ΦΕΚ 1899του2013 εξαγορά Εμπορικής από Άλφα

ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣΤΗΣ ΕΛΛΗΝΙΚΗΣ ΔΗΜΟΚΡΑΤΙΑΣ

ΤΕΥΧΟΣ ΔΕΥΤΕΡΟ Αρ. Φύλλου 18991 Αυγούστου 2013

ΑΠΟΦΑΣΕΙΣΑριθμ. απόφ. 556/VII/2012*

Λήψη απόφασης επί της προηγούμενης γνωστοποίησης, κατ’ άρθρο 6 παρ. 1 − 3 ν. 3959/2011, της Ανώνυμης Τραπεζικής Εταιρείας με την επωνυμία «ALPHA ΤΡΑ−ΠΕΖΑ Α.Ε.» σε σχέση με την απόκτηση του ελέγχου της Ανώνυμης Τραπεζικής Εταιρείας με την επωνυμία «ΕΜΠΟΡΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ Α.Ε.», δι’ εξαγο−ράς της δεύτερης από την πρώτη.

Η ΕΠΙΤΡΟΠΗ ΑΝΤΑΓΩΝΙΣΜΟΥ ΣΕ ΟΛΟΜΕΛΕΙΑ

Συνεδρίασε στην Αίθουσα Συνεδριάσεων του 1ου ορόφου του κτηρίου των γραφείων της, επί της οδού Κότσικα 1Α, Αθήνα, την 24η Δεκεμβρίου 2012, ημέρα Δευτέρα και ώρα 11:00, με την εξής σύνθεση:

Πρόεδρος: Δημήτριος ΚυριτσάκηςΜέλη: Ιωάννης Μπιτούνης Εμμανουέλα Τρούλη Βικτωρία Μερτικοπούλου (Εισηγήτρια) Δημήτριος Δανηλάτος Ιωάννης ΑυγερινόςΓραμματέας: Παρασκευή Α. ΖαχαριάΘέμα της συνεδρίασης: Λήψη απόφασης επί της προ−

ηγούμενης γνωστοποίησης, κατ’ άρθρο 6 παρ. 1 − 3 ν. 3959/2011, της Ανώνυμης Τραπεζικής Εταιρείας με την * Από την παρούσα απόφαση έχουν παραλειφθεί, σύμφωνα με το άρ−

θρο 28 παρ. 7 του Κανονισμού Λειτουργίας και Διαχείρισης της Επι−τροπής Ανταγωνισμού (ΦΕΚ 54/Β΄/16.1.2013), τα στοιχεία εκείνα, τα οποία κρίθηκε ότι αποτελούν επιχειρηματικό απόρρητο. Στη θέση των στοιχείων που έχουν παραλειφθεί υπάρχει η ένδειξη […]. Όπου ήταν δυνατό τα στοιχεία που παραλείφθηκαν αντικαταστάθηκαν με ενδεικτικά ποσά και αριθμούς ή με γενικές περιγραφές (εντός […]).

επωνυμία «ALPHA ΤΡΑΠΕΖΑ Α.Ε.» σε σχέση με την από−κτηση του ελέγχου της Ανώνυμης Τραπεζικής Εταιρείας με την επωνυμία «ΕΜΠΟΡΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ Α.Ε.», δι’ εξαγοράς της δεύτερης από την πρώτη.

Πριν από την έναρξη της συζήτησης, ο Πρόεδρος όρισε Γραμματέα της υπόθεσης την υπάλληλο της Γραμματείας Προέδρου, Αντιπροέδρου και Εισηγητών, Παρασκευή Α. Ζαχαριά με αναπληρώτρια αυτής την Ηλιάνα Κούτρα.

Στην αρχή της συζήτησης, ο Πρόεδρος έδωσε το λόγο στην αρμόδια Εισηγήτρια, Βικτωρία Μερτικο−πούλου, η οποία ανέπτυξε συνοπτικά την υπ’ αριθ. οικ. 10284/21.12.2012 Έκθεσή της και πρότεινε για τους λό−γους που αναφέρονται αναλυτικά σε αυτή την έγκρι−ση από την ΕΑ, κατ’ άρθρο 8 παρ. 3 ν. 3959/2011, της γνωστοποιηθείσας, σύμφωνα με τα προβλεπόμενα στο άρθρο 6 παρ. 1 του ιδίου νόμου, συγκέντρωσης που προκύπτει από την απόκτηση από την ανώνυμη τραπε−ζική εταιρεία «ALPHA ΤΡΑΠΕΖΑ Α.Ε.» του αποκλειστικού ελέγχου της Ανώνυμης Τραπεζικής Εταιρείας με την επωνυμία «ΕΜΠΟΡΙΚΗ ΤΡΑΠΕΖΑ ΤΗΣ ΕΛΛΑΔΟΣ Α.Ε.», δε−δομένου ότι η εν λόγω γνωστοποιηθείσα συγκέντρωση δεν προκαλεί σοβαρές αμφιβολίες ως προς το συμβατό αυτής με τις απαιτήσεις λειτουργίας του ανταγωνισμού στις επιμέρους αγορές στις οποίες αφορά.

Με την ολοκλήρωση της ανάπτυξης της εισήγησης, η Επιτροπή προχώρησε σε διάσκεψη επί της ως άνω υπόθεσης με τη συμμετοχή της Εισηγήτριας Βικτωρίας Μερτικοπούλου, η οποία δεν έλαβε μέρος στην ψηφο−φορία, και αφού έλαβε υπόψη της την Έκθεση της εν λόγω Εισηγήτριας, όλα τα στοιχεία του φακέλου της κρινόμενης υπόθεσης και το ισχύον νομικό πλαίσιο,

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PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

194 80.559,00 80.507,00 78.393,00 77.002 75.098,00

ALPHA BANK ( )

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

(2011) (3Q2012)

[1200-1400] [1200-1400]

[1600-1800] [1600-1800]

( ) [200-250] ( ) [200-250]

( ) €

2009 2010 2011 ' 2012 ' 2012

. . . . . .

. . . .

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

CYPRUS POPULAR BANK

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [5-15]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [0-5]% […] [0-5]% […] [0-5]%

195 29.539,00 29.211,00 27.346,00 26.735,00 25.889,00

[…] […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

( ) HHI

(2011) (3Q2012)

[1200-1400] [1200-1400]

[1400-1600] [1400-1600]

( ) [150-200] ( ) [150-200]

2009 2010 2011 ' 2012 ' 2012

. . . . . . . . . .

EUROBANK - ERGASIAS. […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [15-25]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

CITIBANK […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [5-15]%

CYPRUS POPULAR BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] […] […] […] […]

ALPHA BANK ( )

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

(2011) (3Q2012)

[1400-1600] [1400-1600]

[1600-1800] [1600-1800]

( ) [100-150] ( ) [100-150]

.2.3.2.

, ( [15-25]% -

2012), (ALPHA BANK ). 196

, [15-25]%

/ / [15-25]%. E , ( ) HHI,

2.000 , 250 197 ([100-150] 2011 [150-200] ’ 2012).

- ( ), ALPHA BANK ( [15-25]% -

2012) .

[25-35]% ( 2012) ,

Eurobank / / ( [15-25]% [15-25]% ), HHI (<2.000 ),

250 ([200-250] 2011 [200-250] 2012).

- , ( [25-35]% -

2012), (ALPHA BANK ).

[15-25]% ( 2012) ,

( [25-35]%) / / ( [15-25]%), HHI (<2.000 ),

250 ([150-200] 2011 [100-150] ’ 2012).

- , ( [15-25]% -

( [15-25]% - 2012), , [15-

25]%, / / .

196 Eurobank . 197 . . . . -

(2004 C 31/03) . 20.

HHI (<2.000) 250 ([100-150] 2011 [150-200] 2012).

, ( [15-25]% -

[15-25]% ( 2012),

, . , HHI, 2.000 ,

250 ([200-250] 2011 [200-250] 2012).

