Piraeus Bank finally appoints new CEO

Former Eurobank chief executive officer Christos Megalou is the new head of Piraeus Bank, completing the administrative changes in the group after more than a year.

The bank's board convened on Wednesday and, having examined the list of candidates for the post over the previous weeks, the Selection Committee recommended Megalou as the new CEO. The proposal received unequivocal backing from the board, including the votes of the Hellenic Financial Stability Fund (HFSF) - which controls 26.42 percent of the lender.

The selection has also secured the approval of the eurozone's Single Supervisory Mechanism (SSM) and the Bank of Greece. Piraeus Group chairman Georgios Hatzinikolaou was in Frankfurt in mid-February and had contacts with the management of the SSM, focusing on the administrative changes prepared and particularly the CEO selection.

Since January 2016 the...