Hellenic Bank selects GEP for procurement consulting and technology

Following a competitive review process, Hellenic Bank has selected GEP as its partner for a multiyear procurement transformation.

With assets of over €18 billion, Hellenic Bank is the second-largest bank in Cyprus, active in the retail, wholesale and investment segments of the market. Founded in 1976 in Nicosia, Hellenic Bank operates 55 branches across the island.

As part of its operations strategy, Hellenic Bank is in the process of transforming its procurement function with the aim of streamlining its business processes (internally and across its ecosystem of suppliers) and realising cost savings in its procurement spend.

Selected to support the transformation, GEP will provide procurement advisory services to the Cypriot bank, kicking off with a spend analysis across all types of direct and indirect spend. GEP’s consultants will then identify areas of improvement, develop an action plan and roadmap, and support Hellenic Bank throughout the realisation phase.

GEP will also help Hellenic Bank re-engineer and optimise its source-to-pay (S2P) process.

Underpinning the transformation is the adoption of GEP’s SMART software (recently named the world’s best procurement software for the second year in a row) and NEXXE platform (a supply chain platform).

According to a release by GEP and Hellenic Bank, the new technology backbone will enable the bank to “drive efficiency, agility, visibility and actionable intelligence into all procurement, purchasing and supply chain functions while eliminating burdensome infrastructure and support costs.”

Commenting on the collaboration, a Hellenic Bank representative said: “As we continue to execute ambitious digital transformation and cost containment goals, we selected GEP because it is one of the few established global companies combining end-to-end procurement strategy, services and software solutions under one umbrella.”

In addition, the representative said that GEP’s expertise will help the financial services institution build a more diverse and environmentally sustainable supplier base, a goal aligned with Hellenic Bank’s ESG strategy.

Earlier this year, Belgian group Bpost selected GEP for a similar procurement transformation combining consulting with technology capabilities.