Piraeus Bank sells Bulgaria bank to Eurobank for €75mChristian Fernsby ▼ | June 16, 2019
Piraeus Bank announced that it has completed the sale of its shareholding (99.98%) in its subsidiary in Bulgaria, Piraeus Bank Bulgaria.
Acquisition Piraeus Bank Bulgaria
Total consideration for the shareholding stake amounts to €75mn, and the Transaction is capital accretive for Piraeus Bank Group. Based on Group reported CET-1 ratio as of 31.03.2019, the Transaction translates into 22bps increase, while the resulting RWA relief stands at €0.8bn.
“The Transaction represents the last major milestone towards the conclusion of Piraeus Bank’s Restructuring Plan commitments, as those were agreed with the European Commission. It has a positive impact on our capital base, enabling further the Bank’s capital enhancement strategy and focus on core banking operations”, Christos Megalou Piraeus Bank’s CEO stated. ■