3 Years Daily Floating Certificates
Terms & Conditions:
 
3 years certificate pays interests on daily basis.
 
Certificate value is EGP 10,000 and its multiples.
 
Floating interest & linked to the CBE corridor deposit
rate minus 0.5%.
More ...
Pari newspaper has awarded Piraeus Bank Bulgaria as Most Dynamic Bank at Bank of the Year Ceremony (4/7/2008)  
Piraeus Bank Bulgaria was presented with the "Most Dynamic Bank" Award at the annual "Bank of the Year" ceremony. The ceremony took place at Grand Hotel Sofia. This is the 11th edition of the competition organized by the financial newspaper Pari. The Honorary Chairman of the Committee this year was Finance Minister Mr. Plamen Oresharski. The award was presented by Mrs. Maria Georgieva, Director of International Banking Institute, personally to Mr. Athanassios Koutsopoulos, CEO of Piraeus Bank Bulgaria, who expressed his gratitude for the recognition and especially thanked all the team of the Bank in Bulgaria for their efforts and professional commitment.

The award for Most Dynamic Bank naturally went to Piraeus Bank Bulgaria after a very successful year, both for this bank and for the Piraeus Group, which recently announced the increase of its profit by 46% for Q1 of 2008, a significant part of which is due to the international activities. On a local level, Piraeus Bank Bulgaria celebrated 15 years in the Bulgarian market and recently started offering mutual finds in an effort to further enhance its product portfolio.

31 July 2008 - 1st Half 2008 Financial Results:
€284 mn Net Profit in First Half 2008 €51.5 bn Group Assets
“Piraeus Group’s net profit recorded an increase of 30% during the first half of 2008. Deposits rose by €5.6 bn from the beginning of the year, by the same amount as loans.
The Group’s total assets exceeded €51 bn at the end of June 2008, its liquidity reached historical high levels and its capital base remained strong.
Despite adverse conditions in the international markets, Piraeus Group operates with commitment to its business objectives, with emphasis on high liquidity, capital adequacy, asset quality and of course profitability ".
Michalis Sallas, Chairman of the Board of Directors

H1 2008 PIRAEUS GROUP PERFORMANCE HIGHLIGHTS RESULTS:

Increase of net profit attributable to shareholders by 30% up to €284 mn versus €219 mn in H1 2007*
Increase of net interest income by 35% and net commission income by 19%, hence consisting 81% of total revenues
Fitch upgrades the credit rating for Piraeus Bank to " Α-" - 31/7/2008

The international rating agency Fitch upgraded the Long-term credit rating for Piraeus Bank to 'Α-' from 'ΒΒΒ+', while changing the rating outlook to "stable". The remaining ratings remained unchanged at 'F2' for the Short-term credit rating and at 'B/C' for the individual rating.
The rating acknowledges the Bank's ongoing good performance, the improvement of its activities in Greece and selected countries of Southeastern Europe, the enhanced capital base, the good risk management system and the improved asset quality ratios. Furthermore, it reflects the risks related to the fast increase in loans, in markets that have not yet been through downturn periods (both in Greece and in Southeastern Europe), as well as the growing asset and income market share in emerging markets of a higher risk.

Although Piraeus Bank increased its activities in retail banking, loans to small and medium enterprises (46% end of the first Quarter of 2008) and to big enterprises (22%) still constitute the greater part of the loan portfolio. As a result, the net rate margin is slightly lower compared to all other Greek banks, but the strong development of the loan portfolio and the low operating and credit costs have lead to the improvement of the Bank's profitability in the past years. The profitability also benefited from the stable operating environment in Greece and Southeastern Europe, where the economies are expected to grow during 2008-9 with a rate higher than the European Union average.
Regarding the credit risk, Fitch notes that Piraeus holds one of the best portfolio quality indicators in the banking sector and that the accumulation per sector is relatively low. There is also reference to the Bank's successful efforts to strengthen its deposit base, since client deposits exceed the increase in loans, leading to an improved liquidity. Finally, the increase of the share capital in September 2007 by €1.35 billion strengthened the Bank's capital base and increased the Tier 1 (according to Basel II) to 8.8% in the first quarter of 2008.