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.