&

2004

.

3.

5.

1.

2.

13

4.

15

17

6.

19

7.

: ,

23

8.

28

9.

marketing

32

10.

36

11.

40

12.

47

13.

52

14.

&

58

15.

62

16.

67

91

121

136

1.

1.1.
.
(Chorafas, 1999):

(a unit of measurement),
,

(raw material for the banking

industry),
,

(a store of value),

.
,

(a means of exchange),
.
(country risk)
(currency risk).

:
.
, management
,
.
1.2.
,

.
, , (the role of an

intermediary),
(

).
,
,
. ,
.
5

1.3.
management
, .
,
. -

, .

, ,
.
(.. ) .

.
,
( & , 2001):

.
, ,
,
(.. ).
,

.
,
, ,
,
6

 ,
.
, ,
,
, .
1.4.
;

. ,
.

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

leasing,

factoring),
.

(
,
.)
( ),
.

1.5.

,
.

. ,

,
,
,

1980

(. , 1998).

,
.
,

.

,
.

2.
2.1.

,

 ()
(/ ).
,

(financial intermediaries),
.

,
, ( )
( & , 1990).1
,
( &
, 1990).

.
, ,
, . ,
, .
2.2.
2.2.1.
:

(financial claims)
(bonds), (treasury
bills), (certificates of deposit CDs),
(mortgages) .

10

,
,

(.. ).

:
) ,
)

) ,

, .
,
, ,
(
).

(.. , ,
). ,

.
2.2.2.
,

, .
,

, ,
, , leasing,
factoring .
11

 ...
,
.
,
,
.
2.3.

.
(money markets)
,

, .

.
(treasury bills), ,
(negotiable certificates of
deposit), ,
(bankerss acceptances), repos .

,
, .

.
, , .
( & , 1990).
2.4.

12

(, 1994),

:
)
(bank-oriented financial systems),
)
- (marketoriented financial systems).

(), ..
().
2.5.

,
( & , 1990):
) (direct financing),
) (indirect financing).
,
, .
:
,
,
,
.
:
) (private placement of financial claims):
13


.
, (
).
) ,
(dealers) (brokers).
) (investment banks)
,
.
,
, timing ,
.
, .
(..
) (full underwriting),

(underwrites)

. ,
(underwriter), ,
.



.

(standby underwriting).
.
,

(best efforts)
.
14

 :
q

.
,

.
,

(maturity), .,
( &
, 1990). , 1000
15
10.000 .
,
.
(commercial banks),
(savings banks), (pension
funds) .

) ,

.
) (commercial
papers) . ,
.
, ,

15

 (). ,

,
:

(transaction costs).

2.6.

(securitization)
.
,
,
().

,
:

,
.,

, ,

16

,
.

;

, (non marketable) ,
,
(marketable securities), (,
1994).
( ),
( ).

()

.

.
;
o ,
o ,
o ,
o

,
, ( ),
( ) .
, ,
,

, , .
17


,
.

.

(asset and liability management),
.

(off balance sheet activities),

,
(. , 1994). ,


.
2.7.

,
.

.
, -
.

, .
( )

18

, .

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

. (, 1994):

,
(commercial papers), .

,
, .

.
,
.
, ,

(bock trades)
. ,

19

 .,
:

(
),

,
.
. ,

, ,

( off the floor market).
,
,
(.. ,
). ,
, .
1975
1979 -
. ,
(off the floor),

. .
(),

.
,
.

20

. ,
,
, ,
,
,
.
3.

,
.
, ( )
( ).
.
, ( ),
(spread escart) .
,
, ,
. ,

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

. ,

21

 ,
.
,
.

.

(Grill & Perczynski, 2001):

:

. ,
, .
:

.

.
,
.
: ,
,

.

22

 : ,
,

.
,
.
:

.
, ,

,
.

(Heffernan, 1996): ,
,
,
. ,
,

. ,
.
,
(monitoring and
control). , .

. ,


.

23

. ,
,

.


. ,
, .
,
,
.
,
.
,
,
.


, ,
. ,
,

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

24

:
;
: . , !

100 .

100 .

10%

4%

= 10 .

= 4 .

.. 2 . .

4,0 .

