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Pireaus plans to acquire Millennium Bank unit in Greece

Piraeus Bank is negotiating to purchase Portuguese Millennium Bank’s subsidiary in Greece, in a bid to reinforce its presence in the region.

In response to a request made by the Hellenic Capital Market Commission, Piraeus Bank confirmed that the talk was underway, and a final decision will be announced soon.

"Piraeus Bank will communicate in due course any further information regarding the outcome of the discussions", the lender said in a statement.

In November 2012, Millennium BCP chief executive said that the lender had received various non-binding offers for the proposed acquisition of its Greek subsidiary.

Having begun operations in 2000 as Novabank, the Greek unit manages a network of 120 branches and currently employs 1,200 people.

Founded in 1916, Piraeus Bank one of the third largest bank in the Greek banking market, following recent acquisitions of ATEbank and Geniki Bank, and holds 19% market share in deposits and 18% in loans as of 30 September 2012.