Greece's Eurobank Wants Bulgaria Unit Self-Funded by 2012

Greece's Eurobank Wants Bulgaria Unit Self-Funded by 2012

EFG Eurobank, Greece's second-largest lender and owner of Bulgaria's Post Bank, plans its units in southeast Europe to be fully self-funded by 2012 and not to depend on their parent.

"We are trying to optimise the funding of our banks in New Europe. Through local deposits and autonomous funding in the local or international market, by 2012 the total funding of our banks in New Europe should stop relying on the centre," the group's chief executive told shareholders on Tuesday.

Nanopoulos said Greek lenders' presence in southeast Europe was a strategic asset, helping banks generate income outside Greece where the economy is suffering because of the debt crisis.

"(The presence in southeast Europe) is an important national trust which Greek banks must secure in the future," he said.

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