Piraeus Bank Welcomes Comments from the Governor of the Bank of Greece
Piraeus Bank welcomes the positive comments made by the Governor of the Bank of Greece clarifying the central bank’s audit into historic matters at Piraeus Bank.
Speaking in a meeting with clients in the Greek city of Larissa, on Monday 2 October, Piraeus Bank CEO, Christos Megalou, reiterated the comments made by the Governor of the Bank of Greece, stressing that Piraeus Bank’s management collaborated effectively with the Bank of Greece and has addressed all the historic issues raised in the central bank’s audit.
In an interview with Kathimerini on 1 October, the Governor of the Bank of Greece, Yannis Stournaras, said:
“There are some findings, yet I would like to clarify that the purpose of that audit was not for an AQR process. I view very positively the fact that the bank’s management collaborated effectively with the Bank of Greece and intervened in a timely manner in order to effect all the necessary changes and motions to ensure the accuracy of its accounting statements. Any potential losses were acknowledged by Piraeus Bank and have been taken into account in its 2016 accounting statements through the creation of the relevant provisions. Furthermore, Piraeus Bank’s new management implements a management restructuring programme as well as an upgrading programme for its rules and policies with the objective the overall amplification of its corporate governance.”
Piraeus Bank has been working intensively towards the implementation of its new strategic plan, Agenda 2020, which will enable the transformation of the Bank into one of the best commercial and retail banks in the region, with a strong balance sheet, able to deliver sustainable financial results in the medium-term, in line with its financial goals.
About Piraeus Bank
Headquartered in Athens, Greece, with approximately 17.1 thousand employees in 8 countries, Piraeus Bank Group offers a full range of financial products and services to approximately 5.7 mn customers. Total assets of the Group amounted to €73.9 bn, net loans to €46.4 bn and customer deposits to €40.9 bn on June, 2017.
Founded in 1916, Piraeus Bank operated as a private credit institution for many decades, while it went through a state ownership for the period 1975-1991 until it was privatized in December 1991. Since then, it has rapidly grown in size and activities, representing today the leading Bank in Greece with 30% market share in terms of loans and 29% of deposits.
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