Following three years of disappointing earnings – and plummeting stock prices – leading Greek banks hope 2003 will be a turnround year. Their hope is based on a firm foundation absent elsewhere in Europe: strong loan growth underpinned by a growing economy and a largely under-leveraged household sector. Tapping that customer base should finally boost their bottom line.
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“I am optimistic that profits will recover this year,” says Apostolos Tamvakakis, deputy governor at National Bank of Greece, the country’s largest commercial bank in terms of assets.
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