Piraeus Egypt Eyes 50% Increase In SME Finance By End Of 2013

Piraeus Bank Egypt targets to increase portfolio of SME loans and finances by 50% by the end of 2013.

A source said the bank focuses in the current period on providing products needed by small and medium enterprises. The bank provides many banking products for such enterprises as the bank has recently financed the purchase of medical equipments, the source added.

The bank has set a five-year plan to be implemented by the beginning of next year so as to foster its presence in the Egyptian market, said Nayera Amin, CEO and managing director of the bank.

The parent bank retreated from selling its unit in Egypt as it considers the Egyptian market as a promising and attractive market, she noted, adding that the bank did not receive any acquisition offers.

The bank has good liquidity which will enable it compete in the upcoming period as it has recently contributed EGP 140 million to the EGP 1.6 billion syndicated loan arranged for the East Delta Electricity Generation Company, she remarked.

The bank plans to expand in retail banking through offering new banking products in the next year, she added.