Bulgaria Outstands in SEE Penetration of Foreign Banks

Business | March 13, 2006, Monday // 00:00| Views: | Comments: 0

Bulgaria appears to top the South East European region in holding the highest percentages of penetration of foreign banks.

This is largely due to the completed privatisation of banks in the country and a sequence of mergers within the banking sector, according to an analytical document by the Union of Greek Banks (EET).

Foreign banks control two-thirds of the assets of the banking system in the countries of South East Europe, with Austria controlling 25%, followed by Greece and Italy with 13% each.

The highest percentages - above 90% - are on the tally of Bulgaria and Albania, followed by Romania with 60% where the process of privatisations is continuing.

The five largest Greek banks have made overall investments of more than EUR 2 B the region, establishing a network of approximately 950 branches that employ 16,000 people. These Top 5 are commanding more than 16% of the banking market share in South East Europe, the report said as quoted by ANA news agency.
Business » Be a reporter: Write and send your article
Advertisement
Advertisement
Expats.bg All Are Welcome! Join Now!
Bulgaria news Novinite.com (Sofia News Agency - www.sofianewsagency.com) is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." Novinite.com (Sofia News Agency - www.sofianewsagency.com) and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria