Piraeus Bank from Greece plans to sell its subsidiaries in Albania, Bulgaria, Romania and Serbia, as a part of the plan to reduce its foreign exposure – the Greek media reported.
Piraeus’ plan includes shrinking the bank’s non-performing exposures (NPEs) to below EUR 20bn by 2020 from EUR 33.3bn in the first quarter and its non-performing loans (NPLs) past due more than 90 days, to around EUR 8bn from EUR 23bn at end-March, Greek newspaper Ekathimerini reported on Wednesday, quoting a Reuters news story published earlier that day. “By the end of 2020, it is expected that total Group assets will be reduced to 70 billion euro,” Piraeus Bank says in a statement on its website presenting its development strategy.
“By the end of 2020, we expect the total Group’s assets to have been reduced to 70 billion EUR”, the bank said, presenting its future strategy.
At the end of 2016, the Serbian subsidiary of Piraeus Bank had the assets of 52.2 billion dinars, and a market share of 1.6%.
Piraeus, which is 26.2% owned by Greece’s bank rescue fund HFSF, is still struggling with problem loans after a deep recession in Greece pushed unemployment to record highs.
The group also plans to divest other holdings, including a 40 percent stake in shipping company Hellenic Seaways and the bank’s 33 percent stakes in fish farms Nireus Aquaculture and Selonda.
Piraeus, 67 percent owned by institutional investors, will create a separate division to be known as “Piraeus Legacy Unit,” as part of efforts to clean up its balance sheet.
(Seebiz, Wise Broker, New York Times, 09.06.2017)
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