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The Agricultural Bank of Greece was a commercial bank based in Athens,
1929 / Foundation. Agricultural Bank of Greece is founded as a non-profit organisation, provider of credit to the agricultural sector. The bank mainly aims at implementing programmes for financing both the activities of the primary sector of the economy and the processing and marketing of agricultural products, and enhancing rural development.
1950 Expansion of activities in the agricultural sector. Agricultural Bank founds a number of companies, which produce farming products and exploit resources all over the country.
1990 Expansion of activities in the non-agricultural sector. Agricultural Bank of Greece expands in the non-agricultural sector, by developing both a broad branch network all over Greece and a variety of new financial products and services.
1991 Transition to S.A. Agricultural Bank becomes S.A., broadens the spectrum of banking and financial services and acquires participating interests in specialised financial companies, thereby expanding the ABG group of companies.
2000 Entrance in the Athens Stock Exchange. Agricultural Bank increases its capital in order to enter Athens Stock Exchange, where its shares are listed since January 2001
2004 - 2006 Strengthening of the corporate image and positioning of the bank. The Bank by implementing a wide range of reforms and restructuring programs, and developing its branch network competitiveness and productivity, manages to achieve high growth rates which are depicted in the financial statements of both the Bank and the Group.
In particular:
An increase in the Bank’s share capital took place, amounting to €1.25 billion (June 2005). This capital increase allowed the Bank to deal with the problems encountered after adopting the International Accounting Standards (IAS) and has hence contributed to the substantial reorganization of the Bank’s financial statements.
The Bank implemented the Panotokia Law, which benefited in total 63.220 debtors of whom 54.000 were farmers. Loans written off amounted to EUR 1.8 billion of which EUR 1.1 billion concerned debts of farmers. In November 2005, the share of the Bank became a constituent of the FTSE/Athex 20 Index. The Bank’s corporate identity was changed in association with the new logo “ΑΤΕbank” on the branches and ATMs. The Board of Directors distributed for the first time a dividend per share out of the profit for the year 2005. The Bank expands in the Balkans’ area by purchasing MINDΒank (July 2006) and getting permission for bancassurance operations in Romania.
In July 2010 the bank failed the Eurozone stress test which required 6%
Greece
Greece, officially the Hellenic Republic, is a country in Southeast Europe. Located on the southern tip of the Balkan peninsula, it shares land borders with Albania to the northwest, North Macedonia and Bulgaria to the north, and Turkey to th ...
. The bank was founded in 1929. The bank proclaimed that it would focus on the Balkan bank market, with the business activities of supporting of the agricultural sector. ATEbank held a strong position at Athens
Athens ( ) is the Capital city, capital and List of cities and towns in Greece, largest city of Greece. A significant coastal urban area in the Mediterranean, Athens is also the capital of the Attica (region), Attica region and is the southe ...
Stock Exchange and has become a member of Piraeus Bank in the year 2013.
The Bank's development of business activities called for a new name and corporate image as ATEbank.
History
1929 / Foundation. Agricultural Bank of Greece is founded as a non-profit organisation, provider of credit to the agricultural sector. The bank mainly aims at implementing programmes for financing both the activities of the primary sector of the economy and the processing and marketing of agricultural products, and enhancing rural development.
1950 Expansion of activities in the agricultural sector. Agricultural Bank founds a number of companies, which produce farming products and exploit resources all over the country.
1990 Expansion of activities in the non-agricultural sector. Agricultural Bank of Greece expands in the non-agricultural sector, by developing both a broad branch network all over Greece and a variety of new financial products and services.
1991 Transition to S.A. Agricultural Bank becomes S.A., broadens the spectrum of banking and financial services and acquires participating interests in specialised financial companies, thereby expanding the ABG group of companies.
2000 Entrance in the Athens Stock Exchange. Agricultural Bank increases its capital in order to enter Athens Stock Exchange, where its shares are listed since January 2001
2004 - 2006 Strengthening of the corporate image and positioning of the bank. The Bank by implementing a wide range of reforms and restructuring programs, and developing its branch network competitiveness and productivity, manages to achieve high growth rates which are depicted in the financial statements of both the Bank and the Group.
In particular:
An increase in the Bank’s share capital took place, amounting to €1.25 billion (June 2005). This capital increase allowed the Bank to deal with the problems encountered after adopting the International Accounting Standards (IAS) and has hence contributed to the substantial reorganization of the Bank’s financial statements.
The Bank implemented the Panotokia Law, which benefited in total 63.220 debtors of whom 54.000 were farmers. Loans written off amounted to EUR 1.8 billion of which EUR 1.1 billion concerned debts of farmers. In November 2005, the share of the Bank became a constituent of the FTSE/Athex 20 Index. The Bank’s corporate identity was changed in association with the new logo “ΑΤΕbank” on the branches and ATMs. The Board of Directors distributed for the first time a dividend per share out of the profit for the year 2005. The Bank expands in the Balkans’ area by purchasing MINDΒank (July 2006) and getting permission for bancassurance operations in Romania.
In July 2010 the bank failed the Eurozone stress test which required 6% Tier 1 capital
Tier 1 capital is the core measure of a bank's financial strength from a regulator's point of view.By definition of Bank for International Settlements. It is composed of ''core capital'', which consists primarily of common stock and disclosed ...
to be maintained after the test. An increase in the Bank’s share capital took place in July 2011, amounting to €1.3 billion.
The good parts of the bank were taken over by Piraeus Bank
Piraeus Bank () is a Greece, Greek multinational financial services company with its headquarters in Athens, Greece. Piraeus Bank's shares have been listed on the Athens Exchange, Athens Stock Exchange (Athens Exchange, ATHEX) since January 1918. ...
in 2012, but its branches continued to bear the ATEbank corporate image until the summer of 2013.
Expansion
Romania
As a part of strategy of expansion inBalkan
The Balkans ( , ), corresponding partially with the Balkan Peninsula, is a geographical area in southeastern Europe with various geographical and historical definitions. The region takes its name from the Balkan Mountains that stretch throug ...
in 2006 ATEbank acquired majority stake in Romania
Romania is a country located at the crossroads of Central Europe, Central, Eastern Europe, Eastern and Southeast Europe. It borders Ukraine to the north and east, Hungary to the west, Serbia to the southwest, Bulgaria to the south, Moldova to ...
's Mind Bank.
Serbia
On 11.09.2006 ATE Bank announced it had acquired 24.99 pct of common and 24.99 pct of preferential shares ofSerbia
, image_flag = Flag of Serbia.svg
, national_motto =
, image_coat = Coat of arms of Serbia.svg
, national_anthem = ()
, image_map =
, map_caption = Location of Serbia (gree ...
's Aik Bank, Niš
Niš (; sr-Cyrl, Ниш, ; names of European cities in different languages (M–P)#N, names in other languages), less often spelled in English as Nish, is the list of cities in Serbia, third largest city in Serbia and the administrative cente ...
for an undisclosed amount. AIK Bank Nis is listed on the Belgrade Stock Exchange, it's the most profitable bank in Serbia and has a 3 pct market share.
References
External links
*{{Official website, https://web.archive.org/web/20090911040217/http://www.atebank.gr:80/English/ Defunct banks of Greece Banks established in 1929 Companies formerly listed on the Athens Exchange Greek companies established in 1929 Greek brands