Piraeus Bank

What Piraeus Bank does

Piraeus Bank (Τράπεζα Πειραιώς Α.Ε.) is Greece's largest bank by deposit market share (28% as of Q4 2025) and the listed operating subsidiary of Piraeus Financial Holdings S.A. Founded in 1916 and headquartered in Athens, the bank operates 368 branches and 1,174+ ATMs nationwide, serving retail individuals, SMEs, large corporates, agricultural clients, and high-net-worth individuals through Personal Banking and Private Banking divisions. It holds €91 billion in group assets (April 2026) and reported FY2025 profit of €1.1 billion, with 16% return on tangible equity and a best-in-class 33% cost-to-core income ratio.

The bank distributes a full banking product suite — deposits, mortgages (including green/Exoikonomw loans), consumer loans, credit and debit cards (Visa and Mastercard, with sports-club co-brands), investment services with ESG focus, trade finance via the Piraeus Factoring subsidiary, and since November 2025 insurance through the acquired Ethniki Hellenic General Insurance Company. Distribution blends physical branches with a digital ecosystem (Piraeus app, e-banking, phone banking, digital onboarding via video call, Snappi Neobank) and a Yellow loyalty programme spanning transit, ferries, fuel, and healthcare partners. The April 2026 AI Hub with Accenture and Anthropic (Claude-powered) and a Qualco-built Gen AI digital mortgage platform anchor the technology stack.

The revenue model is a diversified universal-bank mix: net interest income from a €39 billion performing loan book (the dominant stream at €1.9 billion in 2025), transaction and recurring fee income (€696 million in 2025; +32% YoY in Q1 2026), insurance revenue post-Ethniki consolidation, and capital-markets funding access demonstrated by a 7.4x-oversubscribed €500 million green senior preferred bond in May 2025. GTM is sales-led through the branch network augmented by direct-to-consumer digital channels, with sponsorships (EuroLeague, Greek football clubs) and ESG-led brand positioning (MSCI AAA, FT Climate Leaders six years running) supporting customer acquisition and trust.

Name

Piraeus Bank

Legal name

Τράπεζα Πειραιώς Α.Ε.

Website

https://piraeusbank.gr

Company type

Public

Founded year

1916

Operating status

Operating

Headcount range

5,001–10,000 employees

Ownership category

akta.pro rank

Product category

Retail Banking

NAICS

Commercial Banking (522110), Depository Credit Intermediation (5221)

SIC

National Commercial Banks (6021)

akta.pro primary industry

Mass-Market Consumer Deposit Banking (Checking/Savings) (FSABAAAA)

akta.pro secondary industry

SME Deposits & Business Accounts (Operating, Savings, CDs) (FSABABAC)

Keywords

• Retail banking services
• Corporate banking
• Commercial lending
• Wealth management
• Insurance products

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Operations, Infrastructure, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Net Interest Income: Piraeus Bank's primary revenue driver from its loan book, reporting €1.9 billion in annual net interest income for 2025 (exceeding its annual target of €1.9 billion). The performing loan book reached €39 billion as of Q1 2026 with 11% year-on-year growth. The bank benefits from a high proportion of low-cost deposits funding interest-bearing assets.
2. Net Fee Income: Fee income of €696 million for full year 2025 (above €650 million target), with Q4 2025 net fee income growing 23% year on year to €206 million. Q1 2026 fee income reached €210 million, up 32% year-over-year, driven by lending activity and Ethniki Insurance consolidation. The bank maintains a best-in-class 33% cost-to-core income ratio.
3. Insurance Revenue (Ethniki Insurance): Following the November 2025 acquisition of Ethniki Insurance for €0.6 billion, the bank consolidates insurance revenue, contributing €45 million profit before tax in approximately one month of consolidation post-acquisition.
4. Capital Returns: Piraeus Bank returned €592 million to shareholders out of 2025 profit, including a €0.40 per share cash dividend and a €100 million share buyback, representing a 55% payout ratio.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels7 records

Core offering

Piraeus Bank provides retail and corporate banking products including deposits, loans, payments, and trade finance, serving retail customers, SMEs, large enterprises, high-net-worth individuals, and the agricultural sector. The bank also distributes insurance products through its Ethniki subsidiary and offers factoring services, making it a full-service financial institution in Greece with €91 billion in assets and 368 branches.

