OREANDA-NEWS. Recapitalization of Piraeus Bank S.A. in the amount of EUR 8,429 was completed on June 25, 2013. In the process of recapitalization the Greek Financial Stability Fund (HFSF) funded Piraeus Bank S.A. with EUR 7.335 billion. At the same time, the bank raised funds from private investors in the amount of EUR 1.444 billion that is about 20% of the total amount of recapitalization and it is twice higher than the required threshold of private sector participation in the bank’s recapitalization.

Total assets of Piraeus Bank Group at the end of March 2013 amounted to EUR 99 billion, deposit portfolio amounted to EUR 56 billion, and net loans to EUR 65 billion, the Group's total equity amounted to EUR 9.7 billion. Piraeus Bank Group is represented by 1,750 branches in 10 countries, including Greece, the Group employs 25,000 professionals.

After the completion of the recapitalization the Fitch rating agency upgraded the long-term credit rating of Piraeus Bank to B- with "stable" outlook. The Bank is also the 6th best-capitalized bank in the European Union based on the common equity Tier I ratio (CET-1). Piraeus Bank is a leading banking institution in Greece with a 30% market share in loans and 29% in deposits.

The process of recapitalization of Piraeus Bank was launched in the first quarter of 2012, when the Greek Financial Stability Fund (HFSF) gave the four largest banks in the country EUR 18 billion, EUR 4.7 billion of which were spent on recapitalization of Piraeus Bank.

As part of the restructuring of the Greek financial sector and provision of its operational stability Piraeus Bank Group has also conducted series of mergers and acquisitions in the banking sector of the country. Thus, in 2012 the bank acquired the "healthy" part of ATEbank and Geniki Bank, in 2013 – the Greek branches of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank, and also Millennium Bank Greece.