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.