Piraeus Bank – The truth beyond the lying and cheating bank

Cyprus banks are changing, especially at Piraeus bank as buy outs, consolidations and alliances are evolving and under the surface illegal banking processes are taking place.

Piraeus Bank has closed members accounts without any notification whatsoever. They have no regards to any of their members who had incoming wires or payments and seem to try to beat around the bush in dealing with them directly or answering any questions they might have.

The bank stopped most payments and returned incoming wires for members of Piraeus Bank instead of processing the incoming money that the members have every right to since it belongs to them.

When officials and workers were asked, they said that they were going to get to it and they never did. Even when members continued to follow up with the bank, they were lied to and their funds were frozen.

One person wrote in that “they weren’t able to pay their employees on time, it took over a week because of the delay and the wrong-doing on the banks end with false promises and false information saying that they needed. They kept canceling and delaying the wires set to go out to their employees.They kept asking for documentation and contracts even though I already had provided that information to them.”

Piraeus Bank is said to be soon bought out by foreign investors. The same sources that provided that information also noted that process and negotiations are already underway with both sides playing strong hands to come to an agreement on the new shape the bank will take and how it will work on a day to day basis.

Sources within the National Bank of Greece also reported Lebanese investors had a strong interest in the Cypriot bank branch and there is a businessperson looking to involve his or herself directly in the banking processes within Cyprus.

It is still up in the air of who is going to be taking over Piraeus Bank, but there is a shortlist of candidates whom all have plans to sell off sister departments of Piraeus Bank. Sources have said they have become part of the “Restructuring Plan’ of the company, which had been approved by the European Commission and the Stability Crediting Fund last December. This plan is said to involve a liberation from ties with Greece.

How is this legal is what many who have trusted their money and used Piraeus Bank for years, use it to pay clients or employees or even have their money stored within accounts? With all the plans and ‘list’ of foreign investors, how much worse will it get before every one knows and the bank does right by it’s members, does what it promised and stops dancing around the problem at hand.

If you have any experiences you want to share, please email or reach out at any time. We will continue to investigate, inform and let you know the wrong doing and lying Piraeus Bank is doing to it’s customers and members. Make sure you call, find out about your wires, your accounts and keep your money safe.