Millennium deal keeps Piraeus private but Eurobank falls as Greek deals near

26 Apr 2013

At least one large Greek bank will remain under private sector control after the completion of state-backed recapitalisation, with Piraeus Bank on Monday announcing a deal with Portugal’s Millennium BCP for its Greek unit that will ensure it stays out of government hands. Alpha Bank, meanwhile, appointed JP Morgan to advise on its rights issue, while Eurobank called time on its efforts and will not seek private capital.

The four big Greek banks need to raise 10% of their recapitalisation targets, €30bn in total capital, from private sector investors or else the state portion will carry full voting rights, in effect nationalising the institution.

Piraeus said on Monday that it had met its €530m target as ...

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