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Location: Athens, Ethniko
Typografio
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ALPHA Bank Romania SA ( 154 ),
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31
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32
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CASA
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33
[].
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48 rue de la Boetie,
437 579 949. Sacam
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12,98 . 100% Sacam International
31.12.2010 38 .
34
26671
26672
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6,7% 2000. 2002 CASA
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2011
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30.8.2012
EDGEPAY HOLDINGS LIMITED

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. 10 . 3959/2011. ,
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2012:
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2011
96.304,86
20,79%
87.307,55
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EUROBANK - ERGASIAS
90.372,00
19,51%
75.782,00
17,37%
63.770,90
13,76%
55.196,95
12,65%
51.699,71
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26.403,10
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20.856,70
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12.311,93
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MILLENIUM BANK ..
7.034,94
1,52%
6.259,98
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ATTICA BANK
4.780,73
1,03%
4.181,96
0,96%
HSBC BANK plc
[]
[]
[]
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55
.
2012 (www.ase.gr)
2012 (www.ethe.org.gr).
56
26680
( )
( . )
2010
2011
PROBANK A.E.
3.883,45
0,84%
3.376,85
0,77%
4.309,05
0,93%
3.321,30
0,76%
[]
[]
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[]
963,74
0,21%
741,39
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48.569,09
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463.327
100%
436.226
100%
CITIBANK International plc

..
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(HI)57, 2004-2008,
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59:

57
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. ,
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1000
1000-2000 250 2000 150
. 2000 ,
(. . - . , - ,
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2006
2007
2008
2009
2010
2011
1.101
1.096
1.172
1.184
1.214
1.278
2.041
2.079
1.881
1.622
1.439
1.294
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61
,

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60
EU Structural financial indicators (http://sdw.ecb.europa.eu/reports.do?node=1000002869).

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61
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CYPRUS POPULAR BANK PUBLIC CO LTD
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62
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2010 (. 20).
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ALPHA BANK
.
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26717
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2010
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..
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[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
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EUROBANK ERGASIAS
[]
[]
[]
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CYPRUS POPULAR
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189
[5-15]%
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[0-5]%
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[5-15]%
[5-15]%
[0-5]%
[0-5]%
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[]
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[5-15]%
[5-15]%
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[0-5]%
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[]
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[5-15]%
[5-15]%
[0-5]%
[0-5]%
[]
[]
[]
[]
[]
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
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[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM BANK
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[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
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[]
[0-5]%
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[0-5]%
[]
[0-5]%
[]
[]

190
196.858,76
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173.510,40
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[]
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145.370,05
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127.413,00
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130.932,00

189
2/4/2012 , Marfin Popular

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26719
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BANK ()
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[]
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[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
- HHI
(2011)
(3Q2012)
[1200-1400]
[1200-1400]
[1400-1600]
[1200-1400]
()
[100-150]
()
[150-200]
)
/ .
2009
2010
2011
' 2012
' 2012
..
..
..
..
..
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
EUROBANK ERGASIAS
[]
[25-35]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[]
[15-25]%
[15-25]%
[]
[5-15]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[0-6]%
[]
[0-6]%
CYPRUS POPULAR
BANK
[]
MILLENIUM
[]
[]
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[5-15]%
[0-5]%
[0-5]%
[]
[]
[]

190

4 . 2011
26 . 2012.
[5-15]%
[0-5]%
[0-5]%
26720
( )
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[]
191
ALPHA
BANK ()
[]
[0-5]%
[0-5]%
11.470,00
[0-5]%
[]
9.810,00
[15-25]%
[]
[]
[0-5]%
[0-5]%
[0-5]%
[]
7.998,00
[25-35]%
[]
[]
[0-5]%
[0-5]%
[]
6.725,00
[25-35]%
[]
[]
[]
[0-5]%
[0-5]%
6.397,00
[25-35]%
[]
[]
[25-35]%
/ HHI
(2011)
(3Q2012)
[1400-1600]
[1400-1600]
[1600-1800]
[1600-1800]
()
[200-250]
()
[200-250]
)
.
2009
2010
2011
' 2012
' 2012
[]
..
..
..
..
..
[25-35]%
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[15-25]%
[]
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%

191
26721
( )
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
EUROBANK - ERGASIAS
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CYPRUS POPULAR
BANK
[]
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[]
192
[]
[0-5]%
[]
[0-5]%
[0-5]%
75.811,00
ALPHA BANK
()
[]
[0-5]%
[0-5]%
[0-5]%
[]
66.706,00
[15-25]%
[]
[]
[]
[0-5]%
[]
[]
[0-5]%
[]
[0-5]%
53.439,00
[15-25]%
[]
[0-5]%
[0-5]%
[0-5]%
[]
46.543,00
[15-25]%
[]
[]
[0-5]%
[0-5]%
[0-5]%
45.154,00
[15-25]%
[]
[]
[]
[15-25]%
HHI
(2011)
(3Q2012)
[1800-2000]
[1800-2000]
[2000-2200]
[2000-2200]
()
[150-200]
()
[100-150]
)
.
2009
2010
2011
' 2012
' 2012

192
26722
( )
..
..
..
.. ..
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
EUROBANK ERGASIAS
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
CYPRUS POPULAR
BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM.
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%

ALPHA
BANK ()
193
109.577,76
[]
96.994,40
[15-25]%
[]
83.933,05
[15-25]%
[]
74.145,00
[15-25]%
[]
79.381,00
[15-25]%
[]
[15-25]%

193

4 . 2011
26 . 2012.
26723
( )
HHI
(2011)
(3Q2012)
[1000-1200]
[1000-1200]
[1200-1400]
[1200-1400]
()
[100-150]
()
[150-200]
)

2009
2010
2011
' 2012
' 2012
..
..
..
..
..
[]
[25-35]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
1,38%
[]
1,15%
[]
1,13%
[]
1,13%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
EUROBANK ERGASIAS
[]
[]
[]
CYPRUS POPULAR
BANK
[]
MILLENIUM BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[]
[]
[]
[]
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[]
[]
[]
[]
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[]
[]
[]
[]
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[]
[]
[]
[]
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
26724
( )
[5-15]%
[]
194
ALPHA
BANK ()
80.559,00
80.507,00
[15-25]%
[]
[5-15]%
[]
[]
78.393,00
[15-25]%
[]
[5-15]%
[]
77.002
[15-25]%
[]
[5-15]%
[]
[]
[5-15]%
75.098,00
[15-25]%
[]
[15-25]%
- HHI
(2011)
(3Q2012)
[1200-1400]
[1200-1400]
[1600-1800]
[1600-1800]
()
[200-250]
()
[200-250]
) ( )
( )
2009
2010
2011
' 2012
' 2012
..
..
..
..
..
EUROBANK - ERGASIAS
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
CYPRUS POPULAR
BANK
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%

194
26725
( )
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
195
29.539,00
[]
29.211,00
[15-25]%
[]
27.346,00
[15-25]%
[]
26.735,00
[15-25]%
[]
[]
25.889,00
[15-25]%
[15-25]%
[]
(
) HHI
(2011)
(3Q2012)
[1200-1400]
[1200-1400]
[1400-1600]
[1400-1600]
()
[150-200]
()
[150-200]
)
.
2009
2010
2011
' 2012
' 2012
..
..
..
..
..
EUROBANK - ERGASIAS.
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%

195
26726
( )
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
CITIBANK
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
CYPRUS POPULAR BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
ALPHA BANK
()
[]
[]
[15-25]%
[]
[]
[15-25]%
[]
[]
[15-25]%
[]
[15-25]%
[]
[]
- HHI
(2011)
(3Q2012)
[1400-1600]
[1400-1600]
[1600-1800]
[1600-1800]
()
[100-150]
()
[100-150]
.2.3.2.
) (
)
,
( [15-25]% -
[15-25]%
( )
2012),
(ALPHA BANK ). 196
,
[15-25]%
//
[15-25]%. E, () HHI,
197
2.000 , 250

([100-150] 2011 [150-200]
2012).
- (),
ALPHA BANK ( [15-25]% -
2012) .

[25-35]% ( 2012)
,
Eurobank // ( [15-25]% [15-25]%
), HHI (<2.000 ),
250 ([200-250] 2011 [200-250]
2012).
- ,
( [25-35]% -
2012), (ALPHA BANK
).
[15-25]% (
2012) ,
( [25-35]%) // (
[15-25]%), HHI (<2.000 ),
250 ([150-200] 2011 [100-150]
2012).
- ,
( [15-25]% -
2012),
(ALPHA BANK ).
( [15-25]% -
2012), , [1525]%, //.
196

Eurobank .
197
. . .. -

(2004 C 31/03) . 20.
26727
26728
( )
HHI (<2.000) 250 ([100150] 2011 [150-200] 2012).

,
( [15-25]% -
2012),
(ALPHA BANK ).
[15-25]%
( 2012),
, . , HHI,
2.000 ,
250 ([200-250] 2011 [200-250] 2012).
(
)
EUROBANK ( [15-25]% - 2012),
(ALPHA BANK
).
[15-25]% (
2012), ,
Eurobank . , HHI,
2.000 ,
250 ([150-200] 2011 [150-200]
2012).
( )
EUROBANK (
[15-25]% - 2012),
(ALPHA BANK ).

[15-25]% ( 2012),
, Eurobank
. , HHI, 2.000
, 250 ([100-150]
2011 [100-150] 2012).
,
.

,

25% ([25-35]%).
, ,
, ,
( )
-- Eurobank,
,
, , . ,
(), HHI
.. '

' ,
. 20
. ,
,
( , , [25-35]% [1525]% ),
Eurobank ( [15-25]%)
( [15-25]%),
( [15-25]%)
,
([15-25]%) Eurobank ([5-15]%),

198.
, , ,
, ,
.
,

(-) .
) (
)
, -
() , ,
, ,

,
(CR4199)
: [60-70]% ( , ALPHA BANK, , Eurobank),
: [70-80]% ( , ALPHA BANK
198
. T-102/96, Gencor , . 202. . Merger control in the EU,

Navarro, Font, Folguera, Briones, . 6.49. . Nicholas Levy, European Merger Control . 5264.
199
Concentration Ratio.
26729
26730
( )
, , Eurobank),
: [73-83]% ( , ALPHA BANK, , )
: [55-65]% ( ALPHA BANK-,
, , Eurobank).
() ,
[60-70]% [70-80]%
(-) . , (-)
.,

(CR4) [70-80]% ( , ALPHA BANK, , Eurobank),
[70-80]%
( , ALPHA BANK-,
, Eurobank,
[70-80]% ( , ALPHA BANK, , Eurobank).
, ,
,

.

200.
, (-)
60% ,
. , ,
:
x
,
, ,

200
COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 113

103 : ,
" ". ,
"
" . ,
,

.
. , ,
/ " " ,

" .
( )
ALPHA BANK Eurobank [1525] %, [15-25] %, [15-25] % [5-15] % ,

x
- () ,
ALPHA BANK,
Eurobank,
[25-35] %, [15-25] %, [15-25]% [5-15] % ,
- ,
, ,
[25-35] %, [15-25]%, [15-25]%
[5-15]% ,
- ,
, ,
Eurobank [15-25]%, [15-25]%, [15-25]% [5-15]%
,
- ,
, ,
Eurobank [15-25]%, [15-25]%, [15-25]% [5-15]% .

, Eurobank, ,
[15-25]%, [1525]%, [15-25]% [5-15]% ,
,
Eurobank, ,
[15-25]%, [15-25]%, [15-25]% [1525]% .
,

201 ,

,
ALPHA BANK
.
. ,
,

: ,

201
IV/M.202 Thorn EMI/Virgin Music, . 40,

80% ,

.
26731
26732
( )
, ,
,
.
, ,
202, ,
() 203. , ALPHA BANK
( ),

, 204
,
.
, :
, -
-

.
. -
50%
( -
[30-40]%)
,

.
- ,
( ALPHA BANK,
EUROBANK) 60% . ,
,
[0
202

.
. COMP/M.4823 YARA/PRAXAIR/JV . 44,
,
. .
. COMP/M.358 Pilkington, . 63.
203
. COMP/.3333 Sony/BMG (2) .191 ...

, ,
.
204
. . . [] []
.
( )
6]%205,
()
.
- ,
, (
[25-35]%)
( [15-25]%) ,
, .
( )
[50-60]%, ,
(.. ALPHA BANK, / , EUROBANK).
,
,

[40-50]%
Eurobank,
[70-80]%
206, 207.

,
, ,
( ),
.
,

,
( ),
.
,
,

205
. M.4865, ENEL/Acciona/Endesa, . 30-43.

. ,
.
206
60% .
207
. IV/M.1016, Price Waterhouse/ Coopers & Lybrand, . 103,

.
26733
26734
( )
208.

.

.
(.. HHI ),

209. ,
HHI
,
,
. ,
,
[5-10]%.
,

.
.2.4.
.2.4.1.

,

2009 2011,
2012,
, 2012 2011.
)
.
2009
2010
2011
..
..
[]
[5-15]%
[]
[15-25]%
..
[]
[15-25]%

208
209
. COMP/M.4844- FORTIS/ ABN AMRO, . 162.

. COMP/.3333 Sony/BMG (2) . 92.
' 2012
' 2012
..
..
[]
[15-25]%
[]
[15-25]%
26735
( )
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
EUROBANK - ERGASIAS
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
CYPRUS POPULAR
BANK
[]
HSBC
[]
[]
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[]
210
[0-5]%
[]
[]
[]
[0-5]%
[]
[0-5]%
[5-15]%
40.671,00
ALPHA BANK
()
[]
[5-15]%
[]
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[5-15]%
36.096,00
[15-25]%
[]
[]
[0-5]%
[0-5]%
[]
[]
[0-5]%
[]
[0-5]%
[5-15]%
[]
28.856,00
[15-25]%
[]
[]
[]
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[5-15]%
23.174,00
[15-25]%
[]
[]
[]
[]
[]
[]
[15-25]%
[]
(3Q2012)
[1200-1400]
[1200-1400]
[1400-1600]
[1400-1600]

210
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[5-15]%
23.397,00
- HHI
(2011)
[5-15]%
,
85 .
2011 57 . 2012.
[15-25]%
26736
( )
()
[150-200]
()
[200-250]
)
.
2009
2010
2011
' 2012
..
' 2012
..
..
..
..
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
EUROBANK - ERGASIAS
[]
[5-15]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-6]%
[]
[0-6]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CYPRUS POPULAR
BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
26737
( )
211
ALPHA BANK
()
14.670,00
100%
13.055,00
100%
11.603,00
100%
9.257,00
100%
9.552,00
100%
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
- HHI
(2011)
(3Q2012)
[1200-1400]
[1200-1400]
[1400-1600]
[1600-1800]
()
[200-250]
()
[200-250]
)
.
2009
2010
2011
' 2012
..
[]
[5-15]%
EUROBANK - ERGASIAS
[]
[25-35]%
' 2012
..
..
..
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
..
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
CYPRUS POPULAR
BANK
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%

211
26738
( )
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
26.001,00
100%
23.041,00
100%
17.253,00
100%
13.917,00
100%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[15-25]%
212
ALPHA BANK
()
13.845,00 100,00%
[]
[15-25]%
- HHI
(2011)
(3Q2012)
[1200-1400]
[1400-1600]
[1200-1400]
[1600-1800]
()
[100-150]
()
[200-250]
)
.
2009
2010
2011
' 2012
' 2012
..
..
..
..
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
..
[]
[15-25]%

212
,
85
2011 57 2012.
26739
( )
EUROBANK - ERGASIAS
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
CYPRUS POPULAR
BANK
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM.
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
213
130.043,00
ALPHA BANK
()
[]
139.727,00
[15-25]%
[]
135.485,00
[15-25]%
[]
129.540,00
[15-25]%
[]
124.277,00
[15-25]%
[]
HHI
(2011)
(3Q2012)
[1200-1400]
[1200-1400]
[1400-1600]
[1400-1600]
()
[200-250]
()
[200-250]
5
, -

.

