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Coops attract deposits

04/11/2009 14:57
The Cooperatives continue to gain a significant market share in deposits to the burden of the big banks, taking advantage of the arbitrage in the deposit rates.

The latest Central Bank data show the gradual increase that the Coops achieved with the offer of higher interest rates.

According to the figures, the Coops’ market share in deposits in September 2009 hit a year-high. They stood at 21.34% from 21.25% in August and 18.62% in September 2008. Since October 2008, their share has recorded an increase of 2.96 percentage points.

The deposits in the Coops reached €12.3 million in September against €57.5 billion that the deposits were in the system.

Of the commercial banks, Bank of Cyprus and Marfin Popular Bank lose a market share, while Hellenic Bank gains a small one.