Piraeus Bank Greece has acquired 99,08% of Geniki Bank from Societé Générale (S.G.) . The acquisition agreement was signed on October 19, 2012. The transaction is expected to close before the end of 2012.
“The addition of Geniki Bank will further strengthen our capital and funding sources and improves our positioning for the upcoming recapitalization”,- says Chairman of the Board of Directors of Piraeus Bank Group, Michalis Sallas.
After the acquisition Piraeus Bank Group reached 20% of market share in deposits and 17% in loans. The acquisition allowed Piraeus Bank to maintain its loans to deposits ratio (at 124%), increased its liquidity by more than 300 mn EUR and capital adequacy ratio by 1.2 percentage point.
Following this transaction, Piraeus Bank total assets amounted to EUR 77 bn, net loans- to EUR 46 bn and customer deposits- to EUR 37 bn.
Piraeus Bank also acquired all the Geniki Bank’s branches with commitment to save all working places. After the acquisition 18,000 employees will work in 1,328 Piraeus Bank’s branches. 6 mn people in 10 countries are Piraeus Bank Group’s clients.
Detailed information on the addition of Geniki Bank can be found on Piraeus Bank Group’s web-site in section "Press".
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