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Piraeus Bank started lending to small and medium business massively
03 October 2010

Piraeus Bank started to grant loans to small and medium businesses (SME). Business clients of the Bank have got an opportunity to choose the most convenient type of financing: revolving credit line, overdraft, the loan package that combines benefits of both products, and investment credit.

According to Ruslan Spivak, head of small and medium enterprises division of Piraeus Bank in Ukraine, the Bank offers the most beneficial working capital loan conditions for SME clients on the market. Loan interest rate is starting from 17% per annum, loan tenor is up to 3 years. Sum of a loan reaches 70% of the collateral. Bank takes real estate or movables as a collateral. «Piraeus Bank provides with loan package as a unique offer which completely satisfy business needs. Morover, we offer to our clients more than just loans, we develop such credit solutions which are able to push business to a new level», R. Spivak said.

If an enterprise has not enough money for current business needs the Bank will cover the company’s expences in the amount up to 60% of its monthly average net profit providing with an overdraft. Overdraft tenor is 12 months, interest rate is starting from 18% per annum. “This form of financing is of much convenience and easy-to-use because an enterprise is not obliged to repay a loan every month so a businessman could freely plan his activities during a year”, head of the division stated.

Loan terms depend on financial conditions of a business client and his paying capacity. According to Ruslan Spivak, a borrower with sound financial standing and good credit history can get up to UAH20 mln from the Bank.

Making the preliminary decision about possibility to get a loan from the Bank during 2 days only is an additional advantage for business clients.

«The work with small and medium businesses is one of the priority directions of Piraeus Bank in Ukraine because Piraeus Bank Group has traditionally strong positions in small and medium business segment, which contributes to almost the half of the Group’s loan portfolio», said Mr. Yannis Kyriakopoulos, Chairman of Supervisory Board/Piraeus Bank Group Country Manager for Ukraine.

Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 56.6 bln and total equity of EUR 3.4 bln (as at 30.06.2010). Established in 1916, Piraeus Bank today has presence in Greece, Ukraine, Romania, Bulgaria, Albania, Egypt, Serbia, Cyprus as well as in the world financial centres of New York and London. Piraeus Bank S.A. leads Piraeus Bank Group, which consists of 10 banks and 21 companies covering the entire range of financial services.

In Ukraine Piraeus Bank provides a full range of banking services to individuals, small and medium enterprises and corporate clients.

Piraeus Bank is a member of Association of Ukrainian Banks, participant of the Fund of Guaranteeing the Deposits of Individuals. The Bank is also included in the list of banks authorized by the Pension Fund of Ukraine to make payments of pensions and financial assistance.

Piraeus Bank has the highest rating of deposits reliability of Piraeus Bank provided in March 2009 (grade “5”), that shows the bank's capacity to make payments on existing deposits timely and in full.

Piraeus Bank Press Service in Ukraine
Andriy Sakhno
phone/fax: +38(044)495-8888