Piraeus buys 26.62% of Proton Bank

Greece's fourth-largest lender Bank of Piraeus agreed to buy 26.62% of small Greek lender Proton Bank through a share swap of one share of Piraeus Bank for every 5.5 shares of Proton Bank.

The own shares of Piraeus Bank shares will be used for the transaction.

Proton Bank has deposits of EUR 1.3 bln, loans amounting to EUR 1.25 bln, operating through 31 branches. The agreement is expected to strengthen the capital base of Piraeus Bank to the tune of EUR 200 mln.

Greek stock market analysts told the Financial Mirror that in the next phase, Piraeus Bank may fully absorb Proton Bank.