Bloomberg News

Piraeus Is Near Agreement to Buy SocGen’s Geniki, Euro2day Says

August 29, 2012

Piraeus Bank SA (TPEIR) is close to an agreement with Societe Generale SA (GLE) to buy Geniki Bank (TGEN) SA, the French lender’s Greek unit, Euro2day reported, without citing anyone.

Societe Generale will cover the 350 million euros ($440 million) needed for Geniki’s recapitalization and the Hellenic Financial Stability Fund has already approved the transaction, the Greek financial website reported today.

An announcement is likely in the coming days, Euro2day said.

To contact the reporter on this story: Paul Tugwell in Athens at ptugwell1@bloomberg.net

To contact the editor responsible for this story: Jerrold Colten at jcolten@bloomberg.net


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