ATHENS Jan 11 Greece's fourth-largest lender
Piraeus Bank will seek shareholder approval on Jan. 21
for its contingent convertible bond issue of up to 2 billion
euros, it said on Friday.
Battered by the country's debt crisis and a protracted
recession, Greece's top four banks will be recapitalised by
issuing contingent convertible bonds, known as CoCos, and new
The central bank has set Piraeus's total new capital
requirement at 7.3 billion euros ($9.7 billion).
The CoCos will be fully taken up by the Hellenic Financial
Stability Fund (HFSF), set up to recapitalise the country's
Piraeus Bank, which took over the healthy assets of state
lender ATEbank and agreed to buy Societe Generale's
Greek unit Geniki, lost 629 million euros ($833
million) in the nine months to end-September.
(Reporting by George Georgiopoulos; Editing by Greg Mahlich)