Piraeus Bank completes sale of subsidiary in Cyprus
- Written by E.Tsiliopoulos
Piraeus Bank on Thursday announced the completion of the sale of a stake held in its subsidiary in Cyprus, Piraeus Bank Cyprus Ltd to Holding M. Sehnaoui SAL for 3.2 million euros.
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.
Related items
- Deputy FM Kotsiras: Bringing young college students and researchers of the diaspora closer to Greece
- Visa express now available on five more Greek islands for Turkish citizens
- BoG: Over 30 mln tourists in Greece in 2023; receipts up 16.5% compared to 2022
- Plato: The papyri that "showed" his burial place also revealed how he spent his last hours!
- More than 200,000 registered for postal vote before Monday deadline
Latest from E.Tsiliopoulos
- Deputy FM Kotsiras: Bringing young college students and researchers of the diaspora closer to Greece
- Visa express now available on five more Greek islands for Turkish citizens
- BoG: Over 30 mln tourists in Greece in 2023; receipts up 16.5% compared to 2022
- Plato: The papyri that "showed" his burial place also revealed how he spent his last hours!
- More than 200,000 registered for postal vote before Monday deadline