Piraeus Bank completes sale of Egyptian subsidiary
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
Piraeus Bank on Tuesday announced the completion of an agreement to sell its 98.5 pct stake in its subsidiary in Egypt Piraeus BankEgypt SAE (PBE) to Al Ahli Bank of Kuwait (ABK), after obtaining all necessary approvals by Egyptian and Greek authorities.
ABK paid 149.7 million US dollars for the purchase of Piraeus Bank’s subsidiary in Egypt (1.5 times the bank’s equity capital based on December 31, 2014 data). The transaction will further improve the Greek bank’s financial position, raising CET-1 index by around 30 basis points and boosting the Group’s liquidity by around 140 million euros. The sale was part of a restructuring plan by Piraeus Bank approved by the European Commission.
Mediobanca acted as exclusive financial advisor to the deal, while Norton RoseFulbright as international legal advisor.