Piraeus Bank confirms deal to acquire Greek unit of Portugal’s Millennium BCP

Greece’s second-largest lender Piraeus Bank said on Monday it signed a deal with Portuguese lender Millennium BCP to acquire its Greek unit as part of consolidation in the Greek banking to cope with fallout from the debt crisis.

Piraeus Bank will pay 1.0 million euros to buy Millennium Bank-Greece. Millennium BCP will recapitalise the Greek unit with 400 million euros before the sale.