Greek Banks: Digital Transformation Leads to Closure of 485 Branches in Five Years

The post-pandemic era, rapid technological advancements, and competition from fintech companies have led to significant cuts in bank branches and staff. In the European Union, between the end of 2019 and the end of 2024, 26,201 bank branches closed, resulting in a reduction of 112,581 employees in the sector. In Greece, during this period, banks—members of the Hellenic Bank Association—closed 409 branches (485 if associated member banks are included) and reduced their workforce by 9,830 employees (10,346 including associated members). By the end of 2024, Greece’s network of bank branches stood at 1,353 from 1,838 in December 2019, with employed staff dropping to 27,388 from 37,734. Among individual banks, Piraeus Bank operates the largest network with 368 branches and 6,990 employees, having made the most significant reductions in both branches (-159) and personnel (-3,744). National Bank follows with 318 branches and 6,295 employees, reducing its network by 71 branches and its workforce by 2,479. Eurobank ranks third with 266 branches and 6,065 employees, while Alpha Bank has 249 branches and 5,363 employees. Attica Bank and Optima Bank increased their physical presence over the past five years, with Attica Bank expanding its network by 31 branches and increasing its workforce by 638 employees. Optima Bank added 22 branches and 267 employees organically.