ECONOMY

No Lehman assets for Piraeus

Piraeus Bank, Greece’s fourth-largest lender, said yesterday it had no exposure to Lehman Brothers Holdings, adding that its customers had placed almost 2 million euros in the investment bank’s assets. «Twenty-five private banking clients of Piraeus Bank possessed Lehman bonds that had a total face value of 1.9 million euros,» the bank said. Greek banks had placed some 270 million euros in Lehman Brothers financial products before the US company filed for bankruptcy on September 15, according to sources. The lenders had placed the money in different financial products, such as bonds or shares, through their private banking services, mutual funds and direct sales to retail investors. Sources point out that the exact amount Greek investors will recover cannot be determined until the end of the clearing process. The largest chunk of investments in Lehman products, some 110 million euros, is believed to have been made by Citibank Greece on behalf of some 300 customers.