History of the Group
History of the Group
Investing in a better future for all
2020-2021
New era
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2020-2021
New era
November 2021
The issuance of its inaugural €500 million Green Senior Preferred Bond, successfully completed attracting the interest of a large number of institutional investors. With this issue, Piraeus Bank is advancing its ESG agenda, demonstrating its commitment to support the Greek economy.
June 2021
The issuance of its inaugural Additional Tier 1 instrument amounting to €600mn successfully completed. The issue was subscribed by close to 200 institutional investors, from more than 20 countries, with a total demand reaching €2.2bn.
April 2021
The €1.4bn share capital increase was completed with great success, with investors’ oversubscribing by more than three times.
January 2021
The Contingent Convertible bonds issued by the bank during the recapitalization of 2015 and held in their entirety by the HFSF, were automatically converted into 394.4mn new ordinary shares, increasing the HFSF’s shareholding in the bank’s share capital to 61.3%.
January 2021
Piraeus Banks' SA corporate name and distinctive title changed to “Piraeus Financial Holdings S.A.” and “Piraeus Financial Holdings” respectively, following the demerger of the company by way of hive-down of its banking activity sector and its contribution into a new banking entity.
February 2020
Successfully issued a €500mn Tier 2 bond with institutional investors at a coupon of 5.50%. The bond has a maturity of 10 years and an embedded issuer call option after 5 years.
March 2020
Piraeus Bank acting in line with its Business Continuity Plan and responsibly as per its ESG agenda, is contributing substantially to contain the spread of COVID-19, as well as mitigate the related impact.
September 2020
Piraeus Bank S.A. and Intrum AB signed a binding commitment letter, according to which Intrum will purchase thirty percent (30%) of the mezzanine notes of the c. €1.9bn residential mortgages NPE securitisation (“Project Phoenix”).
September 2020
The Transformation and Business Strategy Unit was established to complete the planning and successful implementation of Piraeus Bank's transformation plan and strategy, in order to create additional value for its shareholders, the bank's employees, the economy and society in general.
October 2020
Through Voluntary Exit Scheme, employees who wished to pursue other personal and professional options were given the incentive to leave voluntarily.
2019-2017
Market recovery
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2019-2017
Market recovery
February 2019
The sale of its stake (98.8%) in the bank's Albanian subsidiary Tirana Bank Sh.a., Balfin Sh.p.k. and Komercijalna Banka AD was completed.
June 2019
Piraeus Bank announces that it has entered into a strategic partnership with Intrum for the management of non performing exposures and Real Estate Owned Assets (“REOs”) through the establishment of a market-leading independent non-performing assets servicing platform in Greece.
June 2019
Piraeus Bank announces that it has reached an agreement with an entity affiliated with Davidson Kempner Capital Management LP, for the sale of corporate Non Performing Exposures, amounting to €0.5 bn gross book value.
June 2019
The book building process has successfully completed for the issuance of 10NC5 dated subordinated notes amounting to €400 mn under the €25 bn Euro Medium Term Note Program.
September 2019
The sale of shareholding (99.98%) in its subsidiary in Bulgaria, Piraeus Bank Bulgaria AD to Eurobank Bulgaria AD is completed.
September 2019
Piraeus Bank is among the 130 banks that signs the Principles for Responsible Banking.
2018
The voluntary exit program is announced, offering incentives to employees who wish to participate. In this way the bank offers opportunities for its staff to focus on other personal choices.
2018
Piraeus Bank of Greece joins as a new member the Global Federation of competitiveness Councils (GFCC) The GFCC is a network of leaders and organizations committed to the implementation of competitiveness strategies to drive innovation, productivity and prosperity. Founded in 2010, the GFCC is currently represented on the ground in over 35 countries across six continents.
January 2018
The bank implements for the first time the IFRS 9 “Financial Instruments”.
March 2018
The sale of Piraeus Bank’s subsidiary Olympic Commercial and Tourism Enterprises -which holds the Avis Rent a Car, Budget Rent a Car and Payless master franchises for Greece- is completed.