EUROBANK ( [15-25]% - 2012), (ALPHA BANK

). [15-25]% (

2012), , Eurobank . , HHI, 2.000 ,

250 ([150-200] 2011 [150-200] 2012).

( ) EUROBANK ( [15-25]% - 2012),

(ALPHA BANK ).

[15-25]% ( 2012), , Eurobank

. , HHI, 2.000 , 250 ([100-150]

2011 [100-150] ’ 2012).

25% ([25-35]%). , ,

- - Eurobank, ,

, , . , ( ) , HHI

' , . 20

( , , [25-35]% [15-25]% ),

Eurobank ( [15-25]%) ( [15-25]%),

( [15-25]%) ,

([15-25]%) Eurobank ([5-15]%),

198. , , , , ,

( -) .

, - ( ) , ,

, (CR4199) : [60-70]% ( , ALPHA BANK-, , Eurobank),

: [70-80]% ( , ALPHA BANK-

198 . T-102/96, Gencor , . 202. . «Merger control in the EU», Navarro, Font, Folguera, Briones, . 6.49. . Nicholas Levy, European Merger Control . 5-264. 199 ‘Concentration Ratio’.

, , Eurobank), : [73-83]% ( , ALPHA BANK-

, , ) : [55-65]% ( ALPHA BANK- ,

, , Eurobank). ( ) ,

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(CR4) [70-80]% ( , ALPHA BANK-, , Eurobank),

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, Eurobank, [70-80]% ( , ALPHA BANK-

, , Eurobank).

, , μ ,

μ μ .

, ( -) 60% ,

. , , :

200 COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 113 103 : « ,

μ " μ ". , μ "

μ " μ . , μ ,

μ μ .

μ . , , μ / " μ " μ , μ μ μ μ

" μ ».

ALPHA BANK – Eurobank [15-25] %, [15-25] %, [15-25] % [5-15] % ,

- ( ) , ALPHA BANK– ,

Eurobank, [25-35] %, [15-25] %, [15-25]% [5-15] % ,

- , , ,

[25-35] %, [15-25]%, [15-25]% [5-15]% ,

- , , ,

Eurobank [15-25]%, [15-25]%, [15-25]% [5-15]% ,

- , , ,

Eurobank [15-25]%, [15-25]%, [15-25]% [5-15]% .

, Eurobank, ,

[15-25]%, [15-25]%, [15-25]% [5-15]% ,

, Eurobank, ,

[15-25]%, [15-25]%, [15-25]% [15-25]% .

, ALPHA BANK

201 IV/M.202 Thorn EMI/Virgin Music, . 40, 80% ,

, , ’ ,

, , 202, ,

( ) 203. , ALPHA BANK ( ),

« » , 204

50% ( -

[30-40]%) ,

- , ( ALPHA BANK,

EUROBANK) 60% . , ,

. COMP/M.4823 YARA/PRAXAIR/JV . 44, ,

. . . COMP/M.358 Pilkington, . 63.

203 . COMP/ .3333 Sony/BMG (2) .191 «... –

, , ».

204 . ’ . . […] […] – .

6]%205,

- , , (

[25-35]%) ( [15-25]%) ,

, . ( )

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, / , EUROBANK).

[40-50]%

Eurobank, [70-80]%

206, 207.

, , ( ),

( ), .

205 . M.4865, ENEL/Acciona/Endesa, . 30-43.

206 60% . 207 . IV/M.1016, Price Waterhouse/ Coopers & Lybrand, . 103,

. ( . . HHI ),

209. ,

, [5-10]%.

.2.4.1. –

2009 – 2011, 2012,

, 2012 2011.

) . €

2009 2010 2011 ' 2012 ' 2012

. . . . . .

. . . .

[…] [5-15]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

208 . COMP/M.4844- FORTIS/ ABN AMRO, . 162. 209 . COMP/ .3333 Sony/BMG (2) . 92.

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] […] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [5-15]% […] [5-15]%

CYPRUS POPULAR BANK

[…][5-15]%

[…][0-5]%

HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…][0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…][0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

210 40.671,00 36.096,00 28.856,00 23.174,00 23.397,00

ALPHA BANK ( )

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

(2011) (3Q2012)

[1200-1400] [1200-1400]

[1400-1600] [1400-1600]

210 , 85 . €

2011 57 . € ’ 2012.

( ) [150-200] ( ) [200-250]

) . €

2009 2010 2011 ' 2012 ' 2012

. . . . . .

. . . .

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [15-25]% […] [5-15]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [0-6]% […] [0-6]%

HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [0-5]%

211 14.670,00 100% 13.055,00 100% 11.603,00 100% 9.257,00 100% 9.552,00 100%

ALPHA BANK ( ) […] [25-35]% […] [25-35]% […] [25-35]% […] [25-35]% […] [25-35]%

(2011) (3Q2012)

[1200-1400] [1200-1400]

[1400-1600] [1600-1800]

( ) [200-250] ( ) [200-250]

) . €

2009 2010 2011 ' 2012 ' 2012

. . . . . .

. . . .

[…] [5-15]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [15-25]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [5-15]% […] [5-15]%

CYPRUS POPULAR BANK

[…] [5-15]% […] [5-15]% […] [0-5]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [0-5]% […] [5-15]%

212 26.001,00 100% 23.041,00 100% 17.253,00 100% 13.917,00 100% 13.845,00 100,00%

ALPHA BANK ( )

[…] [5-15]% […] [5-15]% […] [5-15]% […] [15-25]% […] [15-25]%

(2011) (3Q2012)

[1200-1400] [1400-1600]

[1200-1400] [1600-1800]

( ) [100-150] ( ) [200-250]

2009 2010 2011 ' 2012 ' 2012

. . . . . . . . . .

[…] [15-25]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

212 , 85 €

2011 57 € ’ 2012.

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [15-25]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

CYPRUS POPULAR BANK

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [5-15]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM. […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

213 130.043,00 139.727,00 135.485,00 129.540,00 124.277,00

ALPHA BANK ( )

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

(2011) (3Q2012)

[1200-1400] [1200-1400]

[1400-1600] [1400-1600]

( ) [200-250] ( ) [200-250]

.2.4.2.

( [15-

25]% - 2012), (ALPHA BANK ).

[15-25]% ( 2012)

, Eurobank ( [15-25]% [15-25]% ), HHI (<2.000 ), 250 ([150-200] 2011 [200-250] ’ 2012).

- ALPHA BANK ( [15-25]% -

2012) .

[25-35]% ( 2012) ,

Eurobank ( [15-25]% [0-15]% ), HHI (<2.000 ),

250 ([200-250] 2011 [200-250] ’ 2012).

- ( [15-25]% -

[15-25]% ( 2012) , ( [15-25]%) HHI

(<2.000 ), 250 ([100-150] 2011 [200-250] ’ 2012).

- ( [15-25]% -

( [15-25]% - 2012), [15-25]% / / .

HHI (<2.000) 250 ([200-250] 2011 [200-250] ’ 2012).

. , - , ,

, , - - Eurobank,

, , . ,

( -) , HHI . . ,

. 20 .

( -) .

. , , (CR4)

: : [70-80]% ( ALPHA BANK- , ,

, Eurobank), : [70-80]% ( ALPHA BANK- , , Eurobank, ),

: [70-80]% ( , ALPHA BANK-, Eurobank, ),

: [70-80]% ( ALPHA BANK- , , Eurobank, ).

μ , ,

215, ,

, ALPHA BANK ,

, 216 ( )

217. […] ([…]), […] ,

50% , . ,

ALPHA BANK

214 . COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 103 113, . .

215 IV/M.202 Thorn EMI/Virgin Music . 40. 216 , ,

. . . COMP/M.4823 YARA/PRAXAIR/ JV . 44. 217 . COMP/ .3333 Sony/BMG (2) . 191 «..

– , ,

». 218 . ’ . . […] […]

[5-10]%.

( HHI ) 219.

, HHI ,

, 220.

