Establishment of Subsidiary Brokerage-Insurance Company Post Insurance by ELTA and TT Hellenic Postbank

The agreement for the operation of the brokerage-insurance company Post Insurance Brokerage S.A. was signed by the Chairman of TT Hellenic Postbank, Mr. Angelos Filippidis and the Managing Director of ELTA, Mr. Stamatis Mavros. The agreement for the operation of the brokerage-insurance company Post Insurance Brokerage S.A. was signed by the Chairman of TT Hellenic Postbank, Mr. Angelos Filippidis and the Managing Director of ELTA, Mr. Stamatis Mavros.

The establishment of the subsidiary and the extension of the strategic cooperation between the bank organization and ELTA are signalling the beginning of a new era for TT Hellenic Postbank, as it is evolving to a major bank that is constantly expanding and claiming new market shares, and thus creates new company vehicles making it a group.

During the announcement of the establishment of the new subsidiary Post Insurance, which shall be active in the field of bank and insurance products, the Chairman of TT Hellenic Postbank, Mr Angelos Filippidis, stated the following:

“When the current management undertook the administration of TT Hellenic Postbank, it announced to investors its intentions and objectives in a simple and sincere way, or as we use to say in this Bank, simply and frankly.

We then said that we wanted to leave behind the structured and complex investments, because we thought that they involve a particularly high risk that is not consistent with the history and objectives of the institution.

And we made it. Today the TT Hellenic Postbank benefits from an extensive network of operations oriented to Real Banking.

We promised to enhance the infrastructures of TT Hellenic Postbank in order to make it a powerful bank without losing its social character.

Today we feature a modern organisational structure, and thanks to our new flow chart, we implemented works of harmonisation with the institutional and operational framework, we introduced new products and services, and we achieved the replanning of competences and processes.

We promised to be by the side of employees, to pay regard to them, to prove that the TT Hellenic Postbank takes thought of and protects its family.

Today, more than 900 individuals occupied under work contracts are henceforth permanent collaborators, the average age of our employees is under 39 years and we were all proud of receiving the award for one of the companies with the best work environment.

We protected and demonstrated our social character, offering – in the middle of a crisis – money in the real economy and supporting works of major national importance and social benefit.

We promised that TT Hellenic Postbank will become a major and powerful Bank.

Upon the completion of our share capital increase, HELLENIC POSTBANK shall be the most adequate and safe bank, in terms of capital, in Greece, with an enhanced presence of its principal shareholder, the Greek State.

This was achieved by all of us, both management and employees, and our vision to “make TT Hellenic Postbank the largest bank that cares, protects and supports citizens” was made true by all of us.

And a large bank is constantly expanding and claiming new market shares and creating new corporate vehicles henceforth making it a group.

Our strategic partnership with Hellenic Post is today extended also in the field of Insurance with the creation of Post Insurance…”

“… The year 2008 was initially announced and proved to be a year of restructuring.

Despite the economic crisis that we had forecasted in time, we took all necessary actions to enhance the bank. We had the courage to incur costs or even damages where this was necessary and to move forward.

I would like to thank from my heart all bank’s personnel for their major efforts to make our vision come true.

A long era has come to an end and TT claimed and gained the role that suits to it.

It is a very powerful bank:
– with procedures
– with structures
– with profits for its shareholders
– and is also a strong pole of support for the Greek economy and society”.

The Managing Director of Hellenic Post, Mr. Stamatis Mavros, stated:

“… In view of adapting the strategy of Hellenic Post to the needs of a constantly changing competitive context, we are entering into a strategic agreement with TT Hellenic Postbank for the joint establishment of Post Insurance, a brokerage and insurance SA, thus offering a reliable alternative in the field of Insurance.

This move permits us to meet our business role and the social responsibility that derives from our work and to satisfy in the best possible way the need of our customers throughout our network of branches and agencies, enhancing at the same time the conditions necessary in order that Hellenic Post is able to manage in the best possible way the need for profitability and quality of service…”