Since October 2011, business customers of Piraeus Bank in Ukraine will be able to take advantage of new profitable offer - overdraft "Beneficial interest." Overdraft was developed with maximum regard for the needs of customers to finance current or unforeseen expenses. The rate depends on the term of continuity of overdraft use – the more often the full repayment of overdraft is made, the lower the interest rate is. An overdraft can be arranged for the term of up to 12 months with flexible interest rate starting from 14% per annum if the term of overdraft continuous use is 1-10 days, to 18% if the term of overdraft use is 46-364 days (with overdraft limit from UAH 1 mln).
"Piraeus Bank pays great attention to cooperation with small and medium business, constantly expanding the range of its services and improving its offerings. The new overdraft "Beneficial interest" is the most optimal solution for business customers who need financing to cover short term gaps in time between the expected crediting of the current account and the need to make payments from current account - said Pavlo Grusha, Piraeus Bank in Ukraine manager of small and medium enterprises. - Among the advantages of credit offering are flexible interest rate, which depends on the frequency of full repayment of the overdraft and the possibility of its execution under collateral of goods for sale."
Pavlo Grusha, Piraeus Bank in Ukraine manager of small and medium enterprises: "The new overdraft "Beneficial interest" is the most optimal solution for business customers who need financing to cover short term gaps in time between the expected crediting of the current account and the need to make payments from current account"
Overdraft "Beneficial interest" also provides absence of obligatory monthly full debt servicing, automatic debt repayment of the overdraft at the expense of daily receipts on current account and the opening of the overdraft limit of up to 60% of average net income on the current accounts in the bank for the last 6 calendar months. For new clients the overdraft’s limit is determined with taking into consideration the net income on current accounts in other banks.
The new overdraft product “Beneficial interest” carries all the advantages of the existing “Smart overdraft” i.e. the flexible way of recalculating the overdraft limit every quarter, thus allowing companies with increasing trading activity to automatically increase their overdraft limit.
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 57.1 bln and total equity of EUR 3.5 bln (as of 30.06.2011). 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. Business lending and mortgages are the bank’s priorities.
Piraeus Bank is a member of Association of Ukrainian Banks, Forum of Leading International Financial institutions (FLIFI) 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 provided by “Credit-Rating” Agency (grade “5”; last update took place on 04.10.2011), that shows the bank's capacity to make payments on existing deposits timely and in full. The Bank has «uaA» long-term credit rating with the forecast "stable" provided by “Credit-Rating” (updated on June, 21 2011). This long-term rating belongs to the group of investment ratings that is one of the highest ratings given to banks operating on the Ukrainian market.
On September, 13 2011, the Securities and Stock Market State Commission has registered the Piraeus Bank’s share capital increase by UAH 785 mio to UAH 1,628 bln. Due to the share capital increase, JSC “Piraeus Bank ICB” has one of the highest reliability level among the banking institutions operating in Ukraine.
Piraeus Bank in Ukraine Press Service
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