Chr. Megalou: Greece is emerging as an investment pole for the coming years

Greece is emerging as an investment pole for the coming years while significant investment activity is already recorded in many sectors of the economy, said the CEO of Piraeus Bank, Christos Megalou, in a discussion at the annual conference of the Hellenic American Chamber of Commerce.

Mr. Megalou noted that the participation of the international investment community in the capital increase of Piraeus Bank, amounting to 1.4 billion euros and in the issuance of an additional tier 1 bond of 0.6 billion euros, were a milestone, both for the bank and for the Greek economy and its prospects. “The investment story of the bank, combined with our proven ability to implement our goals quickly and successfully, strengthened the investment interest, which was reflected in the quality and variety of the participating investors, as well as the significant overlap of the two issues. by at least three times “, said Mr. Megalou. At the same time, he pointed out that Piraeus Bank in just 8 months, has completed 90% of the planning, both in terms of non-performing loans, and in terms of capital increase. Especially in the first part, in a few months a reduction of non-performing exposures (NPEs) was achieved with securitizations and sales that reached a record amount of 16.4 billion euros.

In the last twelve months, there have been transactions in the domestic market that exceed 14 billion euros and prove the great interest that exists from international investors for Greek assets, especially in the sectors of processing and services, in the pharmaceutical industry, in the sectors of food – beverages and hospitality. , as well as in the financial sector and insurance, stressed Mr. Megalou.

Respectively, there is mobility in the stock and bond markets, with bond issues of more than 4 billion euros by Greek companies, while the international interest was reflected in the Athens Stock Exchange, in addition to the capital increase of Piraeus, and other large increases – for example Alpha Bank and PPC.

As Mr. Megalou underlined, Piraeus Bank has an active participation in the capital market, with a leading position in investment banking, supporting its customers and their investment plans. “In this context, we are leading the bond market, with a share of 30%, having participated in all corporate bond issues since 2019 and in fact with the role of the main contractor and coordinator, while our role in the first was very important. “bond issues by shipping companies”, said Mr. Megalou. He also stressed that the active capital market is crucial for achieving sustainable growth and in this direction incentives are needed, both for attracting new companies from all sectors that will be listed on the Athens Stock Exchange, and for attracting new institutional investors who will invest. .

“I estimate that in 2022 the domestic capital market will have an even more important role, financing the innovative Greek companies and supporting the investments needed to implement the plans of Greece 2.0”.

The combination of the European Recovery Fund with the other European and national resources that are available, brings to the Greek economy funds that correspond to 40% of GDP and will be available in the next 5 to 7 years, which will allow the reorganization of the Greek model. economy, also attracting private capital, said Mr. Megalou.

The country is in a very good position to take advantage of the opportunities that exist for the transition to the green economy and Piraeus Bank already has an important position in the market, financing critical sectors, such as renewable energy sources, while through the green bond of 500 million. Euros that it has issued, will finance exclusively projects related to the transition to clean energy, said Mr. Megalou.

Piraeus Bank, since the beginning of the year until today, has channeled 5.4 billion new loans to the economy, according to the target for 5.7 billion euros in the whole year, with the demand being recorded by all its sectors economy.

SOURCE: ΑΠΕ-ΜΠΕ