Piraeus Bk Recap (IFC-37865)

Regions
  • Europe and Central Asia
Where the impacts of the investment may be experienced.
Countries
  • Greece
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Dec 25, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
PIRAEUS BANK S.A.
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 21.93 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 20.00 million
Converted using 2015-12-25 exchange rate.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jul 31, 2018

Disclosed by Bank Nov 24, 2015


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Project Description

This project finances an equity investment in Piraeus Bank S.A. to support its recapitalization by participating in a private placement in the form of an Accelerated Bookbuilding, the systematic process of generating, capturing, and recording investor demand for shares during an initial public offering.

Investment Description
  • International Finance Corporation (IFC)

The project consists of a straight equity investment by IFC of EUR20 million in Piraeus Bank S.A. Founded in 1916, Piraeus Bank is the largest bank in Greece with loan and deposit market shares of approximately 30% and 27%, respectively. With about 20,000 employees operating in 9 countries, with focus on Greece as well as Southern Europe, it provides the full range of financial services to approximately 6 million customers. Greece is the most important market for Piraeus Bank and accounts for close to 92% of the group’s total assets, with the other countries of operations being Romania, Albania, Bulgaria, Serbia, Ukraine and Cyprus. It also has branch presence in London and Frankfurt. As of September 30, 2015, Piraeus Bank had total assets of EUR85.9 billion, total customer deposits of EUR38.1 billion and total net loans of EUR51.9 billion. Its Common Equity Tier I ratio as of the same date was 11.2% (fully loaded 10.2%). Piraeus Bank is listed on the Athens Stock Exchange and prior to the ABB was owned 67% by the Hellenic Financial Stability Fund, 25% by institutional investors and 8% by individuals.

Private Actors

Founded in 1916, Piraeus Bank is the largest bank in Greece with loan and deposit market shares of approximately 30% and 27%, respectively. With about 20,000 employees operating in 9 countries, with focus on Greece as well as Southern Europe, the
Bank provides the full range of financial services to approximately 6 million customers. Greece is the most important market for the Bank and accounts for close to 92% of the group’s total assets, with the other countries of operations being Romania, Albania, Bulgaria, Serbia, Ukraine and Cyprus. The Bank also has branch presence in London and Frankfurt.

As of September 30, 2015, Piraeus Bank had total assets of EUR85.9 billion, total customer deposits of EUR38.1 billion and total net loans of EUR51.9 billion. The Bank’s Common Equity Tier I ratio as of the same date was 11.2% (fully loaded 10.2%).

Contact Information

*No contacts available*

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