When Christos Megalou became CEO of Piraeus Bank in 2017, he knew he would be taking on the biggest challenge of his more than 30-year banking career.
At the time, non-performing loans (NPLs) accounted for 54% of the bank’s loan book. It was familiar territory for the former investment banker who spearheaded the restructuring and recapitalisation of Piraeus’s competitor Eurobank in 2013 following the Greek sovereign debt crisis.
