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BNP Paribas to close its branches in Greece

18 November 2011 / 14:11:44  GRReporter
7542 reads

The largest French bank, BNP Paribas, will close its branches in Greece due to the political storm, which has led to great uncertainty in the liquidity and solvency of the Greek banking system, reads the official release of the French financial giant. It has been represented in Greece since 1981 and its branches employ 100 people, who will remain unemployed. From 23 January 2012, only shipping and off-shore divisions of the bank will be operating in the country.
     A few days ago, BNP Paribas announced its results for the first nine months of 2011, reporting a 72% reduction in profits. Because of its involvement in the "voluntary" Greek debt haircut, the bank reports losses of € 2.4 billion. Due to the crisis in the euro area, the financial institution intends to cut 1,023 jobs abroad and 373 in France.
     The Greek Federation of Bank Employees’ Unions, which has sought help from the French Embassy in Athens and the European union of bank employees UNI Europa, opposes BNP Paribas' withdrawal from Greece.

Tags: BNP ParibasGreeceBank systemWithdrawalGreek debt haircutEconomic crisis
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