Piraeus Bank Group is a Greece-based financial group providing various banking products and services in the Southeastern Europe, Greece, Western Europe, and Egypt.
In the last five years, the Bank has made cummulative losses of nearly EUR 6.7 bil. The Greek economic, political and financial crisis translated into a fall in banking revenues, a hefty decline in asset prices and a massive deterioration in the asset quality.
Following massive recapitalisation in 2012, the Bank's capital adequacy ratio returned to the double-digit numbers again. On the other hand, with non-performing loans accounting for 39% of total loans, the risk of further losses and further need for capital increase remain very high.
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