing process, to test 
the validity of the assumptions and 
the parameters used in the VaR 
calculation.
The perimeter of the VaR 
analysis includes Eurobank 
Ergasias Services and Holdings 
S.A., Eurobank S.A. and its 
banking subsidiaries, 
taking into account the FVTPL, including trading 
and FVOCI portfolios. Consequently, 
the potential impact as it is depicted in the VaR 
figures would directly affect Group’s 
Capital (income statement or equity).
Since VaR 
constitutes an 
integral part 
of the Group's 
market risk 
control regime, 
VaR limits 
have been 
established for 
all the above 
operations 
(trading 
and 
investment 
portfolios 
measured 
at 
fair 
value) 
and 
actual 
exposure 
is 
reviewed 
daily 
by 
management. 
However, 
the use of this approach does not prevent losses outside of these limits in the event 
of extraordinary market 
movements.
VaR by risk type - Greece and International 
Subsidiaries 
(1)
.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
(Average) 
2023 
2022 
(Average) 
2022 
€ million 
€ million 
€ million 
€ million 
Interest Rate Risk 
7 
9 
22 
9 
Foreign Exchange Risk 
0 
1 
0 
0 
Equities Risk 
2 
1 
2 
4 
Total VaR 
8 
9 
23 
11
 
(1)
 
Includes all portfolios measured at fair value. 
The aggregate VaR of the interest 
rate, foreign exchange and equities VaR 
benefits from diversification effects. The largest 
portion of 
the Group’s Interest Rate VaR figures is attributable to the risk associated with 
interest rate and credit spread sensitive debt securities 
and derivatives. 
The average 
VaR of 
2023 is materially 
decreased, as 
compared to 
the average 
VaR 
of 2022, 
following the 
reduced 
volatility observed in the markets, after 
the initial turmoil mainly caused by the geopolitical tension (war 
in Ukraine) in 2022.

 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
(ii) Interest rate gap and sensitivity
The following 
table provides 
the interest 
rate repricing 
gap of 
the Group, 
which analyses 
the structure 
of interest 
rate mismatches 
within the balance sheet. The Group’s 
financial assets/liabilities are included at their notional/outstanding 
amounts and categorized 
based on either (i) the next contractual repricing date if floating rate 
or (ii) the maturity/call date (whichever is first) if fixed rate. 
The 
below analysis provides an approximation of the interest rate risk exposure since transactions with different 
duration are aggregated 
together per time bucket.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023⁽²⁾ 
less than 1 
month 
1-3 months 
3-12 months 
1-5 
years 
More than 5 
years 
€ million 
€ million 
€ million 
€ million 
€ million 
Balances with central banks 
10,438 
- 
- 
- 
- 
Due from credit institutions 
2,208 
1,125 
7 
- 
60 
Debt securities⁽¹⁾ 
758 
481 
928 
5,333 
6,446 
Loans and advances to customers 
16,453 
8,026 
8,084 
5,133 
4,675 
29,857 
9,632 
9,018 
10,467 
11,182 
Due to central banks 
(3,665) 
- 
- 
- 
- 
Due to credit institutions 
(1,148) 
(3,260) 
- 
(251) 
- 
Due to customers 
(44,418) 
(4,859) 
(6,655) 
(1,406) 
- 
Debt securities in issue 
- 
- 
(96) 
(3,872) 
(711) 
(49,231) 
(8,118) 
(6,751) 
(5,529) 
(711) 
Derivative financial instruments 
1,891 
2,397 
60 
1,146 
(5,584) 
Interest rate gap 
(17,483) 
3,910 
2,327 
6,084 
4,886
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022⁽²⁾ 
less than 1 
month 
1-3 months 
3-12 months 
1-5 
years 
More than 5 
years 
€ million 
€ million 
€ million 
€ million 
€ million 
Balances with central banks 
14,481 
- 
- 
- 
- 
Due from credit institutions 
1,012 
64 
27 
- 
- 
Debt securities⁽¹⁾ 
390 
215 
371 
5,513 
5,797 
Loans and advances to customers 
18,658 
10,244 
8,034 
2,536 
2,538 
34,541 
10,523 
8,432 
8,049 
8,335 
Due to central banks 
(8,872) 
- 
- 
- 
- 
Due to credit institutions 
(575) 
(968) 
(299) 
(1) 
(14) 
Due to customers 
(48,934) 
(3,754) 
(3,991) 
(336) 
(2) 
Debt securities in issue 
(2) 
- 
(5) 
(1,916) 
(1,700) 
(58,383) 
(4,721) 
(4,295) 
(2,253) 
(1,716) 
Derivative financial instruments 
4,844 
(155) 
(471) 
69 
(4,360) 
Interest rate gap 
(18,998) 
5,647 
3,666 
5,865 
2,259
(1)
Including short positions in debt securities (note 35). 
(2)
 
Amounts are before offsetting (note 5.2.1.4). 
The Group performs a sensitivity analysis to assess 
the impact on net interest income (NII) and 
on other comprehensive income (OCI), 
to a hypothetical change in the market 
interest rates.
.

 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
The impact 
on NII is 
calculated under 
the scenario of 
an instantaneous 
parallel shift 
of all interest 
rates by 
+/- 100bps, 
for a 1-year 
period, assuming a static balance sheet approach. As at 31 December 2023 the impact on NII, under the scenario of a parallel shift 
in 
the yield curves, stands at € 194 million (+100bps) and € -171 million (-100bps) (31 December 
2022: € 232 million and € -279 million, 
respectively).
The 
impact on 
OCI is 
calculated 
as the 
fair 
value 
movement 
of 
all financial 
assets measured 
at 
FVOCI, 
net of 
hedging 
and of 
any 
hedging instruments 
designated in 
qualifying cash flow 
hedge relationships. 
As at 31 
December 2023 the 
impact on OCI, 
under the 
scenario of a parallel shift 
in the yield curves, stands 
at € -68 million (+100bps) and 
€ 72 million (-100bps) (31 December 
2022: € -49 
million and € 51 million, respectively).
.
(iii) Foreign exchange risk 
The following tables present the Group’s 
exposure to foreign currency 
exchange risk as at 31 December 2023 and 2022:
 
31 December 2023 
USD 
CHF 
RON 
BGN 
OTHER 
EUR 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
ASSETS 
Cash and balances with 
central banks 
 
13 
 
2 
 
0 
 
867 
 
7 
 
10,054 
 
10,943 
Due from credit 
institutions 
 
380 
 
31 
 
33 
 
2 
 
72 
 
1,836 
 
2,354 
Securities held for trading 
 
55 
 
- 
 
- 
 
19 
 
0 
 
305 
 
379 
Derivative financial 
instruments 
 
19 
 
0 
 
- 
 
0 
 
1 
 
861 
 
881 
Loans and advances to 
customers 
 
3,210 
 
1,886 
 
7 
 
5,129 
 
714 
 
30,599 
 
41,545 
Investment securities 
 
1,668 
 
- 
 
- 
 
75 
 
288 
 
12,679 
 
14,710 
Other assets⁽¹⁾ 
 
13 
 
4 
 
4 
 
288 
 
2 
 
8,452 
 
8,763 
Assets of disposal groups 
classified as held for sale 
(note 
30) 
 
0 
 
59 
 
- 
 
- 
 
- 
 
147 
 
206 
Total Assets 
 
5,358 
 
1,982 
 
44 
 
6,380 
 
1,084 
 
64,933 
 
79,781 
LIABILITIES 
Due to central banks and 
credit institutions 
 
188 
 
0 
 
0 
 
5 
 
11 
 
6,645 
 
6,849 
Derivative financial 
instruments 
 
18 
 
2 
 
0 
 
0 
 
1 
 
1,429 
 
1,450 
Due to customers 
 
5,822 
 
61 
 
2 
 
5,035 
 
593 
 
45,929 
 
57,442 
Debt securities in issue 
 
76 
 
- 
 
- 
 
- 
 
0 
 
4,680 
 
4,756 
Other liabilities⁽²⁾ 
 
43 
 
1 
 
21 
 
80 
 
7 
 
1,233 
 
1,385 
Total Liabilities 
 
6,147 
 
64 
 
23 
 
5,120 
 
612 
 
59,916 
 
71,882 
Net on balance sheet 
position 
 
(789) 
 
1,918 
 
21 
 
1,260 
 
472 
 
5,017 
 
7,899 
Derivative forward 
foreign exchange position 
 
668 
 
(1,921) 
 
(10) 
 
(329) 
 
(502) 
 
1,781 
 
(313) 
Total Foreign 
Exchange 
Position 
 
(121) 
 
(3) 
 
11 
 
931 
 
(30) 
 
6,798 
 
7,586

 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
31 December 2022 
USD 
CHF 
RON 
RSD 
BGN 
OTHER 
EUR 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
ASSETS 
Cash and balances with 
central banks 
 
29 
 
4 
 
0 
 
375 
 
472 
 
9 
 
14,105 
 
14,994 
Due from credit 
institutions 
 
330 
 
20 
 
33 
 
0 
 
0 
 
63 
 
883 
 
1,329 
Securities held for trading 
 
0 
- 
- 
- 
 
18 
 
0 
 
116 
 
134 
Derivative financial 
instruments 
 
23 
 
0 
 
0 
 
0 
 
0 
 
0 
 
1,162 
 
1,185 
Loans and advances to 
customers 
 
3,068 
 
1,999 
 
8 
 
616 
 
3,975 
 
555 
 
31,456 
 
41,677 
Investment securities 
 
1,743 
- 
- 
 
99 
 
81 
 
264 
 
11,074 
 
13,261 
Other 
assets ⁽¹⁾ 
 
16 
 
75 
 
5 
 
99 
 
213 
 
6 
 
8,396 
 
8,810 
Assets of disposal groups 
classified as held for sale 
(note 30) 
- 
- 
- 
- 
- 
- 
 
84 
 
84 
Total Assets 
 
5,209 
 
2,098 
 
46 
 
1,189 
 
4,759 
 
897 
 
67,276 
 
81,474 
LIABILITIES 
Due to central banks and 
credit institutions 
 
200 
 
0 
 
0 
 
45 
 
8 
 
9 
 
10,326 
 
10,588 
Derivative financial 
instruments 
 
21 
 
1 
 
0 
 
129 
 
0 
 
1 
 
1,509 
 
1,661 
Due to customers 
 
5,929 
 
95 
 
1 
 
666 
 
4,313 
 
604 
 
45,631 
 
57,239 
Debt securities in issue 
 
73 
 
73 
- 
- 
- 
 
5 
 
3,401 
 
3,552 
Other 
liabilities⁽²⁾ 
 
25 
 
1 
 
18 
 
20 
 
51 
 
3 
 
1,584 
 
1,702 
Total Liabilities 
 
6,248 
 
170 
 
19 
 
860 
 
4,372 
 
622 
 
62,451 
 
74,742 
Net on balance sheet 
position 
 
(1,039) 
 
1,928 
 
27 
 
329 
 
387 
 
275 
 
4,825 
 
6,732 
Derivative forward foreign 
exchange position 
 
778 
 
(1,927) 
 
(15) 
 
(54) 
 
(0) 
 
(281) 
 
819 
 
(680) 
Total Foreign 
Exchange 
Position 
 
(261) 
 
1 
 
12 
 
275 
 
387 
 
(6) 
 
5,644 
 
6,052
(1) 
Other assets include Investments in associates and joint ventures, Property and equipment, Investment 
property, Intangible assets, Deferred tax 
assets and 
Other assets. 
(2)
 
Other liabilities include liabilities of disposal group classified 
as held for sale (note 30).

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
5.2.3 
Liquidity risk 
The Group 
is exposed 
to daily 
calls on 
its available 
cash resources 
due to 
deposits withdrawals, 
maturity of 
medium or 
long-term 
notes, 
maturity of 
secured 
or unsecured 
funding (interbank 
repos and 
money market 
takings), loan 
drawdowns 
and forfeiture 
of 
guarantees. Furthermore, margin calls on secured funding transactions (with ECB and the market), on risk mitigation contracts (CSAs, 
GMRAs) and on 
centrally cleared transactions 
(CCPs) result in 
liquidity exposure. The 
Group maintains 
cash resources to 
meet all of 
these needs. The Board Risk Committee sets liquidity limits to ensure 
that sufficient funds are available to 
meet such contingencies.
Past experience 
shows that 
liquidity requirements 
to support 
calls under 
guarantees and 
standby letters 
of credit 
are considerably 
less than the amount 
of the commitment. This is 
also the case with credit 
commitments where the outstanding 
contractual amount 
to extend 
credit does 
not necessarily 
represent 
future cash 
requirements, 
as many 
of these 
commitments will 
expire or 
terminate 
without being funded.
The 
matching 
and 
controlled 
mismatching 
of 
the 
maturities 
and 
interest 
rates 
of 
assets 
and 
liabilities 
is 
fundamental 
to 
the 
management of the 
Group. It is 
unusual for banks 
to be completely 
matched, as transacted 
business is often 
of uncertain term 
and 
of different types. An unmatched 
position potentially enhances profitability, 
but also increases the risk of losses.
The maturities of assets and liabilities and the ability to 
replace, at an acceptable cost, interest 
bearing liabilities as they mature, are 
important factors in assessing the liquidity of the 
Group.
Liquidity Risk Management Framework
The Group’s Liquidity Risk Policy 
defines the following supervisory and control structure:
- 
Board Risk 
Committee's role 
is to approve 
all strategic 
liquidity risk 
management decisions 
and to 
monitor the 
quantitative and 
qualitative aspects of liquidity risk;
- 
Group Assets and Liabilities Committee has 
the mandate to form and implement 
the liquidity policies and 
guidelines in conformity 
with Group's risk appetite, and to review at 
least monthly the overall liquidity position of the Group;
- 
Group Treasury is responsible for the implementation of the Group's liquidity strategy, 
taking into account the latest funding plan 
and for the daily management of the Group’s 
liquidity;
- 
Group Market 
and Counterparty Risk Sector 
is responsible for 
measuring, controlling, monitoring 
and reporting the 
liquidity risk 
of the Group.
The main items related to liquidity risk that are 
monitored on a periodic basis are summarized as follows:
●
The analysis of liquidity buffer held on Group level 
per asset type and per subsidiary;
●
The Liquidity Coverage Ratio (LCR) both in solo 
and group level; 
●
The Net Stable Funding Ratio (NSFR) both in solo and group level; 
●
Liquidity stress 
test scenarios. 
These scenarios 
evaluate the 
impact of 
a number 
of stress 
events on 
the Group's 
liquidity 
position;
●
Market sensitivities affecting liquidity;
●
The Additional Liquidity Monitoring Metrics (ALMM) both in solo and group level; 
●
The Asset Encumbrance (AE) both in solo and group level; 
●
Monitoring and implementation of the funding plan.

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
Maturity analysis of assets and assets held for managing liquidity risk
The following tables present maturity analysis of Group assets as at 31 December 2023 and 2022, based on their carrying values. The 
Group has established credit risk mitigation contracts 
with its interbank counterparties (ISDA/CSA). Under these contracts 
the Group 
has 
posted 
or 
received 
collateral, 
which 
covers 
the 
corresponding 
net 
liabilities 
or 
net 
assets 
from 
derivative 
transactions. 
The 
collateral 
posted 
is 
not 
presented 
in 
the 
below 
tables. 
For 
derivative 
assets 
not 
covered 
by 
ISDA/CSA 
agreements 
the 
positive 
valuation is presented at fair 
value in the ‘over 1 year’ time bucket.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Less than 1 
month 
1 - 3 
months 
3 months 
to 1 year 
Over 1 
year 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
- Cash and balances with central banks 
10,943 
- 
- 
- 
10,943 
- Due from credit institutions 
841 
128 
- 
330 
1,299 
- Loans and advances to customers 
2,841 
1,348 
3,817 
33,539 
41,545 
- Debt Securities 
72 
93 
617 
13,919 
14,701 
- Equity securities 
- 
- 
- 
388 
388 
- Derivative financial instruments 
- 
- 
- 
13 
13 
- Other assets⁽¹⁾ 
62 
16 
8 
8,677 
8,763 
- Assets of disposal groups classified as held for sale (note 30) 
- 
- 
206 
- 
206 
Total 
14,759 
1,585 
4,648 
56,866 
77,858
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Less than 1 
month 
1 - 3 
months 
3 months 
to 1 year 
Over 1 
year 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
- Cash and balances with central banks 
14,994 
- 
- 
- 
14,994 
- Due from credit institutions 
398 
28 
- 
167 
593 
- Loans and advances to customers 
3,164 
1,271 
3,549 
33,693 
41,677 
- Debt Securities 
115 
137 
349 
12,411 
13,012 
- Equity securities 
- 
- 
- 
383 
383 
- Derivative financial instruments 
- 
- 
- 
9 
9 
- Other assets⁽¹⁾ 
62 
16 
8 
8,724 
8,810 
- Assets of disposal groups classified as held for sale 
- 
- 
84 
- 
84 
Total 
18,733 
1,452 
3,990 
55,387 
79,562
(1)
 
Other assets include Investments in associates and joint ventures, Property and equipment, Investment property, 
Intangible assets, Deferred tax assets and 
Other assets.
The 
Group 
holds 
a 
diversified 
portfolio 
of 
cash 
and 
highly 
liquid 
assets 
to 
support 
payment 
obligations 
and 
contingent 
deposit 
withdrawals in a stressed market 
environment. The Group's assets held for 
managing liquidity risk comprise:
(a) Cash and balances with central banks;
(b) Eligible bonds and other financial assets for collateral 
purposes; and
(c) Current accounts with banks and interbank 
placings maturing within one month.
The unutilized assets, containing highly liquid and central banks eligible assets, provide 
a contingent liquidity reserve of € 22.3 billion 
as 
of 
31 December 
2023 
(2022: 
€ 
20.1 
billion). 
This 
increase 
is 
attributed 
mainly 
to: 
i) 
inflows 
due 
to 
customer 
deposits 
(annual 
increase from continuing 
operations by € 1.8 billion) 
and ii) two new senior bond 
issuances equal to € 500 million 
each. 
In addition, 
the Group holds other types of liquid 
assets, as defined by the regulator, 
amounting to € 7.0 billion (cash 
value) (2022: € 7.5 billion). 
It 
should 
be 
noted 
that 
a part 
of 
the 
ECB 
available 
collateral 
of 
€ 
1.8 
billion 
(cash 
value) 
(2022: 
€ 
3.8 
billion) 
is 
held 
by 
Group’s 
subsidiaries for 
which temporary 
local regulatory 
restrictions are 
applied and 
currently limit 
the level 
of its transferability 
between 
group entities.

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
Maturity analysis of liabilities
The amounts disclosed 
in the 
tables below are 
the contractual undiscounted cash 
flows for the 
years 2023 and 
2022. Liabilities without 
contractual 
maturities (sight 
and saving 
deposits) are 
presented in 
the ‘less 
than 1 month’ 
time bucket. 
The Group 
has established 
credit risk 
mitigation 
contracts with 
its interbank 
counterparties (ISDA/CSA). 
Due to 
these contracts 
the Group 
has already 
posted 
collateral which covers the valuation 
of its net liabilities from interbank derivatives. For derivative liabilities not covered 
by ISDA/CSA 
agreements the negative valuation 
is presented at fair value in the ‘less than 
1 month’ time bucket.
It should be noted that this table represents the worst case scenario since it is based on the assumption that all liabilities will be paid 
at maturity and they will 
not be rolled over 
(e.g. all term 
deposits are withdrawn at their contractual maturity). The 
recent experience 
shows that even in a period of a systemic 
financial crisis the likelihood of such an event is remote.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Gross nominal 
Less than 
1 - 3 
3 months 
Over 
(inflow)/ 
1 month 
months 
 
to 1 year 
1 year 
outflow 
€ million 
€ million 
€ million 
€ million 
€ million 
Non-derivative liabilities: 
- Due to central banks and credit institutions 
713 
2,889 
3,079 
396 
7,077 
- Due to customers 
44,691 
5,775 
6,682 
424 
57,572 
- Debt securities in issue 
75 
593 
245 
4,986 
5,899 
- Lease liabilities 
4 
16 
55 
143 
218 
- Other liabilities 
501 
460 
234 
- 
1,195 
45,984 
9,733 
10,295 
5,949 
71,961 
Derivative financial instruments 
11 
- 
- 
- 
11
 
Off-balance sheet items
 
 
 
 
 
 
 
 
 
Less than 
Over 
1 year 
1 year 
€ million 
€ million 
Credit related commitments 
2,429 
8,989 
Contractual commitments⁽¹⁾ 
37 
- 
Total 
2,466 
8,989
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Gross nominal 
Less than 
1 - 3 
3 months 
Over 
(inflow)/ 
1 month 
months 
 
to 1 year 
1 year 
outflow 
€ million 
€ million 
€ million 
€ million 
€ million 
Non-derivative liabilities: 
- Due to central banks and credit institutions 
996 
812 
4,815 
4,379 
11,002 
- Due to customers 
49,755 
3,220 
4,038 
250 
57,263 
- Debt securities in issue 
37 
7 
141 
4,395 
4,580 
- Lease liabilities 
3 
6 
28 
192 
229 
- Other liabilities 
863 
416 
218 
- 
1,497 
51,654 
4,461 
9,240 
9,216 
74,571 
Derivative financial instruments 
25 
- 
- 
- 
25

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2023 Consolidated Financial Statements
 
Off-balance sheet items
 
 
 
 
 
 
 
Less than 
Over 
1 year 
1 year 
€ million 
€ million 
Credit related commitments 
4,898 
5,573 
Contractual commitments⁽¹⁾ 
46 
- 
Total 
4,944 
5,573
 
(1)
 
It refers to contractual commitments for the purchase of own used and investment property and intangible assets (note 42). 
Note: Credit related and contractual commitments of discontinued operations (note 30) amounting to € 461 million and 5 million respectively, are 
included in 
the table above for 31 December 2022
.
5.2.4 
Interest Rate Benchmark reform – IBOR reform 
Following 
the 
cessation 
of 
the 
remaining 
USD 
LIBOR 
tenors 
(overnight, 
1-, 
3-, 
6-, 
12-month) 
on 
30 
June 
2023, 
the 
Group 
has 
successfully implemented its IBOR reform transition 
program, on the outstanding exposures 
that referenced the above rates, 
mainly 
referring to loans to customers and derivatives. Specifically, within 2023, loans to customers have transitioned to the new alternative 
benchmark rates 
(SOFR) on their first 
roll date after 
cessation date, whilst 
derivative contracts 
have transitioned 
to the appropriate 
fallback rates 
either as a 
result of 
the application 
of the ISDA 
IBOR Protocol 
or following 
bilateral renegotiations. 
Furthermore, the 
Group 
considered 
those 
hedge 
accounting 
relationships 
that 
mature 
after 
the 
cessation 
date 
of 
the 
aforementioned 
USD 
LIBOR 
tenors, to continue to qualify for 
hedge accounting. 
The Group continuously monitors 
any developments about further market 
initiatives on interest rate 
benchmark reform, in order 
to 
ensure compliance where required.
 
5.2.5 Climate-related and environmental 
risks 
The 
Group 
has 
recognized 
climate 
change 
as 
a 
material 
risk 
and 
based 
on 
supervisory 
guidelines, 
has 
adapted 
its 
policies 
and 
methodologies for identifying and monitoring the relevant 
risks.
Specifically, 
climate related 
and environmental 
risks are 
defined as 
the risks 
deriving from 
potential loss 
or negative 
impact to 
the 
Group, including 
loss/damage to physical 
assets, disruption of 
business or system 
failures, transition 
expenditures and 
reputational 
effects from the adverse 
consequences of climate change and environmental 
degradation.
Climate-related and environmental 
risks include the following :
-
Climate related and 
environmental physical 
risk: Physical risk refers 
to the financial impact of a 
changing climate, including 
more frequent extreme weather events and gradual changes in 
climate, as well as 
the impact of environmental degradation. 
-
Climate related and environmental transition risk: Transition risk 
refers to financial loss that can result, directly 
or indirectly, 
from the process of adjustment towards 
a lower- carbon and more environmentally 
sustainable economy. 
-
Environmental risk: Risk of actual or potential 
threat associated with the dependency on nature 
and nature impacts and/or 
the 
misalignment 
between 
the 
Group’s 
strategy 
and 
the 
changing 
regulatory, 
policy, 
or 
societal 
landscape 
in 
which 
it 
operates. Environmental 
risk excludes the impacts from climate change. 
The Group is adopting a strategic approach towards 
sustainability, climate change risk identification 
and risk management, signifying 
the great 
importance that 
is given 
in the 
risks 
and opportunities 
arising from 
the transitioning 
to 
a low-carbon 
and more 
circular 
economy. In 
this context, the Bank has approved and implements 
its Financed Impact Strategy, 
which focuses on: 
•
Clients’ engagement and awareness 
to adapt their business so as to address climate change challenges 
•
Actions for supporting clients in their transition efforts 
towards a more ESG-friendly economic environment 
•
Enablers and tools such as frameworks and 
products to underpin Sustainable Financing 
•
The assessment and management of climate-related 
risk of exposures 
To 
facilitate 
the 
classification 
of 
sustainable/green 
financing 
opportunities 
in 
a 
structural 
manner, 
the 
Bank 
has 
developed 
its 
Sustainable Finance Framework 
(SFF). Through its SFF, 
the Bank is able to classify 
sustainable lending solutions offered 
to its clients, 

Notes to the Consolidated Financial Statements 
.
 
96
|
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31 December 2023 Consolidated Financial Statements
 
 
specifying the applied classification approach 
and the activities defined as eligible to 
access sustainable financing (eligible green 
and 
social assets). 
Furthermore, the Group has updated its governance structure by introducing and defining the roles and responsibilities in relation to 
ESG and climate 
related & 
environmental 
(CR&E) risks, embedding 
regulatory guidelines 
and market practices 
,involving various 
key 
stakeholders 
(i.e. 
Business 
functions, 
Units, 
and 
Committees). 
The 
Group 
applies 
a 
model 
of 
defined 
roles 
and 
responsibilities 
regarding the management of CR&E risks 
across the 3 Lines of Defense.
In this 
context 
and taking 
into account 
the significant 
impact of 
climate-related 
and environmental 
(CR&E) risks 
both on 
financial 
institutions and on 
the global economy, the Group 
developed and approved its 
CR&E Risks Management 
Policy which aims 
at fostering 
a holistic understanding of the effects 
of CR&E risks on 
its business model, 
as well as support 
decision-making regarding these matters 
and provide a robust governance under 
its Risk Management Framework.
The Group Risk Management 
Strategy Planning Operations & Climate Risk 
(GRMSPO&CR) has the 
overall responsibility for overseeing, 
monitoring, and managing CR&E risks. 
Specifically, the 
Unit operates as the 
Project office responsible for 
the implementation of the 
Climate related 
and Environmental 
risks roadmap, 
(“Program Field”) with 
a coordinating 
and supervisory role 
on all related 
project 
streams to ensure alignment 
with the Bank’s business 
strategy and the regulatory 
authorities’ expectations. In this context, 
the Unit 
ensures 
the 
implementation 
of 
corresponding 
environmental 
and 
sustainability 
initiatives 
(frameworks, 
policies, 
procedures 
and 
products) and 
compliance with 
relevant 
existing and 
upcoming regulations, 
under an 
ongoing bank-wide 
program, 
in line 
with the 
supervisory agreed 
roadmap, which 
is accelerated 
where possible. 
Also, the 
Unit is 
responsible for 
coordinating with 
Business and 
other Risk Units, 
preparing and submitting 
for approval 
of the Financed Impact 
Strategy, 
as well for 
monitoring its implementation. 
Furthermore, 
the GCRD 
leads the 
2nd Line 
of Defense 
independent sustainable 
lending re 
-assessment process. 
Specifically, 
in the 
context of 
implementing the approved 
Sustainable Finance Framework 
(SFF), the Unit 
is responsible for 
assessing the sustainability 
features 
of new 
loans and 
products 
according to 
the criteria 
set within 
the SFF. 
Going forward 
the role 
of Unit 
will be 
expanded, 
covering 
the 
management 
of 
ESG 
risks. 
Further 
information 
on 
ESG 
risks 
is 
provided 
in 
the 
Consolidated 
Pillar 
3 
Report 
on 
the 
Company’s website.
Furthermore, the Group is in the process of successfully completing the European Central 
Bank’s (ECB) supervisory one-off Fit-for-55 
climate risk scenario analysis, 
which was launched in 
December 2023 and 
aims to gain insights 
into the capacity of 
the financial system 
to support the transition to 
lower carbon economy under conditions of stress.
.
 
5.3 
Fair value of financial assets and liabilities 
Fair value is 
the price that 
would be received 
to sell an asset 
or paid to 
transfer a 
liability in an orderly 
transaction between 
market 
participants in 
the principal (or 
most advantageous) 
market at 
the measurement 
date under 
current market 
conditions (i.e. an 
exit 
price). 
When 
a 
quoted 
price 
for 
an 
identical 
asset 
or 
liability 
is 
not 
observable, 
fair 
value 
is 
measured 
using 
another 
valuation 
technique that 
is appropriate 
in the 
circumstances 
and maximizes 
the use 
of relevant 
observable inputs 
and minimizes 
the use 
of 
unobservable inputs. Observable inputs are developed 
using market data, such as publicly available 
information about actual events 
or transactions, and reflect assumptions that market participants would use 
when pricing financial instruments, such as 
quoted prices 
in active markets for similar instruments, 
interest rates and yield curves, 
implied volatilities and credit spreads.
The Group’s financial instruments measured at fair value or at amortized cost for which fair value is disclosed 
are categorized into the 
three levels of the fair value hierarchy 
based on whether the inputs to the fair values are observable 
or unobservable, as follows:
(a)
Level 1-Financial instruments measured based on quoted 
prices (unadjusted) in active markets for identical financial 
instruments 
that the Group can access at the measurement date. A market is considered 
active when quoted prices are readily and regularly 
available 
from 
an 
exchange, 
dealer, 
broker, 
industry 
group, 
pricing 
service, 
or 
regulatory 
agency 
and 
represent 
actually 
and 
regularly occurring 
transactions. 
Level 1 
financial instruments 
include actively 
quoted 
debt instruments 
held or 
issued by 
the 
Group, 
equity 
and 
derivative 
instruments 
traded 
on 
exchanges, 
as 
well 
as 
mutual 
funds 
that 
have 
regularly 
and 
frequently 
published quotes. 
(b)
Level 
2-Financial 
instruments 
measured 
using 
valuation 
techniques 
with 
inputs, 
other 
than 
level 
1 
quoted 
prices, 
that 
are 
observable 
either directly 
or indirectly, 
such as: 
i) quoted 
prices for 
similar financial 
instruments 
in active 
markets, 
ii) quoted 
prices for 
identical or 
similar financial 
instruments 
in markets 
that are 
not active, 
iii) inputs 
other than 
quoted prices 
that are 
directly 
or 
indirectly 
observable, 
mainly 
interest 
rates 
and 
yield 
curves 
observable 
at 
commonly 
quoted 
intervals, 
forward 
exchange 
rates, 
equity 
prices, 
credit 
spreads 
and 
implied 
volatilities 
obtained 
from 
internationally 
recognized 
market 
data 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2023 Consolidated Financial Statements
 
 
providers 
and 
iv) 
other 
unobservable 
inputs 
which 
are 
insignificant 
to 
the 
entire 
fair 
value 
measurement. 
Level 
2 
financial 
instruments 
include over 
the 
counter 
(OTC) 
derivatives, 
less liquid 
debt 
instruments 
held 
or issued 
by the 
Group 
and equity 
instruments. 
(c)
Level 
3-Financial 
instruments 
measured 
using 
valuation 
techniques 
with 
significant 
unobservable 
inputs. 
When 
developing 
unobservable 
inputs, 
best 
information 
available 
is 
used, 
including 
own 
data, 
while 
at 
the 
same 
time 
market 
participants' 
assumptions 
are 
reflected 
(e.g. 
assumptions 
about 
risk). 
Level 
3 
financial 
instruments 
include 
unquoted 
equities 
or 
equities 
traded in markets that are not considered active, certain OTC 
derivatives, loans and advances to customers including securitized 
notes of loan por 
tfolios originated 
by the Group 
and recognized in 
financial assets and 
certain debt securities held 
or issued by 
the Group.
Financial instruments carried at fair value
The fair value hierarchy categorization of the 
Group's financial assets and 
liabilities measured at 
fair value is presented in 
the following 
tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Level 1 
Level 2 
Level 3 
Total 
€ million 
€ million 
€ million 
€ million 
Securities held for trading 
379 
0 
- 
379 
Investment securities at FVTPL 
137 
21 
105 
263 
Derivative financial instruments⁽¹⁾ 
0 
881 
0 
881 
Investment securities at FVOCI 
3,209 
271 
12 
3,492 
Loans and advances to customers mandatorily 
at FVTPL 
- 
- 
15 
15 
Financial assets measured at fair value 
3,725 
1,173 
132 
5,030 
Derivative financial instruments⁽¹⁾ 
2 
1,448 
- 
1,450 
Trading liabilities 
121 
- 
- 
121 
Financial liabilities measured at fair value 
123 
1,448 
- 
1,571
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Level 1 
Level 2 
Level 3 
Total 
€ million 
€ million 
€ million 
€ million 
Securities held for trading 
134 
- 
- 
134 
Investment securities at FVTPL 
93 
15 
133 
241 
Derivative financial instruments⁽¹⁾ 
1 
1,178 
6 
1,185 
Investment securities at FVOCI 
3,600 
228 
- 
3,828 
Loans and advances to customers mandatorily 
at FVTPL 
- 
- 
16 
16 
Financial assets measured at fair value 
3,828 
1,421 
155 
5,404 
Derivative financial instruments⁽¹⁾ 
1 
1,660 
- 
1,661 
Trading liabilities 
419 
- 
- 
419 
Financial liabilities measured at fair value 
420 
1,660 
- 
2,080
 
(1) 
Amounts
are presented after offsetting € 752 million and € 
492 million level 2 derivative financial assets and liabilities, respectively, 
against cash collateral 
received/pledged (2022: after offsetting € 1,376 million and € 444 million derivative financial 
assets and liabilities, respectively) (note 5.2.1.4).
The Group 
recognizes 
transfers 
into 
and out 
of the 
fair value 
hierarchy 
levels at 
the beginning 
of the 
quarter in 
which a 
financial 
instrument's transfer 
was effected. 
During the year ended 
31 December 2023, the Group 
transferred OTC 
derivative instruments 
of 
€ 7 
million 
from 
Level 
3 to 
Level 
2 following 
the 
assessment 
on 
the 
significance of 
the 
CVA 
adjustment 
to 
their entire 
fair 
value 
measurement, calculated based on internal rating 
models. In addition, certain Greek and Cypriot government bonds measured at AC 
and FVOCI, respectively and fair value at the 
beginning of the fourth quarter of € 849 million and € 89 million, were transferred 
from 
level 1 to level 2 as their market was 
not considered active. 

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
 
Reconciliation of Level 3 fair value measurements
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Balance at 1 January 
155 
70 
Transfers 
into Level 3 
1 
9 
Transfers 
out of Level 3 
(7) 
(0) 
Additions, net of disposals and redemptions (note 45) ⁽¹⁾ 
(20) 
87 
Total gain/(loss) 
for the year included in profit or loss 
3 
(11) 
Foreign exchange differences and other 
0 
0 
Balance at 31 December 
132 
155
(1)
 
Including capital returns on equity instruments. 
.
 
 
Group's valuation processes and techniques
The Group’s 
processes and procedures 
governing the 
fair valuations 
are established 
by the Group 
Market Counterparty 
Risk Sector 
in line 
with the 
Group’s 
accounting policies. 
The Group 
uses widely 
recognized 
valuation 
models for 
determining the 
fair valu 
e 
of 
common 
financial 
instruments 
that 
are 
not quoted 
in an 
active market, 
such as 
interest 
and cross 
currency 
swaps, 
that 
use only 
observable market data 
and require little management 
estimation and judgment. Specifically, 
observable prices or model inputs are 
usually 
available 
in 
the 
market 
for 
listed 
debt 
and 
equity 
securities, 
exchange-traded 
and 
simple 
over-the-counter 
derivatives. 
Availability 
of 
observable 
market 
prices 
and 
model 
inputs 
reduces 
the 
need 
for 
management 
judgment 
and 
estimation 
and 
also 
reduces the uncertainty associated with determining 
fair values.
Where valuation 
techniques are used 
to determine the 
fair values 
of financial instruments 
that are not 
quoted in an 
active market, 
they 
are 
validated 
against 
historical 
data 
and, 
where 
possible, 
against 
current 
or 
recent 
observed 
transactions 
in 
different 
instruments, 
and 
periodically 
reviewed 
by 
qualified 
personnel 
independent 
of 
the 
personnel 
that 
created 
them. 
All 
models 
are 
certified before 
they are 
used and models 
are calibrated 
to ensure 
that outputs reflect 
actual data 
and comparative 
market prices. 
Fair values’ 
estimates obtained 
from models 
are adjusted 
for any 
other factors, 
such as liquidity 
risk or model 
uncertainties, to 
the 
extent that market 
participants would take 
them into account in 
pricing the instrument. Fair 
values also reflect the credit 
risk of the 
instrument and include adjustments to take 
account of the credit risk of the Group and the counterparty, 
where appropriate.
Valuation 
controls applied by 
the Group may 
include verification of 
observable pricing, re-performance 
of model valuations, 
review 
and approval process for new models and/or changes 
to models, calibration and back-testing against observable market transactions, 
where available, analysis of 
significant valuation movements, etc. 
Where third parties' 
valuations are used for 
fair value measurement, 
these are reviewed in order to ensure 
compliance with the requirements of IFRS 13.
The fair values of 
OTC derivative financial 
instruments are estimated 
by discounting expected cash 
flows using market 
interest rates 
at the measurement date. 
Counterparty credit risk adjustments 
and own credit risk 
adjustments are applied to 
OTC derivatives, where 
appropriate. Bilateral 
credit risk adjustments 
consider the expected cash 
flows between the Group 
and its counterparties under 
the 
relevant terms 
of the derivative 
instruments and the 
effect of the 
credit risk on 
the valuation of 
these cash flows. 
As appropriate in 
circumstances, 
the Group 
considers also 
the effect 
of any 
credit risk 
mitigating arrangements, 
including collateral 
agreements and 
master netting agreements on the calculation of 
credit risk valuation adjustments (CVAs). CVA calculation uses probabilities of default 
(PDs) based 
on observable 
market data 
such as 
credit default 
swaps (CDS) 
spreads, where 
appropriate, or 
based on 
internal rating 
models. 
The 
Group 
applies 
similar 
methodology 
for 
the 
calculation 
of 
debit-value-adjustments 
(DVAs), 
when 
applicable. 
Where 
valuation techniques 
are based 
on internal 
rating models 
and the 
relevant 
CVA is 
significant to 
the entire 
fair value 
measurement, 
such 
derivative 
instruments 
are 
categorized 
as 
Level 
3 
in 
the 
fair 
value 
hierarchy. 
A 
reasonably 
possible 
change 
in 
the 
main 
unobservable input (i.e. 
the recovery rate), used 
in their valuation, 
would not have 
a significant effect on 
their fair value measurement.
The Group 
determines 
fair values 
for 
debt securities 
held using 
quoted 
market 
prices in 
active markets 
for 
securities with 
similar 
credit 
risk, 
maturity 
and 
yield, quoted 
market 
prices 
in 
non 
active markets 
for 
identical 
or 
similar 
financial 
instruments, 
or 
using 
discounted cash flows method.

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
Unquoted equity 
instruments at 
FVTPL, included 
in Level 
3, are estimated 
using mainly 
(i) third 
parties' valuation 
reports based 
on 
investees' 
net 
assets, 
where 
management 
does 
not 
perform 
any 
further 
significant 
adjustments, 
and 
(ii) 
net 
assets' 
valuations, 
adjusted where considered necessary.
Loans and advances 
to customers 
including securitized notes 
of loan portfolios 
originated by the 
Group with contractual 
cash flows 
that do not represent 
solely payments of principal and interest 
(SPPI failures), are measured 
mandatorily at fair value 
through profit 
or loss. Quoted market 
prices are not available 
as there are no active 
markets where these 
instruments are traded. 
Their fair values 
are estimated on an individual loan basis by discounting the future expected cash flows over the time period they are expected to 
be 
recovered, using an appropriate discount rate or by reference to other comparable assets 
of the same 
type that have been transacted 
during 
a 
recent 
time 
period. 
Expected 
cash 
flows, 
which 
incorporate 
credit 
risk, 
represent 
significant 
unobservable 
input 
in 
the 
valuation and as such, the entire fair value 
measurement is categorized as Level 
3 in the fair value hierarchy.
Financial instruments not measured at fair value
The fair value hierarchy 
categorization of the 
Group’s financial assets 
and liabilities not measured at fair 
value on the balance sheet, 
is presented in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Level 1 
Level 2 
Level 3 
Fair value 
Carrying 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to customers 
- 
- 
41,888 
41,888 
41,530 
Investment securities at amortised cost 
7,191 
1,948 
1,323 
10,462 
10,955 
Financial assets not measured at fair value 
7,191 
1,948 
43,211 
52,350 
52,485 
Debt securities in issue 
2,540 
1,626 
554 
4,720 
4,756 
Financial liabilities not measured at fair value 
2,540 
1,626 
554 
4,720 
4,756
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Level 1 
Level 2 
Level 3 
Fair value 
Carrying 
amount 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to customers 
- 
- 
41,767 
41,767 
41,661 
Investment securities at amortised cost 
6,185 
699 
1,271 
8,155 
9,192 
Financial assets not measured at fair value 
6,185 
699 
43,038 
49,922 
50,853 
Debt securities in issue 
1,343 
1,503 
553 
3,399 
3,552 
Financial liabilities not measured at fair value 
1,343 
1,503 
553 
3,399 
3,552
 
The assumptions and methodologies underlying the calculation of fair values 
of financial instruments not measured at fair value, 
are 
in line with those used to calculate the fair values for 
financial instruments measured at fair value. Particularly:
(a)
Loans and advances to customers including securitized notes of loan portfolios originated by the Group: quoted market prices are 
not available 
as there 
are no 
active markets 
where these 
instruments 
are traded. 
The fair 
values are 
estimated 
by discounting 
future expected 
cash flows 
over the 
time period 
they are 
expected to 
be recovered, 
using appropriate 
risk-adjusted 
rates (i.e., 
discounted 
expected 
cash 
flows 
technique). 
More 
specifically, 
loans 
to 
customers 
are 
grouped 
into 
homogenous 
assets 
with 
similar 
characteristics, 
as 
monitored 
by 
Management, 
such 
as 
lending 
business 
unit, 
products’ 
characteristics, 
and 
performing/nonperforming status, in 
order to improve the 
accuracy of the estimated 
valuation outputs. In estimating 
the future 
cash flows of 
lending portfolios, the 
Group makes assumptions on 
expected prepayments, products’ spreads over 
risk-free interest 
rates, where applicable. The discount 
rates applied for the 
discounting of loans’ expected 
cash flows incorporate inputs that 
would 
be taken 
into account by 
independent market participants, 
such as risk-free 
interest rates, 
expected credit losses, 
cost of equity 
requirements and 
funding. For credit 
impaired-loans, the timing of 
collateral realization 
is taken into 
account for the 
estimation 
of the 
future cash 
flows which 
are discounted 
by non-credit 
risk adjusted 
rates. 
In addition, 
the fair 
value of 
securitized senior 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
100
|
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31 December 2023 Consolidated Financial Statements
 
 
notes of 
loan portfolios 
originated by 
the Group 
is estimated 
by discounting 
the expected 
cash flows 
using appropriate 
market
interest rates of other 
comparable assets with similar quality and duration; 
(b)
Investment securities 
measured at amortized 
cost: the fair 
values are determined 
using prices quoted in 
an active market 
when 
these are 
available. In 
other cases, 
fair values 
are determined 
using quoted 
market prices 
for securities 
with similar 
credit risk, 
maturity 
and 
yield, 
quoted 
market 
prices 
in 
non 
active 
markets 
for 
identical 
or 
similar 
financial 
instruments, 
or 
by 
using 
the 
discounted cash flows method. In addition, for certain high quality corporate bonds for which quoted prices are not available, 
fair 
value 
is determined 
using 
prices that 
are 
derived 
from 
reliable data 
management 
platforms 
while 
part 
of them 
is verified 
by 
market 
participants 
(e.g. brokers). 
In certain 
cases, prices 
are 
implied by 
liquidity agreements 
(e.g. repos, 
pledges) with 
other 
financial institutions; and 
(c)
Debt securities in issue: the fair values are determined using quoted market prices, 
if available. If quoted prices are not available, 
fair values are determined based on third party 
valuations, quotes for similar debt securities or by discounting the 
expected cash 
flows at a risk-adjusted rate, where the Group's own credit risk is 
determined using inputs indirectly observable, i.e. quoted prices 
of similar securities issued by the Group or other Greek issuers. 
For other financial instruments, which are short term or re 
-price at frequent intervals (cash and balances with central 
banks, due 
from credit 
institutions, due 
to central 
banks, due 
to credit 
institutions and 
due to 
customers), the 
carrying amounts 
represent 
reasonable approximations of fair values.
6. 
Net interest income
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Interest income 
Customers 
2,122 
1,302 
- measured at amortised cost 
2,121 
1,301 
- measured at FVTPL 
1 
1 
Banks and other assets⁽¹⁾⁽³⁾ 
460 
80 
Securities 
429 
255 
- measured at amortised cost 
309 
141 
- measured at FVOCI 
107 
103 
- measured at FVTPL 
13 
10 
Derivatives (hedge accounting) 
527 
94 
Derivatives (no hedge accounting) 
916 
495 
4,454 
2,226 
Interest expense 
Customers ⁽¹⁾ 
(435) 
(77) 
Banks ⁽¹⁾⁽²⁾⁽³⁾ 
(317) 
1 
Debt securities in issue ⁽¹⁾ 
(222) 
(118) 
Derivatives (hedge accounting) 
(430) 
(89) 
Derivatives (no hedge accounting) 
(873) 
(461) 
Lease liabilities - IFRS 16 
(3) 
(2) 
(2,280) 
(746) 
Total from continuing 
operations 
2,174 
1,480
 
(1)
 
Measured at amortized cost.
.
(2)
 
For the year 
2023, it includes 
interest expense 
of € 177 
million relating to 
the funding from 
the European Central 
Bank (ECB). In 
the comparative year, 
it 
includes net income of € 53 million that is attributable to the targeted longer-term refinancing operations (TLTRO III) of ECB. (note 31).
.
(3)
 
Interest from financial assets with negative rates, which were applied until June of 2022, was recorded in 
interest expense. 
. .
In 2023, the increase of 46.9% in the interest 
income from continuing operations 
against the comparative year 
was mainly driven by 
higher interest rates, 
the organic loans’ growth 
and the increased positions 
in investment bonds, 
partly offset by higher 
debt issued 
and deposits cost. 

