Greece's Piraeus Bank reaches initial deal to buy Geniki-sources

ATHENS, Oct 2 (Reuters) - Greece's Piraeus Bank has struck a preliminary deal with French lender Societe Generale to acquire its loss-making Greek unit Geniki , two sources familiar with the matter told Reuters on Tuesday.

Both sides had confirmed in late August that talks on a deal were at an advanced stage.

"There is a preliminary agreement between the two sides," a source close to the negotiations told Reuters.

"I expect that it will take one or two weeks for the banks to have the necessary approvals."

A second banking source confirmed the initial deal and said it would require the blessing of Greece's bank bailout fund.

Societe Generale and Piraeus declined to comment.

(Reporting by Lefteris Papadimas and George Georgiopoulos, writing by Deepa Babington. Editing by Jane Merriman)

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