Greek Banks Abroad: A Historic Examination

Abstract

Greek banks have a long history of presence abroad; it dates from the beginning of the twentieth century due mainly to the presence of the National Bank of Greece in London related to Greek merchant navy and the Greek shipowners. The important movement of Greek banks abroad began at the decade of the 1960s; it is related mainly to the Greek immigration. Greek banks followed Greek immigrants to the host countries. From the decade of the 1990s, the presence abroad has changed. Greek banks are settled in the Balkan countries because they followed Greek companies to these countries and because they focused to take a part of the local banking market. Banking systems in these countries were created from the beginning presenting big opportunities for the foreign banks. The current economic and financial crisis in Greece had as consequence the reduction of the banking network abroad. The banking presence abroad has not been homogenous neither by the banks implemented abroad nor by the host countries. The form of presence was influenced by the host country’s legislation, the parent bank’s policy, and bank’s economic potential.