Piraeus Bank to acquire Geniki from Societe Generale
2012-10-22 11:49:47
Piraeus Bank on Friday announced it had agreed with France’s Societe Generale to buy its Greek subsidiary, Geniki Bank.
According to the deal, Piraeus will acquire a 99.08% share in Geniki, into which the French group will inject €281 million in advance payment for a future share capital increase. It will also acquire €168 million worth of Piraeus Bank bonds.
“The addition of Geniki Bank will further improve our capital structure and sources of finance, and strengthen our position in the impending recapitalization,” said Piraeus Bank President Michalis Sallas.