Piraeus gross profit up six times to 22m euros

The local branch of the Greek-based Piraeus Bank group derived gross profit worth 22 million euros last year, around six times higher on 2006. Assets went up by 196% to 2.87 billion euros, driven by an increase in fast-paced lending, yet this volume also includes financing outsourced from the local balance sheet to the parent bank. “We will maintain the same rapid rate of development and continue to make massive investments in the bank’s development, so as to attain our goal to end 2008 among the top ten banks in Romania,” stated Stavros Lekkakos, chairman and chief executive of Piraeus Bank Romania. Piraeus has rapidly expanded its territorial network over the last two years. Last December, the Greeks had 110 operational branches, twice as many as in the previous year, and should reach 250 branches by 2010, according to their development plans.