Piraeus Bank Sees No Material Financial Impact From Inspection

Piraeus Bank’s management doesn’t expect any “material financial or capital impact to arise from the findings” of the investigation which the Bank of Greece is carrying out into alleged irregularities concerning writedowns of bad loans and breaches of capital controls, the lender’s Chief Executive Officer Christos Megalou told Bloomberg News.

The bank’s shares fell as much as 18.3 percent Sept. 20 amid the central lender’s investigation. The probe is “decoupling” the stock “from the rest of the pack” said Nikos Koskoletos, head of equity research at Eurobank Equities. That drop is the worst intraday slump since the U.K.’s decision to ...