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
Interest income recognized 
by quality of Loans and Advances and Product Line is further analyzed 
below:
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Interest income 
on non-impaired 
loans and 
advances 
Interest 
income on 
impaired loans 
and advances 
Total 
€ million 
€ million 
€ million 
Retail lending 
854 
33 
888 
Wholesale lending⁽¹⁾ 
1,193 
41 
1,234 
Total interest 
income from customers 
2,048 
74 
2,122
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Interest income 
on non-impaired 
loans and 
advances 
Interest 
income on 
impaired loans 
and advances 
Total 
€ million 
€ million 
€ million 
Retail lending 
573 
23 
596 
Wholesale lending⁽¹⁾ 
673 
33 
706 
Total interest 
income from customers 
1,246 
56 
1,302
(1)
 
Including interest income on loans and advances to Public Sector.
7. 
Net banking fee and commission income
The 
following 
tables 
include 
net 
banking 
fees 
and 
commission 
income 
from 
contracts 
with 
customers 
in 
the 
scope 
of 
IFRS 
15, 
disaggregated by major type of services and operating 
segments (note 43).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Retail 
Corporate 
Global 
Markets & 
Asset Mngt 
International 
Other ⁽²⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Lending related activities 
8 
111 
16 
15 
2 
152 
Mutual funds and assets under 
management 
17 
2 
39 
11 
6 
75 
Network activities and other⁽¹⁾ 
62 
7 
31 
90 
3 
193 
Capital markets 
- 
7 
16 
6 
(2) 
27 
Total from continuing 
operations 
87 
127 
102 
122 
9 
447
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Retail 
Corporate 
Global 
Markets & 
Asset Mngt 
International 
Other⁽²⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Lending related activities 
8 
97 
14 
11 
1 
132 
Mutual funds and assets under 
management 
13 
1 
41 
9 
5 
69 
Network activities and other ⁽¹⁾ 
68 
7 
31 
93 
2 
201 
Capital markets 
- 
9 
13 
6 
(3) 
26 
Total from 
continuing operations 
90 
114 
99 
119 
5 
427
(1)
 
Including income from credit cards related services
. 
(2)
 
Includes “Remedial and Servicing Strategy” and “Other and elimination 
center” segments.

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
102
|
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31 December 2023 Consolidated Financial Statements
8. 
Income from non banking services
Income from 
non banking 
services from 
continuing operations 
includes rental 
income of 
€ 95.5 
million (2022: 
€ 92.8 
million) from 
real estate properties and other income 
of € 1.0 million (2022: € 2.2 million) from IT services provided by the Group 
entities.
9. 
Net trading income and gains less losses from investment securities
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Net trading income/(loss) 
Debt securities, including short positions 
(24) 
98 
Derivative financial instruments 
86 
625 
Equity securities⁽¹⁾ 
4 
1 
Revaluation on foreign exchange 
positions 
5 
1 
Total 
71 
725 
Gains less losses from investment securities 
Debt securities 
38 
(26) 
- measured at FVOCI ⁽²⁾ 
57 
(26) 
- measured at AC⁽³⁾ 
(18) 
(0) 
- measured at FVTPL 
(1) 
(0) 
Equity securities 
19 
17 
Total from 
continuing operations 
57 
(9)
(1)
 
In 2023, € 22 million loss relating to derivatives on 
equity instruments is presented along with equity securities that 
hedge economically.
Comparative figure 
has been adjusted accordingly and includes € 2 million gain. 
(2) 
It includes termination fees from related derivatives in single hedging relationships 
amounting to € 6 million income (2022: € 4 million income) 
(3)
 
Mainly refers to the swap transaction of Greek government bonds (note 5.2.1.3). 
Trading 
results of 
€ 24 million 
loss related 
to debt 
securities, include 
€ 1 million 
loss (2022: € 
9 million 
loss) from 
trading securities 
and 
€ 
23 
million 
loss 
(2022: 
€ 
107 
million 
gain) 
on 
short 
positions 
on 
debt 
instruments 
entered 
into 
the 
context 
of 
the 
Group's 
economic hedging strategies (note 35).
Gains from 
derivative financial 
instruments of 
€ 86 million 
comprise mainly 
a) € 33 
million loss resulting 
from fair 
value changes 
of 
derivatives not 
designated in 
hedge accounting 
relationships and 
b) € 
124 million 
gains from 
portfolio hedging 
of interest 
rate risk 
(macro hedging), 
of which € 
4 million gains 
arise from 
hedge ineffectiveness 
and € 120 
million gains 
from fair 
value changes 
of the 
hedging derivatives that occur as 
part of the 
dynamic management of the 
pool of hedging 
instruments on a monthly 
basis, and include 
fair value changes before 
initial designation or after de-designation 
as well as realized gains 
of the liquidated positions following 
de-
designation (notes 2.2.3i and 19).

 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2023 Consolidated Financial Statements
10. 
Other income/ (expenses)
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Gain/(loss) from change in fair value of investment 
property (note 27) 
6 
34 
Gain on initial application of equity accounting for Hellenic Bank (note 24) 
111 
- 
Sale of merchant acquiring 
business - Project Triangle 
- 
325 
Derecognition gain/(loss) on loans measured at 
amortised cost (note 20) 
3 
2 
Loss on loans' modifications and related adjustments 
(49) 
(1) 
Fee expense related to the deferred 
tax credits (note 13) 
(6) 
(6) 
Gain/ (loss) on the disposal/liquidation of subsidiaries and 
associates (notes 23 and 24) 
0 
(34) 
Dividend income 
3 
2 
Gains/(losses) on loans at FVTPL 
(0) 
3 
Other 
0 
(2) 
Total from continuing 
operations 
68 
323
In the context of the increased interest rates 
environment, the Group has assessed the probability of prepayment 
on its floating rate 
loans, 
focusing 
on retail 
portfolios 
of long-term 
loans that 
are expected 
to 
exhibit higher, 
than historically 
observed, 
prepayment 
rates, 
depending on 
their particular 
contractual 
terms. Accordingly, 
for performing 
retail 
loans that 
their contractual 
interest 
rate 
spread is scheduled to 
increase (step-up) over the 
next few years, the Group has 
assessed that the 
combined increase of the 
reference 
interest rates 
and the pre-determined client 
spreads, increase the probability 
of the borrowers’ prepaying 
or refinancing their loans 
at prevailing market rates earlier than 
their contractual maturity. Therefore, a prepayment probability was incorporated in 
the specific 
loans’ expected cash flows, resulting in a 
loss of ca. € 35 million with a corresponding adjustment on their gross carrying amount.
In April 2023, the Bank announced the launch of a reward initiative for housing loan clients under floating rate loans, that introduced 
“a 
cap” 
in 
the 
loans’ 
applicable 
base 
rates 
for 
a 
period 
of 
12 months, 
with 
a view 
to 
protect 
borrowers 
against 
reference 
rates’ 
increase. The above initiative resulted in a 
modification loss of ca. € 8 million (note 20).
The aforementioned items are included 
in “Loss on loans’ modification and related adjustments” of the 
above table.
Eurobank merchant acquiring business -Project ‘Triangle’
On 30 
June 2022, 
following 
the agreement 
with 
Worldline 
B.V. 
and after 
receiving all 
necessary approvals, 
the sale 
of the 
Bank’s 
merchant acquiring 
business was 
completed for 
a cash 
consideration 
of € 
254 million. 
The resulting 
gain from 
the transaction 
that 
was recognised 
in “Other 
income/(expenses)”, 
amounted to 
ca. € 
325 million 
before tax 
(ca. € 
231 million 
after tax), 
including the 
costs 
directly 
attributable 
to 
the 
transaction. 
Further 
relevant 
information 
is 
provided 
in 
note 
30 
of 
the 
consolidated 
financial 
statements for the year 
ended 31 December 2022
.
11. 
Operating expenses
 
 
 
 
2023 
2022 
€ million 
€ million 
Staff costs 
(473) 
(419) 
Administrative expenses 
(275) 
(252) 
Contributions to resolution and deposit guarantee 
funds 
(33) 
(69) 
Depreciation of real estate properties 
and equipment 
(42) 
(43) 
Depreciation of right of use assets 
(37) 
(37) 
Amortisation of intangible assets 
(41) 
(37) 
Contribution to restoration 
initiatives after natural disasters 
(14) 
- 
Total from 
continuing operations 
(915) 
(857)

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
104
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31 December 2023 Consolidated Financial Statements
In 
the third 
quarter 
of 2023, 
the Bank 
recognized 
a provision 
of 
€ 13.5 
million 
for 
its contribution 
to 
the restoration 
of damages 
following the recent natural disasters in Greece. This is mainly relating to the destructive floods in Thessaly and the relevant initiative 
of the four Greek 
systemic banks, 
in the context 
of their corporate 
social responsibility, 
to contribute € 50 
million to the restoration 
effort, 
which 
will 
be 
allocated 
and 
provided 
mostly 
for 
infrastructure, 
in 
collaboration 
with 
the 
related 
ministries, 
the 
local 
administration and social and economic institutions 
of the region.
Contributions to resolution and deposit guarantee funds 
In November 2023, the Bank was informed by 
the Hellenic Deposit and Investment Guarantee Fund (HDIGF) that no 
contributions are 
required for 
2023 and onwards for 
the Resolution Scheme of 
HDIGF, 
in accordance with 
the article 36 of law 
4370/2016, as in force 
(2022: € 32 million).
In 2016, the Single Resolution Mechanism (SRM), 
which is one of the 
pillars of the Banking Union in 
the euro area alongside the Single 
Supervisory Mechanism 
(SSM), became 
fully operational. 
The Single 
Resolution 
Fund (SRF) 
was established 
by the 
SRM Regulation 
(EU) No 806/2014 (SRMR) 
in order to 
ensure uniform 
practice in the 
financing of resolutions 
within the SRM and 
it is owned by 
the 
Single 
Resolution 
Board 
(SRB). 
The 
SRMR 
provided 
that 
the 
SRF 
would 
be 
built 
up 
over 
a 
period 
of 
eight 
years 
with 
‘ex-ante’ 
contributions from the 
banking industry, 
which could include irrevocable 
payment commitments 
(IPC) as a part of 
the total amount 
of contributions (for further information 
on the IPC of the Bank, refer to note 42). 
According to its press release of 15 February 2024, the 
SRB confirmed that the financial means available in the SRF 
as at 31 December 
2023 had reached the target level of at least 1% of covered 
deposits held in the Member States participating in the SRM as set out in 
the SRMR. As such, no regular annual contributions will be collected in 2024 from 
the institutions falling within the scope of SRF.
For 
the year 
ended 31 
December 2023, 
the amount 
of operating 
expenses 
(excluding 
any 
contribution 
to 
a deposit 
guarantee 
or 
resolution fund) for the Group’s 
Greek activities was € 641 million (2022: € 590 million).
Staff costs
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Wages, salaries and performance remuneration 
(355) 
(309) 
Social security costs 
(52) 
(50) 
Additional pension and other post employment costs 
(21) 
(17) 
Other 
(45) 
(43) 
Total from 
continuing operations 
(473) 
(419)
The 
average 
number 
of 
employees 
of 
the 
Group’s 
continuing 
operations 
during 
the 
year 
was 
10,323 
(2022: 
10,076). 
As 
at 
31 
December 2023, 
the number 
of branches 
and business/private 
banking centers 
of the 
Group 
amounted 
to 540 
(2022: 515 
for the 
Group’s continuing 
operations).

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
105
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31 December 2023 Consolidated Financial Statements
12. 
Other impairments, risk provisions and restructuring costs
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Impairment and valuation losses on real estate properties⁽¹⁾ 
(49) 
(15) 
Impairment losses on computer hardware and software (notes 26, 28) 
(17) 
(23) 
Impairment (losses)/reversal on bonds (note 5.2.1.3) 
4 
(20) 
Other impairments, litigation and conduct-related 
provisions and costs 
(34) 
(45) 
Other impairments, risk provisions and related costs 
(96) 
(103) 
Voluntary exit schemes and other related costs 
(7) 
(60) 
Other restructuring costs 
(30) 
(29) 
Restructuring costs 
(37) 
(89) 
Total from continuing 
operations 
(133) 
(192)
(1)
 
For 2023, it includes € 23 
million remeasurement/impairment loss on real estate properties of IMO 
Property Investments Sofia E.A.D, which 
was disposed of during the year (note 23.1). 
In the year 
ended 31 December 
2023, the Group 
recognized € 
30 million other 
restructuring costs 
of which € 
10.6 million refers 
to 
the acquisition 
of BNP 
Paribas Personal 
Finance Bulgaria 
by Eurobank 
Bulgaria 
A.D. 
(note 23.2), 
while the 
remaining 
costs mainly 
relate to the Group’s 
transformation projects and initiatives (2022: € 29 million, mainly relate to the Group’s 
transformation projects 
and initiatives).
In the 
year ended 
31 December 
2022, an 
amount of 
€ 48 
million for 
employee termination 
benefits was 
included in 
restructuring 
costs in respect of the Voluntary 
Exit Scheme (VES) that was launched by the Group in February 2022 for 
eligible units in Greece.
13.
Income tax
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Current tax 
 
(83) 
 
(46) 
Deferred tax 
 
(178) 
 
(360) 
Total income tax from 
continuing operations 
 
(261) 
 
(406)
 
According 
to 
Law 
4172/2013 
currently 
in 
force, 
the 
nominal 
Greek 
corporate 
tax 
rate 
for 
credit 
institutions 
that 
fall 
under 
the 
requirements 
of article 27A 
of Law 
4172/2013 regarding 
eligible deferred 
tax assets 
(DTAs)/deferred 
tax credits 
(DTCs) against 
the 
Greek State is 29%. 
The Greek corporate tax 
rate for legal entities 
other than the 
aforementioned credit institutions is 
22%. In 
addition, 
the withholding tax rate for 
dividends distributed, other than 
intragroup dividends, is 5%. 
In particular, the intragroup dividends under 
certain preconditions are relieved from 
both income and withholding tax.
The nominal corporate tax 
rates applicable in the banking 
subsidiaries incorporated in the 
international segment of the Group 
(note 
43) are as follows: Bulgaria 10%, Serbia 15%, Cyprus 
12.5% and Luxembourg 24.94%.
Pillar Two income taxes
The Pillar Two legislation that introduces a minimum global tax rate at 15% on multinational entities with consolidated revenues over 
€750 million (top 
up tax), effective 
as of 1 January 
2024, has been enacted 
or substantively 
enacted in certain 
jurisdictions that the 
Group operates. 

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
 
 
In particular, 
the Group, considering 
the most recent 
country-by-country reporting 
data, as well as 
the reporting packages 
available 
for the Group entities, has identified 
potential exposure to Pillar Two income taxes in respect of profits earned in 
Bulgaria and Cyprus. 
The Pillar 
Two 
effective 
tax rate 
is lower 
than 15% 
in the 
above jurisdictions 
mainly due 
to their 
nominal corporate 
tax rates 
(CIT) 
applying on their profits (i.e. the current CIT in Bulgaria and Cyprus 
is 10% and 12.5% respectively). In addition, there is 
also a number 
of jurisdictions where 
the transitional 
safe harbor relief 
applies, or the 
Pillar Two 
effective tax 
rate is 
close to 15%. 
The Group does 
not expect a material exposure to Pillar Two 
income taxes in those jurisdictions. 
The proportion of 
the Group’s 
profit before 
tax from 
continuing operations 
for the year 
ended 31 December 
2023 that would 
have 
been subject to Pillar 
Two income taxes, as adjusted with the 
relevant top-up tax reliefs, is approximately 26% (
based on the relevant 
group entities’ 
profits before 
any intercompany 
eliminations)
. The 
Pillar two 
effective tax 
rate (weighted 
average) 
applicable to 
those profits is 11.7% (10.2% and 12.8% applicable to Bulgaria and Cyprus respectively).
Furthermore, the proportion of profit before tax and the effective tax 
rates in financial year beginning 1 January 2024 will depend on 
factors such as revenues/expenses 
per country and the provisions of the Corporate Income 
Tax Code applying 
in each country. 
Tax certificate 
and open tax years
The Company and its subsidiaries, associates 
and joint ventures, which operate 
in Greece (notes 23 and 24) have 
in principle up to 6 
open tax years. For fiscal years starting from 1 January 
2016 onwards, pursuant to the Tax Procedure Code, an ‘Annual Tax Certificate’ 
on an optional basis, is provided for the Greek entities, with annual financial statements audited compulsorily, 
which is issued after a 
tax audit is performed 
by the same statutory auditor 
or audit firm that audits the annual 
financial statements. The Company 
and, as 
a general rule, the Group’s 
Greek companies have opted to obtain 
such certificate.
Following the completion 
in 2023, of the 
tax audit of 
the Company by 
the tax authorities 
for the tax 
year 2019, and 
of the Bank 
for 
the tax years 2020 and 2021, the Company’s open tax years are 2018 and 2020-2023, while the Bank’s open tax years are 2022-2023. 
The tax certificates of the Company, 
the Bank and the other Group’s entities, which operate in Greece, are unqualified for 
their open 
tax years until 2022. In addition, for 
the year ended 31 December 2023, the tax audits from external 
auditors are in progress.
In accordance 
with the 
Greek tax 
legislation and 
the respective 
Ministerial Decisions 
issued, additional 
taxes and 
penalties may 
be 
imposed by 
the Greek 
tax authorities 
following a 
tax audit 
within the applicable 
statute 
of limitations 
(i.e. in principle 
five years 
as 
from 
the 
end 
of 
the 
fiscal 
year 
within 
which 
the 
relevant 
tax 
return 
should 
have 
been 
submitted), 
irrespective 
of 
whether 
an 
unqualified tax 
certificate has 
been obtained 
from the 
tax paying 
company. 
In light of 
the above, 
as a general 
rule, the 
right of the 
Greek State 
to impose taxes 
up to tax 
year 2017 (included) 
has been time-barred 
for the Group’s 
Greek entities 
as at 31 
December 
2023. 
The open tax years of the foreign banking entities of the Group are as follows: (a) Eurobank Cyprus Ltd, 2018-2023 (a tax audit for tax 
years 
2018-2020 is 
in progress), 
(b) Eurobank 
Bulgaria 
A.D., 
2018-2023 (a 
tax 
audit of 
limited scope 
for 
tax 
years 
2020-2023 was 
completed) 
and (c) Eurobank 
Private Bank 
Luxembourg S.A., 
2019-2023. The remaining 
foreign entities 
of the Group 
(notes 23 and 
24), which 
operate 
in countries 
where a 
statutory 
tax audit 
is explicitly 
stipulated 
by law, 
have in 
principle up 
to 6 
open tax 
years, 
subject to certain preconditions of the applicable tax 
legislation of each jurisdiction.
In reference 
to its total 
uncertain tax 
positions, the Group 
assesses all relevant 
developments (e.g. legislative 
changes, case 
law, 
ad 
hoc tax/legal opinions, administrative 
practices) and raises adequate provisions.
Deferred tax
Deferred tax 
is calculated 
on all deductible 
temporary differences 
under the 
liability method as 
well as for 
unused tax losses 
at the 
rate in effect at 
the time the reversal is expected to take 
place.
The net deferred tax is analyzed 
as follows:
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Deferred tax assets 
3,991 
4,161 
Deferred tax liabilities 
(28) 
(31) 
Net deferred tax 
3,963 
4,130

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
107
|
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31 December 2023 Consolidated Financial Statements
The movement on deferred tax 
is as follows:
 
 
 
2023 
2022 
€ million 
€ million 
Balance at 1 January 
4,130 
4,396 
Income statement credit/(charge) from 
continuing operations 
(178) 
(360) 
Investment securities at FVOCI⁽¹⁾ 
(8) 
96 
Cash flow hedges 
1 
(0) 
Actuarial gains/(losses) 
1 
(1) 
Discontinued operations (note 30) 
17 
- 
Other 
(0) 
(1) 
Balance at 31 December 
3,963 
4,130
(1) 
As of the second quarter of 2023, the Group’s investment in Hellenic Bank was 
accounted for as an associate (note 24), therefore an amount of € 13 
million 
deferred tax liability for the fair value gains, during the period it was designated at FVOCI, was reversed. 
Deferred income tax (charge)/credit 
from continuing operations is attributable 
to the following items:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Impairment/ valuation relating to loans, disposals and write-offs 
(213) 
(128) 
Tax deductible PSI+ losses 
(50) 
(50) 
Carried forward debit difference of law 4831/2021 
39 
(73) 
Change in fair value and other temporary differences 
46 
(109) 
Deferred income tax (charge)/credit 
from continuing operations 
(178) 
(360)
Deferred tax assets/(liabilities) are 
attributable to the following items:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Impairment/ valuation relating to loans and accounting write-offs 
940 
1,030 
PSI+ tax related losses 
901 
951 
Losses from disposals and crystallized write-offs of loans 
2,120 
2,242 
Carried forward debit difference of law 4831/2021 
39 
- 
Other impairments/ valuations through the income statement 
(49) 
(120) 
Cash flow hedges 
6 
5 
Defined benefit obligations 
7 
5 
Real estate properties, equipment and intangible assets 
(97) 
(78) 
Investment securities at FVOCI 
(23) 
(15) 
Other⁽¹⁾ 
119 
110 
Net deferred tax 
3,963 
4,130
 
(1) 
It includes, among others, DTA on deductible temporary differences relating to operational risk provisions and the leasing operations. 
Further information, in relation to 
the aforementioned categories of deferred 
tax assets as at 31 December 2023, is as follows:
(a) 
€ 
940 
million 
refer 
to 
deductible 
temporary 
differences 
arising 
from 
impairment/valuation 
relating 
to 
loans 
including 
the 
accounting debt write-offs 
according to the Greek 
tax law 4172/2013, as 
in force. These temporary 
differences can be utilized 
in 
future periods with no specified time limit and according to current 
tax legislation of each jurisdiction;
(b) € 
901 million 
refer to 
losses resulted 
from the 
Group’s 
participation in 
PSI+ and the 
Greek’s 
state debt 
buyback program 
which 
are subject to amortization for tax purposes over a thirty-year period, i.e. 1/30 of 
losses per year starting from year 2012 onwards 
(see below – DTCs section);
(c) € 2,120 million refer to the unamortized part of the crystallized tax 
losses arising from write-offs and disposals of loans, which are 
subject to amortization over a twenty 
-year period;

Notes to the Consolidated Financial Statements 
.
 
108
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
Assessment of the recoverability of deferred 
tax assets
The recognition 
of the deferred 
tax assets 
is based on 
management’s assessment 
that the Group’s 
legal entities will 
have sufficient 
future taxable profits, against which the deductible temporary differences and the unused tax losses can be utilized. The deferred tax 
assets 
are 
determined 
on 
the 
basis 
of 
the 
tax 
treatment 
of 
each 
deferred 
tax 
asset 
category, 
as 
provided 
by 
the 
applicable 
tax 
legislation of each jurisdiction 
and the eligibility of 
carried forward 
losses for offsetting 
with future taxable 
profits. Additionally, 
the 
Group’s 
assessment 
on 
the 
recoverability 
of 
recognized 
deferred 
tax 
assets 
is 
based 
on 
(a) 
the 
future 
performance 
expectations 
(projections 
of 
operating 
results) 
and 
growth 
opportunities 
relevant 
for 
determining 
the 
expected 
future 
taxable 
profits, 
(b) 
the 
expected timing of reversal of the 
deductible and taxable temporary 
differences, (c) the probability 
that the Group entities will have 
sufficient taxable 
profits in the 
future, in the 
same period as 
the reversal 
of the deductible 
and taxable 
temporary differences 
or in 
the years into which the tax losses can be carried forward, and (d) the historical levels of Group entities’ performance in combination 
with the previous years’ tax losses caused by 
one off or non-recurring events.
In particular, 
for the 
year ended 31 
December 2023, the deferred 
tax asset 
(DTA) 
recoverability 
assessment has 
been based on 
the 
three-year 
Business Plan that 
was approved 
by the 
Board of Directors 
in February 
2024, for the 
period up to 
the end of 
2026 (also 
submitted to 
the Single Supervisory 
Mechanism -SSM-). For 
the years 
beyond 2026, 
the forecast 
of operating 
results was 
based on 
the management projections considering the growth opportunities 
of the Greek and European economy, 
the banking sector and the 
Group 
itself. 
Specifically, 
the 
management 
projections 
for 
the 
Group’s 
future 
profitability 
adopted 
in 
the 
Business 
Plan, 
have 
considered, among 
others, (a) 
the gradual 
decrease of interest 
rates in 
2024 onwards, 
(b) the sustainable 
increase in loan 
volumes 
with pressure in business 
lending spreads and the 
growth, at a relatively lower 
pace, of customer deposits 
with gradually higher betas, 
(c) the 
increase 
in fee 
and commission 
income 
mostly 
driven 
by assets 
under 
management, 
bancassurance, 
network 
and lending 
related activities, cards’ issuing and investment 
property rentals, (d) the discipline to operating expenses’ targets 
taking into account 
the sustained - albeit easing inflationary pressures, (e) the further decrease of NPE ratio, (f) the resilient asset quality with lower cost 
of 
risk, 
which is 
expected 
to 
carry the 
effect 
from 
the 
improved 
macroeconomic 
outlook 
driven 
by the 
resilient 
growth 
of Greek 
economy, 
above 
European 
average, 
as 
well 
as 
the 
unemployment 
rate 
at 
single 
digit 
levels, 
close 
to 
historical 
lows 
and 
(g) 
the 
fulfilment 
of 
interim 
MREL 
targets 
throughout 
the 
plan 
period. 
The 
major 
initiatives 
introduced 
in 
the 
context 
of 
the 
Group’s 
transformation plan “Eurobank 2030”, 
will contribute to meeting its financial objectives.
The Group closely 
monitors and constantly assesses 
the developments on 
the macroeconomic and geopolitical 
front (note 2) including 
the inflationary 
pressures 
and their 
potential 
effect 
on the 
achievement 
of its 
Business Plan 
targets 
in terms 
of asset 
quality 
and 
profitability and will continue to update 
its estimates accordingly.
Deferred tax credit against the 
Greek State and tax regime for 
loan losses
As at 31 December 2023, pursuant to the Law 4172/2013, as in force, the Bank’s eligible DTAs/deferred 
tax credits (DTCs) against the 
Greek State amounted 
to € 3,212 million (31 
December 
2022: € 3,402 million). The 
DTCs are accounted 
for on: (a) the 
unamortised 
losses from the Private 
Sector Involvement (PSI) 
and the Greek State Debt 
Buyback Program, which are subject to 
amortisation over 
a thirty-year 
period and 
(b) on the 
sum of (i) 
the unamortized 
part of the 
DTC eligible 
crystallized tax 
losses arising 
from write-offs 
and disposals 
of loans, which 
are subject 
to amortization 
over a 
twenty-year period, 
(ii) the accounting 
debt write-offs 
and (iii) the 
remaining 
accumulated 
provisions 
and 
other 
losses 
in 
general 
due 
to 
credit 
risk 
recorded 
up 
to 
30 
June 
2015. 
The 
DTCs 
will 
be 
converted into directly enforceable claims (tax credit) against 
the Greek State provided that the Bank’s after tax accounting 
result for 
the year is a loss. 
According 
to 
the 
Law 
4831/2021 
(article 
125), 
which 
amended 
Law 
4172/2013, 
the 
amortization 
of 
the 
PSI 
tax 
related 
losses 
is 
deducted from 
the taxable 
income at a 
priority over 
that of the 
crystallized tax 
losses (debit difference) 
arising from 
write-offs and 
disposals of loans. In addition, the amount of the annual tax amortization of the above crystallized tax losses is limited to the amount 
of the 
annual taxable 
profits, calculated 
before the 
deduction of 
such losses 
and following 
the annual 
tax deduction 
of the 
PSI tax 
related losses. The 
unutilized part of the 
annual tax amortization 
of the crystallized 
loan losses can be carried 
forward for 
offsetting 
over a period of 20 
years. If at the end 
of the 20-year utilization period, there are balances 
that have not been offset, these will 
qualify 
as 
a tax 
loss, which 
is subject 
to 
the 
5-year 
statute 
of 
limitation. 
The above 
provisions 
apply 
as 
of 
1 January 
2021 and 
cover 
the 
crystallized tax losses that 
have arisen from write-offs and disposals of 
loans as of 1 January 2016 onwards.
Taking 
into 
account 
the 
tax 
regime 
in 
force, 
the 
recovery 
of 
the 
Bank’s 
deferred 
tax 
asset 
recorded 
on 
loans 
and 
advances 
to 
customers 
and 
the 
regulatory 
capital 
structure 
are 
further 
safeguarded, 
contributing 
substantially 
to 
the 
achievement 
of 
NPE 
management targets through 
write-offs and disposals, in line with the regulatory framework 
and SSM requirements.

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
109
|
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31 December 2023 Consolidated Financial Statements
 
 
According to tax Law 4172/2013 as in 
force, an annual fee of 1.5% is 
imposed on the excess amount of 
deferred tax assets guaranteed 
by the Greek 
State, stemming 
from the difference 
between the current 
tax rate 
for the eligible 
credit institutions 
(i.e. 29%) and 
the 
tax rate applicable on 30 June 2015 (i.e. 26%). For the year ended 
31 December 2023, an amount of € 
5.6 million has been recognized 
in “Other income/(expenses) (31 December 2022: € 5.9 million).
Income tax reconciliation and unused tax losses
The tax on the 
Group's profit before 
tax differs 
from the theoretical 
amount that would 
arise using the Bank’s 
applicable tax rate 
of 
29% as follows:
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Profit before tax 
1,542 
1,751 
Tax at the applicable tax 
rate 
(447) 
(508) 
Tax effect 
of: 
- income not subject to tax and non deductible expenses 
5 
1 
- effect of different tax rates 
in different countries 
70 
44 
- Share of results of associates/joint ventures and related income 
58 
10 
- Tax deductible losses for which DTA 
had not been recognised 
63 
66 
- other 
(10) 
(19) 
Total income tax from 
continuing operations 
(261) 
(406)
For the 
year ended 
31 December 2023, 
the Group’s 
effective tax 
rate reached 
17%, mainly driven 
by the Bank’s 
impairment losses 
relating 
to 
loans 
accounted 
in 
prior 
years, 
for 
which 
a 
DTA 
amounting 
to 
€ 
45 
million 
had 
not 
been 
recognised, 
which 
became 
deductible for tax 
purposes in 2023 upon 
the disposal of Bank’s 
subsidiary IMO Property 
Investments Sofia E.A.D. 
(note 23) (23% in 
the comparative period, including the effect of the offsetting of a part of the Bank’s carried forward tax losses, for which DTA had not 
been recognised against the taxable 
profit for the year ended 31 December 2022).
As at 31 December 
2023, the Company 
and the Bank have 
not recognised deferred 
tax asset (DTA) 
on unused tax losses 
amounting 
to € 421 million (2022: € 470 million). 
The analysis of unrecognized DTA 
on unused tax losses of the Company 
and the Bank per year 
of maturity of related tax losses is presented 
in the table below:
 
 
 
 
 
Unrecognized 
DTA 
€ million 
Year of maturity of unused tax losses 
2024 
61 
2025 
345 
2026 
12 
2027 
1 
2028 
2 
Total 
421
 
14. 
Earnings per share
Basic earnings 
per share, 
in principle, is 
calculated by 
dividing the 
net profit 
attributable to 
ordinary shareholders 
by the 
weighted 
average number of ordinary shares in issue 
during the year, excluding the average number of ordinary shares purchased by the Group 
and held as treasury shares.
The diluted earnings 
per share, in principle, 
is calculated by 
adjusting the weighted 
average number 
of ordinary shares 
outstanding 
to 
assume 
conversion 
of 
all 
dilutive 
potential 
ordinary 
shares 
during 
the 
period. 
As 
at 
31 
December 
2023, 
the 
Group’s 
dilutive 
potential 
ordinary 
shares 
relate 
to 
the 
share 
options 
that 
were 
allocated 
to 
executives 
of 
Eurobank 
Holdings 
and 
its 
affiliated 
companies (note 39). The 
weighted average 
number of shares is adjusted 
for the share 
options by calculating the 
weighted average 
number of shares 
that could have 
been acquired at 
fair value (determined 
as the average 
market price of 
the Company's shares 
for 
the period). The number of shares resulting from 
the above calculation is added to the weighted 
average number of ordinary 
shares 

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
110
|
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31 December 2023 Consolidated Financial Statements
 
 
in issue in 
order to determine 
the weighted 
average number 
of ordinary shares 
used for the 
calculation of the 
diluted earnings per 
share.
 
 
 
 
 
 
 
 
 
Year ended 31 December 
2023 
2022 
Net profit for the year attributable to ordinary shareholders 
(note 2.3) 
€ million 
1,140 
1,347 
Net profit for the year from continuing operations attributable 
to ordinary 
shareholders 
€ million 
1,281 
1,345 
Weighted average number of ordinary 
shares used for 
basic earnings per share 
Number of shares 
3,698,802,084 
3,708,988,032 
Weighted average number of ordinary 
shares used for diluted earnings per 
share 
Number of shares 
3,713,688,124 
3,714,564,870 
Earnings per share 
- Basic and diluted earnings per share 
€ 
0.31 
0.36 
Earnings per share from continuing operations 
- Basic and diluted earnings per share 
€ 
0.34 
0.36
The effect 
on the basic 
and diluted 
EPS from 
the share buyback 
agreement with 
HFSF at a 
price of €1.80 
per share 
that was 
higher 
than the market price of the Company’s shares at the transaction date, is immaterial; therefore 
it has not been included in the above 
EPS calculation. 
Basic and diluted losses per share from discontinued 
operations for the year ended 31 December 2023 amounted 
to € 0.04.
 
15. 
Cash and balances with central banks
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Cash in hand 
502 
504 
Balances with central banks 
10,441 
14,490 
Total 
10,943 
14,994
The 
Bank 
and 
its 
banking 
subsidiaries 
in 
Eurozone 
(Cyprus 
and 
Luxemburg), 
are 
required 
to 
hold 
a 
minimum 
level 
of 
deposits 
(minimum reserve requirement 
- MRR) with their national 
central bank on an 
average basis 
over maintenance periods 
(i.e. six week 
periods); 
these deposits 
are 
calculated 
as 1% 
of certain 
liabilities, mainly 
customers’ 
deposits, and 
can be 
withdrawn 
at any 
time 
provided that the MRR is met over the determined period of time. Similar obligations for the maintenance of minimum reserves with 
its national central 
bank are also applied 
to the banking subsidiary 
in Bulgaria (2022: Bulgaria 
and Serbia). As at 
31 December 2023, 
the mandatory 
reserves (i.e. 
those that 
the Group 
entities maintain 
in order 
to meet 
the MRR) 
with central 
banks amounted 
to € 
1,096 million (2022: € 
1,040 million). MRR deposits placed 
to the European Central Bank (ECB) 
were remunerated at the ECB’s deposit 
facility rate (DFR) until September 
2023 and at zero (0%) thereafter.
.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
111
|
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31 December 2023 Consolidated Financial Statements
16. 
Cash and cash equivalents and other information on cash flow statement
For the 
purpose of 
the cash 
flow statement, 
cash and 
cash equivalents 
comprise the 
following balances 
with original 
maturities of 
three months or less:
 
 
 
2023 
2022 
€ million 
€ million 
Cash and balances with central banks (excluding mandatory and collateral 
deposits with 
central banks) (note 15) 
9,847 
13,954 
Due from credit institutions 
998 
418 
Securities held for trading 
0 
16 
Total 
10,845 
14,388
Other (income)/losses on investment securities presented 
in continuing operating activities are analyzed 
as follows:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Amortisation of premiums/discounts and accrued interest 
(10) 
(22) 
(Gains)/losses from investment securities 
(57) 
9 
Dividends 
(3) 
(2) 
Total 
(70) 
(15)
In the year ended 
31 December 2023, 
other adjustments of € 
153 million mainly 
include a) € 
111 million gain on 
investment in Hellenic 
Bank accounted 
for as 
an associate 
and b) 
€ 88 million 
income from 
share of 
results in 
associates and 
joint ventures 
(note 24), 
(31 
December 
2022: € 244 million mainly include € 325 million 
gain resulting from the sale of Eurobank’s merchant acquiring business to 
Worldline B.V. 
, note 10).
Changes in liabilities arising from financing activities
During the year ended 
31 December 2023, 
changes in the Group’s liabilities arising 
from financing activities, other 
than lease liabilities 
(note 41), 
are attributable 
to: a) debt 
issuance amounting 
to € 1,078 
million (2022: € 
1,070 million) (net 
of issuance costs), 
b) debt 
repayment amounting to € 30 million (2022: € 11 million) and c) accrued interest 
and amortisation of debt issuance costs amounting 
to € 51.3 million (2022: € 57.1 million).
17. 
Due from credit institutions
 
 
 
2023 
2022 
€ million 
€ million 
Pledged deposits with banks⁽¹⁾ 
1,036 
911 
Placements and other receivables from banks⁽¹⁾ 
970 
196 
Current accounts and settlement balances with banks 
348 
222 
Total 
2,354 
1,329
(1)
 
The amounts presented are after offsetting (note 5.2.1.4).
As at 31 December 2023, the Group’s 
pledged deposits with banks include: a) € 999 million mainly 
cash collaterals on risk mitigation 
contracts for derivative transactions and repurchase agreements (CSAs, GMRAs) and b) € 37 million 
cash collateral relating to the sale 
of former Romanian subsidiaries. 
The 
Group's 
exposure 
arising 
from 
credit 
institutions, 
as 
categorized 
by 
counterparty's 
geographical 
region, 
is 
presented 
in 
the 
following table:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Greece 
59 
42 
Other European countries 
2,139 
1,217 
Other countries 
156 
70 
Total 
2,354 
1,329

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
112
|
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31 December 2023 Consolidated Financial Statements
18. 
Securities held for trading
 
 
 
2023 
2022 
€ million 
€ million 
Debt securities (note 5.2.1.3) 
245 
87 
Equity securities 
134 
47 
Total 
379 
134
19. 
Derivative financial instruments and hedge accounting
The Group uses derivative financial instruments 
both for hedging and non-hedging purposes. 
The table below presents the fair values of the Group’s derivative financial instruments by product type and hedge relationship along 
with 
their 
notional 
amounts. 
The 
notional 
amounts 
of 
derivative 
instruments 
provide 
a 
basis 
for 
comparison 
with 
instruments 
recognized on 
the balance sheet 
but do not 
necessarily indicate the 
amounts of future 
cash flows involved 
or the current 
fair value 
of the instruments and, therefore, are 
not indicative of the Group’s 
exposure at the reporting date.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
31 December 2022 
Contract / 
notional 
amount 
Fair values 
Contract / 
notional 
amount 
Fair values 
Assets 
Liabilities 
Assets 
Liabilities 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Derivatives for which hedge accounting is 
not applied/ held for trading 
- Interest rate swaps 
33,909 
1,215 
1,059 
35,481 
1,778 
1,372 
- Interest rate options⁽¹⁾ 
9,268 
69 
71 
3,616 
74 
96 
- Foreign exchange contracts⁽²⁾ 
3,468 
21 
26 
3,686 
62 
71 
- Other ⁽³⁾ 
462 
5 
40 
154 
2 
2 
1,310 
1,196 
1,916 
1,541 
Derivatives designated as fair value hedges 
- Interest rate swaps 
8,221 
308 
452 
7,277 
463 
431 
- Interest rate swaps/portfolio hedging 
6,642 
15 
94 
4,792 
180 
- 
- Interest rate floors 
6,447 
- 
53 
7,791 
- 
55 
323 
599 
643 
486 
Derivatives designated as cash flow hedges 
- Cross currency interest 
rate swaps 
1,579 
- 
147 
1,646 
2 
78 
- 
147 
2 
78 
Offsetting (note 5.2.1.4) 
- Interest rate swaps 
(752) 
(492) 
(1,376) 
(444) 
Total derivatives 
assets/liabilities 
881 
1,450 
1,185 
1,661
 
(1) 
Interest rate options include interest rate caps and floors and swaptions. 
(2)
 
It includes currency swaps, forwards and options 
(3) 
It includes credit default swaps, warrants, commodity derivatives, futures and exchange traded equity options. 
Information on the fair value measurement 
and offsetting of derivatives is provided 
in notes 5.3 and 5.2.1.4, respectively. 

 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
The 
Group 
uses 
certain 
derivatives 
and 
other 
financial 
instruments, 
designated 
in 
a 
qualifying 
hedge 
relationship, 
to 
reduce 
its 
exposure to market 
risks. The hedging practices 
applied by the Group, 
as well as the 
relevant accounting 
treatment are disclosed 
in 
note 2.2.3. In particular:
(a) Fair value hedges
The Group 
hedges a 
portion of 
its existing 
interest 
rate risk 
resulting from 
any potential 
change in 
the fair 
value of 
fixed rate 
debt 
securities, held 
or issued, 
or fixed 
rate loans, 
denominated both 
in local 
and foreign 
currencies, using 
interest rate 
swaps whereby 
the fixed 
legs represent 
the economic 
risks of 
the hedged 
items. The 
Group uses 
pay fixed/receive 
floating interest 
rate 
swaps to 
hedge its fixed rate debt 
securities held and loans and pay floating/receive fixed interest 
rate swaps to hedge its fixed 
rate liabilities. 
In 2023, the Group 
recognized a loss 
of € 175 million (2022: 
€ 886 million gain) 
from changes in 
the carrying amount of 
the hedging 
instruments and 
€ 173 million 
gain (2022: € 
862 million loss) 
from changes 
in the fair 
value of the 
hedged items 
attributable to 
the 
hedged risk. The amount of hedge ineffectiveness recognized for 2023 in “Net trading income/(loss)” was € 2 million loss (2022: 
€ 24 
million gain).
(b) Fair value hedges – portfolios of assets 
and liabilities
The Group hedges a portion of its existing interest rate risk resulting from any potential 
change in the fair value of a portfolio of fixed 
rate loans 
including securitized notes 
initially issued and subsequently 
held by the Group 
(macro-hedging), using a group 
of interest 
rate 
swaps. The 
Group 
primarily designates 
the change 
in fair 
value attributable 
to changes 
in the 
benchmark interest 
rate as 
the 
hedged risk including 
also assumptions for 
prepayment risk and, 
accordingly, 
enters into 
interest rate 
swaps whereby 
the fixed legs 
represent 
the economic 
risks of 
the hedged 
items. In 
2023, the Group 
recognized a 
loss of 
€ 139 million 
(2022: € 
180 million 
gain) 
from changes in the carrying amount of the hedging instruments and € 145 million gain (2022: € 159 million 
loss) from changes in the 
fair 
value 
of 
the 
designated 
hedged 
items 
attributable 
to 
the 
hedged 
risk. 
Accordingly, 
the 
amount 
of 
hedge 
ineffectiveness 
recognized for 2023 in “Net trading 
income/(loss)” was € 6 million gain (2022: € 21 million gain).
The Group also 
hedges the variability 
deriving from the 
fair value changes 
of purchased 
interest rate 
floors embedded 
in portfolios 
of floating rate 
loans and debt securities by 
writing the floors in 
the market. In 
2023, the Group recognized 
a gain of € 45 
ths (2022: 
€ 20 million 
gain) from 
changes in the 
carrying amount 
of the hedging 
instruments, and 
€ 45 ths 
loss (2022: € 
20 million loss) 
from 
changes in the fair value of the hedged items attributable 
to the hedged risk. 
Finally, 
similar to 
portfolio 
hedging of 
interest 
rate 
risk for 
assets, the 
Group 
hedges part 
of its 
interest 
rate 
exposure 
of demand 
deposit portfolios attributable 
to changes in the benchmark interest 
rates (macro-hedging). Despite 
their contractual terms and due 
to their nature, 
part of the demand deposits 
are interest 
rate-insensitive and 
hence behave similarly to 
fixed interest 
rate liabilities. 
Accordingly, the Group enters into a group of interest rate swaps that receives fixed interest rate and pays floating interest rate based 
on the 
benchmark rate 
and its 
volume is 
re-assessed on 
a monthly 
basis. In 
2023, the 
Group recognized 
a loss 
of € 
7 million 
from 
changes in 
the carrying 
amount 
of the 
hedging instruments 
and € 
5 million 
gain 
from changes 
in the 
fair value 
of the 
designated 
hedged items attributable 
to the hedged risk. 
Accordingly, 
the amount of hedge 
ineffectiveness recognized 
for 2023 in “Net 
trading 
income/(loss)” was € 2 million loss.
(c) Cash flow hedges
The Group hedges 
a portion of 
its existing interest rate and 
foreign currency risk resulting 
from any cash flow 
variability due to 
changes 
in market interest 
rates on floating rate 
loans, denominated in foreign currency, 
using cross currency interest 
rate swaps, where 
the 
variable legs are based 
on the benchmark rates 
of the hedged items. The 
interest rate 
risk with respect to the 
benchmark reference 
rate - 
swap curve 
of such items, 
which share the 
same benchmark interest 
rate risk 
may be hedged 
on a single 
item or group 
basis 
using interest rate 
swaps of similar maturity. 
For the year ended 31 December 2023, an amount 
of € 3 million loss was recognised in 
other comprehensive income in relation to 
derivatives designated as cash flow hedges 
(2022: € 19 
million gain). Furthermore, in 2023, 
the ineffectiveness recognized 
in the income statement that 
arose from cash flow hedges was nil (2022: nil). 
In addition, the Group 
uses other derivatives, 
not designated in a 
qualifying hedge relationship, 
to manage its exposure 
primarily to 
interest rate and foreign currency risks. Non 
qualifying hedges are derivatives entered into 
as economic hedges of 
assets and liabilities 
for which hedge accounting 
was not applied. The said 
derivative instruments are 
monitored and have been 
classified for accounting 
purposes along with those held for trading.
The 
Group's 
exposure 
in 
derivative 
financial 
assets, 
as 
categorized 
by 
counterparty's 
geographical 
region 
and 
industry 
sector, 
is 
presented in the following tables:

 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
31 December 2023 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Sovereign 
227 
- 
- 
227 
Banks 
12 
228 
335 
575 
Corporate 
72 
7 
- 
79 
Total 
311 
235 
335 
881
 
31 December 2022 
Greece 
Other 
European 
countries 
Other 
countries 
Total 
€ million 
€ million 
€ million 
€ million 
Sovereign 
249 
- 
- 
249 
Banks 
12 
291 
570 
873 
Corporate 
51 
12 
- 
63 
Total 
312 
303 
570 
1,185
As at 31 December 2023, 
the net carrying value 
of the derivatives with 
the Hellenic Republic amounted 
to a liability of € 
260 million 
(31 December 2022: € 489 million liability). 
At 31 December 2023 and 2022, 
the maturity profile of the nominal amount 
of the financial instruments designated 
by the Group in 
hedging relationships is presented in the tables 
below:
 
31 December 2023 
Fair Value Hedges 
Cash Flow Hedges 
1 - 3 
months 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
1 - 3 
months 
3 - 12 
months 
1-5 years 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Interest rate swaps⁽¹⁾ 
500 
16 
4,285 
3,420 
8,221 
- 
- 
- 
- 
Interest rate options 
- 
- 
800 
5,647 
6,447 
- 
- 
- 
- 
Cross currency interest rate 
swaps 
- 
- 
- 
- 
- 
175 
602 
802 
1,579 
Total 
500 
16 
5,085 
9,067 
14,668 
175 
602 
802 
1,579
 
31 December 2022 
Fair Value Hedges 
Cash Flow Hedges 
1 - 3 
months 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
3 - 12 
months 
1-5 years 
Over 5 
years 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Interest rate swaps⁽¹⁾ 
255 
24 
2,884 
4,114 
7,277 
- 
- 
- 
- 
Interest rate options 
- 
- 
800 
6,991 
7,791 
- 
- 
- 
- 
Cross currency interest 
rate swaps 
- 
- 
- 
- 
- 
101 
1,545 
- 
1,646 
Total 
255 
24 
3,684 
11,105 
15,068 
101 
1,545 
- 
1,646
 
(1)
Nominal amount
of interest rate swaps designated as fair value macro hedges is not included.