Product overview

Piraeus Bank operates as Greece's largest bank with approximately 28% market share, offering a comprehensive digital banking ecosystem alongside traditional branch services. The core product portfolio centers on Piraeus e-banking (web platform), Piraeus App (mobile), and Piraeus Phone Banking, supplemented by card products including Visa Classic/Gold credit cards, Visa/Mastercard debit cards, and prepaid cards. The bank provides lending products (housing loans, consumer loans), investment services with ESG focus, and the Yellow loyalty program. Strategic digital initiatives include the AI Hub (Claude-powered, with Accenture/Anthropic), Snappi Neobank, and FarmClick agricultural marketplace. The recent Ethniki Insurance acquisition extends the offering into insurance, while Piraeus Factoring serves international trade finance.

Differentiator

Problem solved

Functional benefit

Brands

• Snappi Neobank: Digital neobanking platform launched as strategic initiative for digital banking services
• Piraeus AI Hub
• FarmClick
• Yellow
• EQUALL

Products and services

• Retail Banking

Quantifiable outcome

• 70.9% absolute reduction in Scope 1 and Scope 2 emissions between 2019 and 2024, with 28.1% annualized reduction in carbon emissions intensity
• +4 more outcomes

Named customers7 records

Segments4 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration7 records

AI capability8 records

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core and minor.

• AccenturecoreTechnology or Integration · 21 April 2026Piraeus Bank partnered with Accenture and Anthropic to establish a dedicated AI Hub in Greece, powered by Anthropic's Claude AI models. The Hub serves as a central engine for designing, developing, and scaling advanced AI capabilities across the bank's operations, customer experience, risk management, and compliance functions. This is an expansion of a cloud-first partnership that began in 2021, with Piraeus committing €200 million for AI over three years.
• AnthropiccoreTechnology or Integration · 20 April 2026Anthropic provides its Claude AI models to power Piraeus Bank's AI Hub, enabling the bank's enterprise-wide AI transformation across operations, customer experience, risk, and compliance. The collaboration aims to deliver secure, responsible, and human-centric AI solutions for the Greek banking sector with human oversight and governance.
• WikifarmerminorStrategic or Co-development Partner · 31 March 2026Piraeus Bank co-led a €7.7 million funding round in Wikifarmer, an AI-driven B2B agricultural marketplace. The two companies also launched FarmClick, a digital marketplace for agricultural inputs in Greece, with plans to expand the platform into Latin America and Africa.
• Athens Medical GroupminorOthers · 1 January 2025Piraeus Bank's credit, debit, and prepaid cardholders receive preferential prices and discounts on medical services, diagnostic tests, and medical procedures at Athens Medical Group facilities, along with free ambulance service (Attica and Thessaloniki) and special check-up prices.
• Ερρίκος Ντυνάν Hospital CenterminorOthers · 1 January 2025Piraeus Bank cardholders receive preferential medical service prices and discounts at Ερρίκος Ντυνάν Hospital Center, including free ambulance service in Attica and Thessaloniki and special check-up packages.
• EuroLeague BasketballminorOthers · 1 January 2025Piraeus Bank is the Official Payment Partner of EuroLeague Basketball, with Piraeus Visa cards used as payment instruments for the EuroLeague Final Four 2026 in Athens, including VIP hospitality packages.
• Yellow Programme PartnersminorChannel Partner/ Reseller/ Distributor · 28 May 2024The Yellow rewards programme partners include OASA (Athens public transport), Blue Star Ferries, Hellenic Seaways, Anek Lines, Superfast Ferries, sports clubs (Olympiacos, Panathinaikos, OFI), Samsung, Village Cinemas, AVIN/CYCLON fuel stations, and healthcare providers (Ερρίκος Ντυνάν Hospital Center, Athens Medical Group).
• Finance for Biodiversity PledgeminorOthers · 1 January 2021Piraeus Bank signed the Finance for Biodiversity Pledge and actively participates in the EU Business & Biodiversity Platform, demonstrating commitment to protecting natural environments through business financing decisions.
• Principles for Responsible Investment (PRI)minorOthers · 1 January 2020Piraeus Asset Management is a member of the Principles for Responsible Investment initiative for the adoption and implementation of Responsible Investment Principles.
• UN Global CompactcoreOthers · 1 January 2017Piraeus Bank is a member of the UN Global Compact and the UNEP Finance Initiative (UNEP FI), having been elected to the UNEP FI Banking Board. The bank has signed the Principles for Responsible Banking and the Collective Commitment to Climate Action (CCCA), committing to align its portfolio with financing sustainable development and limiting temperature rise to 1.5°C.
• Science Based Targets initiative (SBTi)coreOthers · 1 January 2017Piraeus Bank signed up to the Science Based Targets initiative for setting scientifically grounded targets for reducing its environmental footprint, further reinforcing its commitment to climate action aligned with the Paris Agreement.
• UNEP FI (UN Environment Programme Finance Initiative)coreOthers · 1 January 2017Piraeus Bank is a member of UNEP FI and participates in working groups including Impact Assessment and EU Taxonomy (with the European Banking Federation), contributing to the development of ESG measurement tools and evaluation criteria for financial institutions.

