WHO WE ARE
Headquartered in Athens and with approximately 11.4 thousand employees, Piraeus Bank offers a full range of financial products and services to more than 5,4mn customers in Greece. The Group's total assets stood at €59.1bn on 30.09.2019.
Piraeus Bank Group in Greece/September 2019
Piraeus Bank was founded in 1916. Today it represents the leading Bank in Greece with 29% market share in terms of customer loans and deposits.
The Bank is committed to play a leading role in the Greek economy, actively supporting economic activity and extroversion through specialized solutions and high-level services to its customers.
Piraeus Bank’s main targets are: (a) enhancement of revenue sources and operational efficiency to generate sustainable profitability, (b) improvement of asset quality, through the consistent delivery of the 2021 non-performing exposures (NPE) reduction plan, (c) further strengthening of capital buffers, and (d) expanding lending to support the country’s economic recovery.
With its return to profitability, the recovering balance sheet, and a determination for strong corporate governance and internal control system, Piraeus Bank have laid the foundations for sustainable growth.
Following the two landmark transactions of 2019 -the issue of a Tier 2 instrument and the strategic partnership with Intrum regarding the servicing of NPE and REO- and the continuous capital generation through organic and inorganic means, the Bank has increased its regulatory capital significantly above the capital requirement level.
The Group’s total capital ratio stood at 16.0%, pro-forma for NPE sales, NPE servicer impact and 9M.19 profit, while Common Equity Tier 1 (CET-1) ratio of the Group was at 15.1%, pro-forma for the above-mentioned items.
We are stepping up our actions and we are working hard to make our Bank better and stronger. For the nine months 2019, Piraeus Bank produced a 2.0% Return on Tangible Equity, with favourable prospects as we continue to progress with the execution of our “Agenda 2023” roadmap.
WHAT WE DO
Piraeus Bank leads a group of companies covering all financial activities in the Greek market.
Today, we rank first in business financing, with a market share of 32% and balances of c.€30bn. Piraeus Bank possesses particular expertise in the areas of medium-sized and small enterprises, agricultural banking, consumer and mortgage credit, green banking, capital markets and investment banking, as well as leasing and factoring.
These services are offered through a nation-wide network of c.535 branches and c.1,910 ATMs of the Bank in Greece, as well as through its innovative digital banking platform, winbank.
Piraeus Bank strives to differentiate itself with the provision of superior standards of customer service by adopting the most modern international innovations and technological solutions. In this context, an automated electronic branch, known as "e-branch", was set up and has been operating since 2016. This is a completely new concept for the Greek market. Piraeus Bank currently operates 10 e-branches in which transactions are carried out with speed, convenience and security.
Piraeus Bank has introduced its roadmap, “Agenda 2023”, paving the way to materialize its vision to be the most trustworthy Bank in Greece. Piraeus Bank has established “Agenda 2023” on three main pillars. The first pillar includes Strategic Targets, which are comprised of specific, measurable goals, which have been set and strive to fully restore the Bank’s fundamentals and enhance its profitability. The second pillar is Satisfying Stakeholders, which takes precedence for the Bank. Key stakeholders for Piraeus Bank are its customers, shareholders, employees, suppliers, and society at large. The last pillar is Sustainable Solutions, which will be thoroughly and effectively implemented and as such will enable the Bank to develop its full potential, with the aim of creating value from all its functions. These Solutions revolve around de-risking of legacy assets, growth of assets, and efficiency & simplification.
The “Agenda 2023” roadmap envisages the following financial aspirations:
- Cost-to-Income ratio at low 40s
- Non Performing Exposures at single-digit ratio
- Return on Tangible Equity at high single-digit
- Regulatory Capital ratio at ~200bps above requirement
WHAT WE STAND FOR
Piraeus Bank has established a unified culture based on the principles of accountability, meritocracy and transparency, aiming to be a pillar of stability for the Greek economy, to fuel growth and to promote innovation. Focusing on having a positive and lasting footprint in society, with benefits for our customers, our people, our shareholders and society, Piraeus Bank is committed to constantly create value, to challenge the frontiers, to enthuse its customers and to build relationships of trust.
As Piraeus Bank acknowledges the basic role held by human resources in the achievement of its corporate strategic goals and the management of challenges, it invests in the creation of strong relations with its employees, constantly improving the working environment and minimizing risks. It works towards a modern working environment that promotes open communication, high performance, and personal development for its people. At the same time, the Group makes sure to establish and implement policies that promote issues of ethics, trust, devotion, team spirit and acceptance of diversity in the workplace. Piraeus Bank employs approximately 11,400 employees, being one of the largest employers in Greece.
Piraeus Bank is committed to including social, environmental, and cultural aspects into its business practices and assumes initiatives over and above the legal obligations with the aim of enhancing social welfare and sustainable development.
In the framework of its activities and operations, the Group promotes regular communication with stakeholders, in order to fulfill their needs and expectations and to promptly and effectively respond to issues concerning them. The protection of their personal data, the use of new technologies to better serve their needs, the respect for human rights, the accessibility to financial services and the respect for the environment and culture as factors contributing to sustainable development, as well as issues related to corporate culture and corporate governance, value creation for the society and risk management, are strategic priorities for the Group.
Piraeus Bank is the only Greek bank to actively participate in the shaping of the global Principles for Responsible Banking, along with other 29 banks from around the world, members of the United Nations Environment Programme Finance Initiative – UNEP FI. The Principles set the global standard for what it means to be a responsible bank and will ensure that banks create value for both their shareholders and society. They provide the first global framework that guides the integration of sustainability across all business areas of a bank, from strategy to product portfolio management and transactions.
The goals for sustainable development, social contribution, and responsible banking behaviour are fundamental components of Piraeus’ strategy, and resonate well with its business model and shared values of accountability, meritocracy and transparency.