Financial services

A complete overhaul of the Greek pension system is being considered by Greek Parliament with basic rates at 360 euros. Current rates that are more than 1,000 euros will be restructured with dramatic slashes. The new rules are being presented to Labor Minister George Katrougalos and social organizations on Thursday.

Germany's KfW Development Bank has signed a letter of intent with state-owned Bulgarian Development Bank (BDB) to lend EUR 100 M to finance Bulgaria's programme for boosting the energy efficiency of multi-family residential buildings.

A number of local and global lenders have expressed interest in buying a majority stake in Turkey's Finansbank, which is now owned by Greece's leading lender, the National Bank of Greece (NBG). 

Neli Kordovska, the Bulgarian National Bank's Director General in charge of Banking Supervision, has stepped down, officials have said.

Kordovska is not taking the respective office at Bulgaria's central bank BNB as of October 1.

Representatives of the institution have announced on the BNB's Bulgarian-language website that a procedure is already underway to pick her successor.

The effect of an interest rate rise by the U.S. Federal Reserve will roil markets but should not be overrated, Deputy Turkish Prime Minister Cevdet Y?lmaz said Sept. 30.

Speaking to Anadolu Agency during a visit to New York, Y?lmaz said the world economy had been affected by the possibility of a Fed rate hike, the ongoing slowdown in the Chinese economy and weak commodity prices.

Greek Deputy Labor and Social Security Minister Tassos Petropoulos left open the possiblity of lifting the retirement age in Greece to over 67 years in a circular that outlines a number of changes for those retiring after July 1, 2015.

According to market sources National Bank of Greece (NBG) is planning to sell 100% of its stake in Turkish bank ‘Finansbank’. The same sources says the goal is to sell the shares of the Turkish bank at least double its ‘book value’, which corresponds to 3.8bln Euros. The pending ‘stress tests’ on the Greek banking system lead the management of the Greek bank to reevaluate its business plan.

Greece?s biggest bank National Bank is considering options to meet any potential capital shortfall after a stress test later this year but has not finalized plans, which include options for majority-owned Finansbank in Turkey, a source at the bank told Reuters on Sept. 28.

Bulgaria's central bank on Friday warned of a scam involving potential misuse of personal data.

The Bullgarian National Bank (BNB) said that it has been tipped about unknown individuals making unsolicited phone calls, claiming to work as BNB employees and offering credit cards at preferential terms.

The World Bank does not agree with the government's intention to raise public sector salaries and pensions, says WB Country Manager for Serbia Tony Verheijen.

According to Tanjug, Verheijen "agrees that there are public sector employees who are underpaid."