Use these links to rapidly review the document
TABLE OF CONTENTS
INDEX TO FINANCIAL STATEMENTS

Table of Contents

Commission file number 001-14960

EQNIKHTRAPEZATHSELLADOS A.E.
(Exact name of Registrant as specified in its charter)

NATIONAL BANK OF GREECE S.A.
(Translation of Registrant's Name into English)

THE HELLENIC REPUBLIC
(Jurisdiction of incorporation or organization)

86 Eolou Street
10232 Athens, Greece
(Address of principal executive offices)

Gregory Papagrigoris—Investor Relations manager
Tel: +30 210 334 2310—Email:IR@NBG.gr
86 Eolou Street, 10232 Athens, Greece
(Name, Telephone, E-mail and/or Facsimile number and Address of company contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

* Not for trading but only in connection with the registration of American Depositary Shares, pursuant to the requirements of the Securities and Exchange Commission.

Securities registered or to be registered pursuant to Section 12(g) of the Securities Exchange Act of 1934:

None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Securities Exchange Act of 1934:

None

Number of outstanding shares of each of the Registrant's classes of capital or common stock as at December 31, 2012,2013, the close of the period covered by the annual report:

956,090,4822,396,785,994 Ordinary Shares of nominal value EUR 5.000.30 per share

25,000,00012,639,831 Series A Preference Shares of a nominal value of EUR 0.30 per share

270,000,000 Redeemable Preference Shares of a nominal value of EUR 5.00 per share issued to the Hellenic Republic

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yesý        Noo

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yeso        Noý

Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yesý        Noo

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

Yesý        Noo

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of "accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filerý        Accelerated filero        Non-accelerated filero

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAPý        International Financial Reporting Standards as issued by the International Accounting Standards Boardo        Other o

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

Item 17o        Item 18o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yeso        Noý

Table of Contents

TABLE OF CONTENTS

Table of Contents

Table of Contents

INTRODUCTION

Information Regarding National Bank of Greece S.A. and the National Bank of Greece Group

        Historically, Greek Lawlaw prohibited banks from engaging directly in financial service activities outside their traditional deposit and loan functions. Therefore, specialized financial institutions were established in Greece, each for the provision of a particular type of financial service. A Greek bank that sought to provide multiple financial services to its customers would establish several subsidiaries, each a specialized institution within the bank's integrated group of diverse financial services companies. As a consequence of this historical practice, the Greek financial services sector today is characterized by a group of specialized companies established around a principal bank. National Bank of Greece S.A. is the principal bank, around which our consolidated financial services subsidiaries are organized.

        All references in this annual report on Form 20-F (the "Annual Report") to the "Bank" or "NBG" are to National Bank of Greece S.A. without its subsidiaries. The Bank and its consolidated subsidiaries, collectively, are referred to in this Annual Report as the "NBG Group" or the "Group". All references in this Annual Report to "we", "us" or "our" are, as the context requires, to the Bank or to the NBG Group as a whole and all references in this Annual Report to the "Greek State"government" or "Hellenic Republic" are to the Hellenic Republic. In addition, no part of any website, except as expressly incorporated, forms part of this Annual Report.

Currency and Financial Statement Presentation

        The NBG Group operates in many countries and earns money and makes payments in many different currencies. All references to "$", "U.S. dollars", "USD" or "US$" are to United States dollars and all references to "€", "EUR" or to "Euro""euro" are to the lawful currency introduced at the start of the third stage of the European Economic and Monetary Union in accordance with the Treaty Establishing the European Community, as amended, which was adopted by the Hellenic Republic as ofat January 1, 2001. All references to the "Eurozone" are to the member states of the European Union (the "EU") that have adopted the Euroeuro as their national currency in accordance with the Treaty on EU signed at Maastricht on February 7, 1992. All references to "BGN" are to Bulgarian leva, all references to "£" or "GBP" are to British pounds, all references to "RSD" are to Serbian dinars, all references to "JPY" are to Japanese yen, all references to "MKD" are to Macedonian dinars, all references to "RON" are to Romanian lei, all references to "TL" are to Turkish lira and all references to "ZAR" are to South African rand.

