WHO WE ARE
Piraeus Financial Holdings S.A. is a financial holdings company, listed on the Athens Stock Exchange, and the parent company of the banking institution “Piraeus Bank S.A.”.
Subsequent to the corporate transformation that took place on 30 December 2020, the banking operations were hived-down to a new wholly owned banking subsidiary (Piraeus Bank S.A.). Certain non-banking sector activities remain with the parent entity of the Group, which evolved into a financial holding company listed on the Athens Stock Exchange (Piraeus Financial Holdings S.A.).
The successful implementation of the corporate transformation plan unlocks a number of strategic goals, providing the Management with strategic focus on core banking operations, while achieving the isolation of legacy risk from the core Bank, thus elaborating its de-risking strategy.
The key subsidiary of Piraeus Financial Holdings S.A. is Piraeus BanK S.A., it is headquartered in Athens, generates 95% of the Group’s revenues, and has approximately 10.9 thousand employees. Piraeus Bank offers a full range of financial products and services to 5.5mn customers in Greece. The Piraeus Bank Group's total assets stood at €67.7bn on 30.09.2020.
Piraeus Bank Group in Greece/ September 2020
Piraeus Bank was founded in 1916. Today it represents the leading Bank in Greece with 30% market share in terms of customer loans and 29% in terms of customer 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.
Piraeus Group recorded solid results in Nine Months.2020. Net interest income and net fees grew by +3% and +2% yoy respectively, while operating expenses on a like-for-like basis were reduced by 9% yoy. Pre-provision income stood at €732mn, up 20% compared to the same period last year. Impairments stood at €845mn in 9M.20, driven by €362mn Covid-19 related charges. All in all, pre-tax result stood at a loss of €133mn having incorporated the pandemic impact in 9M.2020; when excluding this, pre-tax profit was €229mn.
Total regulatory capital ratio was at 16.1% on a phased-in approach, with the CET1 ratio at 14.1%.
Piraeus Bank has taken action early on to support its clients and the economy in accordance with the measures taken by the Greek and EU authorities to alleviate the economic consequences of the COVID-19 pandemic crisis.
Piraeus Bank remains more committed than ever to its aspiration for becoming a more lean, efficient, derisked and highly profitable bank, operating to the benefit of our clients, providing returns to our investors and adding value to our people and the community.