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Greece's Piraeus Bank sees no impact on finances from central bank audit
September 20, 2017 / 4:51 PM / in a month

Greece's Piraeus Bank sees no impact on finances from central bank audit

ATHENS (Reuters) - Greece’s Piraeus Bank said on Wednesday it did not expect any material impact on its finances after its shares plunged on a media report that a central bank audit found regulatory violations by some employees.

The bank’s shares fell more than 20 percent to close at 2.70 euros ($3.24), after the Daily Ethnos newspaper reported on Tuesday that a central bank audit found violations by a number of bankers employed by Piraeus Bank from 2014 until last year.

“The bank clarifies that it does not expect any substantive impact on its financial and capital situation as a result of the Bank of Greece supervisory audit in relation with older compliance issues and internal procedures,” the bank said in a statement.

Beta Securities trader Takis Zamanis said a reason for the drop was “media reports related to employees of the bank.”

Piraeus Bank, responding to a query by the securities watchdog following the newspaper article, had said on Tuesday it would cooperate fully with the authorities on the audit.

A source familiar with the matter said the Greek central bank had sent a Supreme Court prosecutor details of findings regarding violations by some employees of Piraeus Bank, Greece’s largest lender by assets.

A court official said a Supreme Court prosecutor had received the findings.

Reporting by George Georgiopoulos; Editing by Adrian Croft and Edmund Blair

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