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Bank of Piraeus to sell 8 pct stake in Bank of Cyprus at 'appropriate time'


Published : Wed, 10 Jan 2007 10:27
By : Agencies
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ATHENS - Greek Bank of Piraeus CEO Mihalis Sallas said that the bank will sell its about 8 pct stake in Bank of Cyprus at the appropriate time.

On Dec 20 the Bank of Cyprus rejected an offer from the Bank of Piraeus for 2 eur in cash and 0.36 Bank of Piraeus shares for every share in the Bank of Cyprus because it said that it did not incorporate an acquisition premium, among other issues.

Bank of Piraeus is currently the single largest shareholder in Bank of Cyprus.

Piraeus management has previously said that if the two banks cannot come to an agreement for friendly or strategic cooperation they will dispose of their stake in the first quarter of this year.

Source: Euro2day.gr NewsWire

skrekas@euro2day.gr

ns/lam

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