, Internet Banking, Mobile Banking Phone Banking.

, ( – Automated Teller Machine).

ALPHA BANK 405 ALPHA BANK 303 ,

219 . COMP/ .3333 Sony/BMG (2), . 92. 220 . COMP/ .580 ABB/Daimler Benz, . 90.

. […] ALPHA BANK […]

. To ( ) […]

ALPHA BANK […] , […] […] ,

ALPHA BANK […] ( ) μ .

2011, :

- - […] [25-35]% […] [25-35]%

. . […] [5-15]% […] [15-25]%

EUROBANK - ERGASIAS . . […] [5-15]% […] [5-15]%

ALPHA BANK . . […] [5-15]% […] [5-15]%

. . […] [5-15]% […] [5-15]%

. . . […] [5-15]% […] [0-5]%

[…] [5-15]% […] [0-5]%

CYPRUS POPULAR BANK PUBLIC Co LTD […] [0-5]% […] [0-5]%

MILLEN IUM BANK . . […] [0-5]% […] [0-5]%

PROBANK A.E. […] [0-5]% […] [0-5]%

ATTICA BANK, […] [0-5]% […] [0-5]%

CITIBANK International plc […] [0-5]% […] [0-5]%

PROTON […] [0-5]% […] [0-5]%

. . […] [0-5]% […] [0-5]%

HSBC BANK plc […] [0-5]% […] [0-5]%

221 3.504 100% 6.660 100%

ALPHA BANK- […] [15-25]% […] [15-25]%

222, ( – 27), ,

100.000 , 37 223, 47 100.000 224.

, Eurobank. , ALPHA BANK- , ,

[15-25]%, [25-35]% , [5-15]% , [5-15]% Eurobank, [5-15]%

, [5-15]% [0-5]% Cyprus Popular Bank. , Millenium [0-5]%, Probank [0-5]%,

Attica [0-5]% .

, ATMs, ALPHA BANK - , , [15-

25]%, [25-35]% , [15-25]% , [5-15]% Eurobank, [0-5]% , [0-5]%

[0-5]% Cyprus Popular Bank. , Millenium [0-5]%, Probank [0-5]%, Attica [0-5]%

221 : , . 19

, 2 5 , 4.163 2009, 3.743 2010

3.575 2011, 2009 14% ( . http://www.hba.gr/Index.asp?Menu=4). ,

2009 4.098 2010 4.005 . 222 EU Structural financial indicators (http://sdw.ecb.europa.eu/reports.do?node=1000002869). 223 , 2009, ( . 64). 224 EU Structural financial indicators (http://sdw.ecb.europa.eu/reports.do?node=1000002869).

, , , , ,

. , 225,

, ( )226, .

227, ,

) 228, .

225 . COMP/M.3894, . 85. 226 . . .3894, . ., . 45, .5960, . ., . 29 (

227 . . C-322/81, Michelin, . 30. 228 . . .3894, . ., . 47-49, 59, 66, 75 (

30-50% 10-20%,

), .4484, . ., . 24-26 ( 30-40%

). . 549/VII /2012 ( / ), .3.4.

.3.1.1.

– (cardholder) ,

(merchant)

(scheme owners). (issuer),

(acquirer), . (issuer)

(acquirer).

, Internet , . .

, . , (issuer)

( , , ), ( , , ,

, . .) ( , ). ,

229 . 230 B. Scholnick, N. Massoud, A. Saunders, S. Carbo-Valverde, F. Rodriguez-Fernandez The Economics of Credit Cards, Debit Cards and ATMs: A Survey and Some New Evidence, April 2006, Invited Paper Submitted to the 30th Annual Journal of Banking and Finance Conference, Beijing, China, June 6-8 2006. 231 :

(Co-Branded): . co-branded

- . co-branded

(Private Label): .

Co-branded Private Label , - .

Business Credit: , , ,

, 800 , .

: , 12

Z.3.1.2. (card issuing)

(card issuing)

( ) (Visa, Mastercard, Diners, American

Express)232.

, 233. , , ,

) (personal cards)

) (corporate cards)

) (general cards)

: , ( ),

. , « »

. 232 (scheme owner) :

) (selective - pure store cards) 234

) ( - international cards)

) – (national cards)

’ ( -) ,

. , ( ), /

. ( . .Visa,

Mastercard, . .) , ,

, 236.

, , ( / ) / , , .

. […], «[ ] ». ,

234 . COMP/ M.5384 –BNP PARIBAS/FORTIS, . 16, .

235 . […],[…],[…],[…] […]. H […] , […]

( / ). 236

(co-branded cards)

- , , ,

: , , 237.

[…] 238, ,

. , , […]

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(card merchant acquiring) , 239.

/ (acquirer), 240,

237 […], […], […], […], […] […]. 238 ( ’ . . […] )

[…] . . .

239 . M.2567-NORDBANKEN/POSTGIROT, . 6, M.5241-AMERICAN EXPRESS/FORTIS/ALPHA CARD, . 23, M.3740-BARCLAYS BANK/FORENINGSSPARBANKEN/JV . 12 M.4844-FORTIS/ABN AMRO ASSETS. 240 (merchant acquiring)

. , […], : 1) . ., 2)

. ., 3) Alpha . ., 4) . ., 5)Attica Bank, , 6) . ., 7) Cyprus Popular Bank Public Co Ltd, 8)

Eurobank Ergasias . ., 9) Millennium Bank . ., 10) . . 11) Citibank International Plc. , 4, 3, . 3862/2010 « 2007/64 / ,2007/44/ , 2010/16 / ,

, . .», / (

) , , .

, ( ),

( 10, . 1 . 3862/2010) , , ,

(merchant), /

( ). :

( . . Visa, Mastercard, . .),

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, (issuer),

/ (cardholder)

(issuer) , .

, (issuer) , ,

(acquirer), (merchant), , ( -

interchange fee), ( . . Visa, Mastercard).

€ 125.000 ( 6 . 4 . 3, . . 3862/2010). 241 , POS

(acquirer) , . ,

- (switch centers), (acquirers),

(common POS). - / […],[…],[…]. ,

(acquirer) .

, (acquirer) , (merchant service charge).

(issuer - acquirer) (on-us transactions).

H (merchant service charge) , :

) (issuer’s reimbursement fee)243

242 , ( , , , ),

, , American Express Diners club. . Competition and

Efficient Usage of Payment Cards, DAF/COMP (2006) 32, . 23.

(ISSUER/

CARDHOLDER BANK)

(MERCHANT ACQUIRER)

(CARDHOLDER)

(MERCHANT)

/ , POS ,

, , (outsourcing).

(POS Network Service Provision)

(Card Acquiring Processing) 245

) ( / ),

) (VISA, MASTERCARD . .)246,

, , - .

243 (interchange fee)

. 244 , . . 245 . COMP/ M. 4316-ATOS ORIGIN/BANKSYS/BCC, . 19, 34. 246 . COMP/ M. 4814-AIB/FDC/JV, COMP/ M. 4316-ATOS ORIGIN/BANKSYS/BCC, M.5241-AMERICAN EXPRESS/FORTIS/ALPHA CARD, COMP/ M. 5968- ADVENT/BAIN CAPITAL/RBS WORLDPAY.

( . . ),

( / ) , 249.

247 , […],[…],[…],[…] […],

. , . , […]

, on line […].

248 , . . . 249 , […],[…], […],[…],[…] […]

« » .

, « » , VISA MASTERCARD250. , , .

251, .

‘must-have’ , , ( ) VISA MASTERCARD. ,

252, ,

, . , ,

VISA MASTERCARD 253. 254,

250 80% VISA MASTERCARD. 251 , , […] […] /

[…], […] ( ) […].

252 , ,

. 253 . . 254 , DINERS

[…]% […]%, AMERICAN EXPRESS […].

, , , , ,

, , 255 256.

.3.1.4.

, , , 258.

.3.2.1.

