Piraeus Bk Recap

completed

The project consists of a straight equity investment by IFC of EUR20 million in Piraeus Bank S.A. (“Piraeus Bank” or the “Bank”) to support the recapitalization of the Bank by participating in a private placement in the form of an Accelerated Bookbuilding (“ABB”) in accordance with the Recapitalization Framework. Founded in 1916, Piraeus Bank is the largest bank in Greece with loan and deposit market shares of approximately 30% and 27%, respectively. With about 20,000 employees operating in 9 countries, with focus on Greece as well as Southern Europe, the Bank provides the full range of financial services to approximately 6 million customers. Greece is the most important market for the Bank and accounts for close to 92% of the group’s total assets, with the other countries of operations being Romania, Albania, Bulgaria, Serbia, Ukraine and Cyprus. The Bank also has branch presence in London and Frankfurt.As of September 30, 2015, Piraeus Bank had total assets of EUR85.9 billion, total customer deposits of EUR38.1 billion and total net loans of EUR51.9 billion. The Bank’s Common Equity Tier I ratio as of the same date was 11.2% (fully loaded 10.2%).