Spiros Latsis
Spiros J. Latsis | |
|---|---|
| Born | 1946 Greece |
| Occupation(s) | Businessman, entrepreneur |
| Known for | Chairman of EFG Group, leader of Latsis Group companies |
| Notable work | Founder of PrivateAir (former) |
Spiros J. Latsis (; born 1946) is a prominent Greek billionaire and entrepreneur, the son of the late industrialist Yiannis Latsis. In 2018, he was ranked #729 on the Forbes list of the World's Billionaires, with an estimated net worth of US$3.2 billion.
Early life
Born to Yiannis Latsis and Erietta Tsoukala, Spiros has two sisters, Marianna and Margarita. He completed his undergraduate studies in economics in 1968, followed by a master's degree in logic and scientific method in 1970, and earned a PhD in philosophy in 1974 from the London School of Economics (LSE), where he was mentored by Imre Lakatos.
Career and family business
The Latsis family fortune was initially established by his father in 1938, expanding across sectors such as shipping, real estate, construction, oil, banking, and finance. Spiros began his professional journey within the family's banking enterprises.
Starting in 1989, he took on various directorial roles within the EFG Group, including positions at Private Financial Holdings Limited (which later became EFG Private Bank Limited) based in London, and EFG Consolidated Holding SA located in Luxembourg. He also held a directorship at Eurofinanciere d'Investissements SAM in Monaco and served as a non-executive director at Eurobank Ergasias SA in Athens. In 1997, he was appointed Chairman of the EFG Group.
Following his father's passing in 2003, Spiros assumed leadership over the Latsis Group's companies. Alongside chairing EFG Bank, he leads EFG International and Consolidated Lamda Holdings, presides over Societe d'Etudes et Economiques in Geneva, and chairs Paneuropean Oil and Industrial Holdings S.A. based in Luxembourg.
In 2015, he was recognized as Greece's second wealthiest individual and ranked #782 on Forbes' global billionaire list. Despite experiencing a decline during Greece's economic downturn due to significant share price decreases in EFG Eurobank, Lamda Development, and Hellenic Petroleum, his fortune rebounded by 2013. His network includes influential figures such as former European Commission President José Manuel Durão Barroso, who was a fellow student at the University of Geneva.
By 2020, due to market difficulties, Latsis no longer appeared on Forbes' list of the world's richest individuals.
Business interests
The family's principal asset is the EFG Bank European Financial Group headquartered in Luxembourg—a private banking entity with operations spanning several jurisdictions. This group holds a controlling stake exceeding 40% in EFG International, which is publicly traded on the Zurich Stock Exchange. EFG International is a global private banking and asset management firm operating approximately 30 offices worldwide, employing over 3,150 personnel and managing CHF153.8 billion in client assets as of December 2019.
Under Spiros Latsis' management, the family controls more than 42% of Hellenic Petroleum through Paneuropean Oil and Industrial Holdings S.A., one of Southern Europe's leading oil companies. The group also owns Lamda Development, an Athens-based real estate enterprise responsible for projects like The Mall Athens (completed in 2005) and Golden Hall Mall. Additionally, Latsis founded PrivateAir, a jet charter company operating a fleet exceeding 50 aircraft catering to wealthy clients across Europe and America; he subsequently divested from this business.
Swiss Federal Prosecutor's Office investigation
In June 2024, it was reported that the family office of Spiros Latsis in Geneva underwent a raid in November 2023 as part of an inquiry by the Swiss Federal Prosecutor's Office into allegations of money laundering and bribery. This investigation centers on two companies under family control: Hardstone Services SA and Société d’études techniques et économiques (SETE) SA, which oversees the family's asset management.
Launched on 15 January 2020, the inquiry focuses on accusations that Fahad Al Rajaan, former head of Kuwait’s Public Institution for Social Security (PIFSS), was bribed. It is alleged that Al Rajaan received kickbacks for directing public fund contracts to Swiss banking institutions. The companies SETE SA and Hardstone Services SA are suspected of channeling payments to offshore entities, with some funds traced to a bank account connected to an Al Rajaan-associated front company in the Bahamas.
According to statements from SETE and their legal counsel, neither Spiros Latsis nor the two firms face direct charges or formal implication by the Swiss Federal Prosecutor's Office.
Honours, recognition, and philanthropy
In 2006, Latsis was awarded an honorary doctorate by Witten/Herdecke University in Germany in acknowledgment of his impact on economic studies.
Apart from his commercial activities, Latsis and his family actively contribute to the John S. Latsis Public Benefit Foundation as well as the International Latsis Foundation based in Geneva. In 2012, he transferred close to $300 million worth of Greek banking shares to family members, part of which was designated for the Foundation.
The John S. Latsis Public Benefit Foundation supports projects spanning education, scientific research, social welfare, and cultural development. Meanwhile, the International Latsis Foundation in Geneva annually grants five scientific awards and organizes conferences at Swiss Federal Institutes of Technology located in Lausanne, Zurich, and at the University of Geneva.