Bloomberg News

National Bank of Greece Changes Management, Tourkolias CEO

June 28, 2012

National Bank of Greece SA’s board of directors appointed Alexandros Tourkolias as chief executive officer of the country’s biggest lender after Apostolos Tamvakakis submitted his resignation today.

Giorgios Zanias, who is at a European Union summit in Brussels, will become chairman as soon as he completes his work as caretaker finance minister, according to an e-mailed statement from the Athens-based bank today. Tourkolias will fill the chairman post until Zanias completes his duties.

Tamvakakis’s resignation comes after Chief Financial Officer Babis Mazarakis stepped down yesterday. Vassilios Rapanos, who was named finance minister in the government of Prime Minister Antonis Samaras and resigned this week after being hospitalized on June 22, also stepped down as chairman of National Bank yesterday, citing health reasons.

Management changes at state-controlled or influenced companies are common after a change in government in Greece. State-controlled pension funds owned 12 percent of National Bank at the end of last year, according to its website. Samaras formed a three-party coalition after his New Democracy party placed first in June 17 elections.

Deputy Chief Executive Officer Leonidas Theoklitos also resigned, the bank said. International Operations Manager Petros Christodoulou, who quit as Greece’s Public Debt Management Agency chief after completing the biggest debt restructuring in history, will be promoted to deputy CEO, National Bank said.

Tourkolias was general manager for corporate and investment banking from 2004 to 2010, when he became deputy CEO. Previously he worked at Bank of America (BAC:US) Corp. and Bank of Nova Scotia.

Zanias became has been caretaker finance minister since an inconclusive national election on May 6 meant another was needed six weeks later. As a finance ministry adviser from 2009, he was involved in negotiating the terms of Greece’s bailout programs from the EU and International Monetary Fund.

To contact the reporters on this story: Christos Ziotis in Athens at cziotis@bloomberg.net; Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Maria Petrakis at mpetrakis@bloomberg.net


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