Monday, November 19, 2007

Piraeus Bank Romania 9-mnth lending up 230 pct to 1.8 bln eur

ATHENS (Thomson Financial) - Bank of Piraeus said lending at its Romanian unit spiked 230 pct year-on-year to 1.8 bln eur in the first nine months of 2007.

It added Piraeus Bank Romania's pretax income grew 140 pct to 15 mln eur in the same comparison.

The bank also posted significant growth in other areas, such as in small and medium business loans, which grew 151 pct year-on-year to 1.1 bln eur, while its customer base rose 209 pct to 166,000 people.

By the end of September, Piraeus Bank Romania's network was also well on its way to reaching its year-end goal of 110 stores, 90 of which are in operation.

Piraeus Bank Romania president and general manager Stavros Lekkakos said: 'The bank's results surpassed the initial forecasts for 2007. It is making very positive progress and we hope to be able to continue the rapid pace of growth in the following year.'

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