Pic© Felix Burton
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Piraeus Bank has hired Christos Megalou, a former Eurobank director, as its chief executive. The appointment signals a growing shift in Greek banks' NPL strategies towards the outsourcing of servicing needs to external servicers.
"The market believes that [Megalou] can turn the bank around by dealing with the non-performing loans," says George Kofinakos, md at StormHarbour in London.
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