National, Emporiki banks losing market share to non-striking competitors
The continuing strike by bank employees is worrying the management of National and Emporiki banks, where the strike has been most successful. EFG Eurobank, Alpha, Piraeus and several smaller banks are operating more or less normally and have already gained market shares at the expense of National and Emporiki. Agricultural Bank has also been shut down by the strike. Emporiki managers said that their biggest problem was still the big deficit of its employees’ auxiliary pension fund. If a solution is not found soon, the bank’s liabilities will skyrocket, making it highly unlikely that France’s Credit Agricole, which at present owns an 11 percent stake, will increase its participation. National Bank managers say their bank should never have been involved in the fight over pension funds, as it does not face Emporiki’s problems. National’s management has not said it will participate in the integrated auxiliary pension fund that the government wants to create.