Piraeus Bank Romania increases interest rates on lei deposits

For the Gold deposit account, which requires a minimum RON 4,000, the bank plans to raise interest by 0.50-1 percent. For lei savings products, Piraeus Bank Romania has also added deposits with 9 and 12-month maturity.

Piraeus increased interest by half a percentage point for its 1-month Gold account, to 7.75 from 7.25 percent, and for 3-month maturity by 0.9 percentage points, to an annual 8.25 from 7.35 percent. Annual interest for the 6-month Gold account was raised by one percentage point, to 8.50 percent. The new 9 and 12-month Gold deposits have annual interest of 8.25 and 8.00 percent, respectively. In addition to the Gold account, the bank’s savings portfolio also includes a “Secure Money” account, with fixed interest available to the client on a monthly basis or at maturity, a “Your Future” account, which allows for a periodic increase in savings without the need to set up a new deposit account, and an “Ideal” savings account, which makes savings available to clients on demand, without accumulated interest being cancelled prior to that time.

The bank offers banking services targeting individuals, small and medium-sized enterprises (SME), the capital market, investment banking and leasing. By December 2007, Piraeus Bank Romania had a 4.6 percent lending market share, up two percentage points year-on-year. Its assets by the end of September 2007 amounted to some €2.2 billion, while profit in the first nine months of 2007 rose to some €15 million.