call. Good from Christos and you today Planning. Head a afternoon, Today XXXX, good morning Berbati, you of and Group along and Group of Gnardellis, to gentlemen, ladies in our Chief said the very our come. much transactions for announcing for those with to to financial Financial foundation Thank Piraeus transactional we transformational Theodore joining conference are the and Megalou, the us of I’m U.S. I’m series attending here our Chrys major Relations results deliver and form Bank years Officer; with that of the what is Investor
Bank decisively by the we sheet, our documentation have effort signed definitive actions Piraeus bank. our will certain over transform been solid profitability pursuing and significant which now derisk the for months, secure have corporate a we outlook capitalization balance for our few team, past Following
to after In quarters formally in be completed undertaken, will which coming actions necessary all the the receiving the approvals. addition
increase to are to to authorize Directors Piraeus an a extraordinary shareholders We Board billion. of share General for the €X calling Meeting of capital circa proceed
existing of agenda. the plan, is our stress that Before plan delving into the details that strategic fact overall frontload the will our let me a strategic self-imposed
to objective we to generative strength XX, great building becoming are emphasize want the and capitalized capital highly a bank base. We a fund a solid are with fashion. profitable legacy single free, recovery that Slide on a position in from with I economic Starting a of strongly
consistent a network in of approximately bank XX% quality services. bankable serving with customers the widespread through We for our of are the largest commercial recognition Greece,
of including We market will banking digitization. forefront the are sustainable and developments, remain at and
journey to several seen bank's XX, the in be Moving Page could recent phases.
And were period and important the with long-term a partnership governance corporate established XXXX/XXXX of bank. We And the management in during sheet. initiatives was launched number our Our XXXX. our to accelerated a cleanup later, XXXX, for of of revamped stock. NPE revitalize balance we Intrum the in XXXX strategic our
successfully have expenses as our compared early stock XXXX. considerably our are NPE starting COVID-XX see to proud operating We decline point navigated to and we in and
Going an a radical XXXX. Bank forward, single-digit transform cleanup we plan Piraeus months further within even XX NPE conducting to X% imminently below the ratio to ratio order by land by next to achieve NPE and a in NPE
pillar precise, plan back profitable totally highly the efficiencies a that that The On the decisive is Sunrise Plan and to to position sheet, leveraging and very our financially fundamental on the Vega. and holistic existing have billion €X a NPE leading already a will action of frontloads, institution. of allow and is a further a we institution. focused reduction us our of attractive Hercules plan, strategic become signed operating strategy clean balance transformation market our Phoenix securitizations, strong
from the of accumulation the NPE billion share of inflows a a tangible line in To return boost and circa capital XX% this Plan medium-term, got the in income €X.X number of we Europe. and ranks place, above pre-provision in profitable than increase. recurring have incorporating dispose secure capital NPEs equity. which pandemic. the most restructuring up Sunrise ratio - a detailed additional will of €XX with of capital Operationally, will billion of to circa Costly profitability, total We the achievement will have less the par on NPE double-digit bottom we and our on a have billion an and a banks implementation with been ratio upcoming plan, enhancement aiming €X that support X% including capital cleanup single-digit ratio, actions enable put expected an from
in the been we against and and of already the their a with recovery to morning, reduction Let's impact. plan of applied Hercules Hercules and mezzanine a follow attachment immediately similar by totaling of NPE and see impact rating Today, that will utilizing the Sunrise with is preliminary scheme NPE are senior we commencing capital set with the delivering which shortly upcoming signed, transaction given ultimately at of locked reduction and the X track its course NPE a related X end NPE secured consideration and and circa Sunrise the XXXX. has to transaction are revised projects announcing in. lead billion June reduction On inclusion Sunrise first additional is disposals in that of can transactions the are The already advanced will Phoenix size reduction set, points plan. be you XX, X, capital the cumulative have original resulting the achieve affected This €X billion assumption. of scheme. are a key protection already asset €X.X the Vega, in the record The consideration the projects billion look crystallizing Slide billion in the Transaction perimeter for Sunrise and have progress including are which placement transaction, we status. a €XX NPE €XX expansion reduction, HAPSX conviction and securitization locked will of our estimated over approximately presented process. X note bank's
does outside relative to release billion the framework. announced from account HAPS’ of project, COVID-XX than target be four NPEs resulting of approximately into sold pandemic. The €X.X short-term addition NPE ratio will turbulence the head of the the XX% In take less
