|
The Greeks at Piraeus Bank have voiced ambitious plans for the bank's local branch, which should double its turnover in 2007
"We will double the number of clients, the volume of loans, as well as the network in 2007. We expect the loan market to grow by 60% and we want to consolidate our foothold on this expanding market, which in-turn will boost our market share," Stavros Lekkakos, head of Piraeus Bank Romania (PBR) told ZF. Lekkakos, 54, was appointed both president and CEO of the local branch this spring. He is also a member of Piraeus Group's board. PBR's pre-tax profit should rise to 3.5 million euros this year, doubling in value against results in 2005. The bank estimates a pre-tax profit worth 6.5-7 million euros for next year. Piraeus Bank's assets grew by 70% this year to almost 900 million euros, with the lending segment accounting for 700 million euros. Lekkakos says this amount includes all loans granted by the local branch, as well as credit registered in the balance sheet of certain foreign branches. Most of the banks within the system preferred "outsourcing" credit to foreign shareholders this year, so as to continue their activity despite the NBR's restrictions regarding credit in foreign currency. As of January, the NBR will eliminate the ceiling imposed on banks for foreign currency loans.
|
