Greek Pireus bank group formed an investment fund for financing of projects in Serbia, Romania and Bulgaria - soon, residential credits of Pireus atlas bank

Pireus bank group has formed an investment fund for financing of projects of construction, real estate and agricultural activities for Serbia, Romania and Bulgaria, and the capital which will be approved to potential users of these funds would be cheaper from all banking credits, as announced by Branimir Markovic, general director of Pireus Atlas Bank.

Pireus bank became on May, 2005, owner of 80% of the shares of Serbian Atlas bank, and after finishing capitalization of 7.5 millions eur in November, 2005, this bank increased its participation to 88.23%.

To the question wether Pireus bank plans to participate in privatization of Serbian banks, Markovic reminded that this bank had given offer for buying Vojvodjanska bank and Panonska bank, but it had been left out from the competition. However, he announced participation in the privatization of the remaining domestic banks.

According to the words of Yanis Nikolopuls, deputy general director of Pireus Atlas bank, soon it would start with residential credits which would be approved with the maximum deadline payment up to 30 years and a grace period of one year and effective interest rate of 7.3%.

When it is a matter of cash and spending credits, payment deadline is 72 months, and monthly rate was decreased to 5% of the total value of credit.