Piraeus Bank completes sale of subsidiary in Cyprus

In an announcement, the bank said that the deal was completed after having received all required approvals from the regulatory authorities and the Hellenic Financial Stability Fund. Concurrently, Piraeus Bank Cyprus concluded a 40 million euros capital raise without Piraeus Bank’s participation. As a result of the aforementioned, the Group’s shareholding in PBC is thus reduced to 17.7 pct. The successful conclusion of the sale agreement of PBC is in accordance with the implementation of the Group's Restructuring Plan, as approved by the European Commission at the end of 2015. As already communicated, the transaction improves the CET-1 capital ratio of Piraeus Bank by c.15 basis points. 
UBS Limited acted as the financial advisor of Piraeus Bank for the transaction. Norton Rose Fulbright and Antis Triantafyllides & Sons LLC acted, respectively, as the international and local legal advisors for the transaction.