 
 
 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
(a) Fair value hedges
The following 
tables present 
data relating 
to the hedged 
items under fair 
value hedges 
for the years 
ended 31 December 
2023 and 
2022:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
Carrying 
amount/Exposure 
designated as 
hedged 
 
Accumulated 
amount of FV 
hedge 
adjustments 
related to the 
hedged item 
 
Change in value as 
the basis for 
recognising hedge 
ineffectiveness 
€ million 
€ million 
 
€ million 
Assets 
Loans and advances to customers⁽¹⁾ 
9,184 
69 
172 
Debt securities AC⁽¹⁾ 
4,474 
154 
163 
Debt securities FVOCI 
1,027 
(54) 
88 
Liabilities 
Debt securities in issue 
3,812 
(15) 
105 
Due to customers⁽¹⁾ 
1,628 
20 
(5)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2022 
Carrying amount/ 
Exposure 
designated as 
hedged 
 
Accumulated 
amount of FV 
hedge adjustments 
related to the 
hedged item 
 
Change in value as 
the basis for 
recognising hedge 
ineffectiveness 
€ million 
€ million 
€ million 
Assets 
Loans and advances to customers⁽¹⁾ 
12,693 
(216) 
(225) 
Debt securities AC⁽¹⁾ 
3,978 
(17) 
(431) 
Debt securities FVOCI 
1,336 
(157) 
(266) 
Liabilities 
Debt securities in issue 
2,373 
(120) 
(120)
(1)
For loans 
and advances 
to customers 
hedges, 
debt securities 
at amortised 
cost included 
in portfolio 
hedges and 
due to 
customers hedges, 
the exposure 
designated as hedged is presented. 
At 31 December 
2023, the accumulated 
amounts 
of fair value 
hedge adjustments 
remaining in the balance 
sheet for any 
items that 
have ceased to be adjusted for 
hedging gains and losses were € 253 million assets for 
debt securities held at AC, € 3 million liabilities 
for debt issued and € 44 million liabilities for adjustments related to debt securities held at FVOCI (2022: € 279 million assets for debt 
securities held 
at 
AC, 
€ 4 
million liabilities 
for 
debt 
issued and 
€ 19 
million liabilities 
for 
adjustments 
related 
to 
debt securities 
at 
FVOCI). The 
respective 
fair value 
hedge adjustments 
relating to 
macro-hedging, amounted 
to € 
57 million 
loss for 
loans (including 
securitized notes) and € 25 million gain for deposits.
(b) Cash flow hedges
The cash flow 
hedge reserves 
for continuing 
hedges as at 
31 December 2023 were 
€ 0.7 million 
gain (2022: € 
4 million gain), 
which 
relate to loans and advances to customers. 
As at 31 December 2023, the 
balances remaining in the cash 
flow hedge reserve from 
any cash flow hedging 
relationships for which 
hedge accounting is no longer applied was € 20 million loss (2022: € 20 million loss). 
The reconciliation of the components of Group’s 
special reserves including cash flow hedges is provided in note 38.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
 
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|
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31 December 2023 Consolidated Financial Statements
20. 
Loans and advances to customers
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Loans and advances to customers at amortised cost 
 
- Gross carrying amount 
42,773 
43,450 
 
- Impairment allowance 
(1,258) 
(1,626) 
Carrying Amount 
41,515 
41,824 
Fair value changes of loans in portfolio hedging of interest rate 
risk 
15 
(163) 
Loans and advances to customers at FVTPL 
15 
16 
Total 
41,545 
41,677
The table below presents the carrying amount of loans and advances to customers 
per product line and per stage as at 31 December 
2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
31 December 2022⁽⁵⁾ 
12-month ECL- 
Stage 1 
Lifetime 
ECL- 
Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Total amount 
Total amount 
€ million 
€ million 
€ million 
€ million 
€ million 
Loans and advances to customers at 
amortised cost 
Mortgage lending: 
 
- Gross carrying amount 
6,909 
2,618 
415 
9,942 
10,201 
 
- Impairment allowance 
(20) 
(154) 
(208) 
(382) 
(409) 
Carrying Amount 
6,888 
2,464 
207 
9,560 
9,792 
Consumer lending: 
 
- Gross carrying amount 
2,942 
369 
124 
3,436 
3,353 
 
- Impairment allowance 
(53) 
(53) 
(105) 
(210) 
(271) 
Carrying Amount 
2,890 
317 
19 
3,225 
3,082 
Small Business lending: 
 
- Gross carrying amount 
2,480 
728 
276 
3,484 
3,842 
 
- Impairment allowance 
(25) 
(65) 
(128) 
(219) 
(324) 
Carrying Amount 
2,454 
663 
148 
3,265 
3,518 
Wholesale lending:⁽²⁾⁽³⁾ 
 
- Gross carrying amount 
24,005 
1,198 
709 
25,912 
26,054 
 
- Impairment allowance 
(72) 
(58) 
(318) 
(447) 
(621) 
Carrying Amount 
23,934 
1,140 
391 
25,465 
25,432 
Total loans and advances to customers 
at 
AC 
 
- Gross carrying amount , of which: 
36,336 
4,914 
1,523 
42,773 
43,450 
Non Performing exposures (NPE) 
1,512 
1,512 
2,257 
 
- Impairment allowance 
(170) 
(329) 
(759) 
(1,258) 
(1,626) 
Carrying Amount 
36,166 
4,584 
764 
41,515 
41,824 
Fair value changes of loans in portfolio 
hedging of interest rate risk 
15 
(163) 
Loans and advances to customers at FVTPL 
Carrying Amount⁽⁴⁾ 
15 
16 
Total 
41,545 
41,677
 
(1)
 
As at 31 December 2023, POCI loans 
of € 29 million gross carrying amount 
(€ 11 million included in performing exposures and € 
18 million in non performing 
exposures), which carried € 8 million 
impairment allowance, are presented in ‘Lifetime ECL – 
Stage 3 and POCI’ 
(31 December 2022: € 43 million 
gross carrying 
amount, 
which carried € 6.5 million impairment allowance). 

Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
(2)
 
Includes € 4,444 million related to the senior notes of Pillar, Cairo and Mexico securitizations, which have been categorized in Stage 1. 
(3) 
Includes loans to public sector. 
(4)
 
Includes € 9.9 million related to the mezzanine notes of the Pillar, Cairo and Mexico securitizations. 
(5)
 
As at 31 
December 2022, gross 
loans and advances 
to customers 
and impairment allowance 
relating to Eurobank 
Direktna a.d. disposal 
group (note 
30) 
amounted to € 1,639 million and € 53 million, respectively. 
Sustainability linked loans
In 
line 
with 
its 
Sustainable 
Finance 
Framework, 
the 
Group 
grants 
loans, 
which 
as 
part 
of 
their contractual 
terms, 
incentivize 
the 
borrower’s 
achievement 
of 
predetermined 
sustainability 
performance 
targets 
(SPTs). 
Specifically, 
these 
SPTs 
consist 
of 
a 
list 
of 
environmental 
(E), social (S), and 
governance (G) targets, 
the fulfillment of 
which by the 
client is determined 
by meeting respective 
KPIs, i.e., 
metrics to 
quantify the 
client’s 
performance, 
for 
example 
climate-related 
targets, 
such as 
reducing 
carbon 
emissions or 
social targets, such as increasing the level of diversity at Board level. As part of the terms of these loans, the contractual 
interest rate 
is increased if the borrower fails to meet 
specific targets linked to its 
activity. 
The abovementioned 
loans held 
as of 31 
December 2023 have 
been assessed, 
in line with 
the Group’s 
accounting policies 
(note 2) 
that their 
contractual 
cash flows 
are considered 
to fulfil 
the SPPI 
test. 
Their contractual 
terms are 
consistent 
with a 
basic lending 
arrangement, therefore 
they are held at amortized cost. 
As at 31 December 2023, the carrying amount of the sustainability linked 
loans amounted to € 354 million (2022: € 432 million).
Project “Solar”
In the context 
of its NPE management strategy, 
the Group has structured 
another NPE securitization transaction 
(project ‘Solar’), as 
part of a joint initiative with the 
other Greek systemic banks (the Banks) initiated since 2018, in 
order to decrease further its NPE ratio 
and strengthen 
its balance 
sheet de-risking. 
In addition, 
the Group 
targets 
to the 
prudential and 
accounting 
derecognition 
of the 
underlying 
corporate 
loan 
portfolio 
from 
its 
balance 
sheet 
by 
achieving 
a 
Significant 
Risk 
Transfer 
(SRT) 
and 
including 
‘Solar’ 
securitization under the Hellenic Asset Protection Scheme (HAPS), thus 
the senior note of the securitization to become 
entitled to the 
Greek 
State’s 
guarantee. 
The 
Management 
remains 
committed 
to 
its 
plan 
for 
the 
completion 
of 
the 
above 
transaction 
and 
has 
undertaken actions, along with the other participating banks, towards 
the disposal of the majority stake of the mezzanine and junior 
notes to be issued in the 
context of the above-mentioned securitization. More specifically, on 2 November 2023, the Bank 
announced 
the execution of a binding agreement 
between the Banks and Waterwheel 
Capital Management, L.P., 
with respect to the sale to the 
latter of 95% of the Mezzanine and Junior notes 
to be issued in the context of “Solar” securitization. The Banks will hold 100% of the 
Senior 
notes 
as 
well 
as 
5% of 
the 
Mezzanine 
and Junior 
notes. 
The 
completion 
of 
the 
transaction 
is subject 
to 
the 
fulfillment 
of 
customary conditions for such transactions, 
including, among others, the HAPs guarantee and SRT approval 
mentioned above.
Since June 2022, the 
Group classified the underlying corporate loan portfolio as 
held for sale and 
remeasured the portfolio’s expected 
credit losses, in 
accordance with the 
Group’s accounting policy for the 
impairment of financial 
assets, which resulted 
in the 
recognition 
of impairment 
loss of 
€ 12 
million in 
the fourth 
quarter of 
2023 (note 
21). The 
aforementioned 
impairment loss 
was calculated 
by 
reference to the currently estimated fair 
value of the notes to be retained by the Group, upon the completion of transaction, and the 
consideration expected 
to be received 
by the sale 
of mezzanine 
and junior notes. 
As at 31 
December 2023, the 
carrying amount of 
the aforementioned loan portfolio 
reached € 48 million, comprising loans with 
gross carrying amount of € 246 million, which carried 
an 
impairment 
allowance 
of 
€ 
198 
million. 
Furthermore, 
the 
impairment 
allowance 
of 
the 
letters 
of 
guarantee 
included 
in 
the 
underlying portfolio reached € 1 million (note 35).
Project “Leon”
In December 2023, the 
Bank, aiming to accelerate 
further its NPE reduction 
plan, initiated the sale 
process of a mixed 
NPE portfolio 
of total gross book value ca. € 400 million, engaging in parallel in negotiations with potential investors. The transaction is expected to 
be completed by the end of 2024.
Accordingly, as at 31 December 
2023, the Bank 
classified the above 
loan portfolio as 
held for sale, 
remeasured the portfolio’s expected 
credit losses, 
in accordance 
with the 
Bank’s 
accounting policy 
for the 
impairment of 
financial assets and 
recognized an 
impairment 
loss of € 55 million (note 
21), which was calculated 
by reference to 
the consideration expected 
to be received from 
its sale. As at 31 
December 2023, the 
carrying amount of 
the aforementioned loan portfolio reached 
€ 121 
million, comprising loans 
with gross carrying 
amount of € 398 million, which carried an impairment allowance of € 277 million (note 
30).

Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
Project Wave
In December 2023, 
the Bank proceeded 
with the execution 
of another synthetic 
risk transfer 
transaction (project 
“Wave IV”) in 
the 
form 
of 
a 
financial 
guarantee, 
providing 
credit 
protection 
over 
the 
mezzanine 
loss 
of 
a 
portfolio 
of 
performing 
SME 
and 
Large 
Corporate loans 
amounting to € 
1.5 billion (the 
reference portfolio). 
Similarly to the 
previous synthetic 
risk transfer 
transactions of 
similar characteristics (‘Wave’ projects) , the Wave 
IV transaction was accounted for as a purchased financial guarantee contract that 
is not 
integral 
to the 
contractual 
terms of 
the reference 
portfolio, 
where a 
compensation 
right resulting 
from the 
expected credit 
losses of the 
protected loans 
is recognized, 
to the 
extent that 
it is virtually 
certain that 
the Group will 
be reimbursed 
for the 
credit 
losses incurred. The reference portfolios 
of Wave projects continued 
to be recognised on the Group’s 
Balance Sheet.
As at 31 December 
2023, the Wave 
IV transaction, that 
was performed in 
the context of 
the Group’s 
initiatives for the 
optimization 
of its regulatory capital, resulted in a capital 
benefit of 41 bps.
Support measures to customers
In April 2023, the Bank announced the launch of a reward 
initiative for housing loan clients under floating 
rate loans, 
disbursed until 
31 
December 
2022, 
who 
had 
no 
delinquencies 
and 
met 
their 
financial 
obligations 
in 
a 
consistent 
manner. 
The 
reward 
program 
introduced “a cap” 
in the loans’ applicable base rates 
for a period of 12 months, 
with a view to protect 
borrowers against 
reference 
rates’ increase (note 10)
Post balance sheet event
In March 
2024, the 
Bank announced 
that the 
aforementioned 
reward 
initiative will 
be extended 
with the 
same terms 
for another 
twelve months, in its effort to 
continue to support and reward its non-delinquent 
housing clients.
In the 
third quarter 
of 2023, 
the Bank, 
as a 
response to 
the unprecedented 
wildfires 
and floods 
that impacted 
several regions 
in 
Greece offered 
certain support 
measures to 
affected 
borrowers, 
owners 
of properties 
located in 
the affected 
areas or 
companies 
operating 
in the 
same regions, 
who had 
delinquencies up 
to 89 
days 
and had 
filed a 
relevant 
application to 
the Bank. 
The above 
support 
measures 
include 
loans’ 
arrears 
capitalization, 
if 
any, 
payment 
holidays 
on 
an 
interest-bearing 
and 
for 
wildfire 
affected 
companies specifically, 50% 
spread reduction. These measures are accounted 
for as modifications with no impact in profit or loss.
Securitizations of loan portfolios originated by the Group
The Group 
in the 
context 
of the 
achievement 
of its 
NPE reduction 
targets 
has entered 
into the 
securitization 
of various 
classes of 
primarily NPE 
through the 
issue of senior, 
mezzanine and 
junior notes, 
which resulted, 
as described below, 
in the derecognition 
of 
the underlying loan portfolios and the recognition of the retained 
notes.
‘Mexico’ securitization
In May 
2021, the 
Group, through 
its special 
purpose financing 
vehicle (SPV) 
‘Mexico Finance 
Designated 
Activity Company’ 
issued 
senior, mezzanine and 
junior notes of total face value of ca. € 5.2 billion, via a securitization of a mixed portfolio comprising primarily 
NPE. The 
Group 
included ‘’Mexico” 
securitization 
under the 
Hellenic Asset 
Protection 
Scheme (HAPS) 
thus 
the senior 
note of 
the 
securitization became entitled to the Greek 
State’s 
guarantee.
In December 2021, the sale of 95% of the mezzanine and junior notes of Mexico securitization to doValue 
S.p.A. was completed and, 
as a result, the Group 
ceased to control 
the SPV and derecognized 
the underlying loan portfolio 
from its balance sheet, 
on the basis 
that 
it transferred 
substantially 
all risks 
and rewards 
of the 
portfolio’s 
ownership and 
ceased to 
have 
control 
over the 
securitized 
loans. In addition, the Group recognized the retained notes on its balance sheet i.e. 100% of the senior and 5% of the mezzanine and 
junior notes, with carrying amount € 1,415 million at 31 December 2023 (31 December 2022: € 1,539 million). 

 
Notes to the Consolidated Financial Statements 
.
 
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31 December 2023 Consolidated Financial Statements
 
 
‘Cairo’ securitization
In June 
2019, the 
Group, through 
the special 
purpose financing 
vehicles (SPVs) 
‘Cairo No. 
1 Finance 
Designated Activity 
Company’, 
‘Cairo No. 2 Finance Designated 
Activity Company’ and ‘Cairo No. 3 Finance Designated 
Activity Company’, 
issued senior, 
mezzanine 
and junior notes of total face value of ca. € 7.5 billion, via a securitization 
of a mixed portfolio consisting primarily of non-performing 
loans 
(NPE) 
(“Cairo” 
securitization). 
In 
December 
2019, 
the 
Group 
announced 
that 
it 
has 
entered 
into 
a binding 
agreement 
with 
doValue S.p.A. for the sale 
of 20% of 
the mezzanine and 50.1% 
of the junior 
notes of “Cairo” 
securitization. The Group included 
“Cairo” 
securitization under 
the Hellenic Asset 
Protection Scheme 
(HAPS) thus 
the senior 
note of 
the securitization 
became entitled 
to the 
Greek State’s 
guarantee.
In June 2020, 
the sale of 
the aforementioned 
notes was 
completed and, 
as a result, 
the Group ceased 
to control 
the Cairo 
SPVs on 
the basis that it does not have 
the power to direct their 
relevant activities. Furthermore, 
in June 2020, Eurobank Holdings, 
following 
a decision of the Board of 
Directors (BoD), proceeded 
to the contribution of the 
retained Cairo notes, 
i.e. 75% of the mezzanine 
and 
44.9% of 
the junior 
notes, along 
with an 
amount of 
€ 1.5 
million in 
cash to 
its Cyprus-based 
subsidiary Mairanus 
Ltd, renamed 
to 
‘Cairo Mezz Plc’, 
in exchange for 
the newly-issued shares 
of the aforementioned 
subsidiary. 
In July 2020, the 
General Shareholders’ 
Meeting of the Company 
approved the distribution of Cairo 
Mezz Plc shares to 
Eurobank Holding’s shareholders through the decrease 
in kind of its share capital. 
In September 2020, 
following the completion 
of the distribution 
of the Cairo 
Mezz Plc shares, 
the underlying loan 
portfolio and the 
related assets and liabilities were derecognized 
from the Group’s 
balance sheet, on the basis that at that time the Group transferred 
substantially all risks 
and rewards of the portfolio’s 
ownership and ceased to have 
control over the securitized 
portfolio. In addition, 
the Group recognized 
the retained notes 
on its balance sheet, 
i.e. 100% of the 
senior notes, 5% of 
mezzanine and junior 
notes with 
carrying amount € 2,019 million at 31 December 2023 (31 December 2022: € 2,332 million).
 
‘Pillar’ securitization
In 
June 
2019, the 
Group, 
through 
the special 
purpose 
financing vehicle 
(SPV) 
‘Pillar 
Finance Designated 
Activity 
Company’ issued 
senior, 
mezzanine 
and 
junior 
notes 
of 
total 
value 
of 
ca. 
€ 
2 
billion, 
via 
a 
securitization 
of 
residential 
mortgage 
primarily 
NPE. 
In 
September 2019, the Group sold 95% of the above-mentioned mezzanine and 
junior notes to Celidoria S.A R.L. Upon the completion 
of the 
sale, the 
Group ceased 
to control 
the SPV 
and derecognized 
the underlying 
loan portfolio 
in its 
entirety, 
on the 
basis that 
it 
transferred substantially 
all the risks and rewards of the underlying loan portfolio’s 
ownership. In addition, the Group recognized the 
retained 
notes, i.e. 
100% of 
the senior, 
5% of 
the mezzanine 
and junior 
notes, on 
its balance 
sheet with 
carrying amount 
€ 1,020 
million at 31 December 2023 (31 December 2022: € 1,039 million).

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
120
|
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31 December 2023 Consolidated Financial Statements
21. 
Impairment allowance for loans and advances to customers
The following tables present the movement 
of the impairment allowance on loans and advances to customers 
(expected credit losses – ECL):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Impairment allowance as at 1 January 
68 
75 
478 
21 
160 
229 
37 
48 
186 
23 
72 
229 
1,626 
New loans and advances originated or 
purchased 
23 
- 
- 
0 
- 
- 
20 
- 
- 
4 
- 
- 
47 
Transfers between stages 
 
- to 12-month ECL 
23 
(20) 
(3) 
10 
(8) 
(1) 
15 
(7) 
(7) 
11 
(8) 
(2) 
- 
 
- to lifetime ECL 
(6) 
28 
(22) 
(3) 
27 
(23) 
(2) 
15 
(13) 
(2) 
13 
(11) 
- 
 
- to lifetime ECL credit-impaired loans 
(5) 
(21) 
27 
(0) 
(12) 
12 
(1) 
(6) 
6 
(1) 
(10) 
11 
- 
Impact of ECL net remeasurement 
(31) 
(3) 
72 
(7) 
(16) 
148 
4 
10 
84 
(7) 
(1) 
89 
342 
Recoveries from written - off loans 
- 
- 
18 
- 
- 
8 
- 
- 
18 
- 
- 
6 
49 
Loans and advances derecognised/ 
reclassified as held for sale during the 
year⁽²⁾ 
(4) 
(1) 
(17) 
(0) 
(0) 
(92) 
(4) 
(7) 
(95) 
(1) 
(1) 
(115) 
(337) 
Amounts written off⁽³⁾ 
- 
- 
(216) 
- 
- 
(46) 
- 
- 
(62) 
- 
- 
(62) 
(387) 
Unwinding of Discount 
- 
- 
(8) 
- 
- 
(3) 
- 
- 
(2) 
- 
- 
(3) 
(16) 
Foreign exchange and other movements 
3 
(0) 
(10) 
0 
4 
(24) 
(16) 
(1) 
(11) 
(1) 
0 
(13) 
(67) 
Impairment allowance as at 31 December 
72 
58 
318 
20 
154 
208 
53 
53 
105 
25 
65 
128 
1,258

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
121
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Wholesale 
Mortgage 
Consumer 
Small business 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
12-month 
ECL 
-Stage 1 
Lifetime ECL 
-Stage 2 
Lifetime ECL - 
Stage 3 and 
POCI⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Impairment allowance as at 1 January 
69 
76 
737 
17 
138 
170 
44 
39 
257 
41 
58 
227 
1,872 
New loans and advances originated or 
purchased 
29 
 
- 
- 
2 
 
- 
- 
21 
 
- 
- 
6 
 
- 
- 
58 
Transfers between stages 
 
- to 12-month ECL 
20 
(20) 
(0) 
10 
(9) 
(1) 
14 
(8) 
(5) 
13 
(10) 
(3) 
- 
 
- to lifetime ECL 
(12) 
13 
(1) 
(4) 
24 
(20) 
(8) 
24 
(15) 
(7) 
19 
(12) 
 
- 
 
- to lifetime ECL credit-impaired loans 
(6) 
(8) 
14 
(1) 
(9) 
10 
(5) 
(7) 
11 
(2) 
(7) 
9 
- 
Impact of ECL net remeasurement⁽⁴⁾ 
(35) 
13 
(1) 
(3) 
12 
100 
(25) 
(0) 
91 
(30) 
12 
69 
202 
Recoveries from written - off loans 
 
- 
 
- 
23 
 
- 
 
- 
9 
 
- 
 
- 
12 
 
- 
 
- 
9 
53 
Loans and advances 
derecognised/reclassified as held for sale 
during the year⁽²⁾ 
 
- 
(0) 
(202) 
 
- 
 
- 
(0) 
 
- 
 
- 
- 
 
- 
 
- 
(1) 
(203) 
Amounts written off⁽³⁾ 
 
- 
 
- 
(87) 
 
- 
 
- 
(10) 
 
- 
 
- 
(141) 
 
- 
 
- 
(53) 
(290) 
Unwinding of Discount 
 
- 
 
- 
(11) 
 
- 
 
- 
(1) 
 
- 
 
- 
(3) 
 
- 
 
- 
(2) 
(18) 
Foreign exchange and other movements 
4 
1 
5 
(0) 
3 
(27) 
(4) 
1 
(21) 
2 
1 
(14) 
(49) 
Impairment allowance as at 31 December 
68 
75 
478 
21 
160 
229 
37 
48 
186 
23 
72 
229 
1,626
(1) 
The impairment allowance for POCI loans of € 8.1 million is included in ‘Lifetime ECL – stage 3 and POCI’ (2022: € 6.5 million). 
(2) 
It represents the impairment allowance of loans derecognized due to a) substantial modifications of the loans’ contractual terms, b) sale transactions, c) debt to equity transactions and those that have been reclassified as held for sale during 
the year (notes 20 and 30). 
(3) 
The contractual amount outstanding on lending exposures that were written off during the year ended 31 December 2023 and that 
are still subject to enforcement activity is € 338 million (2022: € 111 million). 
(4) 
It includes € 14 million impairment loss on loans and advances relating 
to discontinued operations (note 30).

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
122
|
Page
 
31 December 2023 Consolidated Financial Statements
The impairment 
losses relating 
to loans 
and advances 
to customers 
from continuing 
operations recognized 
in the 
Group’s 
income 
statement for the year ended 31 December 2023 amounted 
to € 412 million, including 
€ 67 million loss relating to the projects Solar 
and Leon (note 20) (2022: € 276 million) and are analyzed as follows:
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Impairment loss on loans and advances to customers 
(390) 
(246) 
Net income / (loss) from financial guarantee contracts⁽¹⁾ 
(37) 
(22) 
Modification gain / (loss) on loans and advances to customers 
8 
2 
Impairment (loss)/ reversal for credit 
related commitments 
7 
(10) 
Total from 
continuing operations 
(412) 
(276)
(1)
 
It refers to purchased financial guarantee contracts, not integral to the guaranteed loans (projects Wave).
22. 
Investment securities
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Investment securities at FVOCI 
3,492 
3,828 
Investment securities at amortised cost 
10,955 
9,192 
Investment securities at FVTPL 
263 
241 
Total 
14,710 
13,261
Note: information on debt securities of the investment portfolio is presented in note 5.2.1.3 
In April 2023, 
Attica Bank, 
a financial institution 
located in 
Greece, announced the 
completion of its 
share capital 
increase with 
the 
joint participation of Hellenic 
Financial Stability Fund (HFSF) and private investors. Eurobank participated in the 
above capital increase 
and designated its investment amounting 
to € 10 million at FVOCI. As at 31 December 2023, its fair value 
stood at € 8 million. 
In November 2023, the 
Bank acquired a minority 
stake in Plum 
Fintech Limited (“Plum”), 
a fintech company 
based in the UK. Under 
the terms 
of the agreement, 
the Bank initially 
invested € 
5 million 
in Plum and 
subject to 
the fulfillment of 
certain conditions, 
may 
invest another € 5 million in due time. The investment 
of the Bank in the aforementioned company was 
designated at FVOCI. 
In October 
2023, Eurobank 
Asset Management, 
a fully 
owned subsidiary 
of Eurobank, 
acquired a 
minority 
stake 
in Mintus 
Group 
Limited (“Mintus”), 
a UK 
based company 
providing access 
to alternative 
investment 
categories globally. 
The investment 
in Mintus 
was designated at FVOCI and its fair 
value at 31 December 2023 stood at € 2 million.
Sustainability linked bonds
As at 31 December 
2023, the Group holds positions 
in sustainability linked bonds with Sustainability 
Performance Targets (SPTs) 
(note 
20) of carrying value of € 118 million, of which € 82 million measured at FVOCI and € 36 million at AC (2022: € 173 million, of which € 
123 million at 
FVOCI and 
€ 50 million 
at AC). 
The Group 
has assessed the 
ESG features 
of the aforementioned 
debt instruments, 
in 
line with the Group’s 
accounting policies (note 2) 
and has concluded that 
they do not create 
exposure to risks 
that are inconsistent 
with a basic lending arrangement and therefore 
the SPPI criteria are met.
.

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
123
|
Page
 
31 December 2023 Consolidated Financial Statements
22.1 
Movement of investment securities
The tables below present the movement of the carrying 
amount of investment securities per measurement category 
and per stage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Debt securities at FVOCI 
Investment securities at amortised cost 
Investment 
securities at 
FVTPL 
Equity 
securities at 
FVOCI 
12-month 
ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL- 
Stage 3 
12-month 
ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL- 
Stage 3 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
3,612 
121 
- 
9,175 
6 
33 
241 
95 
13,283 
Additions, net of disposals and 
redemptions 
(394) 
- 
- 
1,621 
- 
(2) 
3 
18 
1,246 
Transfers between stages 
76 
(76) 
- 
(1) 
1 
- 
- 
- 
- 
Net gains/(losses) from changes in 
fair value for the year 
244 
4 
- 
- 
- 
- 
19 
7 
273 
Amortisation of 
premiums/discounts and interest 
(19) 
0 
- 
28 
(0) 
2 
(0) 
- 
10 
Changes in fair value 
due to hedging⁽¹⁾ 
- 
- 
- 
146 
0 
- 
- 
- 
146 
Exchange adjustments and other 
movements⁽²⁾ 
(11) 
(1) 
- 
(34) 
(0) 
(1) 
0 
(103) 
(150) 
Discontinued operations⁽³⁾ 
(81) 
- 
- 
- 
- 
- 
- 
- 
(81) 
Gross carrying amount at 31 
December 
3,427 
48 
- 
10,935 
7 
32 
263 
17 
14,729 
Impairment allowance 
- 
- 
- 
(11) 
(0) 
(7) 
- 
- 
(18) 
Net carrying amount at 31 
December 
3,427 
48 
- 
10,924 
7 
25 
263 
17 
14,710
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Debt securities at FVOCI 
Investment securities at amortised cost 
Investment 
securities at 
FVTPL 
Equity 
securities at 
FVOCI 
12-month 
ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL- 
Stage 3 
12-month 
ECL- 
Stage 1 
Lifetime ECL- 
Stage 2 
Lifetime ECL- 
Stage 3 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Gross carrying amount at 1 
January 
6,456 
9 
- 
4,672 
- 
- 
141 
44 
11,322 
Additions, net of disposals and 
redemptions 
(1,979) 
(6) 
(14) 
4,904 
- 
- 
80 
17 
3,002 
Transfers between stages 
(131) 
117 
14 
(40) 
6 
34 
- 
- 
- 
Net gains/(losses) from changes in 
fair value for the year 
(740) 
3 
- 
- 
- 
- 
16 
34 
(687) 
Amortisation of 
premiums/discounts and interest 
(42) 
(2) 
- 
64 
- 
2 
0 
- 
22 
Changes in fair value due to 
hedging⁽¹⁾ 
- 
- 
- 
(449) 
- 
(4) 
- 
- 
(453) 
Exchange adjustments and other 
movements 
48 
(0) 
- 
24 
- 
1 
4 
- 
77 
Gross carrying amount at 31 
December 
3,612 
121 
- 
9,175 
6 
33 
241 
95 
13,283 
Impairment allowance 
- 
- 
- 
(12) 
(0) 
(10) 
- 
- 
(22) 
Net carrying amount at 31 
December 
3,612 
121 
- 
9,163 
6 
23 
241 
95 
13,261
 
(1)
 
Changes in fair value due to continued hedging relationships amount to € 172 million gain (2022: € 548 million loss) 
(2)
Other movements in equity 
securities at FVOCI mainly 
refer to Hellenic Bank which 
was accounted for as a 
Group's associate as of the 
second quarter of 2023 
(note 24). 
(3)
 
Refers to ERB Direktna (note 30).

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
124
|
Page
 
31 December 2023 Consolidated Financial Statements
 
 
22.2 
Movement of ECL
The table below presents the ECL movement per portfolio, 
including ECL movement analysis per stage:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
31 December 2022 
Measured at 
amortised cost 
Measured at 
FVOCI 
Total 
Measured at 
amortised cost 
Measured at 
FVOCI 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 
22 
12 
34 
6 
12 
18 
New financial assets purchased 
4 
2 
6 
16 
2 
18 
- of which 12-month ECL-Stage 1 
4 
2 
6 
16 
2 
18 
Transfers 
between stages 
- (from)/to 12-month ECL-Stage 1 
0 
1 
1 
(6) 
(11) 
(17) 
- (from)/to lifetime ECL-Stage 2 
(0) 
(1) 
(1) 
0 
0 
0 
- (from)/to lifetime ECL-Stage 3 
- 
- 
- 
6 
11 
17 
Remeasurement due to change in 
ECL risk parameters 
(8) 
(5) 
(13) 
3 
13 
16 
- of which 12-month ECL-Stage 1 
(5) 
(4) 
(9) 
(2) 
9 
7 
- of which lifetime ECL-Stage 2 
(0) 
(1) 
(1) 
1 
4 
5 
- of which lifetime ECL-Stage 3 
(3) 
- 
(3) 
4 
- 
4 
Financial assets disposed during the 
year 
(1) 
(1) 
(2) 
(3) 
(4) 
(7) 
- of which 12-month ECL-Stage 1 
(1) 
(1) 
(2) 
(3) 
(4) 
(7) 
Financial assets redeemed during the 
year 
(0) 
(0) 
(0) 
- 
(10) 
(10) 
- of which lifetime ECL-Stage 3 
- 
- 
- 
- 
(10) 
(10) 
Foreign exchange and other 
movements 
1 
(0) 
1 
(0) 
(1) 
(1) 
Balance as at 31 December 
18 
8 
26 
22 
12 
34
22.3 
Equity reserve: revaluation of the investment 
securities at FVOCI
Gains 
and 
losses 
arising 
from 
the 
changes 
in 
the 
fair 
value 
of 
investment 
securities 
at 
FVOCI 
are 
recognized 
in 
a 
corresponding 
revaluation reserve in equity. 
The movement of the reserve is as follows:
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Balance at 
1 January 
(10) 
322 
Net gains/(losses) from changes in fair value 
255 
(702) 
Tax (expense)/benefit (note 
13) 
(49) 
180 
206 
(522) 
Net (gains)/losses transferred to net profit on disposal 
(50) 
29 
ECL transferred to net profit 
(3) 
4 
Tax (expense)/benefit on net (gains)/losses 
transferred to net profit on disposal 
15 
(7) 
Tax (expense)/benefit on ECL 
transferred to net profit 
1 
(1) 
(37) 
25 
Net (gains)/losses transferred to net profit from 
fair value hedges 
(91) 
270 
Tax (expense)/benefit 
24 
(73) 
(67) 
197 
Revaluation reserve from associated undertakings, net of tax 
⁽¹⁾ 
1 
(33) 
Revaluation reserve for the investment 
in Hellenic Bank transferred to R/E (note 24) 
(45) 
- 
Balance at 31 December 
48 
(10)
(1)
 
In 2023, 
it also includes 
€ 7 
million negative 
impact on fair 
value reserve, 
due to 
IFRS 9 
adoption by 
the Group’s 
associate Eurolife 
FFH Insurance 
Group 
Holdings S.A. (note 38).

 
 
Notes to the Consolidated Financial Statements 
.
125
|
Page
 
31 December 2023 Consolidated Financial Statements
 
23. 
Group composition 
23.1 
Shares in subsidiaries
The following is a listing of the Company's subsidiaries as at 31 December 2023, included in the consolidated financial statements 
for 
the year ended 31 December 2023:
 
 
 
 
 
 
 
 
 
 
 
 
 
Name 
Note 
Percentage 
holding 
Country of 
incorporation 
Line of business 
Eurobank S.A. 
100.00 
Greece 
Banking 
Be Business Exchanges S.A. of Business Exchanges 
Networks and Accounting and Tax Services 
98.01 
Greece 
Business-to-business e-commerce, 
accounting, tax and sundry services 
Eurobank Asset Management Mutual Fund Mngt 
Company Single Member S.A. 
100.00 
Greece 
Mutual fund and asset management 
Eurobank Equities Investment Firm Single Member 
S.A. 
100.00 
Greece 
Capital markets and advisory services 
Eurobank Leasing Single Member S.A. 
100.00 
Greece 
Leasing 
Eurobank Factors Single Member S.A. 
100.00 
Greece 
Factoring 
Herald Greece Single Member Real Estate 
development and services S.A. 1 
100.00 
Greece 
Real estate 
Herald Greece Single Member Real Estate 
development and services S.A. 2 
100.00 
Greece 
Real estate 
Piraeus Port Plaza 1 Single Member Development S.A. 
100.00 
Greece 
Real estate 
(Under liquidation) Anchor Hellenic Investment 
Holding Single Member S.A. 
100.00 
Greece 
Real estate 
Athinaiki Estate Investments Single Member S.A. 
100.00 
Greece 
Real estate 
Piraeus Port Plaza 2 Single Member Development S.A. 
100.00 
Greece 
Real estate 
Piraeus Port Plaza 3 Single Member Development S.A. 
100.00 
Greece 
Real estate 
Tenberco Real Estate 
Single Member S.A. 
100.00 
Greece 
Real estate 
Value Touristiki Single Member Development S.A. 
100.00 
Greece 
Real estate 
ADEXA Real Estate Single Member S.A 
i 
100.00 
Greece 
Real estate 
Eurobank Ananeosimes Single Member S.A 
m 
100.00 
Greece 
Production and distribution of 
solar generated electric energy 
Eurobank Bulgaria A.D. 
d 
99.99 
Bulgaria 
Banking 
PB Personal Finance E.A.D. 
h 
99.99 
Bulgaria 
Pension assurance intermediary business 
Berberis Investments Ltd 
100.00 
Channel Islands 
Holding company 
Eurobank Cyprus Ltd 
100.00 
Cyprus 
Banking 
Foramonio Ltd 
100.00 
Cyprus 
Real estate 
Lenevino Holdings Ltd 
100.00 
Cyprus 
Real estate 
Rano Investments Ltd 
100.00 
Cyprus 
Real estate 
Neviko Ventures Ltd 
100.00 
Cyprus 
Real estate 
Zivar Investments Ltd 
100.00 
Cyprus 
Real estate 
Amvanero Ltd 
100.00 
Cyprus 
Real estate 
Revasono Holdings Ltd 
100.00 
Cyprus 
Real estate 
Volki Investments Ltd 
100.00 
Cyprus 
Real estate 
Adariano Investments Ltd 
100.00 
Cyprus 
Real estate 
Elerovio Holdings Ltd 
100.00 
Cyprus 
Real estate 
Afinopio Investments Ltd 
I 
100.00 
Cyprus 
Real estate 
Ovedrio Holdings Ltd 
I 
100.00 
Cyprus 
Real estate 
Primoxia Holdings Ltd 
I 
100.00 
Cyprus 
Real estate 
Eurobank Private Bank Luxembourg S.A. 
n 
100.00 
Luxembourg 
Banking 
Eurobank Fund Management Company (Luxembourg) 
S.A. 
100.00 
Luxembourg 
Fund management 
ERB Lux Immo S.A. 
100.00 
Luxembourg 
Real estate 

Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Name 
Note 
Percentage 
holding 
Country of 
incorporation 
Line of business 
ERB New Europe Funding B.V. 
100.00 
Netherlands 
Finance company 
ERB New Europe Funding II B.V. 
100.00 
Netherlands 
Finance company 
ERB New Europe Holding B.V. 
100.00 
Netherlands 
Holding company 
ERB IT Shared Services S.A. 
100.00 
Romania 
Informatics data processing 
IMO Property Investments Bucuresti S.A. 
100.00 
Romania 
Real estate services 
Seferco Development S.A. 
99.99 
Romania 
Real estate 
ERB Leasing A.D. Beograd-in Liquidation 
f 
100.00 
Serbia 
Leasing 
IMO Property Investments A.D. Beograd 
100.00 
Serbia 
Real estate services 
Reco Real Property A.D. Beograd 
100.00 
Serbia 
Real estate 
Karta II Plc 
- 
United Kingdom 
Special purpose financing vehicle 
Astarti Designated Activity Company 
- 
Ireland 
Special purpose financing vehicle 
ERB Recovery Designated Activity Company 
- 
Ireland 
Special purpose financing vehicle
 
 
The following entities are not included in the consolidated 
financial statements due to immateriality: 
(i) the Group’s 
special purpose financing 
vehicles and the 
related holding 
entities, which are 
dormant and/or 
are under liquidation: 
Themeleion 
III 
Holdings 
Ltd, 
Themeleion IV 
Holdings 
Ltd, 
Themeleion Mortgage 
Finance Plc, 
Themeleion 
II Mortgage 
Finance Plc, 
Themeleion 
III 
Mortgage 
Finance 
Plc, 
Themeleion 
IV 
Mortgage 
Finance 
Plc, 
Themeleion 
V 
Mortgage 
Finance 
Plc, 
Themeleion 
VI 
Mortgage Finance Plc, Anaptyxi APC Ltd and Byzantium 
II Finance Plc.
(ii) the holding entity of Karta II Plc: Karta II Holdings Ltd.
(iii) dormant entity: Enalios Real Estate 
Development S.A. 
(iv) entities 
controlled by 
the Group 
pursuant to 
the terms 
of the relevant 
share pledge 
agreements: Finas 
S.A., Rovinvest 
S.A. and 
Promivet S.A. 
In 2023, 
the changes 
in the 
Group 
structure 
due to: 
a) acquisitions, 
mergers 
and establishment 
of companies, 
b) sales 
and other 
corporate actions, 
which resulted in 
loss of control, 
c) transactions with 
the non-controlling interests, 
which did not result 
in loss of 
control and d) liquidations, are as follows:
(a) ERB Hellas (Cayman Islands) Ltd, Cayman Islands 
In December 2022, the 
liquidation of the 
company was 
decided. In February 
2023, the return 
of the company’s 
share capital 
to the 
Bank, through the repurchase of its own shares, was 
completed.
(b) Retail Development S.A., Romania 
In February 2023, the Bank signed an agreement for 
the sale of its participation interest 
of 99.99% in Retail Development S.A., 
along 
with the 
loan receivable 
from the 
company, 
to a third 
party for 
a cash 
consideration of 
€ 8.1 million. 
The resulting 
loss on disposal 
amounted to € 1.1 million and was recognized 
in “Other income/(expenses)”.
(c) Eurobank Direktna a.d., Serbia
On 2 November 2023, the Bank announced that the sale of its 70% shareholding in Eurobank Direktna a.d. to AIK Banka a.d. Beograd 
was completed (note 30). 
(d) Acquisition of BNP Paribas Personal Finance Bulgaria by Eurobank 
Bulgaria A.D.
On 9 December 
2022, Eurobank 
Holdings announced that 
it had reached 
an agreement 
for the 
acquisition of 
BNP Paribas 
Personal 
Finance Bulgaria 
(the “Business”) 
by Eurobank’s 
subsidiary in Bulgaria, 
Eurobank Bulgaria 
A.D. (“Postbank”). 
The completion 
of the 
transaction took place in May 2023, following 
the receipt of the approvals by all competent 
regulatory authorities (note 23.2). 
(e) ERB Hellas Plc, United Kingdom
In April 2023, the liquidation of the company was completed.

Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
 
(f) ERB Leasing A.D. Beograd-in Liquidation, Serbia
In May 2023, 
the Bank’s 
subsidiary Eurobank Direktna 
a.d. transferred 
the shares held 
in ERB Leasing A.D. 
Beograd to 
the Bank and 
thus, the Group’s participation 
in the company increased from 85.15% to 100%. 
(g) IMO Property Investments Sofia E.A.D., Bulgaria
During the second quarter of 2023, the sale of IMO Property 
Investments Sofia E.A.D. was 
considered highly probable, therefore 
the 
company was 
classified as held 
for sale 
and measured 
by reference 
to the 
pre-agreed consideration 
with the third 
party, 
being the 
lower of 
its carrying amount 
and fair 
value less 
costs to 
sell, in accordance 
with IFRS 
5. Accordingly, 
a remeasurement/impairment 
loss of € 23 
million on real estate properties 
was recognised in the 
income statement. In May 2023, the 
sale of the 
Bank’s participation 
interest of 100% in the company, along with the loan receivable from the company, 
was completed with a total cash consideration of 
€ 15.5 million.
(h) PB Personal Finance EAD, Bulgaria
In May 2023, the Bank’s 
subsidiary Eurobank Bulgaria A.D. established 
the wholly owned subsidiary PB Personal Finance EAD.
(i) ADEXA Real Estate Single Member S.A., Greece 
In June 2023, 
the Bank acquired 
100% of the 
shares and voting 
rights of ADEXA 
Real Estate Single Member 
S.A. for a 
cash consideration 
of € 
50.8 million. 
In line with 
IFRS 3 requirements, 
the acquisition 
was accounted 
for as 
an asset acquisition 
rather than 
a business 
combination, since 
substantially all 
of the fair 
value of the 
gross assets 
acquired was 
concentrated 
in a single 
identifiable asset and 
no substantive 
business processes 
were acquired. 
Accordingly, 
no goodwill 
was recognized, 
whereas the 
acquired property, 
along 
with other 
assets/other liabilities, 
were recognized 
in the 
Group’s 
balance sheet 
by allocating 
the purchase 
price to 
the individual 
identifiable assets and 
liabilities on the 
basis of their relative 
fair values. Following 
the above treatment, 
at the acquisition 
date the 
total assets of 
the company amounted 
to € 52.3 million, 
of which € 33.4 
million refer 
to own used 
property and € 
18.7 million refer 
to investment property, 
while total liabilities amounted to € 1.5 million. 
(j) IMO-II Property Investments S.A., Romania
In May 2023, the liquidation of the company was decided. In December 2023, the distribution of the company’s 
surplus assets to the 
shareholders was completed with 
an immaterial effect for the Group.
(k) Sagiol Ltd, Macoliq Holdings Ltd and Senseco 
Trading Ltd, 
Cyprus
In June 2023, 
the companies’ liquidator resolved the 
distribution of their surplus 
assets to the Bank 
(their sole shareholder). The 
effect 
of the aforementioned liquidations was 
immaterial for the Group.
(l) Afinopio Investments Ltd, Ovedrio Holdings 
Ltd and Primoxia Holdings Ltd, Cyprus
In June 2023, in the context of the management 
of its NPE, the Bank’s 
subsidiary Εurobank Cyprus Ltd established 
the wholly owned 
subsidiaries, Afinopio Investments Ltd, Ovedrio Holdings Ltd and Primoxia Holdings Ltd to operate as real estate companies in Cyprus.
(m) Eurobank Ananeosimes Single Member S.A., Greece
In July 2023, the Bank established the wholly owned subsidiary Eurobank Ananeosimes Single Member 
S.A. to operate as a company 
in the area of the production and distribution of solar generated 
electric energy.
(n) Eurobank Private Bank Luxembourg 
S.A., Luxembourg
In July 2023, the Greek branch of the Bank’s 
subsidiary Eurobank Private Bank Luxembourg 
S.A. was established. 
(o) ERB New Europe Funding III Ltd, NEU Property Holdings Ltd 
and NEU 03 Property Holdings Ltd, Cyprus
In the 
third quarter 
of 2023, 
the liquidation 
of the 
companies was 
decided and 
the distribution 
of their 
surplus assets 
to the 
Bank 
(their sole shareholder) was completed. The effect 
of the aforementioned liquidations was 
immaterial for the Group.
(p) Standard Single Member Real Estate 
S.A. and Cloud Hellas Single Member Ktimatiki S.A., Greece
In December 
2023, the 
merger of 
the Bank 
and its 
wholly owned 
subsidiaries Standard 
Single Member 
Real Estate 
S.A. and 
Cloud 
Hellas Single Member Ktimatiki S.A. was completed, 
by absorption of the latter by the former.

Notes to the Consolidated Financial Statements 
.
128
|
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31 December 2023 Consolidated Financial Statements
 
 
 
In 2022, 
the changes 
in the 
Group 
structure 
due to: 
a) acquisitions, 
mergers 
and establishment 
of companies, 
b) sales 
and other 
corporate actions, 
which resulted in 
loss of control, 
c) transactions with 
the non-controlling interests, 
which did not result 
in loss of 
control and d) liquidations, are as follows:
(i) IMO 03 E.A.D., Bulgaria 
In February 
2022, the 
Bank disposed 
of its participation 
interest of 
100% in 
IMO 03 
E.A.D. (which 
as of 
31 December 2021 
was 
classified as held 
for sale) to 
a third party 
for a cash 
consideration of € 
5.8 million. 
The resulting loss 
on the disposal 
was immaterial. 
(ii) (Under liquidation) Real Estate Management 
Single Member S.A., Greece 
In February 2022, the liquidation of the company was completed. 
(iii) Hellenic Post Credit S.A., Greece 
In February 2022, 
the Bank reached 
an agreement for 
the acquisition of 
the remaining 50% 
of the share 
capital of Hellenic 
Post 
Credit S.A., settled 
by offsetting 
receivables it 
held from 
the other 
shareholder of the 
entity. 
In November 
2022, after 
receiving 
the required approvals 
from the competent 
authorities, the merger of 
the Bank and Hellenic Post 
Credit S.A. was completed, 
by 
absorption of the latter by the former. 
The merger had no impact in the Group’s 
financial statements. 
(iv) Staynia Holdings Limited, Cyprus 
In February 2022, the 
liquidation of the company 
was decided. In June 
2022, the distribution of 
the company’s 
surplus assets to 
the Bank (its sole shareholder) was completed with an immaterial 
effect on the Group’s 
income statement.
(v) ERB Istanbul Holding A.S. in liquidation, Turkey 
In 
June 
2022, 
the 
liquidation 
of 
the 
company 
was 
completed. 
The 
Group 
recognized 
a) 
€ 
76.3 
million 
loss 
in 
“Other 
income/(expenses)”, 
arising mainly from the recyclement of foreign currency losses of 
€ 75.9 million, previously recorded in other 
comprehensive income, to the income statement 
and b) € 2.5 million tax expense on the liquidation proceeds. 
(vi) Vouliagmeni Residence Single Member S.A., Greece 
In March 
2022, the Bank 
signed an agreement 
for the 
sale of its 
participation interest 
of 100% in 
Vouliagmeni Residence 
Single 
Member S.A. to a third party. On the basis of 
the said agreement, the company was classified as held 
for sale since 31 March 2022 
and an 
impairment loss 
of € 
0.7 million 
was recognised 
in the 
income statement 
line “Other 
impairments, risk 
provisions and 
related costs”. 
In July 2022, the sale of the company was completed for a cash consideration of € 9.7 million with no effect on the 
Group’s income statement. 
(vii) Eliade Tower 
S.A., Romania 
In September 2022, the Group decided to proceed with the sale of its participation interest of 99.99% in Eliade Tower S.A. On this 
basis, as at 30 September 2022 the company was classified as 
held for sale and an impairment loss of 
€ 1.5 million was recognized 
in the 
income statement 
line “Other 
impairments, risk 
provisions and 
related costs”. 
In October 
2022, the 
sale of 
Eliade Tower 
S.A. was completed for a cash consideration 
of € 4.4 million with an immaterial effect on the Group’s 
income statement. 
(viii) Village Roadshow Operations Hellas S.A., Greece 
The 
Bank had 
acquired 
“Village Roadshow 
Operations 
Hellas S.A.” 
in 
the third 
quarter 
of 2021, 
following 
the enforcement 
of 
collateral 
on the 
company’s 
shares under 
a lending arrangement. 
The company 
since its 
acquisition had been 
classified as held 
for sale. On 2 August 
2022, in the context of the 
Group’s loan restructuring 
activities, the Bank signed an agreement 
with a third 
party for the sale of its participation interest of 100% in the company and the restructuring 
of its existing loan facilities subject to 
certain preconditions, which were fulfilled in November 2022. Following the completion 
of the agreement, the Group recognized 
a) € 21.5 million benefit 
due to the reversal 
of loan provisions in the 
Bank’s accounts, 
in the income statement 
line “Impairment 
losses relating to 
loans and advances 
to customers” 
and b) € 2 
million loss from 
the disposal of 
the company’s 
shares, including 
costs directly attributable to the agreement, 
in the income statement line ”Other 
income/(expenses)”. 
(ix) Sagiol Ltd, Macoliq Holdings Ltd and Senseco Trading 
Limited, Cyprus 
In October 2022, the liquidation of the companies was decided. 

Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
Post balance sheet event
Reco Real Property A.D. Beograd, Serbia
In February 2024, the Bank signed an agreement for 
the sale of its participation interest 
of 100% in Reco Real Property 
A.D. Beograd 
to a third party. The 
completion of the transaction is subject to the approval 
from the competent authority.
Significant restrictions on the Group's ability to access or 
use the assets and settle the liabilities of the Group 
The Group does 
not have any 
significant restrictions 
on its ability to 
access or use its 
assets and settle 
its liabilities other than 
those 
resulting from regulatory, 
statutory and contractual requirements, 
set out below:
●
Banking and 
other financial 
institution subsidiaries 
are subject 
to regulatory 
restrictions 
and central 
bank requirements 
in the 
countries 
in 
which 
the 
subsidiaries 
operate. 
Such 
supervisory 
framework 
requires 
the 
subsidiaries 
to 
maintain 
minimum 
capital 
buffers and 
certain capital adequacy 
and liquidity ratios, 
including restrictions to 
limit exposures and/or 
the transfer 
of funds to the 
Company 
and 
other 
subsidiaries 
within 
the 
Group. 
Accordingly, 
even 
if 
the 
subsidiaries’ 
financial 
assets 
are 
not 
pledged 
at 
an 
individual entity level, their transfer within the 
Group may be restricted under the 
existing supervisory framework. As at 31 
December 
2023, the 
carrying 
amount 
of the 
Group 
financial institution 
subsidiaries’ 
assets and 
liabilities, before 
intercompany 
eliminations, 
amounted to € 85.6 billion and € 76.2 billion, respectively, 
including Eurobank S.A. (2022: € 89.7 billion and € 80.3 billion). 
●
Subsidiaries 
are 
subject 
to 
statutory 
requirements 
mainly 
relating 
with 
the 
level 
of 
capital 
and 
total 
equity 
that 
they 
should 
maintain, restrictions on the distribution of capital and special reserves, as well as dividend payments to 
their ordinary shareholders. 
●
The Group 
uses its financial 
assets as 
collateral 
for repo 
and derivative 
transactions, secured 
borrowing from 
central and 
other 
banks, issuances of covered bonds, as well 
as securitizations. As a result of financial assets’ pledge, 
their transfer within 
the Group is 
not permitted. Information relating 
to the Group’s pledged 
financial assets is provided in notes 17, 29 and 40. 
●
The Group is 
required to maintain mandatory and 
collateral deposits with central banks. 
Information for these deposits 
is provided 
in note 15.
 
23.2. Acquisition of BNP Paribas Personal Finance Bulgaria by Eurobank Bulgaria A.D.
On 9 December 
2022, Eurobank 
Holdings announced that 
it had reached 
an agreement 
for the 
acquisition of 
BNP Paribas 
Personal 
Finance Bulgaria (the Business) by 
Eurobank’s subsidiary 
in Bulgaria, Eurobank Bulgaria 
A.D. (“Postbank”). Specifically, 
Postbank had 
signed a put option letter for the benefit of BNP Paribas 
Personal Finance providing for 
the sale of its Bulgarian branch, based on the 
agreed 
terms. 
Pursuant 
to 
the 
above 
agreement, 
a 
consultation 
process 
with 
the 
French 
Labour 
Council 
had 
taken 
place, 
the 
conclusion 
of which 
led to 
the signing 
of a 
Business Transfer 
Agreement 
(“the Agreement”) 
in January 
2023. The 
transaction 
was 
completed on 31 May 2023, following the receipt 
of the approvals by all competent regulatory 
authorities.
The acquisition was accounted for as a business combination using the 
purchase method of accounting. In accordance with the terms 
of the Agreement, the funding arrangements of the branch were excluded 
from the liabilities assumed by Postbank. Accordingly, 
the 
consideration transferred 
for the acquisition of the Business amounted to € 392 million. 

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
The provisional 
fair values of 
the identifiable assets 
and liabilities of 
the Business as 
at the date 
of the acquisition 
and the resulting 
goodwill are presented in the table below:
.
 
 
 
 
 
 
Fair value 
€ million 
ASSETS 
Cash and balances with central banks 
3 
Net loans and advances to customers 
450 
Gross contractual amount: € 500 million 
Other assets⁽¹⁾ 
9 
Total assets 
461 
LIABILITIES 
Due to customers 
103 
Other liabilities 
9 
Total liabilities 
111 
Net assets acquired 
350 
Goodwill arising on acquisition 
42 
Purchase consideration transferred⁽²⁾ 
392
(1)
 
Other assets include right-of-use assets, tangible, intangible assets and other receivables.
(2)
 
Net cash flow on acquisition after cash and cash equivalents acquired amounted to € 389 million. 
The results of the Business 
were incorporated 
in the Group’s 
financial statements prospectively, 
as of 1 June 2023. If the 
acquisition 
had occurred 
on 1 January 
2023, the Business 
would have 
contributed net 
profit of 
€ 12 million 
to the Group 
for the period 
from 1 
January 2023 up to 31 May 2023. 
The transaction 
is in 
line with 
the Group’s 
strategy 
to further 
strengthen 
Postbank’s 
position in 
the Bulgarian 
retail sector, 
while it 
also 
provides 
significant 
opportunities 
for 
cross-selling, 
given 
BNP 
Paribas 
Personal 
Finance Bulgaria’s 
clientele 
of 
more 
than 
300 
thousand clients.
24. 
Investments in associates and joint ventures
.
.
As at 31 December 2023, the 
carrying amount of the Group’s investments in associates and joint ventures amounted to € 541 million 
(2022: € 187 million). The following is the listing of the Group’s 
associates and joint ventures as at 31 December 2023:
.
 
 
 
 
 
 
 
 
 
 
Name 
Country of 
incorporation 
Line of business 
Group's 
share 
Femion Ltd 
 
Cyprus 
Special purpose investment vehicle 
66.45 
Global Finance S.A.⁽¹⁾ 
 
Greece 
Investment financing 
33.82 
Odyssey GP S.a.r.l. 
 
Luxembourg 
Special purpose investment vehicle 
20.00 
Eurolife FFH Insurance Group Holdings S.A.⁽¹⁾ 
 
Greece 
Holding company 
20.00 
Alpha Investment Property Commercial Stores S.A. 
 
Greece 
Real estate 
30.00 
Peirga Kythnou P.C. 
 
Greece 
Real estate 
50.00 
doValue Greece Loans and Credits Claim Management S.A. 
 
Greece 
Loans and Credits Claim Management 
20.00 
Perigenis Business Properties S.A. 
 
Greece 
Real estate 
18.90 
Hellenic Bank Public 
Company Ltd⁽¹⁾ 
 
Cyprus 
Banking 
29.20
 
(1)
 
Hellenic Bank group (Hellenic 
Bank Public Company 
Ltd and 
its subsidiaries), Eurolife 
Insurance group (Eurolife 
FFH Insurance Group 
Holdings S.A. and its 
subsidiaries) and Global Finance group (Global Finance S.A. and its subsidiaries) 
are considered as the Group’s associates. 
Note: In November 2023, the General Μeeting of the Group’s 
joint venture Rosequeens Properties Ltd, resolved to 
proceed with the strike off procedure 
from 
the Cyprus registrar of companies. 
Omega Insurance 
and Reinsurance 
Brokers 
S.A. in which 
the Group 
holds 26.05% is 
not accounted 
under the 
equity method in 
the 
consolidated financial statements. The Group is 
not represented in the 
Board of Directors of 
the company, therefore does not exercise 
significant influence over it.

Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
Femion Ltd. 
is accounted 
for as 
a joint 
venture of 
the Group 
based on 
the substance 
and the 
purpose of 
the arrangement 
and the 
terms of the 
shareholder’s agreement which require the 
unanimous consent of 
the shareholders for significant 
decisions and establish 
shared control through the equal representation 
of the shareholders in the management bodies of the company.
Perigenis Business Properties 
S.A. is accounted 
for as an 
associate of the 
Group based 
on the Bank’s 
representation 
in the Board 
of 
Directors and the decision-making process as prescribed 
in the company’s articles of association.
Hellenic Bank Public Company Ltd, Cyprus
On 4 April 2023 
the Bank announced 
that after the 
receipt of the 
relevant regulatory 
approvals, it has 
completed the acquisition 
of 
an additional 13.41% holding in 
Hellenic Bank Public Company Ltd (“Hellenic 
Bank”), a financial institution located in 
Cyprus and listed 
in the Cyprus Stock Exchange, for a consideration 
of € 73 million including related transaction costs. 
Following that, the total holding 
in Hellenic Bank, including the previously held participation of 
15.8% (designated at FVOCI) with carrying value of € 
103 million on the 
above date (including a revaluation 
amount of € 45 million), reached 29.2% and the Group 
in accordance with the IFRS is considered 
to have significant influence over the 
entity. 
In the context of the initial application of the equity accounting, the difference between: (a) the share of the fair value of the Hellenic 
Bank group’s net identifiable assets at the acquisition date, amounting to € 287 million and (b) the deemed cost of the 
Bank’s holding 
in the 
entity amounting 
€ 173 
million, resulted 
in a 
gain of 
€ 111 
million, net 
of ca. 
€ 3 
million acquisition-related 
costs, that 
was 
recognized 
in the 
income statement 
line “Other 
income/(expenses)”. 
The aforementioned 
gain on 
acquisition reflects 
the trading 
price levels of the Hellenic Bank shares in the local stock exchange 
at the time of the agreement. 
Furthermore, 
in 
August 
2023, 
the 
Bank 
announced 
that 
it 
has 
entered 
into 
share 
purchase 
agreements 
(SPAs) 
with 
certain 
shareholders of the Hellenic Bank, pursuant to which, it has agreed to acquire 
an additional total holding of 26.1% in the entity, for 
a 
total consideration of € 253.2 million 
(announcements dated on August 23
rd
, 25
th
 
and 30
th
). 
The consideration for the said transactions 
is subject to possible adjustments depending inter alia on the timing of the completion and the terms of the mandatory tender offer, 
in accordance 
with the 
provisions of 
the Takeover 
Bids Law 
of 2007 
in Cyprus. 
The completion 
of the 
acquisitions is 
subject to 
the 
receipt of all customary regulatory approvals. 
Following their completion, the total holding in Hellenic Bank will amount 
to 55.3%. 
Post balance sheet event
On 
5 
February 
2024, 
the 
Bank 
announced 
that 
the 
Commission 
for 
the 
Protection 
of 
Competition 
of 
the 
Republic 
of 
Cyprus 
(“Commission”) in 
its meeting 
on 2 
February 
2024, approved 
the concentration 
arising from 
the increase 
of the 
Bank’s 
holding 
in 
Hellenic Bank 
share 
capital.
 
Following 
the approval 
of the 
Commission, the 
acquisition of 
the additional 
total 
holding of 
26.1% in 
Hellenic Bank, as 
per the aforementioned signed agreements 
with certain of its 
shareholders, is subject to 
the approvals of the 
Central 
Bank of Cyprus/European Central Bank and the Superintendent 
of Insurance of Cyprus.

 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
 
Tefin S.A., Greece 
In June 2023, the liquidation of the company was completed with the distribution of its surplus assets to the Bank 
amounting to € 2.7 
million.
Associates and joint ventures material to 
the Group
With regards to the Group’s 
associates and joint ventures, Hellenic Bank Public Company 
Ltd, Eurolife FFH Insurance 
Group Holdings 
S.A. and 
doValue 
Greece 
Loans 
and 
Credits 
Claim Management 
S.A. are 
considered 
individually 
material 
for 
the 
Group. 
Financial 
information regarding those 
entities is provided in the tables below: 
Hellenic Bank Public Company Ltd
The financial data 
for Hellenic Bank 
set out below 
have been based 
on the available 
published consolidated 
information by the 
end 
of the third quarter of 2023.
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
€ million 
Total assets 
20,039 
Total liabilities 
18,669 
Equity 
1,370 
Group's share in equity 
400 
Fair value adjustments 
⁽¹⁾ 
(55) 
Group’s carrying amount of the investment 
345 
Operating income 
465 
Net profit from continuing operations 
222 
Net profit from discontinued operations 
19 
Net profit⁽²⁾ 
241 
Total comprehensive 
income 
241
 
(1) 
it includes the 
effect from fair value adjustments 
(Group’s share) made upon the 
initial application of 
the equity method for 
Hellenic Bank and the 
subsequent 
accounting. 
(2) 
The Group’s share of the associate’s net profit for the 
six month period ended 30 September 2023, including the effect of the subsequent accounting for the 
aforementioned fair value adjustments, amounts to € 58 million. 
As at 31 December 
2023, the fair value of 
the investment in Hellenic bank 
based on its quoted 
market price in the local 
stock exchange 
amounted to € 268,8 million.

 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
Eurolife FFH Insurance Group Holdings S.A.
As 
of 
1 
January 
2023, 
Eurolife 
FFH 
Insurance 
Group 
Holdings 
S.A. 
(Eurolife) 
has 
adopted 
IFRS 
17 
“Insurance 
Contracts” 
with 
retrospective 
application 
as 
of 
1 
January 
2022 
(note 
2.3). 
The 
comparative 
information 
presented 
below 
has 
been 
adjusted 
accordingly. In 
addition, on the same date Eurolife has adopted IFRS 
9 “Financial instruments” (note 38).
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
Restated 
€ million 
€ million 
Current assets 
3,387 
3,148 
Non-current assets 
353 
226 
Total assets 
3,740 
3,374 
Current liabilities 
380 
403 
Non-current liabilities 
2,683 
2,342 
Total liabilities 
3,063 
2,745 
Equity 
677 
629 
Group’s carrying amount of the investment 
135 
126 
Operating income 
152 
255 
Net profit 
112 
180 
Other comprehensive income 
(18) 
(15) 
Total comprehensive 
income 
94 
165 
Dividends paid to the Group 
7 
14
 
doValue Greece Loans and Credits 
Claim Management S.A.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Current assets 
153 
90 
Non-current assets 
323 
347 
Total assets 
476 
437 
Current liabilities 
157 
95 
Non-current liabilities 
60 
121 
Total liabilities 
217 
216 
Equity 
259 
221 
Group's share in equity 
52 
44 
Goodwill and other adjustments 
(4) 
1 
Group’s carrying amount of the investment 
48 
45 
Operating income 
79 
72 
Net profit 
57 
53 
Total comprehensive 
income 
57 
53 
Dividends paid to the Group 
5 
5
Note:
Goodwill and other 
adjustments comprise 
a) € 
6 million Goodwill 
included in the 
carrying amount of 
the investment, 
after an impairment 
loss of 
€ 6 
million that was recognised in 2023 and b) € 
-10 million adjustment from the elimination of the Group’s 
share of the associate’s income 
relating to upstream 
transactions with the Bank, 
of which € 
1 million (income) 
was recognised in 
2023. The Group’s 
share of the 
associate’s results after 
the above adjustments, 
amounts to € 
6 million 
income (2022: € 0.5 million loss).

 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
The carrying amount, in aggregate, of the Group's joint ventures as at 31 December 2023 amounted to € 4 million (2022: € 6 million). 
The Group’s share 
of profit and loss and total comprehensive income of the 
above entities was immaterial (2022: immaterial).
The carrying 
amount, in 
aggregate, 
of the 
Group's associates 
excluding 
Hellenic Bank 
Public Company 
Ltd, 
Eurolife 
FFH Insurance 
Group 
Holdings S.A. 
and doValue 
Greece Loans 
and Credits 
Claim Management 
S.A. which 
is presented 
above (i.e. 
Global Finance 
S.A., Odyssey GP S.a.r.l. 
, 
and Perigenis Business Properties 
S.A.) 
as at 31 December 2023 amounted to 
€ 9 million (2022: € 9 million). 
The Group’s share 
of profit and loss and total comprehensive income of the 
above entities was immaterial (2022: immaterial).
The Group has not recognized losses in relation 
to its interest in its joint ventures, 
as its share of losses exceeded its interest 
in them 
and no 
incurred obligations 
exist or 
any payments 
were performed 
on behalf 
of them. For 
the year 
ended 31 
December 2023, 
the 
unrecognized share of 
losses for the Group’s 
joint ventures amounted 
to € 0.1 million (2022: € 2 
million). The cumulative amount of 
unrecognized share of losses for 
the joint ventures amounted to € 4 million (2022: € 4 million).
As 
at 
31 
December 
2023, 
the 
Group 
has 
no 
unrecognized 
commitments 
in 
relation 
to 
its 
participation 
in 
joint 
ventures 
nor 
any 
contingent liabilities regarding its participation 
in associates or joint ventures, which could result to a future outflow 
of cash or other 
resources.
The Group’s associate Hellenic Bank is subject to regulatory and statutory 
restrictions and is required to maintain sufficient capital to 
meet the prudential requirements based on the Supervisory Review 
and Evaluation Process (SREP) that is conducted 
annually by the 
European Central Bank (ECB). Based on 
the published information for the period 
ended 30 September 2023, 
the Hellenic Bank group’s 
regulatory 
capital 
ratios 
were 
above 
the 
minimum 
regulatory 
requirements, 
while 
the 
ECB’s 
approval 
shall 
be 
obtained 
prior 
to 
making any distribution to its shareholders.
The Group’s associate 
Eurolife FFH Insurance Group Holdings S.A is subject to regulatory 
and statutory restrictions and is required 
to 
maintain sufficient capital to satisfy 
its insurance obligations. 
Except 
as described 
above, no 
significant restrictions 
exist (e.g. 
resulting 
from loan 
agreements, regulatory 
requirements 
or other 
contractual arrangements) on the ability of associates or joint ventures to 
transfer funds to the Group either as dividends or to repay 
loans that have been financed by the Group.
 
25. 
Structured Entities
The Group is involved in various types of structured 
entities, such as securitization vehicles, mutual funds and private 
equity funds.
A structured 
entity is 
an entity that 
has been 
designed so 
that voting 
or similar rights 
are not the 
dominant factor 
in deciding 
who 
controls the entity, such as when any voting rights 
relate to administrative tasks only and the relevant activities are 
directed by means 
of contractual arrangements. A structured entity often has restricted activities, a narrow well-defined objective, insufficient equity to 
permit it 
to finance 
its activities 
without subordinated 
financial support 
and financing 
in the 
form 
of multiple 
contractually 
linked 
instruments to investors 
that create concentrations 
of credit or other risks.
An 
interest 
in 
a 
structured 
entity 
refers 
to 
contractual 
and non-contractual 
involvement 
that 
exposes 
the 
Group 
to 
variability 
of 
returns from 
the performance 
of the 
structured 
entity. 
Examples of 
interest 
in structured 
entities include 
the holding 
of debt 
and 
equity instruments, contractual arrangements, 
liquidity support, credit enhancement, residual value.
Structured entities may be established 
by the Group or by a third party and are 
consolidated when the substance of the relationship 
is such that the structured entities are controlled by the Group, as set out in note 2.2.1(i). As a result of the consolidation assessment 
performed, the Group has involvement 
with both consolidated and unconsolidated structured 
entities, as described below. 
Consolidated structured entities
The 
Group, 
as 
part 
of 
its 
funding activity, 
enters 
into 
securitization 
transactions 
of 
various 
classes of 
loans 
(corporate, 
small 
and 
medium enterprise, mortgage, consumer loans, credit card and bond loans), which generally result in 
the transfer of the above assets 
to structured 
entities (securitization 
vehicles), which, 
in turn 
issue debt 
securities held 
by investors 
and the 
Group’s 
entities. 
The 
Group monitors the credit quality of the securitizations’ underlying loans, as well as the credit ratings of the debt instruments issued, 
when applicable, 
and provides 
either credit 
enhancements to 
the securitization 
vehicles and/or 
transfers 
new loans 
to the 
pool of 
their underlying assets, whenever necessary, 
in accordance with the terms of the relevant 
contractual arrangements in force. 
A listing of the Group’s 
consolidated structured entities is set out in note 23. 

Notes to the Consolidated Financial Statements 
.
135
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31 December 2023 Consolidated Financial Statements
 
 
 
As at 31 December 2023, the face value of debt securities issued by the securitizations sponsored by the Group amounted 
to € 3,959 
million, of which € 3,406 million were held by the Bank (2022: € 5,258 million, of which € 4,705 million were held by the Bank) (notes 
20 and 34).
The Group did not provide any 
non contractual financial or other support 
to these structured entities, where applicable, 
and currently 
has no intention to do so in the foreseeable future.
Unconsolidated structured entities 
The 
Group 
enters 
into 
transactions 
with 
unconsolidated 
structured 
entities, 
which 
are 
those not 
controlled 
by 
the Group, 
in 
the 
normal course of business, in order to provide 
fund management services or take advantage 
of specific investment opportunities.
Moreover, 
the Group 
in the context 
of its NPE 
reduction acceleration 
plan entered 
into the 
securitization of 
various classes 
of NPE 
through the issue of senior, 
mezzanine and junior notes (Cairo, Pillar and Mexico, 
note 20).
Group managed funds
The Group establishes 
and manages structured 
entities in order 
to provide customers, 
either retail or 
institutional, with investment 
opportunities. 
Accordingly, 
through 
its subsidiaries 
Eurobank 
Asset Management 
Mutual Fund 
Mngt 
Company 
S.A. and 
Eurobank 
Fund Management 
Company 
(Luxembourg) 
S.A., it 
is engaged 
with the 
management 
of different 
types of 
mutual funds, 
including 
fixed income, equities, funds of funds and money market. 
Additionally, 
the Group 
is entitled to 
receive management 
and other 
fees and 
may hold 
investments 
in such mutual 
funds for 
own 
investment purposes as well as for the benefit 
of its customers.
The Group is involved in the initial design of the mutual funds and, in its capacity as fund manager, takes investment decisions on the 
selection 
of 
their 
investments, 
nevertheless 
within 
a 
predefined, 
by 
relevant 
laws 
and 
regulations, 
decision 
making 
framework. 
Τherefore, the Group has determined 
that it has no power over these funds.
Furthermore, 
in its 
capacity as 
fund manager, 
the Group 
primary acts 
as an 
agent in 
exercising 
its decision 
making authority 
over 
them. Based on the above, the 
Group has assessed that it has no 
control over these mutual funds and as a 
result does not consolidate 
them. The Group does not have any contractual obligation to provide financial 
support to the managed funds and 
does not guarantee 
their rate of return. 
Non-Group managed funds 
The Group purchases and 
holds units of 
third party managed 
funds including mutual 
funds, private equity and 
other investment funds. 
Securitizations
The Group has interests in unconsolidated securitization vehicles by investing in residential 
mortgage backed and other asset-backed 
securities issued by these entities. 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
The 
table 
below 
sets 
out 
the 
carrying 
amount 
of 
the 
Group’s 
interests 
in 
unconsolidated 
structured 
entities, 
recognized 
in 
the 
consolidated 
balance 
sheet 
as 
at 
31 
December 
2023, 
representing 
its 
maximum 
exposure 
to 
loss 
in 
relation 
to 
these 
interests. 
Information relating 
to the 
total income 
derived from 
interests in 
unconsolidated 
structured entities, 
recognized either 
in profit 
or 
loss or 
other comprehensive 
income during 
2023 is also 
provided (i.e. 
fees, interest 
income, net 
gains or 
losses on revaluati 
on and 
derecognition):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Unconsolidated structured entity type 
Securitizations 
Group 
managed funds 
Non- Group 
managed funds 
Total 
€ million 
€ million 
€ million 
€ million 
Group's interest- 
assets 
Loans and advances to customers⁽¹⁾ 
4,454 
- 
- 
4,454 
Investment securities 
4,929 
85 
28 
5,042 
Other Assets 
- 
2 
- 
2 
Total 
9,383 
87 
28 
9,498 
Total 
income from Group interests 
300 
62 
0 
362
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Unconsolidated structured entity type 
Securitizations 
Group 
managed funds 
Non- Group 
managed funds 
Total 
€ million 
€ million 
€ million 
€ million 
Group's interest- 
assets 
Loans and advances to customers ⁽¹⁾ 
4,911 
- 
- 
4,911 
Investment securities 
1,486 
71 
17 
1,574 
Other Assets 
- 
2 
- 
2 
Total 
6,397 
73 
17 
6,487 
Total 
income from Group interests 
77 
48 
2 
127
(1) 
Includes the senior and mezzanine notes of the Pillar, Cairo and Mexico securitizations (note 20).
For the year ended 31 December 2023, total 
income related to the Group’s 
interests from securitizations 
mainly includes: (i) € 289.8 
million, € 6.8 million and € 0.1 million interest income of debt securities retained by the Group measured at amortized cost, 
at FVOCI 
and FVTPL 
respectively 
and (ii) 
€3.4 million 
from 
gains 
or losses 
on revaluation 
recognized 
in other 
comprehensive 
income. Total 
income from Group 
interests in relation 
to Group managed 
funds consists of: (i) 
€ 52.8 million income 
relating to management 
fees 
and other commissions for 
the management of funds 
and (ii) € 8.9 million gains 
or losses on revaluation 
or from sale of the 
Group’s 
holding in funds recognized in profit or 
loss. In addition, total income 
in relation to non-Group managed funds consists mainly 
of gains 
or losses on revaluation or from sale of the Group’s 
holding in funds and has been recognized in profit 
or loss.
As at 31 
December 2023, the 
total assets 
of funds under 
the Group’s 
management as well 
as the notional 
amount of notes 
in issue 
by unconsolidated 
securitization vehicles 
amounted to 
€ 4,283 million 
(2022: € 3,163 
million) and 
€ 35,228 
million (2022: € 
33,227 
million), respectively.

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
137
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31 December 2023 Consolidated Financial Statements
26. 
Property and equipment
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Land, buildings, 
leasehold 
improvements 
Furniture, 
equipment, 
motor 
vehicles 
Computer 
hardware, 
software 
Right of use 
assets (RoU)⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Cost: 
Balance at 1 January 
676 
206 
526 
328 
1,736 
Arising from acquisitions (note 23) 
33 
1 
1 
2 
37 
Transfers 
3 
- 
14 
- 
17 
Additions 
28 
15 
11 
11 
65 
Disposals, write-offs and adjustment to RoU ⁽¹⁾ 
(6) 
(21) 
(217) 
20 
(224) 
Impairment 
(1) 
- 
(9) 
- 
(10) 
Discontinued operations⁽²⁾ 
(36) 
(10) 
(10) 
(23) 
(79) 
Balance at 31 December 
697 
191 
316 
338 
1,542 
Accumulated depreciation: 
Balance at 1 January 
(221) 
(156) 
(443) 
(141) 
(961) 
Arising from acquisitions (note 23) 
- 
(1) 
- 
- 
(1) 
Transfers 
1 
0 
(1) 
- 
0 
Disposals, write-offs and adjustment to RoU ⁽¹⁾ 
4 
20 
217 
2 
243 
Charge for the year 
(13) 
(8) 
(20) 
(37) 
(78) 
Discontinued operations⁽²⁾ 
9 
5 
6 
8 
28 
Balance at 31 December 
(220) 
(140) 
(241) 
(168) 
(769) 
Net book value at 31 December 
477 
51 
75 
170 
773
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Land, buildings, 
leasehold 
improvements 
Furniture, 
equipment, 
motor 
vehicles 
Computer 
hardware, 
software 
Right of use 
assets (RoU)⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
Cost: 
Balance at 1 January 
675 
198 
507 
336 
1,716 
Transfers 
(10) 
0 
6 
- 
(4) 
Transfers 
from/to repossessed assets 
1 
(2) 
- 
- 
(1) 
Additions 
24 
18 
29 
18 
89 
Disposals, write-offs and adjustment to RoU⁽¹⁾ 
(9) 
(8) 
(5) 
(26) 
(48) 
Impairment 
(6) 
(0) 
(11) 
- 
(17) 
Held for sale (note 30) 
1 
- 
- 
- 
1 
Balance at 31 December 
676 
206 
526 
328 
1,736 
Accumulated depreciation: 
Balance at 1 January 
(217) 
(155) 
(423) 
(106) 
(901) 
Transfers 
1 
0 
- 
- 
1 
Disposals, write-offs and adjustment to RoU⁽¹⁾ 
8 
8 
4 
6 
26 
Charge for the year 
(13) 
(9) 
(24) 
(41) 
(87) 
Balance at 31 December 
(221) 
(156) 
(443) 
(141) 
(961) 
Net book value at 31 December 
455 
50 
83 
187 
775

 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
(1) 
The respective lease liabilities are presented in “other 
liabilities” (note 35). Adjustment to RoU 
refers to termination, modifications and remeasurements of 
RoU. It includes the remeasurement from 
revised estimates of the lease term 
during the year, considering all 
facts and circumstances that affect 
the Group’s 
housing needs. 
(2) 
Refers to Eurobank Direktna, which was disposed on 2 November 2023.
As at 
31 December 
2023, the 
RoU assets 
amounting to 
€ 170 
million (31 
December 2022: 
€ 187 
million) refer 
to leased 
office and 
branch premises, ATM 
locations, residential properties 
of € 165 million (31 December 2022: € 180 
million) and motor vehicles of € 5 
million (31 December 2022: € 7 million).
Leasehold improvements relate to 
premises occupied by the Group for its own activities.
27. 
Investment property 
The 
Group 
applies 
the 
fair 
value 
model 
regarding 
the 
measurement 
of 
Investment 
Property 
according 
to 
IAS 
40 
“Investment 
property”.
The movement of investment property 
is as follows:
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Balance at 1 January 
1,410 
1,492 
Additions 
4 
4 
Arising from acquisition 
19 
- 
Transfers 
from/to repossessed assets 
2 
13 
Other transfers 
(3) 
9 
Disposals⁽¹⁾ 
(80) 
(119) 
Net gain/(loss) from fair values adjustments 
6 
32 
Held for sale/Discontinued operations 
(note 30) 
(3) 
(21) 
Additions and adjustment to RoU 
2 
- 
Balance at 31 December 
1,357 
1,410
(1) 
For 2023, it includes € 48 million referring to investment property of disposed of subsidiaries. 
As at 31 December 
2023, RoU assets 
that meet the definition 
of investment 
property amount to 
€ 16 million (31 
December 2022: € 
14 million). The respective lease liabilities are presented 
in “other liabilities” (note 35).
Changes 
in 
fair 
values 
of 
investment 
property 
are 
recognized 
as 
gains/(losses) 
in 
profit 
or 
loss 
and 
included 
in 
the 
"Other 
Income/(expense)" (note 10). All gains/(losses) are unrealized.
During 
the year 
ended 31 
December 2023, 
an amount 
of € 
89 million 
(2022: € 
88 million) 
was 
recognized 
as rental 
income from 
investment property 
in income from 
non banking services (note 
8). As at 
31 December 2023, 
the contractual 
obligations in relation 
to investment property amounted 
to approximately € 3.5 million, and are 
mainly associated with property enhancements. 
The main classes of investment property have 
been determined based on the nature, the characteristics 
and the risks of the Group’s 
properties. The 
fair value 
measurements of 
the Group’s 
investment property, 
which are categorized 
within level 
3 of the 
fair value 
hierarchy, 
are presented in the below table.
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Residential 
6 
11 
Commercial 
1,320 
1,358 
Land Plots 
30 
32 
Industrial 
1 
9 
Total 
1,357 
1,410

 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
The 
basic 
methods 
used 
for 
estimating 
the 
fair 
value 
of 
the 
Group’s 
investment 
property 
are 
the 
income 
approach 
(income 
capitalization/discounted 
cash flow 
method), the 
comparative 
method and 
the cost 
approach, which 
are also 
used in 
combination 
depending on the class of property being valued.
The discounted cash flow (DCF) method is the primary method used for estimating 
the fair value of the Group’s 
investment property 
and is used mainly 
for the commercial class of investment property but also 
for other classes of investment property to a 
large extent, 
in conjunction 
with other methods. 
Under DCF method, 
the fair 
value is 
calculated through 
the projection 
of a series 
of cash 
flows 
using explicit 
assumptions 
regarding 
the benefits 
and liabilities 
of ownership 
(income and 
operating 
costs, 
vacancy 
rates, 
income 
growth), 
including 
the 
residual 
value 
anticipated 
at 
the 
end 
of 
the 
projection 
period. 
To 
this 
projected 
cash 
flows 
series, 
an 
appropriate, market-derived discount 
rate is applied to establish its present 
value.
Under 
the 
income 
capitalization 
method, 
also 
used 
for 
the 
commercial 
class 
of 
investment 
property, 
a 
property’s 
fair 
value 
is 
estimated based on the 
normalized net operating 
income generated by 
the property, 
which is divided by the capitalization 
rate (the 
investor's rate of 
return).
The comparative method is used for the residential, commercial and land plot classes of investment 
property. Fair value 
is estimated 
based on data for 
comparable transactions, by 
analyzing either real transaction 
prices of similar properties, 
or by asking prices after 
performing the necessary adjustments.
The cost approach is used 
for estimating the fair value of 
the residential and the industrial 
classes of the Group’s investment property. 
This approach refers to the 
calculation of the 
fair value based on 
the cost of 
reproduction/replacement (estimated construction costs), 
which is then reduced by an appropriate rate 
to reflect depreciation.
The Group’s 
investment 
property valuations 
are performed 
taking into 
consideration the 
highest and 
best use of 
each asset that 
is 
physically possible, legally permissible and financially feasible.
The main method used to estimate the fair value of Group’s Investment property portfolio as at 31 December 2023, is 
the discounted 
cash flow method. Significant unobservable inputs used in the fair value measurement of the 
relevant portfolio are the rental income 
growth and the discount 
rate. Increase in rental 
income growth would result 
in increase in the carrying 
amount while an increase in 
the discount rate would have the 
opposite result. The discount rate used 
ranges from 7% to 13%. 
As at 31 
December 2023, an increase 
or decrease 
of 5% in 
the discount 
rate used 
in the DCF 
analysis, would 
result in 
a downward 
or upward 
adjustment of 
the carrying 
value of the respective investment 
properties by € 31 and € 34 million, respectively.
In the context of properties’ valuation, sustainability and environmental matters encompass a wide 
range of physical, climate change, 
social, corporate responsibility and economic factors, 
including key environmental risks such as flooding, energy efficiency, 
as well as 
matters of design, configuration, accessibility and legislation, that impact their value. The Group is gradually upgrading its real-estate 
portfolio, aiming to reduce its environmental footprint and shift towards high-end, modern, environmentally friendly buildings, given 
that such buildings are in 
high demand. In addition, 
the Group has introduced “green” certifications to its real 
estate assets, validating 
their sustainability value and at the same time maximizing their return and market value. On the other hand, environmental 
risks are 
taken into 
account in properties’ valuation 
in cases where there 
is an indication that 
the valued property 
is subject to physical 
risks, 
such as floods, is contaminated or is adversely 
affected by existing environmental 
laws/regulations. 
On an 
annual 
basis, 
the 
Group 
aims at 
the 
evaluation 
of 
an 
increased 
number 
of 
selected 
properties 
included 
in 
the 
investment 
property portfolio 
for their 
gradual certification 
in accordance with 
international standards, 
while actively investing 
to improve 
the 
energy efficiency of its properties’ portfolio and its 
environmental profile.

