The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

Room for growth in retail banking

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.

"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. "Retail banking will be the primary source of growth."

Other bankers are also expressing the hope that earnings will rebound this year. "I hope we are at the end of this downward earnings cycle," says Marinos Yiannopoulos, executive general manager and CFO at Alpha Bank. Most of the bankers and analysts who are optimistic about a profit recovery this year agree that retail banking will be the main contributor to Greek banks' top-line growth in 2003 and perhaps 2004.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree