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M.Sallas announced his decision not to participate in the new BoD of Piraeus
22 July 2016
The Chairman of Piraeus Bank, Mr. Michalis Sallas addressing the Bank’s BoD members, during meeting, stated:
“Dear Members of the Board,

Despite the positive assessment by the Hellenic Financial Stability Fund, I have reached certain decisions that I would like to share with you today. I have completed a course of 25 years as Chairman of the Bank and 30 years in the development and management of banking and other financial institutions.

In these 25 years in Piraeus Bank, an exceptional task has been accomplished. Starting from December 1991 with 200 employees and a market share of 0.1% of the Greek banking market, we created a Bank with a significant size, in excess of 20,000 employees and a market share close to 30%. We have played a crucial role in the restructuring of the banking system, we developed innovative products and services, we supported the business community and contributed to the economic growth. Electronic banking, green banking and agri-banking are only a few examples.

Nevertheless, it is obvious that, after the completion of the last recapitalization, a new corporate and economic environment has emerged for the banking system and also for Piraeus Bank. In this new environment, the experience of senior executives, but mostly the dynamism of younger management is required, who will bear the responsibility to lead the Bank in this new era.

Considering the recent developments, I have informed competent authorities from the beginning of 2016 of my intention not to participate in the new organizational structure of the Group.

However, I could not execute my decision earlier, as the Bank’s BoD was under assessment and in the process of selecting the international experts. Today, following the completion of the HFSF’s assessment and the selection of the majority of the BoD’s members, I made up my mind to go ahead with my decision to step down from the Board”.

Subsequently, following the discussion and proposal of the BoD members, the BoD unanimously decided to award to Mr. Sallas the title of Chairman Emeritus of Piraeus Group, recognizing his contribution in the development of the Group, in which he has been the founder and Chairman for over 25 years.