255 . . . 534/VI/2012 – ALPHA / EFG EUROBANK ERGASIAS . 256 . M.2567-NORDBANKEN/POSTGIROT, . 17-18, M.5241-AMERICAN EXPRESS/FORTIS/ALPHA CARD, . 28-31, M.3740-BARCLAYS BANK/FORENINGSSPARBANKEN/JV . 12-15, COMP/ M.4814-AIB/FDC/JV . 13-14, COMP/ M.4316-ATOS ORIGIN/BANKSYS/BCC . 23 COMP/ M.5968- ADVENT/BAIN CAPITAL/RBS WORLDPAY . 12-13,

. 257 . M.5384-BNP PARIBAS/FORTIS, . 73, .2567-NORDBANKEN/POSTGIROT, M.4844-FORTIS/ABN AMBRO ASS TS .5241-AMERICAN EXPRESS/FORTIS /ALPHA CARD. 258

, ( ).

, , ( ) , ,

( . . , ),

, , . .

. , ( , )

. , ( . 3862/2010),

. . (PSD)

( . . ), ,

, € 125.000.

H ( ) :

, , , ,

, , , . . .

, , 9 MasterCardBarometer

MasterCard FocusBari 2011

(32%) ,

(29%)260. / 20%261,

( ) ( supermarket),

(11%)262.

, 263. ,

, . , ,

( . . ). , ( ,

), (switching benefits) . . /

259 , , 19.07.2011. 260 , ,

. (55-70) ( 38%),

(25-34) (23%).

( 18-24), (40%) ,

.261 ,

(28%). 262 (15%). 263 .

ΕΦΗΜΕΡΙΣ ΤΗΣ ΚΥΒΕΡΝΗΣΕΩΣ (ΤΕΥΧΟΣ ΔΕΥΤΕΡΟ) 26761 )

: , 264

, , ( ) . ,

, , , , ,

, 265, 266

( . . premium ), .

.3.2.2. –

2009 2010 2011 ' 2012

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

264 SEPA. 265 ,

. 266 , .

EUROBANK - ERGASIAS […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] […] […] […] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK International plc […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CYPRUS POPULAR BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

HSBC BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

5.799.732 100,00% 4.957.851 100,00% 4.020.953 100,00% 3.421.375 100,00%

( ) […] [15-25]% […] [15-25]% […] [15-25]% […] [25-35]%

(2011) (3Q2012)

[1400-1600] [1400-1600]

[1600-1800] [1600-1800]

( ) [150-200] ( ) [200-250]

2009 2010 2011 ' 2012

[…] [25-35]% […] [25-35]% […] [25-35]% […] [25-35]%

[…] [15-25]% […] [15-25]%

[…] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]%

[…] [15-25]% […] [15-25]% […] [15-25]% […] [5-15]%

EUROBANK - ERGASIAS […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CYPRUS POPULAR BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK International plc […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

HSBC BANK […] - - - […] [0-5]% […] [0-5]%

9.044.207 100,00% 9.100.836 100,00% 9.874.036 100,00% 9.973.550 100,00%

( ) […] [25-35]% […] [25-35]% […] [25-35]% […] [15-25]%

(2011) (3Q2012)

[1400-1600] [1400-1600]

[1800-2000] [1400-1600]

( ) [300-350] ( ) [200-250]

.3.2.3.

ALPHA BANK ( [15-25]% -

2012) .

[25-35]% ( 2012) ,

Eurobank ( [15-25]% [15-25]% ), HHI (<2.000 ), 250

([150-200] 2011 [200-250] ’ 2012).

( [25-35]% -

2012) (ALPHA BANK ).

[15-25]% . , HHI,

2.000 , 250 2011 ([300-350]) 2012 ([200-250]–– - ’ 2012).

, , , ,

- - Eurobank,

, , , . , ( -) , HHI . . ,

. 20 .

, ( . 3862/2010)

. . (PSD)267

[70-80]% ( ALPHA BANK- [25-35]%, Eurobank [15-25] %, [15-25] %,

[5-15] %).

(CR4) [75-85]% ( [25-35]%, ALPHA BANK- [15-25]%,

[15-25]%, Eurobank [5-15] %).

, , μ , μ

μ . , , μ 268.

, , , , .

268 COMP/M.1016 Price Waterhouse/Coopers &Lybrand, . ., . 103 113.

, ALPHA BANK

, 270.

271. , 50% ( [40-50]%)

’ 2012, ,

269 IV/M.202 Thorn EMI/Virgin Music, . 40, 80% ,

270 . .4844- FORTIS/ABN AMBRO ASSETS, . 196 . . European Commission Report on the Retail Banking Sector Inquiry (2007).

271 . . COMP/M.4823 YARA/PRAXAIR/ JV . 44. 272

. . COMP/M.4823 YARA/PRAXAIR/JV, . 44,

, , - - Eurobank,

, , , ). .

. , , , ,

273. , , ,

. , ’ .

. , ( HHI

) 274.

273 . .580 ABB/Daimler Benz, . 90. 274 . COMP/ .3333 Sony/BMG (2), . 92.

Z.3.3.

Z.3.3.1.

/ 275.

. . .,

275 H […] , ,

. 276 . […],[…],[…]. 277 . […],[…],[…],[…].

, ’ , ,

, . , ,

. , […] ,

, (switching cost)

» 4%278. , , , , ,

, . , ,

278 , […], […], […], […] […] ’ , […] 1,04%, […] 3%, […] 3,6% […]

[…]% , […]%

279. , ,

[…],[…],[…],[…] […] […]% .

, , ( . . ),

, 280.

, , - ,

279 . ,

[…] 0,08% 30,3% , […] 29% 70% ,

[…] 4% 80,6% . 280 , ,

- ( €)

2009 2010 2011 2012 2012

/ . . / . . / . . / . . / . .

[…] [25-35]% […] [25-35]% […] [35-45]% […] [25-35]% […] [35-45]%

EUROBANK-ERGASIAS

[…][15-25]%

[…][5-15]%

[5-15]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…][5-15]%

CITIBANK […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

MILLENNIUM […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MARFIN EGNATIA

[…][0-5]%

. , , ,

.3.3.2. –

[…][0-5]%

7.496.940,56 7.184.544,73 6.955.621,43 2.983.877,40 5.017.498,72

( ) […] [35-45]% […] [35-45]% […] [35-45]% […] [35-45]% […] [35-45]%

(2011) (3Q2012)

[2200-2400] [2200-2400]

[2600-2800] [2800-3000]

( ) [400-450] ( ) [400-450]

.3.3.3. :

- , [5-10]%.

, ALPHA BANK, ALPHA BANK/

, 281. , (merchant fees)

ALPHA BANK/ ( )

281 , […],

. ALPHA BANK ,

, ALPHA BANK 282

(Independent Sales Organisation), ALPHA BANK

[…].

, ALPHA BANK

, (ALPHA BANK- )

(leveraging) (tying)

ALPHA BANK

. , , Alpha Bank/EFG Ergasias,

([50-60]% [50-60]%, ) . .

282 , […],[…],[…], , ,

ALPHA BANK ( [35-45]% - 2012)

[35-45]% ( 2012) , Eurobank, ,

Citibank ( [15-25] %, [5-15]%, [5-15]% [5-15]% ).

, , , ,

). , ,

ALPHA BANK

Alpha Bank . ,

. ALPHA BANK

, ( ) ( )

, Eurobank,

283 . . COMP/M.5907, .157. 284 . . COMP/M.3287 AGCO/VALTRA.

.3.3.4.

), 285.

[85-95]% ( ALPHA BANK - [35-45] %, Eurobank [15-25]%, [5-15]%,

[5-15]%)286, 60%287, . HHI

250 ([400-450] 2011 [400-450] ’ 2012)

. , , ALPHA BANK – ,

( Eurobank, , )

, , , ,

285 . , , 40-50%

, . . COMP/M.1882 Pirelli/Bicc, . 77-79,

COMP/M.3464 KESKO / ICA / JV, . 39, COMP/M.2609 HP/COMPAQ, . 32-35, COMP/M.2192 SMITHKLINE BEECHAM/BLOCKDRUG, . 12-14 , IV/M.986 - Agfa-Gevaert/DuPont, . 99-100. 286 . . . .1891 BP AMOCO/CASTROL. 287 . . Levy, Control of Concentrations 5-345. 288 . . COMP/M.5907, . 209. 289 . .

