Western Europe: Supplement - Greece - Greek Banks' Expansion Plans - A Raft Of Favourable Economic Conditions Has Facilitated A Long-overdue Reversal Of Fortunes For Greece's Key Financial Institutions. Stephen Timewell Reports From Athens.(Obituary)

Banker, The, April, 2004

Strong economic growth, consumer credit liberalisation and low penetration of banking products are providing a dynamic platform for Greek financial institutions. And combined with continued expansion into the neighbouring states of southeast Europe and the upcoming Olympics, the outlook for the major Greek banks is increasingly attractive.

While overall bank profitability fell considerably in 2001 and 2002 on the back of declining interest rates in the euro area, a significant reversal of fortunes took place in 2003 as banks grasped opportunities offered in consumer credit.

Some banks, such as EFG Eurobank Ergasias, had already moved heavily into retail. However, the overall shift towards retail lending has been supported since July 2003 by the full...

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