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Piraeus Bank Close to Buying French-backed Geniki

Piraeus Bank, Greece’s fourth-largest lender, is close to a deal to buy Geniki Bank, media reports said on Aug. 29. Talks between the banks were said to be at an advanced stage and a deal could be reached as early as this week, the Proto Thema newspaper said on its website, without citing sources. France’s Societe Generale, which owns Geniki, would retain a minority stake in Piraeus, it added.
A Societe Generale spokeswoman declined to comment on the report while Piraeus was not immediately available for comment, the Athens News daily reported. If successful, the deal would come a month after Piraeus took over the healthy chunk of ailing state lender ATEbank. Greeks banks are awaiting a second round of recapitalization after the previous government imposed 74 percent losses on investors, pushing even Greece’s biggest banks toward the edge of insolvency.
(source: Proto Thema, ANSA)

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