Piraeus Bank

Overview

Piraeus Bank SA is the largest Greek bank and the parent bank of the banking group Piraeus Financial Holdings. It is the largest company in Greece and has its headquarters located in Athens, Greece.

History

The Piraeus Bank Group was founded on July 6, 1916. The bank was under state control from 1975 to 1991 before being privatized in December 1991. Since then, it has grown considerably and expanded its operations both domestically and internationally.

Structure and Operations

Piraeus Bank is a commercial bank that offers a range of financial services to individuals, businesses, and institutions. The bank's shares have been listed on the Athens Stock Exchange since January 1918. As of 2022, the Piraeus Bank Group employs a total of [number] people.

Financial Performance

As of December 31, 2017, the combined total assets of Piraeus Bank and its subsidiaries were €67.4 billion, with total loans of €60.3 billion, including 56% non-performing cases. The bank's customer deposits stood at €42.7 billion, with a coverage ratio of 52%. The bank also received central bank funding worth €10 billion.

Expansion and Acquisitions

In recent years, Piraeus Bank has implemented a series of strategic moves aimed at establishing a strong presence in the local market. In 2014, the bank acquired ATEbank and Geniki Bank, as well as the banking operations of Cyprus, Popular Bank of Cyprus, National Bank of Greece, and Millennium Bank (Greece). This acquisition expanded Piraeus Bank's total assets to €67.4 billion.

Market Share

Following the consolidation of the sector after the Greek public debt crisis, Piraeus Bank became the first Greek bank with a market share of 30% or more.

References

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