Pronciples and policies of Compliance and Corporate Governance Directorate.
The object of Compliance and Corporate Governance is to prevent and effectively manage the risks of non-compliance of the Bank and of the Group’s companies with the current regulatory framework which governs their operation, by establishing appropriate policies and procedures and adopting mechanisms for recognizing, controlling and monitoring the pertinent risks. Additionally, it must also monitor and ensure that it preserves the principles and practices, on which the Bank is organized, managed and operated, so as to safeguard and preserve the legitimate interests of all those associated with the Bank.
The Compliance and Corporate Governance Directorate was formed within the framework of implementing the regulations of the BASEL supervisory framework (as applicable) and the provisions of Bank of Greece Governor's Act 2577/2006, and is responsible for managing the risk from the non-compliance of the Bank and the Group companies with everything set by the applicable regulatory framework. Organizationally, it comes under the CEO, it drafts reports to the Audit Committee and the Board of Directors regarding topics that come under its responsibilities and is subject to control from the Internal Audit Unit as to the efficiency and effectiveness of its procedures. As an administratively independent unit, it has uninterrupted access to all data and information necessary for the execution of its duties and is managed by a selected person (Head of Compliance) who is proficient in banking and investment activities.
Responsibilities of Compliance and Corporate Governance
The prevention and effective management of the risks of non-compliance of the Bank and the Group’s companies with the current regulatory framework which governs their operation, by establishing appropriate policies and procedures and adopting mechanisms for recognizing, controlling and monitoring the pertinent risks.
Its responsibilities include receiving, examining and settling the complaints and indictments of clients and transactors towards the Bank, seeing to the just and objective examination and the timely written reply, based on data and opinions which it receives from the competent Units or Services. In specific, among others, the Directorate:
- Checks the compliance of the Bank and the Attica Bank Group with the applicable regulatory framework, which regulates the prevention of using the financial and credit system, money laundering and funding of terrorism. As to this, it is responsible for checking the compliance of the Bank’s organizational units with the obligations stemming from the aforementioned framework, as well as from the Group’s Compliance Policy which has been established by the Bank, and it structures the appropriate environment for the timely detection, deterrence, investigation and reporting of similar attempts.
- Makes proposals to the Management, through the Directorate, about topics regarding drawing up and implementing the Bank’s and Group’s policy in the field of compliance, taking into consideration the institutional framework about Corporate Governance and the supervision of the financial and credit institution.
- Submits an annual report on compliance issues to the Bank of Greece, as to the institutional framework.
- Keeps a full archive of outsourcing agreements and submits it to the Bank of Greece, in accordance with the applicable Attica Bank Outsourcing Policy and the regulatory framework (Bank of Greece Governor's Act 2597/2007 and Decision 2/452/1-11-2007 of the Capital Market Committee), quarterly reports (on a unified basis) of the valid agreements and the Outsourcing Services provisions catalogue.
- Sees, through the proper procedures, to the adherence to the deadlines for the fulfillment of the obligations provided by the regulatory framework in force and provides a relevant statement to the Board of Directors.
- Ensures the full cooperation of the currently controlled Units with those authorized by the Supervisory Authorities and collaborates itself when required.
- Establishes and applies appropriate procedures and assists the Directorate in drafting an annual programme in order to achieve in a timely manner the full and continuous compliance of the Bank and the Group's companies with the applicable legislative regulatory framework, the Articles of Association and its Internal Operation Regulation, as well as and in preparing an Account of the activity for the previous year, submitted to the Management and the Board of Directors, through the Audit Committee, by the end of the first calendar half-year.
- Monitors, through benchmarks, the compliance of the Bank's and Company's separate Units with the applicable regulatory framework, the Regulations and the Directives of the Managing Authorities as well as the Regulations, Codes and Policies of the Bank and the Group’s companies.
- Ensures the timely and ongoing information of the Bank and the Group employees on developments in the legislative regulatory framework regarding their responsibilities, through the establishment of appropriate procedures and training programs.
- Revises the Compliance Manual and the Internal Operation Regulation of the Directorate.
The Bank has adopted and implements, among others, the following policies:
- Customer Complaint Management Policy.
- Policy to Prevent Money Laundering and Funding of Terrorism.
- Regulatory Compliance Policy.
- Data Protection Policy
Please download the respective files.
