The support of Piraeus Bank in the institution of the Professional Funds for the proper operation of the social security system, was underlined by the CEO of the Bank Christos Megalou.
In particular, during his greeting at the 3rd Occupational Insurance Conference organized by the Hellenic Association of Occupational Insurance Funds, Mr. Megalou referred to the institution of Occupational Insurance Funds as a reliable and modern institution, while pointing out that Piraeus was the first Bank Occupational Fund for its employees.
“In order for a social security system with a distributive character to function harmoniously, it is crucial to ensure the spread of insurance risk in all three pillars of the system. In this context, the development of Occupational Insurance Funds is important as well as the structure and characteristics of their operation, such as the enhanced supervision, the transparency, the active participation of the employer and the employees, make them a reliable choice “, stressed Mr. Megalou.
He added that Piraeus Bank supports the institution of Occupational Insurance Funds as a reliable and modern institution, which enables a significant provision to employees and at the same time is a stable and reliable mechanism of effective, long-term savings and insurance coverage.
According to the CEO of Piraeus, “at the Bank we are implementing a major transformation program, through which we have strengthened our capital, drastically reduced non-performing loans and the Bank is able to play a leading role in the dynamic recovery of the Greek economy, which “The significant achievements of the Bank in 2021 unleash our growth potential and our commercial power, while maintaining strong liquidity, by strengthening our deposit base and maintaining a satisfactory loan-to-deposit ratio.”
Piraeus Bank attaches great importance to the professional management of its customers’ funds and this strategy has borne fruit, he noted. The funds of clients under management increased by 1 billion euros in 2021, to 3.4 billion euros, recording an increase of 20% per year from 2018. The Bank’s share of the mutual funds market is now 18% and the goal is to strengthening in the coming years.
“Sustainable development, which we seek for our country, does not mean without a robust and complete insurance system for the citizens. The combination of development and social prosperity is what is required in the modern economy and we at Piraeus Bank are at the forefront of adopting principles related to Environment, Society and Corporate Governance issues, known as ESG principles, across the spectrum of economic activity.
These criteria combine growth and economic performance with social and environmental sustainability and play a key role in the ability of companies to absorb the resources of the Recovery Fund, but also to attract investment interest. The operation of Piraeus Bank is governed by the ESG criteria and by their adoption in financing, as well as in the management of our clients’ funds, we contribute to the harmonization of businesses, with multiple benefits for society, the environment, customers, investors and shareholders “, said Mr. Megalou.
Referring to the country’s insurance system, the CEO of Piraeus Bank pointed out that the efforts made to restore its long-term viability seem to be paying off, and despite the unfavorable demographic developments, the reforms achieved in Greece in recent years have led to the largest, between Member States of the European Union, reduction of pension expenditure for the period 2019-2070.
Piraeus Bank established its own Professional Fund in November 2020, with the belief that it strengthens ties with employees, contributes to the improvement of their future incomes, and most importantly, promotes and strengthens savings and investment .
The acceptance of the Fund by the employees of the Piraeus Group was universal and it is indicative that in just two weeks, the members reached 9,000.
“Having now direct experience from the operation of our Fund, I can say that we are very pleased that we were pioneers in this field and we are pleased to see the development of the institution and the establishment of new funds by large Greek companies, but also by the financial industry “, concluded Mr. Megalou.
Source: Capital
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