ECONOMY

Piraeus Bank sells its New York subsidiary

June 15, 2012 15.06.2012 • 19:34

Piraeus Bank SA, Greece?s fourth-biggest lender, sold its unit in New York, Marathon Banking Corp, to Investors Bancorp Inc for $133 million in cash, the Athens-based lender said in an e-mailed statement on Friday.

The sale of its 98.5 percent stake in Marathon will increase Piraeus?s total capital adequacy ratio by 22 basis points to 9.3 percent, Piraeus said. [Bloomberg]

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