Piraeus Bank grew full-year 2019 net profit, helped by lower operating costs and higher net interest income, Greece's largest lender by assets said on Monday.
Piraeus Bank, which is 26.2 percent owned by the country's HFSF bank rescue fund, reported a net profit of 270 million euros after net earnings of 185 million in 2018.
At least four groups appear to be interested in the acquisition of Piraeus Bank's loans to Marfin Investment Group (MIG), which add up to almost 550 million euros.
Sources say that the already known suitors Emma Capital and Comer Group have been joined by a foreign private investment fund, as well as another vehicle belonging to the United Arab Emirates' state investment fund.
Greek stocks suffered heavy losses at the end of the week as they were affected by the very negative climate abroad regarding the impact of the coronavirus epidemic on the economy as well as the growing tension in northern Syria. This has taken the main index at Athinon Avenue below the 900-point mark, to a two-month low.
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.
PQH, the liquidator for bad banks in Greece, has signed a deal to sell a 1 billion euro ($1.11 billion) portfolio of unsecured impaired loans to loan servicer Intrum Hellas, it said on Friday.
The deal was agreed at a price of 71.1 million euros, meaning PQH will receive 7 percent of the outstanding principal.