We have already distributed a dividend of 10% of net profits

The bank's CEO, Christos Megalo, attributed the success in divestment of the HFSF fund from Piraeus Bank to a systematic effort that lasted seven years.

As he said while speaking to Bloomberg, the bank's management focused on the key issues that had to be resolved by implementing a series of pioneering moves such as the first sale of a package of NPEs in the Greek market, the sale of the bank's NPEs management subsidiary, and the reduction of non-performing loans. We increased equity in 2021 and were able to reduce approximately 54% of non-performing loans to just 3%.

At the same time, he added that he looked to the future with confidence.

Mr. Megalo indicated that he is optimistic that the regulatory authorities will give the green light to distribute dividends. “For 2023, we are in discussions with the regulatory authorities and it is a constructive and honest dialogue,” he said. As he said, 10% was calculated on the net profits.

It should be noted that banks did not pay dividends during the country's debt crisis that began in 2010. The last time Piraeus made such a payment was in 2008.

“This is something we expect to happen, and it is something that represents a symbolic step,” Mr. Megalo said.

Mr. Megalo pointed out that Greece is developing at rates above the average in the Eurozone and that it has passed the days of crisis.

In response to a question about the statements of the Governor of the Greek Central Bank, Giannis Stournaras, that there should be two interest rate cuts by the European Central Bank before the summer recess, Mr. Megalo said, after saying that the debate on interest rates varies from time to time based on the prevailing circumstances. It is estimated that the European Central Bank will cut interest rates for the first time in June and expects a second cut by the end of the year.

When asked about the growth rate of the Greek economy, Mr. Megalo said that “the economy is growing and will continue to grow over the next few years at a level above the European average, which creates the best prospects for the banking sector,” but also for the country as a whole. There is potential for further FDI and credit growth of 5% to 6%. The Athens Stock Exchange is growing, there is a lot of interest from investors and we believe it can be upgraded from an emerging market to a mature market.” The Piraeus CEO added that the strong interest of foreign investors in the country was confirmed by the bank’s recent IPO and the very high quality of institutional investors who participated in it.

Regarding foreign direct investments, Mr. Megalo pointed out that “the influx of foreign investments continues and what attracts investors are sectors such as digital networks, renewable energy sources and energy storage. There is great activity in the pharmaceutical sector and in agribusiness.” “It is a sector in which the bank plays a very important role. We see Greece becoming a digital and energy hub in the region, while the country is able to grow higher than Europe, making it a pole of attraction.” Finally, he added that Greek tourism this year is expected to be better than last year.