Acquiring a bank

Acquiring a bank is complicated transaction. It involves all the processes of acquisition including receiving financial regulatory approvals.

    Inhabitants - 10,760,136 (July 2011)

    Language - Greek (official) 99%, other (includes English and French) 1%

    Currency - EURO (EUR)

    Religion - Greek Orthodox (official) 98%, Muslim 1.3%, other 0.7%

    Politics - The politics of Greece takes place in a parliamentary, representative and democratic republic, wherein the Prime Minister of Greece is the head of government, and there is a multi-party system. Legislative power is vested in both the government and the Hellenic Parliament. Between the restoration of democracy and the Greek government debt crisis, the party system was dominated by the liberal-conservative New Democracy (Νέα Δημοκρατία – Nea Dimokratia) and the social-democratic Panhellenic Socialist Movement (ΠανελλήνιοΣοσιαλιστικό Κίνημα – Panellinio Sosialistiko Kinima, ΠΑΣΟΚ/PASOK).

  • Major industries - tourism, food and tobacco processing, textiles, chemicals, metal products, mining, petroleum

    Banks (2010) - 62 banks; 4,183 branches; 65,682 employees; assets – EUR 461,55 billion; loans – EUR 257,72 billion; deposits –EUR 208,78 billion.

    Banking regulations – the Department for the Supervision of Credit and Financial Institutions of the Bank of Greece is responsible for the prudential supervision of credit and financial institutions, with a view to ensuring the smooth operation and stability of the Greek financial system. The Greek supervisory framework draws heavily on the relevant Community legislation, which is in turn consistent with the Basel Principles. The Bank of Greece governor’s acts regarding Basel II incorporate the provisions of Directives 2006/48/EC, 2006/49/EC and 2009/111/EC of the European Parliament and of the Council and Commission Directives 2009/27/EC and 2009/83/EC. The minimum capital required to open a bank is EUR 18 million.