SocGen Sells Greek Unit to Piraeus Amid Greek Banking Overhaul

Societe Generale SA, France’s second-largest bank by market value, agreed to sell its Greek unit to Piraeus Bank SA to reduce risks tied to Europe’s most indebted nation.

Societe Generale will sell its 99.1 percent stake in Geniki Bank to Piraeus for 1 million euros ($1.3 million), the Paris-based bank said in a statement today.