9,8 .

2,0 .
3,8 .
9,8 .

9,8 .

,
.

25




.
,
(). ()
, .
,

.

.
(
), .

(
).

,
.
,
,
.

).
1

26

100 .

100

10%

7%

10

,
.
,
.
3 . .
,
. .
,
( ) ,
.
(
).
2.
2

100 .

.
100

10%
10

9%
1
( )

27

 2, 1

.

(

),

,
.

.
.

. ,

.

,
,

28

 , .

( ).

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

29

Citigroup

Barclays

Deutsche Bank

UBS

30

:

. ,
,
.
,
(4) :
,
,
,
(.. ).
,
, :
,

,
,

,
, : )
,
, . )

. ) ,
.
,
:
:
, ,
31


.
:
,
,
( ).
4.

: ,

O ,
.
o
.
,
,
:

, ,
(investment banking)
(commercial banking).

(universal banking),

( ),

, (drian & Heidorn,

2000).

32


, , . , ,

.
.
, ,
1933 Glass-Steagall,
o ,
. ,

(underwriting) .
:

,
(..

,

),

,
,
,

,


.

H
(
)
33

 (universal banking)

.
,

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

,
.
,

, :
, ,

,
.

. ,

.

34

(),

agency problems-,
(,
.)
.

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

.

( & , 2000; , 1994):
o ,
(
),

35

o ,
,
.
o , o
(holding),
.
o , ,
( )
,
- .
, ,

( & ):
(retail banking),
(investment banking),
.

(, ,
).
(private banking),
.

( ),
, &
.

( ,
.).
36

37

5.

(statement of financial position/ balance sheet)

(.. )
(, 1995). :

(),

( ),

)
O
.
:
=

= + ( )
()
(). ,

. To
.
, :
o ,
o ( ).

. ,
:
,
38

 (/ ),
.

, .

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

,
,
.
(, , )
,
.
, .
,
.
,
.
(
)
39

 ,

.

,
,
.

.
,
.
,
,

,
.
, :

,
( & , 2001):

40

,
,
:

,
.

,
:
, .

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

(),
. ,
(

41

 ) (),

.

:

) = ---------------------------------------------------- * 100%
()

,
.

) = --------------------------------------------- * 100%


,
.
9.

marketing

.

(
).
marketing
(Grill & Perczynski, 2001):
42

o marketing,
,
o marketing,
,
,
(marketing mix).
Marketing management: marketing management
marketing,

.
marketing: ,
marketing :
)

,
:
) ,
( ).


. ,
,
,
.
)
,
,

. ,
.
)
43

 , ,
.
)
.

. H

( ),
Cross-Selling.
:
,
(.. direct banking),
,

.

. direct
banking, ,
,
.
,

. direct banking
:

Telephone - banking,

Home banking (internet banking),

-ATMs-
.

direct banking
.
44

 (Direktbanken -
),
,
, , FAX, online).
)
,

, marketing
.
,
(..
).
)

,
.
, (public relations)

.
.

. ,
.
,
.
, ,

(sponsoring).

45

 marketing,

.
10.
:

)
, ,
,
. ,
, ()
.

, , . ,
,

.
,
, ,

, , ,
. ,
. ,

46


.

,
,
.



.
,
(
).
home banking
-.
,
, ,
. ,
internet Yahoo,
100 . . ,


online banking, ,
.

,

.
cross-selling ,

47

 , ,
(, , ) .
,
:
, (retail
banking),
.

.
, (private banking),

(,
, ),
.
)
, , .

,
.
,
-
:
:

,
,
( ).


48

 ,
(

).

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

,
,
. ,

,
. , x
(venture capital),
.

,
,
. ,

.

.
)
,
.
(

49

 , . ,

.
11.

,
:

(retail banking),

(wholesale or corporate banking).

O
:

()

,
,
, .

,
(multiproduct firms)

. ,

(private

banking).

50

) ,

,
.
)

.

,
,
.
. ,

,
,
(tailor-made solutions). ,

(interbank market),

.

. -
,
.

(money center banks). A ,
,
.

.

51

:
1

..

..

...

