Consumer Credit in Greece 2006

Greece has one of the fastest growing consumer credit markets in Europe. This report looks at how the consumer credit market in Greece has developed as it has grown in size. Covering market size, trend analysis, market forecasts, competitor market shares and key regulatory and competitor developments in the market.

• Covers the consumer credit market (not including any loans secured on property)
• Provides market sizing data in terms of gross advances and balances outstanding
• Provides competitor market share for the top five players in terms of balances outstanding; a short profile of the top players is also provided
• Provides competitor market share for the top five credit card lenders in terms of balances outstanding

The consumer credit market in Greece has accounted for a higher than normal share of the total retail lending market partly because of an underdeveloped mortgage market, but also because historically high interest rates have encouraged shorter term consumer credit borrowing over long term secured borrowing.

The slower growth of the POS market compared to the total consumer credit market is partly due to Greeks becoming more aware of different consumer credit products. This means that rather than taking the first product they are offered, Greeks now investigate and research different products to find the product that is most suited to their needs.

When the Bank of Greece revoked maximum limits on consumer credit in 2004, Greek banks started to offer a wider variety of consumer and personal loans to private individuals. The change in regulation led to Greek banks becoming more and more innovative in what is a competitive market.

• Learn how the Greek consumer credit market has developed over the last five years
• Understand the recent developments in the market in terms of regulation, competition and product innovations
• Find out Datamonitor's opinion on the future performance of the Greek consumer credit market over the next five years and its future prospects

OVERVIEW

Market Size

Future Growth Indicators

Key market players

CHAPTER 1 INTRODUCTION

What is this report about?

Scope of the report

Structure of report

CHAPTER 2 MARKET CONTEXT

Country overview

Economy

GDP

Sectoral composition of the economy

Inflation

Distribution of income (GINI Coefficient)

Unemployment

Demographics

Market structure

Commercial banks

Specialized credit institutions

Market data

Total consumer credit

Gross advances

Balances outstanding

Consumer credit per capita

Consumer credit product statistics

Consumer credit balances outstanding by product

Regulatory environment

Industry regulators

Bank of Greece

Hellenic Capital Market Commission

Industry associations

Hellenic Bank Association

Credit bureaux

Regulatory issues in the market

European consumer credit directive

The Central Bank scraps maximum loan limits in 2004

CHAPTER 3 COMPETITOR AND PRODUCT OVERVIEW

Top five consumer credit lenders

Market share by balances outstanding

Profiles of the top five consumer credit providers

EFG Eurobank

National Bank of Greece

Alpha Bank

Piraeus Bank

Emporiki Bank

Top five credit card lenders

Market share by balances outstanding

Competitor developments

Merger, acquisition and expansion activity in the Greek banking market

Foreign players have been buying stakes in Greek banks

Specialist European consumer credit providers are gaining presence in the Greek market

Product analysis

Typical product characteristics

Personal loans

Credit cards

POS finance

Overdrafts

Product innovation

CHAPTER 4 FORECASTING THE CONSUMER CREDIT MARKET IN GREECE

Forecasting gross advances

Gross advances in the Greek consumer credit market will reach €37.6 billion in 2010

A number of factors will drive this growth

Future prospects

Strengths

Weaknesses

Opportunities

Threats

CHAPTER 5 APPENDIX

Supplementary data

Definitions

Balances outstanding

CAGR

Consumer credit

Credit card

Gross advances

Point of sale motor finance

Retail finance

Forecasting methodology

Research methodology

Relevant readings

Datamonitor's custom research capabilities

Retail Banking Team contact details

List of Tables

Table 1: Consumer credit gross advances and balances outstanding in Greece, 2001-2005

Table 2: GDP per capita for selected European countries, 2005

Table 3: Inflation in selected European countries, 2001- 2005

Table 4: GINI Coefficient for selected European countries

Table 5: Consumer credit balances outstanding compared to GDP of selected European countries, 2005

Table 6: Consumer credit balances outstanding per capita of selected European countries, 2005

Table 7: Forecast of consumer credit gross advances in the Greek market, 2004e-2010f

Table 8: Population numbers and demographic splits in Greece and other major European countries, 2005

Table 9: The percentage of people over the age of 20 in the major European countries, 2005

Table 10: GDP at current rates across major European countries , 2005

Table 11: Real GDP growth rates, 2001-2005

Table 12: Unemployment rates 2000-2005

Table 13: GINI Coefficient for selected European countries

Table 14: Consumer credit gross advances in Greece, 2001-2005

Table 15: Consumer credit balances outstanding in Greece, 2001-2005

Table 16: Consumer credit as a proportion of total retail lending in Greece, 2001-2005

Table 17: Market shares of consumer credit balances outstanding by product in Greece, 2004

Table 18: Market share of total consumer credit balances outstanding for the top five Greek consumer credit providers, 2004

Table 19: Market shares of credit card balances outstanding of the top five Greek credit card providers, 2004

List of Figures

Figure 1: Gross advances in the Greek consumer credit market will grow at a CAGR of 14.8 per cent to reach €37.6 billion in 2010, 2001e-2010f

Figure 2: Eurobank is the leading consumer credit provider in Greece, 2004

Figure 3: Key statistics for the Greek consumer credit market, 2005

Figure 4: Greece has the second lowest GDP in 2005

Figure 5: Greece recorded the highest GDP growth, 2001 to 2005

Figure 6: The Greek economy is dominated by the services sector, 2005

Figure 7: Greece has a history of high unemployment, 2000-2005

Figure 8: Greece's population is of similar size to that of Belgium, 2005

Figure 9: Consumer credit gross advances grew at a CAGR of 28.8 per cent from 2001 to 2005

Figure 10: Consumer credit balances outstanding grew at a CAGR of 27.7 per cent from 2001 to 2005

Figure 11: Consumer credit accounts for a third of retail lending in Greece, 2001-2005

Figure 12: In terms of balances outstanding credit cards are the leading consumer credit product in Greece, 2004

Figure 13: Regulatory overview of Greece, 2006

Figure 14: Eurobank is the leading consumer credit provider in Greece, 2004

Figure 15: Eurobank is the leading credit card lender in Greece, 2004

Figure 16: Mergers and acquisitions in the Greek banking market, 1999-2002

Figure 17: Gross advances in the Greek consumer credit market will grow at a CAGR of 14.8 per cent to reach €37.6 billion in 2010, 2001-2010f

Figure 18 Datamonitor's core consulting capabilities