Piraeus Bank announces deal to sell off its Serbian operations

Tuesday, 17 October 2017 20:42
Nikos Libertas / SOOC/

Athens-based lender Piraeus Bank has reached an agreement with Direktna Banka A.D. to sell its banking and leasing units in Serbia, according to an announcement by the former on Tuesday.

 Piraeus Bank said the total sale price will be between 61 and 58 million euros, based on the performance of various assets up until the moment the transaction is finalized, and with the simultaneous capital reduction in Piraeus Bank AD Beograd.

The deal is subject to regulatory and corporate approval, including by the Bank of Serbia and the Hellenic Financial Stability Fund

According to the Greek bank, the sale of its Serbian subsidiary comes within the framework of commitments it must fulfill under a restructuring plan, as approved by the EU Commission's Directorate-General for Competition.

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