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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.
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