Greek Postal Savings Bank (GPSB)
A modern organization with dynamic presence, sensitive to the customer's needs
Greek Postal Savings Bank (GPSB) has over a century presence in the banking sector. During this period, the Bank presents a solid private network of 138 branches in 64 cities around Greece, a constantly growing ATM network and a very efficient alternative network of 845 allied Hellenic Post Branches.
Greek Postal Savings Bank became a Societé Anonyme entity by the end of 2002 and is a member of the Hellenic Banking Association, the European Post Offices Union and the World Post Offices Institute. Since 2004, the GPSB has undergone total restructuring. A full banking licence was acquired in 2006, since then the bank has been operating under the supervision of the Bank of Greece and has made an aggressive foray into the retail banking market, with impressive results. GPSB has managed to go from 1,4 per cent of the market to 6,4 per cent in three years, targeting to reach 10 per cent by the end of 2009.
In May 2006, GPSB has initiated a very successful I.P.O. in the Athens Stock Exchange being a part of Hellenic Republic Privatisation programme. As a result 2006 brought a major overhaul of GPSB´s operations into the private sector, via the modernisation of its infrastructure resources and systems (human - structural - technological).
On July 11th 2007, the planned sale of GBSB's 28.173.354 common shares, held by PSB's major shareholder, the "Hellenic Republic", was successfully completed through a private placement to qualified investors in Greece and internationally and was oversubscribed three times. Following the offering of shares, representing 20% of voting rights of PSB's outstanding share capital, the main shareholder's, "Hellenic Republic", direct participation percentage in PSB's share capital has declined to 34,43%. On 20th of July 2007 73.054 common nominal stocks were offered to the participants of the Private Placement (eg. employees, member of the BOD, associates of the Bank) by the major shareholder "Hellenic Republic". Thus the direct participants percentage of main shareholder "Hellenic Republic" in PSB´s share capital has declined to 34,37%.
The Organization's new policy has already brought its first impressive results:
GPSB boasts a customer base of nearly 2.8 million active accounts, with total assets at the end of the 1st half 2007 €12,49 billion and equity capitals €816 million. The results after taxes in the 1st half 2007 are particularly positive and increased by 25,03% compared to the respective half 2006.
Particularly:
- At the 1st half 2007, the deposits raised to the amount of €11.108 million presenting an increase of 3,56% versus the end of 2006.
- Mortgage loans increased by 12,68% since the end of 2006 reaching €3.714 million, while compared to the 1st half 2006 they increased by 35,91%.
- Consumer loans increased by 27,50% since the end of 2006 reaching €1.569 million, while compared to the 1st half 2006 they increased by 59,74%
- The results for the TT credit cards are highly impressive. Credit cards loans increased by 15,03% since the end of 2006, to €148 million, while compared to the 1st half 2006 they increased by 45,70%
Greek Postal Savings Bank already:
- Has established a new banking Information Technology System, has renewed and continues to renew its technological infrastructure, is investing in up-to-date information processing systems, control and internal information systems in order to complete any kind of transaction swiftly and securely. In parallel the new Risk Management Systems establishment is in progress.
- Is restructuring its Branch Office network, in accordance with its new corporate identity and, at the same time, strengthening its alliance with Hellenic Post (ELTA), by offering select banking products through an ever-increasing number of ELTA branch offices. The bank also enjoys a rapidly evolving ATM network
- Is improving infrastructures, installing cutting-edge ATMs in ever greater numbers. Since the end of 2006, 150 ATMs have been installed.
- Is applying cutting-edge marketing strategies and is implementing integrated advertising campaigns, creating the conditions to effectively promote its products in the market.
- Is offering new deposit and credit products, with transparent terms, specially designed to serve the requirements and the interests of its customers.
In addition, at the core of its philosophy, the GPSB has always maintained one distinct purpose ¨to serve society¨. Whether this purpose corresponds to building the country's infrastructure needs or assisting the needs of a growing family, GPSB is a committed partner to its middle-lowed customers, the ¨unsung heroes¨ of the Greek economy.
