Greek banks stretch out

摘要

Greek banks are demonstrating that medium-sized institutions can play an important role in European cross-border retail banking and that regional expansion is not just for the global heavyweights. With National Bank of Greece's $2.3bn bid for 47% of Turkey's Finansbank in April, NBG became the first Greek bank to enter the Turkish market (see The Banker May 2006, page 78) and it was quickly followed in May by EFG Eurobank with its $182m bid to buy 70% of Turkey's Tekfenbank. But NBG and EFG are not the only Greek banks significantly expanding beyond their borders; key rival Alpha Bank is rapidly developing its franchise in south-east Europe (SEE) but through an alternative strategy.