ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

https://www.nbg.gr/english/the-group/investor-relations/annual-report-offerring-circular/Documents/2204T11_CNB.pdf

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 20-F
(Mark One)
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF
THE SECURITIES EXCHANGE ACT OF 1934
OR
 ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2004
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Commission file number:

 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)
Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:
Title of each class Name of each exchange on which registered
American Depositary Shares New York Stock Exchange
Ordinary Shares New York Stock Exchange*
* 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, 2004, the close of the period covered by the annual report:
331,575,511 Ordinary shares of nominal value A 4.50 per share
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.
Yes  No
Indicate by check mark which financial statement item the registrant has elected to follow.
It

TABLE OF CONTENTS
Page
Introduction .............................................................. 3
PART I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Item 1 Identity of Directors, Senior Management and Advisers ................. 5
Item 2 Offer Statistics and Expected Timetable ............................. 5
Item 3 Key Information .............................................. 5
Item 4 Information on the Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Item 5 Operating and Financial Review and Prospects . . . . . . . . . . . . . . . . . . . . . . . . 94
Item 6 Directors, Senior Management and Employees . . . . . . . . . . . . . . . . . . . . . . . . 117
Item 7 Major Shareholders and Related Party Transactions . . . . . . . . . . . . . . . . . . . . 127
Item 8 Financial Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128
Item 9 The Offer and Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 130
Item 10 Additional Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 142
Item 11 Quantitative and Qualitative Disclosures About Market Risk . . . . . . . . . . . . . 153
Item 12 Description of Securities Other than Equity Securities . . . . . . . . . . . . . . . . . . 160
PART II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
Item 13 Defaults, Dividend Arrearages and Delinquencies . . . . . . . . . . . . . . . . . . . . . . 161
Item 14 Material Modifications to the Rights of Security Holders and Use of Proceeds . 161
Item 15 Controls and Procedures . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 161
Item 16A Audit Committee Financial Expert . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Item 16B Code of Ethics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Item 16C Principal Accountant Fees and Services . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 162
Item 16E Purchases of Equity Securities by the Issuer and Affiliated Purchasers . . . . . . . 164
PART III . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
Item 17 Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
Item 18 Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165
INDEX TO FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 166
REPORT OF INDEPENDENT REGISTERED CERTIFIED PUBLIC ACCOUNTANTS . . . . . 167
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2003 AND 2004
AND FOR THE YEARS ENDED DECEMBER 31, 2002, 2003 AND 2004
Consolidated Balance Sheets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 168
Consolidated Statements of Income and Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . 169
Consolidated Statements of Changes in Shareholders’ Equity . . . . . . . . . . . . . . . . . . . . . . . . . . 171
Consolidated Statements of Cash Flows . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 172
Notes to Consolidated Financial Statements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 174
Item 19 Exhibits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224
https://www.nbg.gr/english/the-group/investor-relations/annual-report-offerring-circular/Documents/2204T11_CNB.pdf