EFG Eurobank Switches To EUR8.2M 9-Month Loss In Romania

11.28.2011 By Florentina Dragu

Greece’s second biggest bank EFG Eurobank Monday said it has switched to a loss of EUR8.2 million in Romania in the first nine months, from a net profit of roughly EUR14 million in the year-earlier period.

EFG, majority stockholder of Romanian lender Bancpost and other companies, said total assets on the local market reached EUR4.57 billion at the end of September, down 14.8% from EUR5.36 billion in December last year.

Loan portfolio was up 0.6% to EUR3.3 billion, but total deposits declined 3.7% to EUR1.83 billion.

EFG Eurobank and Alpha Bank, Greece's third largest lender, agreed earlier November to merge into a single group to bolster operations and shake the effects of the recession.

In Romania, the merger is set to push the subsidiaries of the two banks to the third position based on assets, after Erste Bank's BCR and Societe Generale's BRD.