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Greece's Piraeus Bank Is Said to Face Capital-Raise Deadline

Sotiris Nikas, Nikos Chrysoloras, Christos Ziotis
Greece's Piraeus Bank Is Said to Face Capital-Raise Deadline

Greece’s second-biggest lender has been told by the European Central Bank to increase its capital this year, a task complicated by the country’s limited access to bond markets. Piraeus Bank must raise about 500 million euros ($584 million) by selling tier 2 bonds under a plan agreed with the ECB’s Single Supervisory Mechanism, two people with knowledge of the matter said. Spokesmen for Piraeus, the SSM and the Bank of Greece declined to comment.