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October 7, 2009

Emporiki Bank announces 4 year restructuring plan

by Richard Kilner

Story link: Emporiki Bank announces 4 year restructuring plan

Greek firm Emporiki Bank has announced a four year restructuring and development plan designed to return the bank to the black by the end of 2011.

The second main objective of the plan is to be fully aligned with Crédit Agricole Group standards and on a firm road to longterm profitability.

Crédit Agricole, the major shareholder of Emporiki, has supported the plan, which will see a Tier 1 injection of €1bn to enhance ratios and help secure growth and success.

Emporiki will improve risk management with the introduction of new, stringent risk management systems and closer monitoring of risk portfolios.

Costs will be streamlined by rationalising administrative and general costs, with branch leases renegotiated and its HQ being relocated to outside Athens.

To benefit customers the firm is committed to improving customer service, and improving the training and professionalism of its staff.

Vice chairman and CEO Alain Strub has said that the bank is already showing signs of recovery after a difficult time, and has attributed the improvement to measures already undertaken to shore up the firm’s position.

Earlier this year Emporiki announced measures to bolster productivity and adapt the business to better fit the present economic situation through reductions in costs and risk exposure.

 

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