Standard & Poor''s has upgraded the long-term credit ratings of Piraeus Bank S.A. to BBB+ from BBB, while short-term rating was sustained at A-2.
As mentioned in the relevant announcement of the international credit rating agency, these credit ratings reflect the positive position of the Bank, its successful growth strategy and healthy profitability.
Piraeus Bank S.A. ranks fourth in the Greek banking sector, controlling a 12% market share of total loans, and has a strong presence in the much promising retail banking sector. The position of Piraeus Bank S.A. is the result of the successful expansion policy followed by its management, which has succeeded in acquiring and integrating several local banks with different characteristics, and has pursued a significant expansion of its branch network.
After four years of consistent growth, the profitability of Piraeus Bank S.A. is comparable to that of its international peers. Piraeus Bank S.A. has been particularly successful in constantly reporting enhanced earnings (based on the strong growth of its turnover and asset mix), improved efficiency (despite increased operating costs due to the constant expansion of its branch network), and reduced cost of provisions.