213
[15-25]%
26740
( )
.2.4.2.
) (
)

( [1525]% - 2012),
(ALPHA BANK ).

[15-25]% ( 2012)
,

Eurobank ( [15-25]% [15-25]% ), HHI
(<2.000 ), 250 ([150-200]
2011 [200-250] 2012).
-
ALPHA BANK ( [15-25]% 2012)
.
[25-35]% ( 2012)
,
Eurobank ( [15-25]% [0-15]%
), HHI (<2.000 ),
250 ([200-250] 2011 [200-250]
2012).
-
( [15-25]% 2012),
(ALPHA BANK ).

[15-25]% ( 2012) ,
( [15-25]%) HHI
(<2.000 ), 250 ([100-150]
2011 [200-250] 2012).
-
( [15-25]% -
2012),
(ALPHA BANK ).
( [15-25]% -
2012), [15-25]%
//.
( )
HHI (<2.000) 250 ([200-250]

2011 [200-250] 2012).
,

. , -
, ,
, ,
-- Eurobank,
,
, . ,
(-), HHI
.. ,
. 20
.
,
,
,
,

(-) .
) (
)
,
60%
,
. , ,
(CR4)
: : [70-80]% (
ALPHA BANK-, ,
, Eurobank), :
[70-80]% ( ALPHA BANK-, ,
Eurobank, ),
: [70-80]% ( , ALPHA BANK, Eurobank, ),
: [70-80]% ( ALPHA BANK-,
, Eurobank, ).
,
. ,
26741
26742
( )
,
,

214.
,

215,
,
,
ALPHA BANK ,

.
,
216 ()
217. [] ([]), []
,
218
,
.
,
-

,

. -
50%
,

. ,
ALPHA BANK

214
. COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 103 113,

..
215
IV/M.202 Thorn EMI/Virgin Music . 40.
216
, ,
. . . COMP/M.4823
YARA/PRAXAIR/ JV . 44.
217
. COMP/.3333 Sony/BMG (2) . 191 ..

, ,
.
218
. . . [] []
.
( )
,
,

.

[5-10]%.
, ,
,

.

.

. ,
( HHI )
219.
,
HHI ,
,
220.

.
.2.5.
, ,
,

, Internet Banking, Mobile Banking Phone Banking.
,
( Automated Teller Machine).
ALPHA BANK 405
ALPHA BANK 303 ,
,

219
220
. COMP/.3333 Sony/BMG (2), . 92.

. COMP/.580 ABB/Daimler Benz, . 90.
26743
26744
( )
. ,

,
.
[] ALPHA BANK []
. To
() []
ALPHA BANK [] ,
[] [] ,
ALPHA BANK [] ()
.

,
2011, :
--
..
EUROBANK - ERGASIAS ..
ALPHA BANK ..
..
...

CYPRUS POPULAR BANK PUBLIC Co LTD
MILLENIUM BANK ..
PROBANK A.E.
ATTICA BANK,
PROTON
..
HSBC BANK plc
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[15-25]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
26745
( )
221
3.504
100%
6.660
100%
ALPHA BANK-
[]
[15-25]%
[]
[15-25]%
6
.
222,
( 27), ,
100.000 , 37 223,
47 100.000 224.
,
, ,
,
Eurobank. , ALPHA
BANK- , ,
[15-25]%, [25-35]% , [5-15]%
, [5-15]% Eurobank, [5-15]%
, [5-15]% [0-5]% Cyprus Popular Bank.
, Millenium [0-5]%, Probank [0-5]%,
Attica [0-5]% .
, ATMs, ALPHA BANK , , [1525]%, [25-35]% , [15-25]% , [515]% Eurobank, [0-5]% , [0-5]%
[0-5]% Cyprus Popular Bank.
, Millenium [0-5]%, Probank [0-5]%, Attica [0-5]%
.

.

221
: ,
. 19
, 2 5 ,
4.163 2009, 3.743 2010
3.575 2011, 2009 14% (.
http://www.hba.gr/Index.asp?Menu=4). ,
2009 4.098
2010 4.005 .
222
223
, 2009, (. 64).
224
26746
( )
,

.
,

, , , ,
,
. ,
225,
, ,
,
,
(
)226, .
,

227, ,

, (
) 228,
.
.2.6

.

225
. COMP/M.3894, . 85.
. . .3894, .., . 45, .5960, .., . 29 (

).
227
. . C-322/81, Michelin, . 30.
228
. . .3894, .., . 47-49, 59, 66, 75 (
30-50%
10-20%,
), .4484, .., . 24-26 ( 30-40%

). .
549/VII /2012 (/), .3.4.
226
( )
.3.
.3.1.
.3.1.1.

(cardholder) ,

. ,
(merchant)

(scheme owners).
(issuer),
(acquirer),
. (issuer)
(acquirer).

(),

,
,
Internet , ..
:
) ,
,

.
,

, .
,
, .

,
,
. ,
,
,
.
26747
26748
( )
) ,
.
,
. , (issuer)
229
,
.
,
( , , ),
(, , ,
, ..) ( ,
). ,
230.

231.

229
.
B. Scholnick, N. Massoud, A. Saunders, S. Carbo-Valverde, F. Rodriguez-Fernandez The
Economics of Credit Cards, Debit Cards and ATMs: A Survey and Some New Evidence, April 2006,
Invited Paper Submitted to the 30th Annual Journal of Banking and Finance Conference, Beijing,
China, June 6-8 2006.
231
:
x (Co-Branded):
. co-branded
. co-branded
,
.
x (Private Label):
.
Co-branded Private Label
, -.
x Business Credit: ,
, ,
.
x :

, .
x :
,
, 800 ,
.
x :
, 12
, ,
,
.
x :
, .
230
( )
Z.3.1.2. (card issuing)

(card issuing)

()
(Visa, Mastercard, Diners, American
Express)232.

-
.
, ,
,

,
233. , , ,
,
,
.
,
:
) (personal cards)
) (corporate cards)
- , :
) (general cards)
x : ,
( ),
.
,
.
232
(scheme owner) :
x

,
,
x

x

,
.
233

.
26749
26750
( )
) (selective - pure store cards) 234

) ( - international cards)
) (national cards)
(),
235.

. ,
(
),
/
.
(..Visa,
Mastercard, ..)
, ,
, 236.

, , (/)
/ , ,
.
, ,
,

. [], []
. ,
,

234
. COMP/ M.5384 BNP PARIBAS/FORTIS, . 16,

.
235
. [],[],[],[] []. H []
, []

(/).
236

(co-branded cards)

- ,
, ,
.
( )
: , ,
237.
[] 238,
,
- .
,
. ,
, []
.
, ,
,
-

.
.3.1.3. (merchant payment
card acquiring)
(card merchant acquiring)
,
239.
/ (acquirer), 240,

237

[], [], [], [], [] [].
238
( . . [] )
[]
.. .
239
. M.2567-NORDBANKEN/POSTGIROT, . 6, M.5241AMERICAN
EXPRESS/FORTIS/ALPHA
CARD,
.
23,
M.3740-BARCLAYS
BANK/FORENINGSSPARBANKEN/JV . 12 M.4844-FORTIS/ABN AMRO ASSETS.
240
(merchant acquiring)
. , [],
: 1) .., 2)
.., 3) Alpha .., 4) .., 5)Attica Bank,
, 6) .., 7) Cyprus Popular Bank Public Co Ltd, 8)
Eurobank Ergasias .., 9) Millennium Bank .., 10) .. 11)
Citibank International Plc. , 4, 3, .
3862/2010 2007/64 /,2007/44/ ,
2010/16 / ,
, ..,
/ (
) ,
, .
,
( ),
( 10, . 1 . 3862/2010) ,
, ,
26751
26752
( )
(merchant),
/
( ).
:
x

(.. Visa, Mastercard, ..),

/ ,

(Point-of-Sale, POS),

241
,
(issuer),
/ .
:
x
/ (cardholder)

.
(issuer)
, .
, (issuer) ,
,
(acquirer),
(merchant),
, ( interchange fee),
(.. Visa, Mastercard).

125.000 ( 6 . 4 . 3, . .
3862/2010).
241
, POS
(acquirer)
, . ,
-
(switch centers), (acquirers),
(common POS). -
/
[],[],[]. ,
(acquirer)
.
26753
( )
, (acquirer)
,
(merchant service charge).
(issuer acquirer) (on-us transactions).

242:

(ISSUER/
CARDHOLDERBANK)

(MERCHANT ACQUIRER)

(
)

/
(CARDHOLDER)

/
(MERCHANT)
/

H (merchant
service charge) , :
) ,
) (issuers reimbursement fee)243

242
, (,
, , ),
, ,
American Express Diners club. . Competition and
Efficient Usage of Payment Cards, DAF/COMP (2006) 32, . 23.
26754
( )
)

244.
,
/ ,
/,
POS ,
, ,
(outsourcing).

(POS Network Service Provision)
(Card Acquiring
Processing) 245
,
.
,
- :
) (/),
) (/),
) (/),
) (VISA, MASTERCARD ..)246,
, ,
-.
,
, .
, ,

243
(interchange fee)

.

.
244
, ..
245
. COMP/ M. 4316-ATOS ORIGIN/BANKSYS/BCC, .
19, 34.
246
. COMP/ M. 4814-AIB/FDC/JV, COMP/ M. 4316-ATOS
ORIGIN/BANKSYS/BCC, M.5241-AMERICAN EXPRESS/FORTIS/ALPHA CARD, COMP/
M. 5968- ADVENT/BAIN CAPITAL/RBS WORLDPAY.
.
26755
( )
,

, :
x

247,
(..
),
248.

.

(
),

(/) ,
249.
,

.
, :
,

. ,

.

247

, [],[],[],[] [],

. ,
. , []

, on line [].
248
, .. .
249
, [],[], [],[],[] []
.
26756
( )
,
, ,
,
,
.
,
,

,
, VISA MASTERCARD250.
, , .
, ,
,
251,
.
,
,
must-have ,
, ()
VISA MASTERCARD.
,

,
252, ,

, . ,
,
VISA MASTERCARD 253.
254,
.

250
80% VISA MASTERCARD.

, , [] [] /
[], [] ()
[].
252
,
,
.
253
. .
254
, DINERS
[]% []%, AMERICAN
EXPRESS [].
251
( )
, , , ,
,

.
,
,
255 256.
.3.1.4.
,
, ,
, ,

257.

. ,
, , ,
258.
.3.2.

.3.2.1.

, , .

. ,

255
. .. 534/VI/2012 ALPHA / EFG EUROBANK

ERGASIAS .
256
. M.2567-NORDBANKEN/POSTGIROT, . 17-18,
M.5241-AMERICAN EXPRESS/FORTIS/ALPHA CARD, . 28-31, M.3740-BARCLAYS
BANK/FORENINGSSPARBANKEN/JV . 12-15, COMP/ M.4814-AIB/FDC/JV . 13-14,
COMP/ M.4316-ATOS ORIGIN/BANKSYS/BCC . 23 COMP/ M.5968- ADVENT/BAIN
CAPITAL/RBS WORLDPAY . 12-13,

.
257
. M.5384-BNP PARIBAS/FORTIS, . 73, .2567NORDBANKEN/POSTGIROT, M.4844-FORTIS/ABN AMBRO ASSTS .5241-AMERICAN
EXPRESS/FORTIS /ALPHA CARD.
258

.
26757
26758
( )
,

( ).
, :
)
, ,
() , ,
:
x

.
(.. ,
),
.
,
, .
, ,
,
, , ..
, ,
,
. ,
( , )
,
. (
)
,
.
,
,
.

,
.
,
,
,
.
( )
) -
. ,
(. 3862/2010),
.. (PSD)

(.. ),
,
. , :
x
, 125.000.
)
H ()
:
x
( ,
,
).
,
, , ,
, , ,
...
, ,

, ,
9 MasterCardBarometer
MasterCard FocusBari 2011
26759
26760
( )
259.
(32%)
,
(29%)260.
/ 20%261,
13%.
,
/,
53%
.
( )
( supermarket),
(11%)262.
)
,
263. ,
, .
, ,
, ,

. .

, ,
(..
). , ( ,
), (switching benefits)
.. /
.

259
, , 19.07.2011.
, ,
. (55-70)
( 38%),
(25-34) (23%).

( 18-24), (40%)
,
.
261
,
(28%).
262
(15%).
263
.
260
26761
( )
)
.

: ,
264
.
, ,
() . ,
,

.
, , , ,
,
.

.
,
265,
266
(.. premium ),
.
.3.2.2.

:
)

2009
2010
2011
' 2012
. .
. .
. .
. .
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%

264
SEPA.
,
.
266
, .
265
26762
( )
EUROBANK - ERGASIAS
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[]
[5-15]%
[]
[]
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CYPRUS POPULAR BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
5.799.732
100,00%
4.957.851
100,00%
4.020.953
100,00%
3.421.375
100,00%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[25-35]%

()
- HHI
(2011)
(3Q2012)
[1400-1600]
[1400-1600]
[1600-1800]
[1600-1800]
()
[150-200]
()
[200-250]
26763
( )
)

2009
2010
2011
' 2012
. .
. .
. .
. .
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
EUROBANK - ERGASIAS
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CYPRUS POPULAR BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC BANK
[]
[]
[0-5]%
[]
[0-5]%
9.044.207
100,00%
9.100.836
100,00%
9.874.036
100,00%
9.973.550
100,00%
[]
[25-35]%
[]
[25-35]%
[]
[25-35]%
[]
[15-25]%

()
HHI
(2011)

[1400-1600]
(3Q2012)

[1400-1600]
26764
( )
[1800-2000]
[1400-1600]
()
[300-350]
()
[200-250]
.3.2.3.
) (
)

ALPHA BANK ( [15-25]% -
2012) .

[25-35]% ( 2012)
,
Eurobank ( [15-25]% [15-25]% ),
HHI (<2.000 ), 250
([150-200] 2011 [200-250] 2012).

( [25-35]% -
2012) (ALPHA BANK
).
[15-25]%
. , HHI,
2.000 , 250
2011 ([300-350])
2012 ([200-250] - 2012).
,
, , ,
- Eurobank,
, , , .
, (-) , HHI
.. ,

. 20 .
,

, (. 3862/2010)
( )
.. (PSD)267

,
,
.
,

.

.
()
.
) (
)

(CR4)
[70-80]% ( ALPHA BANK- [25-35]%,
Eurobank [15-25] %, [15-25] %,
[5-15] %).

(CR4) [75-85]% ( [25-35]%,
ALPHA BANK- [15-25]%,
[15-25]%, Eurobank [5-15] %).
, ,
,

. , ,
268.
,

267

, , ,
, .
268
COMP/M.1016 Price Waterhouse/Coopers &Lybrand, .., .
103 113.
26765
26766
( )
269 ,

,
ALPHA BANK
. ,

.
,
,
:
,
,
,
,
270.

( )
271. ,
50% ( [40-50]%)

,

.
,
272
2012,
,
.

269

80% ,

.
270
. .4844- FORTIS/ABN AMBRO ASSETS, . 196 . .
European Commission Report on the Retail Banking Sector Inquiry (2007).
271
. . COMP/M.4823 YARA/PRAXAIR/ JV . 44.
272

.
. COMP/M.4823 YARA/PRAXAIR/JV, . 44,
,

.
( )

,
50%
,

( , ,
, , - Eurobank,
, , , ).

.
. ,
, , ,
273. ,
, ,
. ,
.

,
.

,

.
,
( HHI
)
274.
HHI
,
,
.

273
274
. .580 ABB/Daimler Benz, . 90.

. COMP/.3333 Sony/BMG (2), . 92.
26767
26768
( )
,

.
Z.3.3.

