The state-owned Greek Postal Savings Bank is modernizing and updating its image

RIOR to being floated on the Athens Stock Exchange—possibly as early as the middle of next year—the deposit-rich Greek Postal Savings Bank (GPSB) has been undergoing a process of modernization aimed at upgrading the institution while preserving its historical pedigree.

“We have a solid reputation in Greece, and we need an update in terms of our image,” says Panos Tsoupides (INTERVIEW), the bank’s President, who was drafted in from the private sector to make the bank’s transformation a reality. “We have a good financial performance and can deliver interesting products and services.”

Up to 2002, when it was altered to a public listed company, the bank operated as an independent public entity, administratively and financially decentralized, under the supervision of the Ministry of Transport and Telecommunications.

Since its establishment 104 years ago, the GPSB has given particular attention to serving Greece’s low-income and geographically remote population. “This is the purpose of GPSB, and this is what it will continue to be,” says Mr. Tsoupides.

“The bank has a long established reputation. It boasts many values that are inherent in its brand name; care, friendliness, and the human touch. And the company strives to maintain these values in a contemporary way. We want to rejuvenate its character and update it in terms of products and services.”

According to Mr. Tsoupides, the first goal is to gain value. “The IPO offer will give us the opportunity to gain both cash and commercial value,” he says.

PANOS TSOUPIDES President of the Greek Postal Savings Bank (INTERVIEW)

An important objective is for the bank to become more commercially focused and rebuild its market share. Currently at 8.5%, this translates into 9 billion euros ($12 billion) in deposits and 2.5 million accounts, with an average size of 3,000 euros per customer. The GPSB boasts 135 branches and 900 postal outlets. “We have all the credentials to move ahead.” says Mr. Tsoupides.

He believes a major asset of the bank is its staff, and regards the average age of the bank’s employees, at 49, as an advantage to be exploited.

“I have gone to many of our branches and I’ve seen how our employees work. A 50-year-old cashier lady knows her customers extremely well,” comments Mr. Tsoupides. “If we manage to provide these people with relevant products and services, train them accordingly, and provide them with incentives, then I am sure this is going to fire up the institution. My priority is to bond people together and to agree with them on mutual goals.”