The bank's CEO Christos Megalou attributed the successful investment of HFSF from Piraeus Bank to seven years of systematic effort.
Speaking to Bloomberg, the bank's management focused on key issues to be addressed by continuing pioneering moves such as the first sale of the NPEs portfolio in the Greek market, the sale of the NPEs management branch. Reduction of non-performing loans of the bank. We were able to increase equity and reduce non-performing loans from around 54% to just 3% in 2021.”
At the same time, he said that he is looking to the future with confidence.
Mr. Megalou indicated he was confident the green light for the dividend would be given by regulators. “We are in discussions with the regulatory authorities for 2023 and it is a constructive and honest dialogue,” he said. As he said, 10% of the net profit is calculated.
Notably, banks did not pay dividends during the country's debt crisis that began in 2010. The last time Piraeus paid such an amount was in 2008.
“It's something we expect, it's something of a symbolic move,” Mr. Megalo said.
Mr. Megalou noted that Greece is growing at a higher rate than the European average and that it is leaving the days of crisis behind.
Asked about statements by the Governor of the Central Bank of Greece, Giannis Storneros, that the ECB should cut two interest rates before the summer break, Mr. Based on prevailing conditions, it is estimated that the ECB will cut interest rates for the first time in June and expect a second cut before the end of the year.
When asked about the growth rate of the Greek economy, Mr. Megalo said, “The economy is growing and will grow above the European average for the next few years, creating great opportunities for the banking sector, but for the country as a whole more foreign direct investment and credit growth of 5% to 6% is possible. The Athens stock market is booming, with more interest from investors.” exists, and we believe we can improve it. From an emerging market to a mature market.” The CEO of Piraeus added that the strong interest of foreign investors in the country is confirmed by the bank's recent placement and the very high quality of the institutional investors that participated in it.
Regarding Foreign Direct Investments, Mr. Megalou pointed out, “The inflow of foreign investments continues and attracts investors in sectors such as digital networks, renewable energy sources, energy storage. There is a lot of activity in the pharmaceutical sector and agribusiness. This is a sector where the bank plays a very important role. We see Greece becoming a digital and energy hub in the region.” We see, at the same time, the country is able to grow taller than Europe, which is the pole of gravity”. Finally, he said that this year is expected to be better than last year for Greek tourism.
