OUR COURSE
Along with its organic growth during the
1990s and 2000s, Piraeus Bank made a
series of strategic moves in order to
establish a strong presence in the
domestic market.
Therefore, in 1998, the Bank absorbed
the activities of Chase Manhattan in
Greece, it acquired Macedonia Thrace
Bank and the small specialized bank
Credit Lyonnais Hellas, while in early
1999 it obtained control over Chios
Bank and absorbed the activities of
National Westminster Bank PLC in
Greece.
In June 2000, the Bank unified its bank
ing activities in Greece through the
absorption of the commercial Banks of
Macedonia Thrace and Chios.
In 2002, Piraeus Bank acquired control
over ETBAbank, while its absorption
was completed in December 2003.
Piraeus Bank Group, seeking to imple
ment a strategy for its expansion in the
Southeastern Europe and Eastern
Mediterranean markets, initially
acquired Pater Credit Bank in
Romania, which was renamed into
Piraeus Bank Romania.
In 2005 it acquired the Bulgarian
Eurobank (renamed into Piraeus Bank
Bulgaria), strengthening the 12 year
presence of the Group there, while the
merger of Piraeus Bank branches in
Bulgaria with Eurobank was completed
in March 2006.
Furthermore, in 2005, it entered the
Serbian market by acquiring Atlas Bank
(renamed into Piraeus Bank Beograd), as
well as the Egyptian market by acquiring
the Egyptian Commercial Bank
(renamed into Piraeus Bank Egypt).
Finally, within 2007 Piraeus Bank Group
expanded its international presence in
Ukraine by acquiring International
Commerce Bank (renamed into Piraeus
Bank ICB), and in Cyprus by establishing
Piraeus Bank Cyprus and by means of
the acquisition agreement of the Arab
Bank of Cyprus network.
LATEST DEVELOPMENTS
In 2012, Piraeus Bank acquired the
"good" part of Agricultural Bank of
Greece (selected assets and liabilities)
and Geniki Bank. In March 2013, it
acquired the banking operations in
Greece of Cyprus Bank, of Cyprus
Popular Bank and of Hellenic Bank. In
June 2013, it acquired Millennium Bank
of Greece. In April 2015, Piraeus Bank
acquires the good part of Panellinia
Bank. These transactions are important
steps towards restructuring the Greek
banking system, a process in which
Piraeus Bank has participated as a key
pillar from the outset.
In June 2013, Piraeus Bank completed
its recapitalization process after applica
tion of the PSI, achieving the highest
participation of the private sector
among the Greek systemic banks, both
in absolute and relative terms. In April
2014 the Bank successfully completed a
capital increase amounting to
€
1.75 bil
lion. The new shares were allocated
abroad to institutional and other quali
fied investors through a book building
process, as well as in Greece through a
public offer to investors, recording a
positive response, which demonstrates
investor confidence in the prospects of
Piraeus Bank and hence, the Greek
banking sector.
The total capital adequacy ratio of the
Group in accordance with the Basel III
framework is equal to 12.5% on 31
December 2014, while the Common
Equity Tier 1 ratio stands at 12.4%.
WHAT WE OFFER
Piraeus Bank leads a Group of compa
nies covering the entire spectrum of
operations and activities of the financial
sector in Greece (universal bank). By
means of its special expertise and most
capable executives, it develops innova
tive products and services, thus sup
porting healthy entrepreneurship in all
sectors of the economy, extroversion,
innovation and in general it supports a
modern competitive growth model for
the Greek economy.
In this context it focuses its activities on
the field of medium sized companies,
the primary sector, especially following
the acquisition of ATEbank, consumer
mortgage lending, "green" entrepre
