Piraeus Bank Group is one of the most dynamic and active financial organisations in Greece today. Founded in 1916, Piraeus Bank went through a period of state-ownership and management (1975-1991) before it was privatised in December 1991. Since then, it has continuously grown in size and activities.
Along with its organic growth, Piraeus Bank made a series of strategic moves with the goal of establishing 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 specialised 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, the Bank unified its three commercial banks in Greece (Piraeus Bank, Macedonia-Thrace Bank and Xiosbank), creating one of the three largest private sector banks in Greece.
In early 2002, Piraeus Bank acquired the Hellenic Industrial Development Bank (ETBAbank). ETBAbank was absorbed by Piraeus Bank in December 2003. Also, at the beginning of 2002, a strategic alliance agreement for the Greek market was signed between Piraeus Bank Group and ING Group, focused in the field of bancassurance, which was renewed for 10 more years in October 2007. At the beginning of July 2009, Piraeus Bank and BNP Wealth Management announced that they have concluded a strategic partnership in Wealth Management. Finally, at the beginning of October 2009, Piraeus Bank announced that it has signed an agreement with Victoria General Insurance Company S.A. - subsidiary of Ergo International in Greece and member of the German insurance Group Munich Re - for the implementation of a 10-year exclusive cooperation in the general insurance field.
In early 2005, Piraeus Bank Group, implementing its strategy for expansion in Southeastern Europe and Eastern Mediterranean markets, acquired the Bulgarian Eurobank (renamed into Piraeus Βank Bulgaria), strengthening its presence in Bulgaria, while the merger of Piraeus Bank branches in Bulgaria with Eurobank was completed in March 2006. Furthermore, in 2005, it entered into the Serbian market by acquiring Atlas Bank (renamed into Piraeus Bank Beograd), and into 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 (Piraeus Bank Cyprus) by getting the approval to operate a banking institution and by the acquisition of the Arab Bank Cypriot network.
Today, Piraeus Bank leads a group of companies covering all financial and banking activities in the Greek market (universal bank). Piraeus Bank possesses particular know-how in the areas of retail banking, small and medium-sized enterprises (SMEs), capital markets and investment banking, leasing.
These services are offered through the Bank's nation-wide network and also through the electronic banking network of winbank. The latter was launched in the beginning of 2000, as the first complete electronic banking service in Greece, offering a full set of services through four different channels of distribution (Internet, mobile phone, call centre and ATMs).
Piraeus Bank Group has a growing international presence, focused in Southeastern Europe and Eastern Mediterranean, but also in the financial centres of London and New York. In particular, the Group is present in the USA through Marathon Bank, based in New York with 13 branches, in London with a branch of Piraeus Bank, in Albania through Tirana Bank with 49 branches, in Romania through Piraeus Bank Romania with 187 branches, in Bulgaria with 102 branches of Piraeus Bank Bulgaria, in Serbia with 47 branches of Piraeus Bank Beograd, in Ukraine with 54 branches of Piraeus Bank ICB, in Cyprus with 15 branches of Piraeus Bank Cyprus and in Egypt with 49 branches of Piraeus Bank Egypt.
The main medium term goals of Piraeus Bank Group are to maintain a balanced growth in terms of loans and deposits, achieve high efficiency and sustain superior asset quality and satisfactory capital adequacy. Piraeus will continue to focus on SMEs and retail banking segments, where it holds strong expertise, while capitalizing on its young branch network, both in Greece and abroad.
The Group's fundamental policy direction for human resources development is based on the efficient management of human resources, leading to the creation of skilful and dedicated personnel able to function within the framework of the competitive EU banking market. At the end of March 2010, the Group employed 13,442 people.
At the end of March 2010, Piraeus Bank Group had a network of 876 branches (359 in Greece and 517 abroad) and its equity capital amounted to €3,579 mn. The clients' deposits, repos and retail bonds issued amounted to €30,084 mn, net loans reached €37,736 mn and total assets were €55,220 mn.