Western Europe: Supplement - Greece - Growing Ambitions - Greek Banks Have Expanded Their Presence In South East Europe In The Expectation Of Boosting Their Market Share, Writes Kerin Hope.

Banker, The, April, 2004

National Bank of Greece ended a three-year search for a partner in Romania last November by acquiring Banca Romaneascu, a small private bank founded by the Romanian American Enterprise Fund. National agreed to pay e30m ($36.7m) for an 80% stake in Romaneascu, which has assets of $140m and 15 branches around the country.

The acquisition filled a glaring hole in National's regional network. It already controls United Bulgarian Bank, the leader in retail lending in Bulgaria and Stopanska Banka, the biggest bank in Macedonia, as well as branch networks in Albania and Serbia. With the addition of Romaneascu, group assets in the Balkans stand at almost e2bn.

Active players

National intends to become a more active player in Romania's fast-growing...

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