Z.3.3.1.
)

,
. ,
,
,

.
) -
,
. ,
, ,
,
/275.
,
,

276

277.
) -
...,

,

275
H []
, ,
.
276
. [],[],[].
277
. [],[],[],[].
( )

. ,

, .
,

.

. ,
,

, ,
,
. , ,

. , []
,
, (switching
cost)
,
.
,
,
, ,
,

.
) -
,

4%278. ,
, , , ,
,
. , ,

278
, [], [], [], [] []

, [] 1,04%, [] 3%, [] 3,6% []
4% .
26769
26770
( )
,

.
[]%
, []%
279.
, ,
.
, ,

,
.
[],[],[],[] [] []%
.
, ,

(.. ),
. ,

.
)
,
,
, ,
,

.
,
,
280.
, ,
- ,

279

. ,
[] 0,08% 30,3% ,
[] 29% 70% ,
[] 4% 80,6% .
280
, ,
.
26771
( )

. , ,
,
,

.
,

.
.3.3.2.

:
- ( )
2009
2010
2011
2012
2012
. .
. .
. .
. .
. .
[]
[25-35]%
[]
[25-35]%
[]
[35-45]%
[]
[25-35]%
[]
[35-45]%
EUROBANKERGASIAS
[]
[]
[15-25]%
[15-25]%
[]
[]
[15-25]%
[15-25]%
[]
[]
[15-25]%
[15-25]%
[]
[]
[15-25]%
[15-25]%
[]
[]
[]
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
MILLENNIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MARFIN
EGNATIA
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[]
[]
[]
[]
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[5-15]%
[]
[15-25]%
[]
[]
[]
[5-15]%
[0-5]%
[0-5]%
[0-5]%
26772
( )
[]
7.496.940,56

()
[]
[]
[0-5]%
7.184.544,73
[35-45]%
[]
[]
[0-5]%
6.955.621,43
[35-45]%
[]
[]
[0-5]%
[0-5]%
2.983.877,40
[35-45]%
[]
[]
5.017.498,72
[35-45]%
[]
- HHI
(2011)
(3Q2012)
[2200-2400]
[2200-2400]
[2600-2800]
[2800-3000]
()
[400-450]
()
[400-450]
.3.3.3. :
,

.

, , ,
. (
)
-,
[5-10]%.
, ALPHA BANK,
ALPHA BANK/
,
281. , (merchant fees)
ALPHA BANK/
(
)

281
[0-5]%
, [],

.
[35-45]%
( )

.
,
/
. ALPHA BANK
,
,
.
, ALPHA BANK 282

. ,

(Independent Sales
Organisation), ALPHA BANK
[].

, ALPHA BANK
,
(ALPHA BANK-)

(leveraging) (tying)
.

.
ALPHA BANK

. , ,
Alpha Bank/EFG Ergasias,
([50-60]% [50-60]%, )
..
.

282
, [],[],[],
, ,
[]
26773
26774
( )
.3.3.4.
) (
)

ALPHA BANK ( [35-45]% - 2012)
.

[35-45]% ( 2012)
, Eurobank, ,
Citibank ( [15-25] %, [5-15]%, [5-15]% [5-15]%
).

, ,
, ,

283 (
). , ,

.
ALPHA BANK

() .
Alpha Bank
.
,
. ALPHA BANK

284.
,
() ( )
,
Eurobank,
,
,
,
(

283
284
. . COMP/M.5907, .157.
. . COMP/M.3287 AGCO/VALTRA.
( )
),
285.
,

.
) (
)

(CR4)
[85-95]% ( ALPHA BANK - [35-45] %,
Eurobank [15-25]%, [5-15]%,
[5-15]%)286, 60%287,
. HHI
250 ([400-450] 2011 [400-450] 2012)

. , ,
ALPHA BANK ,
( Eurobank,
, )
,
,

288.
, ,
, ,

289.

285
. , ,
40-50%
. ,

,
. . COMP/M.1882 Pirelli/Bicc, . 77-79,
COMP/M.3464 KESKO / ICA / JV, . 39, COMP/M.2609 HP/COMPAQ, . 32-35,
COMP/M.2192 SMITHKLINE BEECHAM/BLOCKDRUG, . 12-14 , IV/M.986 - AgfaGevaert/DuPont, . 99-100.
286
. .. .1891 BP AMOCO/CASTROL.
287
. . Levy, Control of Concentrations 5-345.
288
. . COMP/M.5907, . 209.
289
. .
26775
26776
( )
,
,
(Alpha Bank Eurobank)
60%,

, ( , )
ALPHA BANK ,

.

.
, Alpha Bank Eurobank

(),

,
, ,
321/V/2006. ,

290 (
), [15-20]
( ) [25-30]
( ),
.
,
(merchant service charge) 291,

. ,

.
, (
[], [], [], [] []
, [] 1,04%, [] 3%, [] 3,6%
[] 4%). ,

290
. .

(merchant service charge) :
) ,
) (issuers reimbursement fee)
) .
291
( )
[]
.
,
,

, ,
, ,

292.
, ,
,

.
.4.
(FACTORING)
.4.1.
(factoring)
, . 1905/1990293,
. factoring
294 ,
/,
,
(trade receivables)295. ,
:
(
),
,
() ,

,
.

292
M.4865 -SIEMENS / DADE BEHRING, . 40-43.

.
293
, A 147.
294
Factoring Factors Chain International (FCI), Annual Review - 2011,
. 11.
295
. Factoring (www.fci.nl),
Factoring (www.hellenicfactors.gr) -.
26777
26778
( )
-,
, factoring,
(),
, 296
297.
factoring,

298,
factoring
299.
factoring , , 300:
) factoring,
,
) factoring,
, :
x
x
factoring:

factoring:
.
, factoring :
) Factoring (with recourse), ,

) Factoring (non-recourse),
.

296
factoring :
x ( ),
(risk premium),
x ,
,
,
( factoring ).
297
. 880/2010.
298
factoring, ,
.
299
4 . 1 . 1905/1990,

.
300
. Factoring (www.fci.nl)
Factoring (www.hellenicfactors.gr).
( )
,
, factoring :
) Factoring ,
,
,
) Factoring ,
( ),
.
, factoring
(Reverse factoring), (Back-to-back
factoring), (Invoice
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To forfaiting Forfaitors
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,
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302
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ERGASIAS . 86 .. 549/VII/2012 / .
303
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PARIBAS/BNL, . 15, M.6244 - BNP PARIBAS/ FORTIS COMMERCIAL FINANCE
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304
. M.4844-FORTIS/ABN AMRO ASSETS, . 30.
26779
26780
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305.
,

306.

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factoring. ,
307.
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ABC FACTORS
A.E.
.
Z.4.2.
Z.4.2.1.
...,
, , 15
:
x
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, Marfin Factors & Forfaiters SA.

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306
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EUROBANK ERGASIAS , . 96.
307
[]
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.
( )
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MARFIN FACTORS & FORFAITERS ..,

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26783
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.4.3.1.
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2009 2012, :
(. ) FACTORING
2009
2010
2011
' 2012
..
..
..
..
..
(ABC Factors)
[]
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[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[15-25]%
[]
[15-25]%
[]
14,70%
( Factors)
[]
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[]
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[]
[5-15]%
[]
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CYPRUS POPULAR (
Marfin Factors & Forfaiters)
[]
HSBC BANK
[]
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[]
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..
[]
[25-35]%
[]
..
EUROBANK - ERGASIAS (Eurobank

Factors AE)
[25-35]%
[]
..
[]
[25-35]%
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[0-5]%
[]
[0-5]%
[0-5]%
[]
[0-5]%
Factoring AE
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
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MILLENIUM BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
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PROBANK
[]
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[]
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[]
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[]
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ATTICA BANK
[]
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[]
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[]
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[]
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26784
( )
CITIBANK
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[]
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[]
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100%
[]
100%
[]
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[]
100,00%
()
[]
[]
[]
[]
[]
[]
[]
[]
FACTORING HHI
(2011)
(3Q2012)
[1600-1800]
[1800-2000]
[1800-2000]
[1800-2000]
()
[200-250]
()
[50-100]
.4.3.2.
) (
)

Eurobank
Eurobank FACTORS . ( [25-35]% - 2012),
(ALPHA BANK
). Eurobank
,
15-25%

[5-15]%. , ()
HHI, 2.000 ,
250 313 ([200-250] 2011 [50100] 2012).
,
[0-5]%.
,
.
,

.

313
. . .. (2004 C 31/03) . 20.
( )
factoring (
FACTORS .. MARFIN FACTORS & FORFAITERS ..)
[5-15]%,
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()
(-) .
,
.
) (
)

, ,
(CR4)
[75-85]% ( Eurobank Eurobank FACTORS ..
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Factors [5-15]%).
,
,
.
,

314 ,
,
,
ALPHA BANK
( ,

[0-5]%).
.
, , ,

315,
316.

314
IV/M.202 Thorn EMI/Virgin Music, . 40, .

. . . .. COMP/M.4844 Fortis/ABN AMBRO, . 197 COMP/.4523
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315
26785
26786
( )
317
.
[50-60]%
,

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318, )
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319.
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.
316

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317

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318
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,
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319
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( )

.
.5.
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.5.1.1.
2 N. 4099/2012320, . 3283/2004321

,
()322,
,
323.
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-
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( )
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320
. 4099/2012
20/12/2012 ( 250/20.12.2012).
170 [ ] ,
( 163 1.1.2013).
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3283/2004 ,
, ,
85/611/,
(). . 4099/2012
2009/65/
.
322
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325
14 . 4099/2012
. 2190/1920,
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326
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329
,
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NBG International .
330
. .2 . 3 . 4099/2012. 3283/2005 ( 2 . 4).
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331
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92 1 100 N. 4099/2012.
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334
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2009/65/.
7.
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9.
335 ( 7 8 . 4099/2012).
10. ,

, 46
53 . 4099/2012.
11. 336
( 89, 90 91).
12.
( 17, 20 93 . 4099/2012).
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( 34 . 4099/2012).
14. , -

( 33 33 4099/2012).
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, -
,
,
.
337.

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.
335
. , 98, 2012,
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336
. , 98, 2012,
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337
. M.4844-FORTIS/ABN AMRO ASSETS, . 35, 37, 41
67, M.5384-BNP PARIBAS/FORTIS, . 9 59, M.3894UNICREDITO/HVB, . 9 35.
,

/ , .
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26792
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338).
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340.
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.
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ALPHA BANK
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338

ERGASIAS , 488/VI/2010 /ASPIS BANK, 425/V72008
/PROTON BANK, 335/V72007 FBBank/ASPIS BANK 326/V/2007 &
/
..
/.
339
. M.3894UNICREDITO/HVB, . 66 . 77 .
340
(asset management). ,
, . .
M.4844-FORTIS/ABN AMRO ASSETS, . 37 . 67 .,
M.5384-BNP PARIBAS/FORTIS, . 13 59, M.6168, RBI / EFG EUROBANK /JV, . 20
27 .
341

,
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Amundi Asset
Management Amundi .
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,
342. ..,

343. ,
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344
( ) ,
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342
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AMRO ASSETS, M.1453-AXA/GRE, M.1043- BAT/ZRICH
.
343
ERGASIAS (. 100), 488/VI/2010 /ASPIS BANK,
425/V72008 /PROTON BANK, 335/V72007 FBBANK/ASPIS BANK,
326/V/2007 & /
..
344
. 4099/2012 ( 250/20.12.2012)
.
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26794
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345

(http://www.hcmc.gr/pages/category.asp?catID=256),
.... 30/6/2012,
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346
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(http://www.hcmc.gr).
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348,
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349:
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2012 20 22 2010 25 2006.
350,
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348
.
http://www.ethe.org.gr
350
http://www.ethe.org.gr. 1/1/2007 .....
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(.. , ) .....
349
26795
26796
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Marfin Global Asset Management .....
HSBC() .....
Asset Management .....
.. .....
Probank .....
.....
Metlife Alico .....
Attica Wealth Management .....
Allianz .....
ING .....
Millenium .....
International .....
Eurobank Asset Management .....
Amundi .....
..... 351
, ,
..... 30.6.2012 5
, :
Marfin Egnatia Bank A.E
Asset Management ....
Alpha Bank .
HSBC() .....
HSBC Bank Plc
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...
ING .....
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Amundi .....
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Citibank International Plc
Solidus Securities ....
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....

351
..... 2000
(30%), (15%) (15%)
(40%). ..78548/ 1105 1992 9: ..
...
-,
. 2009
40% 20%,
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352. 2009/611/ (UCITS IV)
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13 .4099/2012, 353
354
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352
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14 . 4099/2012, . 4099/2012
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354
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355
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26798
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358
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(300.000) 362.
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1 20 2009/65/.
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. 89 .4099/2012
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.5.3.
.5.3.1.
367,
, 2009
2012,
, :
- (. )
2010
2011
2012
EUROBANK - ERGASIAS

[]
[]
..
[15-25]%
[15-25]%
[]
[]
..
[25-35]%
[15-25]%
[]
[]
..
[25-35]%
[15-25]%

367
, 1/7/2012 ..
/ T-Funds 26/7/2012 MetLife Alico
/ Proton A.
26802
( )
[]
[]
CYPRUS POPULAR BANK
[15-25]%
[5-15]%
[]
[]
[]
[]
[]
[]
[]
CITIBANK International
[]
HSBC BANK
[]
[]
[]
[]
MILLENIUM BANK ..
[]
PROBANK A.E.
[]
ATTICA BANK
[]
368
()
[0-5]%
[0-5]%
[0-5]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
9.777,88
100,00%
7.631,39
100,00%
8.819,64
100,00%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
- HHI
(2011)
(2Q2012)
[1200-1400]
[1400-1600]
[1400-1600]
[1400-1600]

368

/ ,
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( )
()
[150-200]
()
[100-150]
.....

369,

370.
.5.3.2.

, ALPHA BANK 29/6/2012 [1525]%
.....
- (. 7)371, , ,
- .
Z.5.3.3.
) (
)
,
,
Eurobank (
[25-35]% - 2012),
(ALPHA BANK ).
Eurobank ,
[15-25]%
[515]%. , , () HHI,
2.000 , 250
372 ([150-200] 2011 [100-150]
2012).

369

(. 1902/90, . 2076/92, . 2679/99, . 78548//105/92, . 3283/2004, .
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370
. 3 . 78548/ 1105, /758/92.
371
, ,

,
ALPHA BANK .
372
. . . (2004 C 31/03) . 20.
26804
( )

, 5%.

.

.
()
(-) .
) (
)

(CR4)
[60-70]% ( Eurobank [25-35]%, [15-25]%,
[5-15]% CYPRUS POPULAR BANK [5-15]%).

.
(.. HHI ),

373.
HHI
,
,
.
,
,

.
374.
,

375 ,

,

373
. COMP/.3333 Sony/BMG (2) . 92.

COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 103
113, ..
375
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374
( )
ALPHA BANK
.
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376
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50% (
[40-50]%)
,

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377.

.

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376

.
. COMP/M.4823 YARA/PRAXAIR/ JV . 44,
,
.
377
26805
26806
( )
-. , ,
(ancillary services) /
.
378,
-:
)
(M& advice),
)
(Initial Public Offering advice),
)
,
)
(arranging new issues of stocks
and bonds).
ALPHA
BANK .
,
,
379. ,
,
, ( ,
380),
.
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(
) ,
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. , ...
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.

378

ERGASIAS M.3894- Unicredito/HVB, . 33, M.5384-BNP
PARIBAS/FORTIS, . 66 IV/M.597 Swiss Bank Corporation/S.G. Warburg, . 8.
379
. M.5384-BNP PARIBAS/FORTIS (. 78), M.4843RBS/ABN AMRO ASSETS (. 23) .3894-UNICREDITO/HVB (. 42).
380

.
( )
,
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( ),
Goldman Sachs, JP Morgan, Nomura,
Keefe-Bruyette & Woods381.
, ()
.
,

,
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.. .
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-
M&As 2009 [], [] [] [],
[] []. 2010
[] [] [] []
[] []. To 2011 []
, 2012
[] [] [] []382.

