Emporiki Bank sees cultural change as one of key goals in 5 yr business plan |
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Fri, 27 Apr 2007 13:10
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ATHENS (Thomson Financial) - The management of Greeces Emporiki Bank, a unit of Credit Agricole, said at a conference call that one of the key goals in its new 5 year business plan is the transformation of the culture of the financial institution from a formerly state owned body to a customer oriented private bank culture.Management noted that the 'integration of Emporiki into the Credit Agricole group was ahead of schedule and now the transformation phase will begin'.The new business plan for 2007 to 2011, which is targeting raising pretax profits to above 600 mln eur by 2011, increasing Greek market share to 10.5 pct from 9 pct, and which includes capital expenditure of 250300 mln eur is 'ambitious, but realistic and achievable,' management said.Emporiki Bank added that income from international operations is expected to spike to 14 pct of total income by 2011 from 3 pct in 2006, but that the net interest margin in Greece will fall to 2.8 pct from 3.4 over the same time period.The Credit Agricole group plans to use Emporiki as its 'spear head' to expand in Albania, Romania and Bulgaria, carrying its group's products and know-how.Source: Euro2day.gr NewsWirenick.skrekas@thomson.comns/jfrCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.
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Emporiki Bank 5-yr business plan forecasts 30 pct annual rise in pretax profits 