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Piraeus & Geniki Bank Announce Merger

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On Friday night, Piraeus Bank announced its merger with Geniki Bank, which it already controls by 99.94%.

Piraeus Bank Group purchased Geniki Bank back in December 2012. In its original decision, Geniki Bank would continue to operate by itself, as a specialized monetary institution working in investment banking, consulting and non-performing loans/liability management efforts.

According to ANA-MPA, Piraeus Bank Group announced its decision to moderate the mechanisms of Geniki Bank. Geniki will now establish central and independent internal units with specialized employees, who will regulate non-performing loans.

The merger between Piraeus Bank and Geniki Bank was decided, regarding both institution's final 2013 monetary statements. The union is predicted to finalize by the end of this year. After completion, Geniki CEO Nikos Karamouzis will act as Piraeus Bank's advisor to its board of directors, as well as a Strategic Planning Committee member.