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Piraeus Bank to redeem final state-guaranteed Pillar II bonds

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Piraeus Bank to redeem final state-guaranteed Pillar II bonds

Piraeus BankSA is set to redeem the last remaining securities guaranteed by theGreek government under the so-called Pillar II scheme, which was designed tomitigate the impact of the global financial crisis.

The Athens-based bank will redeem the notes on April 28.

Following the move, the bank will no longer be reliant onthe L.3723/2008 financial stability framework or subject to its stipulations,which have required a government representative to sit on its board for thelast seven years.