        Solely for convenience, this Annual Report contains translations of certain Euroeuro amounts into U.S. dollars at specified rates. These are simply convenience translations and you should not expect that a Euroeuro amount actually represents a stated U.S. dollar amount or that it could be converted into U.S. dollars at the rate suggested, or any other rate. In this Annual Report, the translations of Euroeuro amounts into U.S. dollars, where indicated, have been made at the noon buying rate for cable transfers of Euroeuro into U.S. dollars of US$1.00 = 0.7653,0.7210, as certified for customs by the Federal Reserve Bank of New York (the "Noon Buying Rate") on Wednesday, April 19, 2013.30, 2014. The respective rates for the South African rand, Macedonian dinar, Bulgarian leva, Romanian lei, Serbian dinar and Turkish lira are: South African rand 9.225110.5195 per US$1.00, Macedonian dinars 47.029044.4510 per US$1.00, Bulgarian leva 1.49131.4121 per US$1.00, Romanian lei 3.33083.2121 per US$1.00, Serbian dinars 85.369783.2943 per US$1.00 and Turkish lira 1.7970

Table of Contents

2.1175 per US$1.00. The table below sets out the highest and lowest exchange rate between the Euro

Table of Contents

euro and the U.S. dollar, for each of the completed six months preceding the filing of this Annual Report:

        The following table sets forth the average exchange rates between the Euroeuro and the U.S. dollar and the Euroeuro and the Turkish lira (TL) for each of the five years ended December 31, 2008, 2009, 2010, 2011, 2012 and 20122013 and for the current annual period through April 19, 2013.30, 2014. The following exchange rates have been calculated using the average of the Noon Buying Rates for Euroeuro on the last day of each month during each of these periods.

Special Note Regarding Forward-Looking Statements

        This Annual Report includes forward-looking statements. Such items in this Annual Report include, but are not limited to, statements made under Item 3.D, "Risk Factors", Item 4.B, "Business Overview" and Item 5, "Operating and Financial Review and Prospects". Such statements can be generally identified by the use of terms such as "believes", "expects", "may", "will", "should", "would", "could", "plans", "anticipates" and comparable terms and the negatives of such terms. By their nature, forward-looking statements involve risk and uncertainty, and the factors described in the context of such forward-looking statements in this Annual Report, could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. We have based these forward-looking statements on our current expectations and projections about future events. These forward-looking statements are subject to risks, uncertainties and assumptions about the Group, including, among other things:

•

uncertaintyUncertainty resulting from the Hellenic Republic's economic crisis;



•

the effects of regulation (including the EUR 28 billion plan to strengthen the liquidity of the Greek banking sector and economy (the "Hellenic Republic Bank Support Plan") announced by the Hellenic RepublicRecessionary pressures in October 2008 and augmented by EUR 15 billion and EUR 25 billion in 2010 and further increased by Greek Law 3965/2011 by EUR 30 billion in 2011 and the stabilization program in May 2010, jointly supported byGreece stemming from the International Monetary Fund ("IMF"), the European Central Bank ("ECB") and the Member States of the Eurozone, the IMF//Eurozone Stabilization and Recovery Program, as replaced by a second economic adjustment program in March 2012 and amended in November 2012, jointly supported by the IMF and the EU Member States of the Eurozone (the "Program"));



•

Risks associated with the Bank's need for additional capital and liquidity, most notably from regulatory changes and increased asset impairment;



•

Risks associated with execution of our capital plan;



•

Our ability to successfully complete all elements of our capital plan;

Table of Contents

•

prospective changes in regulation inVoluntary repayment of the Hellenic Republic and other jurisdictions in which we operate, including changes in regulatory and capital requirements;EUR 1,350 million Greek State Preference Shares being subject to the prior approval of the Bank of Greece;



•

recessionary pressuresIncrease in Greece stemmingour costs of funding due to an accelerated outflow of funds from the Program, part of which included an agreement with the private sector whereby private investors would agree to exchange certain eligible Greek government bonds on certain terms (the "Exchange Offer", also known as the Public Sector Involvement, or the "PSI");customer deposits;



•

asNegative results in the stress testing of the Greek banks;



•

Deteriorating asset valuations resulting from poor market conditions;