- AML Statement
- AML- Wolfsberg AML Questionnaire
- Certification regarding correspondent accounts for foreign banks
- W-8BEN-E Certificate
- Foreign Account Tax Compliance Act – “FATCA”
- Information of the intergovernmental agreement between Greece and USA on the application of FATCA
- Form W8BEN
- FORM W9
- Announcement (CRS-OECD)
- Controlling person tax residency form (CRS-CP)
- Entity tax residency Self-Certification form (CRS-E)
- Individual tax residency Self-Certification form (CRS-I)
Corporate Governance is a system of principles and practices based on which the Bank is organized, operated and governed, so as to preserve and satisfy the legitimate interests of all those associated with it.
Attica Bank applies principles of corporate governance, pursuing to attain transparency in communication with its Shareholders, Executives, Employees, Partners, Contractors and Suppliers, and providing immediate and continuous information to the investing public. By striving to respond consistently to the expectations of the Customers and the State, Attica Bank implements the regulatory framework regarding the financial sector and in particular those things that apply to the fight against corruption.
In the context of effective Corporate Governance, the Bank has separated the duties of the Chairman from those of the CEO and applies an integrated internal audit system to the Group in accordance with international standards and the current regulatory framework.
The Board of Directors has established, among others, the following:
- A Corporate Governance Code, which sets out the basic principles of Corporate Governance adopted by the Group as well as the principles and procedures governing the operation of the Bank's bodies responsible for monitoring the implementation of the Corporate Governance principles.
- A Code of Ethical Behavior and Business Ethics, the General Principles of which are based on the principles of Corporate Governance and which establish the values of integrity, impartiality, entrepreneurship, professionalism, transparency, social and environmental responsibility, respect for human rights, immediate and positive response, teamwork and compliance responsibility.
- Attica Bank's Remuneration Policy, the ultimate responsibility for the efficiency of which belongs to the Board of Directors of the Bank. In order to fulfill its duties, the Board of Directors adopts the above Policy, which is binding for its Members, the Management, the Bank's and the Subsidiaries’ Executives and all the Group's staff as well as the current external consultants and experts.
- A Borrowers Policy for Related Parties and Connected Borrowers. This policy records the rules applied by the Bank for the “Related Parties” (borrowers with a special relationship) and the "Connected Borrowers" with the Bank, as stipulated in the Regulatory (Legislative, Normative, Supervisory) Framework and in particular in Bank of Greece Governor's Act 2651/2012, as applicable. In particular, it analytically records the definition of Related Parties and Connected Borrowers, the process of identifying them, the evaluation criteria, the approval process as well as the framework for monitoring their credit.
- Conflict of Interest Prevention Policy for the members of the Board of Directors and its Chief Executives. This policy determines the way to conduct the control and management of actual or potential conflicts of interest between the Bank, the members of the Board of Directors and senior executives as defined in the current regulatory framework. The Compliance and Corporate Governance Directorate has the obligation to communicate the policy to the members of the Boards of Directors of all the subsidiaries of the bank.
Please download the respective files in pdf format
Board of Directors CVs
1. Konstantinos Makedos, son of Georgios, Chairman of the Board of Directors, Non-Executive Member
The chairman of Attica Bank, Konstantinos Makedos, is a civil engineer and President of the Engineers and Public Works Contractors Fund (TMEDE) since it was founded, on January 1st, 2017. During his presidency, TMEDE became the first fully integrated provider of digital services in Greece, with steadily growing profitability and a strong role as guarantor and creditor for the engineering, contractor and designing sectors. Meanwhile, in 2018 the Fund became full member of the European Association of Guarantee Institutions (AECM); following a positive recommendation from the Bank of Greece, which concurred with the opinion of the European Central Bank (ECB), the Fund was evaluated and accredited as private institutional investor in Attica Bank.
Konstantinos Makedos is a member of the Board of Directors of the Hellenic Bank Association and elected member of the Assembly Presidium of the Technical Chamber of Greece (TEE), while in 2016, he served as the Vice-President of the Independently Employed Social Security Fund (ETAA). For several years, Konstantinos Makedos has been a member of the Steering Committee of the Technical Chamber of Greece (TEE) and responsible for the Economic and Insurance-Actuarial affairs of the Chamber. Konstantinos Makedos has participated as an engineer and technical consultant in the design and implementation of large-scale infrastructure projects.
