Piraeus Bank returns to private ownership following successful restructuring measures

Published on September 12, 2024

GFCC member Piraeus Bank has achieved a historic milestone by returning to full private ownership this year thanks to a series of successful restructuring measures spearheaded by its CEO, Mr. Christos Megalou, who took office in 2017. Additionally, Piraeus cleaned its books and paid its first dividend since 2008.

 

Once bailed out by the Hellenic Financial Stabilization Fund (HFSF) during the Greek debt crisis, Piraeus is now the country's largest private bank with the most extensive loan portfolio, focused primarily on small and medium-sized enterprises.

 

In 2018, Piraeus' asset value was as low as 260 million euros. Through a series of strategic reforms—including staff reductions, branch closures, bank sales, and accelerated digitalization—the bank regained its health and repurchased 27% of its assets previously acquired by the HFSF.

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The Bank had its best performance in history in 2023, according to Mr. Megalou, and its market capitalization reached 5 billion euros in 2024. In recognition of its successful recovery and capitalization, the bank received the World’s Best Bank Transformation Award by Euromoney.

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A member since 2018, Piraeus has consistently shared its success story with the GFCC Community. Mr. Megalou received the GFCC Global Competitiveness Award in 2022 and Piraeus Chairman, Mr. George Handjinicolaou, is a Board member of the organization. Both leaders have participated in multiple GFCC events, providing insights about the importance of leadership in the banking industry, particularly during times of crisis. The bank's achievements are a cause for celebration not just for Piraeus Bank but for the entire Greek economy.​