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Page 1: Leading Ahead 10 - NBG...Leading Ahead ISSUE NO. 10 - July 2008 ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ Improving Teller services Banca Romaneasca Social Responsibility Award Photo: Nikos Kanellopoulos

a periodical publication for the employees of the NBG Group

Leading AheadISSUE NO. 10 - July 2008

Ε Θ Ν Ι Κ Η Τ Ρ Α Π Ε Ζ Α

Improving Teller services

Banca Romaneasca

Social Responsibility Award

Improving Teller services

Banca Romaneasca

Social Responsibility Award

Photo: Nikos Kanellopoulos

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3 4 - 5 6 - 76 - 7

Our NewsEditorial DevelopmentsDevelopments

DevelopmentsDevelopments

10 - 11

Training Human ResourcesHuman Resources

Our Group

18 - 19

12 - 13

Awards

Leading AheadTitle of the Greek edition: Πρώτοι Εμείςa periodical publication for the employees of the NBG GroupISSUE NO. 2008Editors

10 Jully

Internal Communication Team,Nikos Kanelopoulos, Evi Tsioni, Fotini Skarlatou, Sophia Karakassi

(+30) 210 3342230 (or extension 12230), (+30) 210 3342919(or extension 12919)email: [email protected]

Tel:

Internal distribution

Please send us your views, topics you would like us to publish or even an articlewritten by you, at [email protected]

No part of this publication may be republished, reproduced or altered,in any form or by any means, mechanical, electronic or photocopying,without the prior written permission of the publisher (Law 2121/1983 and rulesof international law in force in Greece).You can access this publication through the Web atFor the Greek edition follow the path:For the English edition follow the path:

http://ete/EsotEp/Η Τράπεζα/Ανθρώπινο Δυναμικό/ “Πρώτοι Εμείς”

The Bank/Human Resources/ “Leading Ahead”

Page 3: Leading Ahead 10 - NBG...Leading Ahead ISSUE NO. 10 - July 2008 ΕΘΝΙΚΗ ΤΡΑΠΕΖΑ Improving Teller services Banca Romaneasca Social Responsibility Award Photo: Nikos Kanellopoulos

Editorial

It has been said many times during the course of 2008 that this is a tough year for the banking sector, that it is in fact a global

crisis which is the result of several causes and has multiple consequences. One such is that many Banks with a very

successful history have been forced to restructure, to change their strategy, to cut back on activities and even put themselves

up for sale or merger. For many this has been the result of decisions that have proved too weak to stand against the tide of

rapid developments that have taken place over the recent months.

The familiar strategy of trying to increase performance indicators, which is used when the sector enjoys continuous and

dynamic financial growth, high demand, low inflation and low interest rates, obviously cannot be maintained under the present

market conditions. Indeed it will need to adapt to new circumstances. The large increase in the cost of financing obligates us to

adopt a highly disciplined approach to the development of our business, to cash flow and to operating costs. Our performance

in all operations, with deposits leading the way, must continue to increase dynamically and in keeping with our leading position

in the market. At the same time we have to comply with new conditions when it comes to assuming risks and to new margin

standards that ensure balanced growth and the continuation of profitability at the levels that NBG has established in recent

years.

We have managed to adjust completely to this new environment, which is a prudent course and which at the same time fosters

a responsible attitude towards our shareholders, customers and employees in NBG. No one can dispute the fact that the

current climate is creating difficulties and changing our work habits, especially when it comes to attracting new business. We

need to make an even stronger effort; we need to be more persistent using appropriate arguments and an individualized

approach to each customer. All the different types of needs that our customers have continue to exist. A business's need for

financing, for example, is not suspended because of the environment. The same also applies to the purchase of a new house

and to trying to get the most out of one's savings. Simply stated, the solutions that our customers are seeking have to be

specifically tailored to their needs, they have to inspire trust and to dispel their fears.

Our job at the moment is to be as successful as possible given the present circumstances, so that we can emerge from this

situation stronger after having learned something from the experience. The best companies stand out from the rest when the

going gets rough, and the most dynamic period of the year lies ahead waiting for us to take advantage of it.

