HDB, G. Zavvos: The economic transformation of Greece and the contribution of the Hellenic Development Bank

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HDB, G. Zavvos: The economic transformation of Greece and the contribution of the Hellenic Development Bank

“The Greek Development Bank – HDB is now an integral part of the new banking map that outlines the country’s development path, after obtaining the investment grade”, said its president and CEO, Georgios Zavvos, at the discussion panel of the Thessaloniki Summit 2023 on the topic “Banking and Stocks : Shaping the future of finance”, with the CEO of the Athens Stock Exchange Group, Giannos Kontopoulos.

Mr. Zavvos reminded that according to the estimates of all the European institutions in Europe, 620 billion euros will be needed for the green transition, as well as 125 billion per year for the digital transition on average, until 2030.

In order to finance these huge scale investments, in such a short period of time, the EU should deepen the European Capital Markets Union, centered on the tool of securitizations.

The Greek economy

Specifically for Greece, he emphasized that a dynamic financial system capable of financing the biggest economic transformation the country has experienced is needed, as it is in the eye of climate change and aims to become a hub of energy and green transition, and the Hellenic Development Bank can contribute crucial to this venture.

As Mr. Zavvos explained: “The “spring” that the banking system of our country is experiencing nowadays, with the acquisition of the investment grade and the high profitability of the Greek systemic banks, is largely due to the Greek Plan “HERAKLES” which in record time, freed banks’ balance sheets of around 70 billion euros of bad loans, reducing NPEs from 45% in 2019 to around 7% now.

This is a far-reaching reform.” The debate was moderated by journalist Dimitris Pefanis.

The article HDB, G. Zavvos: The economic transformation of Greece and the contribution of the Hellenic Development Bank was published on NewsIT .

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