Pireaus Bank Plans To Buy Greek Government's Stakes In Two Banks.

Piraeus Bank, the fourth largest bank by assets in Greece, announced on July 15th that it has offered to buy the Greek government's stakes in ATEbank and the Hellenic Postbank . Pireaus bid EUR372mn for a 77.3% stake in ATEbank and EUR329mn a 33% stake in the Hellenic Postbank. The banking sector in Greece is highly fragmented, with Priaeus being the smallest of the four main players. Consolidation of the banking sector is crucial for the system surviving the recession.

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