Piraeus Bank customers in Greece are starting to experience the real-world consequences of a major strategic shift made by the bank just a few months ago. Around three months ago, Piraeus sold 850 of its ATMs to a newly formed company called Cashflex—a move that is now reshaping the banking experience for everyday users. At least 220 of these machines, now operational in high-traffic urban and tourist destinations such as Athens, Thessaloniki, the Cycladic and Dodecanese islands, Crete, the Ionian islands, and Epirus, are charging customers a fee for withdrawing cash. This marks a significant change from the previous arrangement when these machines bore the Piraeus Bank logo and offered free withdrawals.
The ATM sale followed the spin-off of what the bank labeled a "non-core" division—essentially distancing itself from infrastructure not deemed essential to its primary business strategy. The new company that took over, initially called KEA ATM Network Operation and Management S.A., was later renamed Cashflex. Ownership of Cashflex is split between Printec Cash Network S.A.—a company within the Printec Group owned by Greek businessman Haris Konstantinou—which holds 80.10%, and Piraeus Bank, which retains a 19.90% minority stake.
Financial disclosures around the transaction provide further detail. According to the demerger report published in March, the spun-off division had a net book value of €22.9 million—an amount that became the share capital of Cashflex. The valuation was based on the fair value of assets and liabilities, with total assets reaching about €84.6 million and liabilities amounting to €74 million. The valuation also included €12.3 million in goodwill, reflecting expected future profitability. Later, in a May disclosure, Piraeus Bank reported Cashflex’s net equity at €11 million. While that figure may appear inconsistent with the earlier valuation, the discrepancy stems from the difference between commercial appraisal and accounting book value.
Despite holding less than a fifth of the company’s shares, Piraeus Bank has structured its involvement in a way that ensures it retains a dominant role in Cashflex’s direction and operations. A close look at the company's bylaws and shareholder agreement reveals that Piraeus enjoys extensive control rights that significantly curtail the power of majority shareholder Printec. These include a right of first refusal on any new share issues, which must be independently valued, effectively preventing any dilution of Piraeus’s stake without its consent. Any new investor is required not only to accept the existing shareholder agreement but also to pledge their shares to Piraeus as collateral.
The restrictions on share transfers are particularly stringent. No share can be sold without the written consent of all shareholders until at least 2030. Even the act of pledging shares as collateral or taking out loans against them requires Piraeus’s express approval until 2040. If a shareholder decides to sell, the others—especially Piraeus—are entitled to match or exceed any third-party offer, reinforcing its grip on ownership changes. There is also a blanket ban on transferring shares to any other Greek bank, aside from Piraeus, as well as to ATM sector companies or non-approved investors under regulatory rules.
Adding to this tight framework of control is a “tag-along” clause, which entitles Piraeus to join in any future sale of the majority stake by Printec. This ensures that the bank is not sidelined should ownership dynamics shift.
