ECONOMY

Piraeus Bank sells its New York subsidiary

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]