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European Investment Bank (EIB) president Werner Hoyer announced ambitious plans for major investments in Greece in 2020 during a visit to Athens for talks with Prime Minister Kyriakos Mitsotakis, Finance Minister Christos Staikouras and other government officials today.
Partnership with National Bank of Greece, Piraeus Bank
The European Investment Bank (EIB) on Friday announced the signing of three loan contracts with Greece for which the Finance ministry offers state guarantees.
Two of the contracts, worth 200 million euros, refer to the cooperation of Piraeus Bank and National Bank with EIB to support investments in the agricultural and agri-food sector and the bio-economy sector.
Piraeus Bank, Greece's largest lender by assets, on Wednesday opened books for a 10-year Tier 2 bond issue, aiming to raise about 500 million euros ($546 million), a source close to the deal said.
"Piraeus Bank is opening books for a 10-year issue, aiming at about 500 million euros," the source told Reuters.
Pricing is seen in the low 6 percent range, the source added.
Greek lender Piraeus Bank, the country's largest lender by assets, said on Monday it plans to securitize roughly 7 billion euros of non-performing exposures (NPEs) in 2020.
Greek banks have been working to reduce a pile of sour credit of more than 70 billion euros ($77.32 billion), the legacy of a financial crisis that shrank the country's economy by a quarter.