Οικονομικό Πανεπιστήμιο Αθηνών
Τμήμα Οικονομικής Επιστήμης
Άνοιξη 2012
Χρηματοοικονομικές αγορές και εταιρική διακυβέρνηση
Lecture 2: Separation of ownership and management (part 2) Appendix.
The board of Directors: National Bank of Greece.
Board of Directors
The Board of Directors of NBG is comprised of leading figures in the Greek economy
and society.
Directors are elected by the shareholders at their general meeting (GM) for a term of
three years and may be re-elected.
The Chairman of the Board (non executive) is Mr. Vassilios Rapanos and Mr.
Apostolos Tamvakakis is the CEO.
The Extraordinary General Meeting of Shareholders of the Bank held on 26.11.2010
elected three additional members to the Board: Messrs Alexander Tourkolias,
Anthimos Thomopoulos and Leonidas Theoklitos. At the Board meeting held
afterwards, these new directors were elected Deputy Chief Executive Officers of the
Bank.
The other 10 members of the board are non-executive.
Furthermore, the Hellenic State appointed Mr. Alexander Macridis, economist, to
represent it in line with Para. 3, Article 1 of Law 3723/2008 on “supporting liquidity
in the economy in response to the impact of the international financial crisis”.
In 2009, the Board of Directors met 25 times.
NBG Members of the Board:
Director name
Date of first
appointment
End of term
Nationality Year of
birth
Other board engagements
(outside the NBG Group)
Chairman of the Board (Non Executive)
Vasilios Rapanos
2009
2013
Greek
1947
-
2009
2013
Greek
1957
-
Greek
Greek
Greek
1946
1961
1961
3
10
5
Greek
Greek
Greek
1950
1950
1955
-
CEO
Apostolos Tamvakakis
Deputy CEOs (Executive Members)
Alexandros Tourkolias
Anthimos Thomopoulos
Leonidas Theoklitos
2010
2010
2010
2013
2013
2013
Members of the Board (Non Executive)
Ioannis Giannidis
Avraam Triantafyllidis
Ioannis Panagopoulos
2004
2010
1994
2013
2013
2013
Independent Members of the Board (Non Executive)
H.E. the Metropolitan of
Ioannina Theoklitos
Stefanos Vavalidis
1994
2013
Greek
1930
-
2004
2013
1946
1
George Zanias
2010
2013
GR, CA,
BR
Greek
1955
4
Alexandra
Papalexopoulou
Benopoulou
Petros Sabatacakis
Alexander Makridis
Maria (Marily) Frangista
2010
2013
Greek
1966
3
2010
2009
2010
2013
2013
2013
Greek
Greek
Greek
1946
1962
1958
4
1
Vasilios Rapanos was appointed Non Executive Chairman of the Board of the
National Bank of Greece in December 2009.
He has been actively involved in research in the field of Economics, not only as a
Researcher at the Center of Planning and Economic Research, but also as a Professor
at the University of Athens, where he has been teaching Economic Analysis and
Public Economics since 1992. His research interests focus on taxation, the role of the
government in the economy, as well as European Union Economics.
Apart from his academic and research activity, he has also served in several posts; as
Counselor at the Ministry of Economy and Finance, as Counselor to the Permanent
Greek Delegation to the European Union, and as Deputy Head of the Greek
Delegation to the OECD.
For the period 2007-2009, he was Research Associate at the Foundation for Economic
& Industrial Research.
During the years 2000-2004, he was Chairman of the Council of Economic Advisors
at the Ministry of Economy and Finance.
Moreover, during the time period 1998-2000 he has served as Chairman of the Board
of the Hellenic Telecommunications Organization, whereas in the years 1995-1998 he
was appointed initially
Deputy Governor and later Governor at the National Mortgage Bank of Greece.
He holds a Bachelor’s degree in Business Administration from the Athens University
of Economics & Business, a Master’s degree in Economics from Lakehead University
(Canada) and a PhD in Economics from Queen's University (Canada).
Apostolos Tamvakakis was appointed Chief Executive Officer at the NBG Group in
December 2009.
In March 2009, he joined the management team of Latsis Group in Geneva as Head of
Strategy and Business Development of the Group, whereas in 2004 he was appointed
Executive Chairman & Managing Director at LAMDA Development.
From 1998 to 2004 he served as Vice Chairman at the National Bank of Greece,
whereas during the years 1996 1998 he served as Deputy Governor at the National
Mortgage Bank.
