Press Releases

IFC Supports Greek Banks to Restore Confidence in Financial Sector

In Istanbul
: Başak Pamir Ülgen
Phone: +90 532 3141636


Athens, Greece, December 8, 2015—IFC, a member of the World Bank Group, has acquired €150 million worth of shares in Greece’s four main banks to restore financial sector stability and investor confidence, strengthening the banking sector.

IFC’s equity investment package provides €60 million to Alpha Bank, €50 million to Eurobank, €20 million to Piraeus Bank, and €20 million to National Bank of Greece. IFC will play an active role in governance of the banks through board seats. The recapitalization follows an Asset Quality Review and Stress Test by the European Central Bank in October.

“IFC has a longstanding partnership with Greek banks in Eastern and Southeastern Europe and we see this as the first step in further cooperation with the financial sector,” said Dimitris Tsitsiragos, IFC Vice President Global Client Services. “The recapitalization of these banks will be a key step toward restoring financial stability in Greece, and restoring credit to the private sector. We are considering further engagement with banks in areas such as non-performing loan resolution and providing access to finance for small and medium-sized companies, which are critical to putting Greece back on the path to economic growth.”

IFC has a growing relationship with Greece’s private sector, with an exposure of nearly €450 million in Greek financial institutions and companies operating outside the country. IFC has been a long-term partner of Greek companies and financial institutions, mainly through continued support to subsidiaries of Greek banks in Eastern and Southeastern Europe, and has helped Greek companies expand into emerging markets.

In May 2015, at the request of the Greek government, IFC’s Board endorsed a selective and temporary IFC reengagement in Greece. IFC is considering investment opportunities in the financial sector, infrastructure, and logistics, with the intention of restoring investor confidence and acting as a catalyst to mobilize other investors. This is the first reengagement project of IFC in Greece.

About IFC

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence, to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit

Stay Connected\ifc_org