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PIRAEUS BANK

Megalou (Piraeus Bank): Reinforcement of net credit expansion in 2024

Net credit expansion will be strengthened in 2024 thanks to the strong growth rate of the economy and European resources, which are estimated to exceed 60 billion euros by 2027, Piraeus Bank CEO Christos Megalou underlined, speaking at the conference co-organized by the Athens Stock Exchange and Morgan Stanley in London.

According to Megalou, the factors that will contribute to the strengthening of net credit expansion next year are:

  • Fastest GDP growth, growing twice the EU average in 2023, and estimated to strengthen by around 3% in 2024 due to strong foreign investment flows, domestic demand and income from tourism.
  • Lower repayments from corporate customers, as interest rates are expected to decrease in the near future, along with an increase in corporate profits.
  • Financing from the Recovery and Resilience Facility (RRF), for which demand remains high while there is a large number of signed contracts awaiting disbursement.
  • The acceleration of the Energy Transition. As Megalou pointed out, “Greek banks have the unique opportunity to turn the country’s energy transition into a strong business opportunity” and added that “Piraeus Bank is the leader in financing businesses and individuals in their effort to achieve energy efficiency goals.” He cited as an example the loans for property renovations to improve their energy class.
  • The strong momentum in the property market as prices continue to rise by 14% in the nine months this year, following an annual increase of 12% in 2022.
  • The subsidized programs, such as the housing subsidy program for young people, which help to further strengthen the demand for loans.

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