Piraeus agrees to buy 31% of Proton Bank

Piraeus Bank, Greece's fourth-largest lender, has agreed to buy 31.3 percent of small rival Proton Bank via a share swap from Proton's major shareholders at a share swap ratio of one of its shares for 8.25 Proton shares.
Proton will swap about 19.63 mln of its own shares for about 2.38 mln Piraeus treasury stock. No further details were given. Last month, Piraeus and Proton Bank cancelled a previous share swap agreement after Proton said it would seek to take part in a government bank rescue plan.
Piraeus stock closed at 9.9 euros a share on Oct. 31, the reference date for the deal, with Proton stock at 1.18 euros.