Piraeus Bank set to constantly adjust strategy in 2009

2009 will bring such deep uncertainties, that setting long-term goals will become virtually impossible, says Catalin Parvu, general manager of Piraeus Bank. “Whereas in the previous years we were able to devise long-term strategies and were sure to hit set targets, this year the international backdrop is forcing us to have a more cautious approach. We’ll have to constantly adjust our strategies depending on the data the market is providing and maintain the bank’s profitability,” Parvu believes. Piraeus Bank, the domestic subsidiary of a top Greek financial group, is undergoing a multi-annual development plan that had ambitious targets, both in terms of turnover and territorial network expansion. The bank now has 175 branches, from 54 two years ago, and planned to reach 250 by 2010. The bank maintains its development strategy on the retail, small and medium-sized firms and corporations segments, but Parvu notes he will pay attention to market data from this point of view, too. He says he will pursue rigorous cost control and operation efficiency, which should allow for profitability to be kept at a comfortable level. Piraeus Bank group had 4.3bn-euro assets in Romania in September, double the level of September 2007. The Romanian subsidiary is Piraeus group’s largest.