So long Bank of Athens, hello Grobank
Greece’s debt crisis hastened Bank of Athens’s reinvention as a lender across the food business chain
In a shift from pita to ploughs, Bank of Athens this week rebranded itself Grobank. This is the latest shake-up in SA’s banking sector, which has seen Discovery launch a behavioural lender, the big four traditional banks rejigging their branch networks, and low-fee options Zero and Tyme rubbing their hands at the prospect of taking a slice of the retail pie. "We are launching what is effectively a 70-year-old ‘new’ bank," says Spiro Georgopoulos, Grobank’s CEO. Originally established to cater to the needs of SA’s Greek community, the institution now has agricultural services company Afgri as its largest shareholder and will pivot towards being a lender for those in farming and food production. And the bank, which has assets of R2.4bn, is not aiming for the mass market. "It is a highly competitive space and probably overbanked," says Georgopoulos. Grobank has a carefully carved-out niche that it wants to grow.
The focus will be on "chunky, family-run businesses", says Georgopou...
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