BUSINESS

Greece's Piraeus Bank says 12 pct of staff opted for voluntary exit

Greece’s second-largest bank, Piraeus, said on Tuesday that about 12 percent of its work force signed up for a voluntary redundancy scheme aimed at cutting costs after recent acquisitions.

The bank had an initial target of 10 percent.

Greece’s top four banks are currently updating their restructuring plans after their recapitalizations in June, aiming to reduce their costs even further.

Piraeus Bank, which employs about 18,000 people, bought smaller lender Geniki from France’s Societe Generale last year and the healthy part of ailing state lender ATEbank.

It further acquired the Greek branches of Cypriot lenders Bank of Cyprus, Cyprus Popular (Laiki) and Hellenic Bank earlier this year to shield the country from the island’s crisis.

In addition, the group bought the Greek unit of Portugal’s Millennium BCP, concluding its acquisitions drive.

[Reuters]

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