GREECE’S NATIONAL BANK TO SEEK GROWTH IN BULGARIA

Business | January 23, 2002, Wednesday // 00:00

Greece's National Bank will seek to grow in Bulgaria and Macedonia, where it owns most of United Bulgarian Bank (UBB) and Stopanska Bank, respectively, Reuters reported. The bank has also been slowly adding branches in Albania and has a small presence in Turkey and Romania. National recently opened its first branch in Belgrade and plans some expansion in Serbia. Greece's National Bank announced it will be eyeing acquisitions in the Balkans and seeking to grow at home, perhaps even with a local rival, following the failure of its merger with Alpha Bank. Alpha and National called off their 10 billion euro share swap on January 19 after a row over management jobs. It ended plans to create a regional giant with 80 billion euros in assets that would have been Greece's main player in the euro zone.

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