I wish everyone a good autumn!!

General Manager Domestic Branch

Minos Moissis

“The best stand out when the going gets rough”

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Our News

Yet another first

Purchase of

A study was carried out during the first

half of 2008 to rank Primary Dealers on

the basis of their activity in the Greek

government bond market.

According to an announcement by the

Bank of Greece, NBG once again found

itself in first place. Eurobank, Morgan

Stanley Intl. Plc, Lehman Brothers and

others followed.

NBG has recently acquired the building

located on the corner of 1 Pesmatzoglou

and Sofokleous streets from the Athens

Stock Exchange. The building has a total

surface area of about 3,000 square meters

and the purchase price was €13.3 million.

The Bank carried out this purchase as part

of its on going initiative for preserving and

enhancing historical buildings which have

played a significant role in our country's

economic history.

In this building, which was built in 1881 and

which has already been pronounced a

historic listed monument, is located the

trading room of the old Athens Stock

Exchange. The building, which was in fact

owned by NBG from 1932 onwards, was

initially sold to the Stock Exchange in 1977

on the condition that NBG would have the

option to buy the building back in the event

that it was put up for sale.

for NBG

the old Athens Stock Exchange

building by NBG

NBGstands resolute

True to its commitments, NBG continues

its major project of materially supporting

the infrastructure of the municipalities that

suffered damages from the catastrophic

summer fires of 2007. On the 13 of June

2008 at a simple ceremony in Zacharo,

NBG delivered a large part of the

equipment included in its donation to the

14 fire ravaged municipalities in the

Prefecture of Ilia. During the ceremony,

the delivery of 13 out of a total of 39 4x4

light fire trucks and of 6 digging machines

took place.

The ceremony was attended by a number

of NBG executives including Mr.

Alexandros Tourkolias, the Bank's General

Manager for Corporate and Investment

Banking,who comes from Zacharo, and Mr. Dimitris

Dimopoulos, General Manager for

Corporate Banking. Also present at the

ceremony was MetropolitanGermanos of Ilia and Oleni, Metropolitan

Chrisostomos of Trifilia and Olympia, as

well as mayors and representatives of the

political and military leadership of the

country.

As Mr. D. Dimopoulos noted in his

speech: “Our presence concretely

demonstrates our concern not only for the

area but for all of Greece. Beyond the key

role that NBG has played in development

and in business, its very history is

intertwined with that of our country and it

has come forward many times when our

country has faced difficult situations.

During the recent earthquakes, we were

the first bank to announce measures to

make life easier for affected customers

and to suspend interest and debt

payments until 30 June 2009. We hope

that such disasters do not occur but when

they do you should know that we stand

right beside you.”

On 18 July 2008 a ceremony also took

place at Leontari in Arkadia (the seat of

the Municipality of Falaisia) during which

we delivered 13 of the 17 various types of

mechanical equipment that we are giving

the municipality. We expect that very soon

we will be in a position to deliver the

remaining 4.

th

at the side of the municipalities

devastated by fire.

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New distinctions

Awards given to NBGI PrivateEquity

Small Buyout House of the Year'- unquote” Private Equity Awards2007

'2007 M&A Deal of the Year'- M&A Awards 2007

'Buyout realisation of the Year'- EVCJ Awards 2007

Our subsidiary NBGI Private Equityachieved spectacular profits with itsfirst set of investments in majorityshare capital packages, resulting init receiving a string of awards in2007 and 2008.

Five of the most important industryjournals in the field of Private Equityin Britain and in Europe honouredNBGI Private Equity. In each one ofthese cases, the winners werechosen by independent committeesthat were made up of seniorexecutives working in the field or bythe staff of private equity firms.

The company has been recognizedfor its substantial and consistentlysuccessful investment history andfor the profitable disposal of itsshareholdings in

Specific details on the awardsreceived by NBGI Private Equity in2008 up to now:

The UK journalprovides updated critical analysisand detailed comparative data forevery important issue that concernsmergers and acquisitions.

