German public savings bank sets up 40 branches in Greece

Network of forty autonomous local branches planned for the Sparkassen Greece from 2014 onwards

From Dimitri Katsagani

If the older statesman etazan once to “every town and a university”, the current plan, together with German bankers, the European Union and those Greek businessmen still have some chapters in each county and a savings bank for the sake of SMEs in each region.

More specifically:

Establishing 35 to 40 autonomous local savings plans to support term of the German Savings Banks Foundation for International Cooperation (Sparkassenstiftung fuer Internationalen Kooperation).Not only providing ‘technical’ knowledge, but also some of the required “capital.” The Foundation of Savings Banks for International Cooperation assumes the extension of the model of the powerful German savings banks (Sparkassen) worldwide. The “invasion” of the Sparkassen in Greece refers to the internal bulletin of the savings banks, which has at its disposal the “K”.

According to the same document, which is far belied by representatives of the Sparkassen in Berlin was talking about the “K”, the establishment of two local savings banks in Central Macedonia (Veria) and Peloponnese (Patras), which announced before four months in Athens, President of the German Association of Savings Banks (DSGV), Mr Georg Farenson, will have only a “pilot” or otherwise, experimental nature.

The “pilot” local savings banks in Central Macedonia and the Peloponnese will meet the investment needs of 25 million to 40 million, according to the same sources. The amount should not be considered negligible for local economies, especially in conditions of almost total credit crunch like today. These funds could be drawn from either Greek capitalists or from the funds of the European Union, saying the Sparkassen.

Indeed, in Berlin, where he established the German Association of Savings Banks, thought that the oldest “critical” attitude of the European Commission to savings is not the case anymore and that ever increasing “supporters” among Europeans.

Moreover, the Task Force, under the German technocrat Mr. Horst Raichenmpach has helped since last November in this direction.

An important role in the whole project and the Representative of the German Chancellor, Mr Hans-Choachim Fouchtel.

“No comment” MOF and bog 
visit of the German Finance Minister, Mr Wolfgang Schaeuble, in Athens one month after Mr Farenson (18 July 2013) corroborated among others, in the most formal manner the will of the Sparkassen to promote a whole network of autonomous together almost savings in each of the 52 counties (or, otherwise, “regional units”) of the country, say the German capital.

Together with Mr Schäuble came and Ch V JL president of the Savings Banks Foundation for International Cooperation, Mr Chaanrich Chaasis, who is the “architect” of extending the model of Sparkassen and Greece, after its application to about 55 mostly emerging economies, between them and the South East Europe.

Mr. Schäuble along with Prime Minister Antonis Samaras, and the Minister of Finance, Mr. Yannis Stournara agreed to establish a working group of experts from among the Sparkassen, Bank of Greece and the MoF.

However, from Greek side to avoid talking about anything to do with it, and asked if the “K”, although, according to the Germans, is the Greek government itself which invited them to assist in the organization of a “system Sparkassen» in Greece.

And the bank analysts ‘closing’ the conversation by saying that Greek banks are sufficient to meet the financing needs of the domestic economy, although they are increasingly growing.

Such a large network of local savings banks like those discussed under fully-trusted sources of “K” from Berlin-past two months, both sides could, some bank analysts to raise funds to help cover the investment needs in terms of local savings banks are preparing the Sparkassen 1 billion to 1.5 billion, say market experts.

The role of cooperative banks
Essentially, the only counties in which there seems to be interested in supporting the establishment of local savings banks Germans are those of Crete, where the very strong presence of PAA Bank, with over 50 branches (60 in the whole country ), also the giant regions of Athens and Thessaloniki and other outlying with few economic opportunities.

Moreover, as sources say the “K” from the Association of Cooperative Banks of Greece (Estes), with which the Sparkassen are in constant contact (last meeting was held on 2 October in Athens), the two sides are expected to go through a phase of forced but ‘peaceful’ coexistence in more and more areas.

What does this mean? How the Sparkassen not going to open a local savings bank in the city in which the branch cooperative banks.However, we will do the same for the entire county where already active cooperative. Specifically, cooperative banks currently have 147 branches in 32 counties. The National Bank, whose main shareholders are cooperative, has 28 branches in 17 counties. This does not mean that the discussions between Sparkassen – cooperative banks do not go beyond the peaceful coexistence and, specifically, the … engagement, if not in marriage, ie the open economic and technical cooperation between the two sides.

Node of any further developments considered the recapitalization of cooperative banks, which are expected to be completed towards the end of 2013, without excluding an extension of this process.

For their part, the Sparkassen fail to emphasize, though subtly, it is true that their strong point is none other than the “safety” deposit, which has to do with the safety of the German economy against the Greek.

Warmer to support this-Greek cooperation in the organization of a bank of SMEs in standards of Sparkassen appears the National Confederation of Greek Commerce (ESEE). Conversely, GSEBEE attempts to keep a more “balanced” attitude, as they say cycles.

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