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Piraeus Bank Races to Reach ECB Target for Reducing Bad Loans

  • New CEO accelerating restructuring plan for biggest Greek bank
  • Bank committed to shed $4.6 billion in bad loans by end-2017
A Piraeus Bank SA customer uses an automatic teller machine (ATM) which stands outside a company branch in Athens.

A Piraeus Bank SA customer uses an automatic teller machine (ATM) which stands outside a company branch in Athens.

Photographer: Kostas Tsironis/Bloomberg

The new chief executive officer of Piraeus Bank SA is trying to make up for lost time.

CEO Christos Megalou must offload 4 billion euros ($4.6 billion) in bad loans by the end of the year under a restructuring plan worked out with the European Central Bank’s supervisory arm months before he took over at the largest Greek lender.