52


:
o ( )

() ,
o (.. , ,
),
o ( )
,
() ,
o ()
, (maturity),
(fixed or variable interest rates),
(non-marketable),

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

, ,
o ( , )
,
,
.

,
. ,

53

 .
:
o (fees and charges)
,
o
- (non-interest expenses),
o ,

,
o
(interest rate margin)
,
o
.
,
,
,
, (.. ),

. ,
(head office) (offshore
centres).

(Chorafas, 1999).
(proximity) ,
,
(direct banking). ,

.

54


. :
PC-banking
. ,
, ,

,
(mass market)
,
(Automated Teller Machines ATMs-)
(Point of Sales POS-).
,
. ,

.
,

,
,
. ,
(tellers),

.

. ,
(marketinduced),
service,
,

55

 . ,
.
,
:

(save and borrow),

. ,
(overcoming timing differences),
.

(invest and trade),

,

.

,
(back
office automation).

, , management

:
o ,
(.. , ,
),
o ,
o .

56

12.

A
, management ,
(business strategy),
:

; ;

; ,
;

, , ,

, .
management :
,
,

.
,
,
,
.
A .
, .
(thinking
ability),
, .
,
57

 management
.
,
. , management :

,
, .

(Chorafas, 1999 -
).

1960

1960

1960

1970
1970

1970

1980

1980
1980
1990
1990

marketing, ,
. marketing
(front desk),
58

 (networks). ,
(back office).
:
,
,
,
,
,
( ),
.

, ,
.
:

: , , ,

marketing ,

, profile
,

,
,

.
, (bankers)
(traders).

(client account),

59

.
marketing
( ).

, . ( ).

(budgeting), , .,

,
:
o

T (cash flow),

(liquidity),

(volatility),

o ,
o .
:
(interest budget)
,
(non-interest budget),
, .

. ,
(information technology)
.

,

.
60

 ,


( ).
management


,
.

20%
15%
10%
5%
0%

61

13.

, (: credere
= , ),

, (/ / ),

. ,
.
(Grill & Perczynski, 2001).
:

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


. ,
.

-
.
(

62

)

( ).

,
,
, , .

. , ,

:
o ,
o ,
o (,
.),
o .

( ,
.
,
.
, :

,


,
,
.

63


,
(..
, ). ,

. ,

(, 1999).
, , :
(.. , ),
,
(
),
.
, :
,
,
.
:

(..

).
,
(Bueschgen,
1991).
, .
,
.

64

(),

().


( ). ,
, , :

,
, ,

, ,
,

.

, ,
,

(, 1997).
(
).

, .
, ,
(.. ).
,

,
, .
65


. ,
,

.
,

, .

.


.
.
,
.
, ,

. ,
, ,

.
,
:

,
- .

.
.

66


,

.

. ,

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


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

, ,
.

67

 (
, , ):

/
,
,
, .

(credit rating) ,
. ,
,
management .
14.

&

,
.
& ( & ),
.
&
, ,
,
.
,
,
68

 .

(consolidating home market position),
&
.

&
( ).

, .

,

.
,
.
.

. ,
, ,
.
,
.

(, 2001)
. H
.

. ,
(universal bank)

69

 ,
.
,
. ,
,
,

. ,
,
,
, (outsourcing). ,
, ,
,
& ,
(deconstruction)
/
.
, management
&
,
:
) ,
)
) & .
, ()
. ,

.
(), .

,

70

. & ()
. ,
&
, ,
,
.
,
.
, (Alpha Bank,
2001):

(concentration of power),

(contagion risks).

(firewalls) ,

(OECD, 1993).
& ,
.
,
.
, ,

71

 ( Credit Agricole, Eurobank Deutsche Bank

ING). ,
,
,

. ,
, ,
(..
, , ). ,
, ,
,
.
(retail banking) ,
,
.

15.

, (.. . .
1997, 1998),
:

K ,
. ,

.

,
.

72

,
.
.
,
. , ,
,
, ,
.
.

(..
),

(..

)
(.. ).


,
,
,

. , ,
, .

. , . .

.

73

 , ,
,
,
.
,

.
,
.

(
). ,


.
,

.

