A stable, profitable and truly modern banking system will support the long-term growth of the Greek economy, Piraeus Bank CEO Christos Megalou said speaking at the 26th Capital Link Invest in Greece Forum in New York.
Megalou referred to the performance of the Greek economy and the progress of the last years, which is proof of the efforts made by the State and more generally by policymakers, businesses and financial institutions, such as Piraeus, who collaborated to redefine a new economic future for the country.
The growth of the Greek economy, almost four times the European average, is linked to the performance of the domestic banking system, which has granted new loans of 7-8 billion euros since the beginning of 2024 with Piraeus granting over 2.5 billion euros, supporting strategically important sectors of the economy, such as energy, tourism, agriculture and technology, he said. As Greece accelerates its economic transformation into a vibrant modern economy, the banking sector is strengthening as a key factor in sustainable growth and innovation, Megalou stressed.
Referring to Piraeus Bank, he described 2024 as a milestone year, with a return to profitability thanks to innovative digital solutions, sustainable practices and a focus on operational efficiency that is among the highest in the European banking market.
“After full privatization, the Bank reinstated dividend distribution, while Piraeus will move forward through a combination of organic growth and strategic initiatives in the next four years, aiming for a net credit expansion of 10 billion euros which is expected to increase net fee and commission income to 0.9% of our assets.
Positive macroeconomic environment
The CEO of Piraeus estimated that Piraeus will benefit from the positive macroeconomic environment, sustainable profitability and the convergence of the dividend policy with the European average, aiming to distribute a dividend equivalent to 50% of the profits of 2025.
In this new era characterized by high growth and opportunities, Greek banks can support key sectors of the economy to ensure its long-term future, Megalou noted. “Piraeus is an important partner for the most dynamic, creative forces that shape the country’s economic progress,” he stressed.
The Bank has already allocated capital of 32 billion euros and is committed to exceeding 40 billion euros by 2027, for strategic business sectors, such as the agri-food sector, renewable energy sources and tourism. In addition, it finances major infrastructure projects that will shape the future of Greece, such as the new Thessaloniki ring road, the expansion of the Athens metro, the Ellinikon project, as well as the redevelopment of the FIX area in Thessaloniki, while it is committed to the development of fiber optic networks at a national level and the construction of large-scale data centers.
Especially for small and medium-sized enterprises that are not just part of the Greek economy, but represent a major part of the economy, as he said, Piraeus has designed financial products that meet their needs through solutions that utilize artificial intelligence and digital tools and help them become competitive at an international level.