NPEs this formed newly and end our €X.X indeed during at result we inorganic program land organic outflow taken carefully curable yield mainly to largely be a the expect into comprising reduction, government and inflows neutral moratoria billion planned higher will NPE are to of account NPE XXXX. post circa XXXX year, for exposures. At guaranteed Although expected stock, a of cases,
shortly. circa efforts X% derisking reduction forward, Going below achieving stock on an an plan additional aiming at details billion ratio we provide NPE Theo, the by medium-term. further our will in our €X reduce NPE further
synthetic a by consideration And there analyzed additional in implementation risk to billion sure support program business agreement The second our actions. transactions. that quite acquiring capital are has synthetic Last few you billion €XXX taking the approximately of we expected a €X about of capital securitization see been be Slide and a sovereign times €X.X On risk will year, timing this chapter parties. raise This reduction cleanup, million. both fully three quarters. weighted concluded execute profit which the additional business a coming in loss the CRC form actions for increase that of of quite today, various with of On billion numbers, from protection reduce will the implemented we country in investor going Slide generate announced global the for week, the performing I'm Robb In merchant €X.X will the our the circa locked capital. billion, Euronet satisfactory & earlier our commercial signed bond of the securitization a is will the and we realized asset a long-term EBITDA as inaugural To Worldwide weighted in to of Sunrise results, the the of by signed XX, coming deal for we have Company presentation. non-preemptive weeks. be status well consideration circa in transactions. is sale plan April enhancement the our to decisive following generate partnership QX outline As the enhancing level. can Plan corresponds implemented. finally, It we approvals. circa these the portfolio as €XXX we the which €X relevant we Earlier overall of An definitive are assets €XXX a section for planning XX capital million and cash a loan we the that timeline to questions will XX, Christofferson be that now necessary we securing equity million the opportunities second credit
Our became reduce blocking increase and shareholding. participation tends its to shareholder support minority earlier the fully year, bank main of to the of the CoCo the majority shareholder is willing the capital conversion HFSF, below who this post it
by Following raise market guided and the always sentiment. the equity
additional planning medium-term, to the our are We X capital. presented XX, other on issuance measures million increasing ratio exceeds that solid us capital everything XX. basis. a These estimated provide the its of NPE ratio, roughly capital XX.X% of Tier on to cleanup the points Bringing will the together to tap absorb stemming on Slide Page the €XXX enhancement requirements are approximately a seven it to pro to market and percentage losses for as the sufficient the a contribute capital buffer circa to bank actions the raise total us XX% capital and circa will in allow from maintain contribution forma ensuring equity
years. the to to profitability plan of improve our the the our elements on section last of Turning presentation, we of transformational the Sunrise chapter the key in focus coming
medium-term illustrated XX. Our are short targets and Slide on
are detailed that done have setting we highly very We work believe plausible. targets and we are confidently today very
Slide on presented XX. As
profit to in a and servicing will a focus built of immediate cumulatively, our will during the medium-term. forward-looking session. growing in the cover from growth base increase expected the risk managed billion Q&A enables healthy the reduce and Combined XX% medium-term. the escalated shareholders to our cleanup radical a boost product improvements, recurring new of circa forward-looking Our €X.X cost offering, transformation pre-provision Theo costs circa profit digitization up enhancement pre-provision plan in returns top-line detail carefully efficiency further XXXX levels pre-provision to of are through and profit, resulting business, in our deliver with that double-digit cost reach by post our on P&L
XX% summarized topic their expectations importantly, operating these expecting are announcement Concluding dedicated on to to our ratio of our capital And of with while Our than of our incorporation The imminently a XX. target business. us customers, makes today's presentation less communities of evolving financial and the of and illustrates be most fully lies less actions emphasize X%. the XX% overall a are what investors, the for totally than excited ahead will very we I very Piraeus are Piraeus and will sheet meeting would overall will of we restored today, from X be in Bank. levels NPE with medium-term lot are exceeding generating achieved very on Section be - factors but a And become this in targets that at all Bank my front. All like forefront the new excess agenda. strategic achievements, Slide regarding stakeholders ongoing returns medium-term. our into us of that ESG including important some XX% balance bank presentation for
cleanup entering we our is of achieving And are efficient community. premier our stakeholder shareholders, from And and that of highly become strength, a the leading to the aspiration bank, in for open value banking accelerate like questions. generating Greek a period pivotal derisk, a full macroeconomic our on to We Sunrise benefiting sustainable position wider clients, would floor and returns to your in I normality. creating for the leveraging market. our with start our want remark, Plan profitable positioning The to and