April 2018
The sale of Piraeus Bank Beograd AD to Direktna Bank AD is completed.
May 2018
Piraeus Bank agrees the sale of secured with real estate collateral non-performing and denounced corporate NPEs, of €1.4 bn gross book value, to Bain Capital Credit LP.
June 2018
Τhe sale of Piraeus Bank Romania to J.C. Flowers & Co. is completed.
July 2018
Piraeus Bank agrees with APS Investments S.a.r.l. the sale and transfer of non-performing, denounced unsecured retail consumer and credit card loans of €0.4 bn gross book value.
July 2018
Τhe 4 Greek systemic banks enters into a servicing agreement with a credit institution specialized on servicing of non-performing loans, doBank SpA.
Piraeus Bank’s Board of Directors, unanimously elected Mr. Christos Megalou as the new CEO of the Bank. Mr Megalou is a highly experienced international banker. The vast majority of his professional course was with global financial institutions based mainly in London. Mr Megalou has served as CEO of Eurobank Ergasias SA, one of the four systemic banks in Greece. Previously, he held senior management positions in investment banking at Credit Suisse Group.
Piraeus Bank’s Board of Directors, unanimously elected Mr. Christos Megalou as the new CEO of the Bank. Mr Megalou is a highly experienced international banker. The vast majority of his professional course was with global financial institutions based mainly in London. Mr Megalou has served as CEO of Eurobank Ergasias SA, one of the four systemic banks in Greece. Previously, he held senior management positions in investment banking at Credit Suisse Group.
May 2017
The bank's strategic plan until 2020, called "Agenda 2020", is announced, with main objectives: a) reduce NPLs and NPEs to an internationally accepted level b) create a profitable and sustainable business model, with attractive returns for shareholders over the medium-term c) maintain a strong capital base d) re-establish wholesale market funding access. “Agenda 2020” establishes a clear set of strategic priorities that, in conjunction with focused and effective execution, provides a clear and visible path to a full recovery for Piraeus Bank.
August 2017
It is announced that the cooperation agreement with NN Hellas in the field of Bancassurance is renewed as of 1 January 2018 for 10 years, with the possibility of further extension for another 5 years. Piraeus Bank will continue to offer exclusively to its customers the Life and Health insurance products of NN Hellas.
2017
Piraeus Bank - the leading Bank in Greece - in conjunction with UnionPay International - the Chinese financial services organization with more than 6.1 billion credit, debit and prepaid cards worldwide - introduces QuickPass to Southern Europe for the first time.
September 2017
The agreement to sell the Serbian subsidiary of Piraeus Bank Beograd to Direktna Banka A.D., a banking group that has significantly increased its presence in the Serbian market, is announced.
October 2017
Piraeus Bank issues a 5year €0.5bn covered bond be launched under Piraeus Banks' €10bn Covered Bond Program. This represented the first covered bond issuance by Piraeus Bank and the first time that supranational financial organizations have invested in covered bonds issued by Greek banks since the beginning of the financial crisis.
November 2017
The sale of its subsidiary Olympic Commercial and Tourism Enterprises (Olympic), which holds the Avis Rent a Car, Budget Rent a Car and Payless master franchises for Greece, is announced.
November 2017
The “Horizon Project” is launched, which regards a specific zero cost based strategic project, where specific interventions are designed and carefully planned for Piraeus Bank’s operating model across four main pillars: customer reach, internal delivery model, digitalization of core processes and building a market leading procurement.
December 2017
An agreement is reached with J.C. Flowers & Co. for the sale of the entire share capital of the bank's Romanian subsidiary, Piraeus Bank Romania S.A.
2017
The operation of the innovative website Properties4sale.gr is launched, aiming at the sale of real estate assets (REO) through online auctions. The bank has successfully completed 3 digital auctions in 2017 and plans to further enhance the number of online auctions in 2018.
2017
A new corporate culture development program is launched that aims to revitalise the new corporate values, defining actions and the way of doing business based on accountability, meritocracy and transparency.