Scale indicators17 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• National Bank of Greece: One of Greece's four systemic universal banks and the closest direct peer to Piraeus. Competes head-to-head across retail deposits, mortgages, SME lending and corporate banking in the Greek market; also co-seller of Ethniki Insurance to Piraeus. Comparable scale, business mix, and Greek-economy exposure.
• Alpha Bank: Greece's third-largest universal bank with similar retail/SME focus. Direct competitor in Greek deposits, mortgages, and corporate lending; similar investment-grade trajectory and digital transformation journey. Strong peer for benchmarking NIM, cost-to-income and Greek asset-quality trends.
• Eurobank Ergasias: The other Greek systemic bank in the top four. Comparable retail and corporate banking franchise with similar NPE legacy workout story; actively pursuing fee income growth and digital transformation. Closely correlated with Piraeus on Greek macro variables.

Emerging players

• Optima bank: Greek challenger bank focusing on digital-first retail and SME banking. Smaller scale than Piraeus but a relevant emerging competitor for digital-native customers and a benchmark for Piraeus's Snappi neobank strategy.

Regional players

• Attica Bank: Smaller Greek bank focused on SME and shipping lending. Useful regional peer for assessing Greek SME lending margins, though much smaller scale than Piraeus.

Broad incumbents

• Erste Group Bank: Austrian-based universal bank with strong CEE franchise. Comparable as a mid-cap European universal bank with retail/SME focus and similar NPE workout legacy. Useful benchmark for valuation multiples and cost-to-income targets, though broader geographic mix.
• Raiffeisen Bank International: Austrian universal bank with significant CEE presence. Comparable scale, retail and corporate banking model, and ongoing digital transformation journey. Useful European universal bank benchmark.
• KBC Group: Belgian universal bank with strong CEE presence and bancassurance model highly comparable to Piraeus's post-Ethniki strategy. Useful benchmark for bancassurance cross-sell economics and digital banking efficiency.
• ING Group: Dutch universal bank with leading digital-first retail banking model. Relevant benchmark for Piraeus's AI and digital transformation ambitions, given ING's industry-leading digital cost-to-income ratios.
• Banco Santander: Large European/international universal bank with strong digital banking (Openbank) and consumer finance franchises. Useful broad incumbent peer for digital transformation and consumer banking benchmarks, though much larger and more diversified.

Market position

Strengths5 records

Weaknesses4 records

Competitive moat7 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/piraeus_bank
• LinkedInlinkedin.com/company/piraeus-bank

Compliance16 records

Revenue estimate

Valuation estimate

Number of profiles

Subsidiaries5 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments9 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Piraeus Bank