GREECE: Piraeus Bank to Submit Proposal to BoC

Following the meeting of the BoD, Bank of Cyprus officials did not meet with their counterparts of Piraeus Bank but they stated that they will take into consideration any specific proposal for collaboration between the two banks.

According to market sources, Piraeus Bank’s vice-president commented that Piraeus Bank will announce the proposed framework for collaboration that will aim to mutually benefit the shareholders of the two institutions.

Bank of Piraeus controls c8.1% stake in Bank of Cyprus making it its biggest shareholder.

The management said during the 9m06 conference call that, should they fail to reach an agreement with bank of Cyprus by January 2007 then, they’d exit their investment subject to market conditions.
Source: www.reporter.gr