Three of seven Greek banks in the red

Out of the seven Greek-held banks, four ended last year in the
black, but their profits were significantly offset by the losses
the other three piled up, according to data calculated under the
Romanian accounting standards (RAS). Such data sometimes
substantially differ from those calculated according to IFRS. The
seven Greek financial groups present on the Romanian market last
year registered net cumulated losses of around 77m euros (according
to RAS), in the context where, like the rest of players, they had
problems related to the deteriorating loan portfolios. On the other
hand, the Greeks managed to preserve their market share in terms of
assets, at around 17%. The biggest loss was posted by Bancpost, 72m
euros, with the bank forced to enact a tough cost-cutting
programme. Adjustment moves paid off, though, with the bank
returning to profit in the fourth quarter. Eurobank group reported
8m-euro losses from Romanian operations. Players with small
subsidiaries in Romania, too posted considerable losses.