Piraeus Bank, the domestic subsidiary of Greek group Piraeus,which has in recent years stood out through aggressive growth onthe lending segment, is now banking on attracting clients inagencies for current operations, so that it may stabilise itsrevenues. Piraeus Bank this year expects profit to be higher thanthe 17m-euro one generated in 2009, but rising revenues can beparticularly registered in the fees area, in the context where loandemand is still weak, says Catalin Parvu, the bank's CEO. "Feeincome represents a very large reserve we want to act upon. Feesfrom operations or any services provided to clients are risk-freerevenues and are the most natural to develop. But we must boost thenumber of clients and sell more products and services to thealready existing ones," says Parvu. Piraeus has around 300,000clients in its portfolio, whom it serves through an 186-branchnetwork. Most branches are new, considering the heavy territorialnetwork expansion started in 2005-2006. Parvu points out thatfirst-quarter operating revenues climbed by 14% from a year ago,while operating expenses slightly dropped. Yet, the Greek bank didnot close any branches. Parvu says first-quarter profit was muchbetter than in 2009, and the second quarter is also looking"good".
