Piraeus Bank aiming for 180 units in 2008

The rapid expansion of the lender (85 percent year-on-year increase in 2007) led to a tripling of the client portfolio (209 percent increase compared to September 2006) and of the loan volume (230 percent rise compared to September 2006).

“While we managed to cover all county capitals in 2007, our plans for 2008 include expansion (to medium-size towns) and developing a 180-unit network," said Stavros Lekkakos, President and CEO of Piraeus Bank Romania.

Piraeus Bank client deposits exceeded €415 million by 30 September 2007, 119 percent higher year-on-year. The lender issued 38,000 cards, three times more than in September 2006.

The bank is the local subsidiary of Greek Piraeus Bank. The lender posted €14.6 million in profits in the first nine months of 2007, double that estimated for all of 2007, of €7 million.