.
(.. ,
), ,
.
(Bank for International Settlements,
Secretariat of the Basel Committee on Banking Supervision, 2001)
:
o (minimum capital requirement)
o (supervisory review process)
o (market discipline)

74

 3
:

(credit risk)

(market risk)

(operational risk)

,
.

( ),
.

,
,
.
(Value at Risk VaR-).
Pr (x VaR) > y%

Pr (x > VaR) (100 - y%)

Pr , x
, VaR
y
. ..
y 95%, 95%

VaR, 5%
VaR. , VaR

.

75



.
, :

= ------------------------------------------------------------------------------------ * 100%

+ +

, 8%.
8%
(risk-weighted
assets).
,


, .
,

. ,
,
,
(..
,
).

76

16.

;
,
(deregulation) (liberalization),
.
:

,
,
,

,
.
,
,

.

(General Agreement on Trade
in Services: GATS)2

.

GATS,
, : ) , , )
, )
)
(bl. United Nations, 1994).

77


GATS,
,
.
GATS,
GATT (General Agreement on Tariffs and Trade), :
(most-favoured nation) -,
(transparency) ,
,

(progressive lowering of trade barriers)

(national treatment).

. ,

:

,

,

(holding foreign assets)

(. United Nations, 1987).
(.. ,
),
,
,
78


.
,



.

-
,
(offshore centres).


.
(reregulation) ,
.
,

reports
(. . , 1998).

;

,
.

.
,

79

 ,
, , .
,
, , ,

(financial instruments)
. 3

,
,
footloose.4

,
,
,
.


, .5

3

-
(. United
Nations, 1987).
4
(Eurocurrency Market)
1960 1970
, (migration),
.

(communication costs),
management ,
, .
5

(securitization).
, ,
(.. ) (
4). 1980

(. IMF, 1992).

80

 . ,

.

(underwriting)
(securities),

(.United Nations, 1987).
,

.

,
,
. ,
, ,
.

,



(. United Nations, 1987).
A
;
, ,
,
,

81


. ,

(electronic highways)
,
/
.

.

,
. 1990,
65-70
(. . , 1991).
M
,
, ,

,
.
,

1982,
,
1987, 1995 ,
1997/98 1998.
,

:

82

 ,
,

.

,


:
,

.

. :
)

(policy induced shocks).
) ,
,

.


(.. , )
(.. )

.
,
83

 (

),

, .
,

, -

.
;


.
, ,

.
.

,

. ,
. ,
,
.
,


.

84

, ,
.
,
,

,
, ,

. ,


.

(banking services);

:


, .

,
.
,
(.
United Nations, 1994).
)
O

:
(correspondent banking)
(direct trade).
85


(bank to bank business),

.

, ,
.

,
.
)

. ,
,
:
(home country)
(host country).

(representative offices)
, marketing

. (branches)
,

. ,

86

 ,
. (agencies)

.

(subsidiaries) ,
( ),
. (associates)

.
(controlling interest)
,
(majority participation). M
(joint banking ventures)
, ,
.
(Tradability)
;

,
(. United Nations, 1994).
)
) .
) ,
(transportability/ technical
tradability).

87


.
,
(cross-border trade in final
services).
,
(ATM)

,
.
(retail banking),
-.
,

(transportability of intermediate
products).
,
(divisibility)
.
.


,
(. World Bank,
1991).

(electronic data processing -EDP-)
,

88

 (digital network technologies)

. ,


.

,

(subcontracting), .

(recipients of money transfers)
.

,

(. United Nations, 1994).6

(back-office processes).
,
(computing centres),

(branch office).
,

(data - communications networks)

.

,
6

A

.

89

,
,

, .
,
.7
,

,

,
(face - to - face contact).

,
. ,
, ,

. ,
, ,
,
(storable),

.
)

.
:

, -
, .

90




.


.

.
, ,

,

.

;
,
.

,
. ,

.
,

,
.

91

 ,

.
(credit cards)
,
(corporate/ wholesale banking).

, - .
,
, . ,

,
,
.
, .

(data bases),
,

. ,

(electronic

data

interchange)
.
, (screen-based
homebanking

systems),

92


(. United Nations, 1994).


;

, :

,
,
,

.

,
.
,


(
),
.

.

.

.
93


, ,
.


