NBG targets 70 branch closures this year, reducing its branch network from 460 to 390 outlets.
The new round of branch closures follows the closure of 50 National Bank of Greece outlets in the past two years.
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Other NBG targets include the loss of one in five full time employees. The bank aims to reduce headcount from over 8,500 this year to 7,150 by 2022.
NBG currently serves 5.3 million customers out of a total Greek bankable population of 8.3 million.
In particular, NBG enjoys a savings deposits market share of 36%
On the other hand, NBG continues to suffer from a high legacy cost base. It also has work to do to increase a low cross-selling ratio.
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By GlobalDataSpecifically, the current NBG cross-sell ratio is currently 3.0 products per person. It aims to reach 3.7 products per person by 2022.
Other notable NBG targets including increasing its current limited digital penetration rates.
In digital, monthly active mobile banking users are presently a disappointingly low 8%. NBG targets an increase to 25% by 2022.
NBG targets balance sheet clean up
But most importantly, NBG targets a major cleaning up of its balance sheet.
NBG targets revealed at its London Investor Day on 16 May include non-performing loans ratio of under 5%. It aims to hit this target by 2022, down from its current eye-wateringly high 41%.
The bank says it can reduce non-performing exposures from €16.3bn at the end of 2018 to around €1.7bn by 2022.
Among the most ambitious targets is a reduction in the NBG cost-income ratio from 75% to 45% by 2022.
At the same time, NBG is aiming for a return on equity of 5% by 2020 and 11% by 2022.
Greece’s bank rescue fund continues to hold a 40% stake in NBG.
Non-performing exposures -non-performing loans and other credit likely to turn bad – reduced to 38.9% from 40.9% in Q418.
