ATHENS May 13 Greece's second-largest lender
Piraeus Bank said on Monday it planned to buy back 321
million euros ($416.4 million) of hybrid bonds as part of
efforts to boost its capital base.
The bond buy-back forms part of the country's bank
recapitalisation scheme backed by the European Union and
International Monetary Fund, under which its main four banks
will receive 27.5 billion euros to restore their solvency
Alpha Bank and National Bank have
already launched a similar offer to repurchase hybrid bonds at a
Piraeus said that Barclays, BNP Paribas
and Deutsche Bank would manage its buyback offer,
which aims to boost its Core Tier 1 capital adequacy ratio by up
to 156 million euros.
The buy-back offer is expected to run until May 24.