Our Philosophy on choosing Suppliers

The Bank’s supplier relations are governed by the principles of merit-based selection and transparency in the contract terms. Collaboration proposals and financial offers submitted by potential business partners and suppliers are evaluated on the basis of established criteria and processes, which are incorporated both in the responsibilities of the Group Engineering Project Management & Administration Support Division and in the relevant Group’s Outsourcing Policy.

The Bank works with suppliers who meet objective and measurable criteria, such as the performance and quality to price ratios, reliability and market position.

There are uniform procedures applied to all suppliers, who are regularly evaluated, so as to maintain relations with most appropriate ones based on the progress of the cooperation. It should be noted that almost 100% of the suppliers that used, are local in each country, except from furniture, cashier counters and signs, for which the Group has signed a global contract in order to maintain a uniform corporate identity.

Piraeus Group Procurement Policy

Piraeus Group applies the Piraeus Group Procurement Policy, which was created and is applied in an effort towards centralized management of procurement, goods and services. The following are defined in this policy:

  • all rules and basic principles on all procurement and services,
  • relations with existing and potential suppliers,
  • the manner of implementation of procurement requests from all Group Organizational Units to cover operational needs.

The Policy is applied uniformly throughout the Group-Bank and subsidiaries in Greece and abroad- and its main aims are:

  • uniformity of procurement management throughout the Group,
  • reduction of operational and credit risks deriving from collaboration with suppliers,
  • timely supply of products and services to Group Organizational Units,
  • cost containment of goods and services provided by use of e-auctions,
  • η σύναψη μακροχρόνιων συνεργασιών με συνεχώς αξιολογούμενους προμηθευτές,
  • forging of long-term collaborations with continuously-evaluated suppliers,
  • adoption of a regulatory framework and its imposition on potential suppliers and external partners,
  • establishment of a collaboration framework among the relative organizational units on procurement management, and
  • establishment of qualitative and quantitative guidelines for all goods and services supplied.

Green Procurement

Piraeus Bank recognizes the need for environmentally responsible operation and applies a specific green procurement policy. By opting for environmentally-friendly products, not only is the Bank’s environmental footprint reduced but the development of new “green procurement” markets (such as environmentally-friendly paper, recycled consumables and low CO2 emission vehicles for company use) is also achieved.

Gender Responsive Procurement

Piraeus Group adheres to corporate sustainability guidelines, regarding Environment, Society and Governance (ESG). The Group is a leader for the sustainable development of the Greek economy and actively participates in United Nations and other global and European sustainability initiatives.

Sustainable development, social contribution and responsible banking are fundamental elements of the Group's strategy and are already incorporated in all its activities, in order to align its business model with the 2030 Agenda of the United Nations and the Sustainable Development Goals (SDGs).

Piraeus Group is committed to creating a business environment of Equal Opportunities for All (Goal 5 "Gender Equality") and is the first financial institution in Greece to sign the United Nations Women's Empowerment Principles, aiming to promote equal opportunities for women in the workplace, marketplace and community.

Therefore, social criteria are gradually integrated into the Group’s supplier selection process. In procurement tenders, candidate suppliers are requested to provide gender related information for their business, i.e. the ownership status and the governance structure of the company, the share of women in managerial positions, and the gender breakdown of their permanent workforce (Gender Responsive Procurement).

The Group integrates these social criteria aiming to strengthen women’s entrepreneurship and promote gender equality and women empowerment in the workforce. Piraeus is encouraging suppliers who have already adopted gender-related strategies to participate in procurement tenders.

Procurement & Suppliers Management Platform

Piraeus Financial Holdings and Piraeus Bank ("Piraeus Bank Group"), as part of the broader digital transformation program introduce a new single electronic infrastructure, to standardize the management of the entire procurement cycle. The goal is that the new environment will contribute to the automation and optimization of the actions required and it will also become a channel of communication and collaboration with our Suppliers/Collaborators, regarding the following procedures:

  • Procurement Tenders
    Invitation, Participation and Proposal Submission in tenders
  • Procurement Contracts
    Management, Collaboration and Completion of contracts
  • Purchase Orders
    Dispatch, Acceptance and Execution of Purchase Orders
  • Invoicing
    Creation and Sending Invoices concerning Purchase Orders

The functionality is available through the specialized cloud platform "Coupa", which is installed within the European Union and is already used worldwide by organizations and companies. 

The platform does not require from our suppliers to install any hardware or software and there is no usage charge at any time. 

Platform data will be processed by Piraeus Bank a) from one hand acting under the name and on behalf of itself as the data controller, for the aforementioned purposes, with Coupa as the data processor and b) on the other hand acting on behalf of Piraeus Financial Holdings with the latter as the data controller, for the aforementioned purposes, with Piraeus Bank as the data processor by virtue of their contractual relationship. For your information regarding the protection of personal data, you can refer to the Personal Data Protection Policy which is available in the Piraeus Financial Holdings website: https://www.piraeusholdings.gr/el/privacy-policy, in Piraeus Bank’s branch network as well as on the website: https://www.piraeusbank.gr/el/Idiwtes/gdpr