Greece’s third largest bank, Eurobank EFG, has established a significant second growth engine in what it calls “New Europe” through a dramatic series of greenfield developments and selective acquisitions. With a combined investment of more than €1bn in 2006, Eurobank broke into three banking markets, Poland, Turkey and Ukraine, while demonstrating dynamic expansion in three of its existing markets, Bulgaria, Romania and Serbia.
From being a relative minnow in the region, Eurobank has now catapulted itself into seventh position among banks in New Europe with a total of €7.1bn in assets covering the six countries. Chief executive Nikos Nanopoulos says Eurobank now has 800 branches and points of sale outside Greece, roughly half of which opened or were acquired last year.
