Piraeus says 12 pct of staff take voluntary redundancy
ATHENS, Sept 10
ATHENS, Sept 10 (Reuters) - Greece's second-largest bank Piraeus said about 12 percent of its workforce signed up for a voluntary redundancy scheme aimed at cutting costs after recent acquisitions.
The bank had an initial target of 10 percent.
Greece's top four banks are updating their restructuring plans after their recapitalisation in June, aiming to squeeze their costs even further.
Piraeus, which employs about 18,000 people, bought smaller lender Geniki from Societe Generale last year and the healthy part of ailing state lender ATEbank.
It acquired the Greek branches of Cypriot lenders Bank of Cyprus, Cyprus Popular and Hellenic Bank earlier this year to shield the country from the island's crisis.
The group also bought the Greek unit of Portugal's Millennium BCP, concluding its acquisitions drive.
Piraeus, Alpha, National and Eurobank - completed a 27.5 billion euro recapitalisation in June to restore their solvency after losses from writedowns on government debt and bad loans. (Reporting by George Georgiopoulos; Editing by Louise Heavens)
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