Piraeus hopes to sell 250 kg of gold this year

Greece's Piraeus Bank, the only domestic bank now selling gold to retail clients, plans to deliver 250 kilograms of gold to clients this year, over 60% more than in 2010.
Last year, the first full year when it provided the service, the bank sold 150 kilograms of gold in form of bullion and another 3,000 British gold coins, with a cumulated mass of around 24 kg. Overall, the value of gold climbed to 5.8m euros. For 2011, the Greeks plan to sell 4,000 gold coins.
"I expect the market to gain depth, as clients get used to seeing gold as a savings instrument," says Alina Piciorea, head of the retail and corporate sales department of Piraeus Bank treasury.
BCR, the biggest domestic bank in terms of assets, is also getting ready to enter this niche in spring, with the bank having sold gold only to private banking clients, with a minimum threshold of 5 kg per transaction.
While Piraeus sells gold bullion under the brand of Credit Suisse Swiss bank, BCR will have the Austrian Mint as its supplier.