(Alpha Bank Eurobank) 60%,

, ( , )

ALPHA BANK ,

, Alpha Bank Eurobank

321/V/2006. ,

290 ( ), [15-20] ( ) [25-30]

( ), .

, (merchant service charge) 291,

[…], […], […], […] […] ’ , […] 1,04%, […] 3%, […] 3,6%

[…] 4%). ,

290 . . 291 (merchant service charge) :

) , ) (issuer’s reimbursement fee) ) .

[…] .

, , , ,

.4. (FACTORING)

(factoring) , . 1905/1990293,

. factoring 294 ,

(trade receivables)295. , :

( ), ,

292 M.4865 -SIEMENS / DADE BEHRING, . 40-43.

. 293 « μ μ », A 147. 294 Factoring Factors Chain International (FCI), Annual Review - 2011,

. 11.295 . Factoring (www.fci.nl),

Factoring (www.hellenicfactors.gr) - .

« - », , factoring,

( ), , 296

297. factoring,

factoring 299.

factoring , , 300:

) factoring, ,

) factoring, , :

factoring:

factoring: .

, factoring :

) Factoring (with recourse), ,

) Factoring (non-recourse), .

296 factoring : ( ),

(risk premium), , , ,

( factoring ). 297 . 880/2010.298 factoring, ,

. 299 4 . 1 . 1905/1990,

300 . Factoring (www.fci.nl) Factoring (www.hellenicfactors.gr).

, , factoring :

) Factoring , ,

) Factoring , ( ),

, factoring (Reverse factoring), (Back-to-back

factoring), (Invoice Financing) forfaiting301.

. .302 303, ,

, . , factoring

, , , 304. , ALPHA BANK

, factoring .

factoring factoring,

301 To forfaiting Forfaitors (International Forfaitors Association) 100%

(non-recourse), , - ( 10 ),

100.000 200 .

302 . . . 67/II/1999 / , . 4, . . 534/VI/2012 – ALPHA / EFG EUROBANK

ERGASIAS . 86 . . 549/VII/2012 / . 303 . M.3894-UNICREDITO/HVB, . 29, M.4155-BNP PARIBAS/BNL, . 15, M.6244 - BNP PARIBAS/ FORTIS COMMERCIAL FINANCE HOLDING, . 15 . M.4844-FORTIS/ABN AMRO ASSETS, . 31-32. 304 . M.4844-FORTIS/ABN AMRO ASSETS, . 30.

306. ,

factoring. , 307.

ALPHA BANK ABC FACTORS

A.E. .

Z.4.2.

Z.4.2.1.

. . ., , , 15

Cyprus Popular Bank , Marfin Factors & Forfaiters SA.

( Factoring, Factors, ABC Factors - AlphaBank,

Eurobank Factors).

305 […] factoring, , ,

forfaiting. factoring

/ / . forfaiting, […],

Factor . factoring /

.306 . M.3894–UNICREDITO/HVB. . 42, M.4155-BNP PARIBAS/BNL . 23, M.4844-FORTIS/ABN AMRO ASSETS, . 84, M.2577-GE CAPITAL/HONEYWELL . . 534/VI/2012 ALPHA / EFG EUROBANK ERGASIAS , . 96. 307 […]

, , , .

, , , , HSBC Bank, Millenium, Citibank Probank ).

.4.2.2. - -

2471/10.04.2001 . 3601/2007, 4 § 3 . 1905/1990

/ 2622/21.12.2009. .

, factor,

, ABN AMRO, Unicredit, BNP

Paribas , Factoring GE Factofrance309.

[…]310, […], […], […]. , […] :

« FACTORS A E

», 2009, 14%

«MARFIN FACTORS & FORFAITERS . .», ,

308 . 534/VI/2012 Alpha Bank- Eurobank. 309 ,

310 […] , , ( HSBC Bank plc.,

Ltd.), , ,

( 370 ).

2012, .

, […]

. factoring

.4.2.3. -

, , factoring

, factoring . […],

, , 311.

, […] . ,

, factoring . […]

, , , .

.4.2.5. 312

, factoring

311 2011 factoring 2010. 312 , ,

ABC FACTORS . ABC FACTORS , , ALPHA BANK

. factoring ABC FACTORS ,

, , , , , .

( . €) FACTORING

2009 2010 2011 ' 2012

. . . . . . . . . . . . . . . .

EUROBANK - ERGASIAS (Eurobank Factors AE)

[…][25-35]%

(ABC Factors) […] [15-25]% […] [15-25]% […] [15-25]% […] [15-25]%

[…] [5-15]% […] [15-25]% […] [15-25]% […] 14,70%

( Factors) […] [5-15]% […] [5-15]% […] [5-15]% […] [5-15]%

CYPRUS POPULAR ( Marfin Factors & Forfaiters)

[…][5-15]%

HSBC BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[0-5]% [0-5]% […] [0-5]%

Factoring AE […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [0-5]%

MILLEN IUM BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

PROBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

. , , ,

.4.3. factoring

.4.3.1. –

. . . ,

, 2009 2012, :

.4.3.2.

Eurobank

Eurobank FACTORS . ( [25-35]% - 2012), (ALPHA BANK

). Eurobank ,

15-25% [5-15]%. , ( )

HHI, 2.000 , 250 313 ([200-250] 2011 [50-

100] ’ 2012).

, [0-5]%.

313 . . . . (2004 C 31/03) . 20.

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] 100% […] 100% […] 100% […] 100,00%

( ) […] […] […] […] […] […] […] […]

FACTORING HHI

(2011) (3Q2012)

[1600-1800] [1800-2000]

[1800-2000] [1800-2000]

( ) [200-250] ( ) [50-100]

factoring ( FACTORS . . MARFIN FACTORS & FORFAITERS . .)

[5-15]%, [5-10]%. ,

( ) ( -) .

(CR4) [75-85]% ( Eurobank Eurobank FACTORS . .

[25-35]%, [15-25]%, [5-15]% Factors [5-15]%).

μ , , μ

314 , ,

, ALPHA BANK ( ,

[0-5]%).

315, 316.

314 IV/M.202 Thorn EMI/Virgin Music, . 40, . 315 . . . . . COMP/M.4844 Fortis/ABN AMBRO, . 197 COMP/ .4523 Travelport/Worldspan . 161,

317 . [50-60]% ,

, 318, )

factoring .

. ( . . HHI ),

HHI , ,

- . . . . . . COMP/M.619 Gencor/Lonrho . 141.

, COMP/M.4823 YARA/PRAXAIR/ JV . 44. 318 . […], . ., . 45: « ,

. , , ,

. ' , ,

. […]».319 . COMP/ .3333 Sony/BMG (2) . 92.

.5.1.1.

2 N. 4099/2012320, . 3283/2004321

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320 . 4099/2012« » 20/12/2012 ( 250/20.12.2012).

170 [ ] , ( 163 1.1.2013).

321 3283/2004 « , , », 85/611/ ,

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327 . . . , -

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2. , 1.200.000 € ( 5 . 3283/2004) 500.000 .

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335 . , 98, 2012, ( ).

336 . , 98, 2012, ( ).

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(creation and managing of mutual funds) (

-asset management-, . .

338). ,

, ( . ).

, , , (distribution of mutual funds), ,

, 339 340. ( ),

, , . . . . . . . . . .341

ALPHA BANK Alpha Asset Management . . . . .

338 . . . 534/VI/2012 – ALPHA / EFG EUROBANK ERGASIAS , 488/VI/2010 /ASPIS BANK, 425/V72008

/PROTON BANK, 335/V72007 FBBank/ASPIS BANK 326/V/2007 & /

. . / .