, ALPHA BANK ,
, [], [] 2009, 2010 2011, []
[] 2010, [], [], [] [] 2009383.
( )

381
,
(),
(. . 3606/2007 3601/2007). , ,
(. 12-14 .
3601/2007 31-32 . 3606/2007). , ( )
( 2(11) . 3606/2007), 34
,
(.
www.athex.gr/ena/
http://www.ase.gr/content/gr/announcements/Files/%20%20%206%20%20
2012%20%2024112011clean%20_2.pdf).
. 3606/2007 3601/2007 (. ,
) .
382
Alpha Bank .
383
. http://www.alpha.gr/page/default.asp?id=5224
26807
26808
( )
... [] 2009 2010,

, 2011 [] []. 2009
ALPHA BANK
MIG Real Estate,
. ...,

384.
ALPHA BANK
.

.
.6.4.
.6.4.1.
, 385. ,
,
.
,
.
,
, 386:

384
: 2009
Credit Suisse, Goldman Sachs, JP Morgan, Morgan Stanley, Citigroup UBS,
Alapis 2009 ABN AMRO, BNP Paribas, Deutsche Bank AG, Jefferies Merill
Lynch, Alpha Bank 2009 JP Morgan, Merill Lynch, Morgan Stanley,
Deutsche Bank AG, Citigroup, Nomura UBS, 2010
Credit Suisse, Deutsche Bank AG, Goldman Sachs, Morgan Stanley, Barclays, Citigroup, HSBC,
Keefe-Bruyette & Woods, Mediobanca, UBS ,
2011 Barclays, Credit Suisse, Goldman Sachs, Morgan Stanley, KeefeBruyette & Woods, Mediobanca, ING, Macquarie MPS Capital, 2011
Eurobank, Alpha Bank, ETE, Marfin.
385
:
,
.
, ,
.
, . ,

, .
-.
386
ALPHA BANK
- - M&A
advice -. ,
. -

26809
( )

2009
2010
2011
2012
. .
[]
. .
[]
[]
[]
[]
CYPRUS
POPULAR BANK
[]
HSBC
[]
[]
[]
[]
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
ALPHA
BANK ()
[]
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[45-55]%
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[35-45]%
[15-25]%
[15-25]%
[5-15]%
[5-15]%
2,35%
[5-15]%
[0-5]%
[0-5]%
[]
[15-25]%
[]
[]
. .
EUROBANK ERGASIAS
[15-25]%
[]
. .
[]
[]
[]
[]
[]
[]
[]
[]
[2000-2200]
[15-25]%
[]
(1H2012)

[15-25]%
[15-25]%
[15-25]%
[5-15]%
[5-15]%
2,44%
[0-5]%
[0-5]%
[]
- HHI
(2011)
[25-35]%
[1800-2000]

2011, []% ALPHA BANK []%,
[]%. - /
2009,
10 . MIG REAL ESTATE .....
20102011 2012. ,
. ALPHA BANK
[]% []%.
[15-25]%
26810
( )
[2200-2400]
[2000-2200]
()
[100-150]
()
[50-100]

(&
Advice), (IPO advice),
,
(
)
, ,
/
.

,

.
- ,
2011 :
- 2011
ALPHA
BANK ()
[5-15]%
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[15-25]%
[0-5]%
[25-35]%
[15-25]%
[0-5]%
[15-25]%
( )
.6.4.2.
) (
)
,
,
Eurobank ( [25-35]% - 2012),
(ALPHA BANK
). Eurobank
,
[15-25]%
[15-25]%
[15-25]%. , , () HHI,
2.000 , 250
387 ([100-150] 2011 [50-100]
2012). ,
,
[0-5]%.
,
,
.

,

,
.

.
(
, , )

, ,
()
(-) .

,
,
.
) (
)

(CR4)
[80-90]% ( Eurobank [25-35]%, [15-25]%,

387
. . .. (2004 C 31/03) . 20.
26811
26812
( )
[15-25]% [15-25]%).

. (..
HHI ),
388.
HHI
,
,
.
, ,
,

.
389. ,

390
,

, ALPHA BANK
(
[0-5]%).
.
, ,

:
, , ,
.
391
2012,

, .

388
. .3333- Sony/BMG (2) . 92.

. . M.1016- Price Waterhouse/Coopers & Lybrand,
. 103 113.
390
70-95% ,

.
391

.
. M.4823-YARA/PRAXAIR/ JV .44,
,
.
389
( )

, ,
,

.
,
,

392.

.

.
.7.
,
, ,
393.
:
.7.1.
.7.1.1.
H
,
, (trading in securities, bonds and
derivatives), (foreign exchange
trading) (money market instruments).
, ()
394,
, ,

392

. 523/VI/2011, , 6 . 5 6 .
3959/2011, ,
5-10 . 3959/2011.
394
. .
3606/2007.
393
26813
26814
( )
395. .
3606/2007396,
,
397.

, ,
, 398.

(
),

:
) ,
)
) .
ALPHA BANK
, ,
, ,
399.

395
. .. 534/VI/2012, . 442 326/V/2007, . 9,

.6168, . 15, .4844, . 64 .3894 -UNICREDITO/ HVB, .
30-32.
396
( )
2004/39/
( MIFID).
397
, .
.
398
. M.4844-FORTIS/ABN AMRO ASSETS, . 65 -66,
M.5384BNP PARIBAS/FORTIS, . 66 . ,
,
, , (trading in
securities, bonds and derivatives), (foreign exchange trading)
(money market instruments). . .. 534/VI/2012 ALPHA
/ EFG EUROBANK ERGASIAS , . 87, 326/V/2007- &
/ , . 5, 67/II/1999
/ , . 3, 89/ II/1999 CONSOLIDATED
EUROFINANCE HOLDINGS S.A./ ..
399
ALPHA BANK . 326/V/2007, . 9
.6168, . 15 .4844, . 64. , , -
, ALPHA BANK
. ,

.
( )
,
.
,
,
, .....
,
.
,
- E.E.
. ,

.
ALPHA BANK
,
. ,
, .
.7.1.2.
:
x
(.....),
(....) ...400,
(.....),

401
(....)
-
E.E.
,
.....
,
402. ,

400
.
8 . 3606/2007, 1.
,

,
,
. [].
402
10 . 3606/2007, 1. .....
(1.000.000) . 2. .....
401
26815
26816
( )
.... , 36 . 2 .
3606/2007403,
.

.

404. ,
. , ,

405.

.
,
406.

ALPHA BANK ( ALPHA Finance )
( )407.
.7.1.2. :

,
, ...
(3.000.000) . 3. .....
,
, ,
(300.000) .
403
2.

.
.
404
. [].
405
. [].
406
. [].
407
. . , ALPHA BANK Alpha Finance

. Alpha Finance

. ,
,
.
26817
( )

80 -
-,
.

( 50),
.
,

,
.
2009, 2010, 2011 2012,

408 8.

2011 2012:
( )
3 2012
2011
. .
. .
EUROBANK /
5.787.152.400,22
13,99%
2.894.809.026,01
16,58%
..
5.685.178.580,53
13,74%
2.006.428.898,63
11,49%
.....
5.176.715.348,67
12,51%
2.110.034.439,80
12,08%
EUROXX ......
2.596.077.374,43
6,28%
1.153.777.710,96
6,61%
...../ /
2.822.588.788,35
6,82%
783.283.372,66
6,07%
FINANCE
2.044.324.330,25
4,94%
801.442.644,95
4,59%
480.340.735,70
1,16%
131.562.898,19
0,75%
17.258.004.610,96
41,72%
7.581.732.581,30
41,83%
41.370.041.423,41
100%
17.463.071.572,50
100%

408
26818
( )
ALPHA BANK- ()
2.524.665.065,95
6,10%
933.005.543,14
5,34%
( )
3 2012
2011
. .
. .
THE CYPRUS INVEST, & SEC. CORP. LTD (CISCO)
8.377.710,96
27,09%
6.273.653,12
41,85%
7.993.074,47
25,84%
2.763.617,07
18,43%
MARFIN - CLR (FINANCIAL SERVICES LTD)
4.322.966,36
13,98%
1.481.893,74
9,89%
283,894,05
0,92%
957.001,61
6,38%
MEGA EQUITY SEC. & FINANCIAL SERVICES LTD
2.555.818,50
8,26%
559.852,07
3,73%
SHARELINK SEC. & FINANCIAL SERVICES LTD
1.282.825,62
4,15%
174.164,40
1,16%
ALPHA FINANCE
1.069.449,05
3,46%
279.151,46
1,86%
185.054,25
0,60%
31.345,57
0,21%
6.113.218,34
19,77%
0,00
0,00%
30.929.508,30
100,00%
14.991.216,76
100,0%
ALPHA BANK- ()
1.254.503,30
4,06%
310.497,03
2,07%
...../
.,
.7.1.3. :
40 ,
.

2011 2012,
,
9.

2011 2012:

3 2012
2011
..
. .
. .
4.186.562
21,86%
4.067.137
20,10%
26819
( )
.....
3.168.456
16,54%
3.387.208
16,74%
EUROBANK
2.182.375
11,39%
2.758.688
13,63%
..... - PIRAEUS SECURITIES S.A.
3.028.814
15,81%
1.519.414
7,51%
FINANCE
740.183
3,86%
832.044
4,11%
..
123.335
0,64%
162.424
0,80%
HSBC .....
373.916
1,95%
548.401
2,71%
5.474.624
28,58%
6.960.340
34,40%
19.154.930
100%
20.235.656
100,00%
863.518
6,10%
994.468
4,91%
ALPHA BANK- ()
.7.1.4.
, ALPHA BANK (
),
:
x
5,34 %
2,07%
4,91% ,
, , ,

.
.7.2.

.7.2.1.
)
.. 409,
:
() , ,

.

409
. .. 534/VI/2012 ALPHA / EFG

EUROBANK ERGASIAS , . 84 448/V/2008 - Aspis Holdings/Proton .
26820
( )
() .
, ,
, , , , ..
() 410, ,
.
ALPHA BANK

, . ,
/
,
411.
ALPHA BANK
AlphaLife ...
,
,
(. ).
412, ,
, ,
(, )413. ,
,
,

414. , ,
, . ,

415.
, ,
,

410

, ,
.
, .
411
ALPHA BANK .4844, . 71.
412
. 26/1996, 85/1997, 7/II/1998, 133/II/2000, 179/III/2001, 380/V/2008
417/V/2008.
413
, ,
, , , , ,
..
414
. 534 /V/2012 Alpha-Eurobank 549/VII/2012 -.
415
. IV/M.1307- Marsh & McLennan/ Sedgwick, . 8-19.
( )
,
.
, ,
. ,
,
, ,
,
.
)
190/2006,
,
, ,

,
416. . 1569/1985417
:
) ,
,
,
,
.
.

.
) ,
,
, , ,
, ,
, .
)
, , ,
.
, , ,
,
, . ,

416
417
2, . 3.
183.
26821
26822
( )

.
) , ,
,
,
,
,

,

,
.
) ,
190/20061, ,

,
.

,

.
, ,

,
(Bancassurance).
,

.
,
,
.., , ,
/,
, , 418.

, ,

418
. 449/V/2009 Post Insurance Brokerage/ ...

.,. 534 /V/2012 Alpha-Eurobank 549/VII/2012 -.
( )
419.
ALPHA BANK, (, ..)
/ 420.
, ALPHA BANK
, 421,
.
,
CASA (
Credit Agricole Life Credit Agricole Insurance )
Groupama Phoenix422.
)
, 423,
, ,
,
424.

425.
.7.2.2. :

419
. 2, . 3 190/2006:
, ,

. . M/4844-Fortis/ABN AMRO . 73, .4284 -AXA/WINTERTHUR.
420
ALPHA BANK .4701-Generali/ PPF Insurance Brokers, .
24.
421
Alpha
.
422
, (ALPHA BANK CASA)
, ,
.
423
. . 26/1996, 85/1997, 7/II/1998, 133/II/2000, 179/III/2001, 380/V/2008, 417/V/2008,
449/V/2009 534/VI/2012, 549/VII/2012 .
424

(. M.759- SUN ALLIANCE/ROYAL INSURANCE M.2343TORO ASSICURAZIONI /LLOYD ITALICO).
425
(
)
,
,
,
. ,
,
.
26823
26824
( )
.7.2.2. :

, 2009
77
19 3 .
2010, 74, 18
5 , 2011
61 19
. ALPHA BANK, AlphaLife
...,
, 426:
AlphaLife ....
2009
2010
2011
/ 2012
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%427
[0-5]
[0-5]%428
.7.2.2.

. ...., 2009
18.915
:
x
13.954 ,
1.143 ,
3.170 ,
616 ,
32 429.

426
. 7.
. 2011 , .
10.
428
2012
,
AlphaLife . ,

Alpha Life
.
429
. 449/V/2009 - Post Insurance Brokerage/ ...
..
427
26825
( )
,
. , ()
,
2011, 10%.
:

2009
..
2010
..
[]
..
..
[]
[0-5]%
ALPHA BANK ()
2011
..
..
[]
[0-5]%
[0-5]%
[]
[]
[]
[]
[]
[]
Alpha Bank AE
Alpha
[]
[]
[0-5]%
[]
[0-5]%
[0-5]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
Credit Agricole Life

Credit Agricole Insurance
Groupama

430
[]
ALPHA BANK ()
[]
[5-10]%
[]
[5-10]%
[5-10]%

, 150
431.
()
.

430
, 147 2009 2010 141 2011. .

http://www.privateinsurance.gr/payments/index.php?option=com_flippingbook&view=book&id=39:st
atistics-2010&catid=2:special-editions).
[] (

Alpha Bank
, .
431
,

.
(http://www.privateinsurance.gr/payments/index.php?option=com_flippingbook&view=book&id=39:st
atistics-2010&catid=2:special-editions).
26826
( )
.7.2.3.
,

. ,

.
.7.3.
.7.3.1.

, , ,
.
, , ,
/ ,
( ) .

, ,
,
, , ,
-
432.
,
433.
ALPHA BANK
ALPHA ..,

.., , 1.1.2011,
.
.7.3.2.

432
. 220//2002, 222/III/2002 534/VI/2012,

Real Estate,
. , M.1975
DEUTSCHE BANK / EUROBANK / LAMDA DEVELOPMENT / JV,
,
-
.
433

.
( )
.7.3.2.
,

/.

.
ALPHA BANK,

, ,
-
434, real
estate .
435.
436

,
, :
( ) 15.000.000 ..
' .
2002 2003 (21.718,5 . .. 22.091,3 . .. , )
, 2009 13.610,6 . .., 2010
10.437,6 . .. 2011 4.464,07 . .. ,
2012
3.375,4 ... .
ALPHA BANK
[] [] ..,
[0-5]% ,
/
(
)437.

434
ALPHA BANK
- .
435
ALPHA BANK
.

(www.statistics.gr
>
->
> ).
436
www.statistics.gr.
437
2012,
, 1.2 , 180.000
26827
26828
( )
[] [0-5]%438
,
[] 439, [0-5]%
.
,
, ,
,
. ,
440.
.1.
,

-.

8 . 3 .
3959/2011, 6 . 1 . . 3959/2011
ALPHA
..
..,

.
24 2012.

