Reverting to its communiqué released on the 25th September 2017, Piraeus Bank would like to apprise the investment community that it has received from the Bank of Greece (ΒοG) the final report for the audit, which was conducted by the BoG in the course of its Annual Audit Plan.
The audit focused on a review of Piraeus Bank regarding the implementation of the regulatory framework, as well as risk management procedures and special credit issues.
The final audit report does not contain any substantial differences from the draft already received by Piraeus Bank on 19th September 2017, therefore Piraeus Bank confirms that it does not anticipate any material financial or capital impact to arise from the aforementioned audit conducted by the Bank of Greece.
During the last six months, Piraeus Bank has proceeded with a significant overhaul of its management structure and internal procedures whilst it is currently implementing a brisk review and reinforcement of its internal control and corporate governance framework, including appropriate corrective actions covering the final audit report.
The new management team has a strong commitment to achieve the targets of its strategic plan, and this is confirmed by the financial performance of the third quarter 2017, both in the areas of liquidity (deposits’ increase, decrease of ELA utilization), as well as asset quality trends (NPLs and NPEs decrease).
Athens, 20 October 2017