339 . M.3894–UNICREDITO/HVB, . 66 . 77 . 340 (asset management). ,

, . . M.4844-FORTIS/ABN AMRO ASSETS, . 37 . 67 .,

M.5384-BNP PARIBAS/FORTIS, . 13 59, M.6168, RBI / EFG EUROBANK /JV, . 20 27 .

. . . . . . . . . . .

AXA . .) Amundi Asset

Management Amundi . ALPHA BANK

. . . . .

.5.1.3.

, 342. . .,

343. , ,

, ( ) ,

344 ( ) ,

( ) ( ) ,

342 . M. 5384-BNP PARIBAS/FORTIS, M.4844 -FORTIS/ABN AMRO ASSETS, M.1453-AXA/GRE, M.1043- BAT/Z RICH

.343 . . . 534/VI/2012 ALPHA / EFG EUROBANK ERGASIAS ( . 100), 488/VI/2010 /ASPIS BANK, 425/V72008 /PROTON BANK, 335/V72007 FBBANK/ASPIS BANK, 326/V/2007 & /

. .344 . 4099/2012 ( ’250/20.12.2012) «

[ . . . . ., 345 - ALPHA BANK

, , ( . . ),

.5.2.1.

), 346:

( 347 ), (

( ), (

. 4099/2012),

345 (http://www.hcmc.gr/pages/category.asp?catID=256),

. . . . 30/6/2012, . . . . .

5,2 . 346 6/587/2.6.2011 . . ( 1428 /16.6.2011)

(http://www.hcmc.gr). 347 « » 65%

, / . 129/14.4.1998

, http://www.hcmc.gr/photos/Apofaseis1998/files/129_14.4.98_ak.pdf

- Funds of Funds (

250 1200 348,

2 2012, 349:

.5.2.2.

2012 20 22 2010 25 2006.

350, . . . . .,

348 . 349 http://www.ethe.org.gr 350 http://www.ethe.org.gr. 1/1/2007 . . . . .

, ( . . , ) . . . . .

Marfin Global Asset Management . . . . . HSBC( ) . . . . .

Asset Management . . . . . . . . . . . .

Alpha Asset Management . . . . . Probank . . . . .

Asset Management . . . . . . . . . .

Asset Management . . . . . Metlife Alico . . . . .

Attica Wealth Management . . . . . Allianz . . . . .

Asset Management . . . . . ING . . . . .

Millenium . . . . . International . . . . .

Eurobank Asset Management . . . . . Amundi . . . . .

. . . . . 351

, , . . . . . 30.6.2012 5

Marfin Egnatia Bank A.E Asset Management . . . .

. Asset Management . . . . .

Alpha Bank . HSBC( ) . . . . .

HSBC Bank Plc Allianz . . . . .

. . . ING . . . . .

Millenium Bank A.E Amundi . . . . .

Eurobank Ergasias .

Citibank International Plc Solidus Securities . . . .

. Prelium . . . .

. . . .

351 . . . . . 2000 (30%), (15%) (15%)

(40%). . .78548/ 1105 1992 9: « . . . . .

»-, « ». 2009

40% 20%, 80% . (http://www.hpmf.gr/Profile).

. 3283/2004 .4099/2012 . .

352. 2009/611/ (UCITS IV) . 4099/2012

, « », ,

.5.2.3.1

13 .4099/2012, 353 354

500.000 355. , ( . 3283/2004) ,

, 1.200.000 € ( 5.1).

352 . […] ( - ).

353 14 . 4099/2012, . 4099/2012 . 2190/1920. ,

. . 2190/1920, .

354 14 . .

. 355 ’ ,

. 250 € 0,02%

250 €., 10 €.

356, - ( )357. .

. 4099/2012 .

, . 5 . 5 . 3283/2004, 51% :

34358, -

, ( ), ( ).

356 , ,

) , , , ,

) , , .

357 . . 8 . 4099/2012. 358 . 4099/2012 34 « -

( 19 2009/65/ )».

.5.2.3.2.

4 . 5 . 4099/2012, , , ,

, 360:

) , 361,

(300.000) 362.

, 300.000 ( 1.200.000 € -

12 . 3 . 3283/2004).

.5.2.3.3. - -

359 1 20 2009/65/ . 360 , 4 .6 .4099/2012,

, : ) , )

) (300.000) , , (800.000)

. . 4,

361 36 38 4099/2012. 362 . 7 4 .4099/2012,

, . 8 4 . 4099/2012,

- 2009/65/ - ,

/ , 363,

( ) ( ).

, 7 . 4 . 4099/2012, ( ) , , ,

( ) ( )364.

- , 365 -

. 4099/2012366.

363 33 . 4099/2012, ,

. , 32,

- ( ) . 4099/2012

, , , , ,

. , , ,

. 364 . 3283/2004 ( 15 . 4) /

, , . . . . ., . . . . (

). 365 . 89 .4099/2012 366

, 2009/65/ , , , ,

. . . 17/633/20-12-2012 .

.5.2.3.4.

. . . . . .

.5.3.1. –

367, , 2009

2012, , :

- ( . €)

2010 2011 2012

. . . . . .

EUROBANK - ERGASIAS […]

[15-25]% […]

[25-35]% […]

[25-35]%

[15-25]% […]

[15-25]%

367 , 1/7/2012 . . / T-Funds 26/7/2012 MetLife Alico / Proton A .

[15-25]% […]

[5-15]% […]

[5-15]%

CYPRUS POPULAR BANK […]

[5-15]% […]

[5-15]%

[5-15]% […]

[5-15]%

[0-5]% […]

CITIBANK International […]

[5-15]% […]

[5-15]%

HSBC BANK […]

[5-15]% […]

[0-5]%

[5-15]% […]

[0-5]%

[0-5]% […]

[0-5]%

[0-5]% […]

[0-5]%

MILLEN IUM BANK . . […]

[0-5]% […]

[0-5]%

PROBANK A.E. […]

[0-5]% […]

[0-5]%

ATTICA BANK […]

[0-5]% […]

[0-5]%

[5-15]% […]

[0-5]%

368 9.777,88 100,00% 7.631,39 100,00% 8.819,64 100,00%

( ) […] [15-25]% […] [15-25]% […] [15-25]%

(2011) (2Q2012)

[1200-1400] [1400-1600]

[1400-1600] [1400-1600]

368 / ,

/ ( ) .

, , / , ( Eurobank LF,

NBG International Piraeus Invest), . , ,

/ / ( )

( ). , (double-counting), / ,

( ) [150-200] ( ) [100-150]

. . . . .

.5.3.2.

, ALPHA BANK 29/6/2012 [15-

25]% . . . . .

- ( . 7)371, , , - .

Z.5.3.3.

Eurobank ( [25-35]% - ’ 2012),

(ALPHA BANK ). Eurobank ,

[15-25]% [5-

15]%. , , ( ) HHI, 2.000 , 250

372 ([150-200] 2011 [100-150] ’ 2012).

369 ( . 1902/90, . 2076/92, . 2679/99, . 78548/ /105/92, . 3283/2004, .

3586/2007) - (http://www.hpmf.gr/Profile). 370 . 3 . 78548/ 1105, /758/92.371 , ,

ALPHA BANK . 372 . . . (2004 C 31/03) . 20.

( ) ( -) .

[60-70]% ( Eurobank [25-35]%, [15-25]%, [5-15]% CYPRUS POPULAR BANK [5-15]%).

( . . HHI ),

373. HHI

, μ , μ

μ 374.

373 . COMP/ .3333 Sony/BMG (2) . 92. 374 COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 103

113, . .375 . . IV/M.202 Thorn EMI/Virgin Music, . 40,

70-95% ,

ALPHA BANK

: ( [0-5]%), , ’ ,

376 , [5-15]

( ) [15-25] ( ).