From 1989 to 1996 he was Deputy General Manager for Greece at ABN AMRO Bank
and from 1986 to1989 he worked at the Hellenic Investment Bank as Manager of
Corporate Finance.
From 1984 to 1986 he worked at Mobil Oil Hellas as strategic planning Executive.
He has also served as Vice-President of HELEX (Hellenic Exchanges SA); Chairman
of the Steering Committee of the Interalpha Group of Banks; Chairman of Ethnocard
(National Management & Organization Co), National Securities SA and ETEVA
(National Investment Bank for Industrial Development); President of the Southeastern
European Board of the Europay Mastercard group; and a member of various other
boards and committees.
He holds a Bachelor’s degree in Economics from the University of Athens, and a
Master of Arts in Econometrics from Saskatchewan University (Canada).
Alexandros G. Tourkolias was elected Executive Member of the Board of Directors
and Deputy CEO of National Bank of Greece in November 2010 and is a Member of
the NBG Executive Committee.
He is Vice Chairman of the Board of Directors of Ethniki Hellenic General Insurance,
President of the Association of Banking and Financial Executives of Hellenic
Shipping and member of the Committee of Piraeus Maritime Arbitration. He
participates in Boards of Directors of affiliated banks and companies of the National
Bank of Greece as well in the Board of Directors of Hellenic Exchanges and
committees of the Hellenic Bank Association.
From 2004 to 2010 he was General Manager of Corporate and Investment Banking at
the National Bank of Greece. In 2002, he was appointed General Manager of the
Shipping Division of the bank, which he joined in 1997 as Manager of the Shipping
Division.
From 1988 to 2002, he worked as Assistant General Manager for Greece at the Bank
of Nova Scotia. During the years 1977-1988, he worked at Bank of America initially
as a credit officer in the Piraeus branch, then as Vice President responsible for
London, Monte Carlo and Geneva’s Shipping Market, based in London, and finally as
Head of Credit Platform in Piraeus.
A. Tourkolias holds a Bachelor’s degree in Political Sciences and Public
Administration from Panteion University, a Bachelor’s degree in Economic and
Political Sciences from the Law School of the University of Athens, a Postgraduate
Diploma in Shipping Business Administration, Marine Insurance and Maritime Law,
and a Master’s of Philosophy in Shipping Economics from the University of Wales
(UK).
Anthimos Thomopoulos was elected Executive Member of the Board of Directors
and Deputy CEO of National Bank of Greece in November 2010 and he is a Member
of the NBG Executive Committee.
From July to November 2010 he served as Group Chief Financial Officer & General
Manager of Retail Banking at the Bank, while from 2004 to 2010 he served as Group
Chief Financial Officer and Chief Operating Officer. During his tenure in NBG, he
has also served as Group Risk Officer and Head of the Economic Services division of
the bank. He has been heavily involved in the restructuring of the Group and its
expansion in the neighboring countries of Southeastern Europe and Turkey through
persistent organic growth and targeted M&A, spearheading the Group’s postacquisition integration efforts.
Before joining NBG, he was senior corporate finance partner of KPMG in London
and Athens, specializing in Banking and Finance, for over 15 years, during which he
served as advisor to large North American and European financial institutions on
strategy, M&A and post-M&A integration.
A. Thomopoulos is a UK qualified accountant and a certified auditor in the UK
(Institute of Chartered Accountants in England and Wales). He holds a Bachelor’s
degree in Electrical Engineering and Postgraduate degrees in Finance and in
Computer Science.
Leonidas Theoklitos was elected Executive Member of the Board of Directors and
Deputy CEO of National Bank of Greece in November 2010 and he is a Member of
the NBG Executive Committee.
From July to November 2010 he served as Group Chief Operating Officer at National
Bank of Greece. He joined the NBG Group in March 2010 as Chairman of the Board
of Directors at Ethniki Insurance Co.
From 2005 to 2006 he served as Advisor to the Administration at EFG Eurobank,
whereas during the years 2000-2004 he was appointed Executive Vice-President at
TT Hellenic Postbank and Chairman at TT Hellenic Postbank-Hellenic Post AEDAK
(TT ELTA AEDAK). From 1998 to 1999 he served as Chief Executive Officer at the
Bank of Central Greece and during the years 1994-1998 he was Deputy General
Manager at Egnatia Bank. He started his career at National Investment Bank for
Industrial Development (ETEBA S.A.) (1986-1994).
