piraeus bank group

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Corporate Profile

WHO WE ARE

Headquartered in Athens, with approximately 12.4th employees, Piraeus Bank Group offers a full range of financial products and services to approximately 5.2mn customers in Greece. Total assets of the Group in Greece amounted to €55.8bn, net loans to €38.7bn and customer deposits to €41.9bn on June 30, 2018. 

Piraeus Bank Group in Greece/June 2018

 
       Assets €55.8bn    Branches 574
  Net Loans €38.7bn    Employees 12.4th
  Deposits €41.9bn    Customers 5.2mn
 


OUR COURSE


Piraeus Bank was founded in 1916. 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 deposits.

Along with its organic growth, 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.

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.

2017 was a critical juncture for Piraeus Bank. From a financial point of view, this was the year which signaled the stabilization of the Bank’s financial performance. The improvement in liquidity and asset quality accelerated and that was visible across financial ratios. On an institutional level, the year was characterized by the completion of the changes in the Board of Directors, incorporating members with international financial expertise and strengthening its corporate governance, in compliance with international best practices and regulatory rules. At the same time, Piraeus Bank has reinvigorated its top management, strengthening its executive management team. The year 2017 was sealed with our new CEO taking office on April 2017 Mr Christos Megalou. The institutional ring-fencing of the Bank allows further strengthening and unceasing operational continuity to the benefit of our shareholders, customers and employees.

We now possess the necessary know-how, the experience and the decisiveness to address today’s challenges and to ensure that the Bank is well positioned to deliver against the demanding operational and corporate governance requirements, which are derived from the best international practices, as well as from ECB’s recommendations. 
 
At the end of October 2017, Piraeus Bank proceeded with a 5-year covered bond issue of €500mn. The issue was privately placed primarily with the European Investment Bank, the European Investment Fund and the European Bank for Reconstruction and Development. It is the first covered bond issuance by Piraeus Bank that was placed with investors. 

The Group’s total equity amounted to €7.3bn at end of June 2018, while regulatory CET-1 capital was at €6.6bn. The pro-forma Common Equity Tier 1 ratio, taking into account our divestments under way, was 14.0%. 

Piraeus Bank, in the context of its business planning, is concentrating on all potentials and opportunities for recovery. The main issues to address for 2018 remain: a) improvement of asset quality, through the consistent achievement of the active management of the Non Performing Exposures in order to comply with the commitments to the ECB, b) the improvement of liquidity through the gradual restoration of deposits and c) the return to sustainable profitability, with continued improvement in revenue sources and operational efficiency. 

The Bank has committed to play a leading role in the restart and development of the Greek economy by actively supporting economic activity and extroversion through specialized and personalized solutions and high-level services to its customers.



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 nation-wide network of 574 branches and 1,998 ATMs, and also through its innovative digital banking platform winbank.

Piraeus Bank aims to differentiate itself with the provision of superior standards of customer service, adopting modern technological solutions. In this context, an electronic branch, known as "e-branch", was set up and operates since 2016. This is a completely new concept for the Greek market. Piraeus Bank currently has 5 e-branches in which transactions are carried out with speed, convenience and security.



WHAT WE STAND FOR

Piraeus Bank has a shared vision and single mission: "to be the most trusted bank in Greece, creating value for its shareholders, clients and employees". To achieve this, Piraeus Bank concentrates on four key strategic principles that are: customer focus, management accountability, performance-driven culture, and the sustainability of its business model.

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 12,390 people in Greece with innovative measures and methods. At the same time the Group created a work environment where innovation, exchange of ideas, creativity are supported and team spirit is promoted. Through concrete evaluation systems, the Group ensures that the performance of its people is aligned with the Group's objectives and has created the necessary framework for recognition and reward both at an 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 "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 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, thus having 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.