( outsourcing)

.

,
.

, .

(back-office

processes), (.. document

processing clearing)
. , ,

94

;



,

.
,
,
.

,

,
,
,
,

,

.

.
1960,
,
,
95


.
H

(transaction costs).

,

)
.



.



(management of international networks of affiliates)
(. B.
Preissl, 1988).


,
. ,
,
.

96

 .8
.
, .
,

.

,

,
(.. ).
,

.

,

.


(. OECD, 1992/ OECD 1994) .
,

8

:
Chase Manhattan 1992
.
,
.
City Bank ,

. ,
. , J.P. Morgan
(back office functions) Delaware ,

(. United Nations, 1994).

97

 .
(trust)
,

. ,

,
,

(payment

services)

-.
,
;
, ,
(highly computerized business).

(rationalization)
,
,
, .
, ,


. ,

,
.
,

, .

98

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99

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services).

100

TO T
1. 1980

.
2. 1980
1990
)

o
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o
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Alpha Bank
Eurobank
101





INTERBANK


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3.

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:
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) ALPHA BANK
Alpha Bank
Io
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Eurobank

( Eurobank)

Interbank

102

(
)

Nova

Omega

103


Corporate Banking

. ,
(.. , ),
management
.
(. , 1998),
,

,
.
(Segmentation)
, ,

.

()

,
().
,
,
,
,
(niche strategies)
(. European Commission, 1997).

.

104

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. H
,

.

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(..

),
. ,

2,3 . (800 . .),
2,9 . (1.000
. .).
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105

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.

.

. .
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32,3 . (11 . .)
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9

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,
.. 197/11/78.

:
)
, 1985
250 . . (/
527/2.8.85), 180 . (/ 523/22.7.85).
) 1990 , ,

500 . . (/ 1990/11.10.91), 350 . .
.
) 1994 , 500 . . 700 . .
) 1996 ,
800 . . (/ 569/5.1.96).

,
,
.

106

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, 1994).
(..
).

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3

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107

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.
(. L 107/8,
30.4.1996)
( 1, 1):
250 ,
40 . (Ecu
1996) 27 .
E,
.
25%
,
( ) (
1, 3).

. ,
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50 ,
7 . E
5 . E,
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1).

108

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1989 , 1995
.

109


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(..

197/11/78).

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6)

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111


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.


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.

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(: E. F. Schumacher, 1973/ OECD, 1982/ G. P.
Sweeney, 1983/ A. Trokkos, 1991). M
small is beautifull (E. F. Schumacher,1973),

,
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,

12

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112

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113

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114


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).14

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,

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, (
)

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14

, ,
, . ,
, management
, .

115

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,
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1990),
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,

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).
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,
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, management
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116

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.
,

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, ( - &
, leasing & factoring,

.),

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,
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.

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.15

15

(. , 1997),

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.

( )
. ,
- .

117


,
(European Commission,
1997) .

.
,
4
4 - ,

.
,
:
) (High Value SMEs),
) (Medium Value SMEs),
) (Low Value SMEs),
) (Loss-making SMEs -for banks-).

:

.
-.

, Premium Clients, Prestige Clients, Hot
Clients Blue Chips.

,

118

 (relationship banking16)
, .
:
, ,
,
, ,
.
( ccount
Managers),
.
:
,
,
. ,
, ,
, (..
).
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16

relationship banking ,
Account Manager,
.

119

 , ,

,

.


.

(1997) ,

( -)
,
.
,
3
- :
) (potential entrepreneurs)
,

-

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) (aspiring entrepreneuers),

.17

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17

,
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120

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.

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,

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121

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(1997),
(9 10)
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.

122

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123

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124

 .

.

.

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.
:



:
(corporate bonds),
(asset based loans),
(private placement),
(venture capital),
(leasing),
(factoring),
(supplier credit),
(retained business profits).
(
)

.19
19

1983-93 (non - interest

income) : 35% 45%,
24% 33%, 17% 24% 16% 33% (.
uropean Commission, 1997, ).

