Piraeus Bank
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Piraeus Bank is a large, aggressively expanding Greek bank with over 500 branches, including one in London, and subsidiaries in New York,Romania,Bulgaria,Serbia,Albania and Egypt.
[edit] History
- 1916: Banque du Piree (Piraeus Bank; BP) established.
- 1975: BP came under government ownership.
- 1991: The government privatized BP and the bank changed its name to Piraeus Bank (PB).
- 1998: PB absorbed the activities of Chase Manhattan Bank (2 branches) in Greece, and Crédit Lyonnais Greece. It also acquired 37% of Macedonia-Thrace (Macedonia-Thrace) Bank from National Bank of Greece in a privatization.
- 1999: PB acquired 35% of Xios Bank. PB also absorbed the activities of National Westminster Bank in Greece.
- 2000: PB merged in Macedonia-Thrace Bank and Xios Bank.
- 2002: PB acquired 58% of ETBA Bank (Hellenic Industrial Development Bank) from the Greek government with a view to merging it. PB also entered into a strategic alliance with ING Group, which took a 5% stake in PB.
- 2003: PB absorbs ETBA.
- 2006:PB sells back to ING its stake in jointly owned ING/PIRAEUS insurance company.Commercial cooperation continues.
[edit] International expansion
- 1995: PB established Piraeus Bank Romania.
- 1996: PB established Tirana Bank. This was the first privately owned banking institution in Albania and now has over 35 branches.
- 1999: with its acquisition of Xiosbank, PB gets Xios's branch in Sofia, Bulgaria, and PB now has some 15 branches in the country. PB also acquires Marathon National Bank of Astoria, New York, which has branches in Astoria, Bayside, Broadway and Bayridge. Astoria is a town with a large population fo Greek descent.London Branch is established in the UK.
- 2000: PB acquires Pater Bank in Romania from Budapest Bank. Pater Bank targeted Hungarians living in Romania.
- 2003: PB acquired Interbank N.Y., which operated a network of 5 branches in New York City, and specifically in Brooklyn, Astoria, Queens, as well as in Park Avenue, downtown Manhattan. PB then merged Interbank with Marathon National.
- 2005: PB acquires Belgrade based Atlas banka in Serbia.Renames it Piraeus Bank Beograd.
- 2005:PB acquires Eurobank in Bulgaria and subsequently merges it into Piraeus Bank Bulgaria.
- 2005:PB acquires Egyptian Commercial Bank in Egypt and renames it Piraeus Bank Egypt.
- 2006:Branches surpass the number of 500.
- 2006:Rumors persistently link Piraeus Bank with a takeover of Bank of Cyprus.Such takeover would produce a bank that would rank among Greece's top two banks,PB currently in 4th position.
- 2006:PB London branch introduces unique mortgage product to UK citizens wishing to buy property in South Eastern European countries.
