June 15, 2012 / 8:46 AM / 6 years ago

Piraeus Bank signs deal to sell U.S. subsidiary

ATHENS, June 15 (Reuters) - Piraeus Bank, Greece’s fourth largest lender, has signed a deal to sell its New York subsidiary Marathon Bank to Investors Bancorp for $133 million (105 million euros) in cash, it said on Friday.

Under the deal, Piraeus will transfer its 98.5 percent stake in Marathon to Investors Bancorp, a full-service community bank with assets of $11.3 billion.

The sale will boost Piraeus Bank’s total capital adequacy ratio by about 22 basis points to 9.3 percent, the bank said. (Reporting by George Georgiopoulos)

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