A stable, profitable and truly modern banking system will support the long-term development of the Greek economy, emphasized the CEO of Piraeus Bank Christos Megalouspeaking yesterday at 26th Capital Link Invest in Greece Forum in New York.

On topic “The Greek Banking Sector as a Pillar of Growth” (The Greek Banking System as a Pillar of Development), Mr. Megalou referred to the performance of the Greek economy and the progress of recent years, which is proof of the efforts made by the State and more generally by policymakers, businesses and financial institutions, such as Piraeus, who have worked together to redefine a new economic future for the country.

“The growth of the Greek economy, almost four times the European average, is linked to the performance of the domestic banking system, which has granted new credits of 7-8 billion from the beginning of 2024. euros, of which Piraeus over 2.5 billion euros, supporting strategically important sectors of the economy, such as energy, tourism, agriculture and technology”he said. “As Greece accelerates its economic transformation into a vibrant modern economy, the banking sector is being strengthened as a key enabler of sustainable growth and innovation”emphasized Mr. Big.

Referring to Piraeus Bank, he called 2024 “landmark year, with a return to profitability thanks to innovative digital solutions, sustainable practices and a focus on operating efficiency that is among the highest in the European banking market.”

“After the full privatization, the Bank reinstated the distribution of dividends, while for the next 4 years in Piraeus we will proceed through a combination of organic growth and strategic initiatives, with the aim of a net credit expansion of 10 billion. euros which is expected to increase net fee income to 0.9% of our assets.

The CEO of Piraeus estimated that “Piraeus will benefit from the positive macroeconomic environment, sustainable profitability and the convergence of the dividend policy with the European average, aiming to distribute a dividend corresponding to 50% of the profits of 2025”.

New era

“In this new era of high growth and opportunity, Greek banks can support key sectors of the economy to secure its long-term future»said Mr. Big. “We in Piraeus are a key partner for the most dynamic, creative forces shaping the economic progress of the country”he said characteristically.

“The Bank has already allocated funds amounting to 32 billion. euros and has committed to exceed 40 billion. euros by 2027, for strategic business sectors such as the agri-food sector, renewable energy sources and tourism. In addition, it finances major infrastructure projects that will shape the future of Greece, such as the new ring road of Thessaloniki, the extension of the Athens metro, the Hellinikon project, as well as the redevelopment of the FIX area in Thessaloniki, while it is committed to the development of optical networks fiber at a national level and the construction of large-scale data centers”.

“Especially for small and medium enterprises that are not just part of the Greek economy, but are the economy of Greece”as he said, “Piraeus has shaped financial products that meet their needs, leveraging solutions that leverage artificial intelligence and digital tools and help them become competitive at an international level”.

Developing Piraeus’ strategy he stated that “as the Greek economy grows, so does the need for more specialized financial services.” “In Piraeus”he said, “We recognized these opportunities very early on and today we have 11 billion. euro euro funds under management and in 2024 we conquered the leadership in mutual fund sales. Our goal is annual organic growth of 1 billion. euros in funds under management”.

Cornerstones in Piraeus’ strategy are people and innovation

“The Bank’s extensive nationwide branch network is at the heart of local communities and over the past few years we have transformed our network to combine human expertise with cutting-edge digital solutions”said Mr. Big.

“Piraeus is also rapidly exploiting its potential artificial intelligence. We are the first Greek bank, he pointed out, to offer a chatbot digital assistant with ChatGPT support, improving customer feedback by 50%, while our AI-based CRM pilot programs have already led to a 30% increase in customer satisfaction.”

“Having the helm of a large organization with more than seven thousand workersI feel a responsibility to ensure that our approach to AI is not only innovative but also ethical, transparent and inclusive”he said.

Regarding corporate responsibility, he said that “our strategy links economic growth with social cohesion, which is reflected in the Equal programme. Its actions concern over 20 separate initiatives supporting women, children, youth and vulnerable groups, benefiting 16,000 people from 2022. Greece’s cultural heritage is also important to us,” he added. “Piraeus supports educational programs that highlight our belief that culture is simultaneous cornerstone of identity and driver of economic progress».