Piraeus plans Geniki spin-off to offer NPL servicer, advisor

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.