Piraeus Bank shareholders approve the acquisition of Geniki Bank

The shareholders of Piraeus Bank held a general assembly on Thursday, where they decided to approve the acquisition of Geniki…

The shareholders of Piraeus Bank held a general assembly on Thursday, where they decided to approve the acquisition of Geniki Bank.

Piraeus Bank chairman Michalis Sallas told the assembled shareholders hat the decision was taken contrary to the original plans of Geniki Bank being autonomous and focusing on restructuring loans, in response to opinions expressed by the Bank of Greece.

After taking into consideration the Bank of Greece’s opinions, it was decided for each bank to create and develop its own internal management units for problematic loans.

Mr. Sallas added that by paying off state assistance, Piraeus Bank took its first important step towards disentanglement from the public sector.

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