Founded in 1916, Piraeus Bank operated as a private credit institution for many decades, while for the period 1975-1991 it went through state ownership and management before it was privatized in December 1991. Since then, it has rapidly grown in size and activities.
Thursday, Mar 63:33 PM
Thursday, Mar 63:33 PM| 25 Comments
- National Bank of Greece (NBG -2.8%) - the country's biggest lender - has a shortfall of €2.18B, according to the Bank of Greece, while the 2nd largest, Piraeus Bank (BPIRY, BPIRF), needs to raise just €425M. Alpha Bank (ALBKF, ALBKY) needs to raise €262M.
- Separately, Piraeus has plans to raise €1.75B to repay €750M of preferred shares and boost its ratios as non-performing loans stand at 36.6% of total loans.
- Related ETF: GREK
Wednesday, Mar 72012, 3:10 AMWith Greece's debt-swap deadline a mere day away, posturing continues from both bondholders and Greek officials, but some of the largest private holders are falling in line. SocGen, Assicurazioni Generali and UniCredit all say they'll participate in the swap, as will Greece's six largest banks.
|Wednesday, Mar 72012, 3:10 AM| 6 Comments