Piraeus Bank hires Eurobank ex-deputy CEO

Greece’s Piraeus Bank said on Tuesday that it hired peer Eurobank’s former deputy chief executive Nick Karamouzis as a management adviser and a member of its strategic planning committee.

Karamouzis, deputy CEO at peer Eurobank for 14 years and head of wholesale banking, left Eurobank after its recapitalisation was completed in June.

He will be mainly responsible for turning Piraeus’s Geniki unit, which was purchased from Societe Generale last year, into an investment bank.

Under Piraeus’s plan, small commercial bank Geniki will specialise in asset management, advisory banking and corporate restructuring. The unit will proceed with a rights issue at a later date.

Greece’s top four banks – Piraeus, Alpha, National and Eurobank – completed a 27.5 billion euro recapitalisation in June to restore their solvency after suffering hits from writedowns on government debt and bad loans.