Greece's Piraeus Bank to buy back bonds to boost capital

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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.

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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 levels.

 

Alpha Bank and National Bank have already launched a similar offer to repurchase hybrid bonds at a discount.

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.

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