Business Exchanges SA

ΕFG Eurobank Ergasias S.A., PANAFON S.A. and Hellas On Line S.A announce the creation of “Business Exchanges S.A.”, a company that will be active in the area of Business-to Business e-commerce.

ΕFG Eurobank Ergasias S.A., PANAFON S.A. and Hellas On Line S.A announce the creation of “Business Exchanges S.A.”, a company that will be active in the area of Business-to Business e-commerce. The new Business Exchanges SA has total share capital amounting to GRD 2bn, with EFG Eurobank Ergasias holding a 60 per cent stake, Panafon a 30 per cent stake and Hellas on Line a 10 per cent stake. The participation stake in the new company is 60% for EFG Εurobank Ergasias, 30% for Panafon and 10% for Hellas on Line. Total share capital is GRD 2 bn.
This new major business initiative, resulting from a collaboration among the three aforementioned leading Greek companies creates new parameters in the provision of Business-to-Business services and the creation of electronic marketplaces. “Business Exchanges S.A.” strategic goal is to become one of Greece’s largest B2B service providers. In the near future the company aims to:

Develop an electronic marketplace hub that will provide intercompany services for participating firms of all sizes.

Provide connectivity with other local and international electronic marketplaces, with a view to developing a large, critical mass of buyers and sellers, providing opportunities for greater synergies.

Become a totally neutral and guarantor of the safest and most reliable solutions for intercompany transactions over the Internet. The creation of Business Exchanges is the outcome of a collaboration among leading Greek and international companies in the areas of strategy, technology, and specialised Internet services. In particular, BOOZ ALLEN & HAMILTON was involved as the strategic consultant, KANTOR Management Consultants as consultants for Greek market research and support for the new company’s creation, IBM Global Services and IBM HELLAS as the design and implementation consultants, HYPERTECH for the provision of specialised Internet services, and Naftemporiki for news and content provision. On the business level, the large number of founding members guarantees the success of Business Exchanges S.A. Apart from cooperating with the business units of the three principal shareholders, Business Exchanges S.A. cooperates with some of the leading Greek companies, such as “Fourlis Group of Companies”, a leader in the electronic and household appliances and sports clothing import and distribution field, Radio Korassidis, a leading electrical appliances store chain, the “Atlantic” Super Market chain, with 120 points of sale all over Greece, LogicDis, one of the leading information technology companies, SETE Procurement & Trading with more than 1,000 suppliers and Famar, a leading pharmaceutical industry. The list of Business Exchanges’ S.A. associates is expected to increase very shortly, through the addition of more leading companies. During the Press Conference called to introduce Business Exchanges S.A., the Managing Directors of the three companies that participate in the new company’s share capital, among others made the following statements: Nicholas Nanopoulos, CEO and Managing Director of EFG Eurobank Ergasias: «Our bank regards as very important the development of integrated relations as well as the provision of multiple services both for large and small and medium firms. The Internet, e-commerce and therefore B2B represent areas of great interest to us. The most important goal is the cost and time reductions in commercial transactions making the supply chain more efficient. This strategic alliance with partners of such repute and expertise presents the best credentials for the success of this initiative. This move complements the bank’s strategy aiming at an integrated presence in the Internet services landscape.» George Koronias, Managing Director of PANAFON: “Panafon, a company which dominates the Greek mobile telephony sector, has assumed a dynamic position in the wider field of telecommunication services in voice, data and the Internet since early 2000. Consistent with this strategy, Panafon as of today becomes in e-commerce, an area with important direct and indirect synergies and benefits for both the company and its clients given that the founding principle of every “market” is “communication”. The successful course of the other two cofounders guarantees the success of Business Exchanges S.A.” Thedoros Fessas, Chairman of Quest Group: “My belief is that INFO-QUEST has properly been assigned the role of technological partner in this new B2B activity through its subsidiary, Hellas On Line, having many times in the past demonstrated its insight and its ability to exploit technological advances in due time. The participation of Hellas On Line in a new company exploiting both PANAFON’s infrastructure, as well as EFG Eurobank Ergasias’ customer network, aims, apart from the achievement of financial gains, to confirm in practice the close existing cooperation between the Quest Group and two leaders of the Greek business life, EFG Eurobank Ergasias and PANAFON.”
Next, Mr. Haralambos Kyrkos General Manager of EFG Eurobank Ergasias and Chairman of the “Business Exchanges” Board of Directors presented in detail the new company’s area of action and targets. Mr. Peter Angelakis, previously Systems and Technology Assistant General Manager of EFG Eurobank Ergasias, has been appointed General Manager of the new company. Mr. Aris Hatziaslanis Business Development Manager of the Panafon Group and member of the “Business Exchanges S.A.” Board of Directors, also joined the speakers’ panel.