Piraeus Bank swung to a net profit in the fourth quarter of 2021 from a loss in the previous three months, it said on Tuesday, citing a drop in provisions against bad loans and increased fee and commission income. The bank reported net earnings from continuing operations of 78 million euros, after a loss of €635 million in the third quarter. Loan impairment provisions fell 76% quarter-on-quarter to €194 million, down from €811 million in Q3. In 2021 as a whole, Piraeus’ loss from continuing operations widened to €3 billion from a loss of €652 million in 2020, hit by the shedding of a big chunk of bad credit on its balance sheet. (Reuters)
Piraeus Bank said on Wednesday it agreed to fully acquire investment firm Iolcus for about 10 million euros to boost its fee-generating pools.
Set up in 2011, Iolcus manages the Apolis alternative investment funds and portfolios for private and institutional investors and has €1 billion in assets under management.
“The transaction will further diversify our fee revenue pools and deepen our know-how around the expanding asset management business in Greece,” Piraeus CEO Christos Megalou said. Grant Thornton advised Piraeus Bank on the deal.