 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
28. 
Intangible assets
As at 31 December 
2023, the carrying 
amount of intangible assets 
was € 334 million 
(31 December 2022: € 297 
million), comprising 
€ 290 million computer software, which refer 
to purchased and developed software, and € 44 million goodwill.
The table below presents the movement of computer 
software:
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Cost: 
Balance at 1 January 
658 
587 
Arising from acquisitions 
1 
- 
Transfers 
(14) 
(6) 
Additions 
83 
94 
Disposals and write-offs 
(142) 
(7) 
Impairment 
(8) 
(10) 
Discontinued operations 
(63) 
- 
Balance at 31 December 
515 
658 
Accumulated amortisation: 
Balance at 1 January 
(362) 
(320) 
Transfers 
1 
- 
Amortisation charge for the year 
(42) 
(49) 
Disposals and write-offs 
142 
7 
Discontinued operations 
36 
- 
Balance at 31 December 
(225) 
(362) 
Net book value at 31 December 
290 
296
Goodwill
As at 31 December 2023, the carrying amount of goodwill of € 44 million mainly 
comprises € 42 million, attributed to 
the acquisition 
of BNP Paribas Personal Finance 
Bulgaria by Eurobank Bulgaria A.D, in 
May 2023, based on 
the provisional fair values of 
its identifiable 
assets and liabilities, note 23.2 (31 December 2022: € 1.6 million of which € 0.9 million relates 
to ERB Lux Immo S.A.).
29. 
Other assets
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Receivable from Deposit Guarantee and Investment 
Fund 
286 
495 
Repossessed properties and relative prepayments 
509 
577 
Pledged amount for a Greek sovereign risk financial guarantee 
236 
234 
Balances under settlement⁽¹⁾ 
53 
51 
Deferred costs and accrued income 
85 
92 
Other guarantees 
215 
215 
Income tax receivable⁽²⁾ 
58 
30 
Other assets 
325 
286 
Total 
1,767 
1,980
 
(1) 
Includes settlement balances with customers and brokerage activity. 
(2) 
Includes withholding taxes, net of provisions. 
Pursuant to 
Law 4370/2016 as 
in force, 
the receivable 
from the Hellenic 
Deposit and Investment 
Guarantee Fund 
(HDIGF) referring 
to the 
“Supplementary Deposit 
Cover Fund” 
is refundable 
to the 
Greek credit 
institutions in 
three equal 
instalments, starting 
from 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
2022 and each year thereafter, 
subject to the provisions 
of the article 25a of the law. 
Following that, in December 
2023, the second 
instalment of € 211 million was refunded to 
the Bank by HDIGF.
As at 31 December 2023, other assets net of provisions, amounting to 
€ 325 million include, among others, receivables related 
to (a) 
prepayments to suppliers, (b) public entities, (c) property management activities (d) 
legal cases and e)the sale of 
the Bank’s Merchant 
Acquiring Business in 2022 .
30. 
Disposal groups classified as held for sale and discontinued operations
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Assets of disposal groups 
Real estate properties 
37 
15 
Loans portfolios (note 20) 
169 
69 
Total 
206 
84 
Liabilities of disposal groups 
Other liabilities related to loans portfolios (notes 20 and 35) 
1 
1 
Total 
1 
1
 
Real estate properties
Starting 
from 
the 
end 
of 
2019, 
the 
Group, 
in 
the 
context 
of 
its 
strategy 
for 
the 
active 
management 
of 
its 
real 
estate 
portfolio 
(repossessed, 
investment 
properties and 
own used 
properties), has 
gradually 
classified as 
held for 
sale (HFS) 
certain pools 
of real 
estate assets of total remaining carrying amount ca. € 9 million as at 31 December 2023 (31 December 2022: € 15 million), after their 
remeasurement in accordance with the IFRS 
5 requirements.
In addition, in the third quarter of 2023, 
the Group initiated negotiations with potential investors for the disposal of a mixed portfolio 
of repossessed real 
estate assets 
of carrying amount 
ca. € 33 million 
and classified it 
as held for 
sale. Since the disposal 
group’s 
fair 
value less cost to sell, 
based on the estimated selling price, was 
lower than its carrying amount, an 
impairment loss of ca. € 5 million 
was recognised in income statement 
line “Other impairments, risk provisions and related 
costs”. 
The Group remains 
committed to 
its plan to sell 
the aforementioned 
assets, which are gradually 
being disposed, and undertakes 
all 
necessary actions towards this direction.
The above 
non-recurring fair 
value measurements 
were categorized 
as Level 3 
of the fair 
value hierarchy 
due to the 
significance of 
the unobservable inputs used, with no change occurring up to 31 December 2023.
Eurobank Direktna a.d. disposal group
On 
2 
March 
2023, 
the 
Bank 
announced 
that 
it 
has 
signed 
a binding 
agreement 
(share 
purchase 
agreement) 
with 
AIK 
Banka 
a.d. 
Beograd (“AIK”) 
for the 
sale of its 
70% shareholding 
in its subsidiary 
in Serbia, Eurobank 
Direktna a.d. 
(the “Transaction”). 
The sale 
was considered 
highly probable, 
therefore, 
as of 
31 March 
2023 the 
assets of 
Eurobank Direktna 
a.d. and 
the associated 
liabilities 
(“disposal 
group”), 
which 
formed 
part 
of 
the 
share 
purchase 
agreement, 
were 
classified 
as 
held 
for 
sale 
and 
presented 
as 
a 
discontinued operation 
, 
representing a 
separate geographical 
area of Group’s 
operations. 
The subsidiary was 
the major part 
of the 
Group’s operations 
in Serbia, which are presented in the International 
segment (note 43).
On 
2 
November 
2023, 
following 
the 
receipt 
of 
the 
approvals 
by 
all 
competent 
regulatory 
authorities, 
the 
sale 
of 
the 
Bank’s 
shareholding in Eurobank Direktna to AIK 
Banka a.d. Beograd was completed for a 
cash consideration of € 188.7 million, 
net of related 
costs. Following the remeasurement losses 
of € 63.5 
million recognized until 31 October 
2023, in accordance with 
IFRS 5 requirements 
the resulting 
loss from 
the sale amounted 
to € 123 
million before 
tax, including 
the recyclement 
to the income 
statement 
of € 124 
million cumulative losses (mainly currency translation 
differences), previously recognized 
in other comprehensive income. 

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
The transaction 
had a 
positive impact 
on Eurobank 
Holdings Group’s 
CET 1 
ratio 
(ca. 45 
bps based 
on 30 
September 
2023 ratio), 
reflecting 
the 
release 
of 
related 
RWAs 
(Risk 
weighted 
assets), 
and 
is 
consistent 
with 
Eurobank’s 
strategy 
to 
redirect 
capital 
to 
opportunities with more compelling RoTBV (Return 
on Tangible Book Value) 
and to further enhance its presence in its core markets.
The income statement, statement 
of total comprehensive income and cash flow statement 
distinguish discontinued operations from 
continuing operations. Comparative 
information has been adjusted accordingly.
The results of Eurobank 
Direktna a.d. disposal 
group, including the loss 
from the IFRS 
5 remeasurement and 
its disposal, are set 
out 
below.
... .. ..
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Net interest income 
82 
70 
Net banking fee and commission income 
17 
22 
Other income/(expenses) 
2 
3 
Operating Expenses 
(57) 
(61) 
Profit before impairments, remeasurement losses, risk provisions and restructuring 
costs from 
discontinued operations 
44 
34 
Impairment losses relating to loans and advances to customers 
(8) 
(14) 
Remeasurement losses on non current and other assets 
(64) 
- 
Other impairment, risk provisions and restructuring costs 
(19) 
(18) 
Profit/(loss) before tax from discontinued operations 
before loss on disposal 
(47) 
2 
Loss on disposal 
(123) 
- 
Income tax 
17 
0 
Net profit/(loss) from discontinued operations 
(153) 
2 
Net profit/(loss) from discontinued operations attributable to 
non controlling interest 
(12) 
0 
Net profit/(loss) from discontinued operations attributable to shareholders 
(141) 
2
The major classes of assets and liabilities of Eurobank Direktna a.d. disposal group 
are set out below.
..
 
 
 
 
 
 
 
 
 
31 October 
2023 
€ million 
Loans and advances to customers 
1,546 
Cash and balances with central banks⁽¹⁾ 
713 
Investment securities 
81 
Due from credit institutions⁽¹⁾ 
74 
Other assets 
29 
Total assets of disposal group 
2,443 
Due to customers 
1,809 
Due to credit institutions 
209 
Other liabilities 
31 
Total liabilities of disposal group 
2,049 
Net intragroup liabilities associated with the disposal group 
123 
Net assets of disposal group 
271 
Net assets of disposal group attributable to non controlling 
interests 
84 
Net assets of disposal group attributable to shareholders 
187
(1)
 
As at 31 October 2023, the cash and cash equivalents included above amounted to € 636
million.

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
31. 
Due to central banks
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Secured borrowing from ECB 
3,771 
8,774
As at 31 
December 2023, the 
Group’s 
outstanding principal 
under the TLTRO 
III refinancing program 
of the European 
Central Bank 
(ECB) amounted to € 3.7 billion (31 December 2022: € 8.9 billion outstanding 
principal under TLTRO III program).
32. 
Due to credit institutions
 
 
 
 
 
 
 
2023 
2022⁽²⁾ 
€ million 
€ million 
Secured borrowing from credit institutions⁽¹⁾ 
2,428 
764 
Borrowings from international financial and similar institutions 
379 
663 
Deposits from banks received as collateral⁽¹⁾ 
87 
294 
Current accounts and settlement balances with banks 
79 
76 
Interbank takings 
105 
17 
Total 
3,078 
1,814
(1)
 
The amounts presented are after offsetting (note 5.2.1.4).
(2) 
As at 31 December 2022, due to credit institutions relating to Eurobank Direktna a.d. disposal 
group (note 30) amounted to € 218 million. 
Borrowings from international 
financial and similar institutions include borrowings 
from European Investment 
Bank, European Bank 
for Reconstruction and Development 
and other similar institutions.
33. 
Due to customers
 
 
 
 
 
 
 
 
2023 
2022⁽¹⁾ 
€ million 
€ million 
Savings and current accounts 
37,238 
42,840 
Term deposits 
20,209 
14,198 
Repurchase agreements 
- 
201 
Carrying amount 
57,447 
57,239 
Fair value changes of deposits in portfolio hedging 
of interest rate risk 
(5) 
- 
Total 
57,442 
57,239
(1)
 
As at 31 December 2022, due to customers relating to Eurobank Direktna a.d. disposal group (note 30) amounted to € 1,630 million.
For the year 
ended 31 December 
2023, due to 
customers for 
the Greek and 
International operations 
amounted to 
€ 39,955 million 
and € 17,492 million, respectively (2022: € 39,575 million and € 17,664 million, respectively).
34. 
Debt securities in issue
 
 
 
 
2023 
2022 
€ million 
€ million 
Securitisations 
555 
553 
Subordinated notes (Tier 2) 
1,296 
1,259 
Medium-term notes (EMTN) 
2,905 
1,740 
Total 
4,756 
3,552
 
Securitisations
As at 31 December 2023, the carrying 
value of the class A asset 
backed securities issued by the 
Bank’s special purpose 
entities Karta 
II Plc and Astarti DAC, amounted to 
€ 305 million and € 250 million, respectively. 
Tier 2 Capital instruments

 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
 
On 30 November 2022, the Company announced the issuance of a € 300 million 
subordinated Tier II debt instrument which matures 
in 
December 
2032, 
is 
callable 
in 
December 
2027 
offering 
a 
coupon 
of 
10% 
per 
annum 
and 
is 
listed 
on 
the 
Luxembourg 
Stock 
Exchange’s 
Euro 
MTF 
market. 
On 
the 
same 
date, 
the 
Bank 
issued 
a 
subordinated 
instrument 
of 
equivalent 
terms, 
held 
by 
the 
Company. 
In 
January 
2018, 
Eurobank 
Ergasias 
S.A. 
issued 
Tier 
2 
capital 
instruments 
of 
face 
value 
of 
€ 
950 
million, 
in 
replacement 
of 
the 
preference shares which had been issued in the context of 
the first stream of Hellenic Republic’s plan to support liquidity in the 
Greek 
economy under Law 3723/2008. The aforementioned 
instruments have a maturity of ten 
years (until 17 January 2028) and pay fixed 
nominal interest rate of 6.41%, that 
shall be payable semi-annually.
Covered bonds
Financial disclosures required by the Act 2620/28.08.2009 
of the Bank of Greece 
in relation to the covered bonds issued, are available 
at the Bank's website (Investor 
Report for Covered Bonds Programs). 
Medium-term notes (EMTN)
In January 2023, the Bank completed the issue of a € 500 million senior preferred 
note. The bond, which is listed on the Luxembourg 
Stock 
Exchange’s 
Euro 
MTF market, 
matures 
in January 
2029 and 
is callable 
at 
par in 
January 2028, 
offering 
a coupon 
of 7% 
per 
annum. 
In November 2023, 
the Bank completed 
the issue of 
a € 500 
million senior preferred note. 
The bond, which 
is listed on 
the Luxembourg 
Stock Exchange’s Euro MTF market, 
matures in November 2029 and is callable at par in November 2028, offering a coupon of 5.875% 
per annum. 
The proceeds from the above issues will support Group’s strategy to ensure 
ongoing compliance with its MREL requirements and will 
be used 
for the 
Bank’s 
general funding 
purposes. Further 
information about 
the issues 
is provided 
in the 
relevant 
announcements 
published in the Company’s website on 
20 January 2023 and 22 November 2023, respectively.
During the 
year ended 
31 December 2023, 
the Bank 
proceeded with 
the issue 
of medium term 
notes of 
face value 
of € 91 
million, 
which were designated for Group’s 
customers.
Post balance sheet event
In January 2024, the Company announced the issuance of a € 300 million subordinated Tier II debt instrument which matures in April 
2034, is callable 
at par 
in April 2029 
offering a 
coupon of 
6.25% per annum 
and is listed 
on the Luxembourg 
Stock Exchange’s 
Euro 
MTF market. On the same date, the Bank issued a subordinated instrument 
of equivalent terms, held by the Company. 
The proceeds 
from the 
issue will 
support Eurobank 
Holding’s 
Group strategy 
to ensure 
ongoing compliance 
with its 
total capital 
adequacy ratio 
requirements and will be 
used for the Bank’s general funding 
purposes. Further information about 
the issue is 
provided in the relevant 
announcement published in the Company’s website 
on 19 January 2024.

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
35. 
Other liabilities
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Lease liabilities 
190 
205 
Balances under settlement⁽¹⁾ 
380 
444 
Deferred income and accrued expenses⁽²⁾ 
194 
156 
Other provisions⁽²⁾ 
116 
80 
ECL allowance for credit related commitments (note 
5.2.1.2) 
48 
57 
Standard legal staff retirement 
indemnity obligations and employee termination benefits 
(note 36) 
59 
80 
Sovereign risk financial guarantee 
31 
33 
Income taxes payable 
30 
14 
Deferred tax liabilities (note 13) 
28 
31 
Trading liabilities 
121 
419 
Other liabilities⁽³⁾ 
188 
183 
Total 
1,385 
1,702
(1) 
Includes settlement balances relating to bank cheques and remittances, credit card transactions, 
other banking and brokerage activities. 
(2)
 
Potential losses 
related to 
representations and 
warranties provided in 
the context 
of the 
Group’s NPE 
securitizations transactions (see 
below) have 
been 
presented within “Other Provisions”; comparative information has been adjusted accordingly. 
(3)
 
Includes € 1 million impairment allowance of the letters of guarantee related to the loans of Solar portfolio classified as held 
sale (note 20). 
As 
at 
31 
December 
2023, 
other 
liabilities 
amounting 
to 
€ 
188 
million 
mainly 
consist 
of 
payables 
relating 
with 
(a) 
suppliers 
and 
creditors, (b) contributions to insurance 
organizations, and (c) duties and other taxes. 
As at 31 
December 2023, trading 
liabilities amounted to 
€ 121 million 
(31 December 2022: 
€ 419 million) 
following the termination 
of the short positions in debt instruments entered into in the context 
of the Group’s economic hedging strategies, 
aiming to manage 
on a pool basis market driven risks that derive from asset positions. For the year ended 31 December 2023, the loss 
recognized in net 
trading income from the aforementioned 
short positions amounted to € 23 million (31 December 2022: € 107 million gain).
In the context 
of its non-performing exposures 
(NPE) securitizations (Pillar, 
Cairo, Mexico), and 
as is customary for 
the seller in such 
types 
of transactions, 
the Bank 
has provided 
representation 
and warranties 
(R&Ws) 
to the 
investors 
in respect 
of the 
underlying 
loans, covering various 
areas such as legality, 
ownership and good 
title of the loans, 
accuracy of collateral 
data etc., time-barred 
up 
to three 
years 
from the 
transactions’ 
date. Accordingly, 
as at 
31 December 
2023, the 
Bank has 
recognized 
a provision 
of ca. 
€ 12 
million for potential losses, in 2023 in expectation 
of such R&Ws realization (31 December 2022: € 9 million). 
Considering that 
the substantiation 
and crystallization 
of potential 
amounts under 
dispute and 
final agreement 
between 
involved 
parties require significant time, the Group continues 
to assess their impact as more information becomes available.
 
As at 31 December 
2023, other provisions 
amounting to € 116 
million (2022: € 80 
million) mainly include: (a) 
€ 38 million for 
claims 
in dispute and 
outstanding litigations against 
the Group (note 42), (b) 
€ 22 million relating to 
the sale of Bank’s 
former subsidiaries, 
(c) 
€ 
12 
million 
for 
R&Ws 
provided 
to 
investors 
in 
the 
context 
of 
the 
NPE 
securitization 
transactions, 
d) 
€ 
15 
million 
for 
other 
operational risk events and e) € 13.3 million relating 
to contribution to restoration 
initiatives after natural disasters 
(note 11). 

 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
 
 
The movement of the Group's other provisions, 
is presented in the following tables:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Litigations and 
claims in 
dispute 
Other 
Total 
€ million 
€ million 
€ million 
Balance at 1 January 
28 
52 
80 
Amounts charged during the year 
21 
34 
55 
Amounts used during the year 
(5) 
(7) 
(12) 
Amounts reversed during the year 
(1) 
(1) 
Foreign exchange and other movements 
(1) 
(0) 
(1) 
Discontinued operations 
(4) 
(1) 
(5) 
Balance at 31 December 
38 
78 
116
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Litigations and 
claims in 
dispute 
Other 
Total 
€ million 
€ million 
€ million 
Balance at 1 January 
64 
31 
95 
Amounts charged during the year 
13 
21 
34 
Amounts used during the year 
(46) 
(1) 
(47) 
Amounts reversed during the year 
(3) 
(2) 
(5) 
Foreign exchange and other movements 
- 
3 
3 
Balance at 31 December 
28 
52 
80
36. 
Standard legal staff retirement indemnity obligations (SLSRI) and termination benefits
The Group provides for staff retirement indemnity obligation for its employees in Greece and abroad, who are entitled to a lump sum 
payment 
based on 
the number 
of years 
of service 
and the 
level of 
remuneration 
at the 
date 
of retirement, 
if they 
remain in 
the 
employment of the Group until 
normal retirement age, in accordance with the 
local labor legislation. The 
above retirement indemnity 
obligations typically expose the Group to actuarial risks such as interest rate risk and salary risk. Therefore, a decrease in the discount 
rate used to calculate 
the present value of 
the estimated future cash 
outflows or an increase in 
future salaries will increase the 
staff 
retirement indemnity obligations 
of the Group.
In addition, the Group has 
provided employee termination benefits mainly in respect of 
the Voluntary Exit Schemes (VES), which have 
been implemented through either 
lump-sum payments or long-term 
leaves during which the 
employees will be 
receiving a percentage 
of a monthly salary, or a combination 
thereof. 
The table below presents the breakdown 
of defined benefit obligations.
 
 
 
 
 
31 December 2023 
31 December 2022 
1 January 2022 
€ million 
€ million 
€ million 
SLSRI obligation 
22 
19 
23 
Employee termination benefits 
37 
61 
64 
Total 
59 
80 
87
The table 
below presents 
a reconciliation 
from 
the opening 
to 
the 
closing balance 
for 
staff 
retirement 
indemnity 
obligations 
and 
employee termination benefits. Comparative 
information has been adjusted to include employee termination 
benefits.

 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Balance at 1 January 
80 
87 
Arising from acquisition (note 23.2) 
1 
- 
Current service cost 
3 
3 
Interest cost 
2 
0 
Past service cost and (gains)/losses on settlements 
6 
49 
Remeasurements: 
Actuarial (gains)/losses arising from changes in financial assumptions 
(1) 
(2) 
Actuarial (gains)/losses arising from changes in demographic assumptions 
(0) 
(0) 
Actuarial (gains)/losses arising from experience and other adjustments 
3 
(2) 
Benefits paid 
(34) 
(55) 
Exchange adjustments 
0 
0 
Discontinued operations (note 30) 
(1) 
- 
Balance at 31 December 
59 
80
For SLSRI obligations the significant actuarial assumptions 
(expressed as weighted averages) 
were as follows:
 
 
2023 
% 
2022 
% 
Discount rate 
3.6 
3.4 
Future salary increases 
3.2 
2.9
 
As at 
31 December 
2023, the 
assumption for 
the price 
inflation 
(weighted 
average) 
is 2.3% 
(2022: 2.6%) 
and has 
been taken 
into 
account in determining the above actuarial assumptions for 
future salaries increases.
As at 31 December 2023, 
the average duration of the standard legal staff retirement indemnity obligation was 7 years (2022: 8 years).
A quantitative 
sensitivity analysis 
based on 
reasonable 
changes to 
significant actuarial 
assumptions as 
at 31 
December 2023 
is as 
follows:
An increase/(decrease) of the discount 
rate assumed, by 50 bps/(50 bps), 
would result in a (decrease)/increase of the 
standard legal 
staff retirement obligations 
by (€ 0.7 million)/ € 0.7 million.
An increase/(decrease) of 
the future salary 
growth assumed, by 
0.5%/(0.5%) would result 
in an increase/(decrease) 
of the standard 
legal staff retirement 
obligations by € 0.7 million/(€ 0.7 million).
The above sensitivity analysis is based on a change in an assumption while 
holding all other assumptions constant. In practice, 
this is 
unlikely to occur, 
and changes in some of the assumptions may be correlated.
The 
methods 
and 
assumptions 
used 
in 
preparing 
the 
above 
sensitivity 
analysis 
were 
consistent 
with 
those 
used 
to 
estimate 
the 
retirement benefit obligation 
and did not change compared to the previous year.
For 
employee 
termination 
benefits, 
the 
discount 
rate 
(weighted 
average) 
is 
the 
significant 
actuarial 
assumption, 
which 
as 
at 
31 
December 2023 stood 
at 3.8% based 
on the applicable 
tenor of the 
liabilities. On the 
same date, an 
increase/(decrease) of the 
discount 
rate assumed, 
by 50 
bps/(50 bps), 
would result 
in a 
(decrease)/increase of 
employee termination 
benefits by 
(€ 0.2 million)/ 
€ 0.2 
million.
Post balance sheet event
In February 2024, Eurobank decided to launch a new VES for 
eligible units in Greece, which will be offered mainly to employees 
over 
a specific age limit. The estimated 
cost of the new VES, 
which will be implemented through 
either lump-sum payments or 
long term 
leaves during which they 
will be receiving a percentage 
of a monthly salary, 
or a combination thereof, 
amounts to ca. € 129 
million, 
pre-tax. The estimated saving 
in personnel expenses amounts to € 30 million on an annual basis.

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
37. 
Share capital, share premium and treasury shares
As 
at 
31 December 
2023, the 
par value 
of the 
Company's 
shares is 
€ 0.22 
per 
share 
(2022: € 
0.22). All 
shares 
are 
fully paid. 
The 
movement of share capital and share 
premium is as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Share capital 
Share 
premium 
€ million 
€ million 
Balance at 1 January 2022 
816.0 
8,055.7 
Offsetting of equity accounts 
- 
(6,894.4) 
Share capital increase following the exercise of share options 
0.3 
0.0 
Balance at 31 December 2022 
816.3 
1,161.3 
Balance at 1 January 2023 
816.3 
1,161.3 
Share capital increase following the exercise of share options 
1.3 
0.1 
Balance at 31 December 2023 
817.6 
1,161.4
Share capital increase
Following the exercise of share options granted 
to executives of the Group under the current share options’ plan (see below), and by 
virtue 
of 
the decision 
of 
the 
Board 
of 
Directors 
of 
the Company 
on 
31 August 
2023, the 
Company’s 
share 
capital 
increased 
by 
€ 
1,276,499.18 through the issue of 5,802,269 new common voting shares, of a nominal value of € 0.22 per share and exercise price 
of 
€ 0.23 per share. 
The difference between 
the exercise price 
of the new 
shares and their nominal 
value, net of the 
expenses directly 
attributable to the equity transaction, amounted to € 39,286 and was recorded in the 
account “Share premium”. Following the above 
increase, as at 
31 December 2023, 
the share capital 
of the Company 
amounts to € 
817,625,550.94 divided into 
3,716,479,777 common 
shares with a nominal value of € 0.22 each. The new shares were 
listed on the Athens Exchange on 
14 September 2023. 
The following is an analysis of the movement in the number of the 
Company’s shares outstanding:
 
 
 
 
 
 
 
 
 
 
 
Number of shares 
Issued 
Shares 
Treasury 
Shares 
Net 
Balance at 1 January 2022 
3,709,161,852 
(784,540) 
3,708,377,312 
Share capital increase following the exercise of share options 
1,515,656 
- 
1,515,656 
Purchase of treasury shares 
- 
(1,745,293) 
(1,745,293) 
Sale of treasury shares 
- 
2,269,797 
2,269,797 
Balance at 31 December 2022 
3,710,677,508 
(260,036) 
3,710,417,472 
Balance at 1 January 2023 
3,710,677,508 
(260,036) 
3,710,417,472 
Share capital increase following the exercise of share options 
5,802,269 
- 
5,802,269 
Buyback of shares held by HFSF 
- 
(52,080,673) 
(52,080,673) 
Other purchases of treasury shares 
- 
(5,740,696) 
(5,740,696) 
Sale of treasury shares 
- 
1,654,166 
1,654,166 
Balance at 31 December 2023 
3,716,479,777 
(56,427,239) 
3,660,052,538
 
Treasury shares - Buyback of shares held 
by HFSF
Following the receipt of the required 
approval from the regulator 
in May 2023, the General Meeting of the Company’s 
Shareholders 
(AGM), 
which 
was 
held 
on 
20 
July 
2023, 
approved 
the 
acquisition 
of 
all 
the 
52,080,673 
Company’s 
shares 
held 
by 
the 
HFSF, 
corresponding 
to 
approximately 
1.4% of 
the Company’s 
share 
capital 
and voting 
rights, 
and authorized 
the Board 
of 
Directors 
to 
determine the specific conditions and relevant 
details for the acquisition. 
On 9 
October 
2023, the 
acquisition 
of 
all the 
shares 
held 
by the 
HFSF was 
completed 
for 
a total 
consideration 
of 
€ 93.8 
million, 
including related 
third party 
fees. Following 
the above, 
the Company 
and the Bank 
are no 
longer subject 
to Law 
3864/2010 and 
to 
the special rights of Hellenic Financial Stability Fund (HFSF) provided 
for in such law.
In addition, as at 
31 December 2023, the number 
of the Company’s 
shares held by its 
subsidiary Eurobank Equities Investment 
Firm 
Single Member S.A. 
in the ordinary course of its 
business, was 4,346,566 (31 
December 2022: 260,036).On the same 
date, the number 

 
 
 
Notes to the Consolidated Financial Statements 
.
149
|
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31 December 2023 Consolidated Financial Statements
 
 
of 
the 
Company’s 
shares 
held 
by 
the 
Group’s 
associates 
in 
the 
ordinary 
course 
of 
their 
insurance 
and 
investing 
activities 
was 
64,163,790 in total (31 December 2022: 64,163,790).
38. 
Reserves and retained earnings/losses
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Statutory 
reserves 
Non-taxed 
reserves 
Fair value reserve 
Other 
reserves 
Retained 
earnings/(losses) 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Balance at 1 January 2022 
411 
830 
322 
8,479 
(13,374) 
(3,333) 
Restatement due to adoption of IFRS 17 by a 
Group's associate (note 2.3) 
- 
- 
- 
- 
(33) 
(33) 
Balance at 1 January 2022, as restated 
411 
830 
322 
8,479 
(13,407) 
(3,366) 
Net profit (restated, note 2.3) 
- 
- 
- 
- 
1,347 
1,347 
Transfers between reserves 
73 
(1) 
- 
195 
(267) 
- 
Offsetting of equity accounts 
(214) 
- 
- 
(6,705) 
13,814 
6,895 
Debt securities at FVOCI 
- 
- 
(323) 
- 
- 
(323) 
Cash flow hedges 
- 
- 
- 
(0) 
- 
(0) 
Foreign currency translation (note 23.1) 
- 
- 
- 
77 
- 
77 
Gains/(losses) from equity securities at FVOCI 
- 
- 
24 
- 
- 
24 
Associates and joint ventures 
-changes in the share of other comprehensive 
income, 
net of tax 
(restated, note 2.3) 
- 
- 
(33) 
31 
(0) 
(2) 
Actuarial gains/(losses) on post employment 
benefit obligations, 
net of tax 
- 
- 
- 
- 
4 
4 
Share options plan 
- 
- 
- 
- 
4 
4 
Purchase/sale of treasury shares 
- 
- 
- 
1 
0 
1 
Other 
- 
- 
- 
(1) 
- 
(1) 
Balance at 31 December 2022 
270 
829 
(10) 
2,077 
1,495 
4,660 
Balance at 1 January 2023 
270 
829 
(10) 
2,077 
1,495 
4,660 
Net profit 
- 
- 
- 
- 
1,140 
1,140 
Transfers between reserves 
(42) 
(0) 
(45) 
64 
24 
- 
Debt securities at FVOCI 
- 
- 
83 
- 
- 
83 
Cash flow hedges 
- 
- 
- 
(2) 
- 
(2) 
Foreign currency translation (note 30) 
- 
- 
- 
123 
- 
123 
Gains/(losses) from equity securities at FVOCI 
- 
- 
18 
- 
- 
18 
Associates and joint ventures 
-Adoption of IFRS 9 “Financial Instruments” by a 
Group’s associate (see below) 
- 
- 
(7) 
- 
7 
- 
-changes in the share of other comprehensive 
income, net of tax 
- 
- 
9 
(12) 
0 
(4) 
Actuarial gains/(losses) on post employment 
benefit obligations, net of tax 
- 
- 
- 
- 
(2) 
(2) 
Share options plan (note 39) 
- 
- 
- 
- 
7 
7 
Purchase/sale of treasury shares (note 37) 
- 
- 
- 
(100) 
- 
(100) 
Other 
(1) 
- 
(0) 
(1) 
(1) 
(3) 
Balance at 31 December 2023 
227 
829 
48 
2,147 
2,670 
5,920
 
Adoption of IFRS 9 “Financial Instruments” by a Group’s 
associate
As of 
1 January 
2023, Eurolife 
FFH Insurance 
Group 
Holdings S.A. 
has adopted 
IFRS 9 
“Financial instruments”. 
This resulted 
in € 
7 
million decrease 
of the 
Group’s 
fair 
value 
reserve 
against 
retained 
earnings, 
mainly due 
to the 
designation 
of equity 
securities at 
FVTPL, previously classified as available for sale under IAS 39.
As at 31 December 2023, other reserves comprise, among others, a) € 1,713 million reserves relating to dividends and gains from the 
sale of participations 
(2022: € 1,568 
million), b) corporate law reserves 
of 
€ 8 million, 
pursuant to the provisions 
of the Greek 
company 
law in 
force (2022: 
€ 8 
million), c) 
€ 101 
million (debit 
balance) relating 
to the 
carrying amount 
of the 
treasury shares 
held by 
the 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
150
|
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31 December 2023 Consolidated Financial Statements
 
 
Company 
and its 
subsidiary Eurobank 
Equities Investment 
Firm Single 
Member S.A. 
(2022: € 
0.3 million) 
(note 37), 
d) € 
14 million 
accumulated loss from cash flow hedging (2022: € 12 million accumulated loss) and e) € 
2 million accumulated loss relating to foreign 
operations’ translation differences 
(2022: € 125 million accumulated loss). 
.
Dividends/Distribution of Profits
In December 2023, the 
Bank proceeded with the distribution of 
non-mandatory reserves totalling €410 million to its 
sole shareholder, 
Eurobank Holdings, in order to enable the latter to distribute dividend out of the profits of the financial year 2023 to its shareholders 
in accordance with the provisions of article 159 of Company 
Law 4548/2018.
Based on 
the Group’s 
financial performance 
for the 
financial year 
2023, Eurobank 
Holdings aims to 
distribute to 
its shareholders 
a 
cash dividend 
equivalent to 
at least 
25% of 
the Group's 
adjusted net 
profit for 
financial year 
2023, subject 
to the 
approval 
of the 
Annual General Meeting of its shareholders and the 
regulatory authorities.
In 
addition, 
Eurobank 
Holdings 
intends 
to 
proceed 
also 
with 
the 
distribution 
of 
profits 
to 
the 
employees 
in 
accordance 
with 
its 
remuneration policy, 
subject to the approval of the Annual General Meeting 
of its shareholders.
39. 
Share options
The Annual 
General Meeting 
of the 
shareholders 
of Eurobank 
Holdings held 
on 28 
July 2020 
approved 
the establishment 
of a 
five 
year shares 
award 
plan, starting 
from 2021, 
in the 
form 
of share 
options rights 
by issuing 
new shares 
with a 
corresponding share 
capital increase, in accordance with the provisions of article 
113 of law 4548/2018, awarded to executives and personnel of Eurobank 
Holdings and its affiliated companies according to article 32 of law 4308/2014. The maximum number of rights that 
can be approved 
was set at 55,637,000 rights, each of 
which would correspond to one new share. The exercise price of 
each new share would be equal 
to 
€ 
0.23. 
The 
Annual 
General 
Meeting 
authorized 
the 
Board 
of 
Directors 
of 
Eurobank 
Holdings 
to 
define 
the 
eligible 
staff 
and 
determine the remaining terms and conditions of the plan. 
The 
final 
terms 
and the 
implementation 
of 
the 
share 
options 
plan, 
which 
is 
a 
forward-looking 
long-term 
incentive 
aiming 
at 
the 
retention of key executives, 
are defined and approved annually by the Board of Directors 
in accordance with the applicable legal and 
regulatory framework, as well as the policies of the 
Group.
The options 
are exercisable 
in portions, 
annually during 
a period 
from one 
to five 
years. Each 
portion may 
be exercised 
wholly or 
partly and converted into shares at the employees’ option, provided that they remain 
employed by the Group until the first available 
exercise date. The corporate 
actions that adjust the number and the price of shares also adjust accordingly the 
share options.
The movement of share options during the year 
is analysed as follows:
Share options granted 
2023 
2022 
Balance at 1 January 
22,268,322 
12,374,561 
Options awarded during the year 
12,101,092 
11,654,117 
Options cancelled/expired during the year 
(1,703,443) 
(244,700) 
Options exercised during the year 
(5,802,269) 
(1,515,656) 
Balance at 31 December 
26,863,702 
22,268,322
 
In July 2023, the Group awarded to its executives 
12,101,092 new share options, exercisable in 
annual portions up to 2028. 
From the share 
options exercisable 
in 2023, a number 
of 5,802,269 options were 
exercised during 
the year, 
resulting in the issue 
of 
an equal number of new common voting shares. 
 

 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
The share options outstanding at the end of the year 
have the following expiry dates:
 
 
 
 
 
Share options 
Expiry date ⁽¹⁾ 
31 December 2023 
2024 
9,279,299 
2025 
5,345,228 
2026 
4,951,014 
2027 
4,951,014 
2028 
2,337,147 
Weighted average remaining contractual 
life of share 
options outstanding at the end of the period 
25 months
(1)
 
Based on the earliest contractual exercise date.
In accordance 
with the 
Group’s 
accounting policy 
on employees’ 
share based 
payments, the 
grant date 
fair value 
of the 
options is 
recognized as an expense with a corresponding 
increase in equity over the vesting period.
The fair 
value at 
grant date 
is determined 
using an 
adjusted form 
of the 
Black-Scholes 
model for 
Bermudan equity 
options which 
takes 
into account 
the exercise 
price, the 
exercise 
dates, the 
term of 
the option, 
the share 
price at 
grant 
date and 
expected price 
volatility of the underlying share, the expected dividend 
yield and the risk-free interest 
rate for the term of the options. 
The weighted 
average fair 
value of the 
share options 
granted in 
July 2023 was 
€ 1.13 (2022: 
€ 0.63). The 
significant inputs 
into the 
model were a share price of € 1.442 (2022: € 1.021) at the grant date, exercise price of € 0.23, annualized dividend yield of 3% (2022: 
3%), expected average 
volatility of 41% (2022: 38%), 
expected option life 
of 1-5 years, and 
a risk-free interest 
rate corresponding 
to 
the options’ maturities, based on the Euro swap yield curve. The expected 
volatility is measured at the grant 
date of the options and 
is based on the average historical volatility 
of the share price over the last one and a half year
.
 
40. 
Transfers 
of financial assets
The Group 
enters 
into transactions 
by which 
it transfers 
recognized 
financial assets 
directly to 
third 
parties or 
to Special 
Purpose 
Entities (SPEs).
(a) The Group sells, in exchange 
for cash, securities under an agreement 
to repurchase them (repos) 
and assumes a liability to repay 
to the counterparty the cash received. 
In addition, the Group pledges, 
in exchange for cash, securities, covered bonds, as well 
as loans 
and receivables and assumes a liability to 
repay to the counterparty 
the cash received. The Group may 
also transfer securities under 
securities lending agreements with no exchange of cash or pledging of other financial assets as collateral. For 
all the aforementioned 
transactions, the 
Group has 
determined that 
it retains 
substantially all 
the risks, 
including associated 
credit and 
interest 
rate risks, 
and rewards of these financial assets and therefore has not derecognized them. As a result, the Group 
is unable to use, sell or pledge 
the transferred assets for the duration of the transaction. The related liability, where applicable, is recognized in Due to central banks 
and credit institutions (notes 31 and 32), Due to customers 
(note 33) and Debt securities in issue (note 34), as appropriate.
The Group 
enters 
into 
securitizations 
of various 
classes of 
loans 
(corporate, 
small and 
medium enterprise, 
consumer 
and various 
classes of non-performing loans), under which it assumes an obligation to pass on the cash flows from the loans to the holders of the 
notes. The Group has determined that it retains substantially 
all risks, including associated credit and interest rate risks, 
and rewards 
of these 
loans and 
therefore 
has not 
derecognized 
them. As 
a result 
of the 
above transactions, 
the Group 
is unable 
to use, 
sell or 
pledge the 
transferred 
assets for 
the duration 
of their retention 
by the 
SPE. Moreover, 
the note 
holders' recourse 
is limited 
to the 
transferred 
loans. As at 31 
December 2023, the carrying 
value of the 
securitizations’ issues held 
by third parties 
amounted to € 
555 
million (2022: € 553 million) (note 34).

 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
The table below sets out the details of Group's financial assets that have been 
sold or otherwise transferred, but which do not qualify 
for derecognition:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Carrying amount 
2023 
2022 
€ million 
€ million 
Securities held for trading 
14 
44 
Loans and advances to customers⁽¹⁾ 
12,889 
14,186 
-securitized loans⁽²⁾ 
2,164 
3,411 
-pledged loans under covered bond program 
4,083 
4,261 
-pledged loans with central banks 
6,310 
6,309 
-other pledged loans 
332 
205 
Investment securities 
2,255 
3,027 
Total 
15,158 
17,257
(1)
 
Including loans classified as held for sale (note 30) 
(2) 
It includes securitized loans of issues held by the Bank, not used for funding. 
(b) The Group 
may sell or 
re-pledge any 
securities borrowed 
or obtained through 
reverse repos 
and has an 
obligation to 
return the 
securities. 
The 
counterparty 
retains 
substantially 
all 
the 
risks 
and 
rewards 
of 
ownership 
and 
therefore 
the 
securities 
are 
not 
recognized by the Group. As at 31 December 2023, the 
Group had obtained through reverse 
repos securities of face value of € 1,413 
million (2022: € 134 million face value of which € 15 million sold under repurchase agreements and € 67 million pledged with central 
banks).
As at 31 December 2023, the cash value of the assets transferred 
or borrowed by the Group through securities lending, reverse 
repo 
and 
other 
agreements 
(points 
a 
and 
b) 
amounted 
to 
€ 
8,956 
million, 
while 
the 
associated 
liability 
from 
the 
above 
transactions 
amounted to € 7,969 
million, of which € 1,210 million repo agreements offset in the balance sheet against reverse 
repo deals (notes 
31, 32, 33, 34 
and 5.2.1.4) (2022: cash 
value € 10,512 
million and liability 
€ 10,412 million, of 
which € 114 million 
repo agreements 
offset in the balance sheet). 
In addition, the Group’s 
financial assets pledged as collaterals 
for repos, derivatives, 
securitizations and 
other transactions other than the financial assets presented 
in the table above are provided in notes 17 and 29.
 
 
 
41. 
Leases
Group as a lessee
The Group leases office and branch premises, ATM 
locations, residential properties for the Group’s 
personnel, and motor vehicles.
The majority of the Group’s property leases are under long term agreements (for a term of 12 
years or more in the case of leased real 
estate 
assets), 
with 
options 
to 
extend 
or 
terminate 
the 
lease 
according 
to 
the 
terms 
of 
each 
contract 
and 
the 
usual 
terms 
and 
conditions 
of commercial 
leases 
applicable 
in each 
jurisdiction, 
while motor 
vehicles generally 
have 
lease terms 
of up 
to 
4 years. 
Extension options held by the Group are included in the lease term when it is reasonably certain that they will be exercised 
based on 
its assessment. For contracts having an indefinite remaining life, the lease term has been determined at an average 
of 7 years for the 
Bank, 
after 
considering 
all relevant 
facts 
and circumstances. 
For 
new 
or 
modified 
lease contracts 
with 
an 
indefinite 
life, 
that 
are 
effective from the fourth quarter 
of 2023 
onwards, the estimated lease 
term has been 
revised to 5 
years. Where applicable, depending 
on the terms of each lease contract, lease payments are 
adjusted annually in line with the consumer Price Index, as published by the 
Greek Statistical Authority, 
plus an agreed fixed percentage. 
Information about the leases for which the Group 
is a lessee is presented below:
Right-of-Use Assets
As at 31 December 2023, the right-of-use assets included in property plant and equipment amounted to € 
170 million (31 December 
2022: € 187 million) (note 
26), while those that 
meet the definition of 
investment property 
amounted to € 16 
million (31 December 
2022: € 14 million) (note 27).

 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
Lease Liabilities 
The 
lease liability 
included under 
other 
liabilities 
amounted 
to 
€ 190 
million 
as at 
31 December 
2023 (31 
December 2022: 
€ 
205 
million) (note 35). The 
maturity analysis of lease 
liabilities as at 31 
December 2023, based on 
the contractual undiscounted cash flows, 
is presented in note 5.2.3. 
Amounts recognised in profit or loss
Interest on lease liabilities is presented in note 6 and the lease expense relating to short term leases is ca. € 1.2 million (31 December 
2022: € 3 million).
The Group had total cash outflows for 
leases of € 44 million in 2023 (2022: € 39 million).
 
 
Group as a lessor 
Finance lease
The Group leases out certain real estate 
properties and equipment under finance leases, in its capacity as a lessor.
The maturity analysis of finance lease 
receivables, based on the undiscounted lease payments to be 
received after the reporting date, 
is provided below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Not later than one year 
230 
303 
1-2 years 
89 
83 
2-3 years 
95 
65 
3-4 years 
53 
53 
4-5 years 
34 
36 
Later than 5 years 
154 
164 
Lease Payments: 
656 
704 
Gross investment in finance leases 
656 
704 
Less: unearned finance income 
(83) 
(66) 
Net investment in finance leases 
573 
638 
Less: impairment allowance 
(93) 
(139) 
Total 
480 
499
 
Operating Leases
The 
Group 
leases 
out 
its 
investment 
property 
under 
the 
usual 
terms 
and 
conditions 
of 
commercial 
leases 
applicable 
in 
each 
jurisdiction. 
When such 
leases do 
not transfer 
substantially 
all of 
the risks 
and rewards 
incidental 
to the 
ownership 
of the 
leased 
assets, the Group classifies these lease as 
operating leases. Information relating to operating leases of investment property, 
including 
the rental income 
recognised by the 
Group during the 
year, is provided in note 
27. The 
maturity analysis of 
operating lease receivables, 
based on the undiscounted lease payments to be received 
after the reporting date, is provided below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Not later than one year 
94 
92 
One to two years 
83 
85 
Two to three years 
76 
78 
Three to four years 
68 
70 
Four to five years 
64 
64 
More than five years 
209 
250 
Total 
594 
639

 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
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31 December 2023 Consolidated Financial Statements
42. 
Contingent liabilities and other commitments
The Group 
presents 
the credit 
related 
commitments 
it has 
undertaken 
within the 
context 
of its 
lending related 
activities into 
the 
following 
three categories: 
a) financial 
guarantee 
contracts, 
which refer 
to guarantees 
and standby 
letters 
of credit 
that carry 
the 
same credit risk 
as loans (credit 
substitutes), b) commitments to extend 
credit, which comprise firm 
commitments that are irrevocable 
over the life of the facility or revocable 
only in response to a material adverse effect 
and c) other credit related commitments, which 
refer 
to 
documentary 
and 
commercial 
letters 
and 
other 
guarantees 
of 
medium 
and 
low 
risk 
according 
to 
the 
Regulation 
No 
575/2013/EU.
Credit related commitments are analyzed 
as follows:
 
 
 
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Financial guarantee contracts 
2,082 
1,807 
Commitments to extend credit 
4,521 
3,898 
Other credit related commitments 
1,268 
1,053 
Total 
7,871 
6,758
 
 
Note: Credit related commitments of discontinued operations (note 30) amounting to € 259 million are included in the table above for 31 December 2022
.
The 
credit 
related 
commitments 
within the 
scope of 
IFRS 
9 impairment 
requirements 
of 
continuing 
operations 
amount to 
€ 11.4 
billion (31 December 
2022: € 10.5 
billion), including revocable 
loan commitments 
of € 3.5 
billion (31 December 
2022: € 3.7 
billion), 
while the corresponding allowance for impairment 
losses amounts to € 48 million (31 December 2022: € 57 million). 
In addition, the Group has issued a sovereign risk financial guarantee of € 0.24 billion (31 December 2022: € 0.23 billion) for which an 
equivalent amount has been deposited under the relevant 
pledge agreement (note 29). 
Other commitments
(a) The Bank has signed 
irrevocable payment 
commitment and collateral 
arrangement agreements 
with the Single Resolution Board 
(SRB) amounting in total to € 29 million as at 31 December 
2023 (2022: € 24 million), representing 15% of its 
resolution contribution 
payment 
obligation 
to 
the 
Single 
Resolution 
Fund 
(SRF) 
for 
the 
years 
2016-2022 
and 
22.5% 
for 
year 
2023, 
whereas 
no 
annual 
resolution contributions 
will be required 
in 2024 (note 
11). According 
to the agreements, 
which are backed 
by cash collateral 
of an 
equal amount, the Bank undertook to pay to the SRB an amount up to the above IPC, in case of a call and demand for payment made 
by it, in relation to a resolution action taken 
for another European bank. The IPC has been accounted 
for as a contingent liability and 
the said cash collateral has been recognized 
as a financial asset measured at amortized cost in the Group’s 
balance sheet line “Other 
assets’’(note 29).
By a ruling in October 2023, the General Court 
of the European Union dismissed the appeal of a French 
Credit institution against the 
Single 
Resolution 
Board 
(SRB) 
following 
the 
rejection, 
by 
the 
latter, 
of 
the 
request 
for 
return 
of 
collateral 
linked 
to 
ex-ante 
contributions provided 
in the 
form of 
IPC. The reimbursement 
of the collateral 
linked to 
the IPC, 
requested by 
the institution 
after 
the withdrawal of its license, had been refused by the SRB, arguing that the return of IPC collateral required the prior payment of the 
compulsory contribution for which the institution was 
liable. 
The aforementioned decision is not final, as the institution concerned decided to appeal to the European 
Court of Justice against the 
ruling of the General Court 
of the European Union, therefore the 
Group has not proceeded to any 
change in the accounting treatment 
described above for the purposes of these financial 
statements. Depending on the outcome of the case, any change in 
the accounting 
treatment 
that would 
require 
the reduction 
or non-recognition 
of the 
collateral 
amount of 
€ 29 
million currently 
recognized 
as a 
financial asset would only affect the Group’s 
accounting equity, as the total outstanding 
amount of IPC collateral is already deducted 
from regulatory capital and therefore 
the Group’s capital 
position would remain unaffected. 
The Group will continue to monitor any 
developments in the case and assess the potential impact on its financial statements.
(b) As at 31 December 2023, 
the contractual commitments for the acquisition of own used property, equipment and intangible assets 
amounted to € 37 million (2022: € 46 million). 

