Piraeus Bank
Piraeus Bank’s impressive turnaround in a difficult market last year combined with its strategic savvy make it stand out among Greek banks in the eyes of the judges.
Although the bank’s net profit was almost halved in 2001 during the global economic slowdown, it increased 11% last year despite worse conditions. It significantly improved its ROE to 11.15% in 2002 from 8.75% in 2001. And it posted gains in Tier 1 capital (+95.5%) and assets (19.1%).
The acquisition of ETBA Bank in March 2002 is a prime example of the bank’s strategic savvy, as it helped it to boost its capital base and gave it market leadership in leasing activities and closed-end funds. The bank also formed a strategic alliance with Dutch banking giant ING in the areas of bancassurance and asset management. The alliance will give it a head start over its rivals in Greece because both businesses are still maturing.
Piraeus controls 10.5% market share in Greece and the management’s strategic objective and direction is to enhance its domestic market share and strengthen its presence in south eastern Europe.
Michalis Sallas, chairman and CEO of the bank, said: “Piraeus Bank’s management is focused on continuous growth and development, combined with superior quality banking services to its clientele. Our key to future success is to serve our customers’ needs and preserve our shareholders’ interests.”
