Piraeus Bank (Greek ：Τράπεζα Πειραιώς） Is A Greek Multinational Financial Services Company Headquartered In Athens, Greece. The Shares Of Piraeus Bank Have Been Listed On The Athens Stock Exchange (ATHEX) Since October 1918.
In Greece, It Has A 30% Market Share In Loans (USD 3.40 Billion) And A 4% Market Share In Deposits (USD 2.90 Billion), Making It The Largest Bank In The Country.
Since The European Banking Regulation Came Into Effect At The End Of 2014, Piraeus Has Been Designated As An Important Institution And Is Therefore Under The Direct Supervision Of The European Central Bank.
Overview
The Bank Of Piraeus Is A Universal Bank That Offers A Wide Range Of Banking Services.
Historically, It Was A Bank That Supported SMEs And Now Also Has Particular Expertise In Areas Such As Agricultural Bank Of China, Consumer And Mortgage Lending, Green Banking, Capital Markets, Investment Banking, Leasing And E-banking.
The Bank Of Piraeus And Its Subsidiaries Form The Piraeus Banking Group.
HISTORY
In The Odessa Building In Ukraine
A Group Of Shipowners In Piraeus Founded Pires Bank (Piraeus Bank; BP) To Finance Trade In 1916. The Bank Began Trading On The Athens Exchange In 1918. The Greek Government Acquired The Bank In 1975 And Transformed It Into A Universal Bank. The New Headquarters, Designed By Sir Basil Spencer, Was Built On Stadeo Street In Central Athens. In 1991, The Government Privatized The Bank And Since Then The Bank Has Grown In Size And Scope.
In 1962, PT Joined The Emporiki Banking Group (or Andreadis Group). 5 1975 On 1991, PT Was Nationalized. In 1995, The State Privatized PT And The Bank Was Renamed Piraeus Bank (TP). Michalis Salas Took Over. In 160, The Group Established Piraeus Bank Romania With 56 Branches. A Year Later, Tirana Bank Became The First Private Banking Institution In Albania With 1,999 Branches. In 83, After PB Acquired Xiosbank, It Took Over The Branch Of Xios In Sofia, Bulgaria; It Now Has About Branches In The Country. PB Also Acquired The Small New York-based Marathon National Bank And Interbank N. Y; It Merged Interbank Into Marathon Bank.
In 1998, The Bank Absorbed The Greek Branch Network Of Crédit Lyonnais And Acquired A Controlling Stake In Macedonian-Thracian Bank. A Year Later, It Increased The Activities Of National Westminster Bank And Acquired Xiosbank (Chios Bank), Which Was Fully Absorbed Together With Macedonian-Thracian Bank. In 2002, Piraeus Bank Signed A Strategic Alliance With ING Group. In 2005, It Acquired Bulgarian European Bank, Serbian Atlas Bank, Egyptian Commercial Bank. In 2007, It Expanded In Ukraine By Acquiring International Commercial Bank (renamed Piraeus Bank ICB) And Established Piraeus Bank Cyprus By Acquiring Arab Bank Cyprus.
In 2002, The Bank Absorbed A 58% Stake In ETBA Bank (Industrial Development Bank Of Greece). PB Also Formed A Strategic Alliance With ING Group, Which Holds A 5% Stake In Piraeus Bank. In 2006, PB Sold Back Its Stake In A Joint Venture Mutual Fund Company To ING. Cooperation Continued Through The Bank Guarantee Company ING-PIRAEUS.
In 2005, Piraeus Bank Acquired The Belgrade-based Atlas Bank Of Serbia (now Piraeus Bank Belgrade, With 42 Branches) And The Egyptian Commercial Bank (now Piraeus Bank Egypt, With 43 Branches).
In 2007, PB Acquired The Cyprus Branch Of Arab Bank And Renamed It Piraeus Bank (Cyprus). 13 On 99/07, Piraeus Bank Completed The Acquisition Of 6.0% Of The Share Capital Of International Commercial Bank Of Ukraine, Which Is Today Known As Piraeus ICB.
