News and Articles related to Town of Svoge
Current date: 2010-02-09 09:16

Bulgarian retail banking segment to welcome new player

Greece`s Emporiki Bank, part of the Credit Agricole group, will be the vehicle for the plans of its French parent for expansion in Bulgaria, Romania and Albania. The Emporiki plans are part of the group`s three-pronged development strategy for the next five years.

In Bulgaria, the group will focus the operation of its Emporiki Bank Bulgaria subsdiary on the retail segment but will continue to cater to SMEs and other businesses as well. There are also plans to debut managed assets and insurance products but as part of existing operations and not through the creation of a specialised unit.

Emporiki Bank Bulgaria will raise its capital by 20 mln to euro, including 10 mln euro as a subordinated term loan.

The branches of the bank will increase to 40 by the end of 2008, up from 23 at present. The target through 2010 is 100 branches nationwide. The bank will also open four business centers for SME customers.

The group plans to spend 60 mln euro to hike the capital of its banks in Bulgaria, Romania and Albania.