Black Sea Bank to double portfolio in Greece

The Black Sea Bank of Commerce and Development will double its portfolio in Greece by developing 12 to 16 new programme worth 200 million euros in the next four years, Andrei Kodhakov, the bank’s chairman said on Friday.

Presenting the bank’s plans during an event organised by the Regional Development & Competitiveness ministry, Kodhakov said: “Only in Greece we do not have intermediate links from the financial system and we are very interested in developing such bonds”.

The bank’s chairman said fields of particular interest are renewable energy sources, "green development", shipping, tourism, supporting SMEs, infrastructure and mainly actions through co-financing with the public sector.

The maximum sum of funding per customer will total 38 million euros and could be no less than three million euros, Kodhakov said. He noted that a number of Greek enterprises, such as Alumil, Yula, Avin, Shelman, Hygeia, Neochimiki and Maillis have already received funding from the development bank and noted that the portfolio for small- and medium-sized enterprises will be raised in the future.

Greece, Russia and Turkey are the biggest shareholders in Black Sea Bank, each owning a 16.5-pct equity stake.

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