Piraeus Earmarks up to €6 Billion in Loans for Sustainable Development and Green Transition by 2027

Piraeus, one of Greece’s four systemic banks, hosted a high-level summit last week in Athens on “Sustainability for the Economy and Society.” Attended by a range of Greek and international businesses and climate experts, the aim of the forum was to explore how the banking system can help society by supporting the real economy to decarbonize in a volatile climate and geopolitical environment.

Speaking at the forum, Piraeus CEO Christos Megalou, said: “Systemically important banks, such as Piraeus, have a crucial role to play in helping their customers face the effects of climate change, help them build resilience, and move forward dynamically through the transition to a sustainable and stable economy.”

Mr Megalou continued: “With a leading position in the Greek banking sector, Piraeus’ goal is a portfolio of serviced loans in sustainable development and the green transition to reach up to €6 billion in 2027.”

At the forum, Mr. Megalou presented the measurable objectives of Piraeus’ sustainability strategy during which he emphasized: “Our goal is to be a pillar of stability for the Greek economy, to fuel sustainable development and support innovation. We see the challenges as opportunities to contribute to a stronger economy and a more equitable and inclusive society. We aspire to make our footprint positive and long-lasting for the benefit of our customers, our shareholders, and Greek society as a whole.”

Speaking at the event, Eric Usher, Director General of UNEP FI pointed out that: "The changes brought about by climate change have implications for the global economy and global society. Change is also affecting various industries and some industries are starting to react. If we look at the energy sector the shift is towards renewable energies; and in the transport sector the shift is towards electric vehicles. Almost every industry is in a process of change. Today, banks are enablers of change, working responsibly with industries and supporting corporate leaders to navigate these transitions. So, it’s all about change, it’s about working together, it’s about finding solutions and through that driving sustainable growth.”

Piraeus is a leader in sustainable banking in Greece, having co-developed the United Nations Principles for Responsible Banking (UNEP FI), with a small group of UNEP FI member banks in 2019. Piraeus was joined by leaders from the Bank of Greece, the Athens Stock Exchange, European banks, academics, local and international companies, and climate experts.

Notes to editors

Piraeus Bank, 100% subsidiary of Piraeus Financial Holdings, was founded in 1916 and is the leading bank in Greece in terms of market shares in loans and branch network. Piraeus Bank provides a complete range of banking services and specializes in SMEs, retail banking, e-banking and capital markets. Piraeus Bank’s network in Greece comprises of 371 units. Piraeus Bank provides a wide range of financial products and services in Greece.

Piraeus Financial Holdings S.A. is a financial holdings company, listed on the Athens Stock Exchange, and the parent company of the banking institution “Piraeus Bank S.A.” The key subsidiary of Piraeus Financial Holdings S.A. is Piraeus Bank S.A., it is headquartered in Athens, generates 99% of the Group’s revenues, and has approximately 7.5 thousand employees. The Piraeus Group's total assets stood at €76.6 billion on 30.06.2024.

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