2. Avraam (Minos) Moissis, son of Esdra, Vice Chairman of the BoD, Non-Executive Member, representative of the Hellenic Financial Stability Fund
Avram-Minos Moissis is the Vice Chairman of the BoD of Attica Bank as a representative of the Hellenic Financial Stability Fund. He has a long track record in the management of financial services as CEO of Interamerican Group and Ethniki Insurance, General Manager of Retail Banking of National Bank and Emporiki Bank, Chairman of the BoD of the Single Liquidator PQH and member of the Supervisory Board of the Hellenic Corporation of Assets and Participations. He is a founding partner of the advisory firm SYNERGON Partners and Chairman of the BoD of the factoring company Flexfin. A qualified actuary with a degree in mathematics from University of Athens and a postgraduate degree in actuarial science from Heriot Watt University in Great Britain.
3. Michail Andreadis, son of Theocharis, CEO, Executive Member
Michael Andreadis is the CEO of Attica Bank. During his career he held various executive positions such as General Manager (2008-2011), Deputy Chief Executive Officer (2011-2018) and Chief Executive Officer (2018-2019) at the leading Investment Bank of Greece SA. He studied Economics at the Aristotle University of Thessaloniki and obtained his MBA in Financial Management from the University of Exeter. He has been as an executive and non-executive member in numerous Investment Committees and Board of Directors, including the Hellenic Bank Association.
4. Irini Maragkoudaki, daughter of Ioannis, Executive Director, Executive Member
Irini Maragoudaki is a seasoned professional with a successful track record in both the Greek and the international banking industry, with more than 27 years of active executive role in top financial institutions. From 2017 to 31.03.2022, she served as the CEO of THEA ARTEMIS FINANCIAL SOLUTIONS A.E.D.A.D.P. one of the first Loan and Credit Receivables Management companies established after the issuance of a license by the Bank of Greece (L.4354 / 2015). Prior to this role, she has been Managing Director of Clayton Holdings LLC where she established the Athens office in 2010 and was responsible for managing the firm’s business for Southern Europe. It is worth noting that within her responsibilities, she undertook the organization of the first Asset Quality Review (AQR) in the banking sector in Greece which was conducted in 2011 by Clayton Euro Risk, in collaboration with Black Rock Solutions.
After a ten-year successful career in banking, she was elected CEO of the subsidiary bank of Credit Agricole in Greece, where she founded and developed all activities, including risk management and credit control. Under her management, the Bank surpassed the market in terms of both business growth and portfolio performance and profitability.
She has exhibited an exceptional ability to both build strong high yielding portfolios in up cycles and to minimize losses related to distressed assets during economic downturns. An innovative leader with strategic thinking and high expertise in the financial services industry, alongside with a deep understanding of the market and the ability to identify opportunities, create competitive and innovative strategies, and successfully lead new projects.
5. Alexios Pelekis, son of Dionysios, Non-Executive Member
Alexis Pelekis is a lawyer, a member of the Athens Bar Association and a shareholder of "PELEKIS LAW FIRM". He studied at the Law School of the National and Kapodistrian University of Athens, from which he graduated with honors, while he continued his studies at the University of Paris II, from which he received postgraduate degrees in Public Law (1988) and Financial and Tax Law (1989). He has been practicing law since 1989 and specialises in issues of Administrative Law and regulatory issues of supervised companies, Tax Law, business consolidation and settlement of relations with their creditors, especially banking institutions, and finding viable solutions for business loans (acquisitions and mergers) and investments in the real estate and energy market (especially renewable energy sources). He was a member of the Legal Council of Attica Bank for the period from November 2018 to June 2019, while since 10/6/2020 he has been an independent non-executive member of the Board of the Cypriot company "GMM Global Money Managers AIFM Ltd", upon a positive evaluation by the company supervising the Cyprus Securities and Exchange Commission. As part of his involvement with banking practice and to enhance his knowledge, he participated in the months of May 2019 and May 2020 in training seminars of the Hellenic Banking Institute, lasting 16 and 12 hours respectively, which concerned issues of bank operation. He speaks and works fluently in English and French.
6. Markos Koutis, son of Nikolaos, Non-Executive Member
Mark Cutis is a seasoned capital markets professional with hands on experience managing portfolios of risk assets as well as navigating through complex hierarchical organizations to achieve stated institutional objectives.
Key areas of competence:
- Managing both liquid and illiquid investments as well as understanding how to leverage relationships to create vehicles which pool investors and resources with attention to sound risk management practices.
