The National Bank of Greece (NBG) has joined European Commodity Clearing (ECC) as a new general clearing member. NBG obtained a general clearing licence and can now offer Euro denominated clearing services for all products and markets cleared by ECC.
The NBG, which is based in Athens, plays a key role in supporting the Greek economy as well as the economic and social transformation of the country. The bank offers a wide range of financial products and services that meet the needs of private and business customers, managing one fourth of the banking market in Greece.
NBG through the years has been a pillar of major energy projects financing in Greece, leveraging its technical expertise and strategic solutions.
“As such, NBG is delighted to become a general clearing member of ECC,” says Paul Mylonas, CEO of NBG.
“We will now be able to extend to our clients a full range of power, natural gas and emissions products for the Greek and European markets and offer clearing services to Greek non-clearing members. NBG is the only Greek Bank that offers participants of the EEX and HEnEx exchanges services from one source. Indeed, this membership complements well our vision to be the leader in investment and financing of energy projects in Greece and be the ‘Greek Energy Bank’.”
“We’re looking forward to our business relationship with National Bank of Greece”, comments Thomas Siegl, CRO of ECC. “NBG is our first Greek clearing member and will facilitate the access for further customers from the region to connect to our large network of participants and a wide range of standardised, cleared energy and commodity products which will contribute to build liquidity and security in the Greek energy market.”
With the admission of NBG, 28 clearing banks are now connected to ECC – 27 in Europe, and one clearing bank in the United States.