In the course that led to the successful placement of the HFSF shares, the positive image of the Greek economy, the moves towards dividend distribution and the estimates for the interest rate policy of the ECB were mentioned, among other things, in an interview on Bloomberg TV by the CEO of Piraeus Bank, Christos Megalou.
Referring to the disinvestment of the HFSF, Mr. Megalou noted that it is the result of a seven-year journey, in the context of which it was necessary to settle issues such as the large number of Non-Performing Loans, the number of which has decreased from 44% to 3%. For the next period, emphasis is placed, among other things, on the reduction of risk costs, he noted, stressing, however, that Greece no longer produces as many Non-Performing Loans as in the past.
He emphasized that 2023 was a very good year for Piraeus Bank, while 2024 is expected to be even better, as ot.gr points out. Moreover, the Greek economy is expected to continue growing faster than the European average, which, among other things, gives impetus to acquisitions and mergers as well as FDI.
The Greek economy is buoyant
With regard to the broader developments in the Greek economy, he emphasized that after obtaining investment grade, the next step will be the reclassification of the AX from developing to developed markets – as there is interest from good quality international investors, as was also seen from the placement of Piraeus.
Asked about the sectors leading the growth dynamics of the Greek economy, Mr Megalou mentioned digital networks and RES, energy storage and other energy transition projects, medicine and agricultural production. Greece is becoming a hub in the region and this is turning it into a pole of attraction, he noted. The country is not only based on tourism and hospitality – in these sectors too, 2024 is expected to be an even better year than 2023.
Interest and dividend
Regarding the interest rate policy of the ECB, the CEO of Piraeus estimated that the first move to relax the monetary policy will take place in June, while he noted that as everything shows, Europe is moving towards a smooth landing.
Finally, regarding the dividend distribution, he underlined that the relevant discussions with the competent supervisory authorities are ongoing. This issue will be revisited and reviewed each year, with the plan for fiscal year 2023 providing for a 10% dividend distribution on profits. It will be more about a percentage that will symbolize the return to normality, he underlined.
Regarding the banking industry in Greece, he argued that it is competitive, and there is certainly no need for fewer banks – perhaps more are needed.
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