“Despite the short-term upheavals brought about by the pandemic,” Karavias stressed, “Eurobank’s medium-term plans have not changed. The bank successfully completed the plan to reduce NPEs, with the index now at 15.6 percent, proving that we are approaching the fundamental size of respective European banks”.
Karavias referred in detail to the completion of the first securitization from a Greek bank and wished other banks well in their respective efforts. He even noted that the consolidation plan of Eurobank was pioneering and adopted by the banking system. “We showed how to reduce the stock of NPEs. The consolidation plan paved the way for the bank to return to profitability, “he added.
In the coming weeks, the bank, after the relevant approval from the general assembly, will distribute part of the mezzanine and senior bonds to shareholders and shares of the company Cairo Mezz Plc, which will be listed on the Athens bourse’s Alternative Market.
Finally, Karavias announced that from 2021 there will be a reward program for the bank’s employees with the provision of stock options. He noted, of course, that due to the country’s bailout agreement, senior bank executives are excluded from the program, stressing that this should change.