. ,
200.000 220.000.
438
180.000 (
) 611 60. 0,38%
.
439
510 3.777.987 .. 1.038
280.390 ..
, 66 , 0,03%.
180.000 1.548 66.
440
. 543/V/2012, ALPHA/EUROBANK.
( )
26829
1
ALPHA BANK
/
..
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
10
[]
[]
[]
[]
11
[]
[]
[]
[]
12
[]
[]
[]
[]
13
[]
[]
[]
[]
14
[]
[]
[]
[]
15
[]
[]
[]
[]
16
[]
[]
[]
[]
17
[]
[]
[]
[]
18
[]
[]
[]
[]
19
[]
[]
[]
[]
20
[]
[]
[]
[]
21
[]
[]
[]
[]
22
[]
[]
[]
[]
23
[]
[]
[]
[]
24
[]
[]
[]
[]
26830
( )
25
[]
[]
[]
[]
26
[]
[]
[]
[]
27
[]
[]
[]
[]
28
[]
[]
[]
[]
29
[]
[]
[]
[]
30
[]
[]
[]
[]
31
[]
[]
[]
[]
32
[]
[]
[]
[]
33
[]
[]
[]
[]
34
[]
[]
[]
[]
35
[]
[]
[]
[]
36
[]
[]
[]
[]
37
[]
[]
[]
[]
38
[]
[]
[]
[]
39
[]
[]
[]
[]
40
[]
[]
[]
[]
41
[]
[]
[]
[]
42
[]
[]
[]
[]
43
[]
[]
[]
[]
44
[]
[]
[]
[]
45
[]
[]
[]
[]
46
[]
[]
[]
[]
47
[]
[]
[]
[]
48
[]
[]
[]
[]
49
[]
[]
[]
[]
50
[]
[]
[]
[]
51
[]
[]
[]
[]
52
[]
[]
[]
[]
26831
( )
53
[]
[]
[]
[]
54
[]
[]
[]
[]
55
[]
[]
[]
[]
56
[]
[]
[]
[]
57
[]
[]
[]
[]
58
[]
[]
[]
[]
59
[]
[]
[]
[]
60
[]
[]
[]
[]
61
[]
[]
[]
[]
62
[]
[]
[]
[]
63
[]
[]
[]
[]
64
[]
[]
[]
[]
65
[]
[]
[]
[]
66
[]
[]
[]
[]
67
[]
[]
[]
[]
68
[]
[]
[]
[]
69
[]
[]
[]
[]
70
[]
[]
[]
[]
71
[]
[]
[]
[]
72
[]
[]
[]
[]
73
[]
[]
[]
[]
74
[]
[]
[]
[]
26832
( )
2
(31.7.2012)
Alpha Bank
[] 441
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]442
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]

441
[] , ,
31.1.2011.
442
[], , .
26833
( )
MILLENIUM
ATTICA BANK
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
ALPHA BANK
[]
. .
[]
CYPRUS
POPULAR
EUROBANK
/
/
ALPHA BANK
/
/
[]
[]
[]
[]
[]
[]
[]
[]
EUROBANK
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
MILLENIUM
[]
[]
[]
[]
[]
[]
[]
ATTICA BANK
[]
[]
[]
[]
[]
[]
[]
[]
CYPRUS
POPULAR
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
26834
( )
4

ALPHA BANK
[]
[]
..
[]
[]
//
[]
[]
[]
[]
[]
[]
ATTICA BANK
[]
[]
HSBC BANK
[]
[]
CITIBANK
[]
[]
MILLENIUM
[]
[]
PROBANK
[]
[]
[]
[]
[]
[]
EUROBANK
PROTON
26835
( )
5
-
- (.. <50 )
2009443
2010
2011
' 2012
' 2012
..
..
..
..
[]
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
..
[]
[25-35]%
EUROBANK - ERGASIAS
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
CYPRUS POPULAR BANK
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
444
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
445
[]
72.565,91
70.277,99
66.259,54

443
2009 [], [] [] .
[] , 30 .
445
.
444
64.093,98
26836
( )
(
)
[]
446
ALPHA BANK
()
[5-15]%
[]
[]
[25-35]%
[]
[5-15]%
[]
[]
[15-25]%
[]
[5-15]%
[]
[]
[15-25]%
[]
[]
[5-15]%
[]
[15-25]%
[]
[15-25]%
(.. > 50 )
2009447
2010
2011
' 2012
' 2012
..
..
..
..
..
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
EUROBANK - ERGASIAS
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[15-25]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CYPRUS POPULAR BANK
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
[]
[5-15]%
448
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[5-15]%
[]
[5-15]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
ATTICA BANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
HSBC
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
MILLENIUM
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%

446
-
(.
), .
447
2009 [], [] [] .
448
[] , 30 .
26837
( )
PROBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
CITIBANK
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
[]
[0-5]%
449
[]
[]
(
)
[]
450
ALPHA BANK
()
[]
[5-15]%
[]
[]
[35-45]%
[]
[]
[]
[5-15]%
[]
[25-35]%
[]
[]
[]
[5-15]%
[]
[25-35]%
[]
[]
[]
[25-35]%
[]

449
.

(. ),
.
450
[5-15]%
[15-25]%
26838
( )
PROBANK
CYPRUS POPULAR
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
ALPHA
MILLENIUM
ALPHA BANK

[]
[]
NEA PROTON
EUROBANK
[]
CITIBANK
ALPHA BANK
[]
HSBC
ATTICA
&
&
30.09.2012
[15-25]%
[25-35]%
[15-25]%
[15-25]%
26839
PROBANK
CYPRUS POPULAR
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
ALPHA
MILLENIUM
ALPHA BANK

[]
[]
NEA PROTON
EUROBANK
[]
CITIBANK
ALPHA BANK
[]
HSBC
ATTICA
&
&
( )
26840
PROBANK
CYPRUS POPULAR
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[25-35]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[15-25]%
ALPHA
MILLENIUM
ALPHA BANK

[]
[]
NEA PROTON
EUROBANK
[]
CITIBANK
ALPHA BANK
[]
HSBC
ATTICA
&
&
( )
26841
( )
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
ALPHA BANK
ALPHA BANK
NEA PROTON
CYPRUS POPULAR
PROBANK
MILLENIUM
CITIBANK
HSBC
ATTICA
EUROBANK
& &
30.09.2012
[15-25]%
[25-35]%
[25-35]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[5-15]%
[15-25]%
[15-25]%
[5-15]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[25-35]%
[25-35]%
[25-35]%
[15-25]%
[15-25]%
[15-25]%
26842
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
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[]
[]
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[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
ALPHA BANK
ALPHA BANK
NEA PROTON
CYPRUS POPULAR
PROBANK
MILLENIUM
CITIBANK
HSBC
ATTICA
EUROBANK
& &
( )
[15-25]%
[15-25]%
[5-15]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[5-15]%
[15-25]%
[15-25]%
[25-35]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[5-15]%
[15-25]%
[15-25]%
[15-25]%
[5-15]%
[25-35]%
[25-35]%
[25-35]%
ATTICA
HSBC
CITIBANK
MILLENIUM
PROBANK
CYPRUS POPULAR
NEA PROTON
ALPHA BANK
EUROBANK
& &
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
[]
ALPHA BANK
26843
( )
[25-35]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
[15-25]%
26844
( )
7

-
2009
2010
2011
..
' 2012
..
..
..
EUROBANK Asset
Mgmt
2.676.716.644,17
27,85%
1.931.731.269,98
26,84%
1.433.712.220,67
30,29%
1.766.037.216,59
36,78%
Asset
Management
1.901.147.526,57
19,78%
1.384.671.096,81
19,24%
912.204.391,06
19,27%
879.973.115,06
18,33%
ALPHA Asset
Management
1.738.093.873,10
18,08%
1.326.504.415,00
18,43%
815.053.392,41
17,22%
728.234.099,57
15,17%
122.731.191,48
1,28%
267.741.785,09
3,72%
261.725.885,72
5,53%
252.905.667,25
5,27%
218.065.509,52
4,54%
.

TE
243.990.323,28
2,54%
198.511.961,88
2,76%
138.074.616,14
2,92%
Asset
Mgmt
177.585.863,56
1,85%
103.795.079,06
1,44%
79.830.829,42
1,69%
MetLife Alico
337.432.779,48
3,51%
287.354.302,22
3,99%
216.159.823,43
4,57%
170.154.493,94
3,54%
MARFIN GLOBAL
Asset Mgmt
626.691.535,32
6,52%
235.171.969,34
3,27%
161.118.659,85
3,40%
141.288.011,37
2,94%
PROBANK
27.200.333,31
0,28%
244.631.379,62
3,40%
93.526.310,51
1,98%
127.033.774,36
2,65%
Alpha Trust
200.289.657,90
2,08%
150.560.852,55
2,09%
107.461.867,31
2,27%
98.539.148,42
2,05%
HSBC ()
515.051.518,00
5,36%
328.170.622,31
4,56%
124.598.470,71
2,63%
89.873.393,31
1,87%
Amundi
327.365.982,66
3,41%
201.953.265,49
2,81%
93.178.197,20
1,97%
72.657.595,27
1,51%
ATTICA Wealth
Management
85.518.144,55
0,89%
65.845.333,85
0,92%
52.370.508,19
1,11%
51.222.335,46
1,07%
26845
( )
Allianz
134.606.607,56
1,40%
102.392.152,70
1,42%
59.590.072,23
1,26%
50.226.663,66
1,05%
ING .....
130.606.931,30
1,36%
97.537.951,60
1,36%
56.172.041,21
1,19%
47.374.142,44
0,99%
MILLENIUM
115.356.755,01
1,20%
83.437.263,98
1,16%
43.633.859,91
0,92%
36.269.969,34
0,76%
Asset Mgmt
51.550.712,58
0,54%
44.550.397,16
0,62%
35.863.367,26
0,76%
35.492.090,65
0,74%
Asset
Mgmt
87.433.682,80
0,91%
59.210.203,07
0,82%
27.998.349,80
0,59%
23.874.831,63
0,50%
INTERNATIONAL
.....
45.053.228,68
0,47%
30.991.092,18
0,43%
17.490.072,22
0,37%
12.629.325,87
0,26%
PROTON
14.699.930,38
0,15%
10.053.276,52
0,14%
3.678.131,39
0,08%
0,00%
T FUNDS .....
53.646.602,45
0,56%
41.376.891,54
0,57%
0,00%
0,00%
9.612.769.824,14
100%
7.196.192.561,95
100%
4.733.441.066,64
100%
4.801.851.383,71
100%
26846
( )
8

( )
2009
2010
3 2012
2011
. .
. .
. .
. .
EUROBANK /
15.217.767.098,03
14,96%
9.732.433.030,17
13,86%
5.787.152.400,22
13,99%
2.894.809.026,01
16,58%
14.875.464.823,59
14,63%
9.253.920.900,91
13,18%
5.685.178.580,53
13,74%
2.006.428.898,63
11,49%
& /
/ / .....
12.733.918.478,85
12,52%
8.621.514.016,02
12,27%
5.176.715.348,67
12,51%
2.110.034.439,80
12,08%
EUROXX ......
5.400.404.207,08
5,31%
3.711.342.846,54
5,28%
2.596.077.374,43
6,28%
1.153.777.710,96
6,61%
.....
7.304.596.881,48
7,18%
4.448.673.248,95
6,33%
2.463.087.988,75
5,95%
928.786.977,78
5,32%
ALPHA FINANCE
7.890.221.839,76
7,76%
4.530.055.276,06
6,45%
2.044.324.330,25
4,94%
801.442.644,95
4,59%
16.488.562,18
0,02%
1.285.290.902,21
1,83%
1.740.230.829,63
4,21%
328.483.231,38
1,88%
CHEUVREUX S.A. / CREDIT

AGRICOLE CHEUVREUX S.A.
3.366.631.387,31
3,31%
2.988.566.452,21
4,25%
1.400.009.756,47
3,38%
450.614.084,18
2,58%
HSBC- /
...../ / .....
3.421.056.957,19
3,36%
2.539.738.016,03
3,62%
1.264.121.933,63
3,06%
692.356.083,02
3,96%
UBS LIMITED
2.766.677.154,47
2,72%
2.302.215.707,99
3,28%
1.069.926.283,11
2,59%
362.062.437,91
2,07%
/ .....
1.321.182.009,04
1,30%
1.171.053.029,43
1,67%
775.039.932,89
1,87%
245.397.846,16
1,41%
CREDIT SUISSE SECURITIES

(EUROPE) LIMITED
0,00
0,00%
319.718.371,36
0,46%
626.290.104,83
1,51%
202.799.301,84
1,16%
SOLIDUS SECURITIES
1.183.859.756,32
1,16%
798.163.684,74
1,14%
605.311.778,43
1,46%
380.672.613,61
2,18%
BETA /
1.161.977.825,41
1,14%
1.148.002.386,84
1,63%
558.200.714,88
1,35%
326.620.281,24
1,87%
PROTON / PROTON
1.153.021.961,96
1,13%
906.072.554,43
1,29%
536.972.485,07
1,30%
103.543.042,72
0,59%
MERRILL LYNCH / BANK OF

AMERICA
1.988.969.341,81
1,96%
1.632.718.494,85
2,32%
510.028.551,98
1,23%
87.361.610,56
0,50%
MARFIN - CLR (FINANCIAL

SERVICES LTD)
982.329.848,76
0,97%
783.078.404,76
1,11%
488.658.606,33
1,18%
196.535.341,06
1,13%
..
930.871.192,84
0,92%
605.953.754,98
0,86%
480.340.735,70
1,16%
131.562.898,19
0,75%
CITIGROUP GLOBAL MARKET

LTD
26847
( )
( )
2009
2010
3 2012
2011
. .
. .
. .
. .
1.382.628.776,27
1,36%
1.158.026.236,21
1,65%
440.852.028,23
1,07%
264.345.945,97
1,51%

/ .
969.246.507,93
0,95%
510.591.200,46
0,73%
359.500.789,60
0,87%
177.883.198,80
1,02%
716.417.277,45
0,70%
458.420.418,49
0,65%
355.057.334,72
0,86%
296.448.058,28
1,70%
SOCIETE GENERALE S.A.
81.921.761,04
0,08%
384.367.283,20
0,55%
345.480.636,59
0,84%
72.411.355,99
0,41%
MERIT ......
592.412.396,11
0,58%
404.327.952,96
0,58%
336.292.625,69
0,81%
211.857.076,47
1,21%
881.998.082,43
0,87%
532.875.722,60
0,76%
317.501.128,34
0,77%
216.303.414,38
1,24%
GUARDIAN TRUST
593.530.401,64
0,58%
637.849.485,78
0,91%
280.795.754,00
0,68%
104.511.601,88
0,60%
FORTIUS FINANCE AXE
549.414.560,16
0,54%
648.745.899,92
0,92%
272.867.818,39
0,66%
98.768.382,80
0,57%
. ...
303.631.176,07
0,30%
312.759.939,47
0,45%
265.316.083,51
0,64%
241.793.387,96
1,38%
......
635.901.243,71
0,63%
402.439.097,60
0,57%
243.952.900,75
0,59%
126.258.876,84
0,72%
THE CYPRUS INVESTMENT &

SEC. CORP. LTD (CISCO)
446.459.178,05
0,44%
400.104.819,45
0,57%
239.308.589,05
0,58%
176.565.492,30
1,01%
MEGA EQUITY SEC. &

FINANCIAL SERVICES LTD
935.081.989,78
0,92%
471.143.048,04
0,67%
233.266.642,93
0,56%
106.030.885,36
0,61%
-
.....
803.835.015,93
0,79%
447.443.465,05
0,64%
199.909.865,07
0,48%
102.767.920,38
0,59%
PRELIUM
414.132.007,81
0,41%
255.790.047,35
0,36%
193.397.731,06
0,47%
95.381.090,43
0,55%
ATLANTIC SECURITIES LTD
454.085.560,37
0,45%
274.967.123,79
0,39%
183.540.388,45
0,44%
73.541.629,80
0,42%
ORANGE PARTNERS
376.847.733,58
0,37%
260.305.212,74
0,37%
168.501.731,59
0,41%
84.148.484,56
0,48%

