Slovakias banked population share grows to 88%.

By bne IntelliNews September 26, 2012
The share of Slovaks who have some kind of banking relationship stands at 88% of the country's total population presently, up from 81% in 2007, a survey by GfK market research agency showed. Over the past five years, the number of banking clients in Slovakia rose by over half a million, mainly as a result of demographic development, as the number of persons at a productive age has also increased, the agency said. Most Slovaks maintain client relationships with a single bank. Less than 20% use the products or services of two banks, while only 4% are clients with more than two banks. About 80% of the Slovak bank clients have relationships with at least one of the country's top three banks, Slovenska sporitelna, VUB Banka and Tatra banka, which have been dominating the market for many years. When it comes to specific products, a current account is the most widespread one, having enjoyed the most dynamic growth in recent years, GfK said. While in 2003 only 59% of the Slovaks had a current account, the figure has increased to 80% at present. "Use of saving books is on the decrease while savings accounts are increasingly popular. There is untapped potential for using brand new banking products especially among the young population" GfK Regional CEE Executive Rastislav Kocan said. The share of the banked population in the region of central and eastern Europe (CEE) reached 80% last year, up from 74% before the global financial crisis broke out in 2008. "I expect a continuing development in this area - e.g. Poland has a huge potential with still roughly a third of the population being unbanked," Kocan said.

Related Articles

Slovakia one of possible locations for new BMW plant.

German car maker BMW considers building a new plant in eastern Europe and Slovakia is one of the potential locations, Hospodarske Noviny business daily reported citing BMW's board member Ian ... more

Slovakia jobless rate edges down to 14.7% in February 2013.

Slovakia's unemployment rate in February 2013 fell for the first time in six months going down to 14.7% from 14.8% in January when it reached its highest level in more than 8.5 years, data from ... more

Frances CCN Group considers new plant in Slovakia - report.

France-based CCN Group, a supplier of components for turbines and automobiles, considers building a new plant in Slovakia in the town of Belusa, Hospodarske Noviny daily reported citing unnamed ... more

Notice: Undefined index: subject_id in /var/www/html/application/controllers/IndexController.php on line 335
Dismiss