Banks: Landing of international banking giants in Athens
Secure information states that 6 banks will open branches in Athens next year and another 2 will expand their activities. Because Greece came into the spotlight of the banking giants.
After a decade, the Greek economy is now the "target" of all international banking and investment giants , as according to banking sources, 6 banks are opening or considering opening branches in Athens next year and another 2 are expanding their activities.
It is a fact that 2022 will bring significant developments in the domestic credit system, changing the conditions of competition for Greek banks as well, while foreign banks undoubtedly see high-yield opportunities in Greece.
As a high-ranking banking executive explains to news.247.gr, "the investment prospects of the Greek economy, with the activation of the Recovery Fund and Brexit , attract strong banking interest in the country and adds that their decisions to expand their activities here, they show a return of their confidence in the prospects of the Greek economy ".
The reasons for interest
All international analysts have so far discounted a period for the Greek economy with favorable developments in macroeconomic figures, while they also see significant growth opportunities for credit activities, starting with the Recovery Fund. Also, the management of funds of persons of high wealth, who are already already or are preparing to settle in Greece, presents perspectives, such as those who obtain a "golden visa" through the acquisition of a residence.
Motivation is also the tax relief that the government has decided to offer to those who return or settle in Greece from abroad.
Brexit also plays a role in shaping the climate as the big banks relocate outside London to be in European Union territory, but also diversify their strategy by developing regional markets. Among all these developments, as everything shows, Greece finds its place.
6 bank arrivals
Initially one of the largest international investment banks in the world, Goldman Sachs, with a stable and strong presence in the Greek market, decided to take the big step and proceed to the opening within the first quarter of 2022 full branch in Athens, which according to planning will cover its wider presence in Eastern Europe.
Goldman Sachs, having played a key role in most deals in the country with the most characteristic role of consultant in the sale of 49% of HEDNO , but also in many versions of banks and companies, will now be closer to domestic financial developments. In the first phase, investment banking will be in the center of its interest, but it is not excluded that it will expand to private banking and asset management.
JP Morgan has already opened a branch in Athens since June with senior country officer Stelios Papadopoulos, former general manager of ODDIH. Its already significant activity in investment banking is expected to develop further next year, while its plans include the expansion in private banking. An important development, however, will be the outcome of its planned plan for the acquisition of Viva Wallet, which was mentioned in recent publications. Once the plan is implemented, it is obvious that it will launch other initiatives of the American banking giant in Greece.
Deutsche Bank, with an already established presence in Athens, recently appointed the Municipality of Archontidis, an experienced banking professional, as Chief Country Officer in Greece, who will lead the investment strategy activities for Greece and Cyprus. "The position of the Municipality of Archontidis has strengthened the local franchise of the bank and strengthens its deep commitment to its customers here," Deutsche Bank notes. In the near future, Deutsche Bank intends to further develop its existing relations in Greece and to explore new expansion possibilities.
According to information, Bank of America is also considering opening a branch in Athens, which will probably serve the wider area. It is perhaps no coincidence that analysts at the multinational investment bank forecast 8.6% growth in Greece a month ago.
Also, the Japanese Nomura, with a significant presence in the publishing activities of the Greek State, but also in the private sector, having developed banking operations outside London, after Brexit, is considering opening an office in Athens.
It is also reported that a large French, a Swedish and a Bulgarian bank are interested in setting up branches here. A Chinese bank, the Commercial Bank of China, also opened a representative office.
