Romanians withdraw EUR 1.2bn from local units of Greek banks.

By bne IntelliNews December 12, 2011
Romanians are moving their deposits at the local units of Greek banks to other lenders, Mediafax news agency reported citing the head of the central bank's supervisory department Nicolae Cinteza. While not elaborating on the period of time for which the transfers were estimated, Cinteza put the volume of the deposits withdrawals at EUR 1.2bn. Deposits at Romanian banking system stood at some EUR 41bn as of end-September. The banks worst hit by the deposit drain were those that are named after their parent financial groups, Cinteza said. Currently six Greek banks have subsidiaries in Romania. BancPost, owned by EFG Eurobank, and Alpha Bank Romania are among the country's top 10. The other four are Banca Romaneasca (owned by the National Bank of Greece), Piraeus (part of Piareus Greece), ATE Bank (part of ATE Bank Greece) and Emporiki (controlled by Credit Agricole).
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