EBRD seeks to boost the Greek banking sector
As part of efforts to strengthen Greece’s banking sector and support the recovery of the wider Greek economy, the EBRD purchased equity stakes worth a total of €250 million in the country’s four systemic banks. It invested €65 million in Alpha Bank, €65 million in Eurobank, €50 million in the National Bank of Greece and €70 million in Piraeus Bank. As a shareholder the EBRD will play an active role, in particular by enhancing the banks’ corporate governance.
The investments will give these banks a more robust capital base and facilitate their return to private ownership. The stabilisation and restructuring of the Greek banking sector is needed to restore depositor and investor confidence, re-establish credit flows and improve access to finance for the real economy.
The financing assists efforts by Greece’s four systemic banks to strengthen their capital base to levels prescribed by the Single Supervisory Mechanism and the Bank of Greece. It complements a memorandum of understanding between the Greek authorities and the European Commission.
private sector share of EBRD investment in Greece