The course pursued by NBGIPrivate Equity has given thecompany a leadership position inthe category sub - €150 millionUK/Western Europe.

Recognizing the best deals in theglobal acquisitions and mergersmarket, the awards represent thosecompanies that excel in the field ofprivate equity and in financingmarkets.

The awards are totally independentand the winners were voted upon byindividuals that work in the field andwho judge the contestantsaccording to the annual analysesand articles in . Thewinners are companies that standout in terms of their innovative legalstructure and their financing ofacquisitions during the last 12-month period.

The strong track record of NBGIPrivate Equity was the decidingfactor that led the judges to award itthis distinction.

The company has also received thefollowing awards during 2007:

companies such asNationwide Autocentres andSuperglass, which brought in profitsat 10× its initial investment.

Acquisitions Monthly

ACQ Finance

for NBG in London

NBGI PE UK Team Awards

'Lower mid-market PE firm of theYear' Acquisitions MonthlyAwards 2008

'UK Equity House of the Year'ACQ Finance Awards 2008

Cigarettes have no placein our workplace

NBG's anti-smoking campaign began in May2008. Our campaign supports the right ofour employees to a pleasant and healthyworkplace environment. This initiative ofNBG's is supported by growing awarenessacross Greek society of the dangerousconsequences of smoking. In was in thisspirit that in April of 2008 the Ministry ofHealth and Social Solidarity announced itsNational Action Plan for smoking, whosegoal is to secure the right to smoke-free air.

Specifically, NBG's anti-smoking campaignincludes the following:

Informing employees of theconsequences of smoking and of thevarious methods that can help them quit,through the distribution of leaflets on thesubject and direct information providedby workplace doctors and otherspecialists.

The gradual classification ofmanagement buildings and branches asnon-smoking areas. To this end, threebuildings were converted during June tonon-smoking status (at Geraka, atAthinon Avenue and the Vovos buildingin Academias St.). In these buildingssmoking is only permitted in specialareas designated for this purpose. At thesame time we are already in the processof also seeking special areas in our 1category branches in the Attica Region.

The Bank is continuing its efforts towardscreating and maintaining a cleanerworkplace environment, which is free ofcigarettes and respects both our colleagueswho don't smoke and our customers.

st

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This project will improve tellerservices and the level of customerservice throughout the BranchNetwork and its goal is tosignificantly reduce the amount ofwaiting time spent by our customersat our Branches.

A key tenet of this project is thestudy of all of the parameters andfacets for the introduction of

both regular and substitute.

The Productivity Bonus reflects thenumber and types of transactionsthat are carried out by each teller aswell as the time it takes him/her toperform these. Transactions areranked according to their complexityand the amount of time that isrequired to execute them.

At the end of each month theweighted average of the dailytransactions that each teller carriesout constitutes the basic criterion onthe basis of which he or she willreceive the supplementaryProductivity Bonuses, which will beduly adjusted to reflect the amountof work time of each teller during theday and the month.

All tellers, both regular andsubstitute in other words, all thosethat have the title of teller as well asall those who work in other productgroups in the Branch and who areasked to temporarily carry out theduties of a teller either during peakhours or to substitute for a tellerduring their absence may beeligible for Productivity Bonuses.

Since April 2008, Productivity Pilothas been in the pilot stage ofimplementation in Attica. Initially, itwas implemented on a pilot basis at9 Branches (1 implementationphase 7/4/2008-6/5/2008 and 2implementation phase 7/5/2008-6/6/2008). The increase in theproductivity of tellers at the 9Branches during this period wasexceptional and therefore it wasdecided to expand the pilotimplementation of the RewardingProductivity program to 100Branches throughout Attica duringthe period 17/6/2008 31/7/2008.Depending on the results of the 100Branches, we will examine thepossibility of an even broaderimplementation throughout the NBGBranch Network.

Productivity Bonuses for alltellers,

st

nd

How the project will beimplemented

To whom the program isaddressed

Pilot implementation at 100Branches throughout Attica

Developments

Improving Teller services

This is a very significant project

which is already in its

implementation phase and which

involves increasing customer

satisfaction levels and reinforcing

their relationship with the Bank.

