Piraeus Bank
Encyclopedia
Piraeus Bank Group is a Greek
bank founded in 1916 that went through a period of state ownership and management (1975–1991) before it was privatised in December 1991. Since then, it has continuously grown in size and activities. The Piraeus Bank group of companies engages in financial and banking activities not only in Greece, but also in Southeastern Europe and the Eastern Mediterranean, as well as the financial centres of London and New York. Piraeus Bank Group engages in retail banking, the financing of small and medium-sized enterprises (SMEs), capital markets, investment banking, leasing, real estate and financing of the shipping sector.
Piraeus Bank Group has a constantly expanding network with more than 300 branches in Greece, 14 branches in New York, 1 in the UK, 180 branches in Romania, 72 in Bulgaria, 38 in Albania, 38 in Serbia and 40 in Egypt. Piraeus Bank Group acquired a Ukrainian
bank, International Commercial Bank, in 2007. In addition, Piraeus Bank operates a representative office in Moscow
.
Additionally, Piraeus Bank offers a line of online banking services under the brand "winbank".
Greece
Greece , officially the Hellenic Republic , and historically Hellas or the Republic of Greece in English, is a country in southeastern Europe....
bank founded in 1916 that went through a period of state ownership and management (1975–1991) before it was privatised in December 1991. Since then, it has continuously grown in size and activities. The Piraeus Bank group of companies engages in financial and banking activities not only in Greece, but also in Southeastern Europe and the Eastern Mediterranean, as well as the financial centres of London and New York. Piraeus Bank Group engages in retail banking, the financing of small and medium-sized enterprises (SMEs), capital markets, investment banking, leasing, real estate and financing of the shipping sector.
Piraeus Bank Group has a constantly expanding network with more than 300 branches in Greece, 14 branches in New York, 1 in the UK, 180 branches in Romania, 72 in Bulgaria, 38 in Albania, 38 in Serbia and 40 in Egypt. Piraeus Bank Group acquired a Ukrainian
Ukraine
Ukraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
bank, International Commercial Bank, in 2007. In addition, Piraeus Bank operates a representative office in Moscow
Moscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
.
Additionally, Piraeus Bank offers a line of online banking services under the brand "winbank".
History
- 1916: A group of shipowners founded Banque du Piree (PiraeusPiraeusPiraeus is a city in the region of Attica, Greece. Piraeus is located within the Athens Urban Area, 12 km southwest from its city center , and lies along the east coast of the Saronic Gulf....
Bank; BP) to finance trade. - 1975: BP came under government ownership.
- 1991: The government privatized BP and the bank changed its name to Piraeus Bank (PB).
- 1998: PB absorbed the activities of Chase Manhattan BankChase Manhattan BankJPMorgan Chase Bank, N.A., doing business as Chase, is a national bank that constitutes the consumer and commercial banking subsidiary of financial services firm JPMorgan Chase. The bank was known as Chase Manhattan Bank until it merged with J.P. Morgan & Co. in 2000...
(2 branches) in Greece, and Crédit LyonnaisCrédit LyonnaisCrédit Lyonnais is a historic French bank. In the early 1990s it was the largest French bank, majority state-owned at that point. Crédit Lyonnais was the subject of poor management during that period which almost led to its bankruptcy in 1993...
Greece. It also acquired 37% of MacedoniaMacedonia (Greece)Macedonia is a geographical and historical region of Greece in Southern Europe. Macedonia is the largest and second most populous Greek region...
-ThraceThraceThrace is a historical and geographic area in southeast Europe. As a geographical concept, Thrace designates a region bounded by the Balkan Mountains on the north, Rhodope Mountains and the Aegean Sea on the south, and by the Black Sea and the Sea of Marmara on the east...
Bank from National Bank of GreeceNational Bank of GreeceThe National Bank of Greece is the oldest and largest commercial banking group in Greece. The group has a particularly strong presence in Southeastern Europe and the Eastern Mediterranean...
in a privatization. - 1999: PB acquired 35% of XiosChiosChios is the fifth largest of the Greek islands, situated in the Aegean Sea, seven kilometres off the Asia Minor coast. The island is separated from Turkey by the Chios Strait. The island is noted for its strong merchant shipping community, its unique mastic gum and its medieval villages...
Bank. PB also absorbed the activities of National Westminster BankNational Westminster BankNational Westminster Bank Plc, commonly known as NatWest, is the largest retail and commercial bank in the United Kingdom and has been part of The Royal Bank of Scotland Group Plc since 2000. The Royal Bank of Scotland Group is ranked as the second largest bank in the world by assets...
in Greece. - 2000: PB merged in Macedonia-Thrace Bank and Xios Bank.
- 2002: PB acquired 58% of ETBA Bank (Hellenic Industrial Development Bank) from the Greek government with a view to merging it. PB also entered into a strategic alliance with ING GroupING GroupThe ING Group is a global financial institution offering retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. ING is the Dutch member of the Inter-Alpha Group of Banks, a cooperative consortium of 11 prominent European banks...
, which took a 5% stake in PB. - 2003: PB absorbed ETBA.
