Spotlight of Greek banking sector at the Capital Link Forum in New York

The belief that Greek banks are now in a much more attractive and advantageous position, leaving the climate of uncertainty behind them, was expressed by the speakers on the panel at the 25th Capital Link Investment Forum in New York.

During the discussion, the positive developments in the Greek banking system and its further growth prospects in a more favorable environment were mentioned.

Of particular interest was the position of Attica Bank’s CEO, Eleni Vrettou – the first woman to be CEO of a Greek bank – given that she represents a strengthened organization that aspires to perform the role of a fifth pole as a non-systemic bank in the Greek banking system.

“Why would a customer come to Attica Bank? First of all, they choose [us] because we are faster. We are a smaller bank, we have flexibility, and we care about every customer we have because they are more important to us. We are not looking so much to compete with systemic banks, but to fill any gap in the system. We are a strong choice for individuals and businesses,” Vrettou stressed, clarifying that the renewed Attica Bank consists of a strong Board of Directors and is not prone to any kind of intervention.

“We have a strong Board of Directors with executives who have experience in both systemic and international banks,” Vrettou added.

“When I was in the Eurogroup, we were called a ‘special case country’. Now this is not the case,” Eurobank’s Chairman of the Board of Directors, George Zanias, said, focusing on the flexible pension system and labor law resulting from the New Democracy government’s reforms.

“During the crisis years, a large number of reforms were implemented. At the same time, we now have political stability, with a government that is market-friendly and enhances the country’s credibility,” Zanias said.

George Papadimitriou, CEO of Ernst & Young Greece, also focused on the importance of political stability and consistency in reforms as fundamental elements of the market economy.

“The macroeconomic environment in Greece is very attractive… Everyone knows that Greece is coming out of a long crisis and is now on a path of sustainable growth,” Papadimitriou said.

The Chairman of the Board of Directors of the Hellenic Development Bank, George Zavvos, pointed out the key role of the Hercules program and the fact that it has enhanced banks’ liquidity. “Hercules was successful because the government extended it twice. It has also received flattering comments from international financial institutions” he said.

European Central Bank (ECB) Supervisory Board member Elizabeth McCaul said Greece’s recovery of investment grade status was “a very welcome development at market level.”

Read more at thenationalherald.com

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