Piraeus Bank support business activity

“Our goal is to approve new funding worth 5 billion euros annually to finance businesses that are the backbone of the Greek economy and will benefit from economic growth,” Christos Megalou, Piraeus Bank’s Chief Executive Officer said on the sidelines of the bank’s meetings with customers in Northern Greece.

Commenting on the Greek economy, Megalou reiterated Piraeus Bank’s estimate that in 2017 the economy will grow by around 1 pct, adding that “by 2020 the Greek economy will move ahead”.

As far as non-performing loans are concerned, he stressed that the institutional framework is such that it is possible to deal with the situation in a more effective way. “We are hoping that in the coming years there will be a significant reduction that will allow the banking system to return to normality,” Piraeus Bank’s chief executive said.

He also said that Piraeus Bank, the largest bank in Greece, is strengthening and advancing on the basis of the strategic plan “Agenda 2020”, which -as Mr. Mareos pointed out- mainly focuses in funding the Greek economy. “We are the largest bank in Greece, we finance small and medium-sized businesses more than any other, more than 20 billion euros in total funding is dedicated to SMEs and we will continue to finance the economy even more rapidly in the next few years,” he said.

Both the President of Piraeus Bank, George Hadjinikolaou and the Chief Executive Officer, Christos Megalou, sounded optimistic about the course of the negotiations and the completion of the second review of the Greek program, as well as the course of the economy and the country’s exit from a several-year recession period.