Piraeus Bank S.A. Announces the Completion of its Restructuring Plan

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Jun 14, 2019 12:25 pm
ATHENS, Greece -- 

Piraeus Bank SA announces that it has completed the sale of its shareholding stake (99.98%) in its banking subsidiary in Bulgaria, Piraeus Bank Bulgaria AD, to Eurobank Bulgaria AD.

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.

With the regulatory approval of the sale of the Bulgarian subsidiary, Piraeus has in essence completed all 2015-2018 Restructuring Plan commitments. On top the Bank has timely executed its focused and well planned actions concluding its 2018 Capital Enhancement Plan that have resulted to a total c.€4bn Risk Weighted Assets relief with a positive impact on the capital base.

About Piraeus Bank

Piraeus Bank, founded in 1916, is the leading lender in Greece with a 29% loan market share, offering a full range of financial products and services to more than 5mn customers. Total assets of the Group amounted to €59bn, net loans to €38bn and customer deposits to €44bn on 31 March 2019. Piraeus Bank employees 12 thousand people in Greece and operates a nationwide network of 548 units, ranking first in customer satisfaction in the Greek market. In parallel, the Bank is at the forefront of digitalization and innovation in Greece, catering for the needs of more than 1.4mn customers in e-banking services. For more information on Piraeus Bank: http://www.piraeusbankgroup.com/en/

Andy Smith
[email protected]

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