Piraeus Bank plans to boost operations in Serbia

Piraeus Bank is planning on expanding its operations in Serbia, but it has no plans to take over other banks, Chairman of the Piraeus Bank Executive Board Neoklis Neokleus said Thursday.

- We are not going to buy other banks or do a merger, but instead we plan to achieve an organic growth by strengthening our operations with small and medium-sized enterprises - Neokleus told the press in Belgrade.

He stressed that Piraeus Bank had invested about EUR 500 million in Serbia in eight years.

The total amount of loans extended by Piraeus Bank in Serbia, including cross-border lending, has reached EUR 600 million, whereas saving deposits are currently at EUR 300 million.

According to Neokleus, Piraeus Bank expects better business results in 2014 and higher profits.

The Piraeus Group has a capital of between 8 and 9 billion euros.