Piraeus Bank Bail-in Senior Preferred (Themis II)

Overview
Project Summary Document
Environmental and Social Documentation
Procurement
Complaints

Overview

The EBRD invested EUR 35 million in a EUR 500 million senior preferred bond issued by Piraeus Bank SA. The bonds have a maturity of 6 years, with an embedded issuer call option after 5 years, and are listed on the Luxembourg Stock Exchange's Euro MTF market.

Project ID 55050

Status Signed

Location

Greece

Business Sector

Financial Institutions

Notice Type

Private

Project timeline

Exploratory
Passed Concept Review
Passed Structure Review
Passed Final Review
Board Approved
Signed
Implementing
Completed

Company Contact Information

Xenofon Damalas
investor_relations@piraeusholdings.gr
+30 210 3288 100
https://www.piraeusholdings.gr/en/
Amerikis 4, 105 64, Athens, Greece

Project ID 55050

Status Signed

Location

Greece

Business Sector

Financial Institutions

Notice Type

Private

Environmental Category

Approval Date

07 Feb 2024

Disclosure date

25 Apr 2024

As permitted by paragraph 2.6 of Section III of the Access to Information Policy, disclosure of this PSD was deferred in accordance with paragraph 1.4.4 of the Directive on Access to Information.

Piraeus Bank Bail-in Senior Preferred (Themis II) (Greek) (PDF, 0.19MB)

Project description

Project objectives

The project supports the resilience and regulatory compliance of a systemic banking institution in Greece, as well as its sustainable access to capital markets. Furthermore, the project encourages Piraeus's green agenda by requiring Piraeus Bank to allocate an amount equivalent to 180% of EBRD's investment to finance green projects.

Transition impact

ETI Score:61

nsition impact derives from the resilient quality by supporting Piraeus to gradually build its bail-in-able funding base, diversify its funding sources, and successfully access the capital markets. The project also supports the EBRD's green "transition quality" and the Bank's Green Economy Transition (GET) approach in Greece, through Piraeus Bank allocating a multiple of the EBRD investment amount to projects that meet strict GET-eligibility criteria.

Client information

PIRAEUS BANK SA

Piraeus Bank is one of the four systemic banks in Greece, with total assets of about EUR 76 billion as of year-end 2023. The bank generates the vast majority of its revenues domestically, following a universal banking model covering all financial and banking activities in the Greek market. Piraeus Bank S.A. is a wholly owned subsidiary of Piraeus Financial Holdings S.A., an entity listed on the Athens Stock Exchange.

EBRD Finance Summary

EUR 35,000,000

Total project cost

EUR 500,000,000

Additionality

The Project supports Piraeus's funding efforts to build up its loss-absorbing capacity through sustainable access to debt capital markets, as EBRD's participation enables Piraeus to expand its stable investor universe. The project also promotes the green agenda as Piraeus will allocate an amount equivalent to 180% of EBRD's investment to green projects in line with EBRD's GET criteria.

Environmental & Social Summary

Categorised FI (2019 ESP). Piraeus is an existing client and well known to the EBRD through previous exposures. Under the existing exposures, Piraeus is in compliance with the EBRD's Performance Requirements 2, 4 and 9. Piraeus will be required to continue complying with these PRs, to apply the E&S Exclusion List, and to refer to EBRD on any operation part of the FI referral list and list of A projects under the ESP 2019. Piraeus will implement EBRD's applicable E&S Risk Management Procedures and continue to submit annual environmental and social reports to the EBRD. The partner bank will continue to report on E&S performance of the operation and compliance with the ESP annually to the Bank.

Technical Cooperation and Grant Financing

None

Company Contact Information

Xenofon Damalas
investor_relations@piraeusholdings.gr
+30 210 3288 100
https://www.piraeusholdings.gr/en/
Amerikis 4, 105 64, Athens, Greece

PSD last updated

25 Apr 2024

Understanding transition

Further information regarding the EBRD’s approach to measuring transition impact is available here.

Business opportunities

For business opportunities or procurement, contact the client company.

For business opportunities with the EBRD (not related to procurement) contact:

Tel: +44 20 7338 7168
Email: projectenquiries@ebrd.com

For state-sector projects, visit EBRD Procurement:

Tel: +44 20 7338 6794
Email: procurement@ebrd.com

General enquiries

Specific enquiries can be made using the EBRD Enquiries form.

Environmental and Social Policy (ESP)

The ESP and its associated Environmental and Social Requirements (ESRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”. The ESP and the ESRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation, and to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about the environmental and social (E&S) performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD also requires its clients to disclose information, as appropriate, about the risks and impacts of projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.

More information on the EBRD’s practices in this regard is set out in the ESP.

Integrity and compliance

The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all of the Bank's activities in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The EBRD believes that identifying and resolving issues in the project assessment and approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts andhelps to monitor integrity risks in projects post-investment.

OCCO is further responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, either within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to compliance@ebrd.com. OCCO will follow-up all matters reported. It will review all matters reported. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.

Access to Information Policy (AIP)

The AIP, which entered into force on 1 January 2025, sets out how the EBRD discloses information and consults with its stakeholders to promote better awareness and understanding of its strategies, policies and operations. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.

Specific requests for information can be made using the EBRD enquiries form.

Independent Project Accountability Mechanism (IPAM)

If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (for example, through the client’s project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).

IPAM independently reviews project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the mechanism is: to support dialogue between project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or the project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.

Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate and how to submit a Request for review. Alternatively, contact IPAM by email at ipam@ebrd.com for guidance and more information on IPAM and how to submit a request.

Environmental and Social Documentation is not available for this project.

Selected procurement notices related to this project may be shown below. Further procurement opportunities related to this and other projects, if available, maybe be viewed in the EBRD Procurement Portal.

The EBRD's Environmental and Social Policy (ESP), Access to Information policy (AIP) and Project Accountability Policy (PAP) enable sound and sustainable development in its projects. The Independent Project Accountability Mechanism (IPAM) deals with complaints about environmental, social and disclosure matters related to the Bank’s investments.

No complaints about this project have been made so far.

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Piraeus Bank Bail-in Senior Preferred (Themis II)

Overview

Project timeline

Company Contact Information

Project description

Project objectives

Transition impact

Client information

EBRD Finance Summary

Total project cost

Additionality

Environmental & Social Summary

Technical Cooperation and Grant Financing

Company Contact Information

PSD last updated

Understanding transition

Business opportunities

General enquiries

Environmental and Social Policy (ESP)

Integrity and compliance

Access to Information Policy (AIP)

Independent Project Accountability Mechanism (IPAM)