At the same time it will lead to

improving the working conditions

enjoyed by the employees

themselves in the Branch

network.

and the level of service in the Branch

Network

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As part of our efforts to upgrade thelevel of customer service at theBank and with the goal of providingcomprehensive banking services, itwas decided to graduallyincorporate the full range of depositproducts into the IRIS informationtechnology system.

By also incorporating depositproducts in a modern and unifiedwork environment we significantlyreinforce our effectiveness. Theeffect of this is that it will make iteasier for the Bank's employees tosell these products. In addition, weare speeding up the process ofimposing uniformity in the manner inwhich these products are managedas well as the standardization andautomation of procedures.

The first step in this direction wascompleted with the incorporation ofthe Time Deposit Products in Euroand in Foreign Currency into theIRIS system. Following a briefadoption phase the business andoperational benefits wereimmediately apparent and can besummarized as follows:

The uniform and standardizedprocedure for the development ofproducts, independently of businessarea (deposits / financing), inconnection with the numerousparameters that could be set in thesystem provide the relevantManagement group with the abilityto immediately respond to the needsof the market and to the demands ofour customers.

The ability to immediatelyrespond to the needs of themarket

Incorporating

Time Deposits

into the IRIS system

The beginning of providing

comprehensive services for deposit

products.

Developments

by andJohn Balabanis Dimitris Vrailas

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Optimizing procedures at theBranch Network

Securing Transactions ReducingOperational Risk

Increased potential for monitoringand providing information

The opening and servicing of alldifferent types of bank accounts willfrom now be carried out in line withuniform procedures irrespective ofthe type of currency and productinvolved. Transactions will beexecuted using screens that are userfriendly and which will guide usersthrough all the various proceduresinvolved, without it being necessaryfor them to memorize particulartransaction codes.

In addition, the principal changes thathave been made for the purpose ofpromoting sales and of making theprocedures involved easier are asfollows:

The Branch has greater room foralso providing the customer withmore favourable interest rates inFX time deposits.

A special interest rate from theDealing Room on on-linetransactions was established.

Handwritten procedures involvingthe completion of forms wereabolished and all of the requiredforms have been standardized andare printed automatically by thesystem.

The ability to search on-line for theexpiration of time deposits with thepossibility of a dynamic searchusing specific criteria wasestablished.

The personalization of transactions,with the obligatory input into thesystem of the details of the customerin connection with the monitoring ofcritical “indicators” in respect of notonly the customer but also of theaccount, help to safeguard thesecurity of transactions and toreduce the corresponding operationalrisk.

The vast number of data held as wellas the use of a single environmentfor providing product servicesindependently of the business areainvolved (deposits/ credit lending)enables us to ensure high qualityinformation, control and informedbusiness decisions.

Specifically, the details of timedeposits by individual bank accountare available on-line so that they canbe immediately utilized in theappropriate settings.

The next step in the provision ofcomprehensive services in depositproducts is that of introducing first-call deposits into the IRIS system.

The range, complexity and criticalnature of the initiative are great. Ourambition, however, together with theactive participation of everyoneinvolved is to develop a newintegrated system that willundoubtedly contribute to the changein the philosophy of promoting andservicing the Bank's products.

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Training

Let's all start speaking

a “common language”.

Internal Audit Inspection

has held training seminars

for 145 Auditors from

all Group Internal Audit Units

abroad.

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The Internal Audit Inspection (IAI), aspart of efforts to assist the Bank andGroup in achieving their goals, hasadopted a new Internal AuditMethodology. So, for the first time:

there is a systematic risk-basedapproach to audits,

guidelines and policies are drawnup to standardize auditprocedures in all Internal Unitswithin the Group, in accordancewith International Standards andBest Practices.

