The Cooperative Bank of Epirus successfully held its 48th Annual General and Electoral Assembly on Wednesday, July 2, 2025, at the Epirus Palace Congress & Spa hotel in Ioannina. During the Assembly, shareholders were informed about the Bank’s financial results for 2024, as well as the strategic plan for the coming years. All agenda items were unanimously approved.
The General Assembly began with a speech by the President of the Bank of Epirus Mr. Vasilis Kolios, who extended a warm welcome to attendees and thanked them for their presence. “2024 was a turning point for the Cooperative Bank of Epirus, a year in which our strategy materialized into tangible results. This is a strategy based on the timeless elements that distinguish us: our deep connection with local communities, flexibility in decision-making, direct and human service, reliability and the trust relationships we have built with our customer base.”
“Our goal is to transform the Bank of Epirus into a public banking company and obtain a nationwide operating license”
Mr. Kolios continued his speech, stating: “The Bank changed its face by increasing all its dimensions, its staff, partners, capital and profits, improving all its financial indicators as well as its corporate governance. It continued uninterruptedly to support the economy of Epirus, participating in the vision of every person who approached us to establish a new business or to grow and strengthen their existing one. With this momentum and having laid solid foundations for development, we are moving towards our next major goal: transforming the Bank of Epirus into a public banking company and obtaining a nationwide operating license. The entry of the new investor multiplies the prospects for the Bank’s evolution, opening the way for creating a nationwide network and of course increasing the real value of each cooperative share.”
Mr. Ioannis Vougioukas, Managing Director of the Cooperative Bank of Epirus, presented the Bank’s financial results for 2024, highlighting the positive trajectory and key performance indicators for the year. Pre-provision income (PPI) increased, while non-performing exposures decreased significantly, without the Bank ever receiving government support. Meanwhile, capital and deposits increased, providing momentum for the Bank’s evolution.
In his speech, Mr. Vougioukas stated: “2024 was another even better year for the Bank, with its upward trajectory reflected in its financial metrics. Leveraging Greece’s positive momentum and our effective strategy, we achieved the best results in recent years. I would like to emphasize that our Bank never received government support, while the significant reduction in non-performing exposures is achieved through internal management. From a small regional Bank with strong roots in Epirus, we are building step by step the Bank of first choice for SMEs throughout the country. This is not just a strategic plan. It is the vision we are implementing methodically. Through continuous, coordinated and targeted efforts, we achieved further rehabilitation of the Bank’s balance sheet, significant upgrading of its
technological infrastructure and continuous improvement of its corporate governance, resulting in attracting new investors. With the entry of new investors, the Bank’s capital will double and ensure the continuity of the path towards completing the vision of the Bank’s transformation. The Bank of Epirus is much more than financial indicators. It is the story of a collective effort, which continues with consistency, responsibility and faith in the future.”
Mr. Vasileios Tsoukanellis, Executive Director of the Cooperative Bank of Epirus stated: “Through the efforts of the Bank’s Board of Directors members and its staff, with the support of more than 21,000 shareholders, and of course with the active participation and support of its main shareholder to date, TEAEAPAAE, the Bank managed to attract and secure the participation of a new strong institutional investor. An investor who, imbued with the vision of the Bank’s founders and their successors, and anticipating the prospects for its development, secures with their participation the acquisition of a nationwide operating license through doubling the capital.”
Within the framework of the General Assembly, the Employees’ Association confirmed its commitment to its institutional role, announcing the ratification of a new Enterprise Collective Labor Agreement, following constructive negotiations with Management. Meanwhile, elections for selecting the employees’ representative to the Board of Directors were successfully completed, confirming the importance of their institutional participation in the Organization’s administrative function. Special reference was made to the Bank’s participation in an Energy Community (E. Koin.), an initiative that began with a proposal from the employees themselves, with them declaring themselves present and ready to actively contribute to the next step of their participation in the E. Koin.
Mr. Apostolos Baltzois, President of the Board of Directors of the Employees’ Association of the Cooperative Bank of Epirus, stated among other things: “The employees of the Cooperative Bank of Epirus demonstrate in practice that they continue to work with conscientiousness, responsibility and creativity, supporting the developmental trajectory of the Organization.”