- Ability to migrate successfully between commercial banking (B of A, Dresdner, Shinsei, Unicredito), investment banking (Merrill Lynch and Nomura), to multilaterals (EBRD), to sovereign wealth funds (ADIC) and a large corporate( ADNOC)
- Demonstrated ability to identify, hire, motivate and retain staff.
- Knowhow in driving change by using IT as a competitive tool.
- Worked/lived in multiple global locations including NY, London, Frankfurt, Moscow, Tokyo and Abu Dhabi.
Consistent track record over 35+ years with attention to building and protecting profitability
7. Patrick Horend, son of Dieter, Non-Executive Member
Seasoned investment professional with strong experience in analysis, execution, and negotiation of investments across multiple asset classes, with focus on credit-related investments and financial institutions. His skills include investment screening, distressed debt, private equity investment, credit risk analysis, mezzanine debt, RMBS, MSRs, CLOs, ABS, alternative investments, LBOs, infrastructure investments, project finance, loan structuring, and fund of fund Investments. Mr. Horend worked for 9,5 years at the UAE sovereign wealth fund Abu Dhabi Investment Council, responsible four years for investment due diligence across all asset classes as part of the Risk Management unit, and thereafter 5,5 years in the Global Special Situations team leading financial services investments globally. As part of this role he was responsible for investments in several Greek bank recapitalisations and a Greek NPL securitisation. He started his career at GE Capital followed by Dresdner Kleinwort. Mr. Horend has an MSc from ESCP-EAP European School of Management and a Vordiplom in Business Administration from Humboldt-University Berlin.
8. Charikleia Vardakari, daughter of Nikolaos, Independent Non-Executive Member
Charikleia Vardakari holds a BA in Business Administration from the University of Piraeus and an MBA in Finance from École Νormale Supérieure, in Paris. Mrs Vardakari started her career as a business and financial consultant with Interaction SA focusing on feasibility studies for various sectors of the economy. Soon after she moved to HSBC Bank plc in Athens as a Senior Executive (Corporate & Private Banking). Since the mid-90s she is contributing to the development of Factoring in Greece, having served as a Senior Manager at ABC FACTORS S.A. For the last fourteen years she held the position of Chief Executive Officer of Piraeus Factoring S.A., and served as an Executive Board Member of the same company. Since early 2020, Mrs Vardakari serves as a non-executive Member of the Board and Member of the Board’s Audit Committee of Hellenic Public Properties Company S.A. (ΕΤΑΔ ΑΕ).
9. Ioannis Zographakis, son of Georgios, Independent Non-Executive Member
10. Aimilios Giannopoulos, son of Polykarpos, Independent Non-Executive Member
11. Grigorios Zarifopoulos, son of Dionysios, Independent Non-Executive Member.
Grigoris Zarifopoulos is the former Deputy Minister of Digital Governance of the Hellenic Republic, responsible for the national digital strategy of Greece and for attracting foreign direct investment in digital technology. Before joining the Greek Government, Grigoris was Google’s Regional Director for Southeast Europe and Google's CEO for Greece, Bulgaria, Cyprus and Malta. Prior to Google, Grigoris held the position of General Manager of Gap for Greece, Cyprus and the Balkan countries. He has also worked for IKEA Greece, McKinsey & Company management consulting firm in London and Athens, and Seagate Technology, the disk drive manufacturer in California, USA. He is currently advising companies across industries on business strategy and digital transformation. Grigoris holds a Bachelor of Engineering degree in Mechanical Engineering from Imperial College-University of London, a Master of Science degree in Mechanical Engineering from Stanford University and a Master in Business Administration (MBA) from Kellogg School of Management-Northwestern University. He speaks Greek, English, French and Spanish.
Committee Members CVs
- Stavros Papagiannopoulos (Non BoD member, Independent to the Bank in the sense of par. 1 (e) of article 44 of Law 4449/2017)
Postgraduate Economics Degree M.Sc. (ECON), University of London, University College London. B.A. Pierce College Athens, Department of Economics. Forty years work experience, in Greece and abroad, as Business Consultant, Financial Consultant or Accounting and Tax Consultant. Employed in top positions as Chief Financial Officer and Financial Controller, mainly of the Industrial Sector. Self employed Financial Administration Consultant and Accounting and Tax Consultant (2000); Financial Administration Consultant for Bulgarian Industrial Businesses; Financial Controller P.N. Gerolymatos S.A. (1996-1998); Financial Manager and Accounting Dpt Manager ALUCANCO S.A (1989-1996); Instructor at Hellenic Centre of Productivity (ΕΛΚΕΠΑ) in the Administration and Industrial Management for Agricultural Co-operatives Unions (1983-1989), Production Planner at MINERVA S.A. (1981-1983), Sales Statistics at ELSA S.A. (1979-1981).
