Emporiki Bank has announced aggressive expansion plans for its Romanian branch network and intends to open over 140 subsidiaries by 2011. The Greek bank aims to reach credits worth 1.8 billion euros by 2011, against the 63 million-euro credits it had in December last year. Emporiki is one of the top players on the Greek market, but its presence in Romania has been less prominent, although it opened a branch in Romania as early as 1999. Emporiki Bank Romania is one of the smaller banks in the system, with a nine-branch network and assets worth 180 million euros at the end of last year (equivalent to a market share standing at 0.2%). Last year, the Emporiki group was absorbed by the French banking giant Credit Agricole. The strategic plan, which became available at the end of last week, shows that its planned development in Romania (a market seen as having a significant growth potential) will be conducted through Emporiki. According to the plan, the territorial network of Emporiki Bank Romania is set to grow by at least 17 times by 2011, when it is expected to reach 152 branches. By the end of next year, the network should have reached 62 branches. The expansion will also entail hiring over 1,300 people, whilst the bank at the end of last year had 159 employees.
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