Piraeus plans 2013 spin-off for Geniki
When Greece’s Piraeus Bank bought Geniki Bank, the Société Générale subsidiary, earlier this year, the deal brought with it a chunk of capital that put it on the road to retaining its private sector management and control. Now it wants to spin-off the unit later this year to give itself another capital boost and to support the next phase in a hoped-for rehabilitation of the Greek private sector.
It won’t be selling the same Geniki that it bought, though. The unit has been restructured and is still undergoing a deeper transformation: from a retail and corporate bank into a specialist servicer of non-performing loans and a corporate restructuring advisor.
“We will spin off Geniki and develop
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