2017
Piraeus Bank has completed a total (100%) revamp of its Board of Directors, enhancing corporate governance that encompasses leadership and international financial expertise, while it has gone through a major restructuring of its top management structure, reinvigorating its senior Executive Team and reviewing thoroughly all its internal control functions and policies.
2016-2009
Confronting the economic crisis
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2016-2009
Confronting the economic crisis
2016
Completion of the repayment of the last Greek Government Guarantees (Pillar II), which the bank used to raise liquidity under Law 3723/2008. With the expiry of the Pillar II Guarantees, Piraeus Bank ceased to use the measures of Law 3723/2008 and consequently to be subject to the commitments of the shielding program, including the obligation to appoint a representative of the Greek State on its Board of Directors.
2016
The agreement regarding the sale of shares in its subsidiary in Cyprus, Piraeus Bank Cyprus Ltd is announced.
November 2016
The Piraeus Bank’s Board of Directors elected Mr George Handjinicolaou as new Chairman. Mr Handjinicolaou is a highly experienced international business leader in the financial services sector. His career spans 33 years, the vast majority of which was spent at global financial institutions based in London and New York and the International Swaps and Derivatives Association (ISDA) in London.
2016
The transfer of 100% of the share capital of ATE Insurance to Ergo International AG, a subsidiary of Munich Re, is announced following the fulfilment of all the conditions under the relevant agreement.
2016
A new fully automated e-branch model is introduced that provides a comprehensive range of banking transactions and a unique banking experience.
2015
A definitive agreement is reached with Al Ahli Bank of Kuwait K.S.C.P. to dispose its stake (98.5%) in Piraeus Bank Egypt S.A.E., its Egyptian subsidiary, subject to Central Bank of Egypt and other regulatory approvals in Egypt, Greece and Kuwait, including the Hellenic Financial Stability Fund.
2015
Announcement of the acquisition of a “good” part of Panellinia Bank S.A. The “good” assets and liabilities of Panellinia absorbed by Piraeus Bank refer to the acquisition perimeter identified by the BoG and comprise €645 mn in liabilities, of which €574 mn customer deposits, €372 mn in assets, of which €280 mn net loans, 26 branches and 163 employees (based on 31 December 2014 data).
2014
Completion of the issue and placement in the international debt capital markets of the €500 mn three year senior unsecured bond and completion of capital increase that raised €1.75 bn, through contribution in cash and the issuance of ordinary registered shares and the cancellation of the pre-emption rights of the existing shareholders.
2014
Redemption of the Hellenic Republic’s Preference Shares in the amount of €750 mn (Law 3723/2008).
2014
The agreement for the sale of 100% of ATE Insurance to ERGO Insurance Group, a subsidiary of Munich Re, is announced.
December 2013
The integration of systems of Millennium Bank Greece completed successfully , in a single environment of the Group. The aforementioned integration comprised the fifth and final step following the systems’ integration of the ex- ATEbank (25 June 2013), and the domestic branch networks of Hellenic Bank (Jul. 14, 2013), Bank of Cyprus (Oct.27,2013) and CPB Bank (Nov.17,2013).
June 2013
A capital increase of €8.4 bn is completed, with the amount that was drawn by private investors reaching €1.4 bn or 20% of the €7.3 bn recapitalisation increase. The remaining amount was drawn by contribution in kind (EFSF Bonds) from the Hellenic Financial Stability Fund.
2013
The acquisition of the total participation (100%) of Millennium BCP in its subsidiary Millennium Bank S.A. was concluded after receipt of all required approvals.
2013
Acquisition of the custody, settlement and related services in Greece of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank as well as the mutual funds distribution business of Cyprus Popular Bank.
2013
Signing of agreement for the sale of Piraeus Bank’s stake (93.27%) of share capital of ATE Bank Romania SA for a consideration price of € 10,3 mn
2013
Acquisition of all deposits, loans, branches in Greece of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank, including the loans and deposits of their subsidiaries in Greece (leasing, factoring and Investment Bank of Greece IBG.