•

The negative effects of the series of downgrades of the Hellenic Republic's credit rating on our wholesale borrowing costs and access to liquidity and capital;



•

The inability of the Bank of pay dividends to its shareholders currently and also possibly in the future;



•

As a recipient of state aid, the Bank's operational autonomy is constrained;



•

State aid received by the Bank in previous years was only temporarily approved by the European Commission and is subject to further investigation under state aid rules;



•

The Hellenic Financial Stability Fund ("HFSF"), as shareholder has certain rights in relation to the operation of the Bank and in the future the HFSF could obtain full voting rights in respect of its shareholding in the Bank;



•

The Hellenic Republic and state-related entities havehas the ability to exercise and currently exerciseexercises an important influence on the Bank in certain areas and following the completion of the recapitalization plan, if the Bank does not succeed in raising at least 10%, of its capital needs from the private sector, the HFSF will have control over the Bank;areas;



•

Our vulnerability to any decisions byongoing disruptions and volatility in the controlling shareholder of Eurobank Ergasias S.A. ("Eurobank") regarding the merger of the Bank with Eurobank;global financial markets;



•

the Bank's need for additional capital and liquidity, most notably from increased asset impairment, as well as a significant deterioration in asset quality comparedOur exposure to previous estimates;risks potentially faced by other financial institutions;



•

the severe restriction inWe have incurred and may continue to incur significant losses on our abilitytrading and investment activities due to obtain funding in the capital marketsmarket fluctuations and our heavy dependence on the ECB and the Bank of Greece for funding, which may be affected by changes in ECB and the Bank of Greece rules relating to the eligibility of collateral such as Greek government bonds and guarantees;volatility;



•

burden sharingIncrease of non-accruing loans and continuing high levels of provisioning;



•

Interest rate volatility;



•

Significant competition from Greek and foreign banks;



•

Laws regarding the bankruptcy of individuals and regulations governing creditors' rights in Greece, Turkey and various Southeastern Europe ("SEE") countries may limit the Group's ability to receive payments on past due loans;



•

Changes in consumer protection laws may limit the fees that the Group may charge in certain banking transactions;



•

Our business is subject to increasingly complex regulation which may increase our regulatory and capital requirements;



•

The Group may be subject to the provisions of the Recovery and Resolution Directive in the future;



•

The Group may be subject to a proposed EU regulation on mandatory separation of certain banking activities;



•

The Group may be affected by the European Central Bank ("ECB") Single Supervisory Mechanism;



•

The loss of senior management, including the ability to retain or recruit experienced and/or qualified personnel;

Table of Contents

•

Significant future pension and post-employment benefit liabilities;



•

Value of certain financial institution losses by depositorsinstruments recorded at fair value is determined using financial models incorporating assumptions, judgments and estimates that may change over time and may not be accurate;



•

Exposure to credit risk, market risk, liquidity risk, operational risk, insurance risk and foreign exchange risk;



•

Failure of economic hedging to prevent losses;



•

Risk of continually evolving cyber security or other technological risks;



•

Continuing contraction of our loan portfolio;



•

Risk of additional taxes;



•

Our Turkish operations make a significant contribution to our profit for the period, and operating in Turkey carries certain macroeconomic and political risks;



•

Any loss in consumer confidence in Finansbank's banking operations that may lead to an accelerated outflow of funds from customer deposits;



•

uncertainty aboutDeterioration of the Bank's ability to continue as a "going concern";



•

deterioration in macroeconomic conditions, such as the lackcredit quality of liquidity in the global financial and other asset markets and the lack of availability and rising cost of credit;



•

the financial stability of other financial institutions and the Bank's counterparties and borrowers;



•

the adequacy of our current allowances for loan losses, as well as future charges for impairedFinansbank's loans;



•

our abilityThe effect of credit ratings on Finansbank's funding costs and its access to maintain our business;



•

the loss of senior management, including the ability to retain or recruit experienced and/or qualified personnel;



•

our future revenues;



•

negative results in the Bank's stress testing;



•

deteriorating asset valuations resulting from poor market conditions;



•

ongoing disruptions and volatility in the global financialdebt capital markets;



