Piraeus bank shares gain after deal to buy BCP's Greek unit

ATHENS, April 22 Mon Apr 22, 2013 4:13am EDT

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ATHENS, April 22 (Reuters) - Shares in Greece's second-largest lender Piraeus Bank gained 13 percent after it said on Monday it had clinched a deal to buy Portuguese lender Millennium BCP's Greek unit and agreed that BCP would invest 400 million euros in its recapitalisation.

"The shares are reacting to the deal with Millennium BCP , whose investment in Piraeus will help it cover the 10 percent private sector participation which is required to stay private," said Euroxx Securities analyst Maria Kanellopoulou.

Piraeus Bank will pay 1.0 million euros to buy Millennium Bank-Greece. (Reporting by George Georgiopoulos)

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