About Us
Piraeus Bank Group
The Piraeus Bank Group is one of the most dynamic financial institutions in Greece today.
Piraeus Bank Group is one of the most dynamic and active financial organisations in Greece today. Founded in 1916, Piraeus Bank went through a period of state–ownership and management (1975–1991) before it was privatised in December 1991. Since then, it has continuously grown in size and activities.
Along with its organic growth, Piraeus Bank made a series of strategic moves with the goal of establishing a strong presence in the domestic market. Thus, in 1998, the Bank absorbed the activities of Chase Manhattan in Greece, took over controlling interest in Macedonia–Thrace Bank and acquired the specialised bank Credit Lyonnais Hellas. At the beginning of 1999, the Bank acquired Xiosbank and absorbed the activities of National Westminster Bank Plc in Greece. In June 2000, the Bank unified its three commercial banks in Greece (Piraeus Bank, Macedonia–Thrace Bank and Xiosbank), creating one of the three largest private sector banks in Greece.
In early 2002, Piraeus Bank acquired the Hellenic Industrial Development Bank (ETBAbank). ETBAbank was absorbed by Piraeus Bank in December 2003. Also, at the beginning of 2002, a strategic alliance agreement for the Greek market was signed between Piraeus Bank Group and ING Group, focused in the field of bancassurance.
In early 2005, Piraeus Bank Group, implementing its strategy for expansion in Southeastern Europe and Eastern Mediterranean markets, acquired the Bulgarian Eurobank (renamed Piraeus ?ank Bulgaria), strengthening its presence in Bulgaria, while the merger of Piraeus Bank branches in Bulgaria with Eurobank was completed in March 2006. Furthermore, in 2005, it entered into the Serbian market by acquiring Atlas Bank (renamed into Piraeus Bank Beograd), and into the Egyptian market by acquiring Egyptian Commercial Bank (renamed Piraeus Bank Egypt). Finally, in 2007, Piraeus Group further expanded its international presence: in Ukraine by acquiring the International Commerce Bank (renamed Piraeus Bank ICB); and, in Cyprus (Piraeus Bank Cyprus) by obtaining a banking license and acquiring the Cypriot branch network of Arab Bank.
Today, Piraeus Bank leads a group of companies covering all financial and banking activities in the Greek market (universal bank). Piraeus Bank possesses particular know–how in the areas of retail banking, small and medium–sized enterprises (SMEs), capital markets and investment banking, leasing and financing of the shipping sector.
These services are offered through the Bank's nation–wide network and also through the electronic banking network of Winbank. The latter was launched in the beginning of 2000, as the first complete electronic banking service in Greece, offering a full set of services through four different channels of distribution (Internet, mobile phone, call centre and ATMs). The excellent level of services of Winbank has attracted a number of awards and distinctions, while Winbank has been the only e–banking service in Greece certified with ISO 9001:2000.
Piraeus Bank Group’s growing international presence is focused in South Eastern Europe and the Eastern Mediterranean, and also in the financial centres of London and New York. The Group is present in the USA through Marathon Bank, based in New York with 14 branches, in London with a branch of Piraeus Bank, in Albania with 39 branches of Tirana Bank, in Romania with 110 branches of Piraeus Bank Romania, in Bulgaria with 76 branches of Piraeus Bank Bulgaria, in Serbia with 45 branches of Piraeus Bank Beograd, in Ukraine with 86 branches of Piraeus Bank ICB, in Cyprus with 10 branches of Piraeus Bank Cyprus and in Egypt with 53 branches of Piraeus Bank Egypt.
Main strategic targets of Piraeus Bank Group are: further enhancing market shares in Greece and abroad wherever it operates, improving service quality and customer satisfaction, creating innovative products, further enhancing the Group's position in retail banking and small and medium–sized enterprises financing, strengthening the Group in the areas of asset management and bancassurance and, finally, strengthening profitability with a view of constantly increasing shareholder value.
The Group's fundamental policy direction for human resources development is based on the efficient management of human resources, leading to the creation of skilful and dedicated personnel able to function within the framework of the competitive EU banking market. At the end of December 2007, the Group employed 12,357 people.
At the end of December 2007, Piraeus Bank Group had a network of 744 branches (320 in Greece and 424 abroad) and its equity capital amounted to €3,310m. The clients' deposits, repos and retail bonds issued amounted to €23,914m, loans reached €30,705m and total assets were €46,427m.
For further information on the Piraeus Bank Group visit www.piraeusbank.gr.