A delegation composed of members of Eurobank EFG senior management that was led by its CEO, Mr. N. Nanopoulos held a meeting today with Mr. P. Karellas, the Chairperson of the Athens Traders Association.
During the meeting, which was conducted at the Association’s offices, an extensive analysis was conducted of the current prevailing conditions in the market as a result of the recent incidents in Athens and the direct consequences that these have had on the commercial world during this critical Christmas shopping period. Eurobank EFG, on its part, thoroughly informed the Presiding Committee of the Traders Association, both in relation to the support measures for small and medium sized business as well as the urgent steps that it has already taken for the facilitation and the relief of its small and medium sized business – clients that have suffered losses, in order that the operation of the market over the festive season is not interrupted.
More specifically, Eurobank EFG in order to assist its clients to restore the operation of their businesses:
- Is providing new funding for the re-operation of their stores with the capacity for the repayment of their loan to commence after 6 or 12 months;
- Is reducing the interest rate on existing loans by up to 1%;
- Is providing the capacity to suspend payment for up to 12 months in the servicing of existing loans;
- Is activating the services of EUROLIFE INSURANCE, A subsidiary company in the Group, in relation to the immediate payment of compensation;
They simultaneously discussed the consequences of the international crisis for the commercial sector that is testing economies on a global scale, as well as the measures that are being taken by the governments and the Central Banks, especially at a European level, in relation to a defence against the crisis and the recession by the actual economy.
There was a common finding that the implementation of the liquidity support plan for the Greek economy shall be essentially contributing to the funding support for businesses and households and in conjunction with the trend for a reduction in the interest rates it shall permit the transformation of suitable conditions for the preservation of a satisfactory rate of economic development.
Eurobank EFG on its part stressed that it has adapted its strategies to the new conditions that demand greater flexibility and more effective resources, so that through the proprietary funds that it is successfully drawing on in conjunction with the Plan it shall continue to support enterprise and to provide those credits that are necessary for the smooth operation of the market and the invigoration of consumption. It was simultaneously stressed that the Bank has made it clear to its clients that in the cases where problems arise in the repayment of obligations arising from loans, it is willing and is flexibly implementing solutions in conjunction with the clients that lead to a satisfactory solution of their problems.
At the meeting were present, the Chairperson of the Athens Traders Association, Mr. Panagis Karellas, the Deputy Chairpersons Messrs. Sotiris Andoniou, Andreas Triantaphyllidis, the General Secretary Mrs. Margaret Zoulovits, the Financial Superintendent Mr. Stamatis Jannes and the Directors, Messrs. Nikolaos Giannetos and Elias Vlahakis. On the part of Eurobank EFG were present, the CEO Mr. Nicholas Nanopoulos, the deputy CEO Mr. Nikolaos Karamouzis, Mr. Evangelos Kavvalos the General Manager for Small Business Banking and Mr. Panaghiotis Mantas, General Manager for Corporate Banking.