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Piraeus Bank increases its market share in Greece after acquisition the “good” part of Panellinia Bank
20 April 2015

Piraeus Bank S.A. announces the acquisition of the “good” part of Panellinia Bank S.A., following a tender offer launched by the Bank of Greece. This was stated by the press-office of Piraeus Bank S.A. on April 17th, 2015.

Starting from 17 April 2015, Panellinia’s branch network will operate under the full responsibility of Piraeus Bank and Panellinia's customer transactions will be carried out uninterruptedly. The same applies for the services offered by Panellinia to co-operative banks. Piraeus’ Bank proposal guarantees all job positions of Panellinia’s employees.

The “good” assets and liabilities of Panellinia absorbed by Piraeus Bank refer to the acquisition perimeter identified by the BoG and comprise (based on 31 December 2014 data):

  • EUR 645 million in liabilities, of which EUR 574 million customer deposits;
  • EUR 372 million in assets, of which EUR 280 million net loans;
  • 26 branches and 163 employees.

Piraeus Bank has a long-standing track record of smooth banking integrations and has successfully executed over 20 acquisitions and mergers in the past 20 years, which warrants a successful absorption of the “good” part of Panellinia Bank into Piraeus Bank.

The acquisition of Panellinia Bank represents another key step towards the reshaping of the Greek banking sector, in which Piraeus has acted as a core pillar, safeguarding financial stability in Greece.