Piraeus Bank chairman steps down after 25 years

Michalis Sallas, one of the most prominent Greek bankers over the past two decades, stepped down on Wednesday from the post of chairman of Piraeus Bank, the country's largest lender by assets.

According to an announcement issued after a board of directors' meeting, Sallas decided it was time for a new generation of managers to take over following the recapitalization of the Greek banking sector in late 2015.

Sallas was declared honorary chairman while board member Harikleia Apalagaki was appointed interim chairman.

Sallas took the helm of Piraeus Bank in 1991 and turned a small lender with 200 employees, which had 0.1 percent share in the Greek market, into the leading lender today with some 20,000 employees and 30 percent market share.

Sallas expressed confidence in Piraeus Bank's future standing in the new environment created after the six-year Greek debt crisis.

Following the third recapitalization in three years, Greece's bank rescue fund, the Hellenic Financial Stability Fund (HFSF), controls a 26 percent stake in Piraeus bank and has a stronger say in the lender's corporate governance.

Under the terms of the third bailout deal with Greece's international creditors last summer, Greek banks have been supported with bailout financing.

In early 2016, HFSF launched an evaluation of board members of all four major banks in which it has stakes. Sallas' departure is the first major change in the reshuffle which is expected to finish by the end of this year, according to local financial analysts.

In February, Piraeus Bank appointed an interim CEO after the resignation of Anthimos Thomopoulos from the post. According to local media reports, Thomopoulos resigned under the pressure of the HFSF due to disgruntlement over his handling of the recapitalization process. Endit