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.
Photographer: Kostas Tsironis/BloombergThis article is for subscribers only.
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.