Chairman of Piraeus Bank in Greece Michalis G. Sallas’ plan for the creation of a Private Investment Fund for medium and long-term financing of SMEs is starting to come to fruition.

This project, which is considered the first of its kind in the country, had been announced by Mr. Sallas in his address at the Athens Chamber of Tradesmen, last September.

According to information, at the order of the Chairman of Piraeus Bank, as team of bank executives including Messrs A. Thomopoulos, N. Karamouzis, L. Papakonstantinou have traveled to London to hold talks with specific funds that have expressed interest in participating in the investment fund.

The Fund will initially target to raise 500mil. Euro from international markets, with the participation of Piraeus Bank, and it is estimated that, if all goes well, the whole process will be completed during the first quarter of 2015. The Fund will operate as an independent entity and is estimated to cover a loan up to seven years of investment and development projects of approximately 200 small and medium-sized companies from a total of 2.000 with a turnover of 5-75mil. Euro.