Greece’s Piraeus Bank Explores Asian Pacific Partner for Shipping Financing

Piraeus Bank, Greece’s largest lender, announced last week that it is exploring a potential strategic partnership opportunity with a major Asian Pacific financial conglomerate, to provide financing solutions for Greek shipping companies.

“This pioneering initiative forms part of Piraeus Bank’s continued commitment to the shipping community, through investment of international capital into existing opportunities and new financing to the shipping industry,” the bank said in a statement.

Piraeus did not name the Asian partner, nor provide details concerning what form such a deal would take.

Piraeus, like its Greek peers in the banking world, is saddled with a mountain of non-performing loans, the legacy of a multi-year debt crisis. Although the country’s banks are making progress in reducing the high load of non-performing credit on their balance sheets, their ability to provide financing is still constrained.

The Greek banking giant said that its initiative aims to position the bank at the “forefront of servicing Greek shipping clients.”

Houlihan Lokey is acting as Piraeus Bank’s strategic and financial advisor guiding the bank through this new transaction.