piraeus bank group

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Corporate Profile


WHO WE ARE

Headquartered in Athens, Greece, with more than 21th employees in offices in 10 countries mainly in South East Europe and Eastern Mediterranean, Piraeus Bank Group offers a full range of financial products and services to approximately 6 mn customers. Total assets of the Group amounted to €89 bn, net loans to €56 bn and customer deposits to c. €47 bn on March 31, 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 29% market share in terms of loans and 28% of deposits.

  Piraeus Bank Group  Μarch 2015 
       Assets  €88.5bn
  Net Loans  €55.7bn 
  Deposits  €46.5bn
  CET-1 ratio*  11.9%
  Branches  1,137
  Employees  21.0th
  Customers  5.8 mn

* Basel  III 

OUR COURSE

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), and into the Egyptian market by acquiring Egyptian Commercial Bank (renamed into Piraeus Bank Egypt). 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 SocieteGenerale. 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. On April 17, 2015 Piraeus Bank acquired the carve-out part of Panellinia Bank healthy assets, thus continuing to contribute to the restructuring of the Greek banking system. The acquired carve-out comprised €504 mn in deposits, €370 mn in gross loans, as well as 26 branches and 163 employees. 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.

In June 2013, the Bank was recapitalized following PSI implementation, achieving the highest private participation among the Greek systemic banks, in both absolute and relative terms. In addition in April 2014, Piraeus Bank successfully completed a €1.75 bn capital increase. The new shares were offered to institutional and other special investors internationally and to investors in Greece, both displaying great response, demonstrating their trust towards the prospects of Piraeus Bank and the Greek economy.

The Group’s Total Capital Adequacy ratio according to Basel III amounted to 12.0%, while its Common Equity Tier I ratio was 11.9% at the end of March 2015 (pro-forma for the sale agreements for Piraeus Bank Egypt and ATE Insurance, as well as the acquisition of the carve-out of Panellinia Bank healthy assets). Piraeus Bank’s fully loaded Common Equity Tier I ratio was 11.1% at the end of March 2015, in line with the average of its European peers.

Today, Piraeus Bank has successfully completed the integration of all the aforementioned 2012-2013 banking operations in its systems offering to all its customers a unique banking experience.



WHAT WE DO

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 the Group’s nation-wide network of c.800 790branches and 1,800 ATMs, and also through its innovative electronic banking network of winbank.

Piraeus Bank Group, possesses an international presence consisting of c. 346 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 45 branches, in Serbia with 31 branches of Piraeus Bank Beograd, in Ukraine with 21 branches of Piraeus Bank ICB, in Cyprus with 13 branches of Piraeus Bank Cyprus, in Egypt with 39 branches of Piraeus Bank Egypt, in London and Frankfurt with a branch of Piraeus Bank each.

On May 21, 2015 Piraeus Bank announced that it had entered into a definitive agreement with Al Ahli Bank of Kuwait to dispose of its stake in Piraeus Bank Egypt S.A.E., its Egyptian subsidiary, for a consideration of $150 mn. This transaction improves the Group’s CET1 ratio by c.30 bps and increases the Group’s liquidity by c.€0.2 bn, and is in line with the framework of implementing the approved Restructuring Plan of the Group.



WHAT WE STAND FOR

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 c21,000 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 a leading bank 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.