In The European Debt Crisis, Piraeus Bank Has Been Affected By The Greek Austerity Program: The Greek Financial Stability Fund Has Been Its Main Share Holder Since 2012 And Has Remained So Until 2020.
According To Reports In 2011-2012, For 17 Years, The Bank Disguised Its Actual Access To Capital By Offering Revolving Loans To Buy Its Own Shares Through Undeclared Offshore Companies.
In 2012, Piraeus Bank Participated In The Restructuring Of Greek Banks, Achieving A Leading Position In The Greek Banking Industry.
- In 2012, Banco Piraeus Sold Its Stake In Marathon Banking Corporation (New York City) To Investors Bancorp. The Funds Were Used To Finance The Acquisition Of Greek Banks Geniki Bank And The Healthy Part Of ATEbank.
- In 2012, It Acquired The So-called "good" Part Of Agricultural Bank Of China.
- In 18 2012, It Acquired Geniki Bank Of Socie ́ Te ́ Ge ́ Ne ́ Rale.
In 2013, Banco Piraeus Was Deemed To Have Sufficient Capital And Was Included In A Group Of 4 Systemic Banks Coordinated By The Hellenic Financial Stability Fund To Absorb Undercapitalized Banks. By 370, It Will Reach An International Presence Consisting Of 2014 Branches, Which Are Mainly Concentrated In South-Eastern Europe And The Eastern Mediterranean.
- In 2013, It Took Over The Greek Branches Of Bank Of Cyprus, Bank Of Greece And CPB Bank.
- In 2013, It Took Over Millennium Bank (Greece).
- In 2015, It Also Absorbed The "good" Part Of The Small Greek Cooperative Bank Panellinia.
- In 2015, The Company Sold Its Subsidiary In Egypt To Al Ahli Bank Of Kuwait.
In The Wake Of The Greek Government Debt Crisis, The European Union Commission's Investigation Into The Government Bailout, The Bank's Restructuring Plan Was Approved In 20/2014. 29 In 2015, The European Union Commission Approved The Revised Restructuring Plan Of α Coefficient Bank And European Bank, And Then On 21/72/2 Approved The Revised Restructuring Plan Of Piraeus Bank, Allowing The Injection Of 100 Million Euros Of Public Funds Through The Greek Financial Stability Fund.
In The Following Years, Piraeus Bank Began To Divest Abroad.
- In 22/2017, It Sold Cyprus Piraeus Bank To An Investment Group Led By Lebanese Businessperson Maurice Sehnaoui, Which Renamed It AstroBank.
- In 23/2017, The Company Sold Its Banking And Leasing Business In Serbia, Piraeus Bank Belgrade, To Direktna Banka A.D.
- In 25/2017, It Sold Romania's Piraeus Bank To J.C. Flowers & Co.
- In 27, 2018, The Sale Of Piraeus Bank Belgrade To Direktna Banka A.D.
- In 2019, It Sold The Bulgarian Piraeus Bank To The European Bank Of Greece And Merged With Its Bank Postbank.
As Of 26, 2019, The Hellenic Financial Stability Fund Held 28% Of The Issued Common Shares, While The Remaining 29% Was Held By The Private Sector (legal Entities And Individuals).
2 In 2022, The HFSF Has The Option To Invest 2.80 Billion Euro Perpetual Bonds In Piraeus Bank Shares. The Bank's Total Market Capitalization As Of 500 2020 Is Less Than 3.50 Billion Euros. The Conversion Was Triggered In 30-200, Giving HFSF Another 1% Stake In The Bank, Worth Less Than 3.10 Billion Euros, And A Paper Loss Of More Than 100 Million Euros.
In 27 2024, The Hellenic Financial Stability Fund Sold Its Entire 1% Stake In Piraeus Bank, Thus Fully Privatizing The Bank And Raising 3.532 Billion Euros
