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