Greek Banks Said to Stave Off Turkish Banks' Aspirations in Bulgaria

Finance | June 3, 2010, Thursday // 10:12|  views

Greek banks are firmly determined to keep all of their assets in other Balkan states despite the crisis. Photo by maverios.blog.bg

Several Turkish banks have been attempting to ‘encroach into the territory’ of Greek banks in Bulgaria and Romania, according to the Greek paper Proto Thema.

In an article entitled “Greek-Turkish War for the Banks on Balkans, Proto Thema states that Greek banks are determined to keep all of their subsidiaries in Bulgaria and Romania despite the aspirations of certain Turkish banks such as Ziraat Bankasi to take advantage of the present situation by buying out their branches.

The paper points out that the Greek bankers are sticking to a strategy confirmed by their boards to hold on to their assets in the Balkan region, and to make the keeping of their regional subsidiaries a key priority.

The Bulgarian agency BTA cites Michalis Salas, Chairman of the Board of Directors of the Piraeus Group, as saying that the Piraeus Bank will keep backing “at any cost” some 5 000 Greek companies operating the Balkans.

The combined market share in Bulgaria of the subsidiaries of four Greek banks is about 30%.

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Tags: greece, turkey, Greek banks, Ziraat Bank, Michalis Salas, Piraeus, turkey, Turkish banks

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