Bloomberg News

Eurobank Steps Up Business Support to Boost Growth in Greece

October 24, 2012

EFG Eurobank Ergasias SA (EUROB) presented a plan to boost financing to Greek businesses and exporters as the country enters its fifth straight year of recession.

“The goal is to help businesses successfully manage the challenges of international competition,” Athens-based Eurobank said in an e-mailed presentation today. The lender is working with groups including Go International and exportgate.gr to help companies in industries including tourism enter new export markets, such as Moscow, according to a presentation.

Greece’s cash-starved economy is set to shrink for a fifth straight year in 2012 under the weight of austerity measures tied to two bailouts from the European Union and International Monetary Fund. National Bank of Greece SA made a bid earlier this month to acquire Eurobank, Greece’s second-biggest lender, which would make the new group the country’s biggest bank.

More than 2 billion euros ($2.6 billion) of loans have been granted since 2009 to groups operating in industries including tourism, export-driven businesses and renewable energy, the Eurobank said in the presentation.

To contact the reporter on this story: Natalie Weeks in Athens at nweeks2@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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