50% ( [40-50]%)

. COMP/M.4823 YARA/PRAXAIR/ JV . 44, ,

. 377 . COMP/M.4844- FORTIS/ ABN AMRO, . 162.

- . , ,

(ancillary services) / .

378, - :

) (M& advice),

) (Initial Public Offering advice),

) (arranging new issues of stocks

and bonds).

ALPHA BANK .

379. , , , ( ,

380), .

, , KPMG, Deloitte Grant Thornton.

. , . . . - ,

378 . 534/VI/2012 ALPHA / EFG EUROBANK ERGASIAS M.3894- Unicredito/HVB, . 33, M.5384-BNP PARIBAS/FORTIS, . 66 IV/M.597 Swiss Bank Corporation/S.G. Warburg, . 8. 379 . M.5384-BNP PARIBAS/FORTIS ( . 78), M.4843-RBS/ABN AMRO ASSETS ( . 23) .3894-UNICREDITO/HVB ( . 42). 380

, , ( ),

Goldman Sachs, JP Morgan, Nomura, Keefe-Bruyette & Woods381.

, ( ) .

, , . . .

- M&As 2009 […], […] […] […],

[…] […]. 2010 […] […] […] […] […] […]. To 2011 […]

, 2012 […] […] […] […]382.

, ALPHA BANK ,

, […], […] 2009, 2010 2011, […] […] 2010, […], […], […] […] 2009383.

381 , ( ),

( . . 3606/2007 3601/2007). , , ( . 12-14 .

3601/2007 31-32 . 3606/2007). , ( ) ( 2(11) . 3606/2007), 34

, ( . www.athex.gr/ena/

http://www.ase.gr/content/gr/announcements/Files/ %20 %20 %206 %20 %202012%20%2024112011clean%20_2.pdf).

. 3606/2007 3601/2007 ( . – , ) .

382 Alpha Bank . 383 . http://www.alpha.gr/page/default.asp?id=5224

. . . […] 2009 2010,

, 2011 […] […]. 2009 ALPHA BANK

MIG Real Estate, . . . .,

ALPHA BANK .

.6.4.1. –

, - 385. ,

, , 386:

384 : 2009 Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup UBS,

Alapis 2009 ABN AMRO, BNP Paribas, Deutsche Bank AG, Jefferies Merill Lynch, Alpha Bank 2009 JP Morgan, Merill Lynch, Morgan Stanley, Deutsche Bank AG, Citigroup, Nomura UBS, 2010 Credit Suisse, Deutsche Bank AG, Goldman Sachs, Morgan Stanley, Barclays, Citigroup, HSBC, Keefe-Bruyette & Woods, Mediobanca, UBS ,

2011 Barclays, Credit Suisse, Goldman Sachs, Morgan Stanley, Keefe-Bruyette & Woods, Mediobanca, ING, Macquarie MPS Capital, 2011

Eurobank, Alpha Bank, ETE, Marfin. 385 :

, . - .

386 ALPHA BANK - - M&A

advice -. , . -

2009 2010 2011 ’ 2012

. . . . . . . .

EUROBANK - ERGASIAS

[…][15-25]%

[…][5-15]%

[…][35-45]%

[…][25-35]%

[…][15-25]%

[…][5-15]%

[…][15-25]%

[…][5-15]%

[…][15-25]%

[…] [5-15]% […] [5-15]% […] [5-15]% […] [15-25]%

CYPRUS POPULAR BANK

[…][5-15]%

HSBC […] [0-5]% […] [0-5]% […] 2,35% […] [5-15]%

[…][5-15]%

[…][0-5]%

[…][5-15]%

[…]2,44%

[…][0-5]%

[…][45-55]%

[…][0-5]%

ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

MILLEN IUM […] [5-15]% […] [0-5]% […] [0-5]% […] [0-5]%

[…] […] […] […]

ALPHA BANK ( )

[…][15-25]%

(2011) (1H2012)

[2000-2200] [1800-2000]

2011, […]% ALPHA BANK […]%, […]%. - /

2009, €10 . MIG REAL ESTATE . . . . .

2010-2011 2012. ,

. ALPHA BANK […]% […]%.

[2200-2400] [2000-2200]

( ) [100-150] ( ) [50-100]

Advice), (IPO advice), , (

- , 2011 :

- 2011

ALPHA BANK ( )

[5-15]% [5-15]% [5-15]%

[0-5]% [0-5]% [0-5]%

[15-25]% [0-5]% [25-35]%

[15-25]% [0-5]% [15-25]%

, , Eurobank ( [25-35]% - 2012),

(ALPHA BANK ). Eurobank

, [15-25]%

[15-25]% [15-25]%. , , ( ) HHI,

2.000 , 250 387 ([100-150] 2011 [50-100] ’ 2012). ,

, [0-5]%.

, , ( )

( -) .

[80-90]% ( Eurobank [25-35]%, [15-25]%,

387 . . . . (2004 C 31/03) . 20.

.6.4.2.

[15-25]% [15-25]%).

. ( . .

HHI ), 388.

, , μ ,

μ μ .

μ 389. ,

, ALPHA BANK

( [0-5]%).

: , , ’ ,

391 2012,

388 . .3333- Sony/BMG (2) . 92. 389 . . M.1016- Price Waterhouse/Coopers & Lybrand,

. 103 113.390 IV/M.202 Thorn EMI/Virgin Music, . 40,

70-95% ,

. . M.4823-YARA/PRAXAIR/ JV .44,

393. :

.7.1.1.

, (trading in securities, bonds and derivatives), (foreign exchange trading) (money market instruments).

, ( ) 394,

392 . COMP/M.4844- FORTIS/ ABN AMRO, . 162. 393 . 523/VI/2011, , 6 . 5 6 . 3959/2011, , ’

5-10 . 3959/2011. 394 . . 3606/2007.

395. .

3606/2007396, ,

, 398.

ALPHA BANK , ,

, , 399.

395 . . . 534/VI/2012, . 442 326/V/2007, . 9, .6168, . 15, .4844, . 64 .3894 -UNICREDITO/ HVB, .

30-32. 396 (« »)

2004/39/ ( MIFID). 397 , .

. 398 . M.4844-FORTIS/ABN AMRO ASSETS, . 65 -66,

M.5384–BNP PARIBAS/FORTIS, . 66 . , ,

, , (trading in securities, bonds and derivatives), (foreign exchange trading)

(money market instruments). . . . 534/VI/2012 – ALPHA / EFG EUROBANK ERGASIAS , . 87, 326/V/2007- &

/ , . 5, 67/II/1999 / , . 3, 89/ II/1999 CONSOLIDATED

EUROFINANCE HOLDINGS S.A./ . . 399 ALPHA BANK ’ . 326/V/2007, . 9

.6168, . 15 .4844, . 64. , , - , ALPHA BANK

, . . . . . ,

- E.E. . ,

ALPHA BANK ,

. , , .

.7.1.2.

( . . . . .),

( . . . .) . . . 400,

( . . . . .),

( . . . .) -

, . . . . .

, 402. ,

400 . 401 8 . 3606/2007, «1.

, ’ ’

. […]». 402 10 . 3606/2007, «1. . . . . .

(1.000.000) . 2. . . . . .

. . . . , 36 . 2 . 3606/2007403,

404. , . , ,

, 406.

ALPHA BANK ( ALPHA Finance ) ( )407.

.7.1.2. :

, , . . .

(3.000.000) . 3. . . . . . ,

, , (300.000) ».

403 «2.

». 404 . […]. 405 . […]. 406 . […]. 407 . . , ALPHA BANK Alpha Finance

. Alpha Finance

( 50),

. 2009, 2010, 2011 2012,

408 8.

