Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Piraeus Bank, one of the leading financial institutions in Greece, is to implement a voluntary redundancy scheme for 1570 employees.
According to Greek newspapers (February 24th, 2016) Piraeus bank is one of the four Greek core banks to implement a voluntary exit programme. The bank will complete the planning stage and submit its voluntary exit programme to the Hellenic Financial Stability Fund (HFSF) for the necessary approval in the next few weeks. The new round of expenditure cuts in terms of reducing staff, branches and operating costs is in accordance with the restructuring plans that the bank's management has agreed with the European Commission’s competition authorities.
Headquartered in Athens, Greece, with approximately 20,000 employees in 9 countries in Greece and South East Europe, Piraeus Bank Group offers a full range of financial products and services to approximately 6 m customers. Total assets of the Group amounted to €86 bn, net loans to €52 bn and customer deposits to €38 bn on September 30, 2015. Founded in 1916, Piraeus Bank operated as a private credit institution for many decades. It went through a period of state ownership in the period 1975-1991 until it was privatised in December 1991. Since then, it has rapidly grown in size and activities and is today the leading bank in Greece with 30% market share in terms of loans and 27% of deposits.
Eurofound (2016), Piraeus Bank, Internal restructuring in Greece, factsheet number 86585, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/86585.
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