The managing directors of the 4 systemic banks express their optimism for the course and prospects of the Greek economy, despite any challenges, in their reports on the occasion of the announcement of the financial results of the second quarter of 2023, as well as the annual regular meetings that took place during the last few weeks.

In their statements, the managing directors of the banks also referred to the prospects of the domestic banking system, as well as the role they play in the development course of the economy, pointing out that the banks are now in a position and are proceeding with financing both businesses of all sizes and households to meet their needs. They also referred to their strong capital base, which was confirmed by the recent 2023 Pan-European stress test exercise, carried out by the European Banking Authority (EBA) in collaboration with the European Central Bank (ECB) and the national supervisors. They also highlighted the progress made in the implementation of their strategic programs which include, among others, their digital transformation. Bank CEOs also emphasized issues related to the role of banks in supporting society through corporate social responsibility programs as well as green financing and meeting ESG criteria.

Specifically for the Greek economy, they assessed, among others, the following:

Piraeus Bank

In 2023, according to Piraeus Bank estimates, the Greek economy is predicted to grow at a rate close to 3.5%, well above the euro zone average, but clearly lower compared to 2022. Consumption and investments will continue to contribute positively to development. The medium-term prospects for the course of investments are particularly auspicious, since in addition to the increase of the relevant funds, their qualitative upgrade is also foreseen, given that an increasing percentage of new investments will concern infrastructure such as the production of green energy with high added value, said the CEO of Piraeus Bank Christos Megalou speaking at the bank’s annual general meeting.
The recovery from now on is expected to depend on the de-escalation of inflation, with a decisive contribution of the tourist season for our country. The speed of the recovery, but also the effective utilization of the resources of the European Union, will be decisive factors that will determine the developments in the Greek economy, the banking sector and the Piraeus group in particular, Mr. Megalou added.

National Bank of Greece

The managing director of the National Bank, Pavlos Mylonas, on the occasion of the announcement of the bank’s financial results at the beginning of the month, said that the Greek economy is going through a favorable period and is in a rare economic and political situation. The prospects for global recovery are improved, but the competitiveness of the Greek economy itself is clearly strengthened – after hard work – while it has significant prospects for further reforms. Domestic economic activity remains relatively strong, inflation is falling rapidly, and the European economy appears poised to recover from successive price increases and the tightening of monetary and fiscal policy. In this favorable environment, growth in Greece is driven by investment and exports, with the attractiveness of the Greek economy causing an increase in foreign direct investment (FDI), Mr. Mylonas said.

Eurobank

The managing director of Eurobank, Fokionas Karavias, has pointed out in his statements that the economic environment in Greece remains strong, despite the slowdown of the EU economies. The growth rate is expected to be significantly higher than the average of the eurozone. The recent elections ensured a stable political environment, while the return to investment grade seems to be a matter of time, said Mr. Karavias. The positive outlook is also reflected in the labor market, with unemployment falling further, as well as in the real estate market, which maintains its momentum. In addition, the investment program is accelerating, as evidenced by the projects that have been submitted to the Development and Resilience Fund amounting to more than 15 billion euros, said the CEO of Eurobank, pointing out, however, that the ten-year financial crisis has left some important outstandings, for the which we should not be complacent about

Alpha Bank

Rising competitiveness and strong growth in private and public investment are driving Greece’s growth to a rate of more than 2.5% this year, a performance well above the EU average, Alpha Bank CEO Vassilis Psaltis said. , on the occasion of the announcement of financial results for the second quarter of 2023.
On the occasion of the announcement of Alpha Bank’s financial results, reference is also made to the resilience of the Greek economy. Persistent inflationary pressures have significantly changed the international interest rate environment, leading to higher borrowing costs and tighter funding conditions. The inflow of resources from the EU structural funds, the increase in foreign direct investment combined with high levels of liquidity in the banking system and the expected achievement of the investment grade are projected to significantly mitigate or even reverse the impact for the country, supporting resilience of the Greek economy, is mentioned, among other things, in the announcement of financial results of Alpha Bank.