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Bond Market News
Piraeus Bank Upgraded to Rising Star Status at BBB- by Fitch
October 27, 2025
Piraeus Bank along with its holding company Piraeus Financial Holdings SA were upgraded to IG-status by Fitch, to BBB- from BB+. The upgrade reflects significant improvements in the bank’s profitability, asset quality, and capitalisation, with earnings now comparable to domestic peers and impaired loans reduced to near-European averages. Piraeus’ performance benefits from resilient economic growth in Greece, stronger business and retail lending, and expanding fee-generating opportunities. According to Fitch, the profitability of the bank has recovered strongly since 2021, driven by higher net interest income, cost efficiencies, and reduced impairment charges. Piraeus maintains adequate capital buffers, with a CET1 ratio of 14.4% as of June 2025, projected to remain above 13% after the Ethniki Insurance acquisitio. It is expected to potentially increase toward 14% as earnings strengthen. The bank’s funding base remains stable and deposit-driven, complemented by regular market access and meeting MREL capital requirements. The bank’s impaired loan ratio has declined to 3% (excluding retained notes), however, asset quality remains constrained by continued exposure to foreclosed assets.
Piraeus’ bonds traded stable with its EUR 6.75% Perp at 104.3, yielding 5.77%
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