Notes to the Consolidated Financial Statements 
.
155
|
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31 December 2023 Consolidated Financial Statements
 
 
In February 2023, the Bank signed a binding pre-agreement with a third party for the 100% acquisition of a Cypriot holding company, 
which indirectly owns an under-development 
office building in Marousi 
Attica and has proceeded 
with an advance payment 
of ca. € 
22.3 million, in total, in line 
with the agreement. The completion 
of the agreement is expected 
to take place in the 
fourth quarter of 
2024.
Legal proceedings
As at 31 December 2023, 
the provisions for 
legal proceedings outstanding 
against the Group 
amounted to € 38 
million, including an 
amount of € 8 million provided for the below mentioned 
claim (note 35) (31 December 2022: € 28 million). 
There are no significant judicial proceedings, inquiries, or cases under investigation by state or regulatory authorities which may have 
important 
repercussions 
for 
the 
Group’s 
operations. 
In 
respect 
of 
the 
Hellenic Competition 
Commission’s 
(HCC) 
investigation 
for 
certain legal 
entities of 
the financial 
sector, 
including the 
Bank, in 
relation 
to issues 
concerning concerted 
practices (but 
not price 
fixing), 
the Bank 
decided 
to 
enter 
the 
dispute 
settlement 
procedure 
provided 
for 
in 
Art. 
29A 
of 
the 
Competition 
Act 
3959/2011. 
Negotiations subsequently 
took place which 
resulted in 
the settlement 
of the dispute 
in December 2023 
on the 
basis of 
which the 
case 
was 
concluded. 
The 
Bank 
agreed 
to 
pay 
the 
amount 
of 
€7,976,790.63 
as 
a 
fine 
for 
which a 
respective 
provision 
has 
been 
recognized in the line “Other impairments, 
risk provisions and related costs” of the Income 
Statement. In addition, the HCC imposed 
a behavioral remedy ordering all financial institutions involved to reduce to 
a maximum level the Direct Access Fee (DAF) charged for 
‘off-us’ 
ATM 
cash withdrawal 
transactions 
for 
a period 
of three 
years 
from the 
introduction 
of the 
measure (i.e. 
1 January 
2024). 
Eurobank reduced 
its DAF 
charge by 
€0.70 (from 
€2.50 to €1.80 
per transaction). 
In the Bank’s 
view there 
has been no 
violation of 
the competition rules; nonetheless, 
the Bank opted for 
the settlement of the 
dispute since the alternative 
option would have led 
to 
a very lengthy trial. With this decision the Bank showed 
also its will to cooperate with the HCC. It is noted that 
no officer of the Bank 
has been held liable for violation of competition rules.
Furthermore, in the normal course of its business, the Group has been involved in a number of legal proceedings, which are either at 
still a premature 
or at an advanced trial 
instance. The final settlement 
of these cases may 
require the lapse of 
a certain time so that 
the litigants exhaust the legal remedies provided for by the 
law. Management, is closely monitoring the developments to the relevant 
cases and having 
considered the 
advice of Legal 
Services, does not 
expect that 
there will 
be an outflow 
of resources 
and therefore 
does not acknowledge the need for a provision.
 
43. 
Operating segment information
Management has 
determined the operating 
segments based on 
the internal reports 
reviewed by 
the Strategic 
Planning Committee 
that 
are 
used 
to 
allocate 
resources 
and 
to 
assess 
their 
performance 
in 
order 
to 
make 
strategic 
decisions. 
The 
Strategic 
Planning 
Committee considers the business both from a business unit and geographic perspective. Geographically, management considers the 
performance of its business activities originated from Greece and 
other countries in Europe (International). 
Greece 
is 
further 
segregated 
into 
retail, 
corporate, 
global 
markets 
& asset 
management, 
investment 
property 
and as 
of 
the 
first 
quarter 
of 
2023, 
Remedial 
and 
Servicing 
Strategy, 
in 
order 
to 
be 
aligned 
with 
its 
separate 
internal 
reporting 
to 
Management. 
International 
is monitored 
and reviewed 
on a 
country basis. 
The Group 
aggregates 
segments when 
they exhibit 
similar economic 
characteristics and profile and are expected 
to have similar long-term economic development.
In more detail, the Group is organized 
in the following reportable segments:
-
Retail: 
incorporating 
customer 
current 
accounts, 
savings, 
deposits 
and 
investment 
savings 
products, 
credit 
and 
debit 
cards, 
consumer loans, small business banking and mortgages. 
-
Corporate: 
incorporating current 
accounts, deposits, 
overdrafts, 
loan and other 
credit facilities, 
foreign currency 
and derivative 
products 
to 
corporate 
entities, 
custody 
and 
clearing 
services, 
cash 
management 
and 
trade 
services 
and 
investment 
banking 
services including corporate finance, merger and 
acquisitions advice. 
-
Global Markets 
& Asset Management: 
incorporating financial 
instruments trading, 
services to institutional 
investors, 
as well as, 
specialized financial 
advice and intermediation. 
In addition, this 
segment incorporates 
mutual fund products, 
institutional asset 
management and equity brokerage. 
-
International: incorporating 
operations in Bulgaria, 
Serbia (the operations 
of Eurobank Direktna 
a.d. disposal group are 
included 
until 31 October 2023 (note 30)), Cyprus, Luxembourg 
and Romania. 
-
Investment 
Property: 
incorporating 
investment 
property 
activities relating 
to 
a diversified 
portfolio 
of 
commercial 
real 
estate 
assets. 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
156
|
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31 December 2023 Consolidated Financial Statements
 
 
-
Remedial 
and 
Servicing 
Strategy 
(RSS): 
incorporating 
(a) 
the 
management 
of 
non 
- 
performing 
assets, 
that 
were 
previously 
reported in 
the “Retail” 
and “Corporate” 
segments, and 
(b) the property 
management (repossessed 
assets), the 
notes of 
Cairo, 
Pillar and 
Mexico securitizations, 
which were 
retained by 
the Group, 
and the Group’s 
share of 
results of 
doValue 
Greece Loans 
and Credits Claim Management S.A, that were previously 
reported in the “Other” segment. 
Other 
segment 
of 
the 
Group 
refers 
mainly 
to 
(a) 
property 
management 
(own 
used 
property 
& 
equipment), 
(b) 
other 
investing 
activities (including equities’ positions), (c) private 
banking services to medium and high net 
worth individuals, (d) the Group’s 
share 
of results 
of Eurolife 
Insurance group 
and (e) 
the results 
related 
to the 
Group’s 
transformation 
projects and 
initiatives. Ιn 
the year 
ended 31 December 2022, it also included the effect of the liquidation of “ERB Istanbul 
Holding A.S.”.
Comparative information has been adjusted 
to include the aforementioned changes affecting 
the reportable operating segments.
The 
Group's 
management 
reporting 
is 
based 
on 
International 
Financial 
Reporting 
Standards 
(IFRS) 
as 
adopted 
by 
the 
EU. 
The 
accounting policies of the Group's operating segments 
are the same with those described in the principal accounting policies.
Revenues from 
transactions between business 
segments are allocated 
on a mutually agreed 
basis at rates 
that approximate 
market 
prices.
43.1 
Operating segments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Retail 
Corporate 
Global Markets & 
Asset Mngt 
Investment 
Property 
RSS 
International 
Other and 
Elimination 
center 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
1,118 
437 
59 
 
(12) 
 
(8) 
657 
 
(77) 
2,174 
Net commission income 
87 
127 
102 
- 
5 
122 
4 
447 
Other net revenue 
 
(48) 
3 
108 
103 
15 
 
(1) 
113 
293 
Total external revenue 
1,157 
567 
269 
91 
12 
778 
40 
2,914 
Inter-segment revenue 
41 
39 
 
(40) 
2 
- 
 
(8) 
 
(34) 
- 
Total revenue 
1,198 
606 
229 
93 
12 
770 
6 
2,914 
Operating expenses 
 
(379) 
 
(118) 
 
(55) 
 
(35) 
 
(62) 
 
(263) 
 
(3) 
 
(915) 
Impairment losses relating to loans 
and advances to customers 
 
(126) 
 
(31) 
- 
- 
 
(159) 
 
(57) 
 
(39) 
 
(412) 
Other impairments, risk provisions and related costs 
(note 12) 
 
(20) 
 
(1) 
3 
 
(1) 
 
(25) 
 
(36) 
 
(16) 
 
(96) 
Share of results of associates and 
joint ventures 
- 
- 
- 
- 
8 
58 
22 
88 
Profit/(loss) before tax from continuing operations 
before restructuring costs 
673 
456 
177 
57 
 
(226) 
472 
 
(30) 
1,579 
Restructuring costs (note 12) 
 
(4) 
 
(4) 
 
(1) 
- 
 
(1) 
 
(11) 
 
(16) 
 
(37) 
Profit/(loss) before tax from continuing operations 
669 
452 
176 
57 
 
(227) 
461 
 
(46) 
1,542 
Loss before tax from discontinued operations (note 
30) 
- 
- 
- 
- 
- 
 
(170) 
- 
 
(170) 
Profit/(loss) before tax attributable to non 
controlling interests 
- 
- 
- 
- 
- 
 
(12) 
- 
 
(12) 
Profit/(loss) before tax attributable 
to shareholders 
669 
452 
176 
57 
 
(227) 
303 
 
(46) 
1,384
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Retail 
Corporate 
Global Markets & 
Asset Mngt 
Investment 
Property 
RSS 
International 
Other and 
Elimination 
center⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets 
12,344 
15,897 
14,627 
1,453 
8,259 
21,336 
5,865 
79,781 
Segment liabilities 
31,264 
11,558 
4,942 
280 
1,767 
18,740 
3,331 
71,882

 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
157
|
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31 December 2023 Consolidated Financial Statements
The International segment is further analyzed 
as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
 
322 
 
1 
 
273 
 
58 
 
3 
 
657 
Net commission income 
 
76 
- 
 
39 
 
8 
 
(1) 
 
122 
Other net revenue 
 
6 
 
(4) 
- 
 
(2) 
 
(1) 
 
(1) 
Total external revenue 
 
404 
 
(3) 
 
312 
 
64 
 
1 
 
778 
Inter-segment revenue 
- 
- 
- 
 
(8) 
- 
 
(8) 
Total revenue 
 
404 
 
(3) 
 
312 
 
56 
 
1 
 
770 
Operating expenses 
 
(169) 
 
(2) 
 
(59) 
 
(28) 
 
(5) 
 
(263) 
Impairment losses relating to loans and 
advances to customers 
 
(52) 
- 
 
(16) 
- 
 
11 
 
(57) 
Other impairments, risk provisions and 
related costs 
 
(31) 
- 
 
(1) 
- 
 
(4) 
 
(36) 
Share of results of associates and joint 
ventures 
- 
- 
 
58 
- 
- 
 
58 
Profit/(loss) before tax from continuing 
operations before restructuring costs 
 
152 
 
(5) 
 
294 
 
28 
 
3 
 
472 
Restructuring costs (note 12) 
 
(11) 
- 
- 
- 
- 
 
(11) 
Profit/(loss) before tax from continuing 
operations 
 
141 
 
(5) 
 
294 
 
28 
 
3 
 
461 
Loss before tax from discontinued operations 
- 
 
(170) 
- 
- 
- 
 
(170) 
Profit/(loss) before tax attributable to non 
controlling interests 
- 
 
(12) 
- 
- 
- 
 
(12) 
Profit/(loss) before tax attributable to 
shareholders 
 
141 
 
(163) 
 
294 
 
28 
 
3 
 
303
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
International 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets⁽²⁾ 
9,832 
91 
8,625 
2,644 
143 
21,336 
Segment liabilities⁽²⁾ 
8,714 
86 
7,300 
2,426 
214 
18,740
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Retail 
Corporate 
Global Markets 
& 
Asset Mngt 
Investment 
Property 
RSS 
International 
Other and 
Elimination 
center 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
422 
350 
284 
(12) 
62 
386 
(13) 
1,480 
Net commission income 
90 
114 
99 
0 
4 
119 
1 
427 
Other net revenue 
324 
5 
703 
183 
(9) 
(8) 
(63) 
1,135 
Total external revenue 
836 
470 
1,087 
171 
57 
497 
(75) 
3,041 
Inter-segment revenue 
22 
39 
(35) 
2 
(1) 
(2) 
(25) 
- 
Total revenue 
858 
508 
1,052 
173 
56 
494 
(99) 
3,041 
Operating expenses 
(375) 
(116) 
(68) 
(39) 
(64) 
(216) 
21 
(857) 
Impairment losses relating to loans and advances to 
customers 
(105) 
(1) 
- 
- 
(135) 
(18) 
(17) 
(276) 
Other impairment losses,risk provisions and related 
costs (note 12) 
(4) 
(2) 
(18) 
(3) 
(15) 
(13) 
(49) 
(103) 
Share of results of associates and joint ventures 
(0) 
0 
(0) 
- 
(0) 
- 
35 
35 
Profit/(loss) before tax from continuing operations 
before restructuring costs 
374 
388 
966 
132 
(159) 
247 
(110) 
1,839 
Restructuring costs (note 12) 
(24) 
(1) 
(1) 
- 
(1) 
0 
(61) 
(89) 
Profit/(loss) before tax from continuing operations 
350 
387 
966 
132 
(160) 
247 
(171) 
1,751 
Profit before tax from 
discontinued operations 
- 
- 
- 
- 
- 
1 
- 
1 
Profit/(loss) before tax attributable to non 
controlling interests 
- 
- 
- 
- 
- 
(0) 
(0) 
(0) 
Profit/(loss) before tax attributable to shareholders 
350 
387 
966 
132 
(160) 
248 
(171) 
1,752

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
158
|
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31 December 2023 Consolidated Financial Statements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Retail 
Corporate 
Global Markets 
& 
Asset Mngt 
Investment 
Property 
RSS 
International 
Other and 
Elimination 
center⁽¹⁾ 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets 
12,541 
14,871 
13,096 
1,445 
9,041 
21,704 
8,776 
81,474 
Segment liabilities 
30,097 
12,082 
5,572 
307 
2,009 
19,736 
4,939 
74,742
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
Total 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Net interest income 
215 
(0) 
136 
34 
2 
386 
Net commission income 
73 
(0) 
40 
8 
(1) 
119 
Other net revenue 
(5) 
(2) 
1 
0 
(2) 
(8) 
Total external revenue 
282 
(2) 
177 
42 
(2) 
497 
Inter-segment revenue 
0 
(0) 
0 
(3) 
- 
(2) 
Total revenue 
283 
(2) 
177 
39 
(2) 
494 
Operating expenses 
(136) 
(2) 
(50) 
(23) 
(5) 
(217) 
Impairment losses relating to loans and 
advances to customers 
(37) 
0 
(1) 
(0) 
20 
(18) 
Other impairments, risk provisions and 
related costs 
(5) 
(0) 
(1) 
(0) 
(7) 
(13) 
Share of results of associates and joint 
ventures 
- 
- 
- 
- 
0 
0 
Profit/(loss) before tax from continuing 
operations 
before restructuring costs 
105 
(4) 
125 
15 
6 
247 
Restructuring costs 
- 
- 
- 
- 
- 
- 
Profit/(loss) before tax from continuing 
operations 
105 
(4) 
125 
15 
6 
247 
Profit before tax from discontinued 
operations 
- 
2 
- 
- 
- 
2 
Profit/(loss) before tax attributable to non 
controlling interests 
(0) 
(0) 
- 
- 
- 
(0) 
Profit/(loss) before tax attributable to 
shareholders 
105 
(3) 
125 
15 
6 
248
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2022 
Bulgaria 
Serbia 
Cyprus 
Luxembourg 
Romania 
International 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Segment assets⁽²⁾ 
7,944 
2,504 
8,793 
2,304 
159 
21,704 
Segment liabilities⁽²⁾ 
7,146 
2,217 
8,031 
2,112 
230 
19,736
(1)
 
Interbank eliminations between International and the other Group’s segments are included. 
(2)
 
Intercompany balances among the Countries have been excluded from the reported assets and liabilities of International segment.
43.2 
Entity wide disclosures
Breakdown of the Group's revenue 
for each group of similar products and services is as follows:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Lending related activities 
1,117 
1,364 
Deposits, network and asset management activities 
1,671 
310 
Capital markets 
(36) 
951 
Non banking and other services 
162 
416 
Total from continuing operations 
2,914 
3,041
Information on the Country by Country Reporting based 
on Law 4261/2014 is provided in the Appendix.

 
 
Notes to the Consolidated Financial Statements 
.
159
|
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31 December 2023 Consolidated Financial Statements
44. 
Post balance sheet events
Details of post balance sheet events are provided 
in the following notes:
Note 2.1 
– Basis of preparation
Note 4 
– Capital Management
Note 5.2.1.3 
– Debt Securities
Note 11 
– Operating expenses
Note 13 
– Income tax
Note 20 
– Loans and advances to customers
Note 23.1 – Shares in subsidiaries
Note 24 
– Investments in associates and joint ventures
Note 34 
– Debt securities in issue
Note 36 
– Standard legal staff retirement 
indemnity obligations (SLSRI) and termination benefits
Note 42 
– Contingent liabilities and other commitments
 
45. 
Related parties
Eurobank Ergasias Services and Holdings S.A. 
(the Company or Eurobank Holdings) is 
the parent company of Eurobank S.A. (the 
Bank). 
The Board 
of Directors 
(BoD) of Eurobank 
Holdings is the 
same as the 
BoD of the 
Bank and part 
of the key 
management personnel 
(KMP) of the Bank 
provides services to Eurobank Holdings 
according to the terms 
of the relevant agreement between 
the two entities. 
Fairfax 
Group, 
which holds 
32.93% of 
Eurobank 
Holdings’ 
share capital 
as 
of 
31 December 
2023 (31 
December 
2022: 32.99%), 
is 
considered to have significant influence over the Company. 
In addition, following the completion of the acquisition of all of Eurobank 
Holdings’ shares held 
by the HFSF, 
on 9 October 
2023 (note 37), 
the HFSF is no 
longer considered 
to have 
significant influence over 
the Company.
In 
January 
2022, 
an 
occupational 
insurance 
fund 
(“Institution 
for 
occupational 
retirement 
provision-occupational 
insurance 
fund 
Eurobank’s 
Group personnel” 
henceforth “the 
Fund”) was established 
as a not-for 
-profit legal 
entity under 
Law 4680/2020, for 
the 
benefit of the 
employees of the 
Company, 
the Bank and certain 
other Greek entities 
of the Group, 
which constitute the 
sponsoring 
employers of the Fund. Accordingly, 
in line with IAS 24 Related Parties, the Fund is considered to 
be related party to the Group. 
A number 
of banking 
transactions are 
entered into 
with related 
parties in 
the normal 
course of 
business and 
are conducted 
on an 
arm's length basis. 
These include loans, 
deposits and guarantees. 
In addition, as 
part of its normal 
course of business 
in investment 
banking activities, the Group at times may hold positions in debt and 
equity instruments of related parties. 

 
 
 
 
Notes to the Consolidated Financial Statements 
.
160
|
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31 December 2023 Consolidated Financial Statements
 
 
The 
outstanding 
balances 
of 
the 
transactions 
with 
(a) 
Fairfax 
group, 
(b) 
the 
key 
management 
personnel 
(KMP) 
and 
the 
entities 
controlled or jointly controlled by 
KMP and (c) other related parties, as well as the relating 
income and expenses are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
31 December 2023 
31 December 2022 
Fairfax 
Group⁽²⁾ ⁽⁴⁾ 
KMP and Entities 
controlled or jointly 
controlled by KMP⁽¹⁾ 
Other Related 
Parties⁽³⁾ 
Fairfax 
Group⁽²⁾ 
KMP and Entities 
controlled or jointly 
controlled by KMP⁽¹⁾ 
Other Related 
Parties⁽³⁾ 
€ million 
€ million 
€ million 
€ million 
€ million 
€ million 
Investment securities 
 
- 
 
- 
60.95 
 
- 
 
- 
 
- 
Loans and advances to 
customers 
119.64 
5.25 
25.55 
73.45 
5.69 
0.14 
Other assets 
12.89 
0.54 
85.19 
0.39 
 
- 
87.07 
Due to credit institutions 
 
- 
 
- 
0.04 
 
- 
 
- 
 
- 
Due to customers 
46.57 
16.33 
93.24 
34.22 
20.98 
97.50 
Debt securities in issue 
82.85 
2.01 
103.56 
81.98 
1.27 
102.47 
Other liabilities 
0.01 
0.11 
6.02 
0.13 
0.20 
10.35 
Net interest income 
3.20 
 
(0.05) 
 
(0.98) 
 
(0.69) 
0.01 
 
(4.68) 
Net banking fee and 
commission income 
0.04 
0.07 
10.57 
0.02 
0.11 
10.89 
Net trading income 
 
- 
 
- 
 
- 
 
- 
 
- 
0.01 
Gains less losses from 
investment securities 
 
- 
 
- 
0.57 
 
- 
 
- 
 
- 
Impairment losses relating to 
loans and securities including 
relative fees 
 
(2.60) 
 
- 
 
(77.26) 
 
(0.55) 
 
- 
 
(62.75) 
Other operating 
income/(expenses) 
5.71 
 
(13.97) 
 
(9.06) 
9.56 
 
(15.18) 
 
(10.17) 
Guarantees issued 
2.47 
 
- 
 
- 
1.97 
 
- 
 
- 
Guarantees received 
 
- 
 
- 
 
- 
 
- 
0.01 
 
-
 
(1) 
Includes the key management personnel of the Group and their close family members. 
(2)
 
The balances with the Group’s 
associate Eurolife FFH Insurance Group 
Holdings S.A., which is also a member 
of Fairfax Group are presented 
in the column 
other related parties. 
(3) 
Other related 
parties include 
associates (Hellenic 
Bank is 
included as 
of the 
second quarter 
of 2023, 
note 24), 
joint ventures 
and the 
Eurobank Group’s 
personnel occupational insurance fund. In particular, as at 31 December 2023 the outstanding balances of transactions with the Fund refer mainly to deposits 
of € 1 million received from the Fund (31 December 2022: € 1 million). 
(4) 
In January 2023, the Bank disposed of a 10.8% holding in Fairfax Group’s 
subsidiary “Grivalia Hospitality S.A.” to Eurolife FFH 
Insurance Group Holdings S.A 
for a cash 
consideration of € 
48.3 million. Furthermore, 
in March and 
November 2023, the 
Bank participated in 
the share capital 
increase of “Grivalia 
Hospitality 
S.A.” with an amount of € 8.6 and € 6.05 million respectively.As at 31 December 2023, the Bank’s retained holding in the entity was 9.2%. 
For the year ended 31 December 2023, an impairment of € 0.01 million (2022: € 0.8 million) has been recorded against loan balances 
with Group’s 
associates 
and joint 
ventures, 
while the 
respective 
impairment allowance 
amounted 
to € 
0.02 million 
(31 December 
2022: € 0.02 million).
Key management compensation (directors 
and other key management personnel of the Group) 
Key management personnel are entitled to compensation in the form of short-term employee benefits of € 8.32 million (2022: € 7.52 
million) and long-term employee benefits 
of € 1.36 million 
(2022: € 1.24 
million). Additionally, the Group has recognised € 3.98 
million 
expense relating 
with equity settled 
share based payments 
(2022: € 1.94 million) 
(note 39). Furthermore 
, 
as at 31 
December 2023, 
the defined benefit 
obligation for 
the KMP amounts 
to € 1.77 
million (31 December 
2022: € 1.58 
million), while the 
respective cost 
for 
the year 
through the 
income statement 
amounts to 
€ 0.14 
million (2022: 
€ 0.12 
million)and 
the other 
comprehensive 
income 
(actuarial loss) amounts to € 0.05 
million (2022: € 0.07 million actuarial gain).

 
 
 
 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
161
|
Page
 
31 December 2023 Consolidated Financial Statements
46. 
External Auditors
The 
Group 
has 
adopted 
a 
Policy 
on 
External 
Auditors’ 
Independence 
which 
provides 
amongst 
others, 
for 
the 
definition 
of 
the 
permitted 
and non-permitted 
services the 
Group 
auditors 
may provide 
further to 
the statutory 
audit. For 
any 
such services 
to be 
assigned to 
the Group’s 
auditors there 
are specific 
controlling 
mechanisms in 
order for 
the Company’s 
Audit Committee 
to ensure 
that a) the non-audit services 
assigned to “KPMG Certified Auditors S.A.”, along with the KPMG network (KPMG), have been reviewed 
and approved as required and b) there 
is proper balance between audit and permitted non-audit work. 
The total fees of the Group’s 
principal independent auditor KPMG, for audit and other services provided are 
analyzed as follows:
 
 
 
 
 
2023 
2022 
€ million 
€ million 
Statutory audit⁽¹⁾ 
(2.9) 
(2.9) 
Tax certificate 
(0.4) 
(0.4) 
Other audit related assignments 
(1.4) 
(1.1) 
Non audit assignments 
(0.2) 
(0.1) 
Total from 
continuing operations 
(4.9) 
(4.5)
(1)
 
Includes fees for statutory audit of the annual separate and consolidated financial statements. 
It is noted 
that the non-audit 
assignment fees 
of “KPMG Certified 
Auditors S.A.” 
Greece, statutory 
auditor of the 
Group, amounted 
to € 0.08 million.

 
 
 
Notes to the Consolidated Financial Statements 
.
162
|
Page
 
31 December 2023 Consolidated Financial Statements
47. 
Board of Directors
The Board of Directors (BoD) was 
elected by the Annual 
General Meeting 
of the Shareholders (AGM) held on 
23 July 2021 
for a three- 
year term of office that will expire on 23 July 
2024, prolonged until the end of the period the AGM for the year 
2024 will take place.
Further to that: 
-
The 
AGM 
held 
on 
20 
July 
2023 
approved 
the 
appointment 
of 
Mr. 
Burkhard 
Eckes 
and 
Mr. 
John 
Arthur 
Hollows 
as 
new 
independent non-executive members 
of Eurobank Holdings BoD, 
whose term of office will expire 
concurrently with the term of 
office of the other members of the BoD. On the same day the BoD 
decided its constitution. 
-
On 9 October 2023, Eurobank Holdings announced the acquisition of all of its 
issued shares held by the HFSF, namely 52,080,673 
common registered shares (note 37). On the 
same day, the HFSF notified Eurobank Holdings that effective as 
of 11 October 2023, 
the HFSF will no longer 
have the special rights 
provided in law 3864/2010, including 
the right to appoint a 
representative in the 
Board 
of 
Directors 
and 
the 
Board 
Committees. 
Following 
these 
developments, 
the 
HFSF 
representative 
Mrs. 
Efthymia 
Deli, 
member 
of 
the 
Boards 
of 
Directors 
and 
of 
the 
Committees 
of 
the 
Boards 
of 
Directors 
of 
Eurobank 
Holdings 
and 
Eurobank, 
submitted on 26 October 2023 her resignation from 
the abovementioned positions, effective as of 
7 November 2023. 
-
Mr. Andreas Athanasopoulos, Deputy CEO and Executive Member of the 
Boards of Directors of Eurobank Holdings 
and Eurobank, 
submitted on 31 October 2023 his resignation from 
the abovementioned positions, effective as of 
31 December 2023.
 
Following the above, the BoD is as follows:
G. Zanias 
Chairman, Non-Executive Member 
G. Chryssikos 
Vice Chairman, Non-Executive Member 
F. Karavias 
Chief Executive Officer 
S. Ioannou 
Deputy Chief Executive Officer 
K. Vassiliou 
Deputy Chief Executive Officer 
B.P. 
Martin 
Non-Executive Member 
A. Gregoriadi 
Non-Executive Independent Member 
I. Rouvitha Panou 
Non-Executive Independent Member 
R. Kakar 
Non-Executive Independent Member 
J. Mirza 
Non-Executive Independent Member 
C. Basile 
Non-Executive Independent Member 
B. Eckes 
Non-Executive Independent Member 
J. A. Hollows 
Non-Executive Independent Member
Athens, 28 March 2024
Georgios P. 
Zanias 
Fokion C. Karavias 
Harris V. Kokologiannis 
I.D. No ΑI - 414343 
I.D. No ΑΙ - 677962 
I.D. No AN - 582334 
CHAIRMAN 
OF THE BOARD OF DIRECTORS 
CHIEF EXECUTIVE OFFICER 
GENERAL MANAGER OF GROUP FINANCE 
 
CHIEF FINANCIAL OFFICER
 

 
 
 
 
 
Notes to the Consolidated Financial Statements 
.
163
|
Page
 
31 December 2023 Consolidated Financial Statements
APPENDIX – Disclosures under Law 4261/2014 
Country by Country Reporting 
Pursuant to article 81 of Law 4261/2014, which incorporated article 89 of Directive 
2013/36/EC into the Greek legislation, the Group 
provides the following information 
for each country in which it has an establishment: 
(i) 
Names, nature of activities and geographical location.
(ii) 
The operating income (turnover), the 
profit/(loss) before tax, the tax 
on profit/ (loss) and the current tax 
on a consolidated 
basis for each country; intercompany 
transactions among countries are eliminated 
through the line ‘Intra-Group 
amounts’. 
The amounts disclosed are prepared on the same basis as 
the Group’s financial statements for the year ended 31 December 
2023.
(iii) 
The number of employees on a full time equivalent basis.
(iv) 
The public subsidies received.
For the listing of the 
Bank’s subsidiaries 
at 31 December 2023, the 
country of their incorporation 
and the line of their business 
refer 
to note 23.1.
The information per country is set out below:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended 31 December 2023 
Operating 
income 
Profit/(loss) 
before tax 
Tax on profit/(loss) 
Current 
tax 
Number of 
employees at 31 
December 
€ million 
€ million 
€ million 
€ million 
Greece 
2,124 
1,044 
 
(192) 
 
(14) 
6,320 
Bulgaria 
406 
150 
 
(18) 
 
(17) 
3,794 
Romania 
 
(5) 
 
(8) 
 
(1) 
 
(1) 
13 
Cyprus 
314 
223 
 
(39) 
 
(39) 
472 
Serbia 
 
(5) 
 
(6) 
 
(0) 
 
(0) 
6 
Luxembourg⁽¹⁾ 
78 
47 
 
(11) 
 
(12) 
123 
Netherlands 
5 
5 
 
- 
 
- 
 
- 
Other countries 
 
(1) 
 
(1) 
 
(0) 
 
(0) 
 
- 
Intra-Group amounts 
 
(2) 
Total from continuing 
operations 
2,914 
1,454 
 
(261) 
 
(83) 
10,728 
Eurobank Direktna a.d. disposal group 
100 
 
(47) 
17 
 
(0) 
Total from discontinued operations 
100 
 
(47) 
17 
 
(0) 
Total 
3,014 
1,407 
 
(244) 
 
(83) 
10,728
(1)
 
The operations of Eurobank Private Bank Luxembourg S.A.’s branch in London are included within Luxembourg. 
Article 82 of Law 4261/2014
For 2023, the Group’s return on assets (RoA) was 
1.39 %. RoA is calculated by dividing the net profit for the year ended 31 December 
2023 by the Group’s average 
total assets for the year.

FINANCIAL STATEMENTS 
FOR THE YEAR ENDED 
31 DECEMBER 2023 
8 Othonos Str, Athens 
105 57, 
Greece 
eurobankholdings.gr, 
Tel.: (+30) 214 40 61000 
General Commercial 
Registry No: 000223001000

 
 
 
. 
Index to the Financial Statements
 
.................................................................................................................................................. 
Page 
Balance Sheet ........................................................................................................................................................................................ 1 
Statement of Comprehensive Income ................................................................................................................................................... 2 
Statement of Changes in Equity................................ 
............................................................................................................................. 3 
Cash Flow Statement ............................................................................................................................................................................. 4 
Notes to the Financial Statements 
1. 
General information ................................................................................................ 
..................................................................... 
5 
2. 
Basis of preparation and material accounting 
policies 
................................................................................................................. 5 
2.1 
Basis of preparation ...................................................................................................................................................................... 
5 
2.2 
Material accounting policies ......................................................................................................................................................... 
9 
3. 
Critical accounting estimates and judgments 
in applying accounting policies ........................................................................... 
18 
4. 
Financial risk management and fair value ................................................................................................ 
.................................. 
19 
4.1 
Financial risk factors and risk management................................................................ 
................................................................ 
19 
4.2 
Fair value of financial assets and liabilities ................................................................................................................................. 
20 
5. 
Net interest income .................................................................................................................................................................... 21 
6. 
Other income/(expenses) ........................................................................................................................................................... 21 
7. 
Operating expenses .................................................................................................................................................................... 21 
8. 
Income tax .................................................................................................................................................................................. 21 
9. 
Investment securities 
................................................................................................................................................................ 
.. 
22 
10. 
Shares in subsidiaries 
................................................................................................................................................................ 
.. 
23 
11. 
Other assets 
................................................................................................................................................................ 
................ 
23 
12. 
Debt securities in issue ............................................................................................................................................................... 23 
13. 
Other liabilities ................................................................................................................................ 
........................................... 
23 
14. 
Share capital, share premium and treasury shares ................................ 
.................................................................................... 24 
15. 
Reserves and retained earnings/(losses) .................................................................................................................................... 26 
16. 
Share options 
................................................................................................................................................................ 
.............. 
26 
17. 
Cash and cash equivalents .......................................................................................................................................................... 
27 
18. 
Post balance sheet events ................................................................................................................................ 
.......................... 
27 
19. 
Related parties 
................................................................................................................................................................ 
............ 
28 
20. 
External Auditors ................................................................................................................................................................ 
........ 
29 
21. 
Board of Directors 
................................................................................................................................................................ 
....... 
30 

 
 
 
Balance Sheet 
.
1
 
| 
Page 
31 December 
2023 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements.

 
 
 
Statement of Comprehensive Income 
.
2
 
| 
Page 
31 December 
2023 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements

 
 
 
Statement of Changes in Equity 
.
3
 
| 
Page 
31 December 
2023 Financial 
Statements 
(1)
 
The changes in equity for the year ended 31 December 2023 do not sum to the totals provided due to rounding 
Notes on pages 5 to 30 form an integral part of these 
financial statements.

 
 
 
Cash Flow Statement 
.
4
 
| 
Page 
31 December 
2023 Financial 
Statements 
Notes on pages 5 to 30 form an integral part of these 
financial statements.

 
 
 
Notes to the Financial Statements 
.
5
 
| 
Page 
31 December 
2023 Financial 
Statements 
1. 
General information
Eurobank 
Ergasias 
Services and 
Holdings S.A. 
(the Company 
or Eurobank 
Holdings) is 
the parent 
company 
of Eurobank 
S.A. (the 
Bank) which 
along with 
its subsidiaries 
(Eurobank S.A. 
Group), comprise 
the major 
part of 
Eurobank Holdings 
Group (the 
Group) 
(note 10). 
The Company 
operates 
mainly in 
Greece and 
through the 
Bank’s 
subsidiaries in 
Central 
and Southeastern 
Europe. Its 
main activities 
relate to 
the strategic 
planning of 
the administration 
of non-performing 
loans and 
the provision 
of services 
to its 
subsidiaries and third parties, while 
the Eurobank S.A. Group is 
active in retail, corporate 
and private banking, asset 
management, 
treasury, 
capital markets 
and other services. The 
Company is incorporated 
in Greece, with 
its registered 
office at Othonos 
Street, 
Athens 105 57 and its shares are listed on 
the Athens Stock Exchange. 
These 
financial 
statements 
were 
approved 
by 
the 
Board 
of 
Directors 
on 
28 
March 
2024. 
The 
Independent 
Auditor’s 
Report 
is 
included in section B I of the Annual Financial Report.
2. 
Basis of preparation and material accounting policies
The 
financial 
statements 
of 
the 
Company 
have 
been 
prepared 
on 
a 
going 
concern 
basis 
and 
in 
accordance 
with 
the 
material 
accounting policies set out below:
2.1 
Basis of preparation
The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) 
issued by 
the International 
Accounting 
Standards 
Board 
(IASB), as 
endorsed by 
the European 
Union (EU), 
and in 
particular with 
those standards 
and interpretations, 
issued and 
effective 
or issued 
and early 
adopted as 
at the 
time of 
preparing these 
financial 
statements.
The financial statements are 
prepared under the historical cost basis 
except for the financial assets measured 
at fair value through 
other comprehensive income and financial assets and financial liabilities measured 
at fair-value-through-profit 
-or-loss.
 
The accounting policies for the preparation of the financial statements of the Company have been consistently applied to the years 
2023 and 2022, after 
taking into account 
the amendments in IFRSs 
as described in section 
2.1.1 (a) “New and 
amended standards 
adopted by the Company 
as of 1 January 2023”. 
Where necessary, 
comparative figures have 
been adjusted to conform 
to changes 
in presentation in the current year.
The 
preparation 
of 
financial 
statements 
in 
accordance 
with 
IFRS 
requires 
the 
use 
of 
estimates 
and 
judgements 
that 
affect 
the 
reported amounts of 
assets and liabilities and 
disclosure of contingent 
liabilities at the date 
of the financial statements, 
as well as 
the reported amounts of 
revenues and expenses during the 
reporting period. Although these 
estimates are based on management's 
best knowledge of current events and conditions, 
actual results ultimately may differ from 
those estimates.
The Company’s presentation currency is the Euro (€). Except 
as indicated, financial information presented in Euro has 
been rounded 
to the nearest million. The figures presented 
in the notes may not sum precisely to the totals provided 
due to rounding.

 
 
 
Notes to the Financial Statements 
.
6
 
| 
Page 
31 December 
2023 Financial 
Statements 
Going concern considerations
The 
Company’s 
business 
strategy 
and 
activities 
are 
linked 
to 
those 
of 
its 
banking 
subsidiary 
Eurobank 
S.A. 
In 
this 
context, 
the 
directors monitor closely the 
capital and liquidity 
position of the 
Bank as well 
as the associated 
risks, uncertainties and the 
mitigating 
factors affecting 
its operations. The annual 
financial statements have 
been prepared on a 
going concern basis, as the 
Board of the 
Directors considered as appropriate, 
taking into consideration the following: 
Despite the fragile international environment, 
the economies of Greece, Bulgaria and Cyprus remained in expansionary territory 
in 
2023, overperforming 
their European Union 
(EU) peers. More 
specifically, 
according to 
provisional data 
by the Hellenic 
Statistical 
Authority (ELSTAT), 
the Greek economy expanded by 2% 
on an annual basis in 2023 (2022: 5.6%), driven by increases in 
exports of 
goods and services, household consumption, and fixed investment. According to its Winter Economic Forecast (February 2024), the 
European Commission (EC) expects a 
GDP growth rate of 2.3% in 
2024 and 2025. 
Amid strong base effects and easing 
energy prices, 
the inflation 
rate, 
as measured 
by the 
annual change 
in the 
Harmonized Index 
of Consumer 
Prices (HICP) 
decelerated 
to 4.2% 
in 
2023 from 
9.3% in 2022 
according to 
ELSTAT, 
with the EC 
forecasting 
further de-escalation 
to 2.7% 
in 2024, and 
2% in 2025. 
The 
average quarterly unemployment rate 
decreased to 11.1% from 12.4% in 2022, with the International Monetary Fund forecasts for 
2024 and 2025 standing 
at 9.2% and 8.5% 
in 2024 and 2025 respectively, 
according to its 
January 2024 Art. IV Country 
Report. On 
the fiscal front, according to the 2024 State Budget, the general government primary balance is expected to post primary surpluses 
of 1.1% and 2.1% 
of GDP in 2023 
and 2024 respectively, 
up from 0.1% 
of GDP in 2022. 
The gross public 
debt-to-GDP ratio, 
having 
declined significantly to 
172.6% in 2022 due to 
the strong economic 
recovery and the 
effect of the 
high inflation on 
nominal GDP, 
is expected to decline further to 160.3% in 2023 and 152.3% in 2024.
According to EC’s winter economic forecasts (February 2024), the real GDP in 
Bulgaria is expected to grow by 1.9% and 
2.5% in 2024 
and 2025, respectively (2023: 2%), while the HICP is forecast to decrease to 
3.4% in 2024 and 2.9% in 2025 (2023: 8.6%). In Cyprus, 
the real GDP growth is forecast 
at 2.8% and 3% in 2024 and 2025, respectively (2023: 
2.5%), while the HICP is estimated at 2.4% 
in 
2024 and 2.1% in 2025 (2023: 3.9%). 
Growth in 
Greece as well 
as in Bulgaria 
and Cyprus is 
expected to receive 
a significant 
boost from EU-funded 
investment projects 
and reforms. 
Greece shall receive 
€ 36 billion (€ 
18.2 billion in grants 
and € 17.7 billion 
in loans) up to 
2026 through the 
Recovery 
and Resilience Facility (RRF), Next Generation EU (NGEU)’s 
largest instrument, out of which € 14.7 billion (€ 7.4 billion in grants and 
€ 7.3 billion in loans) has 
already been disbursed by 
the EU. A further € 40 
billion is due through EU’s 
long-term budget (MFF), out 
of 
which 
€20.9 
billion 
is 
to 
fund 
the 
National 
Strategic 
Reference 
Frameworks 
(ESPA 
2021–2027). 
Moreover, 
following 
the 
September 2023 
floods in 
the Thessaly 
region, Greece 
could benefit 
from EU 
support of 
up to 
€ 2.65 
billion, according 
to the 
EC 
President.
On the monetary 
policy front, the 
Governing Council of 
the ECB, in 
line with its strong 
commitment to its 
price stability mandate, 
proceeded with 
ten rounds 
of interest 
rate hikes 
in 2022 and 
in 2023 (the 
most recent 
one in September 
2023), raising 
the three 
key ECB interest rates by 450 basis points on aggregate. Furthermore, although net bond purchases under the temporary Pandemic 
Emergency 
Purchase 
Programme 
(PEPP) 
ended 
in 
March 
2022, 
as 
scheduled, 
the 
ECB 
will 
continue 
to 
reinvest 
principal 
from 
maturing securities at least until the end of 2024, 
including purchases of Greek Government Bonds (GGBs) over and above rollovers 
of redemptions. 
In 2023, the Greek government issued or 
re-opened twelve bonds of various maturities (from 5 
to 19 years) through the Public 
Debt 
Management Agency (PDMA), raising a total of € 
11.45 billion from the international financial markets. In 
February 2024, the PDMA 
raised 
an additional 
€ 4.4 
billion through 
a new 
10-year 
bond issue 
and the 
reopening 
of two 
past 
issues. Following 
a series 
of 
sovereign rating 
upgrades in the 
second half of 
2023, Greek government’s 
long-term debt securities 
were considered 
investment 
grade by four out of the five Eurosystem-approved External Credit Assessment Institutions (Fitch, 
Scope, S&P: BBB-, stable outlook; 
DBRS: BBB(low), stable outlook), and one notch below 
investment grade by the fifth one, Moody’s (Βa1, stable outlook) as 
of March 
2024.
Regarding 
the 
outlook 
for 
the next 
12 months, 
the major 
macroeconomic 
risks 
and 
uncertainties 
in 
Greece 
and 
our 
region 
are 
associated with: 
(a) the open 
war fronts 
in Ukraine 
and the Middle 
East, their 
implications regarding 
regional and 
global stability 
and security, 
and their repercussions on the 
global and the 
European economy, 
including the disruption in global trade 
caused by 
the recent attacks on trading vessels in the Red Sea, (b) a potential prolongation 
of the ongoing inflationary wave and its impact on 
economic growth, employment, public 
finances, household budgets, 
firms’ production costs, external 
trade and banks’ asset 
quality, 
as well as any potential social and/or political ramifications these may entail, (c) the timeline of the anticipated interest rate cuts by 

 
 
 
 
Notes to the Financial Statements 
.
7
 
| 
Page 
31 December 
2023 Financial 
Statements 
the ECB and the Federal Reserve Bank, as persistence on high rates for longer may 
keep exerting pressure on sovereign and private 
borrowing costs and certain financial institutions’ balance sheets, but early rate cuts entail the risk of a rebound in inflation, (d) the 
prospect of Greece’s 
and Bulgaria’s 
major trade partners, 
primarily the euro 
area, remaining stagnant 
or even facing 
a temporary 
downturn, 
(e) the 
persistently 
large current 
account 
deficits that 
have 
started 
to become 
once again 
a structural 
feature 
of the 
Greek economy, 
(f) the absorption capacity of 
the NGEU and MFF funds 
and the attraction 
of new investments 
in the countries of 
presence, 
especially 
in 
Greece, 
(g) 
the 
effective 
and 
timely 
implementation 
of 
the 
reform 
agenda 
required 
to 
meet 
the 
RRF 
milestones and targets and to boost productivity, 
competitiveness, and resilience and (h) the exacerbation of natural 
disasters due 
to the climate change and their effect on GDP, 
employment, fiscal balance and sustainable development 
in the long run.
Materialization of the above risks, would have potentially 
adverse effects on the fiscal planning 
of the Greek government, as it 
could 
decelerate the pace 
of expected 
growth and on 
the liquidity, 
asset quality, 
solvency and profitability 
of the Greek 
banking sector. 
In 
this 
context, 
the 
Group’s 
Management 
and 
Board 
are 
continuously 
monitoring 
the 
developments 
on 
the 
macroeconomic, 
financial and geopolitical fronts as well as the evolution of the 
Group’s asset quality and liquidity KPIs and have increased their level 
of 
readiness, 
so 
as 
to 
accommodate 
decisions, 
initiatives 
and policies 
to 
protect 
the 
Group’s 
capital, 
asset 
quality 
and 
liquidity 
standing 
as 
well 
as 
the 
fulfilment, 
to 
the 
maximum 
possible 
degree, 
of 
its 
strategic 
and 
business 
goals 
in 
accordance 
with 
the 
business plan for 2024 - 2026.
For the year ended 31 
December 2023, at the Group level, 
the net profit attributable 
to shareholders amounted 
to € 1,140 million 
(2022: € 1,347 million, restated). The 
adjusted net profit, excluding 
the € 111 million gain arising from the acquisition 
of the 29.2% 
shareholding of Hellenic Bank, accounted 
for as an associate, € 
141 million net loss from 
discontinued operations, € 
48 million net 
loss on projects ‘Solar’ and ‘Leon' related to the NPE reduction plan, € 10 million provision (after tax) for the Bank’s 
contribution to 
the restoration initiatives after 
natural disasters, and € 29 million restructuring costs (after 
tax) amounted to € 1,256 million (2022: 
€ 1,178 million, restated), of which € 468 million profit 
was related to the international 
operations (2022: € 211 million profit). The 
net profit for 
the Company, 
carrying the impact of 
the Bank’s 
distribution of non-mandatory 
reserves totalling €410 
million to the 
Company 
(note 15), 
equals to 
€ 403 
million (2022: 
€ 8 
million loss). 
The Group’s 
Total 
Adequacy Ratio 
(total CAD) 
and Common 
Equity Tier 
1 (CET1) ratios 
stood at 
19.4% (31 
December 2022: 19.2%) 
and 16.9% 
(31 December 2022: 
16%) respectively 
as at 
31 
December 2023. 
The 
Group 
completed 
successfully 
the 
2023 EU-wide 
stress 
test 
(ST), which 
was 
coordinated 
by the 
European 
Banking Authority (EBA) 
in cooperation with 
the ECB and 
the European Systemic Risk 
Board (ESRB). On 
9 October 2023, 
the Company 
completed the 
buy back of 
all of its 
issued shares held 
by HFSF. 
Accordingly, 
the Company 
and the Bank 
are no 
longer subject 
to 
Law 3864/2010 and to the special rights of HFSF provided 
for in the law. 
With regard to asset quality, as at 31 December 2023, the Group’s NPE stock stood at € 1.5 billion, following the classification of the 
loan portfolio of project ‘Leon’ 
as held for sale, the 
sale of Eurobank Direktna and 
the write-offs during the year (31 
December 2022: 
€ 
2.3 
billion), 
driving 
the 
NPE 
ratio 
to 
3.5% 
(31 
December 
2022: 
5.2%), 
while 
the 
NPE 
coverage 
ratio 
improved 
to 
86.4% 
(31 
December 2022: 74.6%). 
In terms 
of liquidity, 
as at 
31 December 2023, 
following the 
completion of 
the sale of 
Eurobank Direktna 
a.d. disposal 
group, the 
Group deposits 
stood at 
€ 57.4 billion 
(31 December 2022: 
€ 57.2 billion), 
while the 
funding from 
the ECB refinancing 
operations 
amounted to € 3.8 billion 
(31 December 2022: € 
8.8 billion). During the year, the Bank proceeded 
with the issuance of 
two preferred 
senior notes of 
€ 500 million 
each. More recently, in January 
2024, the Company 
completed the issue 
of a € 
300 million Subordinated 
Tier II debt instrument. The rise in high quality 
liquid assets of the Group led the respective Liquidity Coverage ratio (LCR) to 178.6% 
(31 December 2022: 173%). 
Going concern assessment
The Board of Directors, acknowledging the geopolitical, macroeconomic and financial risks to the economy and the banking system 
and taking 
into account 
the above 
factors 
relating to 
(a) the 
idiosyncratic 
growth opportunities 
in Greece 
and the 
region for 
this 
and the next years, 
also underpinned by the mobilisation 
of the already approved 
EU funding mainly through 
the RRF, 
and (b) the 
Group’s pre-provision 
income generating capacity, 
asset quality, capital adequacy and liquidity position, has been satisfied that the 
financial statements of the Company 
can be prepared on a going concern basis.