•

macroeconomicCompetition in the Turkish banking sector from private banks and Turkish government-owned financial institutions;



•

Volatility in the Turkish banking sector;



•

Possibility that Finansbank is required to hold higher levels of capital than anticipated by the market;



•

Macroeconomic and political risks in Turkey and the other SEE countries in which we operate; and



•

increase of non-accruing loans;



•

laws regarding the bankruptcy of individuals and regulations governing creditors' rights in Greece, Turkey and various SEE countries;



•

significant future pension and post-employment benefit liabilities;

Table of Contents

•

risk of continually evolving cyber security or other technological risks;



•

risk of our loan portfolio to continue to contract;



•

risk of additional taxes;



•

no assurance that the Bank will continue to satisfy the continued listing criteria of the listing rules of the Athens Stock Exchange (the "ATHEX") or the NY Stock Exchange ("NYSE") following completion of the recapitalization plan; and



•

other factors described under Item 3.D, "Risk Factors""Risk Factors".

        We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. In light of these risks, uncertainties and assumptions, the forward-looking events discussed in this Annual Report might not occur. Any statements regarding past trends or activities should not be taken as a representation that such trends or activities will continue in the future.

        Readers are cautioned not to place undue reliance on such forward-looking statements, which are based on facts known to us only as at the date of this Annual Report.

RECENT DEVELOPMENTS

        On October 5, 2012, NBG announced a voluntary share exchange offer (the "Tender Offer") to acquire all the outstanding ordinary registered shares, with a par value of EUR 2.22 per share, issued by Eurobank at an exchange ratio of 58 NBG newly issued ordinary registered shares for 100 Eurobank shares. The Tender Offer was approved by the Hellenic Capital Market Commission (the "HCMC") on January 10, 2013 and completed on February 15, 2013. As of the date of completion of the Tender Offer on February 15, 2013, 84.35% of Eurobank's shareholders had tendered their shares pursuant to the Tender Offer. Following the completion of the Tender Offer, NBG, was planning to proceed to a merger with its newly acquired subsidiary, Eurobank.

        On March 19, 2013, NBG's Board of Directors approved the commencement of the merger process with Eurobank and the appointment of an auditor to express a fairness opinion on the exchange ratio. The merger would be effected by means of absorption of Eurobank by NBG.

        On March 28, 2013,6, 2014, the Bank of Greece sent lettersinformed the Bank of its capital shortfall, amounting to EUR 2.2 billion, arising from the Bank of Greece stress tests for Greek banks (the "2014 Stress Tests"). In arriving at this estimate, the Bank of Greece assumed internal capital generation by the Bank over the period June 2013 to December 2016 of EUR 1.5 billion based on what the Bank of Greece characterized as a conservative adjustment of restructuring plans submitted by us to the Bank and Eurobank, stating that each bank would have to proceed withof Greece. Following the recapitalization which would have to be completedrequest by the endBank of April 2013 and requesting them to proceed to the relevant necessary actions. On April 1, 2013,Greece, the Bank jointly with Eurobank, sentpresented a capital plan to the Bank of Greece, a letter requesting a formal extension fordescribing the recapitalizationactions it intends to June 20, 2013. In this letter,take to address the Bank stated that an extension would allow the Bank adequate time to complete the merger with Eurobank and proceed with the recapitalization as a combined entity. This request was not approved by the Bank of Greece.

        On April 7, 2013, thecapital shortfall. The Bank of Greece announced that the recapitalization process for the four major banks (NBG, Eurobank, Alpha Bank S.A. ("Alpha Bank") and Piraeus Bank S.A. ("Piraeus Bank")) would proceed. On April 8, 2013, the Bank and Eurobank issued a press release stating that the two banks, in agreement with the institutional authorities, would be recapitalized fully and independently of one another. Accordingly, the merger process was suspended.

