National Bank poised for major ‘transformation,’ says CEO Pavlos Mylonas

The need for change at National Bank of Greece is "imperative," the lender's chief executive, Pavlos Mylonas, tells Kathimerini, heralding its transformation into a "modern bank that will respond to new challenges."

This "journey of transformation," he explains, will unavoidably entail reductions in staff, operational costs and branches, as well as simpler transactions and processes. Mylonas stresses that reducing NBG's bad loan portfolio is the main pillar of the plan, while arguing that the two solutions tabled by the Hellenic Financial Stability Fund and the Bank of Greece need to be pushed forward in order to assist the process, and "can be implemented in combination."

What are the main pillars of NBG's "transformation" that you have already spoken about?

Major changes are indeed afoot at National Bank. Our aim is to make the bank even more...