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Piraeus Bank

Greek Banks to Implement Law on 'Bad Loans'

Greek banks are ready to implement the law on "bad loans." This emerged after today's meeting at the government headquarters between Prime Minister Antonis Samaras, government Vice President Evangelos Venizelos, Finance Minister Gikas Hardouvelis, Alternate Finance Minister Christos Staikouras,...

No Surprises in Greek Banks' ECB Stress Test Results

Three out of four systemic banks in Greece have failed their ECB stress tests. The results aren't entirely devastating, however, since the banks' capital needs are minimal and the European Central Bank is willing to re-examine the banks' dynamic balance sheets. “Greece’s Eurobank...

Piraeus Bank and Alpha Bank Pass ECB Stress Tests

According to market estimates, Alpha Bank and Piraeus Bank passed their stress tests with ease. These estimates remain to be confirmed by an official statement, to be released on Sunday. Earlier today, Reuters reported that Alpha Bank has passed the stress...

The Greek Companies That Resist Crisis

Despite the dire economic conditions prevailing in the country, some Greek companies were able to withstand the crisis and maintain or even increase their profit. ICAP Group presented the 500 most profitable companies in Greece, based on their published accounts...

Alpha Bank Sheds 21% of Staff Via Voluntary Exit Plan

Greece's fourth-biggest bank, Alpha Bank, announced on Monday that approximately 21% of its 10,000 employees will enter a voluntary exit plan that was launched last month, aiming to cut costs. Alpha Bank's target is to cut 15% to 20% of its workforce in order to...

Piraeus Bank Selling Its Insurance Branch

Piraeus Bank has agreed to sell its ATE Insurance branch to Ergo Insurance Group for 90.1 million euros. Ergo Insurance is the subsidiary of German reinsurance company Munich Re. In July 2012, Piraeus Bank bought the healthy part of ATEbank,...

European Commission Clears Restructuring Plans of NBG & Piraeus Bank

The European Commission announced on Wednesday that it has found the restructuring plans of the National Bank of Greece (NBG) and Piraeus Bank - including the integration of several Greek banks - to be in line with EU state...

IOBE Says Greek Economy Will Grow by 0.7%

The Foundation for Economic and Industrial Research (IOBE) reported on Wednesday that the Greek economy should grow by 0.7% this year but the increasing unemployment rate is likely to drop less than originally estimated. IOBE, Greece's leading economic think tank, had earlier predicted a small growth for...

Piraeus Bank to Acquire 16% of Marfin Investment Group

A major business deal between Piraeus Bank and Marfin Investment Group (MIG) is expected to be announced at the end of the stock market session taking place Wednesday, May 14. Greek MIG will issue a 400 million euro convertible bond...

Eurobank Needs 2.86B Euro Capital Raise

Despite being largely recapitalized by the government, Greece's Eurobank said it needs another 2.86 billion euros ($4 billion) to bolster its reserves. Greek banks have already gotten 41 billion euros ($56.9 billion) from the state, and will need at least...