()
183.065.210,74
0,18%
180.260.535,71
0,26%
167.763.547,48
0,41%
52.141.730,59
0,30%
DEUTSCHE BANK S.A.
435.731.832,09
0,43%
911.039.221,02
1,30%
158.834.150,10
0,38%
33.138.044,80
0,19%
1.111.721.223,89
1,09%
175.001.807,14
0,25%
157.160.488,10
0,38%
120.992.289,94
0,69%
/ ..
421.693.385,45
0,41%
291.328.777,43
0,41%
156.338.537,17
0,38%
85.762.868,84
0,49%
.. / T-BANK/ TT
HELENIC POST BANK
489.886.080,07
0,48%
245.341.555,49
0,35%
151.667.076,64
0,37%
91.690.873,68
0,53%
. / .
268.330.211,63
0,26%
218.048.626,49
0,31%
136.128.144,37
0,33%
101.841.529,70
0,58%
NUNTIUS ./
258.498.468,54
0,25%
160.082.733,34
0,23%
134.865.440,83
0,33%
43.581.452,46
0,25%
AXIA VENTURES GROUP LTD
EUROCORP / ..
26848
( )
( )
2009
2010
3 2012
2011
. .
. .
. .
. .
/ .....
236.018.854,92
0,23%
178.148.305,73
0,25%
130.785.269,48
0,32%
97.346.050,84
0,56%
/ .....
284.494.308,17
0,28%
219.594.247,74
0,31%
121.658.304,98
0,29%
81.502.269,71
0,47%
EUROTRUST /
398.436.282,12
0,39%
224.632.884,14
0,32%
120.821.406,99
0,29%
67.611.905,77
0,39%
ARGUS STOCKBROKERS LTD
108.349.206,67
0,11%
82.673.454,76
0,12%
118.792.839,82
0,29%
74.193.062,07
0,42%
/ .....
293.371.328,57
0,29%
174.224.836,08
0,25%
112.250.976,74
0,27%
43.557.726,83
0,25%
AXON ..
406.621.394,70
0,40%
224.616.764,88
0,32%
111.662.096,89
0,27%
54.096.887,82
0,31%
...
217.214.147,14
0,21%
143.683.681,00
0,20%
109.664.659,70
0,27%
48.095.265,27
0,28%
GLOBAL CAPITAL SECURITIES

AND FINANCIAL SERVICES LTD
79.988.244,52
0,08%
71.995.776,16
0,10%
94.283.244,23
0,23%
16.241.386,79
0,09%
CAPITAL ......
125.599.470,40
0,12%
191.747.083,41
0,27%
92.837.227,51
0,22%
19.684.503,96
0,11%
. ...
195.131.415,40
0,19%
127.890.008,10
0,18%
90.827.419,51
0,22%
42.233.338,52
0,24%
.. .....
349.212.919,30
0,34%
167.815.897,76
0,24%
82.584.184,81
0,20%
40.493.864,08
0,23%
PROBANK ..
220.710.717,66
0,22%
150.045.998,66
0,21%
80.054.662,69
0,19%
47.274.678,17
0,27%
.. /
231.911.015,13
0,23%
136.656.206,36
0,19%
78.404.857,88
0,19%
61.023.098,62
0,35%
...... ..
155.481.507,67
0,15%
90.483.620,48
0,13%
71.818.355,77
0,17%
38.260.253,29
0,22%
343.325.716,78
0,34%
244.405.773,96
0,35%
69.781.485,57
0,17%
0,00
0,00%
/ .
177.773.898,45
0,17%
122.085.664,65
0,17%
69.731.209,44
0,17%
40.536.472,49
0,23%
SHARELINK SEC. & FINANCIAL

SERVICES LTD
179.857.686,68
0,18%
145.499.684,04
0,21%
68.000.731,44
0,16%
24.270.107,38
0,14%
. ...
117.568.957,07
0,12%
58.166.754,23
0,08%
45.765.581,47
0,11%
38.731.308,02
0,22%
/ .
95.361.835,32
0,09%
62.944.431,58
0,09%
40.938.847,12
0,10%
24.257.738,78
0,14%
INDEX ...
159.463.290,39
0,16%
86.983.355,56
0,12%
40.596.291,52
0,10%
18.849.081,76
0,11%
. / ..
495.088.695,01
0,49%
239.423.730,45
0,34%
39.475.269,72
0,10%
0,00
0,00%
CFS / .....
178.536.596,07
0,18%
95.595.981,87
0,14%
38.578.951,58
0,09%
25.550.194,46
0,15%
...
64.965.453,12
0,06%
42.778.641,85
0,06%
32.746.026,08
0,08%
22.447.201,87
0,13%
. . /
.....
98.767.366,23
0,10%
47.879.815,15
0,07%
32.268.822,58
0,08%
26.043.137,07
0,15%
26849
( )
( )
2009
2010
3 2012
2011
. .
. .
. .
. .
.. ...
99.572.305,37
0,10%
48.492.651,15
0,07%
31.852.414,85
0,08%
15.772.936,72
0,09%
73.014.642,20
0,07%
39.064.776,47
0,06%
28.901.337,28
0,07%
15.558.131,78
0,09%
MAGNA TRUST /
59.140.410,25
0,06%
26.035.879,24
0,04%
25.209.195,33
0,06%
47.941.632,81
0,27%
0,00
0,00%
1.014.137,73
0,00%
23.176.135,25
0,06%
19.209.329,22
0,11%
74.886.749,90
0,07%
80.601.469,13
0,11%
18.443.521,86
0,04%
6.639.103,45
0,04%
.. ...
29.654.635,85
0,03%
34.329.344,26
0,05%
16.279.961,36
0,04%
9.381.867,50
0,05%
14.048.497,93
0,01%
16.560.235,90
0,02%
14.463.052,07
0,03%
11.760.089,59
0,07%
. . /
25.507.391,78
0,03%
17.568.825,80
0,03%
6.168.672,01
0,01%
3.054.885,65
0,02%
. . ...
34.499.647,43
0,03%
20.638.505,41
0,03%
5.251.241,42
0,01%
0,00
0,00%
ARTION
131.742.439,16
0,13%
0,00
0,00%
0,00
0,00%
0,00
0,00%
PRAXIS INT/NAL ....
744.969.746,53
0,73%
0,00
0,00%
0,00
0,00%
0,00
0,00%
8.085.494,96
0,01%
0,00
0,00%
0,00
0,00%
0,00
0,00%
172.421.118,71
0,17%
104.271.252,66
0,15%
0,00
0,00%
0,00
0,00%
101.702.702.794,38
100%
70.238.320.964,56
100%
41.370.041.423,41
100%
17.463.071.572,50
100%
933.005.543,14
5,34%
PROCHOICE /
..
/
.....
- ()
( )
2009
2010
3 2012
2011
. /
. .
. /
. .
. /
. .
. /
. .
CISCO
7.678.764,87
20,20%
4.757.251,39
15,21%
8.377.710,96
27,09%
6.273.653,12
41,85%
11.814.525,55
31,08%
10.109.725,56
32,31%
7.993.074,47
25,84%
2.763.617,07
18,43%
MARFIN - CLR (FINANCIAL SERVICES LTD)
4.425.390,07
11,64%
1.862.762,64
5,95%
4.322.966,36
13,98%
1.481.893,74
9,89%
MEGA EQUITY LTD
1.181.391,42
3,11%
2.151.756,37
6,88%
2.555.818,50
8,26%
559.852,07
3,73%
26850
( )
( )
2009
2010
3 2012
2011
. /
. .
. /
. .
. /
. .
. /
. .
1.229.132,21
3,23%
1.220.722,79
3,90%
1.282.825,62
4,15%
174.164,40
1,16%
ALPHA FINANCE
415.958,49
1,09%
1.258.903,80
4,02%
1.069.449,05
3,46%
279.151,46
1,86%
ARGUS STOCKBROKERS LTD
837.563,71
2,20%
1.403.962,25
4,49%
856.926,76
2,77%
303.566,69
2,02%
ATLANTIC SECURITIES LIMITED
816.761,87
2,15%
874.956,19
2,80%
719.047,61
2,32%
292.272,60
1,95%
PROCHOICE
0,00
0,00%
8.935,64
0,03%
649.143,23
2,10%
385.590,37
2,57%
BETA /
0,00
0,00%
110.035,22
0,35%
572.170,77
1,85%
97.338,62
0,65%
EUROBANK /
1.963.229,29
5,16%
3.871.880,04
12,38%
530.231,59
1,71%
718.660,50
4,79%
()
1.209.446,85
3,18%
975.450,90
3,12%
364.647,62
1,18%
118.198,47
0,79%
.....
1.504.438,66
3,96%
127.051,23
0,41%
283.894,05
0,92%
19.801,61
0,13%
PROTON / PROTON
416.854,84
1,10%
402.583,62
1,29%
241.126,91
0,78%
1.012,50
0,01%
& / ..... /
.....
212.111,60
0,56%
305.459,95
0,98%
189.683,10
0,61%
40.215,87
0,27%
..
199.430,24
0,52%
4.960,00
0,02%
185.054,25
0,60%
31.345,57
0,21%
..
111.004,92
0,29%
1.016.266,60
3,25%
179.707,09
0,58%
54.166,60
0,36%
EUROCORP ..
14.326,18
0,04%
0,00
0,00%
122.773,44
0,40%
0,00
0,00%
SOLIDUS SECURITIES
98.476,25
0,26%
12.009,01
0,04%
116.898,84
0,38%
183.133,57
1,22%
GLOBAL CAPITAL SECURITIES AND

FINANCIAL SERVICES LTD
0,00
0,00%
0,00
0,00%
95.877,03
0,31%
0,00
0,00%
AXON ..
0,00
0,00%
0,00
0,00%
93.679,09
0,30%
0,00
0,00%
FORTIUS FINANCE AXE
17.440,00
0,05%
0,00
0,00%
48.611,23
0,16%
0,00
0,00%
...... ..
4.844,55
0,01%
0,00
0,00%
23.474,37
0,08%
2.455,98
0,02%
9.700,01
0,03%
2.259,32
0,01%
14.250,00
0,05%
0,00
0,00%
0,00
0,00%
46.118,78
0,15%
13.754,75
0,04%
0,00
0,00%
...
0,00
0,00%
10.080,00
0,03%
7.212,50
0,02%
0,00
0,00%
2.914.528,04
7,67%
114.060,72
0,36%
6.870,82
0,02%
8.283,00
0,06%
CFS .....
0,00
0,00%
1.440,15
0,00%
6.633,00
0,02%
3.336,00
0,02%
.. ...
0,00
0,00%
0,00
0,00%
1.920,00
0,01%
0,00
0,00%
SHARELINK SEC. & FIN. SERVICES LTD
EUROXX ......
26851
( )
( )
2009
2010
3 2012
2011
. /
. .
. /
. .
. /
. .
. /
. .
. ...
0,00
0,00%
0,00
0,00%
1.575,49
0,01%
1.731,00
0,01%
0,00
0,00%
74.711,08
0,24%
980,00
0,00%
0,00
0,00%
- .....
38.946,68
0,10%
0,00
0,00%
844,80
0,00%
0,00
0,00%
......
69.552,13
0,18%
132.698,36
0,42%
675,00
0,00%
179.865,65
1,20%
ARTION
276.986,20
0,73%
0,00
0,00%
0,00
0,00%
0,00
0,00%
AXIA VENTURES GROUP LTD
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
CAPITAL ......
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
CREDIT AGRICOLE CHEUVREUX
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
CITIGROUP GLOBAL MARKET LTD
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
CREDIT SUISSE SECURITIES LIMITED
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
DEUTSCHE BANK S.A.
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
EUROTRUST .....
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
7.360,00
0,02%
0,00
0,00%
0,00
0,00%
1.282,88
0,01%
HSBC-
...../ .....
0,00
0,00%
174.366,92
0,56%
0,00
0,00%
14.751,75
0,10%
INDEX ...
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
MAGNA TRUST /
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
109.506,90
0,29%
26.671,55
0,09%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
8.925,00
0,02%
30.943,00
0,10%
0,00
0,00%
19.540,00
0,13%
0,00
0,00%
47.740,74
0,15%
0,00
0,00%
4.745,00
0,03%
363.730,27
0,96%
0,00
0,00%
0,00
0,00%
0,00
0,00%
PRELIUM .
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
/ T-BANK/ TT HELENIC POST BANK
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
UBS LIMITED
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
GUARDIAN TRUST .....
MERIT ......
MERRILL LYNCH / BANK OF AMERICA
NUNTIUS / .
ORANGE PARTNERS .....
PRAXIS INT/NAL ....
26852
( )
( )
2009
2010
3 2012
2011
. /
. .
. /
. .
. /
. .
. /
. .
. ...
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
937.200,00
6,25%
4.360,00
0,01%
14.737,60
0,05%
0,00
0,00%
0,00
0,00%
..
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
..
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
28.435,00
0,07%
4.000,00
0,01%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
9.030,01
0,02%
14.150,00
0,05%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
2.994,00
0,01%
0,00
0,00%
0,00
0,00%
0,00
0,00%
/ / .....
8.691,20
0,02%
8.808,15
0,03%
0,00
0,00%
0,00
0,00%
.. .....
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
.. ...
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
. .
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
.....
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
.....
0,00
0,00%
0,00
0,00%
0,00
0,00%
40.390,67
0,27%
9.422,10
0,02%
49.130,40
0,16%
0,00
0,00%
0,00
0,00%
...
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
. ...
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
3.826,57
0,01%
0,00
0,00%
0,00
0,00%
0,00
0,00%
. . ...
0,00
0,00%
0,00
0,00%
0,00
0,00%
0,00
0,00%
/ .....
0,00
0,00%
43.488,12
0,14%
0,00
0,00%
0,00
0,00%
PROBANK ..
0,00
0,00%
16.930,21
0,05%
0,00
0,00%
0,00
0,00%
38.017.085,68
100%
31.287.008,30
100%
30.929.508,30
100%
14.991.216,76
100%
310.497,03
2,07%
..
. .

