Piraeus Bank offers exchange offer to bondholders


Greece's Piraeus Bank on Thursday launched an exchange offer for bondholders aimed at boosting its capital which has been hurt by tough economic conditions.

Holders of Piraeus Bank securities with a value of 1.1 billion euros can exchange any or all of them for non-transferable receipts, Piraeus said.

The exchange offer is being made to strengthen the bank's capital base, which has been hurt by exposure to Greece, Piraeus said.

The offer begins on Thursday and ends on Nov. 4.