ATHENS Mar 27 Geniki Bank GHBr.AT, majority
owned by France's Societe Generale (SOGN.PA), on Friday reported
a loss of 37.5 million euros ($49.8 million), hurt by loan-loss
provisions of 52.6 million.
The bank posted a loss of 43.6 million in 2007.
Geniki was taken over by SocGen in 2004 and is being
restructured to compete with larger Greek banks.
The bank said its loan portfolio was 4.1 billion euros at
end Dec, up 25 percent on the year. Total deposits slipped 8.0
percent to 2.5 billion euros. The gap is being funded by parent
Geniki said it dropped plans to participate in the
government's 28 billion euro bank support plan by issuing
preferred shares to the state in exchange for a capital
injection of 150 million euros.
Instead, it will go ahead with a 175 million euro capital
increase that will be covered by its shareholders.
(Reporting by George Georgiopoulos; Editing by Erica