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.