as at December 31, 2003 - EFG Bank Group

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10 EFG Bank Group’s Activities (continued) investment fund management and related services. In the retail sector, the Bank continuously develops new products to meet clients’ increasingly sophisticated needs. Together with its subsidiaries it offers retail clients an extensive range of services. These include savings and investment products, mortgage lending, consumer credit and credit cards, small business lending and phone, mobile and e-banking. In the corporate banking sector, the Bank and its subsidiaries provide customers with a wide range of corporate products and integrated solutions via cross-selling initiatives. These include corporate and shipping lending, leasing, factoring and corporate finance (IPOs, capital raising, private equity placements, debt issuance). In respect of securities, derivatives and trading, the Bank’s subsidiary, EFG Eurobank Securities SA, is the leading brokerage house in Greece in terms of market share. The Bank is also an important custodian for Greek and foreign institutional investors. In the asset management sector, subsidiaries of the Bank propose a wide range of investment funds and institutional asset management services. In respect of treasury, the Bank is active in the domestic and international markets, providing its corporate and private banking clients with a wide range of products and managing its own assets and liabilities. It also operates a central treasury function from its branch in London. The other financial activities of EFG Eurobank Ergasias SA and its subsidiaries cover a broad spectrum of activities including property advisory, insurance, payroll services, business-tobusiness and business-to-customer services. Outside Greece, the Bank has retail banking subsidiaries in Romania, Banc Post SA, Bulgaria, Bulgarian Post Bank AD, and Serbia and Montenegro, EFG Eurobank AD Beograd. It also offers credit card products in Romania, Bulgaria and Cyprus. EFG Bank Group
Report of the Group Auditors to the General Meeting of the Shareholders As auditors of the group, we have audited the consolidated financial statements (statement of income, balance sheet, statement of cash flows, statement of changes in equity and notes set out on pages 12 to 56) of EFG Bank European Financial Group for the year ended December 31, 2003. These consolidated financial statements are the responsibility of the Board of Directors. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We confirm that we meet the legal requirements concerning professional qualification and independence. Our audit was conducted in accordance with auditing standards promulgated by the Swiss profession and with the International Standards on Auditing issued by the International Federation of Accountants (IFAC), which require that an audit be planned and performed to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. We have examined on a test basis evidence supporting the amounts and disclosures in the consolidated financial statements. We have also assessed the accounting principles used, significant estimates made and the overall consolidated financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the consolidated financial statements present fairly, in all material respect, the financial positions, the results of operations and the cash flows in accordance with International Financial Reporting Standards and comply with Swiss law. We recommend that the consolidated financial statements submitted to you be approved. Geneva, April 29, 2004 PricewaterhouseCoopers SA Jean-Christophe Pernollet Heidrun Schoepfer Annual Report 2003 Group 11
Page 1: Annual Report 2003
Page 4 and 5: Contents 3 Consolidated financial h
Page 6 and 7: 4 Report of the Board of Directors
Page 8 and 9: 6 Report of the Board of Directors
Page 10 and 11: 8 EFG Bank Group’s Activities The
Page 14 and 15: 12 Consolidated Statement of Income
Page 16 and 17: 14 Consolidated Statement of Change
Page 18 and 19: 16 Notes to the Consolidated Financ
Page 60 and 61: 58 Principal Offices (continued) Pr
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60 Principal Offices (continued) Pr
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Contents 64 Review of Parent Bank a
Page 66 and 67:
64 Review of Parent Bank Activities
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66 Statement of Income for the year
Page 70 and 71:
68 Off Balance Sheet Positions at D
Page 72 and 73:
70 Notes to the Financial Statement
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76 Board of Directors and Advisory
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as at December 31, 2003 - EFG Bank Group

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