Greece’s Biggest Bank Sees Profits Return Amid Leadership Change
- Piraeus Bank expects to name CEO, chairman this month
- Bad loan sales won’t begin before next year, acting CEO says
A pedestrian passes the windows of a Piraeus Bank SA bank branch in Athens.
Photographer: Yorgos Karahalis/BloombergThis article is for subscribers only.
Piraeus Bank SA is on track to post its first yearly profit since 2009 even after factoring in an expected decline in the Greek economy, acting Chief Executive Officer George Poulopoulos said.
The country’s largest bank is making progress on reducing non-performing loans and the second quarter was profitable, Poulopoulos said in an interview from the lender’s headquarters in Athens on Wednesday. “I expect the second half of 2016 to be also profitable and that we are going to post a positive bottom line after many, many years.”