 
 
 
Notes to the Financial Statements 
.
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Statements 
2.1.1 
New and amended standards and interpretations
(a) New and amended standards adopted by the Company as 
of 1 January 2023
The following amendments to standards 
as issued by the IASB and endorsed by the EU, that are relevant 
to the Company, 
apply as 
of 1 January 2023: 
IAS 8, Amendments, Definition of Accounting Estimates 
The amendments in IAS 
8 “Accounting Policies, Changes in Accounting Estimates and 
Errors” introduced the definition of accounting 
estimates and include other 
amendments to IAS 8 which 
are intended to help 
entities distinguish changes in 
accounting estimates 
from changes in accounting policies.
The amendments 
clarify how 
accounting policies 
and accounting 
estimates relate 
to each 
other by 
(i) explaining 
that accounting 
estimates are developed if the application of accounting policies requires items in the financial statements to be measured in a 
way 
that involves a measurement uncertainty and (ii) replacing 
the definition of a change in accounting estimates with the definition of 
accounting estimates, 
where accounting 
estimates are 
defined as 
“monetary amounts 
in financial statements 
that are 
subject to 
measurement uncertainty”. 
In addition, the amendments 
clarify that selecting an 
estimation or valuation 
technique and choosing 
the inputs to be used constitutes development 
of an accounting estimate and that 
the effects of a change in an input or technique 
used to 
develop 
an accounting 
estimate 
are 
changes in 
accounting 
estimates, 
if they 
do not 
result 
from 
the correction 
of prior 
period errors.
The adoption of the amendments had no impact on the financial statements.
Amendments to IAS 1 Presentation of Financial Statements 
and IFRS Practice Statement 2: Disclosure 
of Accounting policies 
IASB issued amendments to IAS 1 “Presentation 
of Financial Statements” that require 
entities to disclose their material accounting 
policies rather than their significant accounting policies. 
According 
to IASB, 
accounting policy 
information 
is material 
if, 
when considered 
together 
with other 
information 
included in 
an 
entity’s financial statements, it can 
reasonably be expected to 
influence decisions that 
the primary users 
of general purpose financial 
statements make on the 
basis of those financial statements.
Furthermore, the 
amendments clarify how 
an entity can 
identify material 
accounting policy 
information and 
provide examples 
of 
when accounting policy information is likely to be material. The amendments 
to IAS 1 also clarify that immaterial accounting policy 
information does not need to be disclosed. However, 
if it is disclosed, it should not obscure material accounting policy information. 
To support the IAS 1 
amendments, the Board has 
also developed guidance 
and examples to explain 
and demonstrate the application 
of the ”four-step 
materiality process”, 
as described in IFRS Practice 
Statement 2 “Making 
Materiality Judgements”,” 
to accounting 
policy disclosures.
The adoption of the amendments 
had no impact on the financial 
statements. The 
Company took into 
account the amendments in 
disclosing its material accounting policies (note 2.2).
IAS 12, Amendments, Deferred Tax 
related to Assets and Liabilities arising from a Single Transaction 
The amendments clarify 
that the exemption 
on initial recognition 
set out in IAS 
12 ‘Income Taxes’ 
does not apply 
for transactions 
such as 
leases and 
decommissioning obligations 
that, on 
initial recognition, 
give rise 
to equal 
amounts of 
taxable and 
deductible 
temporary 
differences. 
Accordingly, 
for 
such 
transactions 
an 
entity 
is 
required 
to 
recognise 
the 
related 
deferred 
tax 
asset 
and 
liability, with the recognition 
of any deferred tax 
asset being subject to the recoverability 
criteria in IAS 12. The amendments apply 
to transactions that occur on or after the beginning of the earliest 
comparative period presented.
The adoption of the amendments had no impact on the financial statements.
IAS 12, Amendment, International Tax 
Reform – Pillar Two Model Rules 
The amendments introduce a mandatory temporary exception (
relief
) from the recognition and disclosure of deferred taxes arising 
from the 
implementation of 
the Organisation 
for Economic 
Co-operation and 
Development’s (OECD) 
Pillar Two 
model rules (“the 
Pillar Two Income taxes”) 
that are applicable as of 1 January 2024. 

 
 
 
Notes to the Financial Statements 
.
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31 December 
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Statements 
Additionally, 
the amendments 
require 
an entity 
to disclose 
that it 
has applied 
the above 
exception 
related 
to Pillar 
Two 
income 
taxes, while 
in the periods in 
which the legislation 
is (substantively) enacted 
but not yet effective, 
an entity is required 
to disclose 
of known 
or reasonably 
estimable information 
that helps 
users of 
financial statements 
understand 
the entity’s 
exposure 
arising 
from Pillar Two 
income taxes. Subsequently, 
in the periods when 
the legislation is 
effective it 
is required to 
separately disclose 
its 
current tax expense (income) related 
to Pillar Two income taxes.
The Company 
has adopted 
the amendments 
and the 
temporary exception 
retrospectively, 
upon their 
endorsement by 
the EU 
in 
November 2023. 
The adoption of the amendments
had no impact on the financial statements.
Further information in respect of the Company’s 
exposure to Pillar Two 
income taxes is provided in note 8.
(b) New and amended standards not yet adopted by the Company 
A number of amendments to existing standards are effective 
after 2023, as they have not yet been endorsed by the EU or have not 
been early applied by the Company. 
Those that may be relevant to the 
Company are set out below: 
IAS 1, Amendments, Classification of Liabilities as Current or Non-Current 
(effective 1 January 2024)
The 
amendments, 
published 
in January 
2020, introduce 
a definition 
of 
settlement 
of 
a liability, 
while 
they 
make 
clear 
that 
the 
classification of liabilities as 
current or non-current should be 
based on rights 
that are in 
existence at the end 
of the reporting period. 
In addition, it is clarified that 
the assessment for liabilities 
classification made at the 
end of the reporting 
period is not affected 
by 
the expectations about whether an entity 
will exercise its right to 
defer settlement of a liability. 
The Board also clarified that when 
classifying liabilities as current or non-current, an entity can 
ignore only those conversion options that 
are classified as equity. 
In October 2022, the IASB issued Non-current Liabilities with 
Covenants (Amendments to IAS 1) with respect to 
liabilities for which 
an entity’s 
right to 
defer settlement 
for at 
least 12 
months is 
subject to 
the entity 
complying with 
conditions after 
the reporting 
period. The amendments specify that covenants to be complied with after the 
reporting date do not affect the classification of debt 
as current or 
non-current at the 
reporting date. 
Instead, the amendments 
require a company 
to disclose information 
about these 
covenants in the notes to the financial statements.
The adoption of the amendments is not expected to impact the financial statements.
2.2 
Material accounting policies
2.2.1 
Investments in subsidiaries 
Investments 
in subsidiaries, including 
investments acquired 
through common 
control transactions, 
are accounted 
at cost 
less any 
impairment losses. Cost is 
the fair value of 
the consideration given 
being the amount of 
cash or shares issued, 
or if that cannot be 
determined reliably, 
the consideration received together 
with any directly attributable costs. 
As an exception to the above measurement basis, when the Company transfers an existing Group entity or business sector to a 
new 
subsidiary 
formed 
for 
this 
purpose 
in 
a 
share 
for 
share 
exchange 
that 
does 
not 
have 
commercial 
substance, 
the 
Company’s 
investment in that newly formed 
subsidiary is recognized at the carrying amount of 
the transferred entity. 
Dividend 
income 
from 
investments 
in 
subsidiaries 
is recognised 
in 
the 
income 
statement 
when 
the 
right 
to 
receive 
payment 
is 
established, that is when the dividend distribution is approved 
by the appropriate body of the entity.
A listing of the Company’s subsidiaries is set out 
in note 10.
2.2.2 Foreign currencies
Foreign currency 
transactions 
are translated 
into the 
functional currency 
using the 
exchange 
rates 
prevailing 
at the 
dates of 
the 
transactions. 
Foreign exchange 
gains and 
losses resulting 
from the 
settlement of 
such transactions 
are recognized 
in the 
income 
statement.
Monetary assets and liabilities denominated in foreign 
currencies are translated into the functional currency 
at the exchange rates 
prevailing at each reporting date and 
exchange differences are 
recognized in the income statement.
Non-monetary assets and liabilities are 
translated into the functional currency at the 
exchange rates prevailing at initial recognition.

 
 
 
Notes to the Financial Statements 
.
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31 December 
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Statements 
2.2.3 Interest income and expense
Interest 
income and 
expense are 
recognized 
in the 
income statement 
for all 
interest 
bearing financial 
instruments on 
an accrual 
basis, using the 
effective interest 
rate (EIR) 
method. The effective 
interest rate 
is the rate 
that exactly 
discounts estimated 
future 
cash payments or receipts through the expected life of the financial instrument 
or, when appropriate, 
a shorter period to the gross 
carrying 
amount 
of 
the 
financial 
asset 
or 
to 
the 
amortized 
cost 
of 
a 
financial 
liability. 
When 
calculating 
the 
EIR 
for 
financial 
instruments, the 
Company estimates 
future cash 
flows considering 
all contractual 
terms of 
the financial 
instrument but 
does not 
consider expected credit losses. 
The EIR calculation includes fees and basis points paid or received that are an integral part of 
the effective interest rate, transaction 
costs, and other premiums or discounts. Transaction costs include incremental costs that are directly attributable to the acquisition 
or issue of a financial asset or liability.
The amortized 
cost of 
a financial 
asset or 
liability is 
the amount 
at which 
it is 
measured upon 
initial recognition 
minus principal 
repayments, plus or minus cumulative 
amortization using the EIR (as described above) and for 
financial assets it is adjusted for the 
expected 
credit 
loss 
allowance. 
The 
gross 
carrying 
amount 
of 
a 
financial 
asset 
is 
its 
amortized 
cost 
before 
adjusting 
for 
ECL 
allowance.
The Company 
calculates interest 
income and 
expense by 
applying the EIR 
to the 
gross carrying 
amount of 
non-impaired financial 
assets (exposures in Stage 1 and 2) and to the 
amortized cost of financial liabilities respectively. 
For 
financial 
assets 
that 
have 
become 
credit-impaired 
subsequent 
to 
initial 
recognition 
(exposures 
in 
Stage 
3), 
the 
Company 
calculates 
interest 
income by 
applying the 
effective 
interest 
rate 
to the 
amortized 
cost 
of the 
financial asset 
(i.e. gross 
carrying 
amount adjusted 
for the expected 
credit loss allowance). 
If the asset is 
no longer credit 
-impaired, then the 
EIR is applied again 
to 
the gross carrying amount.
Interest income and expense are presented separately 
in the income statement for all interest bearing financial instruments within 
net interest income.
2.2.4 Impairment of subsidiaries
The Company assesses at 
each reporting date whether 
there is any indication 
that its investments 
in subsidiaries may be impaired 
by considering 
both external 
and internal 
sources of 
information, 
such as 
the net 
assets compared 
to the 
carrying value 
of each 
subsidiary, 
as well 
as forward 
looking developments 
and/or economy 
sector in 
which they 
operate. 
In addition, 
the collection 
of 
dividends from subsidiaries is also a potential 
trigger that may indicate that 
the respective investments 
are impaired. In particular, 
when 
dividend 
is 
received 
from 
the 
Company’s 
subsidiaries, 
it 
is 
also 
examined 
whether 
that 
dividend 
exceeds 
the 
total 
comprehensive income of the 
subsidiary in the period the dividend is declared, 
to determine whether an indication 
of impairment 
exists.
If any 
indication of 
impairment exists 
at each 
reporting date, 
the Company 
estimates the 
recoverable 
amount of 
the investment, 
being the higher of its fair value less costs to sell and 
its value in use.
An impairment loss is recognized in profit or loss when the 
recoverable amount of the investment 
is less than its carrying amount.
Investments 
in 
subsidiaries 
for 
which 
an 
impairment 
loss 
was 
recognized 
in 
prior 
reporting 
periods, 
are 
reviewed 
for 
possible 
reversal of such impairment at each reporting 
date.
2.2.5 Financial assets
Financial assets – Classification and measurement
The Company classifies 
its financial assets based 
on the business model 
for managing those assets 
and their contractual 
cash flow 
characteristics. 
Accordingly, 
financial assets 
are classified 
into one 
of the following 
measurement categories: 
amortized cost 
(AC) 
and fair value through other comprehensive 
income (FVOCI).
Financial Assets measured at Amortized Cost (‘AC’)
The Company classifies and measures a financial asset at AC only if both of the following 
conditions are met:

 
 
 
Notes to the Financial Statements 
.
11
 
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31 December 
2023 Financial 
Statements 
(a) The financial asset is held within 
a business model whose objective is to 
collect contractual cash flows 
(hold-to-collect business 
model) and,
(b) The contractual 
terms of the financial 
asset give rise on 
specified dates to 
cash flows that 
are solely payments 
of principal and 
interest on the principal amount outstanding 
(SPPI).
These financial assets 
are recognized initially at 
fair value plus 
or minus direct 
and incremental transaction costs 
that are attributable 
to the acquisition of these assets, and are subsequently 
measured at amortized cost, using the effective 
interest rate 
(EIR) method 
(as described in 2.2.3 above).
Interest income, realized 
gains and losses on derecognition, 
and changes in expected credit 
losses from assets classified at 
AC, are 
included in the income statement.
Financial Assets measured at Fair Value through Other 
Comprehensive Income (‘FVOCI’)
The Company classifies and measures a financial asset at FVOCI only if both of the 
following conditions are met:
(a) The 
financial asset 
is held 
within a 
business model 
whose objective 
is achieved 
by both 
collecting contractual 
cash flows 
and 
selling financial assets (hold-to-collect-and-sell business model) and,
(b) The contractual terms of the financial asset give rise on specified dates 
to cash flows that are SPPI.
Financial 
assets 
that 
meet these 
criteria 
are 
debt 
instruments 
and are 
measured 
initially 
at 
fair 
value, 
plus or 
minus direct 
and 
incremental transaction costs that 
are attributable to the acquisition of these assets.
Subsequent to 
initial recognition, 
FVOCI debt 
instruments are 
re-measured at 
fair value 
through OCI, 
except for 
interest 
income, 
related 
foreign 
exchange 
gains 
or losses 
and expected 
credit losses, 
which are 
recognized 
in the 
income statement. 
Cumulative 
gains 
and 
losses 
previously 
recognized 
in 
OCI 
are 
transferred 
from 
OCI 
to 
the 
income 
statement 
when 
the 
debt 
instrument 
is 
derecognised.
Business model and contractual characteristics assessment
The business model assessment determines how the Company 
manages a group of assets to generate 
cash flows. That is, whether 
the Company's 
objective is solely 
to collect contractual 
cash flows from 
the asset, to 
realize cash 
flows from the 
sale of assets, 
or 
both to 
collect contractual 
cash flows 
and cash 
flows from 
the sale of 
assets. In addition, 
the business 
model is determined 
after 
aggregating the 
financial assets into 
groups (business lines) 
which are managed 
similarly rather 
than at an 
individual instrument’s 
level. 
The business model 
is determined by 
the Company’s key management personnel consistently with 
the operating model, considering 
how 
financial 
assets 
are 
managed 
in 
order 
to 
generate 
cash 
flows, 
the 
objectives 
and 
how 
performance 
of 
each 
portfolio 
is 
monitored and reported and any available 
information on past sales and on future sales’ strategy, 
where applicable.
Accordingly, in making the above assessment, the Company will consider a number of 
factors including the risks associated with the 
performance of the business model and how those risks are evaluated and managed, the related personnel compensation, 
and the 
frequency, volume 
and reasons of past sales, as well as expectations about future 
sales activity.
Types of business models
The Company’s 
business models 
fall into 
two categories, 
which are 
indicative of 
the key 
strategies used 
to generate 
returns. The 
hold-to-collect (HTC) business model 
has the objective 
to hold the 
financial assets in 
order to collect 
contractual cash flows. Financial 
assets classified 
within this 
business model 
include investment 
securities and 
due from 
banks, which 
are measured 
at amortized 
cost. Sales within this model are monitored and may be 
performed for reasons which are not inconsistent with this business model. 
More specifically, sales of financial assets 
due to credit deterioration, as well 
as sales close 
to the maturity are considered consistent 
with 
the 
objective 
of 
hold-to-collect 
contractual 
cash 
flows 
regardless 
of 
value 
and 
frequency. 
Sales 
for 
other 
reasons 
may 
be 
consistent with the HTC model such as liquidity needs in any stress case scenario or sales made to manage high concentration level 
of credit risk. 
Such sales are 
monitored and 
assessed depending on 
frequency and value 
to conclude whether 
they are 
consistent 
with the HTC model. 
The hold-to-collect-and-sell 
business model 
(HTC&S) has 
the objective 
both to 
collect contractual 
cash flows 
and sell 
the assets. 
Activities such 
as liquidity management, 
interest yield 
and duration 
are consistent 
with this business 
model, while sales 
of assets 

 
 
 
Notes to the Financial Statements 
.
12
 
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31 December 
2023 Financial 
Statements 
are 
integral 
to 
achieving 
the 
objectives 
of 
this 
business 
model. 
Financial 
assets 
classified 
within 
this 
business 
model 
include 
investment securities which are measured at 
FVOCI, subject to meeting the SPPI assessment criteria.
Cash flow characteristics assessment
For 
a financial 
asset to 
be measured 
at 
AC, 
its contractual 
terms must 
give rise 
on specified 
dates 
to 
cash flows 
that 
are solely 
payments of principal and interest (SPPI) on 
the principal amount outstanding.
For 
the 
purpose 
of 
this 
assessment 
principal 
is 
defined 
as 
the 
fair 
value 
of 
the 
asset 
at 
initial 
recognition 
and 
interest 
as 
the 
consideration for the time value of money, 
credit risk, other basic lending risks and a profit margin.
More specifically, 
at the initial recognition 
of a financial asset, an 
assessment is performed of 
whether the financial asset 
contains 
a contractual term 
that could change the amount 
or timing of contractual 
cash flows in a way 
that it would not be 
consistent with 
the 
above 
condition. 
The 
Company 
considers 
the 
existence 
of 
various 
features, 
including 
among 
others, 
prepayment 
terms, 
deferred 
interest-free 
payments, extension 
and equity 
conversion 
options . 
Where the 
contractual 
terms introduce 
exposure to 
risk or volatility 
that are inconsistent 
with a basic lending 
arrangement, the related 
financial asset is considered 
to have 
failed the 
SPPI assessment and will be measured at FVTPL.
In 
addition, 
for 
the 
purposes 
of 
the 
SPPI 
assessment, 
if 
a 
contractual 
feature 
could 
have 
an 
effect 
that 
is 
de-minimis 
on 
the 
contractual cash flows of the financial asset, it 
does not affect its classification. Moreover, a contractual feature is considered as not 
genuine by the Company, 
if it affects the 
instrument’s contractual 
cash flows only on the 
occurrence of an event 
that is extremely 
rare, highly abnormal and very unlikely to 
occur. 
In such a case, it does not affect the instrument’s 
classification.
Derecognition of financial assets
The Company 
derecognizes 
a financial 
asset when 
its contractual 
cash flows 
expire, or 
the rights 
to receive 
those cash 
flows are 
transferred in an outright sale 
in which substantially all 
risks and rewards of 
ownership have been transferred. In addition, 
a financial 
asset is derecognized even 
if rights to receive cash 
flows are retained 
but at the same time the Company 
assumes an obligation to 
pay the received cash 
flows without a material 
delay (pass through agreement) 
or when substantially all 
the risks and rewards 
are 
neither transferred 
nor retained 
but the 
Company has 
transferred 
control 
of the 
asset. Control 
is transferred 
if, 
and only 
if, 
the 
transferee 
has 
the 
practical 
ability 
to 
sell 
the 
asset 
in 
its 
entirety 
to 
unrelated 
third 
party 
and 
is 
able 
to 
exercise 
that 
ability 
unilaterally and without imposing additional restrictions 
on the transfer. 
On derecognition 
of 
a financial 
asset, 
the difference 
between 
the 
carrying 
amount 
of 
the asset 
and the 
consideration 
received 
(including any new asset obtained less any new 
liability assumed) is recognized in income statement.
Modification of financial assets that may result in derecognition
In addition, derecognition of financial 
asset arises when its contractual 
cash flows are modified and 
the modification is considered 
substantial 
enough so 
that the 
original asset 
is derecognized 
and a 
new one 
is recognised. 
Substantial 
modifications resulting 
in 
derecognition may 
include among others 
change in borrower, 
change in the asset’s 
denomination currency, 
debt consolidation of 
unsecured exposure into a single new secured asset. The Company records the modified asset 
as a ‘new’ financial asset at 
fair value 
plus 
any 
eligible 
transaction 
costs 
and 
the 
difference 
with 
the 
carrying 
amount 
of 
the 
existing 
one 
is 
recorded 
in 
the 
income 
statement as derecognition 
gain or loss.
2.2.6 Financial liabilities
Financial liabilities - Classification and measurement
The Company classifies its financial liabilities at amortized cost 
category.
These 
financial 
liabilities 
are 
recognized 
initially 
at 
fair 
value 
minus 
transaction 
costs 
that 
are 
attributable 
to 
the 
issue of 
these 
liabilities, and 
are subsequently 
measured at 
amortized cost, 
using the 
effective interest 
rate (EIR) 
method (as 
described in 
2.2.3 
above).
Derecognition of financial liabilities
A 
financial 
liability is 
derecognized 
when 
the obligation 
under 
the liability 
is discharged, 
cancelled or 
expires. 
When 
an existing 
financial liability of the Company is replaced by another 
from the same counterparty on substantially 
different terms, or the 
terms 

 
 
 
Notes to the Financial Statements 
.
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31 December 
2023 Financial 
Statements 
of an existing 
liability are substantially 
modified, such an 
exchange or 
modification is treated 
as an extinguishment 
of the original 
liability and the recognition of a new liability and any difference 
arising is recognized in the income statement.
The Company 
considers the 
terms to 
be substantially 
different, 
if the 
discounted present 
value of 
the cash 
flows under 
the new 
terms, 
including any 
fees 
paid net 
of any 
fees 
received 
and discounted 
using the 
original effective 
interest 
rate, 
is at 
least 10% 
different from the discounted 
present value of the remaining cash flows 
of the original financial liability.
If an exchange 
of debt instruments 
or modification of 
terms is accounted 
for as an 
extinguishment, any 
costs or fees 
incurred are 
recognized 
as 
part 
of 
the 
gain 
or 
loss 
on 
the 
extinguishment. 
If 
the 
exchange 
or 
modification 
is 
not 
accounted 
for 
as 
an 
extinguishment, any costs or fees incurred adjust the carrying amount 
of the liability and are amortized over the remaining term of 
the modified liability.
Similarly, 
when the 
Company 
repurchases 
any 
debt instruments 
issued by 
the Company, 
it accounts 
for 
such transactions 
as an 
extinguishment of debt.
2.2.7 Fair value measurement of financial instruments
Fair 
value of 
financial instruments 
is the 
price that 
would be 
received to 
sell an 
asset or 
paid to 
transfer 
a liability 
in an 
orderly 
transaction 
between 
market 
participants 
at 
the 
measurement 
date 
under 
current 
market 
conditions 
in 
the 
principal 
or, 
in 
its 
absence, the most advantageous 
market to which the Company 
has access at that date. The fair 
value of a liability reflects its 
non-
performance risk.
When 
available, 
the 
Company 
measures 
the 
fair 
value 
of 
an 
instrument 
using 
the 
quoted 
price 
in 
an 
active 
market 
for 
that 
instrument. A market 
is regarded as 
active if transactions 
for the asset 
or liability take 
place with sufficient 
frequency and volume 
to provide 
pricing information 
on an ongoing 
basis. If there 
is no quoted 
price in an 
active market, 
then the Company 
uses other 
valuation techniques that maximize the use of relevant observable inputs and minimize the use of 
unobservable inputs. The chosen 
valuation technique incorporates 
all of the factors that market 
participants would take into 
account in pricing a transaction.
The Company has elected to use mid-market pricing 
as a practical expedient for fair 
value measurements within a bid-ask spread.
The best evidence of the fair value of a financial instrument at initial recognition is normally the transaction price, i.e. the fair value 
of the 
consideration 
given or 
received 
unless the 
Company 
determines 
that 
the fair 
value 
at 
initial recognition 
differs 
from the 
transaction price. 
In this case, 
if the fair 
value is 
evidenced by 
a quoted 
price in an 
active market 
for an 
identical asset 
or liability 
(i.e. 
Level 
1 
input) 
or 
based 
on 
a 
valuation 
technique 
that 
uses 
only 
data 
from 
observable 
markets, 
a 
day 
one 
gain 
or 
loss 
is 
recognized 
in 
the 
income 
statement. 
On 
the 
other 
hand, 
if 
the 
fair 
value 
is 
evidenced 
by 
a 
valuation 
technique 
that 
uses 
unobservable inputs, 
the financial instrument 
is initially measured 
at fair 
value, adjusted 
to defer 
the difference 
between the fair 
value at initial 
recognition and the 
transaction price (day 
one gain or 
loss). Subsequently the deferred 
gain or loss 
is amortized on 
an appropriate 
basis over the 
life of the 
instrument or released 
earlier if a quoted 
price in an 
active market 
or observable market 
data become available or the financial instrument 
is closed out.
All assets and liabilities for which fair value is 
measured or disclosed in the financial 
statements are categorized within the fair value 
hierarchy based on the lowest level 
input that is significant to the fair value 
measurement as a whole.
For assets and liabilities that 
are measured at fair 
value on a recurring basis, 
the Company recognizes transfers 
into and out of the 
fair value hierarchy 
levels at the beginning of the quarter in which a financial instrument's transfer 
was effected.
2.2.8 Impairment of financial assets
The Company recognizes allowance for 
expected credit losses (ECL) that 
reflect changes in credit quality since initial recognition 
to 
financial assets 
that are 
measured at 
AC. ECL 
are a 
probability-weighted 
average 
estimate 
of credit 
losses that 
reflects the 
time 
value of money.
Upon initial recognition 
of the financial instruments, 
the Company records 
a loss allowance equal 
to 12-month ECL, 
being the ECL 
that result from default events 
that are possible within the next twelve months. 
Subsequently, for 
those financial instruments 
that 
have 
experienced 
a 
significant 
increase 
in 
credit 
risk 
(SICR) 
since 
initial 
recognition, 
a 
loss 
allowance 
equal 
to 
lifetime 
ECL 
is 
recognized, arising from default 
events that are possible over the expected life 
of the instrument.
Accordingly, 
ECL are recognized using a three-stage 
approach based on the extent of credit deterioration 
since origination:

 
 
 
Notes to the Financial Statements 
.
14
 
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31 December 
2023 Financial 
Statements 
•
Stage 1 – When there is no significant increase in credit risk since initial recognition of a financial instrument, an amount equal 
to 12-month 
ECL is recorded. 
The 12 – 
month ECL 
represent a 
portion of lifetime 
losses, that 
result from 
default events 
that 
are possible within the next 12 months after the reporting date and is equal to the expected cash shortfalls 
over the life of the 
instrument or group of 
instruments, due to loss 
events probable within the 
next 12 months. Not 
credit-impaired financial assets 
that are either newly 
originated or purchased, as well 
as assets recognized following 
a substantial modification 
accounted for 
as a derecognition, are classified initially in Stage 1. 
•
Stage 2 – When a financial instrument experiences a SICR subsequent to 
origination but is not considered to be in default, it is 
included 
in 
Stage 
2. Lifetime 
ECL 
represent 
the expected 
credit 
losses 
that 
result 
from 
all possible 
default 
events 
over 
the 
expected life of the financial instrument. 
•
Stage 3 – Financial instruments that are considered to be in default are included in this stage. Similar to Stage 2, the allowance 
for credit losses captures the lifetime expected 
credit losses. 
A financial asset is credit-impaired when one or more 
events that have a detrimental 
impact on the estimated future cash flows 
of 
that exposure have occurred:
•
The borrower faces a significant difficulty 
in meeting his financial obligations. 
•
There has been a breach of contract, 
such as a default or past due event. 
•
The Company, 
for economic or contractual 
reasons relating to the borrower’s 
financial difficulty, has 
granted to the borrower 
a concession(s) that the Company would not otherwise consider. 
•
There is a probability that the borrower 
will enter bankruptcy or other financial re-organization. 
The Company 
determines 
the risk 
of default 
using an 
internal credit 
rating 
scale. In 
particular, 
the Company 
considers 
financial 
assets as credit impaired if the internal rating 
of the counterparty corresponds to a rating 
equivalent to "C" (Moody's rating 
scale).
Significant increase in credit risk (SICR) and staging allocation
Determining 
whether 
a 
loss 
allowance 
should 
be 
based 
on 
12-month 
expected 
credit 
losses 
or 
lifetime 
expected 
credit 
losses 
depends on whether there has been a significant increase in credit 
risk (SICR) of the financial assets since initial recognition. 
At 
each reporting 
date, 
the Company 
performs 
an assessment 
as to 
whether 
the risk 
of a 
default 
occurring over 
the remaining 
expected lifetime 
of the 
exposure has 
increased significantly 
from the 
expected risk 
of a default 
estimated at 
origination for 
that 
point in time.
Specifically, the assessment 
of SICR is performed on an individual basis based on the number of notches downgrade 
in the internal 
credit rating scale since the origination date. 
Transfers from Stage 
2 to Stage 1
A financial asset, which is classified to Stage 2 due to SICR, is reclassified to Stage 1, as long as it does not meet anymore 
any of the 
Stage 2 Criteria.
Transfers from Stage 
3 to Stage 2
A financial asset 
is transferred 
from Stage 
3 to Stage 
2, when the 
criteria based on 
which the financial 
asset was 
characterized as 
credit impaired, are no longer valid.
Measurement of Expected Credit Losses/ECL Key Inputs
The ECL calculations 
are based on 
the term structures 
of the probability 
of default (PD), 
the loss 
given default (LGD) and 
the exposure 
at 
default 
(EAD). Generally, 
these parameters 
are 
based on 
observed 
point-in-time and 
historical 
data, 
derived 
by international 
rating agencies.
The PDs are obtained by an 
international rating agency using risk methodologies that 
maximize the use of objective non-judgmental 
variables and market data. The Company 
assigns internal credit ratings to each counterparty 
based on these PDs.
The Exposure at default 
(EAD) is an estimate of 
the exposure at a future 
default date, taking 
into account expected 
changes in the 
exposure after the reporting date.
The LGD is typically 
based on historical 
data derived mainly 
from rating 
agencies’ studies but may 
also be determined 
considering 
the existing and expected liabilities structure 
of the obligor and macroeconomic environment.

 
 
 
Notes to the Financial Statements 
.
15
 
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31 December 
2023 Financial 
Statements 
Presentation of impairment allowance
For financial assets measured at amortized cost, impairment allowance is 
recognized as a loss allowance reducing the gross 
carrying 
amount of the financial assets in the balance sheet. The respective ECL 
is recognised within impairment losses.
Write-off of financial assets
Where the Company has no reasonable expectations of recovering 
a financial asset either in its entirety or a portion of it, the gross 
carrying amount of that 
instrument is reduced directly, 
partially or in full, against 
the impairment allowance. The 
amount written-
off is considered as derecognized. Subsequent recoveries of amounts 
previously written off decrease the amount 
of the impairment 
losses in the income statement.
2.2.9 Income tax
Income tax consists of current and 
deferred tax.
(i) Current income tax
Income tax payable 
on profits, based 
on the applicable 
tax law and 
the tax rate 
enacted at the reporting 
date, is recognized 
as an 
expense in the period in which profits arise.
(ii) Deferred tax
Deferred 
tax is 
provided 
in full, 
using the 
liability method, 
on temporary 
differences 
arising between 
the tax 
base of 
assets and 
liabilities and 
their carrying 
amounts in 
the financial 
statements. 
Deferred 
tax assets 
and liabilities are 
measured at 
the tax 
rates 
that are expected 
to apply to the 
period when the asset 
is realized or 
the liability is settled, 
based on tax 
rates (and tax 
laws) that 
have been enacted or substantively enacted 
by the balance sheet date.
Deferred 
tax 
assets are 
recognized 
where 
it is 
probable 
that 
future taxable 
profit 
will be 
available against 
which the 
temporary 
differences can be utilized. The carrying amount of deferred tax assets is reviewed at each 
reporting date and reduced to the extent 
that it is no longer probable that sufficient taxable profits will be available to allow all or part of the 
asset to be recovered. Any such 
reduction is reversed to the extent that it becomes probable that sufficient taxable profit will be available. The Company recognises 
a previously 
unrecognised 
deferred 
tax asset 
to the 
extent 
that it 
has become 
probable 
that future 
taxable 
profit will 
allow the 
deferred tax asset to be recovered. 
The deferred tax asset on income tax losses 
carried forward is recognized as an 
asset when it is 
probable that future taxable profits 
will be available against which these losses can be utilized.
The 
Company 
has 
applied the 
mandatory 
temporary 
exception 
(relief) to 
the 
requirement 
of IAS 
12 and 
does 
not recognise 
or 
disclose information about deferred 
taxes arising from the Pillar Two 
Income taxes.
(iii) Uncertain tax positions
The Company determines and assesses all material tax positions taken, 
including all, if any, significant uncertain positions, 
in all tax 
years that are still subject 
to assessment (or when 
the litigation is in 
progress) by relevant tax authorities. In 
evaluating tax positions, 
the 
Company 
examines 
all 
supporting 
evidence 
(Ministry 
of 
Finance 
circulars, 
individual 
rulings, 
case 
law, 
past 
administrative 
practices, ad hoc tax/legal 
opinions etc.) to the 
extent they are applicable 
to the facts and 
circumstances of the particular 
Company’s 
case/ transaction.
In addition, judgments concerning the recognition of a provision against the possibility of 
losing some of the tax positions are highly 
dependent on advice received from internal/ 
external legal counselors. For 
uncertain tax positions with a high level of uncertainty, 
the Company recognizes, on a 
transaction by transaction basis, 
or together as a 
group, depending on 
which approach better predicts 
the 
resolution 
of 
the 
uncertainty 
using 
an 
expected 
value 
(probability-weighted 
average) 
approach: 
(a) 
a 
provision 
against 
tax 
receivable which has been booked 
for the amount of income tax 
already paid but further pursued 
in courts or (b) a liability for 
the 
amount which is expected to be paid to the tax authorities. The Company presents in its balance sheet all uncertain tax balances as 
current or deferred tax 
assets or liabilities.
The Company as a general rule has opted to obtain 
an ‘Annual Tax 
Certificate’, 
which is issued after a tax audit is performed by the 
same statutory 
auditor or audit firm 
that audits the 
annual financial statements. 
Further information 
in respect of the 
Annual Tax 
Certificate and the related tax 
legislation, is provided in note 8.

 
 
 
Notes to the Financial Statements 
.
16
 
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31 December 
2023 Financial 
Statements 
2.2.10 Employee benefits
(i) Short term benefits
Short term employee benefits are those 
expected to be settled wholly before 
twelve months after the end of the annual reporting 
period in which the employees render the related 
services and are expensed as these services are provided.
(ii) Pension obligations
The Company provides 
a number of defined 
contribution pension 
plans where annual 
contributions are invested 
and allocated to 
specific asset categories. Eligible 
employees are entitled to the 
overall performance of the investment. The 
Company's contributions 
are recognized as employee benefit 
expense in the year in which they are paid.
(iii) Standard legal staff retirement indemnity obligations (SLSRI) and termination 
benefits
The 
Company 
operates 
unfunded 
defined 
benefit 
plans, 
under 
the 
regulatory 
framework. 
In 
accordance 
with 
the 
local 
labor 
legislation, 
the 
Company 
provides 
for 
staff 
retirement 
indemnity 
obligation 
for 
employees 
which 
are 
entitled 
to 
a 
lump 
sum 
payment based 
a) on the 
number of years 
of service, as 
of the date 
when employee 
service first 
leads to benefits 
under the plan 
until the date when further employee 
service will lead to no material amount 
of further benefits, and b) the level 
of remuneration 
at the date of retirement, if they remain in the employment of the Company until normal retirement age. In addition, the Company 
provides termination benefits mainly in respect of the Voluntary Exit Schemes (VES), which have been implemented through either 
lump-sum 
payments 
or 
long-term 
leaves 
during 
which 
the 
employees 
will 
be 
receiving 
a 
percentage 
of 
a 
monthly 
salary, 
or 
a 
combination 
thereof. 
Provision 
has 
been 
made 
for 
the 
actuarial 
value 
of 
the 
lump 
sum 
payable 
on 
retirement 
(SLSRI) 
and 
termination benefits 
using the projected 
unit credit method. 
Under this method 
the cost of 
providing retirement 
indemnities and 
termination benefits 
is charged 
to the income 
statement 
so as to 
spread the 
cost over 
the period of 
service of the 
employees, in 
accordance with the respective actuarial valuations 
which are performed every year.
The SLSRI and termination benefits obligation is calculated as the 
present value of the estimated future cash outflows using interest 
rates of 
high quality corporate 
bonds. The currency 
and term to 
maturity of the 
bonds used are 
consistent with 
the currency 
and 
estimated term 
of the retirement 
benefit obligations. 
Actuarial gains 
and losses that 
arise in calculating 
the Company’s 
SLSRI and 
termination benefits obligations 
are recognized 
directly in other comprehensive 
income in the period 
in which they occur 
and are 
not reclassified to the income statement 
in subsequent periods.
Interest cost 
on the staff 
retirement indemnity 
and termination 
benefits obligations, 
as well as 
service cost, 
consisting of 
current 
service cost, past service cost and gains or losses on settlement 
are recognized in the income statement.
Termination benefits are payable when employment is 
terminated by the Company 
before the normal retirement date, 
or whenever 
an employee accepts voluntary redundancy 
in exchange for these benefits 
(including those in the context of 
the VES implemented 
by the Company). The Company recognizes termination benefits at the earlier of the following dates: (a) when the Company can no 
longer 
withdraw 
the 
offer 
of 
those 
benefits; 
and 
(b) 
when 
the 
Company 
recognizes 
costs 
for 
a 
restructuring 
that 
involves 
the 
payment of 
termination benefits. 
Any reversals 
of the SLRSI 
obligation arising 
from employees 
that are 
included in the 
long-term 
leaves 
scheme 
are 
accounted 
for 
as 
a 
curtailment 
gain 
recognized 
in 
the 
income 
statement. 
In 
the 
case 
of 
an 
offer 
made 
to 
encourage voluntary 
redundancy, 
the termination 
benefits are measured 
based on the 
number of employees 
expected to 
accept 
the offer. Termination benefits falling due more than 12 
months after the 
end of the 
reporting period are 
discounted to their present 
value.
(iv) Performance-based cash payments
The Company's Management awards high performing employees with bonuses in cash, from time to time, on a discretionary basis. 
Cash 
payments 
requiring 
only 
Management 
approval 
are 
recognized 
as 
employee 
benefit 
expenses 
on 
an 
accrual 
basis. 
Cash 
payments requiring General 
Meeting approval as distribution of 
profits to staff 
are recognized as 
employee benefit expense in the 
accounting period that they are approved 
by the Company’s shareholders.
(v) Share-based payments
The Company’s Management awards 
employees with bonuses in the form of shares and share options on a discretionary basis and 
after taking 
into 
account the 
current 
legal framework. 
Non-performance 
related 
shares vest 
in the 
period granted. 
Share based 

 
 
 
Notes to the Financial Statements 
.
17
 
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31 December 
2023 Financial 
Statements 
payments 
that 
are 
contingent 
upon 
the 
achievement 
of 
a 
performance 
and 
service 
condition, 
vest 
only 
if 
both 
conditions 
are 
satisfied.
The fair 
value of 
the share 
options granted 
is recognized 
as an 
employee benefit 
expense over 
the vesting 
period, 
with an 
equal 
credit in equity 
i.e. no impact on 
the Company’s 
equity. The 
amount ultimately recognised 
as an expense 
is based on the 
number 
of awards that meet the related 
service and non-market performance conditions at the 
vesting date.
The fair value of the share 
options at grant date 
is determined by using an adjusted 
option pricing model which takes 
into account 
the exercise 
price, the 
exercise 
dates, 
the term 
of the 
option, the 
share 
price at 
grant 
date 
and expected 
price volatility 
of the 
underlying share, the 
expected dividend yield 
and the risk-free 
interest rate 
for the term 
of the options. 
The expected volatility 
is 
measured at the grant date of the options 
and is based on the historical volatility of the share price.
For share-based payment awards with non-vesting conditions, the fair 
value of the share-based payment at grant date also reflects 
such conditions and there is no true-up for differences 
between expected and actual outcomes.
When the options are exercised and new shares are issued, the proceeds received net 
of any directly attributable transaction costs 
are credited to share capital 
(par value) and share premium.
Share 
options 
granted 
by the 
Company 
to 
employees 
of 
group 
entities 
are 
treated 
as 
a contribution 
by 
the Company 
to 
these 
entities, thus increasing the investment cost 
in them.
2.2.11 Related party transactions
Related parties of the Company include:
(a) an entity that 
has control over 
the Company and 
entities controlled, jointly 
controlled or significantly 
influenced by this entity, 
as well as members of its key management 
personnel and their close family members;
(b) an entity that has significant influence over the 
Company and entities controlled by this entity;
(c) members of key management personnel of 
the Company, their close family members and entities 
controlled or jointly controlled 
by the abovementioned persons;
(d) subsidiaries; and
(e) post-employment benefit plans established 
for the benefit of the Group’s 
employees.
Transactions 
of similar nature are disclosed 
on an aggregate basis. All 
banking transactions entered into 
with related parties are in 
the normal course of business and are conducted on an arm's length 
basis.
2.2.12 Provisions and contingent liabilities
Provisions are recognized when the Company 
has a present legal or constructive obligation 
as a result of past events, it is probable 
that an 
outflow of resources 
embodying economic benefits 
will be required 
to settle 
the obligation, 
and reliable estimates 
of the 
amount of the obligation can be made.
The amount 
recognized 
as a 
provision 
is the 
best 
estimate 
of the 
expenditure 
required 
to settle 
the present 
obligation 
at each 
reporting date, taking into account 
the risks and uncertainties surrounding the amount of such expenditure.
Provisions are 
reviewed at 
each reporting 
date and 
adjusted to 
reflect the 
current best 
estimate. If, 
subsequently, 
it is 
no longer 
probable 
that 
an 
outflow 
of 
resources 
embodying 
economic 
benefits 
will 
be 
required 
to 
settle 
the 
obligation, 
the 
provision 
is 
reversed.
A provision 
is not 
recognized 
and a 
contingent 
liability is 
disclosed when 
it is 
not probable 
that 
an outflow 
of resources 
will be 
required to 
settle the obligation, 
when the amount 
of the obligation 
cannot be measured 
reliably or in 
case that the 
obligation is 
considered possible and is subject to the occurrence or non -occurrence of one 
or more uncertain future events.
2.2.13 Share capital
Ordinary shares and preference 
shares are classified as equity. 
Incremental costs directly attributable 
to the issue of new shares or 
options are shown in equity as a deduction from the proceeds, net 
of tax.

