ECONOMY

Piraeus eyes remaining stake in Proton Bank

Piraeus Bank, Greece’s fourth-largest lender based on market capitalization, is expected to make a public offer by the end of February to buy the remaining 69 percent stake it does not own in Proton Bank, according to a source. The offer is likely to involve a share-swap deal that will make use of Piraeus Bank’s treasury stock. The public offer will be based on the same share-swap ratio as the deal for the 31 percent stake, according to the source. Last month, Piraeus agreed to buy a 31.3 percent stake from Proton’s major shareholders, offering one of its shares per 8.25 Proton shares, in a deal worth 24.8 million euros.