National Bank of Greece joins EBRD's trade scheme
National Bank of Greece has joined European Bank for Reconstruction and Development's (EBRD) trade finance scheme. EBRD is extending its support to ailing Greek economy through a trade facility under trade facilitation programme (TFP). From 2015, EBRD is temporarily investing in Greece, supporting for its early recovery.
National Bank of Greece, the country's oldest and one of the largest banks, will get trade finance support from EBRD. Four systemic banks in Greece are getting funds for recapitalization exercise.
In late 2015, EBRD became a minority shareholder in National Bank of Greece through recapitalization.
Global Trade Review (GTR) reports that trade facilitation programme will support National Bank of Greece to enhance its trade finance activity in the wake of adverse conditions in the financial markets. The extended support to trade finance is very crucial in reviving the economy.
National Bank of Greece has the lowest loan-to-deposit ratio among Greek banks.
EBRD has welcomed National Bank of Greece into TFP and said that it would strengthen its co-operation with the bank also in the area of trade.
Suma Chakrabarti, EBRD President, said "Supporting the expansion of trade finance in Greece is critically important for the revival of the country's economy. The programme will help National Bank of Greece to better meet its clients' trade finance needs and further expand their activities which will benefit the whole economy."
Market conditions in Greece remain tough and uncertain. The trade facilitation programme is expected to bring in positive atmosphere in the country's business platform. The TFP will strengthen National Bank of Greece in meeting requirements of customers for trade finance, according to BFN (Business Finance News).
Leonidas Fragiadakis, CEO of National Bank of Greece, adds: "National Bank of Greece, which has the lowest loan-to-deposit ratio among Greek banks, continues to finance the economy by developing new tools and partnerships with the aim of revitalizing economic activity.
Leonidas Fragiadakis, CEO of National Bank of Greece, said "We are ready to use our expertise and long-standing tradition in trade finance for the successful implementation of the programme."
Launched in 1999, EBRD's trade facilitation programme has been promoting foreign trade among several countries. EBRD invests in emerging markets for boosting foreign trade.It also extends guaranteees to international confirming banks, provides short-term loans to banks and factors companies for on-lending to local exporters, importers and distributors, according to EBRD.
National Bank of Greece continues focusing on developing new tools to support the ailing economy. It is expected to forge alliances with suitable partners for revitalizing economic activity.
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