National Bank of Greece aims at corporations

The National Bank of Greece will be concentrating on the corporate sector to fuel its growth in the local market as opposed to expanding its retail branch network, its Chairman Takis Arapoglou said.
Arapoglou told local media that with Cyprus already considered a developed market, NBG had decided to focus on specialised services and financing of large projects rather than a head-on competition with the local Cypriot banks, which using the latest technology and aggressive marketing and pricing are the champions on the local scene with respect to the retail market.

“We have many critical services that will be eagerly sought after by Cyprus based enterprises, and this is where we wish to concentrate,” said Arapoglou, adding that NBG also wishes to lend to major projects in cooperation with local banks.

There are also thoughts to use Cyprus as a springboard into Russia and help the Group’s expansion plans there.

“We are expanding in high growth and population countries including Russia, Egypt as well as strengthening its presence in the Balkans, CIS countries including the Ukraine as well as Turkey.”

He added that the bank will be expanding from 1,600 branches to 2,000 by 2009 across the globe.

Arapoglou also praised the Management team of NBG Cyprus, headed by Michalis Kokkinos who having managed to place the Bank’s costs under control are now pursuing and implementing the Group’s strategic expansion plan.