Decision to merge GENIKI Bank into Piraeus Bank

The BoD of GENIKI Bank decided on 30.5.2014, the merger by absorption of GENIKI Bank by Piraeus Bank. The merger is subject to the necessary corporate and regulatory approvals. The decision was reached based on the developments in the sector and the action plan of the Bank and the dynamics of high quality synergies that have been developed with Piraeus Bank.

Upon the completion of the procedure and the integration of the high level human resources of GENIKI Bank, its Customers will have access to the services of the leading financial Group of the country, that of Piraeus Bank, and customers will benefit from the security and quality that the Group provides. Until then, they will continue to enjoy the services offered by GENIKI Bank.

  • Significant increase of Profit after Tax, at €85 million in H1 2014 compared to losses in previous 10 years.
  • Common Equity Tier I Ratio improved further to 23.1%, the highest in the market.
  • Further improvement of liquidity ratios in parallel with significant decline of deposits cost, Loan to Deposit Ratio at 77%.
  • More efficient NPL management led to increased collectability in Q2 2014, with revenues up by 14% compared to Q1 2014 and decrease of NPLs outstanding by €16 million in the first half of 2014.

Click here for the presentation of the results.

 

Bookmark and Share