125

, ,
,
,
(micro-business/enterprises).
(corporate banking)
, ,
, - .
,
,

,

(traditional

business

financing), -,
.
:
(1997)

( - ),
. ,

. ,

corporate finance ,
,
, factoring, leasing (. . ,
1997).
, ,

, ,

126

(bank driven),
, ,
.
.
,
.

,
,

.
:
)
,
.
)
,
, ,
.
,
,
.

, :

127


,
,
,
,

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) H

,

.
) ,
.

,
(. United Nations, 1994).

,
(.. o ),

.
,

.
,

128

 . ,
.

,

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i
,
.


. ,

,
,

(..

, ).20


,
, ,

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,
( )
20

management
,
, , .


.

129

 ,
know-how.
,

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- (segmentation policy). )

. ,

-,
- (relationship management
policy).
. ,

.
:
:

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,
.
,

.
,
, (.. micro - enterprises)
, -
130

 corporate banking
(private customer department) (
European Commission, 1997).
(profit per client),
.
(
)
. ,

,
.
:
;
(1997) 21

(.
European Commission, 1993).
/ .
, ,
, (transaction costs),
(interest costs),
(transparency).
, ,

,22 ,
,

21

.
22

.

131

 ,
.
-
.
,
,
(risk classification),
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,
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, ,
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,

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23

132

133

, o . H

,


.

;
,
, , :
T 1960

.
,
,
,
.
1970
.
(1970, 1980 1990)

134

.

(.. , ). ,
,

, .

,

,
.

.
1970.

.

.
, Barclays, Credit Lyonnais, Societe
Generale Bayerische Vereinsbank.
.
1970
,
,

(.. Citibank 1988 Citibank ).24

1970

(Bank Saderat Iran, Arab Bank),

.

24

1980 (.. Citibank , , Interbank, ).

135

 (.. , ),
1990 .

. H

-

,

.

,
.25

;

4 :
) ,
)
,
)
,
) .
)
1980 ,

25

, 1980
.

136

 ,26

.

.
)

, ,
, ,
. 1980
, ,
.
,

. 1991
63 , 17
Citibank, 7 Barclays 7 American Express, 31
, 49.2%
.27 ,
1 ,
2 4 .
) ,
,
,
, a
priori .
26

( 1.1.93) -
. , -

-.
27
(1981-91) Citibank 8 17 ,
Barclays 1 7, American Express (. . , ..
, 1994).

137

 ,
,


.
1990
,
10-18%,
.

(),

. )
,
)
,
,
.28
)

, )
) ,
,
,
.
28

,
( - )
. ,
,
.

(, , , )
.

(.. )
1980 .

138


.
,

:
.

(wholesale banking)
(retail

banking),

,
(.. swaps), (investment
banking) - & , ,
,
.-
,
.
.

.
,
, (, , ).


. ,
(..
, , ),


. ,

139


.
,
.


,

(. . , 1998).

;
,
, 1980
, .
(1981)

,
,
.

.


.

,

. ,

140


(
) ,
.
1980
.

.

,
.29
.

.
. ,

. ,

.30
,
.

(.. )
& . ,
29

, (, )

,
, ,
.
(.. ,
),
.
30

0.99 . . 1981 7.03 ..
1992. 1981 9%
, 1992 46%.
. (1993).

141


.
,

.
, (-) .
,
(Deutsche Bank)
(Eurobank-)
(
. 14).

( ),

(Credit Agricole). ,
,

.

.

, ,
.

(.. )
,
,

, .
,
,

142


.
,



.


,
, ,
.

,

.

marketing retail banking
.

(retail

banking)
, (wholesale banking)

(..
, . ).

,

. ,

143

 (market niches)
,
.
(
)
.
:
-
(tradability of banking services),

, ,

.

(liberalization/ deregulation)


,


. ,
, ,

.

,
.
. ,
,
144

,
.

. ,

,
(..
) .


(.. , ) ,
.



.

, ,
, ,

.
,
(retail banking)

, ,
.31
31

(corporate banking)

145

1980

. , ,
,

, ,
.
(.. ),

.

. 1960
, 1970

,

.
.

,
,
,

,
& .
, (retail banking)
,
.

146

,

.
,
,
. 32


,
.
: .

retail banking ,

.

.
.

,

32

, (saving
banks).

& ( . ,
1997).

147

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