Slovakia was a surprise in the euro zone last year. Despite great problems in Europe’s banking sector, the country reported the biggest increase in bank subsidiaries within the monetary union.
According to the statistics of the European Central Bank (ECB), almost 200 bank branches were opened here, which is nearly a growth figure of one-fifth. Interestingly, the actual number of new subsidiaries is a far cry from that number, as 25 lenders’ subsidiaries were opened in Slovakia in 2013, however 12 branches were closed, claims analyst with the Slovak Banking Association Marcel Laznia. Recent statistics show that banks in Slovakia have been somewhat philanthropic, spending over €4 million to support non-profit initiatives last year. The bulk of the funding was flowing to support arts and culture, education, science, sports, charity projects, social assistance and health care.
