Attica Bank seeks to play fundamental role in the revival of the economy, deputy CEO says

Attica Bank seeks to play a fundamental role in jump-starting the Greek economy through the financing of small- and medium-sized enterprises, covering the needs of its customers in retail banking and restructuring of its network based on the bank’s digital transformation, Athenasios Tsadaris, the bank’s deputy CEO, told Athens-Macedonian News Agency (ANA) on Monday.

The Greek banker said that “dynamic, extrovert, innovative SMEs are thirsty for financing to implement their business plans. The implementation of a development policy for SMEs depends mostly on bank financing and Attica Bank has taken this strategic decision to have an active role in this sector”.

“Attica Bank’s strategy in financing will depend exclusively on a new production model to be implemented in the country, focusing on extroversion, innovation and new technologies and exploiting the country’s comparative advantages and its human resources. The bank will give priority to the fields of energy, tourism, infrastructure, certification of export goods and farm and industrial products,” Tsadaris said, adding that in the framework of this strategy, the bank will exploit all possibilities offered by synergies with European and international organisations such as the European Investment Bank, the European Bank for Reconstruction and Development, the Black Sea Development Bank and Greek investment funds.

He noted that strengthening relations with SMEs will have positive impact on expanding the bank’s customer base in the retail banking sector. A digital transformation plan will play a significant role in the implementation of the bank’s development strategy, Tsadaris said, adding that the aim of the plan was to restructure its network of 55 branches in the next three years. The aim is to raise the size of its branch network to around 80 branches, he said.

“Attica Bank’s small size compared with the rest of the systemic banks, is its comparative advantage,” Tsadaris said, as it ensured greater flexibility and speed in servicing its customers. He noted that Attica Bank will achieve its goals for a reduction of its NPEs from 60 pct of its loan portfolio to around 20 pct in the next two years.