He has also served as a member of the Executive Committee of Hellenic Bank
Association and also as a board member at Hellenic Exchanges S.A. (HELEX), Attica
Bank S.A., National Investment Co SA (ETHNEX), Eurobank Properties S.A.,
Egnatia Finance S.A., Egnatia AEDAK, Anelixis Commercial S.A. and Sklavenitis
J&S S.A.
L. Theoklitos holds Bachelor’s degrees in Chemical Engineering from the National
Technical University of Athens and in Business Administration from the Athens
University of Economics and Business, as well as a Master in Business
Administration (MBA) from the Imperial College, University of London.
Ioannis Giannidis, born 1950, has been Legal Counsellor to National Bank of Greece
since 1993. He is currently associate professor of criminal law and criminal procedure
in the Faculty of Law, University of Athens.
He has practised law in Greece continuously since 1986, and has provided legal
services to key Greek financial institutions and corporations, as well as several
foreign banks and companies operating in Greece.
His fields of expertise also include international and European criminal law, and
corporate and financial crime. He is founder and senior partner of I. Giannidis and
Associates law firm, which has a workforce of 7 lawyers, all of whom are specialized
in criminal law.
He represents Greece in European institutions, including the Council of Europe, in
matters related to criminal law and criminal procedure and is member of various
advisory committees of the Hellenic Ministry of Justice.
Mr Giannidis holds a degree in law from the University of Athens (1973) and a PhD
in criminal law and legal philosophy from the University of Munich, Germany (1977).
Mr. Avraam Triantafyllidis has been working for the National Bank of Greece since
1976. He currently holds the grade of sub-division manager.
From July 2003 until April 2004 he was a member of the NBG Board of Directors as
an employee representative.
From April 2004 until September 2005 he served as Head of NBG Group Human
resources. From October 2005 until March 2007 he served as General Counsel to the
Chairman & Managing Director of NBG Group in Labour issues.
Since March 2007 he was given the authority of a first class official and at the same
time he was appointed as Deputy Managing Director at NBG’s Training Center.
Mr. Avraam Triantafyllidis has been working for the National Bank of Greece since
1976. He currently holds the grade of sub-division manager.
From July 2003 until April 2004 he was a member of the NBG Board of Directors as
an employee representative.
From April 2004 until September 2005 he served as Head of NBG Group Human
resources. From October 2005 until March 2007 he served as General Counsel to the
Chairman & Managing Director of NBG Group in Labour issues.
Since March 2007 he was given the authority of a first class official and at the same
time he was appointed as Deputy Managing Director at NBG’s Training Center.
Mr. Triantafyllidis currently offers his services to the Greek General Confederation of
Labour, being an elected member of its board.
Ioannis Panagopoulos, born 1955, joined the National Bank of Greece in 1974, and
today holds the grade of sub-division manager.
Over many consecutive years he has been an elected representative of NBG's staff on
the Bank's board. He has participated in various bodies of the NBG Employees' Union
and the Greek Federation of Bank Employees Unions, while since 1998 he has served
on the board of the Greek General Confederation of Labor. He also represents the
Confederation at the European Economic and Social Committee.
Mr. Stefanos Vavalidis, born 1946, is a banker whose thirty-year career spans senior
executive positions in New York, London, Toronto and Athens.
He is a resident director on the Board of Directors of the European Bank for
Reconstruction and Development, where he has also served as chairman of its Audit
Committee. Having served for eleven years he is the ranking director of the Board.
He was formerly Deputy Governor of the National Bank of Greece and Managing
Director and Chief Executive Officer of the London operations and International
Capital Markets Division of Smith Barney.
He has also served as Special Assistant to the President of the Treasury Board,
Government of Canada.
Mr.Vavalidis holds a BA from McGill University and an MBA from Concordia
University, Montreal, Canada.
Mr. George Zanias is President of the Council of Economic Advisors of the Ministry
of Finance and Professor of Economics at the Economics University of Athens.
From 1996-1999 he served as Head of the Department of International and European
Studies of the University. He received his PhD from the University of Oxford.
