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Piraeus Bank eyes acquisitions

Piraeus Bank chairman Michalis Sallas on Thursday announced a proposal for the Group’s acquisition of major stakes in Athens-listed ATEbank and TT Hellenic Postbank.
Sallas announced Piraeus Bank Group’s intention for a “simultaneous and coordinated” acquisition of a major 77.31 percent stake in ATEbank and 33.04 percent stake in TT Postbank for 770 million euros.
Piraeus Bank S.A., the parent company of the Piraeus Bank Group, was founded in 1916 and is the fourth largest bank in Greece, specialising in SMEs, retail banking, e-banking and capital markets.
In 2000 it absorbed Xiosbank and Macedonia-Thrace Bank, and ETBAbank in 2003, thus creating one of the largest private banks in the country.
ATEbank was established in 1929 as the Agricultural Bank of Greece (ATE).
TT Hellenic Postbank was established in 1902 as the Greek Postal Savings Bank (TT).
(source: ana-mpa)

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