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183:) in 1907 and two years later listed on the stock exchange. In 1922, CBG established Commercial Bank of the Near East (CBNE) in London with CBG as a major shareholder and with the banker Nicolas Christofides as chief manager. The latter expanded CBG's international operations further by opening a first branch of the Commercial Bank of the Near East in
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in 1956, Egypt nationalized the operations of
British and French banks. To avoid nationalization, in 1957, N. Christofides convinced the Egyptian authorities that the Commercial Bank of the Near East, despite its official British nationality, was unofficially Greek, arguing that all shareholders and
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clients were Greek. Thus, CBNE, which was incorporated in London, transferred its branches in Egypt to
Commercial Bank of Greece. This proved to be of only temporary help as in 1960 the Egyptian government nationalized all banks in Egypt, including CBG’s branches in Cairo and Alexandria.
281:. In 2001, CBG incorporated Commercial Bank of Greece (Cyprus), of which it owned 75%, and to which it contributed its four branches in Cyprus and its International Banking Unit there. At some point, Commercial Bank of Greece rebranded all its operations as Emporiki Bank.
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In 1996 Bulgarian
Investment Bank became International Commercial Bank (Bulgaria). CBG owned 91%, directly and indirectly, of the bank. CBG also established a wholly owned subsidiary, International Commercial Black Sea Bank (Romania), which later became
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bought 95% of the stock and subsequently withdrew
Emporiki from the stock market. The profitable subsidiaries in Albania, Bulgaria and Romania were integrated directly into Crédit Agricole. The latter sold the troubled Greek bank one year later to
243:, Cyprus commenced operations. CBG also started to expand in the former Communist countries. First, it became a strategic investor in Bulgarian Investment Bank. Meanwhile, CBG sold Commercial Bank of London to Alpha Credit Bank (now
222:), which had been established in 1916. CBG continued to grow in Greece via acquisition when in it acquired a major equity stake (29% in 1995) in Bank of Attica, which had been established in 1925.
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in
Moldova. However, in 2002, CBG started to undo its previous international expansion outside the Greek-speaking parts of the Mediterranean. First it disposed of its subsidiaries in
288:, as well as Intercommercial Bank (Albania) SA which started operating in 2000. Also in 2000, CBG acquired Romanian International Commercial Black Sea Bank and 35% of
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CBG in 1998 established
International Commercial Bank (Moldova), and Commercial Bank of Greece (Armenia). The next year CBG established a representative office in
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270:. (United Georgian Bank was the result of the merger of three banks: Industrial Bank, Eximbank and New Georgian Bank – formerly Savings Bank.)
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195:. Nicolas Christofides, who settled in Alexandria in the 1920s-30s, managed the Turkish and Egyptian branches of the CBNE until the 1960s.
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While it was expanding internationally, CBG started to rationalize its Greek business. Thus in 1997 CBG reduced its position in
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The
Commercial Bank of Greece (CBG) was established in London by the Greek banker Gregorios Empedocles (
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Nicolas
Christofides, founder and chief manager of the Commercial Bank of the Near East, pictured in
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Twenty-five years later, in 1990, CBG renamed its subsidiary in London to
Commercial Bank of London.
163:. Emporiki Bank in Greece was nationalized in 1975, and eventually purchased on 1 February 2013 by
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In 1965, CBG entered the
European Common Market when it created Griechische Handelsbank in
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262:. CBG established International Commercial Black Sea Bank (Georgia) together with the
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to 18%. More importantly, two years later it sold its 51% stake in Ionian Bank to
229:. Later this subsidiary changed its name to Commercial Bank of Greece (Germany).
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At about the same time, i.e., in 1959, CBG acquired the Greek operations of
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214:. CBG continued to operate the bank separately, and later renamed it
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304:. Then in 2005, Emporiki Bank disposed of its German subsidiary.
218:. CBG also acquired a major shareholding in Banque du Piree (
239:, Cyprus. The next year CBG’s International Banking Unit in
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367:Commercial Bank of the Near East in London, 1972
264:European Bank for Reconstruction and Development
456:Former Greek subsidiaries of foreign companies
355:Advert of the Commercial Bank of the Near East
328:Grigorios Empedoklis, founder of Emporiki Bank
155:in 1907, with an initial focus on activity in
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247:), which renamed it Alpha Bank London.
235:In 1994 CBG opened its first branch in
191:in 1925, and subsequently another in
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167:which absorbed it into its network.
466:Greek companies established in 1907
451:Former Crédit Agricole subsidiaries
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216:Ionian and Popular Bank of Greece
61:1907 as Commercial Bank of Greece
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161:Commercial Bank of the Near East
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145:Εμπορική Τράπεζα της Ελλάδας
23:Εμπορική Τράπεζα της Ελλάδας
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379:Emporiki Bank building in
471:Companies based in Athens
461:Banks established in 1907
187:in 1922, a second one in
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137:Commercial Bank of Greece
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20:Commercial Bank of Greece
446:Defunct banks of Greece
394:List of banks in Greece
253:Emporiki Bank România
147:, thus also known as
52:Finance and Insurance
268:United Georgian Bank
181:Γρηγόριος Εμπεδοκλής
342:Le Mondain Egyptien
103:Number of employees
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88:Investment banking
84:Commercial banking
279:Alpha Credit Bank
227:Frankfurt am Main
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429:Official website
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128:www.emporiki.gr
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409:Banks portal
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220:Piraeus Bank
212:Popular Bank
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66:Headquarters
38:Company type
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290:FinCom Bank
275:Attica Bank
256: [
208:Ionian Bank
200:Suez Crisis
440:Categories
416:References
314:Alpha Bank
245:Alpha Bank
198:After the
189:Alexandria
165:Alpha Bank
118:Alpha Bank
16:Greek bank
388:See also
316:for €1.
307:In 2011
241:Limassol
80:Products
48:Industry
302:Moldova
298:Georgia
294:Armenia
237:Nicosia
171:History
124:Website
58:Founded
42:Private
157:Greece
153:London
113:Parent
74:Greece
70:Athens
286:Odesa
260:]
193:Cairo
177:Greek
141:Greek
107:4,000
300:and
266:and
135:The
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139:(
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