Greek banks proved that they can adjust to a new model of operation and customer service, Oliver Wyman said in a report released on Friday. In its European Banking Report 2021, Oliver Wyman, an international consultancy services company, said that the banking sector was ready to lead economy recovery in Europe as it proved resilient amid one of the more serious economic contractions in recent history.
The levels of supervisory capital accumulated after the financial crisis proved adequate and several of the economic impacts of the pandemic crisis were smoothed as a result of significant state support programmes. One in three banks has already reversed credit provisions. Oliver Wyman noted that banks will continue face problems from low interest rates, speculation in the digital economy and rising inflation. The report stressed that any possible increase in interest rates could lead to higher revenue, but several companies still faced weak profitability, which could increase exposure to risk, along with households.
Dimitris Psarris, Partners of Oliver Wyman, told the Athens-Macedonian News Agency (ANA) that amid an unprecedented crisis, Greek banks continue the restructuring of their balance sheets, supported enterprises and households and proved they can adjust to a new model of operation and customer service. In this phase, banks have a historic opportunity to play a leading role in the economy in a very different way from the recent past.
SOURCE: AMNA