2013
Piraeus Bank successfully completed the integration in its systems of ex-ATEbank the domestic operations of Bank of Cyprus, CPB and Hellenic Bank in Greece.
2012
Αcquisition of the entire stake of Societe Generale (99.08%) in Geniki Bank.
2012
Sale of Piraeus Bank’s participation (98.5%) in Marathon Banking Corporation in New York tο Investors Bancorp Inc.
2012
Acquisition by absorption of the good part of Agricultural Bank of Greece (ATEbank).
2011
Completion of 20 years from the privatisation of Piraeus Bank.
2011
Share capital increase by € 380 mn with the issuance of preferred non - voting shares of a nominal value in favor of the Greek State by way of in-kind contribution in accordance with the provisions of law 3723/2008.
2011
Completion of the €0.8 bn share capital increase.
2010
Development and launching of Winbank Direct, the first online channel for the delivery of banking services in Greece which is addressed to all banks' customers.
2009
Agreement with Ergo Insurance - 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.
2009
Share capital increase by € 370 mn with the issuance of preferred non - voting shares in favor of the Greek State by way of in-kind contribution in accordance with the provisions of law 3723/2008 re "providing enhanced liquidity to the economy to address the consequences of the international financial crisis".
2008-2000
Domestic and international expansion
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2008-2000
Domestic and international expansion
2008
Establishment of Piraeus Bank (Cyprus) Ltd.
2007
Completion of the €1.3 bn share capital increase.
2007
Renew of exclusive agreement with ING in the field of life bancassurance for 10 years.
2007
Acquisition of the operating leasing company AVIS SA in Greece, International Commerce Bank in Ukraine (now Piraeus Bank ICB) and purchase agreement for the local branch network of Arab Bank in Cyprus.
2005
Acquisition of a) Eurobank in Bulgaria (renamed as Piraeus Bank Bulgaria), b) Atlas Banka in Serbia (now Piraeus Bank Beograd) and Egyptian Commercial Bank in Egypt (now Piraeus Bank Egypt).
2004
Merger by absorption of Devletoglou Securities SA by Sigma Securities SA (now Piraeus Securities SA).
2004
Acquisition of Interbank NY by the Group's subsidiary Marathon Banking Corporation in New York and merger by absorption by Marathon Bank
2003
Merger by absorption of ETBAbank by Piraeus Bank and ΕΤΒΑ Leasing by Piraeus Leasing.
2002
Strategic partnership with ING on activities in the field of bancassurance.
2002
Acquisition of 58% of ETBAbank.
2000
Creation of the integrated e-banking platform, winbank.
2000
Merger by absorption of Macedonia-Thrace Bank and XiosBank with Piraeus Bank.
1999-1916
The first years
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1999-1916
The first years
1999
Setting up of the London branch.
1999
Agreement on the acquisition of Pater Credit Bank in Romania (integrated into the Group in April 2000 and was renamed to Piraeus Bank Romania SA)
1999
Absorption of the assets and liabilities of National Westminster Bank in Greece.
1998
Acquisition of Macedonia-Thrace Bank and Credit Lyonnais Hellas.
1997
Acquisition of Sigma Securities SA.
1997
Absorption of assets and liabilities of Chase Manhattan Bank in Athens.
1996
Establishment of Tirana Bank I.B.C. in Albania.
1998
Agreement on the acquisition of a 56% stake in Marathon National Bank of New York (completion in mid 1999).
1993
Establishment of Piraeus Leasing SA, Piraeus Mutual Funds SA and Piraeus Insurance Agency SA.
1993
Beginning of operations in Bulgaria (now Piraeus Bank Bulgaria).
1992
Year of restructuring, reform and growth.
1991
Privatisation of Piraeus Bank.
1975
Piraeus Bank came under state control within the Emporiki Bank Group.
1963
Piraeus Bank was integrated into the Emporiki Bank Group in Greece.
1918
The shares of Piraeus Bank were listed in the Athens Stock Exchange.
1916
Establishment of Piraeus Bank.