.....
. ..
92.961
84.372
38.254
14.600
1.062
18.333
18.581
.....
EUROBANK
HSBC- .....
(--)
FINANCE
421.014
371.828
18.907
ALPHA BANK
9
44
4
41
0
0
..
.....
EUROBANK
HSBC- .....
20
. 2011
. 2011
.. FTSE/-
(*)
96.863
88.421
18.522
714
17.808
24.954
3.810
20.930
326
.. .(*)
117.556
107.879
..
45.418
. 2011
. 2011
FTSE/ATHEX-20-FUTURESFTSE/ATHEX-20
30
43
2011
29.928
547.540
106.413
507
29.421
23.532
5.885
21.019
73.973
169.781
117.009
.2011
20
146
27
.2011
18.634
308.320
74.515
310
18.324
17.670
855
13.856
24.166
66.475
92.149
.2011
220
319
25
.2011
12.951
428.912
99.296
330
12.621
25.514
1.843
14.175
35.190
116.815
123.128
.2011
284
335
.2011
33.983
667.608
136.107
481
33.502
28.713
8.539
25.061
86.311
177.808
171.086
.2011
310
400
38
.2011
19.159
339.634
90.918
534
18.625
19.077
691
12.863
18.541
65.213
113.172
.2011
140
178
33
.2011
17.181
361.104
111.722
1.222
15.959
16.474
974
17.310
22.999
68.507
105.937
.2011
20
37
11
.2011
28.185
598.756
110.231
1.084
27.101
25.119
5.555
15.911
63.071
160.495
190.189
.2011
- 2011 2012
312
.2011
12.985
365.222
75.194
1.077
11.908
16.926
5.677
3.646
11.613
104.946
134.235
.2011
166
.2011
9.047
276.540
69.551
637
8.410
10.719
1.024
9.709
20.655
57.744
98.091
.2011
66
.2011
11.998
278.948
53.262
399
11.599
6.466
4.552
7.232
28.303
102.676
64.459
.2011
1.044
2.087
164
231.480
4.965.426
1.112.493
7.621
223.859
233.497
40.467
176.312
468.494
1.267.793
1.434.890
24,86%
0,00%
49,69%
3,90%
4,66%
100%
22,40%
0,15%
4,51%
4,70%
0,81%
3,55%
9,44%
25,53%
28,90%
( )
26853
19
92
43
88
.. .(*)
ALPHA BANK
5.270
1.012
EUROBANK
HSBC- .....
118
84.584
72.454
524
15.042
13.384
ALPHA BANK
99
507
.. .(*)
19
7.700
17
7.934
1.396
FINANCE
(--)
22.835
17.828
.....
26.833
26.502
..
10.660
. 2011
. 2011
FTSE/ATHEX-20
FINANCE
(--)
116
74.144
11.064
64
52
6.550
1.659
4.301
24.229
26.225
.2011
92
11
577
67.148
9.398
143
434
8.450
6.353
6.419
16.558
19.393
.2011
298
105
252
56.246
10.649
143
109
6.569
4.080
3.566
14.575
16.555
.2011
642
78
125
58.960
7.028
99
26
5.892
5.385
4.548
16.692
19.290
.2011
682
54
199
57.946
6.906
175
24
8.585
4.803
2.853
14.930
19.670
.2011
760
12
103
29.792
6.062
98
4.743
2.634
2.453
6.249
7.548
.2011
360
3.471
41.056
4.544
63
3.408
5.379
1.269
4.126
8.966
13.301
.2011
74
6.245
66.304
3.220
12
6.233
7.863
1.307
2.468
10.411
34.790
.2011
630
318
1.725
28.502
2.927
23
1.702
4.840
528
1.560
7.638
9.284
.2011
350
184
127
19.646
1.681
120
6.758
263
1.610
4.322
4.885
.2011
132
66
13.582
656.782
91.905
1.433
12.149
81.263
30.689
49.834
165.233
224.276
4.200
905
2,07%
100%
13,99%
0,22%
1,85%
12,37%
0,00%
4,67%
7,59%
25,16%
34,15%
0,00%
100%
21,55%
0,00%
0,00%
0,00%
0,00%
26854
( )
77.041
7.273
EUROBANK
HSBC- .....
444.667
1.263.000
265.376
770.460
24.192
ALPHA BANK
2.688
1.348
4.956
295
332
400
412
..
.....
EUROBANK
HSBC- .....
(-.-)
77
300
3.224
. 2011
41.071
. 2011
-STOCK PTIONS
5.892
4.126
.. .(*)
35.179
20.066
FINANCE
290.166
145.896
7.448
(--)
165.695
88.249
.....
209.935
162.433
..
104.018
. 2011
. 2011
- STOCK FUTURES
1.749
700
431
530
2.923
.2011
41.071
1.263.000
444.667
5.892
35.179
290.166
7.448
104.018
165.695
209.935
.2011
309
235
466
274
5.013
.2011
31.629
507.412
190.450
4.993
26.636
46.176
2.503
55.493
63.168
117.993
.2011
252
4.907
1.567
2.640
6.481
.2011
35.543
709.882
236.650
8.284
27.259
113.193
105
6.779
68.474
81.855
167.283
.2011
1.750
825
608
1.133
2.285
.2011
75.546
1.665.212
469.689
14.356
61.190
395.023
115
22.909
216.528
206.455
278.947
.2011
341
1.134
146
172
1.139
.2011
64.436
1.053.124
351.954
12.368
52.068
218.930
1.538
22.610
98.064
111.182
184.410
.2011
1.054
292
331
497
3.466
.2011
65.348
1.112.008
397.355
16.915
48.433
119.802
13.629
169.591
129.740
216.541
.2011
2.396
395
223
572
3.210
.2011
98.314
1.998.952
406.892
18.837
79.477
697.322
510
28.535
234.941
209.440
322.998
.2011
2.396
395
223
572
3.210
.2011
32.360
249
1.297
170
113
197
30.333
.2011
627
475
18
215
388
.2011
62.728
1.517.048
447.897
14.909
47.819
161.774
17.041
262.197
250.708
314.703
.2011
906
190
179
180
12.775
.2011
79.512
1.530.850
428.481
9.138
70.374
222.040
19.278
265.821
252.531
263.187
.2011
12.269
10.248
7.748
8.428
48.534
619.390
13.423.308
4.084.327
115.710
503.680
2.701.785
2.271
155.623
1.656.299
1.724.915
2.478.698
11,66%
0,00%
9,74%
7,36%
8,01%
46,13%
4,61%
100%
30,43%
0,86%
3,75%
20,13%
0,02%
1,16%
12,34%
12,85%
18,47%
( )
26855
. 2011
357.021
282.883
. 2011
301.774
190.785
120.897
23.285
1.062
..
.....
EUROBANK
HSBC- .....
1.777.606
1.222.688
43.116
557.969
369.194
ALPHA BANK
6.606
4.452
.. .(*)
59.612
53.006
38.664
FINANCE
322.897
172.575
(--)
3.810
30.094
163.320
8.916
7.858
1.279
1.463
ALPHA BANK
.. .(*)
FINANCE
71.151
1.892.816
563.826
6.399
64.752
321.997
5.885
30.856
182.723
360.278
356.100
.2011
100
8.040
1.607
100
50.697
890.446
275.582
5.303
45.394
72.605
855
22.967
86.544
146.621
234.575
.2011
7.268
971
48.603
1.212.944
348.336
8.614
39.989
145.528
1.843
30.161
108.797
216.204
313.472
.2011
17.262
1.415
109.655
2.401.518
615.447
14.837
94.818
431.378
8.539
54.464
307.995
402.423
471.617
.2011
100
9.056
2.355
100
83.619
1.454.812
451.919
12.902
70.717
246.933
691
41.720
119.604
191.897
318.429
.2011
3.348
416
82.538
1.511.074
517.414
18.141
64.397
142.073
974
34.005
195.374
205.171
333.525
.2011
7.810
2.166
130.007
2.647.936
524.448
19.921
110.086
730.216
5.555
46.130
302.361
379.510
529.709
.2011
100
9.098
2.202
100
19.318
473.614
81.196
1.077
18.241
28.482
5.677
5.518
14.417
116.438
202.568
.2011
100
9.098
2.202
100
73.477
1.824.226
520.645
15.546
57.931
177.960
1.024
27.753
284.430
316.471
422.466
.2011
1.786
63
91.725
1.845.250
484.846
9.537
82.188
236.170
4.552
26.963
295.913
359.775
345.306
.2011
95
15.674
1.349
95
863.518
19.154.930
5.310.822
123.335
740.183
3.028.814
40.467
373.916
2.182.375
3.168.456
4.186.562
499
105.214
17.488
495
4,51%
100%
27,73%
0,64%
3,86%
15,81%
0,21%
1,95%
11,39%
16,54%
21,86%
0,47%
100%
16,62%
0,00%
0,47%
26856
( )
78.051
69.691
21.589
19.431
5.921
14.586
12.682
.....
EUROBANK
HSBC- .....
(--)
FINANCE
91.146
388.940
11.251
58.718
308.716
12.851
ALPHA BANK
1
3
0
20
20
0
0
..
.....
EUROBANK
HSBC- .....
. 2012
. 2012
.. FTSE/-
(*)
173
11.078
25.582
6.305
20.067
169
.. .(*)
124.660
105.929
..
31.878
. 2012
. 2012
FTSE/ATHEX-20-FUTURESFTSE/ATHEX-20
20
20
. 2012
10.623
358.720
71.421
154
10.469
21.119
7.702
13.867
36.950
102.092
94.946
. 2012
.2012
3.712
107.368
26.181
40
3.672
4.444
1.366
3.561
10.696
26.672
30.736
.2012
.2012
8.087
209.692
51.726
98
7.989
7.891
2.926
16.026
17.959
42.014
63.063
.2012
14
.2012
12.036
326.846
61.214
165
11.871
13.163
2.574
33.261
27.929
80.297
96.372
.2012
.2012
1.365
111.574
34.212
25
1.340
7.062
853
10.998
10.609
21.559
24.916
.2012
- 2012
.2012
469
79.436
25.112
50
419
3.621
485
6.848
4.587
17.292
21.022
.2012
12
60
.2012
6.444
325.742
69.518
151
6.293
21.199
3.749
41.085
39.371
93.778
50.598
.2012
52
126
66.838
2.217.034
510.447
1.025
65.813
97.468
31.881
165.144
201.568
531.446
612.242
0,00%
0,00%
20,63%
50,00%
3,17%
3,01%
100,00%
23,02%
0,05%
2,97%
4,40%
1,44%
7,45%
9,09%
23,97%
27,62%
( )
26857
2
6
0
0
40
0
ALPHA BANK
2.014
2.838
EUROBANK
HSBC- .....
3.741
52.414
1.202
3.959
50.250
771
. 2012
568.297
. 2012
368.271
- STOCK FUTURES
..
ALPHA BANK
38
21
.. .(*)
1.164
750
FINANCE
8.444
7.518
1.562
(--)
16.612
16.777
.....
16.748
16.373
..
4.105
. 2012
. 2012
FTSE/ATHEX-20
.. .(*)
FINANCE
(--)
585.789
. 2012
4.070
34.210
3.712
23
4.047
5.058
554
2.065
8.424
10.327
. 2012
40
242.011
.2012
1.228
18.252
2.413
60
1.168
2.197
379
748
5.270
6.017
.2012
318.644
.2012
2.308
43.578
4.501
48
2.260
9.602
2.117
2.275
8.220
14.555
.2012
10
565.066
.2012
2.938
46.046
5.268
40
2.898
6.656
2.369
2.961
14.117
11.737
.2012
28
210.317
.2012
1.582
16.628
2.709
1.574
1.960
1.950
1.075
4.404
2.948
.2012
152.460
.2012
616
17.834
2.289
610
3.517
906
282
5.535
4.689
.2012
312.139
.2012
1.688
40.772
4.884
30
1.658
9.272
1.115
2.064
12.378
9.371
.2012
120
48
3.322.994
16.403
319.984
33.476
274
16.129
54.224
13.790
17.589
91.737
92.765
252
66
18,83%
5,13%
100,00%
10,46%
0,09%
5,04%
16,95%
0,00%
4,31%
5,50%
28,67%
28,99%
0,00%
100,00%
26,19%
0,00%
0,00%
0,00%
26858
( )
18.852
HSBC- .....
942.005
2.430.082
132.185
580.493
1.690.276
94.382
305
0
5
FINANCE
.. .(*)
775
HSBC- .....
(--)
995
EUROBANK
260
21
.....
2.712
3.370
..
208
700
202
. 2012
. 2012
-STOCK OPTIONS
ALPHA BANK
22.853
15.960
.. .(*)
109.332
78.422
FINANCE
140.262
90.464
19.276
277.790
350.267
(--)
259.878
EUROBANK
277.936
.....
90
634
360
604
103
14.023
. 2012
109.937
3.008.102
821.246
20.809
89.128
481.206
111.126
429.945
468.853
10
217
866
.2012
46.865
1.138.474
422.259
16.883
29.982
68.581
44.616
146.991
167.151
10
65
342
10
3.230
.2012
69.489
1.630.360
579.048
18.746
50.743
115.272
21.241
277.274
249.392
70
425
405
608
7.054
.2012
195.265
2.857.890
861.161
20.067
175.198
297.810
55.013
454.327
429.248
58
75
110
900
.2012
63.721
1.175.366
478.932
12.697
51.024
104.222
37.667
96.544
183.963
330
200
250
.2012
42.260
907.764
372.863
12.172
30.088
68.200
18.461
112.343
141.177
70
305
570
106
305
6.723
.2012
156.873
2.806.022
1.011.902
20.928
135.945
308.897
40.480
481.441
494.290
10
240
1.705
2.735
2.946
1.622
39.128
910.977
17.644.336
6.378.806
161.115
749.862
1.366.017
366.732
2.536.533
2.762.277
0,02%
0,44%
3,15%
0,00%
5,06%
5,45%
3,00%
72,39%
5,16%
100,00%
36,15%
0,91%
4,25%
7,74%
0,00%
2,08%
14,38%
15,66%
( )
26859
. 2012
712.418
445.193
. 2012
493.943
364.445
284.496
41.896
5.921
112.873
91.854
..
.....
EUROBANK
HSBC- .....
(--)
FINANCE
121.785
2.875.652
2.055.012
92.049
1.059.875
659.389
ALPHA BANK
211
195
.. .(*)
121.574
174.496
6.305
41.605
313.975
4.210
5.730
ALPHA BANK
128
259
103.911
3.418.484
918.786
177
103.734
508.017
7.702
125.907
469.584
579.492
705.085
. 2012
90
17.412
1.598
34.922
1.265.472
468.015
100
34.822
75.232
1.366
48.556
158.652
199.099
279.630
.2012
1.376
278
61.148
1.888.174
654.903
146
61.002
132.830
2.926
39.384
297.850
299.641
399.492
.2012
10
4.534
877
190.242
3.240.544
948.889
205
190.037
318.054
2.574
90.643
485.622
524.284
680.236
.2012
70
9.734
1.172
53.971
1.304.886
528.725
33
53.938
113.302
853
50.615
108.303
210.036
239.081
.2012
1.318
175
31.173
1.006.100
374.755
56
31.117
113.302
485
26.545
117.212
164.207
178.421
.2012
1.060
280
144.152
3.181.332
1.334.243
186
143.966
113.302
3.749
83.250
522.994
600.811
378.831
.2012
75
8.676
592
994.468
20.235.656
6.928.459
162.424
832.044
1.519.414
31.881
548.401
2.758.688
3.387.208
4.067.137
250
54.050
5.664
4,91%
100,00%
34,24%
0,80%
4,11%
7,51%
0,16%
2,71%
13,63%
16,74%
20,10%
0,46%
100,00%
10,48%
26860
( )
26861
( )
10

- &
2009
2010
2011
2012
566.162.116,93
23,37%
523.604.209,66
22,61%
399.566.388,04
18,42%
[]
[15-25] %
AMERICAN LIFE
INSURANCE COMPANY
297.583.732,74
12,28%
307.433.126,81
13,27%
313.726.434,64
14,46%
ING EAAEZ
225.866.620,73
9,32%
284.362.723,55
12,28%
298.054.465,36
13,74%
[]
[15-25] %
ERB EUROLIFE AEAZ
263.595.039,04
10,88%
266.264.571,61
11,50%
251.578.816,43
11,60%
[]
[5-15]%
286.161.014,07
11,81%
264.223.294,40
11,41%
231.129.241,10
10,66%
0,00%
170.914.966,01
7,88%
[]
[]
[]
Credit Agricole A.A.E.
0,00%
[]
[5-15]%
[5-15]%
[5-15]%
ALLIANZ ...
118.689.497,24
4,90%
111.600.780,85
4,82%
103.589.398,37
4,78%
AXA

108.946.194,83
4,50%
87.450.584,82
3,78%
90.782.095,58
4,19%
GROUPAMA
...
63.557.592,72
2,62%
63.610.190,12
2,75%
68.168.161,12
3,14%
GENERALI HELLAS
A.A.E.
2.289,07
0,00%
57.595.471,54
2,49%
61.540.913,44
2,84%
TE
64.677.028,35
2,67%
70.832.899,47
3,06%
57.183.642,82
2,64%
[]
[0-5]%
International Life A.E.A.Z
30.089.934,24
1,24%
39.261.744,43
1,70%
35.593.824,47
1,64%
[]
[0-5]%

