There is already speculation that National Bank of Greece, the country s biggest, may opt for closer relations with Commercial. In the broader regional market, recent political events contribute to an upbeat mood. Turkey is making slow but steady progress. Greek-Turkish joint ventures in IT and retailing are already under way. National Bank of Greece has become the first Greek bank to open a representative office in Turkey.
Greek banks are enthusiastic participants in Turkish syndicated loans.
Two private Greek banks are looking for prospective partners among Turkey s private banks to tap a promising market of 70 million bigger than the entire Balkan region. A joint venture is the way to go in Turkey, says consultant Panagis Vourloumis, former managing director of Alpha Finance, the investment banking arm of Alpha Bank. Greek bankers are familiar with Turkish capital markets, and they feel comfortable about the country s prospects. The overthrow of Yugoslav president Slobodan Milosevic is expected to bring a swift end to Serbia s isolation. Greek banks that already have made acquisitions in Romania and Bulgaria are keen to explore the Serbian market, but they sound cautious about investing.