The management of the NBG, who is on a two-day visit to the neighboring country, aims to further develop the activities of the subsidiary of the National Bank Group, Stopanska Banka, in North Macedonia. The visit, which will be led by the Managing Director of the National Bank Group Pavlos Mylonas, will take place on the occasion of the opening of a new administrative building in Skopje financed by Stopanska Banka’s own funds.

Stopanska Banka, which is 93.4% controlled by the NBG group, is one of the four largest banks in North Macedonia with a market share of around 20%. The goal of the NBG management is to further strengthen its activities and develop the bank, and in this context, the management of the National Bank, accompanied by a group of leaders, will establish contacts with the bank’s clients, local businessmen, institutions and officials. government of Skopje. The priority is greater participation in the financing of large businesses in the region and, above all, in the financing of infrastructure and network modernization projects that are planned to be implemented in the near future.

Stopanska Banka’s assets are approaching 2 billion euros.

It should be noted that the subsidiary in North Macedonia, in which Ethniki invested in 2000, is the only activity of the NGE group abroad after the exit from other markets imposed by the EU. under the restructuring program. The group’s international activities are currently limited, with the exception of North Macedonia, Cyprus and Malta, countries in which it maintains a small presence.

According to the latest published data, Stopanska Banka’s assets are approaching 2 billion euros, loans before reserves are approximately 1.5 billion euros, and deposits are 1.4 billion euros. The NPL rate is 7% and non-performing loans do not exceed EUR 100 million. Stopanska Banka contributes to the results of the National stable profitability over the past years, and the return on equity ratio is 11%. It has a network of 64 stores and a staff of 950 people.

It should be noted that estimates of growth rates in the neighboring country in 2022 speak of 2.2% after 4% recorded in 2021, while inflation is expected to close at high levels, namely near 19% from 4.9% in Last year. Private sector financing accelerated by 8% in 2021, while household and business bank deposits increased by 8.5%. The country recently signed a €530 million precautionary agreement with the IMF that provides insurance against a sharp deterioration in external financing conditions.