Athens-based lender Piraeus Bank on Thursday announced the transfer of a majority stake of its Cypriot subsidiary to Holding M. Sehnaoui SAL (HMS) for 3.2 million euros.
Piraeus Bank said the transfer has received all the necessary approvals by regulatory authorities and the Hellenic Financial Stability Fund.
At the same time, a share capital increase of 40 million euros for the Cypriot subsidiary was completed without participation by the parent bank, rendering Piraeus Bank’s share in the Cyprus bank at 17.7 percent.
In a press release, Piraeus Bank said the agreement is part of a restructuring plan approved by the European Commission at the end of 2015.
