EFG Retail Service stagnates due to dwindling home appliance sales

EFG Retail Service, the credit company owned by financial group EFG Eurobank and Bancpost granted funding worth 70 million euros last year and estimates the same level for 2007, as well. “The total amount of funding awarded last year dropped slightly against 2005, mainly due to the fact that our business depends a great deal on retail, and our total sales in electronic, home appliance stores and mobile phone stores in 2006 fell below the level recorded in 2005. For this year, I predict we will see the same level of funding,” Philippos Karamanolis, chief executive of EFG Retail Service told ZF. Other factors behind the drop in funding, according to Karamanolis, are the deteriorating share held by credit funding in these stores and the tightening of NBR crediting regulations. The average sum lent by EFG Retail stands at around 500 euros, and the number of loans granted in 2006, stood at 140,000.