•  Piraeus Bank has absorbed Geniki Bank, a subsidiary of Société Générale, as well as the sound assets and the deposits of the state-owned ATEBank; it is currently negotiating the acquisition of Millennium Bank.
It is therefore expected that, in a few months from now, when the process is completed, the banking system will comprise three large, strong groups, as well as a few smaller banks. The market shares of these smaller banks, along with the presence of foreign banks, will ensure competition.