Emporiki BankEmporiki Bank
Emporiki Trapeza TypePrivateFounded 1907as Commercial Bank of Greece Headquarters Athens, GreeceIndustryFinance and InsuranceProductsCommercial banking, Investment banking, Private banking, Asset managementWebsitewww.emporiki.gr
The Emporiki Bank (Greek: Εμπορική Τράπεζα) is a Greek bank. Its headquarters is in Athens, and the bank has hundreds of branches across Greece, as well as operations in a number of other countries. The bank is one of the 500 largest banks in the world.
In August, 2006, the french bank Crédit Agricole, acquired 72% of its capital and now controls the bank.
- 1907 Commercial Bank of Greece (CBG) established.
- 1909 CBG lists on the stock exchange.
- 1922 Commercial Bank of the Near East (CBNE) is established in London with CBG as a major shareholder.
- 1925 CBNE opens a branch in Alexandria and later one in Cairo.
- 1957 After the Suez Canal invasion, Egypt nationalizes the operations of British and French banks. To avoid nationalization, Commercial Bank of the Near East transfers its branches in Egypt to Commercial Bank of Greece. CBJ acquires the Greek operations of Ionian Bank, including its ownership of Popular Bank. CBG continues to operate the bank separately, and later renames it Ionian and Popular Bank of Greece.
- 1959 CBG acquires a major shareholding in Banque du Piree (Piraeus Bank; est. 1916).
- 1960 The Egyptian government nationalizes all the banks in Egypt, including CBG’s branches in Cairo and Alexandria.
- 1964 CBG acquires a major share holding (29% in 1995) in Bank of Attica (est. 1925).
- 1965 CBG establishes Griechische Handelsbank in Frankfurt am Main. Later it changes its name to Commercial Bank of Greece (Germany).
- 1990 CBNE changes its name to Commercial Bank of London.
- 1994 CBG’s first branch in Nicosia, Cyprus, commences operations.
- 1995 CBG’s International Banking Unit in Limassol, Cyprus commences operations. CBG becomes a strategic investor in Bulgarian Investment Bank, and CBG still owns 29% of Bank of Attica. Alpha Credit Bank (now Alpha Bank) acquires Commercial Bank of London and renames it Alpha Bank London.
- 1996 Bulgarian Investment Bank becomes International Commercial Bank (Bulgaria), of which CBG owns 91%, directly and indirectly. CBG establishes a wholly-owned subsidiary, International Commercial Black Sea Bank (Romania). The bank changes its name to Commercial Bank of Greece (Romania). CBG establishes International Commercial Black Sea Bank (Georgia) together with the EBRD and United Georgian Bank. (United Georgian Bank the result of the merger of three banks: Industrial Bank, Eximbank and New Georgian Bank - formerly Savings Bank.)
- 1997 CBG reduces its position in Bank of Attica to 18%.
- 1998 CBG establishes International Commercial Bank (Moldova), and Commercial Bank of Greece (Armenia).
- 1999 CBG sells its 51% holding in Ionian Bank to Alpha Credit Bank. CBG establishes a representative office in Odessa, and establishes Intercommercial Bank (Albania) SA, which starts operating in 2000.
- 2000 CBG acquires Romanian International Commercial Black Sea Bank and 35% of FinCom Bank in Moldova.
- 2001 CBG establishes Commercial Bank of Greece (Cyprus) Ltd., of which it owns 75%, and to which it contributes its four branches and its International Banking Unit in Cyprus.
- 2002 CBG disposes of its subsidiaries in Armenia, Georgia and Moldova.