- Christos - Stergios Glavanis (Non BoD member, Independent to the Bank in the sense of par. 1 (e) of article 44 of Law 4449/2017)
Christos Glavanis is an experienced executive with over 35 years in the consulting sector, who led EY as Managing Partner in Central and Southeastern Europe based in Greece and then in the private sector. Mr. Glavanis participates as a Non-Executive Member in Boards of Directors of prestigious companies. Mr. Glavanis, while at EY, was responsible for several years for the Corporate Finance services of the company that covers Western and Southeastern Europe. As part of EY and later head of Family Office, Christos was extensively involved in many M&A transactions in various sectors. His experience has also been covered as a reference accountant in IPO in Greece and companies listed on NASDAQ and as a Certified Auditor in leading Greek companies. He studied Economics at the University of Hull and is a member of the Board of Certified Auditors.
Board of Directors’ and Bank Committees
The Audit Committee is composed of at least three (3) non-executive members of the Bank’s Board of Directors, two (2) of whom are independent non-executive members To see the Committee Members, click here. The Members of the Audit Committee are elected by the General Meeting of shareholders. The term of office of the Audit Committee’s members is three years. Renewal of the term of office or modification of the Audit Committee’s composition shall always be made by decision of the Bank’s General Meeting. In case of resignation of an Audit Committee’s member, the vacant position is filled upon decision of the Bank’s Board of Directors, which shall be submitted to the next General Meeting of shareholders for approval. The General Meeting shall also appoint the Audit Committee’s Chairman, who cannot exercise the duties of the Board of Directors’ Chairman or the Risk Management Committee’s Chairman. The Audit Committee’s member must have sufficient knowledge of the banking and in general financial sector.
The Committee shall, inter alia, monitor, examine and evaluate the financial reporting process and make recommendations or proposals to ensure its integrity, where appropriate.
It also assesses the scope of audits performed by the Certified Auditors and the External Auditors, their working methods and generally the services they are required to provide to the Bank and the Group.
It monitors, reviews and evaluates the adequacy and effectiveness of the Bank’s overall policies, procedures and safeguards with regard to the Bank’s Internal Audit System, quality assurance and risk management concerning financial reporting issues.
It oversees the adoption of accounting standards by the Bank, receiving fully reasoned information from the CFO including the implications of their implementation.
It facilitates communication between the Board of Directors, Management, Internal Audit and External or Certified Auditors and the Bank of Greece regarding the exchange of views and information.
Committee for the Nomination of Board of Directors’ members and Remuneration of ATTICA BANK ATE
The Committee is composed of at least three (3) non-executive Board of Directors’ members, who, at least in their majority, including its Chairman, are independent non-executive members To see the Committee Members, click here. The Committee’s Chairman and its members as well as the exact number of its members are appointed and determined, respectively, by decision the Bank’s Board of Directors.
The term of office of the Committee’s members is the same as their term of office as members of the Board of Directors. In the event a member leaves the Committee for any reason, such member is replaced by decision of the Bank’s Board of Directors. Until the decision on the replacement is adopted, the Committee will continue to operate as long as the number of the remaining members is at least three.
The Committee’s responsibilities, among others, include:
Planning and coordinating the implementation of the process of identifying and selecting candidates for the Board of Directors and its committees.
Describing the individual skills and qualifications required to fill the positions of the Board of Directors’ members and the estimated term to be devoted to the corresponding position.
Assessing periodically and at least annually:
the structure, size, composition and performance of the Board of Directors and submission of recommendations to the latter regarding any changes it deems appropriate;
the combination of broadness, knowledge, skills and experience per subject of the Board of Directors’ members on an individual and collective level and submission of a relevant report to the Board of Directors.
Validating the appointment of senior management executives, with the exception of the heads of the Internal Audit Division and the Regulatory Compliance & Corporate Governance Division, who are appointed by the Audit Committee and the head of Risk Management Unit who is appointed by the Risk Management Committee, after consulting with the Committee.
