Piraeus's green loans boost jobs, help bank’s bottom line

Piraeus Bank SA has issued 1.58 billion euros of loans for environmentally friendly projects since 2007, boosting jobs and helping the lender’s bottom line, bank officials said.

The effort has generated some of the bank’s lowest rates of nonperforming loans throughout Greece’s economic crisis, said Vrasidas Zavras, head of green banking at the Athens-based lender.

While nonperforming loans stood at 37.9 percent of total loans at the end of March, the green portfolio ratio was estimated to be lower than 10 percent.