Today we have four well-capitalized, viable pillar banks and a few smaller ones. We are now implementing the second stage of our strategy. This stage involves a new banking model that will allow banks to repay state aid and finance the recovery of the Greek economy.
Having acquired the clean portfolios of resolved institutions or having merged, banks are now exploiting synergies and economies of scale, further eliminating excess capacity, and becoming more efficient. They are also refocusing on their core activities – selling non-core assets and rationalizing their networks and activities abroad.