Piraeos Bank completes Millennium purchase

Piraeos Bank announced today that it completed the purchase of Millennium BCP’s Greek subsidiary Millennium Bank SA, after all the relevant authorization was approved.

Before the purchase, BCP refinanced Millennium Bank with 274 million euros, on top of the 139 million euros invested by BCP in the bank last December. In total the recapitalization of the bank has cost about 413 million euros.

Furthermore BCP is investing 400 million euros in Piraeos Bank’s current capital increase through a private placement, while waiving the preemptive rights of old shareholders.

After the purchase of Millennium Bank, the Piraeos Bank Group has increased its strategic position in the Greek banking system and is now compliant with the Bank of Greece demands of a fully recapitalized bank.

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