The IAI, seeking to train all internalauditors of International GroupSubsidiaries on the singleMethodology framework, held aseminar in the period 31 March - 4April 2008 in Istanbul. The seminar

was organized by the Officers of theMethodology, Standards and TrainingSubdivision of the IAI, with all of theauditors (80) in Finansbank's InternalAudit Unit participating.Mr. , ChiefInternal Auditor opened the meetingand underlined the need to adopt asingle internal audit methodologythroughout the Group, so that we canall start speaking in a “commonlanguage”, conforming toInternational Standards and BestPractices. Speakers fromFinansbank included Prof. ,Head of the Audit Committee, whoreferred to the “things we have incommon”, and Mr. ,Head of the Board of Auditors, whoanalyzed the contribution made byinternal audit in achieving NBGGroup objectives.

The same seminar was held a fewdays later in South Africa, Cyprusand Sofia, where it was attended byall the internal auditors (52) workingin our subsidiaries in London,Bulgaria, Serbia, Romania, Egyptand FYROM. The seminar providedan excellent opportunity to exchangeviews, discuss audit methods, andeveryone stressed the need to holdsuch meetings at Group level in thefuture. The seminar closed with anevening of traditional entertainmentorganized by our colleagues in UBB'sInternal Audit Unit.

Georgios Paschas

Aysan

Bulent Yurdalan

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In particular, HR Managers see to:

the paperwork-free implementationof a single HR policy, in accordancewith the policies set out by theappropriate Units, taking intoconsideration the need todifferentiate in certain casesdepending on the area involved andthe people concerned;the further development of skills andcareer opportunities for NBG'sofficers and staff,the effective management of anylabour issues or problems that mayarise in order to improve theworkplace environment andemployee relations,the enhancement of two-waycommunication between staff andManagement,the induction and integration of newcolleagues.

Since the introduction of the post,almost a year earlier, the HR Divisionhas gained a more outward lookingapproach and a new, more powerful,communication channel has beenopened. HR Managers have managedto offer substantial help in variouscases, and they have come into contactwith a large number of Bank employeesand top executives, serving both anadvisory and a supportive role.Moreover, they have been advocates forthe Bank's principles and values,working towards establishing a singlecorporate culture. The post keepsdeveloping and improving with thecooperation and participation ofeveryone involved. It is also veryinteresting to see how their own internal'customers' look at this new post and itsdevelopment.

Human Resource Managers:

one year later

Human Resources

The post of HR Manager

was introduced in the Spring of

2007 and 11 HR Managers went

into action in the summer of that

same year.

The goal of this new post is

to assist Managers and Heads

of Directorates to ensure optimal

HR management, and to

provide support to staff on

issues that concern them.

The Human Resource Managers

Legal ServicesStrategic Planning and Research

International,Subsidiaries and Foreign Units

Antonia Dimitriou

Thomas Zabopoulos

Group Internal Audit

Vivi SavaidouConsum(head of the team of 6 HR Managers for the Branch Network

Elina RoussiLoula Kastora

Branch Network I

Efie Kotsifi Branch Network III

Areti Nousia Branch Network IV

Vangelis Giokas Branch Network V

Maria Gasami Branch Network VI

Chrissa Tourni

Stavroula Fousiani

Risk Management and Credit RiskRisk ManagementCorporate and Investment BankingPrivate Banking (from the Private Banking and Group Treasury Division)

Financial and Management AccountingTreasury (from the Private Banking and Group Treasury Division)

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Katerina Pipertzi,Kalamaria Branch Manager

There are situations when you try out all

sorts of different types of behaviour and

still you fail. These are tough cases. There

are people constantly lamenting their

failures and letdowns or there are those

who live in a dream world, out of contact

with the real life teeming around them. You

try every key and yet fail to unlock their

creativity. Being easily offended and

distrustful, they undercut even the most

well-meaning of attempts to communicate

with them. And this is the point where HR

managers come in, and it is not just about

words; it is about taking action.

Their job is to build teams made up of real

persons, out of a jumbled mass of

impersonal beings. Their contribution is

substantial and effective.

Christos Pantazis,

Lamia Branch Manager

Colleagues like the idea of the post of the

HR Manager, because it provides them

with the opportunity to express their wishes

and concerns directly to management. Our

cooperation has been very good. I believe,

however, that HR Managers should come

into contact with staff more often.

