ECONOMY

Piraeus Bank moves to boost Tier I capital

Piraeus Bank SA, Greece?s fourth-biggest lender, said 84.2 million euros of preferred securities and 59.7 million euros of lower tier 2 notes were tendered after it offered to repurchase them earlier this month.

The transaction will boost core Tier I capital by 83 million euros and the expected settlement date is March 14, according to an Athens bourse filing on Monday.

Piraeus Bank offered on March 2 to buy back as much as 489 million euros outstanding from the original 600 million euros in securities issued.

[Bloomberg]