Panellinia

Piraeus Bank announced late on Friday that it is absorbing the healthy part of Panellinia, a small cooperative bank that failed to complete its required share capital increase.

Piraeus Bank has agreed to absorb the healthy part of small cooperative lender Panellinia after it failed to plug a capital gap, two banking sources told Reuters on Friday.

?The deal has closed. Piraeus agreed to take over the healthy part of Panellinia,? one of the bankers said, declining to be named.