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-Greek Geniki Bank broadens Jan-Sep '10 loss to EUR304m on higher credit costs.

BANKING AND CREDIT NEWS-November 3, 2010--Greek Geniki Bank broadens Jan-Sep '10 loss to EUR304m on higher credit costs(C)2010 M2 COMMUNICATIONS

3 November 2010 - Greek Geniki Bank, owned by French Societe Generale (EPA:GLE), said on Tuesday its nine-month 2010 loss widened to EUR304m (USD426m) from EUR51.4m in the same period of 2009 due to a surge in credit costs triggered by the economic deterioration.

The bank put aside EUR312.7m in January to September 2010 to cover loan losses or four times the year-earlier provisioning of EUR77.6m.

The bank said its total loan book shrank by 8.1% from the close of 2009 to EUR3.6bn at 30 September 2010.

Geniki, which was acquired by the French bank in 2004 and is currently shaking up its business within the sector consolidation aimed to create larger and more powerful players, is to raise its capital through a EUR339.7m cash call in a 3-for-1 ratio. The fund-raiser, which was cleared by stockholders in July and is likely to be completed by the end of the year, involves the issue of some 106.5m new shares at EUR3.19 per share.

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Publication:M2 Banking & Credit News (BCN)
Date:Nov 3, 2010
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