ECONOMY

BoG calls for creation of ‘national champions’

The Bank of Greece is calling for the active contribution of the credit sector to help bring sweeping change on the local business map aimed at the emergence of “national champions”, i.e. dominant companies in their sector that will cross the country’s borders and be able to compete in international markets.

With banks controlling several hundreds of companies via their loans and in many cases through holdings, the credit system could play a key role by facilitating and encouraging the merging of forces for the creation of stronger and more competitive and export-oriented units.

As BoG Governor Giorgos Provopoulos told the heads of systemic banks, they have a major role to play for the rest of the economy after the successful restructuring and recapitalization of their sector. A great part of this role is about encouraging corporate cooperations that will lead to robust and internationally competitive companies. Banks should aim particularly at the targeted funding of healthy sectors and companies, Provopoulos added.