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Turkey Buoying Greece Is National Bank Strategy
Monday, 10, May 2010


Greece’s biggest bank is relying on Turkey to pull it through an economic crisis at home.National Bank of Greece SA plans to open 75 branches from Ankara to Izmir this year to benefit from Turkish economic growth that is forecast to reach 5.2 percent. National Bank earned more last year at its Istanbul-based Finansbank AS unit than it did in Greece.The ascent of Turkey, a nation of 72 million straddling Europe and Asia, stands in counterpoint to the decline of Greece, its centuries-old adversary.

The Turkish economy is forecast to expand faster this year than any in the European Union, the 27-nation bloc that has so far declined to admit Turkey, in part because of tensions with Greece over Cyprus and territorial rights in the Aegean Sea.“There is an ironic element to this, because Turkey used to be seen as a very problematic banking system,” said Ioannis N. Grigoriadis, an assistant professor at Bilkent University’s Department of Political Science in Ankara. “With the benefit of hindsight, Finansbank has been a very successful investment.



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