....
26.633.499,70
1,10%
35.313.614,15
1,52%
33.827.073,92
1,56%
0,00%
20.760.193,88
0,90%
13.968.000
0,64%
[]
[0-5]%
8.797.654,47
0,36%
9.150.823,73
0,40%
13.013.343,41
0,60%
[]
[0-5]%
MARFIN AAE
42.469.817,84
1,75%
14.161.801,78
0,61%
12.657.715,58
0,58%
[]
[0-5]%
3.314.675,53
0,14%
4.287.146,24
0,19%
3.720.384,28
0,17%
3.590.653,89
0,15%
3.408.913,75
0,15%
3.122.127,29
0,14%
''
1.006.466,84
0,04%
1.816.256,02
0,08%
2.052.199,62
0,09%
ALPHALIFE
[]
[]
[]
[]
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
26862
( )
[]
VICTORIA A.A.E. /
ERGO
1.319.800,29
0,05%
1.385.937,82
0,06%
1.847.988,40
0,09%
SOGECAP SA
1.090.615,04
0,05%
1.726.077,54
0,07%
1.422.622,93
0,07%
[]
[0-5]%
....
1.035.990,60
0,04%
129.519,12
0,01%
172.814,16
0,01%
[]
[0-5]%
52.622,57
0,00%
47.313,84
0,00%
51.313,31
0,00%
[0-5]%
124.890.990,81
5,16%
145.774.756,63
6,29%
0,00%
[0-5]%
183.040.133,49
7,56%
1.699.477,49
0,07%
1.458.247
0,07%
[0-5]%
2.422.573.981,03
100%
2.315.901.429,25
100%
2.169.142.177,44
100%

....
[]
[]
[0-5]%
100%
- & O
2009
2010
2011
2012
480.023.980,14
17,07%
553.140.956,90
18,35%
431.540.208,42
15,31%
. .
.. .
207.060.768,47
7,36%
211.166.507,23
7,01%
228.352.463,35
8,10%
TE
168.850.967,19
6,00%
189.165.965,53
6,28%
156.730.262,77
5,56%
[]
[5-15]%
140.866.513,32
5,01%
142.534.845,96
4,73%
148.494.022,67
5,27%
[]
[5-15]%
VICTORIA ...
97.540.097,62
3,47%
142.400.091,03
4,72%
146.866.648,50
5,21%
[]
[5-15]%
ALLIANZ ...
98.563.510,04
3,51%
120.230.079,28
3,99%
126.499.566,05
4,49%
[]
[0-5]%
NATIONAL UNION FIRE

INS.Co OF PITTS.
73.899.955,42
2,63%
115.195.980,94
3,82%
123.363.530,06
4,38%
GROUPAMA
...
122.839.416,83
4,37%
132.001.491,25
4,38%
122.906.992,50
4,36%
''
110.901.661,38
3,94%
125.758.685,54
4,17%
119.723.466,65
4,25%

....
91.281.890,14
3,25%
95.826.391,69
3,18%
118.958.567,47
4,22%
AXA

111.393.119,04
3,96%
110.662.943,83
3,67%
107.790.569,55
3,82%
GENERALI HELLAS
A.A.E.
88.761.362,46
3,16%
94.630.749,83
3,14%
88.622.484,61
3,14%
..
91.139.469,88
3,24%
98.671.719,41
3,27%
87.293.206,72
3,10%

[]
[]
[]
[]
[]
[]
[]
[]
[]
[5-15]%
[5-15]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
26863
( )
- & O
2009
2010
2011
2012
INTERNATIONAL LIFE
...
68.255.768,67
2,43%
79.136.527,92
2,63%
68.237.677,19
2,42%
54.134.576,64
1,93%
64.609.211,97
2,14%
65.388.018,89
2,32%
...
53.627.580,08
1,91%
71.133.523,54
2,36%
54.724.865,88
1,94%
[]
[0-5]%
ERB EUROLIFE
54.335.303,53
1,93%
63.841.011,46
2,12%
54.370.625,07
1,93%
[]
[0-5]%
INTERLIFE
49.069.513,08
1,75%
50.657.595,75
1,68%
45.198.342,94
1,60%
[]
[0-5]%
NP INSURANCE -
....
33.190.611,60
1,18%
38.930.298,09
1,29%
44.984.945,96
1,60%
39.000.451,89
1,39%
42.901.417,74
1,42%
40.696.093,08
1,44%
EVIMA GROUP
0,00%
23.969.921,23
0,80%
38.751.712,23
1,38%
[]
[0-5]%
INTERASCO ....
11.289.187,98
0,40%
13.556.422,88
0,45%
21.682.553,78
0,77%
[]
[0-5]%
....
15.353.970,47
0,55%
17.403.045,42
0,58%
18.296.757,37
0,65%
[]
[0-5]%
Euler Hermes Emporiki

....
11.359.687,22
0,40%
12.057.478,41
0,40%
18.199.588,51
0,65%
18.811.392,34
0,67%
19.227.235,74
0,64%
17.836.776,23
0,63%
DEMCO INSURANCE
LTD
6.696.193,50
0,24%
15.025.167,29
0,50%
17.571.192,36
0,62%
HDI - GERLING IND.

VERSICHERUNG A.G.
16.674.030,63
0,59%
17.798.280,08
0,59%
14.701.273,65
0,52%
10.884.863,41
0,39%
12.587.262,99
0,42%
13.582.248,15
0,48%
AGA International SA
0,00%
0,00%
12.420.968,17
0,44%
ATRADIUS CREDIT
INSURANCE NV
7.892.686,93
0,28%
8.688.274,52
0,29%
11.443.508,88
0,41%
..
10.281.871,25
0,37%
10.062.250,78
0,33%
9.802.379,84
0,35%
[]
[0-5]%
D.A.S. - HELLAS
8.475.356,28
0,30%
9.377.931,11
0,31%
9.062.255,51
0,32%
[]
[0-5]%
....
7.457.796,12
0,27%
6.669.460,94
0,22%
7.931.624,29
0,28%
[]
[0-5]%

[]
[]
[]
[]
[]
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[]
[0-5]%
[]
[]
[0-5]%
[0-5]%
26864
( )
- & O
2009
2010
2011
2012
11.858.441,52
0,42%
6.768.241,24
0,22%
7.033.392,14
0,25%
CREDIT AGRICOLE
INSURANCE
0,00%
4.539.462,20
0,15%
6.412.450,34
0,23%

...
0,00%
5.273.247,22
0,17%
5.609.681,25
0,20%
1.773.368,84
0,06%
3.284.682,83
0,11%
5.065.865,51
0,18%
....
5.326.538,68
0,19%
5.223.316,56
0,17%
4.633.437,58
0,16%
MAPFRE ASISTENCIA
AE
3.696.900,88
0,13%
4.165.974,17
0,14%
4.352.341,69
0,15%
INCHCAPE
....
3.447.030,40
0,12%
3.738.221,39
0,12%
4.330.799,93
0,15%
LA VIE A.E.A.E.Y.
3.994.215,62
0,14%
5.160.188,61
0,17%
3.830.914,71
0,14%
ARAG ALLGEMEINE
RECHTSSCHUTZ
VERSICHERUNGS AG
2.882.983,67
0,10%
3.587.260,68
0,12%
3.677.928,04
0,13%
0,00%
3.377.474,95
0,11%
2.452.996,90
0,09%
EUROP ASSISTANCE
2.064.380,74
0,07%
2.778.951,94
0,09%
2.269.993,03
0,08%
INTER PARTNER
ASSISTANCE
1.607.343,08
0,06%
1.585.815,91
0,05%
1.245.348,46
0,04%
ROYAL AND SUN

ALLIANCE INS.PLC
553.363,29
0,02%
471.825,60
0,02%
710.818,63
0,03%
Financial Insurance
Company Ltd
51.504,35
0,00%
230.621,30
0,01%
466.738,39
0,02%
MALAYAN INSURANCE
Co INC
190.648,40
0,01%
148.125,50
0,00%
142.150,09
0,01%
RINE EUROPE
INS.LIMITED
15.743,64
0,00%
11.884,48
0,00%
12.650,49
0,00%
99.684.068,22
3,55%
0,00%
0,00%
92.712,82
0,00%
133.017,27
0,00%
0,00%
....
....
COMMERCIAL VALUE
A.A.E
DIREKTA AAE

[]
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[]
[0-5]%
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[]
[0-5]%
[]
[]
[]
[]
[]
[]
[]
[]
[]
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
[0-5]%
26865
( )
- & O
2009
2010
2011
2012
32.238.539,98
1,15%
35.640.890,04
1,18%
0,00%
[]
[0-5]%
0,00%
0,00%
0,00%
[]
[0-5]%
13.488.634,36
0,48%
0,00%
0,00%
[]
[0-5]%
International Life A.E.A.Z
0,00%
0,00%
0,00%
[]
[0-5]%
MITSUI SUMITOMO
INSURANCE Co. LTD
0,00%
0,00%
0,00%
MONDIAL ASSISTANCE
EUROPE N.V.
0,00%
14.559.276,48
0,48%
0,00%
25.099,71
0,00%
34.256,81
0,00%
0,00%
2.587.090,31
0,09%
0,00%
0,00%
266.390.544,89
9,47%
204.523.437,05
6,79%
173.856.326,54
6,17%
EUROSTAR ....
IMP
ING

&
....

[]
[]
[0-5]%
[0-5]%
[]
2.811.882.706,95
3.014.254.898,51
2.818.129.231,02
[0-5]%
[]
[]
[]
[0-5]%
[0-5]%
26866
( )
- /
2009
2010
2011

....
27.575.159,81
25,40%
24.542.242,17
26,10%
24.347.112,09
25,77%
14.257.000,87
13,13%
12.773.132,09
13,58%
14.352.885,93
15,19%
INTER PARTNER
ASSISTANCE
10.953.452,18
10,09%
8.298.198,22
8,82%
9.569.043,32
10,13%
Financial Insurance
Company Ltd
10.590.848,65
9,75%
7.290.252,04
5.536.037,00
5,86%
0,00
0,00%
0,00%
4.877.235,89
5,16%
ERB EUROLIFE
6.179.277,00
5,69%
4.911.871,00
5,22%
4.369.027,65
4,62%
MAPFRE ASISTENCIA
AE
7.090.912,27
6,53%
7.464.401,90
7,94%
4.269.921,79
4,52%
NATIONAL UNION FIRE

INS.Co OF PITTS.
3.371.269,05
3,10%
3.115.893,41
3,31%
3.686.856,55
3,90%
EUROP ASSISTANCE
1.459.492,64
1,34%
1.401.893,41
1,49%
3.669.871,64
3,88%
AXA

2.009.354,81
1,85%
3.882.194,21
4,13%
3.618.050,31
3,83%
HDI - GERLING
INDUSTRIE
VERSICHERUNG
3.472.952,77
3,20%
3.758.426,39
4,00%
3.265.101,97
3,46%
0,00%
2.795.666,76
2,97%
2.502.555,99
2,65%
ERB EUROLIFE AEAZ
847.015,01
0,78%
1.487.898,89
1,58%
1.326.933,42
1,40%
AMERICAN LIFE
INSURANCE COMPANY
570.256,86
0,53%
1.380.511,15
1,47%
1.048.524,71
1,11%
1.569.383,75
1,45%
627.863,98
0,67%
596.522,17
0,63%
TE
763.749,40
0,70%
739.813,20
0,79%
311.751,92
0,33%
....
291.810,48
0,27%
200.691,08
0,21%
283.051,98
0,30%
GROUPAMA
...
534.440,65
0,49%
196.460,52
0,21%
153.574,78
0,16%
D.A.S. - HELLAS
12.557,52
0,01%
14.803,11
0,02%
145.093,19
0,15%
1.228.826,33
1,13%
225.026,41
0,24%
112.570,00
0,12%
57.198,95
0,05%
138.176,78
0,15%
96.829,20
0,10%
AGA International SA
GENERALI LIFE A.E.A.Z.
ARAG AG
...
INTERLIFE
7,75%
26867
( )
- /
2009
2010
2011
.
.
106.953,06
0,10%
113.965,88
0,12%
87.308,82
0,09%
162.147,10
0,15%
289.059,86
0,31%
55.922,15
0,06%
....
92.983,83
0,09%
39.930,77
0,04%
49.619,04
0,05%
ALLIANZ ...
131.255,62
0,12%
15.873,94
0,02%
44.724,51
0,05%
DEMCO INSURANCE
LTD
53.911,07
0,05%
67.782,51
0,07%
39.131,83
0,04%
3.607.199,75
3,32%
757.971,67
0,81%
37.811,34
0,04%
8.302,25
0,01%
15.762,16
0,02%
18.426,94
0,02%
MALAYAN INSURANCE
Co
39.080,19
0,04%
19.684,72
0,02%
13.691,55
0,01%
6.400,00
0,01%
6.400,00
0,01%
6.400,00
0,01%
INTERNATIONAL LIFE
...
18.498,77
0,02%
0,00%
3.622,16
0,00%
82.556,67
0,08%
3.339,07
0,00%
2.601,12
0,00%
''
1.321,92
0,00%
0,00%
2.180,69
0,00%
11.432.281,94
10,53%
7.923.817,32
8,43%
5.981.454,23
6,33%
108.577.851,17
94.048.951,80
94.481.445,88
.
, 25 2013

26868
( )

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ERGASIAS , ALPHA BANK ..

ALPHA BANK 31.10.2012.

.., Emporiki Bank,

Hocher Jean Yves

, 2010, 2011 , . 13-15

HSBC BANK plc

CITIBANK International plc

2008 2011 HI,

EU Structural financial indicators (http://sdw.ecb.europa.eu/reports.do?node=1000002869).

CYPRUS POPULAR BANK PUBLIC CO LTD

ALPHA BANK, Eurobank, .

.2. ALPHA BANK

.. .4314, Johnson & Johnson/Pfizer, . 73,

. .. -342/99, .., . 262, 266-268,

. C-68/94, .., 228, M.1016, Price Waterhouse, 104-105, N. Levy, EU

. .. CinvenWarburg Pincus/Casema/Multikabel, COMP/

. 534/VI/2012 ALPHA / EFG EUROBANK

. 534/VI/2012 ALPHA / EFG EUROBANK

. 534/VI/2012 ALPHA / EFG EUROBANK

. . COMP/M.4844-Fortis/ABN AMRO, . 118 (

2/4/2012 , Marfin Popular

CYPRUS POPULAR BANK

HHI (<2.000) 250 ([100150] 2011 [150-200] 2012).

. T-102/96, Gencor , . 202. . Merger control in the EU,

COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 113

ALPHA BANK Eurobank [1525] %, [15-25] %, [15-25] % [5-15] % ,

IV/M.202 Thorn EMI/Virgin Music, . 40,

. M.4865, ENEL/Acciona/Endesa, . 30-43.

. COMP/M.4844- FORTIS/ ABN AMRO, . 162.

HHI (<2.000) 250 ([200-250]

. COMP/M.1016 Price Waterhouse/Coopers & Lybrand, . 103 113,

. COMP/.3333 Sony/BMG (2), . 92.

Z.3.1.2. (card issuing)

) (selective - pure store cards) 234

. COMP/ M.5384 BNP PARIBAS/FORTIS, . 16,

(issuer acquirer) (on-us transactions).

80% VISA MASTERCARD.

. .. 534/VI/2012 ALPHA / EFG EUROBANK

CITIBANK International plc

CYPRUS POPULAR BANK

CYPRUS POPULAR BANK

CITIBANK International plc

IV/M.202 Thorn EMI/Virgin Music, . 40,

. .580 ABB/Daimler Benz, . 90.

, [], [], [], [] []

M.4865 -SIEMENS / DADE BEHRING, . 40-43.

Cyprus Popular Bank

MARFIN FACTORS & FORFAITERS ..,

. 534/VI/2012 Alpha Bank- Eurobank.

EUROBANK - ERGASIAS (Eurobank

. . .. (2004 C 31/03) . 20.

IV/M.202 Thorn EMI/Virgin Music, . 40, .

(creation and managing of mutual

. .. 534/VI/2012 ALPHA / EFG EUROBANK

. M. 5384-BNP PARIBAS/FORTIS, M.4844 -FORTIS/ABN

Marfin Global Asset Management .....

Asset Management .....

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Asset Management .....

Asset Management .....

Metlife Alico .....

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