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Athens News Agency: News in English, 05-07-19

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Egyptian PM Nazef welcomes investment by Piraeus Bank

  • [01] Egyptian PM Nazef welcomes investment by Piraeus Bank

    CAIRO (ANA/N. Katsikas) - Egyptian Prime Minister Ahmed Nazef said on Monday that Egypt welcomed a recent investment by Athens-quoted Piraeus Bank as the outcome of moves with his Greek counterpart, Costas Karamanlis, to spur investment between the two countries.

    "This is a tangible result of commitments and talks with Mr Karamanlis during his official visit that aimed to boost investment between the two countries, an initiative that has already begun to bear fruit," Nazef told a news conference after a meeting with Mihalis Sallas, the Greek bank's president.

    "On a political level, relations between the two countries were always excellent. The time has now come to reinforce the economic sector," the Egyptian premier noted.

    In June, private-sector Piraeus Bank acquired 69.3% of Egyptian Commercial Bank (ECB) for ‚¨19 million, or EGP 20 per share, as part of an expansion plan abroad. A share capital rise of ‚¨47 million was part of the arrangement to comply with Egyptian central bank rules.

    Sallas described the acquisition as a major investment.

    ECB was established in 1978 and currently operates through 18 branches nationwide, due to rise to 25 by the end of the year. With a staff of 560, total assets in December 2004 totalled ‚¨437 million, customers‚ deposits ‚¨400 million, and net loans to customers ‚¨196 million. The bank has a BB long-term rating by Fitch.

    Greece's ambassador hosted a reception for Sallas that was also attended by Egyptian business representatives and members of the ethnic Greek community.

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