Concerning the role of the HR Manager, I

would like to say the following:

HR Managers are extremely useful,

chiefly because ordinary employees,

who wouldn't normally dare to 'disturb'

the Bank's decision makers, can

address their problem to them and find

a solution. In order to achieve the best

results, the post should be made better

known and HR Managers should be

given substantial duties.

Concerning Central Services and in

particular my Directorate, I have seen

a discrepancy, in the sense that while

HR Managers are supposed to have

an advisory role, they are required to

co-sign recommendations for

placements, transfers, etc.

HR Managers have no real power to

resolve various staff problems (of a

financial, medical or other nature).

To sum up, I believe that the post is useful,

so long as HR managers are given specific

responsibilities and the post itself is

effectively promoted so that staff know that

they have the option of addressing

themselves to HR Managers.

Aristomenis loulisHead of Central Services

Mi Georgios ThanosHead of Branch Network III

To be honest, in the early days of the

post's coming into being, I had my

reservations along with some concerns

which I have already expressed relating to

a possible overlapping of duties between

the HR Manager and the Administration

Sub-Division. However, as the post

evolved, I found out that its contribution to

HR Management has proved particularly

effective. Cooperation between the HR

Manager both with myself and with all the

executives of the Division (Regional

Managers, Assistant Director of

Administration, Deputy Managers, etc.)

has been excellent in all respects. Chiefly,

however, it is the HR Manager's

cooperation with the Branches at all levels

(Branch Managers, Executives,

Employees) that has been totally

satisfactory, fully accepted and that has

borne some great results. Moreover, the

HR Manager's contribution has been

especially valuable in resolving problems

in our Division with regard to our relations

with other Divisions of Administration, as

well as in dealing with certain cases and

incidents concerning people in our

Branches. All theses cases were settled in

the best way possible, leaving both sides

satisfied. I should, moreover, point out that

we enjoy excellent cooperation with the

people at all levels of the HR Manager

hierarchy.Finally, I would like to underscore the fact

that the decisive factor in the success of

any post, action or procedure is above all

the people, along with positive thinking,

frankness and efficiency.

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Our Group

BANCA

ROMANEASCA:A new, dynamic organisation

Brief History

Banca Romaneasca was set up in November1992 as a general commercial Bank with anentirely private capitalization. There were 17individual founders and few importantRomanian companies, who put the base of thebank.In 1999 the Romanian American EnterpriseFund (RAEF), private U.S. Corporationestablished by the President and the U.S.Congress, took over the major stock in BancaRomaneasca. Its mission was to promote freeenterprise and entrepreneurship in Romania byinvesting in small to medium size privatecompanies. RAEF played its role as investmentfund, contributing to the bank's developmentand preparing it for the next step, namelyfinding a strategic investor.In October 2003, National Bank of Greeceacquired 81.7% stake of Banca Romaneascafrom Romanian American Enterprise Fund,thus becoming the main shareholder. Thedynamic incorporation of Banca Romaneascain the NBG Group represents the mostsignificant development in the bank's historyand guarantees the Bank's prominent marketposition and long-term developmental strategy.This represented a turning point in therestructuring, reorganization and developmentof the bank at high standards.In September 2005, EBRD joined the bankacquiring more than 10% of the bank's sharesfrom NBG. This partnership emphasizes morethe NBG willingness to develop one of thelargest banking corporations in Europe.

