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Press TV: Austria’s Erste bank leaves Ukrainian market

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Dec. 26, 2012, 10:16 a.m. | Ukraine abroad — by Press TV

Austria’s Erste bank has left the Ukrainian market as the 15th Western bank to close its operations in the Eastern European country.
© slosser.com.ua

Austria’s Erste bank has left the Ukrainian market as the 15th Western bank to close its operations in the Eastern European country, Press TV reports.

“This decision is consistent with Erste Group’s concentration with customer business in the eastern part of the European Union,” the bank said in a statement.

Earlier this year the German Commerzbank and Sweden’s SEB group also sold their affiliated companies in Ukraine. 

Analysts say many Western banks are focusing on investment banking because of the debt crisis in Europe and the slow economic recovery.

Read the full story here.

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