The discussions between the two sides are in full swing

The contacts of Piraeus Bank with HSBC are in progress for the acquisition of the unit of the British group in Greece.

According to sources from Piraeus Bank, “everything is open at this stage, as the talks between the two sides are in full swing.”

It is recalled that last year contacts were found at a similar point with Eurobank, however in the end the deal was not completed due to excessive demands of HSBC.

Rumors were then spread that the National Bank would also show interest, however Piraeus Bank was ultimately the one to submit a binding offer.

If an agreement is reached, Piraeus Bank will acquire a mortgage portfolio with low arrears, given HSBC’s focus on financing middle- and high-income households.

In addition, it will add to its clientele private investors from the higher income classes, that will strengthen the capital management activities in personal and private banking.

Finally, it will add to its network 15 stores, 14 in Athens and one in Thessaloniki.

HSBC in Greece

HSBC started its activity in Greece in 1981. It offers banking and investment services to individuals, as well as to corporate and institutional clients.

Through specialized departments, such as Business Banking and the Global Banking and Markets department, the bank supports the corporate expansion of its customers in Greece and abroad.

Based on the latest available data of the Hellenic Banking Association, at the end of 2020 its assets amounted to 1.78 billion euros, of which 469 million euros were receivables from its customers (loans). Its deposits reached 1.69 billion euros.

In this year, the results before taxes were negative (-8.34 million euros) after the profits of 2.55 million euros in 2019.

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