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HDB: Major institutional upgrade

After the excellent presence in the last 3 years and the spectacular development of its operational scope and financial sizes, the Hellenic Development Bank-HDB has already submitted a request to the European Commission (DG ECFIN in the framework of the InvestEU program) to become the first Greek certified body for direct utilization of community funds, as stated in its announcement.

In the context of this process called pillar assessment, which will allow HDB to manage European Budget resources in the future, the Hellenic Development Bank-HDB is proceeding with the adoption of best corporate governance practices, with a separation of executive and non-executive roles.

The General Assembly of the Hellenic Development Bank-HDB approved the appointment of the former Deputy Minister of Finance, pr. MEP and ambassador of the European Commission, Giorgos Zavvos in the position of non-executive Chairman of the Board of Directors.

The executive authority remains with the Chief Executive Officer (CEO) Athina Hatzipetrou and the Vice President Pantelis Tjortzakis, in matters of innovation.

The benefits for HDB – provided the pillar assessment is successfully completed – include:

• Direct access to the EU budget
• New business opportunities and capacity to mobilize private capital supporting key EU policy priorities;
• Strengthening the positive legibility (visibility) of HDB.

The many years of experience of Mr. G. Zavvos in the European Institutions will strengthen the international presence of the Hellenic Development Bank-HDB.

Having now completed its corporate transformation into a modern financial institution, having granted in the last 3 years, more than 41,000 loans and 8.5 billion Euros in new financing, with polled customer satisfaction recorded at close to 80% (Metron Analysis), HDB is moving forward in the new era for the Greek economy.

With a new structure, modern, innovative and flexible financial tools, it effectively responds to the needs and goals of all Greek businesses.

The new Chairman of the Board of Directors, Giorgos Zavvos, assumes duties from September 1, 2022.

Source: Capital

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