THE BALKANS - PROSPECTS FOR BANKING
The development of banking in all post-communist countries and Turkey in 2002 entered the first report of UniCredito Italiano (the owner of BULBANK). On June 11 it was presented at the Radisson SAS hotel in Sofia by BULBANK's CEO Levon Hampartzoumian and Luigi Lovaglio, COO. New Europe - 2003 Banking Report is an annual review, to be updated each year. It will give an idea about the state of the banking system in that part of Europe where the UniCredito group has a strong presence since 1999. The aim is to see the opportunities for development in the region, which is believed to be still underdeveloped and with a potential. Two weeks ago the report was officially presenetd in London, Vienna and Milan. New Europe includes 12 countries which are in the process of negotiations for accession to the EU (excluding Cyprus and Malta), plus the Republic of Croatia and Turkey. According to the survey, they are a vast market whose pace of growth considerably outstrips the average in the EU. The analysis points out that in the last few years the stability in the region has considerably improved and the risk went down. However, banking mediation in these countries has not been sufficiently developed yet. Therefore, there will be very good prospects for banking in the region in future.