National Bank of Greece (NBG) leads the transformation of the Greek banking sector

Pavlos Mylonas, CEO, National Bank of Greece

NBG was the first Greek bank to embark on a large-scale transformation. Three years into its implementation, our transformation programme has developed into a competitive advantage, introducing a new effective way of working at NBG.

We decisively addressed legacy challenges. Our NPE ratio stands at less than 12% compared to 41% in 2018; we stand confident that we will converge to European asset quality benchmarks within a year. Our cost-to-core income ratio is down to 50% compared to 71% in 2018, marking efficiency improvements in our branch network and head office functions.

We strengthened our commercial offering across our retail and corporate businesses, enabling us to grow our healthy portfolio and boost cross-selling to our broad customer base. Leveraging new technologies, we are re-engineering our core processes, freeing up time for our front-line to better serve our customers.

Our digital transformation has demonstrated impressive results. NBG was the first bank in Greece to introduce fully digital onboarding for individuals and businesses, as well as the first to offer digital consumer and business loans. Today, NBG boasts the top position in Greece with 2.4 million active digital users, accounting for roughly one third of the market.

To deliver on our transformation agenda we are investing in technology and data infrastructure, embarking recently on a journey to replace our core banking systems. Over the next years, these investments are expected to further enhance NBG’s competitiveness and solidify its position among digital leaders in European banking.

The results of our transformation coincide with a unique confluence of positive forces: the decade-long efforts to restructure the Greek economy, the global post-pandemic rebound, and the inflow of recovery and resilience funds. We are well-placed to support our customers in creating a better, sustainable future with NBG as their partner – their bank of first choice.