Greeks make one of the largest group of investors in Romania, which is why the tough economical situation in Greece may have an impact in the Romanian economy. The largest Greek investments in Romania are in the banking and telecom sectors. We looked at some of the main Greek companies which operate in Romania.

By Romania-Insider.com

The local subsidiaries of Greek banks hold about 16 percent of the Romanian banking system's assets and are closely monitored by the Romanian Central Bank (BNR). The Greek president, Karolos Papoulias, who is on a two day visit in Bucharest, said that Greek banks will maintain their positions in Romania. However, analysts say that some of them may have to restrain their exposure, if they will have less support from their groups.

On the other hand, Greek telecom company OTE has recently decided not to buy out the remaining 46 percent stake in Romanian landline telephony operator Romtelecom, held by the Romanian state, deeming the moment “inopportune”, due to unfavorable economic conditions in Greece.

Greek investments to Romania amounted to EUR 1.91 billion at the end of January this year, according to statistics from the Romanian Trade Registry (ONRC), which makes Greece the fifth largest investor in Romania. There are almost 5,000 Romanian companies with Greek shareholders.

Check out the largest Greek businesses in Romania, on various business segments:

Banking:

Alpha Bank is the sixth largest bank in Romania, with about EUR 5 billion in assets at the end of last year and a market share of over 6 percent.

Bancpost, which is controlled by Greek group EFG Eurobank Ergasias, is also among the first ten local banks with EUR 3.2 billion in assets and a 3.9 percent market share.

Banca Romaneasca, owned by the National Bank of Greece, and Piraeus Bank together hold another 5 percent of local banking assets about EUR 4 billion.

Marfin, ATE Bank and Emporiki are among the smaller banks on the local market.

Telecom:

Romtelecom, the largest Romanian fixed-line telecommunications operator, is 54 percent owned by Greek group OTE, in which the Greek state holds 20 percent while German telecom company Deutsche Telekom has 30 percent of the shares. Romtelecom reported revenues of EUR 716 million last year and a profit after taxes of EUR 154.7 million.

OTE also controls Cosmote, the third largest mobile communications operator in Romania. Cosmote has invested almost EUR 1 billion in Romania since its launch in December 2005, growing from a 0.4 percent to a 24 percent market share, while its revenues reached EUR 468.6 million at the end of 2010.

Germanos is one of the largest chains of retail shops for mobile and fixed communication solutions in Romania. Germanos hold over 250 shops. Greek group Germanos is also controlled by Cosmote/OTE.

Intrarom, part of Greek group Intracom Telecom, is specialized in providing business solutions, products and services for telecommunications, public administration and e-Government, banking and finance. Intrarom has about 540 employees and generated EUR 40.7 million in sales in 2010, down 50 percent compared to 2009, according to company data.

Food&beverage:

Coca Cola HBC, a member of Coca-Cola Hellenic, is the leader of the non-alcoholic beverages market in Romania. The company provides bottling, distribution, sales and marketing for Coca-Cola products. It operates three bottling capacities in Timisoara, Ploiesti and Vatra Dornei (for Dorna mineral waters) and has about 1,900 employees in Romania. Coca Cola HBC's sales amounted to EUR 440 million in 2009 and generated a net profit of EUR 40 million.

Alexandrion Group, owned by Greek investors, is one of the leading producers of alcoholic beverages in Romania.

Olympus Dairy is a Greek dairy producer which holds two production capacities in Brasov and Covasna and a 25 percent minority stake in Prodlacta Brasov.

Industry:

ICME ECAB is one of the largest cable producers in Romania. The company had over 490 employees and sales of EUR 88 million in 2009. ICME ECAB is part of Greek group Hellenic Cables.

Stirom, owned by Yioula Group, is one of the main glass producers in Romania, with revenues of EUR 46 million in 2010 and 410 employees.

Frigoglass Romania produces freezer equipments in a factory located in Timis county. It is part of Frigoglass Group, a player on the global Ice Cold Merchandisers (Beverage Coolers) market. One of its main clients is Coca Cola Hellenic. In Romania, its revenues were EUR 55 million in 2009.

Alumil Rom Industry produces aluminum profiles for constructions. The company currently employs over 200 people and had a turnover of EUR 16 million in 2010. Alumil was listed on the Bucharest Stock Exchange in 2007. The company is part of Alumil Mylonas, a group controlled by Greek millionaire George Milonas.

MJ Maillis produces packaging for the food industry. The company had sales of EUR 7 millions in 2010.

Sometra Copsa Mica is a lead and zinc producer located in Sibiu county. The company is part of Greek group Mytilineos Holdings. Sometra's sales reduced significantly in the last two years. In 2010, the company had a turnover of EUR 9 million last year, compared to EUR 140 million in 2008, when it employed over 1,000 people.

Retail and restaurants:

Greek Marinopoulos Holding holds the Starbucks, Mark's & Spencer, GAP, Sephora and Banana Republic franchises in Romania and the Balkans.

Elmec Romania is a shoe and clothing distributor which runs the Nike and Converse franchises. It is part of Greek group Elmec.

Sprider Stores is a Greek clothing retailer which entered the Romanian market in 2007. Sprider has 16 stores in Romania, all of them located in shopping malls.

Gregory's is a Greek fast food chain. It has six restaurants in Bucharest.

editor@romania-insider.com