Piraeus Bank Comments on Bank of Greece Audit
In response to a query by the Hellenic Capital Markets Committee, Piraeus Bank notifies the investment community that, on 19 September 2017 and following our prior announcement regarding the same matter, we received a draft report for an audit conducted by the Bank of Greece in the course of an Annual Audit Plan.
The audit commenced in February 2017, was concluded in July 2017, and focused on a review of the Bank’s procedures for the implementation of the regulatory framework, as well as risk management procedures and special credit issues.
Piraeus Bank cooperated fully and constructively with the Bank of Greece during the audit process.
Piraeus Bank will respond to the Bank of Greece within a specific timeline and the final report from the Bank of Greece is expected to follow.
Piraeus Bank considers that the historic issues covered by the Bank of Greece audit are adequately reflected in its published financial statements and it does not anticipate any material financial or capital impact to arise from the aforementioned audit conducted by the Bank of Greece.
It is noted that Piraeus Bank, over the past six months, has proceeded with a significant overhaul of its senior management and corporate governance structures, including a thorough review and reinforcement of its internal control framework and internal processes.
Piraeus Bank has been working intensively towards the implementation of its new strategic plan, Agenda 2020, which will enable the transformation of the Bank into one of the best commercial and retail banks in the region, with a strong balance sheet, able to deliver sustainable financial results in the medium-term, in line with its financial goals.
Piraeus Bank is strongly capitalised. At the end of Q2, the Group’s CET-1 capital ratio stood at 16.9%, in excess of regulatory requirements.
Piraeus Bank looks forward to the final report from the Bank of Greece and the conclusion of these historic issues.
About Piraeus Bank
Headquartered in Athens, Greece, with approximately 17.1 thousands employees in 8 countries, Piraeus Bank Group offers a full range of financial products and services to approximately 5.7 mn customers. Total assets of the Group amounted to €73.9 bn, net loans to €46.4 bn and customer deposits to €40.9 bn on June, 2017.
Founded in 1916, Piraeus Bank operated as a private credit institution for many decades, while it went through a state ownership for the period 1975-1991 until it was privatized in December 1991. Since then, it has rapidly grown in size and activities, representing today the leading Bank in Greece with 30% market share in terms of loans and 29% of deposits.
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