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Piraeus Bank completes sale of Albanian subsidiary for 57.3m euros

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Staff Writer | Monday March 4, 2019 8:29AM ET
Piraeus Bank
Europe   Piraeus Bank

Piraeus Bank announced that it has completed the sale of its shareholding (98.83%) in its Albanian subsidiary, Tirana Bank to Balfin and Komercijalna Banka.


That comes after receiving the required approvals from the competent regulatory authorities in Albania, including the Bank of Albania, as well as from the Hellenic Financial Stability Fund.

Total consideration amounts to €57.3mn and the transaction is capital accretive for Piraeus Bank Group. Based on Group reported CET-1 ratio as of 30.9.2018, the completion of the transaction leads to 11bps CET-1 ratio increase, through €0.4bn Risk Weighted Assets release.

 

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