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The Balkan policy of Greek banks

24 November 2014 / 00:11:50  GRReporter
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The bank’s assets abroad have dwindled from €21.2 billion in 2008 to €12.5 billion in September 2014. The bank’s agreement with the EC envisages a further 29% shrinking of its presence abroad. By the summer of 2018, Eurobank’s assets overseas should have dipped below €8.77 billion. The bank’s management has decided to keep its presence in Bulgaria, Romania, Serbia and Cyprus, but with reduced amounts of assets.

Sources from the bank say this might be done through relieving its debt, with the weakening of local currencies against the euro coming in handy in achieving this. According to the first three quarters data, the group's assets amount to €3.7 billion in Cyprus, €3.4 billion in Romania, €3 billion in Bulgaria and €1.4 billion in Serbia. Eurobank is running a network of 460 branches in the Balkans, with a 6800-strong staff working in them.

Eurobank’s overall loan portfolio overseas amounts to €7.3 billion, with the sum going up to €44.2 billion if its lending in Greece were added on top of that. A breakdown by country would look like this: €2.6 billion in Romania, €2.5 billion in Bulgaria, €1.2 billion in Cyprus and €936 million in Serbia.

 

Tags: Balkan markets Piraeus Bank National Bank Eurobank Alpha Bank
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