WHO WE ARE
Headquartered in Athens, Greece, with approximately 19th employees in 8 countries in Greece and South East Europe, Piraeus Bank Group offers a full range of financial products and services to approximately 6 mn customers.
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.
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 inMacedonia-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.
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.
In December 2015, Piraeus Bank announced the full coverage of the share capital increase by an amount totaling to € 2.6 bn with abolition of the pre-emption rights of existing shareholders; payment in cash; liabilities’ capitalization equivalent to cash payment; and contribution in kind by issuing 8,672,163,482 new common dematerialized registered voting. The new shares were allocated to qualified investors under private placement, to holders of Non Transferable Receipts under the Liability Management Exercise and to the Financial Stability Fund pursuant to the decision of the Bank's Extraordinary General Meeting of 15.11.2015 and in accordance with the decisions of the Board of Directors of 20.11.2015 and 02.12.2015. Furthermore, in order to cover part of Piraeus’ capital needs as they were assessed by the Asset Quality Review (AQR) and Stress Test released by the European Central Bank on October 31, 2015 under the adverse scenario, the Bank issued Contingent Convertible Bonds under the provisions of the Law in favour of the HFSF and the CA 36 / 02.11.2015 for an amount of € 2.0 bn.
Τhe recapitalization of Piraeus Bank increased the Group’s total equity to €10.0 bn at end of December 2015. The Group’s Common Equity Tier-1 ratio (pro-forma for the discontinued operations of Piraeus Bank Cyprus and ATE Insurance) reached 17.8% at the end of 2015, while the fully loaded Basel III Common Equity Tier-1 ratio reached 16.6%. Accordingly, current capital ratios render Piraeus Bank as one of the strongest capitalized banks in Europe.
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 709 branches and 1,817 ATMs, and also through its innovative electronic banking network of winbank.
Piraeus Bank Group, possesses an international presence consisting of 280 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 London and Frankfurt with a branch of Piraeus Bank each.
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 19,000 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.