Starting from February 2012, the Piraeus Bank in Ukraine business clients are able to use the overdraft "Beneficial interest" at the reduced rate.
Overdraft "Beneficial interest" can be arranged for up to 12 months with flexible interest rate set according to a continuous term of use of the overdraft: the more often the full repayment of the overdraft is made, the lower the interest rate for the overdraft is. The minimum rate for overdraft "Beneficial interest" is 19% per annum in hryvna.
"Piraeus Bank continues to improve lending conditions for small and medium businesses as long as business customers’ servicing is a key business trend for the bank. In early February Piraeus Bank has lowered interest rates on credit offers "Smart Overdraft" and "Loan Package", and recently the bank offered its customers more loyal terms of "Beneficial interest" overdraft. It is the ultimate solution for business customers who need financing to cover the short time gap between expected revenues on the current account and the need to make payments from current account – Pavel Grusha, Piraeus Bank in Ukraine manager of SME division, said. - The main advantages of this credit offer are flexible interest rate that depends on the frequency of full repayment of the overdraft and the overdraft’s limit quarterly enumeration, which allows companies that demonstrate the growth of their business activity to increase the credit limit automatically. In addition, business customers are able to arrange an overdraft under the collateral of 100% of goods in circulation, thus avoiding the cost of collateral notarization."
Pavel Grusha, Piraeus Bank in Ukraine manager of SME division: "Overdraft "Beneficial interest" is the ultimate solution for business customers who need financing to cover the short time gap between expected revenues on the current account and the need to make payments from current account"
Overdraft "Beneficial interest" also implies the absence of overdraft’s monthly full repayment and its automatic redemption due to the daily incomings on current account. The overdraft’s limit is set up to 60% of average net income on the current account in Piraeus Bank for the last 6 calendar months. However, for the new clients the net income on current accounts in other banks is taken into consideration when determining the overdraft limit.
Note. Piraeus Bank is one of the major banking institutions of Southern and Eastern Europe with assets of EUR 55,6 bln and total equity of EUR 3,1 bln (as of 30.09.2011). 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. 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 28.12.2011), 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 22.12.2011). 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 December, 5 Piraeus Bank in Ukraine became one of the most dynamic banks of 2011 (among the III group of banking institutions according to the volume of assets) and one of the three best banking employers according to the UKRAINIAN BANKER AWARDS 2011 presented by the powerful business magazine "InvestGazeta".
Piraeus Bank in Ukraine Press Service
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