Banking interest booms

EFG Eurobank is aiming to set up a network of branches across the country and begin trading next year, a senior bank source revealed.

"We have had approval from the Bank of Greece for the setting up of a branch in Warsaw which will begin operating in 2006," the official said.

The Imerisia Greek financial daily reported that Eurobank plans to create a network of 200 branches in Poland by 2009 after failed attempts to buy out a local bank. Eurobank already has a significant presence in Bulgaria, Romania and Serbia after the acquisition of local banks in recent years.

Asked whether Eurobank was considering the acquisition of a local Polish bank, the official replied: "Prices are at very high levels, it's to our advantage to develop independently."

Another Eurobank official said the bank may cooperate with another group that already has a sales network in Poland. (Reuters)