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H - V

C

uman capital alues andculture

ompetitive advantage andstrategic targets

The values and culture of BancaRomaneasca are a living proof of itsbelonging to the NBG Group,embodying the corporate governancestandards and reflecting the jointvalues upheld by the bank and all itsmembers.Organizational culture has as itsfundamental the fact that humancapital is seen to be the mostimportant asset and the greatestchallenge is to preserve and improvethis culture in the context of majororganizational changes.Due to the bank's developmentstrategy, the bank has grown thenumber of employees in the firstsemester of 2008 with more than25%, reaching 1523 persons. Morethan 70% of the bank's employeesare university graduates and manyhave higher education.In a highly homogeneous market withever increasing competition, thedifference is made by people so thatBanca Romaneasca implemented anintensive training program for theemployees bringing a more customeroriented, positive and proactiveattitude which combined with jobknowledge led to more satisfied andloyal clients.In order to expedite and enhanceadherence to the bank culture,values and work environment, BancaRomaneasca implemented aninduction program and created theinternship program as a special formof recruitment and also as an

effective public relations tool thatprovides visibility for the companyand assists in recruitment.One of Banca Romaneasca values isthe “Social Contribution andEnvironment”, the bank beinginvolved in humanitarian actions,supporting individuals and localorganizations that need our helpthrough sponsorships and donations,as well as in supporting culturalevents all around the country, suchas festivals, local events, theatreshows.Banca Romaneasca is alsoconcerned with environmentprotection, joining an importantprogram called “Paper three” andbeing partner of National Geographicin one of their projects, both of themcontributing to people's education fora better and healthy life.

Banca Romaneasca's prospectshave been greatly enhanced after itssuccessful integration in NBG Group,and this would and will secure theBank's further development.Banca Romaneasca is a young andfresh organization with a quickresponse to the market andcustomers needs, straight forwardproducts and services, transparentrelationship with customers. Thisbrought to the bank the customersconfidence and created a competitiveadvantage in the market.According to the bank's three yearBusiness Plan, Banca Romaneasca

targets to achieve via aggressiveorganic growth, an establishednetwork of 190 branches and amarket share of 5% in total assets bythe end of 2009, at the same timeremaining dedicated to the task ofproviding flexible and quality servicesto its customers.Another strategic target for BancaRomaneasca is to build a financialgroup in Romania by integratingEurial - Leasing company, Eteba -Brokerage Company and Garanta -Insurance company, by creating thesynergism within the group and bybuilding win-win businessrelationships in order to takeadvantage from this.

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Our Group

B

Retail banking

ank’s accomplishments

Banca Romaneasca entered into a new stageof strong and sustainable growth after itsacquisition by NBG. Despite the fiercecompetition within Romanian market BancaRomaneasca succeeded to enrich its marketyear by year. The main steps and bank'saccomplishments were the following:

New management was appointed in orderto reposition the NBG presence in theRomanian market by building strongcorporate and retail business - 2005;

The Bank's restructuring and business re-engineering, including the Branch functionsand Retail Credit Centre 2005;

Application of a real-time system coveringall Branch network able to sustain thebusiness growth until the implementation ofthe NBG standard IT Architecture - startedon 2005;

Launching the retail and large corporatebusinesses and developing alternativechannels for supporting the selling forcebetween 2005 2006 and introduction of theInternet Banking in 2007;

Substantial network development from 44branches in 2005 up to 122 units by the endof 2007;

The significant increase in total assets by215% between 2005 and 2007, reachingapprox. EUR 2 billion;

Emphasizing the affiliation to the Group,improving its brand awareness throughrelocation of the Group's companies inRomania into a new modern building andstarting the rebranding process 20072008;

Banca Romaneasca succeeded to enter thetop 10 banks in the Romanian system byadapting its products and services to the

market and customers needs. Startingfrom 2005, the bank almost doubled itsretail loan portfolio year by year, reachingEUR 640 million by the end of 2007.The retail lending market share increasedup to 3.5% at the end of 2007, while themarket share in mortgage loanssubstantially increased up to 6.7% at the

end of Q1 2008.For 2008, Banca Romaneasca will maintainthe same peace of increase for the retail loanportfolio of 80%, over the average of themarket.

The future headquarters building of Banca Romaneasca

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Corporate banking

Corporate banking history in BancaRomaneasca started aggressively atthe beginning of 2005 after a fullrestructuring of the old operations andimplementation of a a modernapproach. Thus, the bank registered asharp increase in less than two yearsof the total corporate portfolio from anexposure of roughly EUR 230 millionas of end 2005 to an exposure inexcess of EUR 670 billion.

