About Us

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 key subsidiary of Piraeus Financial Holdings S.A. is Piraeus Bank S.A., it is headquartered in Athens, generates 99% of the Group’s revenues, and has approximately 7.5 thousand employees. The Piraeus Group's total assets stood at €76.6billion on 30.06.2024.

Piraeus Group in Greece / June 2024

Piraeus Bank was founded in 1916. Today it represents the leading Bank in Greece in terms of customer loans and deposits. It maintains the largest distribution network in Greece and offers a vast array of financial products and services to 6 million customers.

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 and diversification of revenue sources and operational efficiency to generate sustainable profitability,

(b) expansion of lending to support the country’s economic recovery,

(c) optimization of return on capital and reward to shareholders, with a growing distribution pay-out ratio in line with European banks’ average levels.

2024 started strongly for Piraeus, with the first half confirming progress towards achieving or exceeding full year targets. In the first half of the year, Piraeus delivered the best ever first half results, generating €0.47 normalized earnings per share, up 41% yoy, and 18% RoaTBV from 14% in the first half 2023. Piraeus has achieved sustainable profitability and capital accumulation, through diversified revenue sources and cost discipline, while maintaining prudent credit risk management.

Piraeus’s top line grew substantially, with net interest margin at 2.75% for the first half of the year, while net fee margin stood at 0.85% respectively, both benefitting by strong client asset expansion. The Group’s performing loan portfolio increased by €1.3bn in Q2 to €31.3bn, and it is on track to exceed the full year target of €31.7bn performing loans. Out of the €3.2bn loan disbursements in Q2, €1.3bn were to SME/SB and €0.2bn to Retail. Client assets under management increased to €10.4bn in June, surpassing the 2024 target of €10.2bn.

The focus on operating efficiency kept the cost-to-core income ratio at 29% in the first half of the year, which is among the best in the European banking market, while cost of risk remains at the low level of 19bps, or 48bps including NPE servicer fees and synthetic securitization costs, an outcome of the successful management of NPE inflows. The NPE ratio improved further to 3.3% and NPE coverage remains near the area of 60%.

The CET1 ratio has increased to 14.2%, up by 0.9 percentage points year-to-date, already meeting the end-2024 target. Following the successful issuance of a new Green Senior Preferred Bond in July 2024, the pro forma MREL ratio reached 28.3%, and -as a result- Piraeus is the first Greek bank that has met the final binding MREL requirement of 27.9%, a year and a half ahead of target.

So far, 2024 is turning into a milestone year for Piraeus. Following the return to full privatization status, the Group paid a cash dividend to its shareholders in July, amounting to €79mn, for the first time after 16 years, while recently the Bank has regained its investment grade rating after 14 years.

The successful acquisition of the license for the neobank snappi marks a significant step in Piraeus’s development and a new era in its journey to become part of the new banking landscape in Europe. This milestone reflects the unwavering dedication to pioneering new innovative paths and the ability in meeting the evolving needs of our customers.

Piraeus’ rebranding efforts have been met with enthusiasm, as it continues to build a brand that resonates with its customers and stakeholders. The new corporate identity reflects the dynamism and mobility that represent the new era of Piraeus, and it is a symbol of its resilience and ability to evolve in an ever-changing industry.

Piraeus continues to raise its aspirations and focus on creating value for its shareholders, ensuring the ongoing support to its customers and the broader Greek economy. Piraeus recently received three awards at the international Euromoney Awards for Excellence 2024, including the "World's Best Bank Transformation" award, which highlights Piraeus’ successful journey, marked by a strategic overhaul and a return to profitability.