Piraeus Bank SA(BPIRF)- OTCPK - Current
  • Jan. 31, 2015, 2:22 PM
    • Playing hardball with Greece's new leftist government, Germany's Angela Merkel ruled out a debt writedown for Greece on Saturday, while a ECB policymaker threatened to cut off funding to Greek banks if Athens does not agree to renew its bailout package.
    • Prior to his election, Prime Minister Alexis Tsipras pledged to renegotiate agreements with the troika and write off much of Greece's €320B debt, saying that five years of austerity, "humiliation and suffering" were over.
    • Europe's bailout program for Greece, part of a €240B rescue package also involving the IMF, expires on Feb. 28.
    • ETFs: GREK
    | Jan. 31, 2015, 2:22 PM | 311 Comments
  • Jan. 18, 2015, 10:19 AM
    • Greece's central bank has moved to protect its banks from any fallout from the coming general election, asking the European Central Bank to approve a stand-by domestic emergency funding line, Reuters reports.
    • "We have sent a request to the ECB on ELA (emergency liquidity assistance) approval for all four major banks to have a shield for the banking system," a Bank of Greece official said.
    • Greece's left-wing Syriza party, which wants to cancel austerity measures and a chunk of Greek debt, is currently leading in the polls.
    | Jan. 18, 2015, 10:19 AM | 3 Comments
  • Mar. 6, 2014, 3:33 PM
    • National Bank of Greece (NBG -2.8%) - the country's biggest lender - has a shortfall of €2.18B, according to the Bank of Greece, while the 2nd largest, Piraeus Bank (BPIRY, BPIRF), needs to raise just €425M. Alpha Bank (ALBKF, ALBKY) needs to raise €262M.
    • Separately, Piraeus has plans to raise €1.75B to repay €750M of preferred shares and boost its ratios as non-performing loans stand at 36.6% of total loans.
    • Related ETF: GREK
    | Mar. 6, 2014, 3:33 PM | 25 Comments
  • Mar. 7, 2012, 3:10 AM

    With Greece's debt-swap deadline a mere day away, posturing continues from both bondholders and Greek officials, but some of the largest private holders are falling in line. SocGen, Assicurazioni Generali and UniCredit all say they'll participate in the swap, as will Greece's six largest banks.

    | Mar. 7, 2012, 3:10 AM | 6 Comments
Company Description
Founded in 1916, Piraeus Bank operated as a private credit institution for many decades, while for the period 1975-1991 it went through state ownership and management before it was privatized in December 1991. Since then, it has rapidly grown in size and activities.
Sector: Financial
Industry: Money Center Banks
Country: Greece