With a focus on the two main businesslines Large Corporate and SME, themain achievements of BancaRomaneasca in the past two years were:

positioning itself as a leading bank inthe local syndicated market,originating and successfullydistributing syndicated loansamounting to more EUR 1 billion;

positioning itself as a first tier bank inthe project finance sector in Romaniaby arranging complex financing

products for financing milestoneprojects like the largest commercialdevelopment in Bucharest, the firstplastic recycling greenfield productionfacility in the SE of Europe and thelargest green field dairy productionfacility in Bucharest;

penetrating the SME market withinnovative products in local currency;

establishing strong businessrelationship with companies from theTop Ten local Romanian corporate;

Creating full synergies and integratedfinancial services package for all thecorporate clients with the productsoffered in the leasing sector throughEURIAL Leasing (company in the topten of the Romanian leasingcompanies) and the insuranceproducts offered by GARANTAInsurance.

Besides the support of the bank'sfinancial results to the Group budgetedtargets, Banca Romaneasca is involvedin some important projects such as: NBGModel Bank Temenos T24implementation through CompetenceCenter and Rebranding, which upholdthe NBG vision to become a leader in theSE Europe by applying commonprocedures and offering similar productsas well as implementing the sameoperations and IT model.

Sustaining the NBG vision

The NBG’s exhibition stand at the Fin Fair 2008

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Awards

SocialResponsibility

Awardfor NBG in 2008

NBG was presented with the

Social Responsibility Award by the

Athens Chamber of Commerce

and Industry, as part of the “2008

ACCI AWARDS”. The award was

accepted by NBG's Chairman and

CEO, Mr. , during

the annual award ceremony which

was held for the 13 consecutive

year at the Athens Concert Hall on

Monday 7 July 2008. The

President of the Republic, Mr.

, and the

Prime Minister, Mr.

, honoured the

ceremony with their presence,

while the awards were presented

by the Minister of Development,

Mr. .

Takis Arapoglou

Karolos Papoulias

Konstantinos

Karamanlis

Christos Folias

th

The award comes in recognition of thelong-standing and significantcontribution made by the largest andmost historic financial institution in thecountry to the growth of the economy,the prosperity of Greek society, theprotection of the environment, and thepreservation of the Greek heritage.

In his acceptance speech, Mr.Arapolgou highlighted the Bank'scommitment to social responsibility,stating that: “It is an honour thatrecognizes our conscious andsystematic strategy and obligation to

support the community in which weoperate. You have our word that we shallcontinue in our efforts with the samezeal.”

At the annual ACCI awards, the AthensChamber of Commerce and Industryhonours some of the most importantcompanies not merely because theyhave achieved good financial results butalso because they make a significantcontribution to the economy, Greekentrepreneurship abroad and thecommunity at large.

Messrs Christos Folias, Minister of Development, Takis Arapoglou, Chairman and CEO

of NBG, and Konstantinos Michalos, President of the ACCI at the award ceremony.

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As the President of the ACCI,Konstantinos Michalos, said in hisspeech, the companies rewarded haveproved that “entrepreneurship in Greecehas values and vision. And that above allit has the will and ability to put them intoaction in order to benefit growth, theeconomy and our society”.

At the Awards At the Awards

Young Businessman

AWARD COMPANY

Social Responsibility NBG

Sensitivity on Environment Issues GEFYRA SA

DUTY FREE SAExport Activity

Systems' Implementation

Total Quality ManagementVIVARTIA SA

Branded Product APIVITA SA

Research and Technological Development INTRALOT

E-business EPICOS

PANAGIOTIS PETROS GEORGOLIOS

Undertaking and Tradition P. BACACOS SA

Self-made businessman GEORGIOS P. SYGEL IDISL

International Activities ORPHEE BEINOGLOU

INTERNATIONAL FORWARDERS SA

Increase in Employment ALAPIS SA

The entrepreneurs and companies that received an award are:

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Ε Θ Ν Ι Κ Η Τ Ρ Α Π Ε Ζ Α