 
 
 
Notes to the Financial Statements 
.
18
 
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31 December 
2023 Financial 
Statements 
Dividend distribution 
on shares 
is recognized 
as a 
deduction in 
the Company’s 
equity when 
approved by 
the General 
Meeting of 
shareholders 
and the 
required regulatory 
approvals, 
if any, 
are obtained. 
Interim dividends 
are recognized 
as a 
deduction in 
the 
Company's equity when approved by the Board 
of Directors.
Intercompany 
non-cash 
distributions 
that 
constitute 
transactions 
between 
entities 
under 
common 
control 
are 
recorded 
in 
the 
Company’s equity by reference 
to the book value of the assets distributed.
Where the Company purchases own shares (treasury shares), the consideration paid including any directly attributable incremental 
costs (net 
of income 
taxes), is 
deducted from 
shareholders’ equity 
until the 
shares are 
cancelled, reissued 
or disposed 
of. Where 
such shares are subsequently sold or reissued, any 
consideration received is included in shareholders’ 
equity.
2.2.14 Cash and cash equivalents
Cash and cash equivalents include cash in hand and due from credit 
institutions that are all carried at amortised cost.
3. 
Critical accounting estimates and judgments in applying accounting policies
In 
the 
process 
of 
applying 
the 
Company’s 
accounting 
policies, 
the 
Management 
makes 
various 
judgments, 
estimates 
and 
assumptions 
that 
may 
affect 
the 
reported 
amounts 
of 
assets 
and 
liabilities, 
revenues 
and 
expenses 
recognized 
in 
the 
financial 
statements 
within the 
next financial 
year and 
the accompanying 
disclosures. Estimates 
and judgments 
are continually 
evaluated 
and 
are 
based 
on 
current 
conditions, 
historical 
experience 
and 
other 
factors, 
including 
expectations 
of 
future 
events 
that 
are 
believed to be reasonable under the circumstances. 
Revisions to estimates are recognized 
prospectively.
The most significant 
areas in which the 
Company makes 
judgments, estimates and 
assumptions in applying its 
accounting policies 
are set out below:
3.1
Impairment losses on financial assets 
The expected 
credit losses 
(ECL) measurement 
of financial 
instruments requires 
management to 
apply judgement 
relating to 
the 
risk parameters 
used in 
the calculation 
of the 
ECL and 
in assessing 
whether 
a significant 
increase of 
credit 
risk (SICR) 
event 
has 
occurred 
since 
initial 
recognition. 
These 
estimates 
are 
based 
on 
quantitative 
and 
qualitative 
information 
reasonable 
and 
supportable forward looking information. A degree of uncertainty is involved 
in making estimations using assumptions that may be 
subjective and sensitive to the risk factors.
Specifically, the assessment 
of SICR is performed on an individual basis based on the number of notches downgrade 
in the internal 
credit 
rating 
scale since 
the origination 
date, 
while the 
PD used 
for 
the ECL 
measurement 
is received 
by an 
international 
rating 
agency using 
risk methodologies 
that 
maximize 
the use 
of observable 
variables 
and market 
data. 
Furthermore, 
the LGD 
used is 
based on historical data 
derived from rating 
agencies’ studies that present 
the recoveries on such 
instruments taking into 
account 
the seniority of the exposure.
 
The 
Company 
independently 
validates 
all 
ECL 
key 
inputs 
and 
underlying 
assumptions 
used 
in 
the 
ECL 
measurement 
through 
competent resources. 
3.2
Impairment losses on investment in subsidiaries 
The Company assesses 
for impairment its 
investment in subsidiaries at 
each reporting date 
as described in 
note 2.2.4. If 
an indication 
of impairment exists, the 
Company performs an impairment test 
by comparing the carrying 
value of the 
investment in the subsidiary 
with its 
estimated 
recoverable 
amount, determined 
as the 
higher of 
its fair 
value less 
cost to 
sell and 
its value 
in use, 
based on 
reasonable and supportable information. The calculation of the recoverable amount involves the exercise of judgement in selecting 
the appropriate parameters, 
such as the applicable discount and growth rates.
3.3 Income tax
The Company 
is subject 
to income 
taxes 
and estimates 
are required 
in determining 
the liability 
for 
income taxes. 
The Company 
recognizes liabilities 
for anticipated 
tax audit issues 
based on estimates 
of whether additional 
taxes will 
be due or 
for anticipated 
tax 
disputes. 
Where 
the 
final 
tax 
outcome 
of 
these 
matters 
is 
different 
from 
the 
amounts 
that 
were 
initially 
recorded, 
such 
differences will impact the income tax in the 
period in which such determination is made.
In addition, the 
Company recognizes deferred tax assets to 
the extent that it 
is probable that 
sufficient taxable profit will be 
available 
against 
which unused 
tax 
losses and 
deductible temporary 
differences 
can be 
utilized. 
Recognition 
therefore 
involves 
judgment 

 
 
 
Notes to the Financial Statements 
.
19
 
| 
Page 
31 December 
2023 Financial 
Statements 
regarding the future financial performance of the Company. 
As at 31 December 2023, based on the Management’s assessment the 
Company is not expected to have sufficient 
future taxable profits, against 
which the unused tax losses can be utilized (note 
8).
3.4 Retirement benefit obligations
The present value 
of the retirement benefit 
obligations depends on 
a number of factors 
that are determined on 
an actuarial basis 
using a number of assumptions, such as 
the discount rate and future salary increases. Any changes in these assumptions impact 
the 
carrying amount of the pension obligations.
The Company determines the appropriate discount rate used 
to calculate the present value of 
the estimated retirement obligations, 
at the 
end of each 
year based 
on interest 
rates of 
high quality 
corporate bonds. 
The currency 
and term 
to maturity 
of the bonds 
used are consistent with the currency and estimated average term to maturity of the retirement benefit obligations. The salary rate 
increase assumption 
is based 
on future 
inflation estimates 
reflecting also 
the Company's 
reward 
structure and 
expected market 
conditions.
Other assumptions 
for pension 
obligations, 
such as 
future inflation 
estimates, are 
based in 
part on 
current and 
expected market 
conditions.
For information in respect of the Company’s 
retirement benefit obligations refer 
to note 13.
3.5 Share-based payments
The Company 
grants 
shares and 
share options 
to its 
employees as 
well as 
the employees 
of the 
Group’s 
entities, as 
a common 
feature of employee remuneration.
For shares granted to employees, the fair value is measured directly at the market 
price of the entity’s shares, adjusted to take into 
account 
the terms 
and conditions 
upon which 
the shares 
were granted. 
For share 
options granted 
to employees, 
in many 
cases 
market prices are not available because 
the options granted are subject to 
terms and conditions that 
do not apply to 
traded options. 
If this 
is the 
case, the 
Company estimates 
the fair 
value of 
the equity 
instruments granted 
using a 
valuation technique, 
which is 
consistent with generally accepted 
valuation methodologies.
The 
valuation 
method 
and the 
inputs 
used to 
measure 
the share 
options 
granted 
to 
employees 
of 
the 
Company 
and its 
Group 
entities are presented in note 16.
4. 
Financial risk management and fair value
The Company 
is exposed 
to financial 
risks such 
as credit 
risk, market 
risk (including 
currency and 
interest 
rate risk) 
liquidity risk, 
operational risk and other non-financial risks, as well as to climate 
risk. 
4.1 
Financial risk factors and risk management
As part of its overall system of internal controls the Company has engaged in a Service Level Agreement (SLA) with Eurobank S.A. in 
order 
to 
receive 
supporting 
and advisory 
services in 
all applicable 
areas 
of 
risk 
management 
(credit, 
market, 
liquidity 
and non-
financial risks) undertaken by the Company.
The 
Company’s 
overall 
risk 
management 
strategy 
seeks 
to 
minimize 
any 
potential 
adverse 
effects 
on 
its 
financial 
performance, 
financial position and cash flows.
The main financial risks to which the Company is exposed relate 
to: 
(a) Credit risk
The Company takes 
on exposure to 
credit risk which 
is the risk that 
a counterparty will 
be unable to 
fulfill its payment 
obligations 
in 
full 
when 
due. 
The 
Company 
is 
exposed 
to 
credit 
risk 
arising 
mainly 
from 
subordinated 
instruments 
(note 
9) 
issued 
by 
its 
subsidiary Eurobank S.A. and 
from its deposits that 
are placed with the 
latter of € 399 
million. Accordingly, 
the aggregate 
carrying 
amount of the above financial assets approximates 
the maximum credit risk exposure of the Company. 
(b) Market risk
The Company 
takes 
on exposure 
to market 
risk, which 
is the 
risk of 
potential 
financial loss 
due to 
an adverse 
change in 
market 
variables, such as interest rates 
and foreign exchange rates.

 
 
 
Notes to the Financial Statements 
.
20
 
| 
Page 
31 December 
2023 Financial 
Statements 
The 
Company’s 
interest 
rate 
risk, 
which 
relates 
to 
the 
position 
in 
the 
aforementioned 
subordinated 
fixed 
rate 
instruments, 
is 
eliminated by 
the subordinated 
Tier II 
debt instruments 
issued by 
the Company, 
which have 
equivalent 
terms with 
those of 
the 
forme
r.
With respect to the deposits and borrowing of the Company, a sensitivity analysis is performed to assess the impact on net interest 
income (NII) to a hypothetical change in the market 
interest rates.
The impact on NII is calculated 
under the scenario of an instantaneous 
parallel shift of all interest 
rates by +/- 
100bps, for a 1-year 
period, assuming a static balance sheet 
approach. As at 31 December 2023 the 
impact on NII, under the scenario of a parallel 
shift 
in the yield curves, stands at € 2 million (+100bps) and € -2 million (-100bps).
The Company’s financial assets and liabilities are 
in Euro, therefore, currency 
risk is eliminated. 
(c) Liquidity risk
The maturity 
of the Company’s 
main assets 
and liabilities, which 
relate to 
the aforementioned 
subordinated instruments, 
match, 
and 
the 
underlying 
cash 
flows 
are 
the 
same. 
Accordingly, 
the 
Company’s 
liquidity 
or 
cash 
flow 
risk 
for 
these 
instruments 
is 
substantially 
eliminated. 
In addition, 
the majority 
of the 
Company’s 
aforementioned 
deposits with 
Eurobank 
S.A. mature 
within 
three months, while its borrowing from the latter 
(€ 30 million outstanding balance) matures within one year.
(d) Climate related and environmental risks
Climate related 
and environmental 
risks are 
defined as 
the risks 
deriving from 
potential loss 
or negative 
impact to 
the Company, 
including loss/damage to physical assets, disruption of business or system failures, transition 
expenditures and reputational effects 
from the adverse consequences of climate change 
and environmental degradation.
4.2 
Fair value of financial assets and liabilities
The Company’s financial instruments carried at amortized cost are categorised into the three levels of fair value hierarchy 
based on 
whether the inputs to their fair values are market 
observable or unobservable, as follows: 
●
Level 1 
- Financial instruments 
are measured 
based on quoted 
prices (unadjusted) 
in active 
markets for 
identical financial 
instruments that the Company 
can access at the measurement 
date. A market 
is considered active when quoted 
prices are 
readily and 
regularly available 
from an 
exchange, dealer, 
broker, 
industry group, 
pricing service, or 
regulatory agency 
and 
represent 
actually and 
regularly 
occurring transactions. 
None of 
the Company’s 
financial instruments 
is categorised 
into 
Level 1 of the fair value hierarchy. 
●
Level 
2 
– 
Financial 
instruments 
are 
measured 
using 
valuation 
techniques 
with 
inputs 
other 
than 
level 
1 
quoted 
prices, 
observable either directly or indirectly, such as (i) 
quoted prices for similar financial instruments in 
active markets (ii) quoted 
prices for identical financial instruments in markets that are 
not active, (iii) inputs other than quoted prices that are directly 
or indirectly observable, mainly interest rates and yield curves observable at commonly quoted intervals, forward 
exchange 
rates, equity 
prices, credit spreads 
and implied volatilities 
obtained from 
internationally recognised 
market data 
providers 
and (iv) other unobservable 
inputs which are insignificant 
to the entire fair value 
measurement. Level 2 financial 
instruments 
include 
the 
subordinated 
instruments 
(note 
9) 
issued 
by 
its 
subsidiary 
Eurobank 
S.A. 
and 
the 
subordinated 
Tier 
II 
debt 
instruments (note 12) issued by the Company. 
●
Level 
3 
- 
Financial 
instruments 
are 
measured 
using 
valuation 
techniques 
with 
significant 
unobservable 
inputs. 
When 
developing 
unobservable 
inputs, 
best 
information 
available 
is used, 
including own 
data, 
while 
at 
the 
same 
time 
market 
participants’ 
assumptions 
are 
reflected 
(e.g. 
assumptions 
about 
risk). 
The 
Company’s 
financial 
instruments, 
which 
are 
categorised into Level 3 of the fair 
value hierarchy refer 
mainly to the borrowing and deposits with Eurobank S.A. 
The fair value 
of the subordinated 
Tier II debt instruments 
issued by the Company 
(note 12) were 
determined by using 
quotes for 
identical financial 
instruments 
in non-active 
markets 
obtained from 
Bloomberg and 
amounted to 
€ 1,226 
million (2022: 
€ 1,188 
million). The fair value of the subordinated 
instruments issued by the Company’s subsidiary Eurobank 
S.A. (note 9) and held by the 
Company was determined 
based on the aforementioned 
instruments which have equivalent 
terms, therefore, amounted 
also to € 
1,226 million (2022: € 1,188 million). 
Moreover, 
the carrying amount of the Company’s borrowing and deposits with Eurobank 
S.A. represent reasonable approximation 
of their fair value. 

 
 
 
 
Notes to the Financial Statements 
.
21
 
| 
Page 
31 December 
2023 Financial 
Statements 
5. 
Net interest income
In the 
year 
ended 31 
December 2023, 
the interest 
expense 
that 
was 
recognised 
in the 
income statement 
mainly relates 
to 
the 
subordinated Tier II instruments issued by the Company, 
while the interest income of a similar amount relates to the 
subordinated 
Tier II notes issued by Eurobank S.A. and held by the Company.
6. 
Other income/(expenses)
In the year ended 31 December 2023, other income /(expenses), 
amounting to € 4 million (2022: € 3 million), consist 
of € 3 million 
income from IT services (2022: € 1.7 million) and € 1 
million income regarding loan portfolio’s related services provided to the Bank 
(2022: € 1.6 million).
7. 
Operating expenses
In the year ended 31 December 2023, the operating 
expenses of € 11 million (2022: € 10 million) mainly refer: 
a) to staff cost € 4.4 
million (2022: € 4.1 
million) and b) other administrative expenses € 
6.3 million (2022: € 
5.2 million). Administrative expenses include 
€ 4.3 
million 
(2022: € 
4.5 million) 
insurance 
premiums 
relating 
to 
the 
Group’s 
financial lines 
insurance, 
including protection 
for 
professional liability.
8. 
Income tax 
According 
to Law 
4172/2013 currently 
in force, 
the Greek 
corporate 
tax rate 
for 
legal entities 
other than 
credit institutions 
(i.e. 
credit institutions that fall 
under the requirements of article 27A 
of Law 4172/2013 regarding eligible DTAs/deferred 
tax credits) is 
22%. 
In 
addition, 
the 
withholding 
tax 
rate 
for 
dividends 
distributed, 
other 
than 
intragroup 
dividends, 
is 
5%. 
In 
particular, 
the 
intragroup dividends under certain preconditions 
are relieved from both income and withholding tax.
Current 
income 
tax 
for 
the 
year 
ended 
31 
December 
2023 
amounted 
to 
€ 
1 
thousand 
(2022: 
€ 
5 
thousand). 
Based 
on 
the 
management’s assessment the Company is 
not expected to 
have sufficient future taxable profits against 
which the unused 
tax losses 
can be 
utilized 
and accordingly, 
in the 
year ended 
31 December 
2023, no 
deferred 
tax has 
been recognized 
in the 
statement 
of 
comprehensive income.
Pillar Two income taxes
The Pillar 
Two 
legislation that 
introduces a 
minimum global tax 
rate at 
15% on multinational 
entities with 
consolidated revenues 
over €750 million (top up tax), effective as of 1 
January 2024, has been enacted or substantively enacted in certain jurisdictions 
that 
the Group operates. 
In accordance 
with the Pillar 
Two legislation, 
the Ultimate 
Parent Entity 
of an MNE 
Group is primarily 
liable for 
the Globe Top-up 
Tax 
of all Low-Tax 
(subject to 
an ETR below 
15%) Constituent 
Entities. Top 
-up taxation 
is mainly triggered 
when the jurisdictional 
GloBE ETR is below 15% and is levied on the aggregated Globe Pillar Two 
results of all Constituent Entities per jurisdiction. 
The 
Company, 
as 
the 
ultimate 
parent 
entity 
of 
the 
Group, 
has 
identified 
potential 
exposure 
to 
Pillar 
Two 
income 
taxes 
mainly 
through its subsidiaries in Bulgaria 
and Cyprus. The Pillar Two 
effective tax rate 
is lower than 15% in the above jurisdictions 
mainly 
due to their nominal corporate tax rates 
(CIT) applying on their profits (i.e. the current CIT in Bulgaria and Cyprus is 10% and 12.5% 
respectively). 

 
 
 
 
 
 
Notes to the Financial Statements 
.
22
 
| 
Page 
31 December 
2023 Financial 
Statements 
Further information on 
Pillar Two income 
taxes is provided 
in note 13 of the 
consolidated financial statements 
for the year ended 
31 December 2023.
Tax certificate 
and open tax years
For fiscal years starting from 
1 January 2016 
onwards, pursuant to the 
Tax Procedure Code, an ‘Annual Tax Certificate’ on an optional 
basis, is provided 
for the Greek 
entities, with annual 
financial statements 
audited compulsorily, 
which is issued after 
a tax audit 
is 
performed by the same 
statutory auditor or audit 
firm that audits 
the annual financial 
statements. The Company has opted 
to obtain 
such certificate.
Following the completion 
in 2023, of the 
tax audit of 
the Company by 
the tax authorities 
for the tax 
year 2019, its 
open tax 
years 
are 2018 
and 2020-2023. 
The tax 
certificates, which 
have been 
obtained by 
the Company 
are unqualified 
for the 
open tax 
years 
until 2022, while for the year ended 31 December 2023, the tax audit 
from external auditor is in progress.
In accordance with the Greek 
tax legislation and the respective 
Ministerial Decisions issued, additional 
taxes and penalties 
may be 
imposed by the Greek tax authorities following a tax audit 
within the applicable statute of limitations (i.e. five years as from the 
end 
of the 
fiscal year 
within 
which the 
relevant 
tax 
return 
should have 
been submitted) 
, 
irrespective 
of whether 
an unqualified 
tax 
certificate has been obtained from the tax 
paying company. 
In reference to its total uncertain tax positions, the Company assesses all relevant 
developments (e.g. legislative changes, case law, 
ad hoc tax/legal opinions, administrative 
practices) and raises adequate provisions.
Unused tax losses
As at 31 December 2023, the Company has not 
recognised deferred tax asset (DTA) on unused tax losses amounted to € 337 million 
(2022: € 380 
million). The 
analysis of 
unrecognized DTA 
on unused 
tax losses 
of the Company 
per year 
of maturity 
of related 
tax 
losses is presented in the table below:
9. 
Investment securities
As at 31 December 2023, the 
total carrying amount of the subordinated debt instruments, issued by the 
Bank, held by the Company 
and categorised as at amortised cost, 
amounted to € 1,277 million (31 December 2022: € 1,275 million), including accrued 
interest 
of 
€ 32.9 
million 
(31 
December 
2022: € 
32.8 million), 
€ 4.2 
unamortized 
issuance 
costs 
(31 December 
2022: 
€ 
5.2 million) 
and 
impairment 
allowance 
of 
€ 
1.5 
million 
(31 
December 
2022: 
€ 
2.7 
million) 
(12-month 
ECL). 
In 
particular, 
in 
the 
year 
ended 
31 
December 2023, the Company 
recognised in the statement 
of comprehensive income € 1.2 
million gain, in relation 
to the reversal 
of impairment allowance 
(31 December 2022: € 1.2 
million loss). The fair 
value of the said 
debt instruments held by 
the Company 
was 
determined 
based 
on 
quotes 
for 
the 
related 
subordinated 
Tier 
II 
debt 
instruments 
issued 
by 
the 
Company 
(note 
12) 
and 
amounted to € 1,226 million (31 December 2022: € 1,188 million). 
In addition, in the 
second quarter of 2023, 
the Company acquired from third parties € 
4.6 million debt securities, 
issued by the Bank, 
which 
were 
classified 
as 
financial 
assets 
measured 
at 
Fair 
Value 
through 
Other 
Comprehensive 
Income 
(‘FVOCI’). 
The 
abovementioned 
debt 
securities 
were 
sold 
to 
the 
Bank 
at 
the 
end 
of 
June 
2023, 
with 
an 
immaterial 
effect 
on 
the 
Company’s 
operating income (note 19). 

 
 
 
 
 
Notes to the Financial Statements 
.
23
 
| 
Page 
31 December 
2023 Financial 
Statements 
Post balance sheet event
In January 2024, the Bank following the issuance of a € 300 million subordinated Tier II debt instrument 
by the Company (note 12), 
issued a subordinated instrument of equivalent 
terms, held by the Company. 
10. 
Shares in subsidiaries
The following is a listing of the Company's subsidiaries held 
directly at 31 December 2023:
11. 
Other assets
As at 31 December 2023, other assets amounting to € 4 million (31 December 2022: 
€ 5 million) primarily consist of (a) € 1.3 million 
(31 December 2022: 
€ 2 million) 
prepaid expenses mainly for 
insurance premiums, (b) € 
1.2 million (31 
December 2022: € 
1.7 million) 
receivables for 
IT services provided 
to the 
Group companies 
and third 
parties, (c) € 
0.3 million 
(31 December 2022: 
€ 0.4 million) 
receivables from Fairfax 
Group relating 
to financial consulting 
services (d) € 0.2 million 
in relation to 
property and equipment 
and 
intangible assets (31 December 2022: € 0.3 million).
12. 
Debt securities in issue
In 
November 
2022, 
the 
Company 
announced 
that 
it 
had 
completed 
the 
issuance 
of 
€300 
million 
subordinated 
Tier 
II 
debt 
instruments. The said instruments, mature 
in December 2032, are callable in December 2027 offering 
a coupon of 10% per annum 
and are listed 
on the Luxembourg 
Stock Exchange’s 
Euro MTF market. 
Their carrying amount, 
as at 31 December 
2023, was € 298 
million (31 
December 2022: 
€ 297 
million), including 
€ 4.3 
million unamortized 
issuance costs 
(31 December 
2022: € 
5.2 million) 
and € 2.1 million 
accrued interest 
(31 December 2022: € 2.1 
million). Their fair 
value, at the same 
date, which was 
determined by 
using quotes for identical 
financial instruments in 
non-active markets, amounted to € 
339 million (31 
December 2022: € 
302 million).
In January 2018, Eurobank Ergasias 
S.A. issued subordinated Tier II 
debt instruments of face 
value of € 950 million, in replacement 
of the preference shares, which had been issued 
in the context of the first stream 
of Hellenic Republic’s plan to support liquidity 
in 
the Greek 
economy under 
Law 3723/2008. 
The said 
instruments, 
mature in 
January 2028 
and pay 
fixed nominal 
interest 
rate of 
6.41%, that shall be payable semi-annually. 
Their carrying amount, as at 31 December 2023, was € 979 million (31 December 2022: 
€ 978 
million), including 
€ 1.7 
million unamortized 
issuance costs 
(31 December 
2022: € 
2.2 million) 
and € 
30.8 million 
accrued 
interest (31 December 2022: € 30.6 million). Their fair value, 
at the same date, which was determined by using quotes for 
identical 
financial instruments in non-active markets, amounted 
to € 887 million (31 December 2022: € 886 million). 
Post balance sheet event
In January 
2024, the 
Company announced 
the issuance 
of a 
€ 300 
million subordinated 
Tier II debt 
instrument which 
matures in 
April 2034, is callable at par in April 
2029 offering a coupon of 6.25% 
per annum and is listed on the 
Luxembourg Stock Exchange’s 
Euro MTF market.
13. 
Other liabilities
As at 
31 December 
2023, other 
liabilities amounting 
to € 
2 million 
(31 December 
2022: € 
3 million) 
primarily consist 
of (a) 
€ 0.9 
million (31 December 2022: 
€ 0.8 million) accrued 
expenses, (b) € 
0.8 million (31 December 
2022: € 1 million) 
current payables 
to 
suppliers and (c) € 0.2 million (31 December 2022: € 0.2 million) Standard 
legal staff retirement indemnity 
obligations.
Standard legal staff retirement 
indemnity obligations (SLSRI) and termination benefits
The Company provides for staff 
retirement indemnity obligation for 
its employees, who are entitled to a lump sum payment based 
on the number of years of service and the level of remuneration at the date of retirement, if they remain in the employment of the 
Company until 
normal retirement 
age, in accordance 
with the local 
labor legislation. 
The above 
retirement indemnity 
obligations 

 
 
 
 
Notes to the Financial Statements 
.
24
 
| 
Page 
31 December 
2023 Financial 
Statements 
typically expose the Company 
to actuarial risks such 
as interest rate 
risk and salary risk. Therefore, 
a decrease in the discount 
rate 
used to 
calculate the 
present value 
of the 
estimated 
future cash 
outflows or 
an increase 
in future 
salaries will 
increase the 
staff 
retirement indemnity obligations of 
the Company.
The movement of the liability for standard 
legal staff retirement 
indemnity obligations is as follows:
Note: For 2023 and 2022, 
there were no employee termination benefits provided 
to the Company’s personnel 
in the context 
of the Voluntary 
Exit Schemes 
(VES) launched by Eurobank Holdings group. 
For SLSRI obligations the significant actuarial assumptions 
(expressed as weighted averages) 
were as follows:
As at 31 
December 2023, the 
assumption for 
the price inflation 
(weighted average) 
is 2.3% (2022: 
2.6%) and has 
been taken 
into 
account in determining the above actuarial assumptions for 
future salaries increases.
As at 
31 December 
2023, the 
average 
duration 
of the 
standard 
legal staff 
retirement 
indemnity obligation 
was 7 
years 
(2022: 9 
years).
A quantitative 
sensitivity analysis 
based on reasonable 
changes to significant 
actuarial assumptions 
as at 31 
December 2023 is 
as 
follows:
An increase/(decrease) 
of the 
discount rate 
assumed, by 
50 bps/(50 
bps), would 
result in 
a (decrease)/ 
increase of 
the standard 
legal staff retirement 
obligations by (€ 0.01 million)/ € 0.01 million.
An increase/(decrease) of the future 
salary growth assumed, by 
0.5%/(0.5%), would result in 
an increase /(decrease) of 
the standard 
legal staff retirement 
obligations by € 0.01 million/ (€ 0.01 million).
The above sensitivity analysis is based 
on a change in an assumption while holding 
all other assumptions constant. 
In practice, this 
is unlikely to occur, 
and changes in some of the assumptions may be correlated.
The methods 
and assumptions 
used in 
preparing the 
above sensitivity 
analysis were 
consistent 
with those 
used to 
estimate the 
retirement benefit obligation 
and did not change compared to the previous year.
Post balance sheet event
In February 2024, 
Eurobank Holdings group 
decided to launch 
a new VES 
for eligible units 
in Greece, which 
will be offered 
mainly 
to employees 
over a specific 
age limit. The 
new VES will 
be implemented through 
either lump-sum payments 
or long term 
leaves 
during which the employees will be receiving a percentage of a monthly salary, or a combination thereof and the cost mainly refers 
to Eurobank S.A. and its subsidiaries.
14. 
Share capital, share premium and treasury shares
As at 
31 December 
2023, the 
par value 
of the 
Company's shares 
is € 
0.22 per 
share (2022: 
€ 0.22). 
All shares 
are fully 
paid. The 
movement of share capital and share 
premium is as follows:

 
 
 
Notes to the Financial Statements 
.
25
 
| 
Page 
31 December 
2023 Financial 
Statements 
Share capital increase
Following the exercise 
of share options granted 
to executives of the 
Group under the current 
share options’ plan (see below), 
and 
by virtue of the decision of 
the Board of Directors 
of the Company on 31 August 
2023, the Company’s share 
capital increased by 
€ 
1,276,499.18 through the issue of 5,802,269 
new common voting shares, of 
a nominal value of € 0.22 per 
share and exercise price 
of € 
0.23 per 
share. 
The difference 
between 
the exercise 
price of 
the new 
shares 
and their 
nominal value, 
net of 
the expenses 
directly attributable to the equity transaction, amounted to € 39,286 and was recorded 
in the account “Share premium”. Following 
the 
above 
increase, 
as 
at 
31 
December 
2023, 
the 
share 
capital 
of 
the 
Company 
amounts 
to 
€ 
817,625,550.94 
divided 
into 
3,716,479,777 common 
shares with 
a nominal 
value 
of € 
0.22 each. 
The new 
shares were 
listed 
on the 
Athens 
Exchange 
on 14 
September 2023.
The following is an analysis of the movement in the number of the 
Company’s shares outstanding:
Treasury shares- 
Buyback of shares held by HFSF
Following the receipt of the 
required approval from the regulator in May 2023, the 
General Meeting of the Company’s Shareholders 
(AGM), 
which 
was 
held 
on 
20 
July 
2023, 
approved 
the 
acquisition 
of 
all 
the 
52,080,673 
Company’s 
shares 
held 
by 
the 
HFSF, 
corresponding to 
approximately 
1.4% of 
the Company’s 
share capital 
and voting 
rights, and 
authorized the 
Board of 
Directors to 
determine the specific conditions and relevant 
details for the acquisition.
On 9 
October 
2023, the 
acquisition 
of 
all the 
shares 
held 
by the 
HFSF was 
completed 
for 
a total 
consideration 
of 
€ 94 
million, 
including related fees. Following the above, the Company is no 
longer subject to Law 3864/2010 and to 
the special rights of Hellenic 
Financial Stability Fund (HFSF) provided for 
in such law.

 
 
 
Notes to the Financial Statements 
.
26
 
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31 December 
2023 Financial 
Statements 
15. 
Reserves and retained earnings/(losses)
As of 
31 December 
2023, 'Special 
reserves' 
of € 
1,414 million 
(2022: € 
1,004 million) 
relate 
to 
dividends 
from 
participations. 
In 
particular, in December 2023, the Company recognised € 410 million dividend income, following the Bank’s 
distribution of reserves 
of equal amount to the Company (see below). 
Dividends/ distribution of profits
In 
December 
2023, 
the 
Bank 
proceeded 
with 
the 
distribution 
of 
non-mandatory 
reserves 
totalling 
€410 
million 
to 
its 
sole 
shareholder, 
Eurobank Holdings, in order 
to enable the latter 
to distribute dividend out 
of the profits of the 
financial year 2023 to 
its shareholders in accordance with the provisions 
of article 159 of Company Law 4548/2018.
Based on the Group’s 
financial performance for the 
financial year 2023, Eurobank Holdings 
aims to distribute to its 
shareholders a 
cash dividend 
equivalent to 
at least 25% 
of the Group's 
adjusted net 
profit for 
financial year 2023, 
subject to 
the approval 
of the 
Annual General Meeting of its shareholders and the 
regulatory authorities.
In 
addition, Eurobank 
Holdings intends 
to 
proceed 
also 
with the 
distribution 
of 
profits 
to 
the employees 
in 
accordance 
with its 
remuneration policy, 
subject to the approval of the Annual General Meeting 
of its shareholders.
16. 
Share options
The Annual General 
Meeting of the 
shareholders of Eurobank 
Holdings held on 
28 July 2020 approved 
the establishment 
of a five 
year shares 
award plan, 
starting from 
2021, in the 
form of 
share options 
rights by 
issuing new shares 
with a corresponding 
share 
capital 
increase, 
in 
accordance 
with 
the 
provisions 
of 
article 
113 
of 
law 
4548/2018, 
awarded 
to 
executives 
and 
personnel 
of 
Eurobank Holdings and 
its affiliated companies 
according to article 32 
of law 4308/2014. The 
maximum number of rights 
that can 
be approved was set at 55,637,000 rights, each of which would correspond to one new share. The exercise price of each new share 
would be equal to € 0.23. 
The Annual General Meeting authorized the Board of 
Directors of Eurobank Holdings to define the eligible 
staff and determine the remaining terms 
and conditions of the plan. 
The final 
terms and 
the implementation 
of the 
share options 
plan, which 
is a 
forward-looking 
long-term incentive 
aiming at 
the 
retention of 
key executives, 
are defined 
and approved 
annually by the 
Board of 
Directors in 
accordance with 
the applicable 
legal 
and regulatory framework, as well as the policies of the 
Company and the
Group.
The options are 
exercisable in 
portions, annually during 
a period from 
one to five 
years. Each 
portion may 
be exercised 
wholly or 
partly and converted into shares 
at the employees’ option, 
provided that they remain 
employed by the 
Group until the 
first available 
exercise date. The corporate 
actions that adjust the number and the price of shares also adjust accordingly the 
share options.
The movement of share options during the year is analysed 
as follows:

 
 
 
Notes to the Financial Statements 
.
27
 
| 
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31 December 
2023 Financial 
Statements 
In July 2023, the Group awarded to its executives 
12,101,092 new share options, exercisable in 
annual portions up to 2028. 
From the share options exercisable in 2023, a number of 5,802,269 options were exercised during the year, 
resulting in the issue of 
an equal number of new common voting shares.
The share options outstanding at the end of the year 
have the following expiry dates:
(1)
 
Based on the earliest contractual exercise date.
In accordance with the Company’s accounting 
policy on employees’ share based payments, the grant 
date fair value of the options 
is recognized 
as 
an 
expense 
with 
a corresponding 
increase 
in equity 
over 
the vesting 
period. The 
share 
options 
granted 
by the 
Company to 
employees of 
Group entities, 
were treated 
as a contribution 
by the 
Company to 
the Bank, 
being their 
parent entity, 
thus increasing the investment cost 
of the Company in the latter.
The fair 
value at 
grant date 
is determined using 
an adjusted 
form of the 
Black-Scholes model 
for Bermudan 
equity options which 
takes into 
account the exercise 
price, the exercise 
dates, the term 
of the option, 
the share price 
at grant 
date and expected 
price 
volatility of the underlying share, the expected dividend 
yield and the risk-free interest 
rate for the term of the options. 
 
The weighted average 
fair value of the share options granted 
in July 2023 was € 1.13 (2022: € 0.63). The significant inputs into 
the 
model were 
a share 
price of 
€ 1.442 
(2022: € 
1.021) at 
the grant 
date, exercise 
price of 
€ 0.23, 
annualized 
dividend yield 
of 3% 
(2022: 
3%), 
expected 
average 
volatility 
of 
41% 
(2022: 
38%), 
expected 
option 
life 
of 
1-5 
years, 
and 
a 
risk-free 
interest 
rate 
corresponding to the options’ maturities, based on the Euro swap yield curve. The expected volatility is measured at the grant date 
of the options and is based on the average historical 
volatility of the share price over the last one and a half year.
17. 
Cash and cash equivalents
For the 
purpose of 
the cash 
flow statement, 
cash and 
cash equivalents 
with original 
maturities of 
three months 
or less, 
as at 
31 
December 2023, amount to € 399 million (31 December 2022: € 57 million).
For the 
year ended 
31 December 2023, 
changes in debt 
securities in issue 
arising from 
accrued interest 
and amortisation of 
debt 
issuance costs 
amount to 
€ 1.3 
million (31 
December 2022: 
€ 33 
million). In 
addition, changes 
in income/(losses) 
on investment 
securities arising from amortization of discounts and 
accrued interest amount to € 1 million (31 December 2022: € 33 million). 
18. 
Post balance sheet events
Details of post balance sheet events are 
provided in the following notes:
Note 2.1 - Basis of preparation
Note 9 - Investment securities
Note 12 - Debt securities in issue
Note 13 - Other liabilities

 
 
 
Notes to the Financial Statements 
.
28
 
| 
Page 
31 December 
2023 Financial 
Statements 
19. 
Related parties
Eurobank 
Ergasias 
Services and 
Holdings S.A. 
(the Company 
or Eurobank 
Holdings) is 
the parent 
company 
of Eurobank 
S.A. (the 
Bank). 
The Board of Directors 
(BoD) of Eurobank Holdings is the same 
as the BoD of the Bank and part of 
the key management 
personnel 
(KMP) 
of 
the 
Bank provides 
services to 
Eurobank 
Holdings 
according 
to 
the terms 
of 
the relevant 
agreement 
between 
the two 
entities.
Fairfax 
Group, which 
holds 32.93% 
of Eurobank 
Holdings’ share 
capital as 
of 31 
December 2023 
(31 December 
2022: 32.99%), 
is 
considered to have significant influence 
over the Company. In addition, 
following the completion 
of the acquisition 
of all of 
Eurobank 
Holdings’ shares held by the HFSF, 
on 9 October 2023 (note 14), the HFSF is no longer considered to have significant 
influence over 
the Company.
In January 
2022, an 
occupational insurance 
fund (“Institution 
for 
occupational retirement 
provision-occupational 
insurance fund 
Eurobank’s Group 
personnel” henceforth “the Fund”) was established 
as a not-for-profit legal entity under Law 4680/2020, for the 
benefit of the employees of the Company, 
the Bank and certain other Greek entities of the Group, which constitute the sponsoring 
employers of the Fund. Accordingly, 
in line with IAS 24 Related Parties, the Fund is considered to 
be related party to the Company. 
A number 
of transactions 
are entered 
into with 
related 
parties in 
the normal 
course of 
business and 
are conducted 
on an 
arm's 
length basis. The outstanding balances of the transactions with the Company’s 
subsidiaries are as follows:
(1) 
The expenses in relation 
to KMP services 
provided by the Company’s 
subsidiary Eurobank S.A. are 
included in Key 
management compensation disclosed 
below. 
2) 
For the year ended 31 December 
2023, it includes interest income of 
€ 0.06 million on investment securities 
issued by the Bank, which were 
purchased from 
third parties and sold to the Bank during the period (note 9). 
As 
at 
31 
December 
2023, 
the 
Company 
has 
recognised 
receivables 
and 
operating 
income 
of 
amount 
€ 
0.32 
million 
related 
to 
financial consulting 
services with 
Fairfax 
group (31 
December 2022: € 
0.35 million). 
In addition, 
for the 
year ended 
31 December 
2023 
the 
Company 
has 
recognized 
operating 
expenses 
of 
€ 
0.14 
million 
(2022: 
€ 
0.12 
million 
income) 
related 
to 
the 
Group’s 
associate Eurolife FFH Insurance Group 
Holdings S.A., which is also a member of Fairfax Group.
Key management compensation
In the year ended 31 December 
2023, the Company recognized 
Key management compensation 
amounting to € 0.2 million 
that is 
referring mainly to KMP services provided by 
Eurobank S.A. in accordance with the relevant agreement 
(2022: € 0.2 million).

 
 
 
Notes to the Financial Statements 
.
29
 
| 
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31 December 
2023 Financial 
Statements 
20. 
External Auditors
The Company 
has adopted 
a Policy 
on External 
Auditors’ Independence 
which provides 
amongst others, 
for the 
definition of 
the 
permitted and non-permitted services the Company’s 
auditors may provide further 
to the statutory audit. For any 
such services to 
be assigned to 
the Company’s 
auditors there 
are specific controlling 
mechanisms in order 
for the Company’s 
Audit Committee to 
ensure that a) the non-audit services assigned to “KPMG Certified Auditors S.A.”, along with the KPMG network (KPMG), have been 
reviewed and approved as required 
and b) there is proper balance between audit and permitted 
non-audit work.
The total fees of the Company’s 
independent auditor KPMG for audit and other services provided are 
analyzed as follows:
(1)
 
Includes fees for statutory audit of the Company’s annual financial statements. 

 
 
 
Notes to the Financial Statements 
.
30
 
| 
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31 December 
2023 Financial 
Statements 
21. 
Board of Directors
The Board 
of Directors 
(BoD) was 
elected by 
the Annual 
General Meeting 
of the 
Shareholders 
(AGM) held 
on 23 
July 2021 
for a 
three- 
year term of office that will expire on 23 July 2024, prolonged until the end 
of the period the AGM for the year 2024 will 
take 
place.
Further to that: 
-
The AGM 
held on 
20 July 
2023 approved 
the appointment 
of Mr. 
Burkhard Eckes 
and Mr. 
John Arthur 
Hollows as 
new 
independent non-executive 
members of 
Eurobank Holdings 
BoD, whose 
term of 
office will 
expire concurrently 
with the 
term of office of the other members of the BoD. On the same day 
the BoD decided its constitution. 
-
On 9 
October 
2023, Eurobank 
Holdings announced 
the acquisition 
of all 
of its 
issued shares 
held by 
the HFSF, 
namely 
52,080,673 common registered 
shares (note 14). On the 
same day, 
the HFSF notified Eurobank Holdings 
that effective as 
of 
11 October 
2023, the 
HFSF 
will no 
longer 
have 
the 
special rights 
provided 
in 
law 
3864/2010, including 
the 
right 
to 
appoint a 
representative 
in the 
Board of 
Directors 
and the Board 
Committees. Following 
these developments, 
the HFSF 
representative 
Mrs. Efthymia 
Deli, member of 
the Boards of 
Directors and 
of the Committees 
of the Boards 
of Directors 
of Eurobank Holdings and Eurobank, 
submitted on 26 October 2023 her 
resignation from the abovementioned 
positions, 
effective as of 7 November 2023. 
-
Mr. 
Andreas Athanasopoulos, 
Deputy CEO 
and Executive 
Member of 
the Boards 
of Directors 
of Eurobank 
Holdings and 
Eurobank, submitted on 31 October 2023 
his resignation from the abovementioned positions, effective as of 
31 December 
2023. 
 
Following the above, the BoD is as follows:
G. Zanias
Chairman, Non-Executive Member
G. Chryssikos
Vice Chairman, Non-Executive Member
F. Karavias
Chief Executive Officer 
S. Ioannou
Deputy Chief Executive Officer 
K. Vassiliou
Deputy Chief Executive Officer 
B.P. 
Martin
Non-Executive Member
A. Gregoriadi
Non-Executive Independent Member
I. Rouvitha Panou
Non-Executive Independent Member
R. Kakar
Non-Executive Independent Member
J. Mirza
Non-Executive Independent Member
C. Basile
Non-Executive Independent Member
B. Eckes
Non-Executive Independent Member
J. A. Hollows
Non-Executive Independent Member
 
Athens, 28 March 2024
Georgios P. 
Zanias 
Fokion C. Karavias 
Harris V. Kokologiannis 
I.D. No ΑI - 414343 
I.D. No ΑΙ - 677962 
I.D. No AN - 582334 
CHAIRMAN 
OF THE BOARD OF DIRECTORS 
CHIEF EXECUTIVE OFFICER 
GENERAL MANAGER OF GROUP FINANCE 
 
CHIEF FINANCIAL OFFICER 