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Athens Macedonian News Agency: News in English, 13-04-19

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <http://www.ana.gr/>

CONTENTS

  • [01] Piraeus Bank gets go-ahead for purchase of Millennium Bank‏

  • [01] Piraeus Bank gets go-ahead for purchase of Millennium Bank‏

    ANA-MP -- Greece's Financial Stability Fund on Friday gave a "green light" to a deal for the sale of Millennium Bank to Piraeus Bank.

    According to sources, the Hellenic Financial Stability Fund (HFSF) approved an agreement between Piraeus Bank and Portugal's BCP Group for the acquisitions of Millennium Bank in Greece. Under the agreement, BCP will participate in a forthcoming Piraeus Bank's share capital increase plan with 400 million euros. Piraeus Bank said that Societe Generale –which has also signed a similar agreement with Piraeus Bank for the sale of Geniki Bank - will participate in its forthcoming equity boosting scheme with another 175 million euros, raising a total of 575 million euros from private investors. Piraeus Bank's management's aim is to raise a total of 733 million euros form private investors in order to avoid issuing convertible bonds (CoCo's) and to cover 10 pct of private sector participation in its recapitalization plan.

    Millennium Bank's assets totaled 5.5 billion euros. The bank reported losses totaling 694 million euros in 2012.


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