piraeus bank group


Corporate Profile


Headquartered in Athens, Greece, with approximately 20th employees in 9 countries in Greece and South East Europe, Piraeus Bank Group offers a full range of financial products and services to approximately 6 mn customers. Total assets of the Group amounted to €86 bn, net loans to €52 bn and customer deposits to €38 bn on September 30, 2015.

Founded in 1916, Piraeus Bank operated as a private credit institution for many decades, while it went through a state ownership for the period 1975-1991 until it was privatized in December 1991. Since then, it has rapidly grown in size and activities, representing today the leading Bank in Greece with 30% market share in terms of loans and 27% of deposits.

  Piraeus Bank Group  September 2015 
       Assets  €85.9 bn
  Net Loans  €51.9 bn  
  Deposits  €38.1 bn
  CET-1 ratio*  11.2%
  Branches  1,071
  Employees  19.8 th
  Customers  5.7 mn

* Basel  III 


Along with its organic growth during the decades of 1990 and 2000, Piraeus Bank has made a series of strategic acquisitions and mergers aiming to establish a strong presence in the domestic market. Thus, in 1998, the Bank absorbed the activities of Chase Manhattan in Greece, took over controlling interest in Macedonia-Thrace Bank and acquired the specialized bank Credit Lyonnais Hellas. At the beginning of 1999, the Bank acquired Xiosbank and absorbed the activities of National Westminster Bank Plc in Greece. In June 2000, Piraeus Bank absorbed its two commercial banks in Greece (Macedonia-Thrace Bank and Xiosbank). In 2002, Piraeus Bank acquired the Hellenic Industrial Development Bank (ETBAbank), which was absorbed in December 2003.

Piraeus Bank Group, in the context of implementing its strategy for expansion in Southeastern Europe and Eastern Mediterranean markets, first reached an agreement on the acquisition of Pater Credit Bank in Romania (integrated into the Group in April 2000 as Piraeus Bank Romania SA). In 2005 acquired the Bulgarian Eurobank (renamed into Piraeus Βank Bulgaria), strengthening its 12 year presence in Bulgaria. Furthermore, in 2005, Piraeus entered the Serbian market by acquiring Atlas Bank (renamed into Piraeus Bank Beograd). Finally, in 2007, Piraeus Group expanded its international presence in Ukraine by acquiring the International Commerce Bank (renamed into Piraeus Bank ICB) and in Cyprus by establishing Piraeus Bank Cyprus through the acquisition of the Arab Bank Cypriot network.

In 2012, Piraeus Bank acquired the "good" part of Agricultural Bank (selected assets and liabilities) and Geniki Bank, a former subsidiary of Societe Generale. In March 2013, Piraeus Bank acquired the Greek banking operations of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank. In June 2013, Piraeus Bank acquired Millennium Bank Greece, a subsidiary of BCP. In April, 2015 Piraeus Bank acquired the carve-out part of Panellinia Bank healthy assets. These transactions comprise important steps towards the restructuring of the Greek banking system, in which Piraeus Bank has participated from the very beginning as a core pillar.

The Group’s Total Capital Adequacy ratio according to Basel III amounted to 11.3%, while its Common Equity Tier I ratio was 11.2% at the end of September 2015. Piraeus Bank’s fully loaded Common Equity Tier I ratio was 10.2% at the end of September 2015, in line with the average of its European peers.

Piraeus Bank has successfully completed the integration of all the aforementioned 2012-2015 banking acquisitions in its systems offering to all its customers a unique banking experience. 

On 21 November 21, Piraeus Bank announced that it had completed the book-building process related to €1,340 mn Offering of new shares to institutional and other selected investors for cash. This amount, together with mitigating actions that were approved by the Single Supervisory Mechanism and reduced the capital needs arising from the recent Comprehensive Assessment in the amount of €873 million (including €602 million stemming from a liability management exercise), is sufficient for Piraeus to fully meet the capital requirement arising from the Asset Quality Review and the Stress Test published by the European Central Bank on 31 October 2015 under baseline scenario. The remaining adverse scenario shortfall will be covered through the issuance to the HFSF of new shares (for 25% of the remaining capital need) and contingent convertible securities (for 75% of the remaining capital need). Following the issuance of the Offered Shares, and assuming completion of the Recapitalisation, our CET1 ratio would have been 19 as at 30 September 2015


Piraeus Bank today leads a group of companies covering all financial activities in the Greek market (universal bank). Piraeus Bank possesses particular know-how in the areas of medium-sized and small enterprises, in agricultural banking, in consumer and mortgage credit and green banking, capital markets and investment banking, as well as leasing and factoring. These services are offered through nation-wide network of 778 branches and 1,849 ATMs, and also through its innovative electronic banking network of winbank.

Piraeus Bank Group, possesses an international presence consisting of 293 branches focused in Southeastern Europe and Eastern Mediterranean. In particular the Group operates in Romania through Piraeus Bank Romania with 120 branches, in Bulgaria through Piraeus Bank Bulgaria with 75 branches, in Albania through Tirana Bank with 39 branches, in Serbia with 26 branches of Piraeus Bank Beograd, in Ukraine with 18 branches of Piraeus Bank ICB, in Cyprus with 13 branches of Piraeus Bank Cyprus, in London and Frankfurt with a branch of Piraeus Bank each


Piraeus Bank Group possesses a well-trained and experienced workforce. The Group’s vision is the continuous development of a humane and responsible organization, where each employee, with competencies and personal inspiration works collectively and with dedication, capitalizing on diversity and creating value in every action. In the selection and utilization process of human resources, objective criteria and methodology are incorporated with specific emphasis on equal opportunities and respect for people. The Group invests in the continuous training and development of its c20,000 people with innovative measures and methods. At the same time the Group created a work environment where innovation, the exchange of ideas, creativity are supported and team spirit is promoted. Through concrete evaluation systems, the Group ensures that the performance of its people are aligned with the Group's objectives and has created the necessary framework for recognition and reward both at a individual and team level. The open communication and the necessary support of the people are enhanced, in many different areas and in different aspects of life, ensuring an organization that is both "and human and dynamic".

Piraeus Bank Group, combining business development and social responsibility, endorses systematically its relations with its social partners through specific actions, while special emphasis is placed on the protection of the natural environment and preservation of cultural heritage. Piraeus Bank has built significant expertise and market share in the field of green banking with dedicated branches and products, addressing both business and individual needs. At the same time, the Piraeus Bank Group Cultural Foundation carries out culture-related activities, which are part of the Piraeus Bank Group's corporate social responsibility and operates a series of thematic museums in Greece, which is constantly growing and has the ability to convey to the Greek rural regions cultural activities of high standards with effective and efficient manner.

As one of systemic banks in Greece, Piraeus Bank takes initiatives that support sound business plans and the evolution of the Greek economy into a new model of sustainable development.