Hellenic Bank to provide cheap credit for Cypriot companies, CEO says

Hellenic Bank will provide €70 million of new loans to Cypriot companies with an interest rate starting from 3 per cent, CEO Bert Pijls announced on Thursday.
Pijls said that building on its strong liquidity the bank would more than double its new loans and credit facilities this year compared to last.

“Hellenic Bank in response to the needs of the Cyprus economy, tonight announces that it will double the facility provided to it by European Investment Bank and will offer €70 million of new loans to firms at starting from as low as 3 per cent,” said Pijls addressing a ceremony for the InBusiness awards.

Noting that the bank had been capitalised via a rights issue receiving €200 million in fresh capital and that the group`s liquidity stands at €3.5 billion, Pils said: “This amount allows us to support the Cyprus economy by offering credit lines to viable households, reliable customers and firms.”

“Hellenic Bank’s contribution does not end there. In 2015, Hellenic Bank is ready to more than double the new loans and credit facilities to the Cyprus economy compared to 2014. It is ready to make its commitment reality. Its commitment to play a leading role in the re-ignition of the economy,” he added.

“And we can do this because we have committed shareholders, a loyal and continuously increasing client base and prudent management,” he concluded. (CNA)

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.