The country’s real growth potential depends on reinvesting in the foundations of the Greek economy — its small and medium-sized enterprises, households and the everyday lives of Greek citizens, said Vassilis Koutentakis, Chief Retail Banking Officer and Executive Board Member at Piraeus. Speaking yesterday at a conference titled “Reinvest in Greece”, Mr Koutentakis stressed that when people talk about “reinvesting” in Greece, they naturally think of major infrastructure projects, the energy transition and large foreign direct investments, but more initiatives are needed.
“The country’s future is inextricably linked to a radical change in our production model. We can no longer rely solely on traditional drivers. The Greek economy must shift towards high-value-added production, an outward-looking approach, innovation and the integration of technology,” Mr Koutentakis said.
Small and medium-sized enterprises are the backbone of our market in this transition. The next phase requires them to become more resilient, more competitive and digitally mature. At Piraeus, our strategic choice is not to be merely a provider of liquidity, but a strategic partner in changing this model, he stressed.
As Greece’s leading bank by outstanding loans and deposits, Piraeus is a key driver in delivering the country’s national development goals. It has made full use of the resources of the Recovery and Resilience Facility (RRF) and, through programmes such as TEPIX III and in collaboration with the European Investment Fund (InvestEU), offers SMEs the working capital and investment loans they need on exceptionally favourable terms.
“We are present where real change is taking place: in modernising our tourism offering, the green transition of industry, strengthening logistics and the digital transformation of the agri-food sector. This change of model, however, must serve the principles of sustainable development. The climate crisis and social challenges make clear that future growth will either be sustainable or will not happen at all,” he added.
At the same time, the bank’s transformation is responding to modern needs for speed and flexibility. Greece is making huge strides in technologies such as embedded finance, and Piraeus is at the forefront of this development, continually investing in digital solutions that make everyday banking accessible with a single click.
“However, the strategic choice for the next phase remains the Phygital model. Our branch network is evolving rapidly and becoming a centre for specialised advisory services. There, customers — whether a private individual looking to make their dream home a reality or a business owner planning their next big move — will find a trusted adviser of their own,” Mr Koutentakis said.