Emporiki Bank pulls away from Greek image with French connection campaign, slashes loss in Romania

Emporiki Bank posted a loss of EUR 5.1 million in Romania in 2011, 62 percent less compared to 2010, the company announced earlier today (March 20) in the first press conference organized after a long period. The bank’s negative results in the last two years were mainly determined by the high level of provisions, some EUR 22 million last year. The bank has implemented a new communication strategy, highlighting the fact that it is part of the French Group Credit Agricole. Its image in Romania, where the bank is perceived as Greek, due to its main shareholders Emporiki Bank, will be a French fictional character called Jean Jacques. French Credit Agricole is the main shareholder in Greek Emporiki. For this year, the key word for Emporiki Bank Romania is “adaptability”, said Pierre Martin, CEO Emporiki Bank Romania, adding that in terms of banking strategy, all the options are open at this time. “I don’t know how the economic environment will be in 2012. For this year, we target to reach flat profitability,” said Pierre Martin. Reducing costs is also part of the future strategy. Emporiki Bank Romania’s operating expenses went down 6.5 percent in 2011, from minus 7.2 percent in the previous year. The cost of risk was also slashed by 78 percent last year. In the last two years, the share capital increase was of EUR 40 million. Emporiki Bank has been active in Romania since 1996 and currently has 29 branches across the country. Its assets stay at some 260 million, which gives it a 0.3 percent market share in Romania. Irina Popescu, irina.popescu@romania-insider.com (photo source: Sxc.hu)