        On April 22, 2013, Eurobank's board of directors announced that it would propose at the general shareholders meetingapproved this plan on April 30, 2013, that all rights be issued without offering preemptive rights11, 2014. This capital plan includes certain capital actions amounting to the existing shareholders. On April 30, 2013,EUR 1,040 million. Approximately one-half of this proposal was approved at the general shareholders meeting. As a result, the recapitalization of Eurobank through the HFSF will leadamount relates to our shareholding in Eurobank (in which we currently hold 84.4% following the Tender Offer) being reduced to acompleted capital

Table of Contents

shareholdingactions relating to the sale of lessAstir Palace Hotel agreed in February (see Item 4.A, "History and Development of the Company—Acquisitions, Capital Expenditures and Divestitures") and the higher than 5%, withinitially expected benefit from the HFSF having full voting rightsvoluntary retirement scheme ("VRS") completed in December 2013. Of the Eurobank shares acquired. Asremaining benefit from capital actions, approximately half relates to the sale of non-core businesses and half to loans de-risking. The Bank of Greece approved the implementation of these capital actions amounting to EUR 1,040 million and an equity capital increase (in the form of share capital and share premium) for the residual needs amounting to EUR 1,143 million. In addition to meeting these residual needs of EUR 1,143 million, the Bank decided to further increase its equity base by an amount of EUR 1.4 billion in order to strengthen its Basel III CET 1 ratio and maintain the flexibility to redeem the Greek State Preference Shares. On April 16, 2014 the Bank announced a result, NBG expects that as at December 31, 2013, Eurobank will not be consolidated.

Reverse split andEUR 2.5 billion share capital increase inwhich was completed on May 13, 2014. Under the context of the recapitalization process

        NBG's second Repeat General Shareholders Meeting on April 29, 2013, approved the2014 share capital increase, of the Bank in the context of the recapitalization process. More specifically, the same meeting approved the concurrent (i) increase of the par value of each common registered voting share of the Bank from EUR 1.00 to EUR 10.00 and reduction of the total number of the existing1,136,363,637 new, dematerialized, common, registered, voting shares of the Bank from 1,226,601,200 to 122,660,120 new common registered voting shares, by merging the existing common registered voting shares of the Bank (reverse split) at a ratio of 10 existing common registered voting shares of the Bank to one new common registered voting share of the Bank; and (ii) reduction of the par value of each common registered voting share of the Bank (as determined pursuant to the reverse split) from EUR 10.00 to EUR 0.30 with the purpose of creatingeach at a special reserve of equal amount, under article 4 paragraph 4a of Greek Company Law 2190/1920. Any fractions of shares resulting from the reverse split and the reduction of share capital as described above will be sold by the Bank as soon as possible in accordance with applicable securities legislation.

        The General Shareholders Meeting approved the following in the context of the recapitalization process:

a)

the issuance, pursuant to Law 3864/2010 and Cabinet's Act 38/2012, of unsecured and subordinated perpetual bonds, contingent, convertible into common, dematerialized, registered, voting shares of the Bank, redeemable by the Bank, of a total amount up to EUR 1,900 million, payable through contribution in kind, to be disposed through private placement and by excluding the preemption rights of the shareholders of the Bank.



b)

a share capital increase of a total amount of EUR 9,756.0 million, including any amount above par, (the "Total SCI") through the issuance of new, common, registered voting shares, the number of which will be equal to the result of the fraction having as numerator the Total SCI and denominator the subscription price of EUR 2.20 each were issued. Subject to the newly issued shares (the "New Shares"). The nominal valueapproval by the board of the New Shares will be EUR 0.30. The subscription priceof Hellenic Exchanges—Athens Exchange S.A. Holding (the "HELEX") of the New Shares will be determined by the Bank's Board of Directors in accordance with applicable legislation. The Bank's Board of Directors is also authorizedlisting to determine the numbertrade of the New Sharesnew shares, trading of the new shares on the basis of the Subscription Price.

        The subscription price may be higher than the market price of the Bank's share on the cut-off date.

        The SCI will be in part subscribed by paying cash and in part through contribution in kind. In particular:

a)

EUR 1,171 million of the Total SCI may be subscribed by paying cash, without abolishing the preemption rights of the shareholders of the Bank, apart from the Greek State as holder of the preference shares of the Bank issued under Greek Law 3723/2008, as currently applicable, (the "Cash SCI"Athens Exchange ("ATHEX"); while



b)

EUR 9,756.0 million of the Total SCI (i.e. the total amount of the SCI), may be subscribed through contribution in kind and in particular, through contribution of European Financial Stability Facility ("EFSF") bonds. This part of the SCI will be exclusively subscribed by the HFSF and preemption rights of the Bank's shareholders will be abolished (the "SCI In Kind").

