Christos Megalou

Piraeus Bank bond raises 400 mln euros

Piraeus Bank secured a major capital boost on Wednesday, raising 400 million euros through a Tier II bond issue.

The interest rate amounted to 9.75 percent and the offers book, overseen by Goldman Sachs International and UBS, came to 850 million euros, as over 135 institutional investors from more than 20 countries took part in the transaction.

Piraeus Bank sets up NPL platform with Intrum

Greece's biggest lender Piraeus Bank said on Monday it had teamed up with Sweden's Intrum to set up a platform to service its 27-billion-euro bad-loan portfolio.
Soured loans are the biggest challenge facing Greek banks, the legacy of a debt crisis that shrank the economy by a quarter and drove unemployment to a high of nearly 28 percent in 2013.

Piraeus in UN-backed bank principles initiative

On Monday at the Global Roundtable in Paris, the United Nations Environment Finance Initiative (UNEP FI) and 28 banks from around the world launched the Principles for Responsible Banking for global public consultation.

Together the banks represent over $17 trillion in combined assets, and CEOs from 12 of the banks attended the launch.

Piraeus Bank looking for window of opportunity for debt issue

Greece's Piraeus Bank is monitoring debt capital markets to spot a window of opportunity for a debt issue as part of its capital enhancement plan, its chief executive told Reuters on Wednesday.

"Piraeus Bank is executing a capital enhancement plan, as already communicated to the market since mid-2018," Christos Megalou said.

Piraeus Bank CEO: NPL rate must fall to single digits

The local banking system will have to bring the ratio of nonperforming loans to total loans down to single digits through extending its endeavors beyond 2019 with the submission of new plans up to 2022, Piraeus Bank chief executive Christos Megalou told the lender's general shareholders meeting on Friday.

Piraeus CEO says audit findings 'firmly behind us'

Piraeus Bank has rectified internal control deficiencies that emerged in a recent central bank audit, the chief executive of Greece's largest lender said Thursday. "The Bank of Greece inquiry is an issue that has already been dealt with in our financial results in prior periods," CEO Christos Megalou said in a telephone interview in New York, where he is meeting with investors.

NPL reduction going well for Piraeus Bank

Piraeus Bank is on course of reducing its stock of nonperforming loans to 19.1 billion euros by the end of the year, from 23 billion in end-March, according to an interview the group's Chief Executive Officer Christos Megalou gave to Bloomberg.

The bank has already sold bad loans worth about half a billion from its subsidiaries in Serbia, Romania and Bulgaria.

Piraeus Bank to sell assets, tackle NPLs

Piraeus Bank, Greece's largest lender by assets, aims to sell its Balkan businesses and certain other holdings and shrink its bad loans portfolio, its new chief executive told reporters on Wednesday, outlining the group's plans up to 2020.

"Our vision is to be the most credible bank in Greece," said CEO Christos Megalou, who took over in April.

Piraeus Bank to sell assets, tackle bad loans in recovery plan

Piraeus Bank, Greece's largest bank by assets, aims to sell its Balkan businesses and certain other holdings and shrink its bad loans portfolio, its new chief executive told reporters on Wednesday, outlining the group's plans up to 2020.

"Our vision is to be the most credible bank in Greece," said CEO Christos Megalou, who took over in April.

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