Novo Banco announced today that it has tripled «the rate of attracting foreign customers in the Algarve in the last two years, a sign of the strong dynamic that the Residential Tourism (TR) sector is experiencing in the region and of the bank's strong commitment to this new reality» .
This business area in the Algarve already represents “a financial involvement of over 175 million euros”.
According to Novo Banco, this funding dynamic is influenced by its products specially designed for this type of customer, but above all by the strong growth in the region of this "segment" of foreign investors (mainly English, German, Irish, Dutch, French, Belgian, Swiss and Swedish), «largely motivated by tax benefits, excellent climate and gastronomy in the region, proximity to the countries of origin (3 to 4 hours of travel) and security and tranquility that are easily found in these stops».
Novo Banco reinforced its market share in loans to companies in the Accommodation, Restaurant and similar sectors to 23%, while recording a 27% share in the Leading SME registry in the Tourism sector.
The bank emphasizes that Tourism is an important pillar of the national economy and the largest national exporting sector, with 45% of Exports of Services, contributes positively to reducing the external deficit with a trade surplus of 3.145 million euros.
Anticipating the World Tourism Day, Novo Banco promoted the conference “Tourism as a Pillar of the National Economy” at the University of Algarve, in Faro, which was attended by more than 300 businessmen in the sector.
The conference was attended by the Minister of Economy Manuel Caldeira Cabral and with speeches by the president of NERA Vítor Neto, and the president of Novo Banco, António Ramalho, in addition to a round table with heads of companies.
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