<div><h2>Project Description</h2><p></p><p>The EBRD invested EUR 35 million in a EUR 500 million senior preferred bond issued by Piraeus Bank SA. The bonds have a maturity of 6 years, with an embedded issuer call option after 5 years, and are listed on the Luxembourg Stock Exchange's Euro MTF market.</p><p></p><h2>Project Objectives</h2><p></p><p>The project supports the resilience and regulatory compliance of a systemic banking institution in Greece, as well as its sustainable access to capital markets. Furthermore, the project encourages Piraeus's green agenda by requiring Piraeus Bank to allocate an amount equivalent to 180% of EBRD's investment to finance green projects.</p><p></p><h2>Transition Impact</h2><p>ETI score: 61</p><p style="margin-top: -13px;"></p><p>The transition impact derives from the resilient quality by supporting Piraeus to gradually build its bail-in-able funding base, diversify its funding sources, and successfully access the capital markets. The project also supports the EBRD's green "transition quality" and the Bank's Green Economy Transition (GET) approach in Greece, through Piraeus Bank allocating a multiple of the EBRD investment amount to projects that meet strict GET-eligibility criteria.</p><p></p><h2>Client Information</h2><p>PIRAEUS BANK SA</p><p style="margin-top: -13px;"></p><p>Piraeus Bank is one of the four systemic banks in Greece, with total assets of about EUR 76 billion as of year-end 2023. The bank generates the vast majority of its revenues domestically, following a universal banking model covering all financial and banking activities in the Greek market. Piraeus Bank S.A. is a wholly owned subsidiary of Piraeus Financial Holdings S.A., an entity listed on the Athens Stock Exchange.</p><p></p><h2>EBRD Finance Summary</h2><p style="margin-top: -13px;"></p><p>EUR 35,000,000</p><p></p><h2>Total Project Cost</h2><p style="margin-top: -13px;"></p><p>EUR 500,000,000</p><p></p><h2>Additionality</h2><p></p><p>The Project supports Piraeus's funding efforts to build up its loss-absorbing capacity through sustainable access to debt capital markets, as EBRD's participation enables Piraeus to expand its stable investor universe. The project also promotes the green agenda as Piraeus will allocate an amount equivalent to 180% of EBRD's investment to green projects in line with EBRD's GET criteria.</p><p></p><h2>Environmental and Social Summary</h2><p></p><p>Categorised FI (2019 ESP). Piraeus is an existing client and well known to the EBRD through previous exposures. Under the existing exposures, Piraeus is in compliance with the EBRD's Performance Requirements 2, 4 and 9. Piraeus will be required to continue complying with these PRs, to apply the E&amp;S Exclusion List, and to refer to EBRD on any operation part of the FI referral list and list of A projects under the ESP 2019. Piraeus will implement EBRD's applicable E&amp;S Risk Management Procedures and continue to submit annual environmental and social reports to the EBRD. The partner bank will continue to report on E&amp;S performance of the operation and compliance with the ESP annually to the Bank.</p><p></p><h2>Technical Cooperation and Grant Financing</h2><p></p><p>None</p><p></p><h2>Company Contact Information</h2><p>Xenofon Damalas<br/>investor_relations@piraeusholdings.gr<br/>+30 210 3288 100<br/>https://www.piraeusholdings.gr/en/<br/>Amerikis 4, 105 64, Athens, Greece<br/></p><h2>PSD last updated</h2><p>25 Apr 2024</p><div id="docsLinks" style="display:none"><h2>Related material</h2><ul class="relMat"></ul></div><script type="text/javascript">						var projFinderService = '/project-finder-json?1=1';						var projectId = "55050";					</script><h2>	Understanding Transition</h2><p>	Further information regarding the EBRD’s approach to measuring transition impact is available <a href="https://www.ebrd.com/what-we-do/economic-research-and-data/transition-impact.html">here</a>.</p><h2>	Business opportunities</h2><p>	For business opportunities or procurement, contact the client company.</p><p>	For business opportunities with EBRD (not related to procurement) contact:</p><p>	Tel: +44 20 7338 7168<br/>	Email: <a href="mailto:projectenquiries@ebrd.com">projectenquiries@ebrd.com</a></p><p>	For state-sector projects, visit <a href="https://www.ebrd.com/pages/workingwithus/procurement.shtml">EBRD Procurement</a>:<br/><br/>	Tel: +44 20 7338 6794<br/>	Email: <a href="mailto:procurement@ebrd.com">procurement@ebrd.com</a></p><h2>	General enquiries</h2><p>	Specific enquiries can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Environmental and Social Policy (ESP)</h2><p>	The <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a> and the associated Performance Requirements (PRs) set out the ways in which the EBRD implements its commitment to promoting “environmentally sound and sustainable development”.  