Assessing existing or potential conflicts of interests of the Board of Directors’ members with those of the Bank, including transactions of the Board of Directors’ members with the Group, and submission of relevant proposals to the Board of Directors, in accordance with the Bank's Internal Regulations and best international corporate governance practices.
This Committee, among others, deals with the planning and coordination of the implementation of the process of identifying and selecting Board of Directors’ members and its committees with the purpose of formulating proposals and submitting them for approval to the Board of Directors for the election of the Board’s members, in accordance with the legal and regulatory framework and the Bank’s Articles of Association.
Moreover, it submits proposals on the Remuneration Policy of the Bank’s and the Group’s personnel, including those that have an impact on the risks undertaken and their management and suggests to the Board of Directors the adoption of decisions.
It directly supervises the remunerations of the senior executives of the Risk Management Division, the Regulatory Compliance Division and the Internal Audit Division.
In addition, it informs, advises and assists the Board of Directors on the planning, formulation, review and oversight of the implementation of the Remuneration Policy and supports the Board of Directors.
The Committee’s Regulation is approved by the Bank’s Board of Directors and may be reviewed on a regular basis, at least annually or extraordinarily depending on changes in the parameters adopted during the ordinary review.
Risk Management Committee
The Risk Management Committee is responsible for carrying out the duties set out in this Regulation in order to be able to adequately inform the Board of Directors on all matters relating to the risk-taking strategy and the risk tolerance level in carrying out its duties. The Risk Management Committee is composed of at least 3 (three) non-executive Board of Directors’ members, of whom at least one (1) shall be an independent non-executive Board of Director’s member. One member (1), who cannot be the Board of Directors’ Chairman, is designated as the Committee’s Chairman To see the Committee Members, click here.
The Committee’s members, both at individual and collective level, must have sufficient knowledge and experience in the area of risk management and, in particular, in risk management and control practices, to effectively cover all forms of risk, including operational risk and to ensure their unified control, their specialized treatment and the required coordination at the level of the Group’s Bank.
The Committee, among other things, advises and supports the Board of Directors regarding the monitoring the Bank's overall present and future risk-taking and risk-taking strategies, taking into account all types of risks, to ensure that they are consistent with the Bank's business strategy, objectives, corporate culture and corporate values.
It assesses annually the adequacy and effectiveness of the Bank's and the Group's risk management policy, and in particular compliance with the specified level of risk tolerance, the appropriateness of limits, the adequacy of forecasts and the general adequacy of equity in relation to the amount and form of the risks assumed, at least on the basis of the annual CRO report and the relevant extract of the Internal Audit Unit report. The Committee’s Regulation is approved by the Bank’s Board of Directors and is be revised whenever necessary, in accordance with any changes made.
The Executive Committee monitors and ensures the smooth and efficient operation of the Bank in implementing its strategy, business plan and budget, as approved by the Board of Directors. It is composed by at least eight (8) members, one of whom is the CEO, who is appointed as its Chairman To see the Committee Members, click here.
The Committee monitors the achievement of the objectives at the Bank and Unit level, examines deviations, decides on corrective measures and provides guidance to the competent corporate structures. In addition, it specifies the implementation of the strategy, coordinating the actions of the Bank's Units, and decides the policy of developing the network and the Group.
Asset-Liability Management Committee (ALCo)
The Asset-Liability Management Committee (ALCO) is composed of at least 3 (three) members, one of whom is the Bank’s CEO, who is appointed as its Chairman, as well as of consultative members. The principal members may be either executive members of the Board of Directors or executives of the Bank To see the Committee Members, click here.
It forms the policy of the Bank and the Group’s companies regarding the structure, pricing and management of Assets and Liabilities. It also monitors the financial developments and the basic business assumptions based on which the Bank formulates its policy.
Among other things, the Asset-Liability Management Committee (ALCO) decides the framework for undertaking and hedging liquidity and interest rate risks using the appropriate tools and sets out the broader interest rate policy of the Bank and the Group’s companies.
It determines and supervises the implementation of the Bank's internal pricing system and establishes the internal pricing policy between deposit / lending units and approves the liquidity contingency plan and diversifies the Bank's sources of cash flow.
It also approves the stress test program and examines the results of applying scenarios for extreme changes in capital markets and evaluates and approves the launch of new deposit or loan products as well as the Bank's expansion into new products or services that are compatible with its strategic planning.