        If the 10% participation by the private sector is not attained and the HFSF fully covers the capital increase, the HFSF will become the controlling shareholder of NBG, holding approximately 95% of NBG's share capital, and the shares held by HFSF will have full voting rights. The recapitalization of NBG is expected to be completed in June 2013.commence on or about May 20, 2014.

Table of Contents

PART I

ITEM 1    IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

        Not applicable.

ITEM 2    OFFER STATISTICS AND EXPECTED TIMETABLE

        Not applicable.

ITEM 3    KEY INFORMATION

A.    Selected Financial Data

        The following information as at, and for the years ended, December 31, 20082009 through 20122013 has been derived from the consolidated financial statements of the Group. These financial statements have been prepared in accordance with U.S. GAAP. The selected financial and operating data should be read in conjunction with Item 5, "Operating and Financial Review and Prospects", in this Annual Report and with the Group's audited U.S. GAAP financial statements and the notes thereto as at December 31, 20112012 and 20122013 and for the years ended December 31, 2010, 2011, 2012 and 20122013 (the "U.S. GAAP Financial Statements") included elsewhere in this Annual Report.

Table of Contents

Table of Contents

Table of Contents

SELECTED FINANCIAL RATIOS

        For exchange rate information, see "Introduction—Currency and Financial Statement Presentation".

Non GAAP measures

        This Annual Report contains references to certain measures which are not defined by U.S. GAAP, namely "deposits excluding interbank deposits".

        The Group defines "deposits excluding interbank deposits" as "Total deposits" deducting "Interbank deposits" amounting. Interbank deposits amount to:

•

EUR 31,630.822,030 million as at December 31, 2013, EUR 31,631 million as at December 31, 2012 and EUR 32,024.532,025 million as at December 31, 2011 and EUR 24,873.3 million as at December 31, 2010 for banking activities in Greece;



•

EUR 40.834 million as at December 31, 2013, EUR 41 million as at December 31, 2012 and EUR 104.1104 million as at December 31, 2011 and EUR 288.1 million as at December 31, 2010 for international operations;



•

EUR 919.01,029 million as at December 31, 2013, EUR 919 million as at December 31, 2012 and EUR 533.8534 million as at December 31, 2011 and EUR 965.8 million as at December 31, 2010 for Turkish operations; and



•

EUR 32,590.623,093 million as at December 31, 2013, EUR 32,591 million as at December 31, 2012 and EUR 32,662.532,663 million as at December 31, 2011 and EUR 26,127.2 million as at December 31, 2010 for the Group.

        The Group uses the measure "deposits excluding interbank deposits" in order to enhance the comparability of its financial performance between reporting periods, particularly in light of increased funding from the ECB and the Bank of Greece (collectively referred to as the "Eurosystem") resulting from the pressure experienced by the Hellenic Republic in its public finances. "Deposits excluding interbank deposits" are not financial measures determined in accordance with U.S. GAAP and, accordingly, should not be considered as an alternative to other measures derived in accordance with U.S. GAAP.

Dividends

        On April 17, 2008, at the Bank's General Meeting, the Bank's ordinary shareholders approved the distribution of a dividend in the amount of EUR 1.40 per share with respect to the year ended December 31, 2007. All ordinary shareholders received EUR 0.40 in cash. The remaining EUR 1.00 was received in the form of shares at a rate of 4 to 100, as approved at the Bank's repeat General Meeting held on May 15, 2008.

Table of Contents

        On June 2, 2009, the Bank's General Meeting approved the non-payment of dividends to ordinary shareholders as a result of the Bank's participation in the Hellenic Republic Bank Support Plan and the payment of dividends to preferred shareholders as follows:

•

the payment of the interim dividends in the amount of EUR 32.733 million to the holders of our non-cumulative non-voting redeemable preference shares for the financial year ended December 31, 2008, which was authorized for payment by the Board of Directors on November 17, 2008;