SG EXPRESSBANK LAUNCHES NEW SERVICES TO CITIZENS
In 2001 SG EXPRESSBANK changed radically its list of offered products and services. In February it launched on the market the Expresso consumer credits for amounts up to BGL10,000 with a repayment term of 1 to 3 years and a 10.96% interest rate. The release of loans was maximally speeded up. Various products and services followed: credits for purchase of cars and housing, loans for university students, the enticing Deposit Reneta with a bigger yield, the Western Union service for cash tranfers, debit cards, and the international dollar card AMEX.The bank is still expending its network of branch offices. A new office was opened in Plovdiv on October 31. Its branch in Pazardjik will begin operations in November and that in Sliven - by the year-end. If no administrative hindrances arise, the number of offices in Sofia will go up from 5 to 7. SG EXPRESSBANK plans also to set foot in Yambol and Assenovgrad in the beginning of 2002.The Chairman of the bank's Management Board and CEO Sandy Jilio pointed out that within six months SG EXPRESSBANK had extended consumer credits totalling BGL48MN, and some 3,000 loans of BGL2,000 on averege within a month. The share of bad cerdits is very low - under 0.25 per cent. According to Mr. Julio, crediting to citizens will go up to BGL50MN by the year-end. Meanwhile, the bank will continue to develop products for its corporative clients, and plans to launch a new service in the beginning of 2002, intended for small and medium-sized enterprises from the sphere of agriculture.The credit portfolio for companies has increased 25% since the beginning of 2001 and currently amounts to some BGL170MN. SG EXPRESSBANK tops the rating of local credit institutions in terms of the ratio between assets and relwased credits, Mr. Jilio underlined.The bank's Executive Director and member of the Management Board Gabriel Shonoltzer drew attention to the loans for university students - the latest product, launched by the bank a month and a half ago which attracted significant interest.The product range for natural persons will be further extended next year to include insurancw products and international card services, SG EXPRESSBANK managers promised.The only matter commented quite sparingly by Mr. Jilio was the future tender for the privatisation of Biochim commercial bank. His statement in front of the BANKER weekly was laconic: Everything has a price. Why not try to buy a product if it is good? We are not acquainted with Biochim. Therefore, we should make an overall analysis. If the results are satisfactory we can express interst towards its divestment.