- 2006: PB sold back to ING its stake in a jointly-owned mutual funds company. Cooperation continues via the bank-assurance company ING-PIRAEUS.
- 2007: Bank of Piraeus reached agreementContractA contract is an agreement entered into by two parties or more with the intention of creating a legal obligation, which may have elements in writing. Contracts can be made orally. The remedy for breach of contract can be "damages" or compensation of money. In equity, the remedy can be specific...
with the Avis group to acquire 100 pct of Avis Rent-A-Car Hellas for 25.5 mln eur. Brokers said that this purchase will create synergies for the group leasing subsidiary, Piraeus Leasing, by adding a car fleet valued at 200 mln eur to its long-term leasing business.
International expansion
- 1995: PB established Piraeus Bank RomaniaPiraeus Bank RomaniaPireaus Bank Romania is a subsidiary of Greece's Piraeus Bank. It was established in 1995 and in 2000 it acquired Pater Bank in Romania from Pater Bank from Targu Mures. Pater Bank targeted Hungarians living in Romania....
. - 1996: PB established TiranaTiranaTirana is the capital and the largest city of Albania. Modern Tirana was founded as an Ottoman town in 1614 by Sulejman Bargjini, a local ruler from Mullet, although the area has been continuously inhabited since antiquity. Tirana became Albania's capital city in 1920 and has a population of over...
Bank. This was the first privately owned banking institution in AlbaniaAlbaniaAlbania , officially known as the Republic of Albania , is a country in Southeastern Europe, in the Balkans region. It is bordered by Montenegro to the northwest, Kosovo to the northeast, the Republic of Macedonia to the east and Greece to the south and southeast. It has a coast on the Adriatic Sea...
and now has over 35 branches. - 1999: with its acquisition of Xiosbank, PB took over Xios's branch in SofiaSofiaSofia is the capital and largest city of Bulgaria and the 12th largest city in the European Union with a population of 1.27 million people. It is located in western Bulgaria, at the foot of Mount Vitosha and approximately at the centre of the Balkan Peninsula.Prehistoric settlements were excavated...
, BulgariaBulgariaBulgaria , officially the Republic of Bulgaria , is a parliamentary democracy within a unitary constitutional republic in Southeast Europe. The country borders Romania to the north, Serbia and Macedonia to the west, Greece and Turkey to the south, as well as the Black Sea to the east...
, and PB now has some 15 branches in the country. PB also acquired Marathon National Bank of AstoriaAstoria, QueensAstoria is a neighborhood in the northwestern corner of the borough of Queens in New York City. Located in Community Board 1, Astoria is bounded by the East River and is adjacent to three other Queens neighborhoods: Long Island City, Sunnyside , and Woodside...
, New York, which has branches in Astoria and nearby towns. Astoria is a town with a large population of Greek descent. That same year, PB established a branch in LondonLondonLondon is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
. - 2000: PB acquires Pater Bank in RomaniaRomaniaRomania is a country located at the crossroads of Central and Southeastern Europe, on the Lower Danube, within and outside the Carpathian arch, bordering on the Black Sea...
from BudapestBudapestBudapest is the capital of Hungary. As the largest city of Hungary, it is the country's principal political, cultural, commercial, industrial, and transportation centre. In 2011, Budapest had 1,733,685 inhabitants, down from its 1989 peak of 2,113,645 due to suburbanization. The Budapest Commuter...
Bank. Pater Bank targeted Hungarians living in Romania. - 2003: PB acquired Interbank N.Y., which operated a network of 5 branches in New York City, and specifically in Brooklyn, Astoria, Queens, as well as in Park Avenue, downtown Manhattan. PB then merged Interbank with Marathon National.
- 2005: PB acquired BelgradeBelgradeBelgrade is the capital and largest city of Serbia. It is located at the confluence of the Sava and Danube rivers, where the Pannonian Plain meets the Balkans. According to official results of Census 2011, the city has a population of 1,639,121. It is one of the 15 largest cities in Europe...
-based Atlas banka in SerbiaSerbiaSerbia , officially the Republic of Serbia , is a landlocked country located at the crossroads of Central and Southeast Europe, covering the southern part of the Carpathian basin and the central part of the Balkans...
and renamed it Piraeus Bank Beograd. PB acquired Eurobank in Bulgaria and subsequently merged it into Piraeus Bank Bulgaria. PB acquired Egyptian Commercial Bank in Egypt and renamed it Piraeus Bank Egypt. - 2007: PB purchased the Cyprus arm of Arab BankArab BankArab Bank is one of the largest financial institutions in the Middle East. Established in Jerusalem in Palestine in 1930 as a small bank, it has evolved into a group with the largest worldwide Arab network with over 500 branches in 30 countries on five continents, participating in financial markets...
and renamed it Pireaus Bank (Cyprus). - 2007: On 13 September Piraeus Bank S.A. completed its acquisition of 99.6% of the share capital of International Commercial Bank in UkraineUkraineUkraine is a country in Eastern Europe. It has an area of 603,628 km², making it the second largest contiguous country on the European continent, after Russia...
. In early 2008 PB changed the name to Bank of Piraeus ICB.