He is an international expert for the European Commission, the World Bank and the
United Nations. He has served as: Chairman and Scientific Director of the Centre for
Planning & Economic Research (KEPE) (1998-2001), General Secretary of the
Ministry of the Economy & Finance (2001-2004), Board member of Hellenic
Exchanges (2000-2001) and the General Bank of Greece, Governor of the Black Sea
Trade & Development Bank (2003-2004) and Deputy Governor of the European Bank
for Reconstruction & Development.
He was a member of the European Securities Committee (ESC) between 2001 and
2004, as well as a member of the European High-Level Group for Competition (20022004).
He also studied at the Economics University of Athens and at the University of
Reading (UK). He has taught at the Universities of Oxford, Crete, the Agricultural
University of Athens and the Economics University of Athens. He has published
widely in leading international journals on finance and economics.
Mrs. Alexandra Papalexopoulou-Benopoulou was born in Athens in 1966.
She initially worked for the OECD in Paris and the consulting firm Booz, Allen &
Hamilton. She has been working with Titan Cement Company S.A. since 1992,
initially in the Exports Division and from 1997 onwards as the Group Strategic
Planning Director. She is a member of the Board and Treasurer of the Paul and
Alexandra Canellopoulos Foundation and sits on the Board of Frigoglass S.A.
She holds a Bachelor of Arts Degree (BA) in Economics and Mathematics from
Swarthmore College, USA and a Masters in Business Administration (MBA) from
INSEAD, France.
Petros K. Sabatacakis was Chief Risk Manager for Citigroup Inc. between 1999 and
2004. He was responsible for all the financial services company’s businesses, a
member of the Management Committee and a member of the Citicorp Board. All
credit, market and operational risk activities of the Group reported to him.
From 1992 to 1997, he was in charge of the financial services subsidiaries of the
American International Group, its treasury operations as well as the market and credit
risk activities. He was a member of the Executive Committee and a C.V. Starr partner.
Prior to that, he was the head of global Treasury and Capital Markets at Chemical
Bank (now JP Morgan Chase), which he joined in 1973 in Economic Research.
Among his positions at Chemical Bank were oversight of the international branches,
foreign exchange and securities trading and the management of its funding and
investments division. In addition, he had the responsibility for the management of the
corporation’s overall interest rate risk and investment portfolios.
Mr. Sabatacakis, born in Greece, earned three degrees from Columbia University:
Bachelor of Science, Masters of Business Administration and Doctor of Philosophy
degree in Economics. He has been the Chairman of Plan International and Child
Reach (child-sponsor non-profit), a Trustee of Athens College in Greece and a
Director Emeritus of the Gennadius Library.
He and his wife, Marina, live in New York City and East Hampton, Long Island.
Mr. Alexander Makridis worked from 1987 to 1989 at Goldman Sachs & Co. in
New York, in Corporate Finance and Mergers and Acquisitions.
Since 1991, he has served as the President of the Board and Managing Director of
Chryssafidis S.A., a distribution company of industrial goods which was founded in
1882.
He is a member of the board of Aegean Airlines, member of the General Council of
SEB (Greek Federation of Industries), member of the board of Mathios S.A. and a
member of the President’s Council on International Activities at Yale University.
Mr. Makridis has earned a bachelor degree in Economics and Political Science from
Υale College (1984), a Juris Doctor in Law from Yale Law School (1987), and an
M.B.A. from Harvard Business School (1991).
Mrs. Maria (Marily) Frangista was born in 1958 in Athens.
Her professional activity started in 1979 when she joined the sales department of
COPAIS CANNING INDUSTRY, a production and trading industry of agricultural
products based in Greece. She moved on to join the London based office of ship
owning and management company FRANCO SHIPPING LONDON before moving
to Athens to work for FRANCO COMPANIA NAVIERA S.A., a ship management
company established in Greece. She has been acting as Managing Director of
FRANCO COMPANIA NAVIERA S.A. since 1995.
Since 2000, she has held non-executive positions in the Board of Directors of various
institutional organizations in the Maritime Industry. She is a member of the Foreign
Affairs Committee of the Greek Ship-owners Union and has been appointed as a
Treasurer/ Secretary of the Board of Directors by the MALTA INTERNATIONAL
SHIPPING COUNCIL (MISC). Additionally, Mrs. Frangista is an active member of
numerous Charities, Museums, Cultural Organizations and NGOs.
She holds a Bachelor Degree in Business Administration from the “American College
of Greece – Deree”. She has native fluency in English and French as well as an
intermediate knowledge of German.