Greek banks eye expansion abroad

Greek banks are engaging in outward business moves, with acquisitions and partnerships to expand their footprint in the wider regional and European space.

Leading the way are Alpha Bank through its shareholding relationship with UniCredit and a series of acquisitions in and outside Greece, and Eurobank, which after the acquisition of Hellenic Bank in Cyprus has emerged as the largest regional player, paving the way for further strengthening its presence in Bulgaria.

Piraeus, for its part, is focusing its presence on the Greek market, with the acquisition of Ethniki Insurance and the creation of the Snappi digital bank, while the management of National has also announced initiatives.

Although the presence of the Greek credit groups in the wider European market is far from what they had developed before the economic crisis, when the four systemic banks had expanded to 10 countries and the assets from their international activity exceeded 60 billion euros between them – in 2008 values – the effort to strengthen collaborations that will yield revenue in a period of falling interest rates dominates the plans of local bank managements, which are increasingly looking for opportunities inside as well as outside Greece.

Via eKathimerini