Piraeus Bank Group chairman Mihalis Sallas on Wednesday announced his decision to retire as chairman of the board after 25 years.
Addressing a board meeting, Sallas said that despite a positive review from the Financial Stability Fund “I have reached certain decisions which I wish to announce today. I have completed a cycle of 25 years as chairman of the bank and 30 years in the creation and management of banks and other financial companies.
“In these 25 years in Piraeus Bank an extraordinary work was made. Beginning in December 1991, with a personnel of 200 and market share of only 0.1% in the Greek banking market, we created a significant in size bank, with more than 20,000 staff and a market share of around 30%. We have played a vital role in the restructuring of the banking system, we developed innovative products and services, we supported the business community and contributed in economic progress. E-banking, green banking, agricultural contracts are only a part of it.”
“However, it is obvious that after the last recapitalization exercise a new corporate and economic environment was emerging for the banking system and of course for Piraeus Bank. In this new environment it is necessary to have the experience of older executives but mostly the powers of young people, new managers, which will take over the task to lead the bank to a new era. Having judged the new data, I have already informed all related institutions since early 2016 of my intention not to participate in the new organisational form of the Group. I could not, however, announce my decision earlier since the bank’s board was under review. Today, after completion of the review by HFSF and the selection of the biggest part of the board’s members, I decided to announce my decision to leave the bank’s board,” Sallas said.
The bank’s board, unanimously agreed to offer the title of honorary chairman of the group to Mihalis Sallas, acknowledging his contribution to the bank’s development. The board also appointed professor Hariclia Apalagaki as interim chairman of the board.
Source: ANA-MPA
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