2011 2012:

2011 3 2012

EUROBANK / 5.787.152.400,22 13,99% 2.894.809.026,01 16,58%

. . 5.685.178.580,53 13,74% 2.006.428.898,63 11,49%

. . . . . 5.176.715.348,67 12,51% 2.110.034.439,80 12,08%

EUROXX . . . . . . 2.596.077.374,43 6,28% 1.153.777.710,96 6,61%

. . . . ./ /

2.822.588.788,35 6,82% 783.283.372,66 6,07%

FINANCE 2.044.324.330,25 4,94% 801.442.644,95 4,59%

480.340.735,70 1,16% 131.562.898,19 0,75%

17.258.004.610,96 41,72% 7.581.732.581,30 41,83%

41.370.041.423,41 100% 17.463.071.572,50 100%

ALPHA BANK- ( ) 2.524.665.065,95 6,10% 933.005.543,14 5,34%

2011 3 2012

/ . . / . .

THE CYPRUS INVEST, & SEC. CORP. LTD (CISCO) 8.377.710,96 27,09% 6.273.653,12 41,85%

7.993.074,47 25,84% 2.763.617,07 18,43%

MARFIN - CLR (FINANCIAL SERVICES LTD) 4.322.966,36 13,98% 1.481.893,74 9,89%

. . . . ./ 283,894,05 0,92% 957.001,61 6,38%

MEGA EQUITY SEC. & FINANCIAL SERVICES LTD 2.555.818,50 8,26% 559.852,07 3,73%

SHARELINK SEC. & FINANCIAL SERVICES LTD 1.282.825,62 4,15% 174.164,40 1,16%

ALPHA FINANCE 1.069.449,05 3,46% 279.151,46 1,86%

. , 185.054,25 0,60% 31.345,57 0,21%

6.113.218,34 19,77% 0,00 0,00%

30.929.508,30 100,00% 14.991.216,76 100,0%

ALPHA BANK- ( ) 1.254.503,30 4,06% 310.497,03 2,07%

.7.1.3. :

40 , .

2011 2012,

2011 2012:

2011 3 2012

. . . . . .

. . 4.186.562 21,86% 4.067.137 20,10%

. . . . . 3.168.456 16,54% 3.387.208 16,74%

EUROBANK 2.182.375 11,39% 2.758.688 13,63%

. . . . . - PIRAEUS SECURITIES S.A. 3.028.814 15,81% 1.519.414 7,51%

FINANCE 740.183 3,86% 832.044 4,11%

. . 123.335 0,64% 162.424 0,80%

HSBC . . . . . 373.916 1,95% 548.401 2,71%

5.474.624 28,58% 6.960.340 34,40%

19.154.930 100% 20.235.656 100,00%

ALPHA BANK- ( ) 863.518 6,10% 994.468 4,91%

.7.1.4.

, ALPHA BANK ( ),

5,34 %

4,91% ,

.7.2.1.

. . 409, -:

( ) , ,

409 . . . 534/VI/2012 – ALPHA / EFG EUROBANK ERGASIAS , . 84 448/V/2008 - Aspis Holdings/Proton .

( ) . , ,

, , , , . .

( ) 410, , .

ALPHA BANK , . ,

ALPHA BANK AlphaLife . . . ,

, ( . ).

412, , , ,

( , )413. , ,

414. , , , . ,

410 , ,

411 ALPHA BANK .4844, . 71. 412 . 26/1996, 85/1997, 7/II/1998, 133/II/2000, 179/III/2001, 380/V/2008 417/V/2008. 413 , ,

, , , , , . .

414 . 534 /V /2012 Alpha-Eurobank 549/VII/2012 - .415 . IV/M.1307- Marsh & McLennan/ Sedgwick, . 8-19.

, , . , ,

190/2006, , «

, »416. . 1569/1985417 :

, , , , , , .

) , , ,

. , , ,

, , . ,

416 2, . 3. 417 183.

) , , ,

) , 190/20061, « »,

, , « ,

(Bancassurance)». ,

. ., , , / ,

, , 418.

418 . 449/V/2009 Post Insurance Brokerage/ . . . . ,. 534 /V /2012 Alpha-Eurobank 549/VII/2012 - .

ALPHA BANK, ( , . .) / 420.

, ALPHA BANK , 421,

CASA ( Credit Agricole Life Credit Agricole Insurance ) Groupama Phoenix422.

, 423, , ,

, 424.

.7.2.2. :

419 . 2, . 3 190/2006: « , ,

». . M/4844-Fortis/ABN AMRO . 73, .4284 -AXA/WINTERTHUR.

420 ALPHA BANK .4701-Generali/ PPF Insurance Brokers, . 24. 421 «Alpha

». 422 , (ALPHA BANK CASA)

423 . ’ . 26/1996, 85/1997, 7/II/1998, 133/II/2000, 179/III/2001, 380/V/2008, 417/V/2008, 449/V/2009 534/VI/2012, 549/VII/2012 .424

( . M.759- SUN ALLIANCE/ROYAL INSURANCE M.2343- TORO ASSICURAZIONI /LLOYD ITALICO). 425 (

, 2009

77 19 3 .

2010, 74, 18 5 , 2011

61 19 . ALPHA BANK, AlphaLife

. . . , , 426:

AlphaLife . . . .

2009 2010 2011 ’ / 2012

[0-5]% [0-5]% [0-5]% [0-5]%

[0-5]% [0-5]%427 [0-5] [0-5]%428

.7.2.2.

. . . . ., 2009

18.915 :

13.954 ,

1.143 ,

3.170 ,

32 429.

426 . 7. 427 . « 2011» « », . 10. 428 ’ 2012

, AlphaLife . ,

Alpha Life .

429 . 449/V/2009 - Post Insurance Brokerage/ . . . . .

.7.2.2. :

, . , ( )

, 2011, 10%.

– €

2009 2010 2011

. . . . . . . . . . . .

ALPHA BANK ( ) […]

[0-5]% […]

[0-5]%

Alpha Bank AE […]

Alpha […]

[0-5]% […]

[0-5]%

Credit Agricole Life […]

Credit Agricole Insurance […]

Groupama […]

430 […]

ALPHA BANK ( ) […]

[5-10]% […]

[5-10]%

« » « », 150

431. ( )

430 , 147 2009 2010 141 2011. . http://www.privateinsurance.gr/payments/index.php?option=com_flippingbook&view=book&id=39:statistics-2010&catid=2:special-editions).

«[…]» ( « – »

«Alpha Bank» « » , « ».

431 « »,

. (http://www.privateinsurance.gr/payments/index.php?option=com_flippingbook&view=book&id=39:statistics-2010&catid=2:special-editions).

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, , , .

, , , / ,

, , , ,

- 432.

, 433.

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. ., , 1.1.2011,

.7.3.2.

432 . 220/ /2002, 222/III/2002 534/VI/2012, Real Estate,

. , M.1975 DEUTSCHE BANK / EUROBANK / LAMDA DEVELOPMENT / JV,

ALPHA BANK,

434, real estate .

( ) 15.000.000 . . ' .

2002 2003 (21.718,5 . . . 22.091,3 . . . , ) , 2009 13.610,6 . . ., 2010

10.437,6 . . . 2011 4.464,07 . . . , – 2012 3.375,4 . . . .

ALPHA BANK […] […] . .,

[0-5]% , /

( )437.

434 ALPHA BANK - .

435 ALPHA BANK .

(www.statistics.gr « > - >

> »). 436 www.statistics.gr. 437 « » – 2012,

, 1.2 « », 180.000

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[…] [0-5]%438

, […] 439, [0-5]% .

’ 8 . 3 . 3959/2011, ’ 6 . 1 . . 3959/2011

«ALPHA . .»

« . .»,

24 2012.

. , 200.000 – 220.000.

438 180.000 ( ) 611 60. 0,38% .

439 510 3.777.987 . . 1.038 280.390 . .

, 66 , 0,03%. 180.000 1.548 66.

440 . 543/V/2012, ALPHA/EUROBANK.

ALPHA BANK

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(31.7.2012) Alpha Bank

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ALPHA BANK

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EUROBANK

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PROTON

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ATTICA BANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

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HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

CITIBANK […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

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ALPHA BANK ( )

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HSBC […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]% […] [0-5]%

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ALPHA BANK ( )

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30.09.2012

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