Although 2008 was a tough year for the banking sector in Southeastern Europe, as it was everywhere else around the world, four banks in the region ended last year with assets worth more than 10 billion euro each. In 2007 the same banks also had assets above the 10-billion-euro mark.
The banking sector in Southeastern Europe (SEE) was faced with great challenges in the closing quarter of 2008 as the turmoil that began in the U.S. financial system spilled over into the region. The rapid switch from record-high economic growth, which in some SEE countries reached 9.3% in the second quarter of 2008, to a considerable slowdown in economic activity towards the end of last year delivered a painful blow to the banking sector in the region.