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Piraeus Bank sells Bulgaria bank to Eurobank for €75m

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Christian 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.
Piraeus Bank Bulgaria
Acquisition   Piraeus Bank Bulgaria
Piraeus Bank has completed the sale of its shareholding stake in Piraeus Bank Bulgaria to Eurobank Bulgaria after receiving the necessary approvals from the competent regulatory authorities in Bulgaria, including the approval of the National Bank of Bulgaria, as well as the approval from the Hellenic Financial Stability Fund.

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.