Greece's Piraeus Bank, the only domestic bank nowselling gold to retail clients, plans to deliver 250 kilograms ofgold to clients this year, over 60% more than in 2010.
Last year, the first full year when it provided the service, thebank sold 150 kilograms of gold in form of bullion and another3,000 British gold coins, with a cumulated mass of around 24 kg.Overall, the value of gold climbed to 5.8m euros. For 2011, theGreeks plan to sell 4,000 gold coins.
"I expect the market to gain depth, as clients get used to seeinggold as a savings instrument," says Alina Piciorea, head of theretail and corporate sales department of Piraeus Banktreasury.
BCR, the biggest domestic bank in terms of assets, is also gettingready to enter this niche in spring, with the bank having sold goldonly to private banking clients, with a minimum threshold of 5 kgper transaction.
While Piraeus sells gold bullion under the brand of Credit SuisseSwiss bank, BCR will have the Austrian Mint as its supplier.
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