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Piraeus Bank bids for 2 state-controlled banks

07-16-2010 08:32 BJT

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Greece's fourth largest lender Piraeus Bank has made a bid for two other state-controlled banks. Financial analysts say sector consolidation is vital for the survival of Greek banks.

Piraeus has offered 900 million US dollars for the government's stake in the two lenders. Analysts say the offer signals the beginning of mergers and acquisitions in the country's banking sector, battered by a deep recession and debt crisis.

The move comes a week before Greece's top six banks join 85 other European lenders to unveil results of a sector stress test. Concerns remain that banks could suffer big losses on their holdings of Greek and other southern European government bonds.

Editor:Zhang Jingya |Source:

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