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders’ concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project’s environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.</p><p>	More information on the EBRD’s practices in this regard is set out in the <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">ESP</a>.</p><h2>	Integrity and Compliance</h2><p>	The EBRD's Office of the Chief Compliance Officer (OCCO) promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.</p><p>	OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to <a href="mailto:compliance@ebrd.com">compliance@ebrd.com</a>. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.</p><h2>	Access to Information Policy (AIP)</h2><p>	The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/public-information-policy.html">Access to Information Policy</a> page to find out what information is available from the EBRD website.</p><p>	Specific requests for information can be made using the <a href="https://www.ebrd.com/eform/information-request">EBRD Enquiries form</a>.</p><h2>	Independent Project Accountability Mechanism (IPAM)</h2><p>	If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful (e.g. through the Client’s Project-level grievance mechanism or through direct engagement with Bank management), individuals and organisations may seek to address their concerns through the EBRD’s Independent Project Accountability Mechanism (IPAM).</p><p>	IPAM independently reviews Project issues that are believed to have caused (or to be likely to cause) harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its <a href="https://www.ebrd.com/news/publications/policies/environmental-and-social-policy-esp.html">Environmental and Social Policy</a> or Project-specific provisions of its <a href="https://www.ebrd.com/what-we-do/strategies-and-policies/access-to-information-policy.html">Access to Information Policy</a>; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.</p><p>	Please visit the <a href="https://www.ebrd.com/project-finance/independent-project-accountability-mechanism.html">Independent Project Accountability Mechanism webpage</a> to find out more about IPAM and its mandate; how to <a href="https://www.ebrd.com/eform/IPAM/Request_form">submit a Request</a> for review; or contact IPAM  via email <a href="mailto:ipam@ebrd.com">ipam@ebrd.com</a> to get guidance and more information on IPAM and how to submit a request.</p><p>	 </p></div>

Piraeus Bank Bail-in Senior Preferred Themis II

The EBRD invested EUR 35 million in a EUR 500 million senior preferred bond issued by Piraeus Bank SA. The bonds have a maturity of 6 years, with an embedded issuer call option after 5 years, and are listed on the Luxembourg Stock Exchange's Euro MTF market.The project supports the resilience and regulatory compliance of a systemic banking institution in Greece, as well as its sustainable access to capital markets. Furthermore, the project encourages Piraeus's green agenda by requiring Piraeus Bank to allocate an amount equivalent to 180 of EBRD's investment to finance green projects.ETI score: 61The transition impact derives from the resilient quality by supporting Piraeus to gradually build its bail-in-able funding base, diversify its funding sources, and successfully access the capital markets. The project also supports the EBRD's green transition quality and the Bank's Green Economy Transition GET approach in Greece, through Piraeus Bank allocating a multiple of the EBRD investment amount to projects that meet strict GET-eligibility criteria.PIRAEUS BANK SAPiraeus Bank is one of the four systemic banks in Greece, with total assets of about EUR 76 billion as of year-end 2023. The bank generates the vast majority of its revenues domestically, following a universal banking model covering all financial and banking activities in the Greek market. Piraeus Bank S.A. is a wholly owned subsidiary of Piraeus Financial Holdings S.A., an entity listed on the Athens Stock Exchange.EUR 35,000,000EUR 500,000,000The Project supports Piraeus's funding efforts to build up its loss-absorbing capacity through sustainable access to debt capital markets, as EBRD's participation enables Piraeus to expand its stable investor universe. The project also promotes the green agenda as Piraeus will allocate an amount equivalent to 180 of EBRD's investment to green projects in line with EBRD's GET criteria.Categorised FI 2019 ESP. Piraeus is an existing client and well known to the EBRD through previous exposures. Under the existing exposures, Piraeus is in compliance with the EBRD's Performance Requirements 2, 4 and 9. Piraeus will be required to continue complying with these PRs, to apply the ES Exclusion List, and to refer to EBRD on any operation part of the FI referral list and list of A projects under the ESP 2019. Piraeus will implement EBRD's applicable ES Risk Management Procedures and continue to submit annual environmental and social reports to the EBRD. The partner bank will continue to report on ES performance of the operation and compliance with the ESP annually to the Bank.NoneXenofon Damalasinvestorrelationspiraeusholdings.gr+30 210 3288 100https:www.piraeusholdings.grenAmerikis 4, 105 64, Athens, Greece25 Apr 2024Further information regarding the EBRD's approach to measuring transition impact is available here.For business opportunities or procurement, contact the client company.For business opportunities with EBRD not related to procurement contact:Tel: +44 20 7338 7168Email: projectenquiriesebrd.comFor state-sector projects, visit EBRD Procurement:Tel: +44 20 7338 6794Email: procurementebrd.comSpecific enquiries can be made using the EBRD Enquiries form.The ESP and the associated Performance Requirements PRs set out the ways in which the EBRD implements its commitment to promoting "environmentally sound and sustainable development".  The ESP and the PRs include specific provisions for clients to comply with the applicable requirements of national laws on public information and consultation as well as to establish a grievance mechanism to receive and facilitate resolution of stakeholders' concerns and grievances, in particular, about environmental and social performance of the client and the project. Proportionate to the nature and scale of a project's environmental and social risks and impacts, the EBRD additionally requires its clients to disclose information, as appropriate, about the risks and impacts arising from projects or to undertake meaningful consultation with stakeholders and consider and respond to their feedback.More information on the EBRD's practices in this regard is set out in the ESP.The EBRD's Office of the Chief Compliance Officer OCCO promotes good governance and ensures that the highest standards of integrity are applied to all activities of the Bank in accordance with international best practice. Integrity due diligence is conducted on all Bank clients to ensure that projects do not present unacceptable integrity or reputational risks to the Bank. The Bank believes that identifying and resolving issues at the project assessment approval stages is the most effective means of ensuring the integrity of Bank transactions. OCCO plays a key role in these protective efforts, and also helps to monitor integrity risks in projects post-investment.OCCO is also responsible for investigating allegations of fraud, corruption and misconduct in EBRD-financed projects. Anyone, both within or outside the Bank, who suspects fraud or corruption should submit a written report to the Chief Compliance Officer by email to complianceebrd.com. All matters reported will be handled by OCCO for follow-up. All reports, including anonymous ones, will be reviewed. Reports can be made in any language of the Bank or of the Bank's countries of operation. The information provided must be made in good faith.The AIP sets out how the EBRD discloses information and consults with its stakeholders so as to promote better awareness and understanding of its strategies, policies and operations following its entry into force on 1 January 2020. Please visit the Access to Information Policy page to find out what information is available from the EBRD website.Specific requests for information can be made using the EBRD Enquiries form.If efforts to address environmental, social or public disclosure concerns with the Client or the Bank are unsuccessful e.g. through the Client's Project-level grievance mechanism or through direct engagement with Bank management, individuals and organisations may seek to address their concerns through the EBRD's Independent Project Accountability Mechanism IPAM.IPAM independently reviews Project issues that are believed to have caused or to be likely to cause harm. The purpose of the Mechanism is: to support dialogue between Project stakeholders to resolve environmental, social and public disclosure issues; to determine whether the Bank has complied with its Environmental and Social Policy or Project-specific provisions of its Access to Information Policy; and where applicable, to address any existing non-compliance with these policies, while preventing future non-compliance by the Bank.Please visit the Independent Project Accountability Mechanism webpage to find out more about IPAM and its mandate; how to submit a Request for review; or contact IPAM  via email ipamebrd.com to get guidance and more information on IPAM and how to submit a request.

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