Piraeus Bank to sell part of European Reliance stake to EBRD

TAGS: Banking

Greece's Piraeus Bank will sell part of its 28 percent stake in insurer European Reliance to the European Bank for Reconstruction and Development (EBRD), a Piraeus official said on Wednesday.

Piraeus, Greece's largest lender by assets, plans to divest the entire stake as part of a restructuring plan which entails the disposal of non-core assets.

"There is agreement with the EBRD to buy a stake of 15 percent in European Reliance from Piraeus. The Bank of Greece has approved the transaction," the official said, without disclosing the price of the transaction.

Greece-based European Reliance was listed on the Athens stock exchange in 1997. Piraeus Bank acquired the stake in 2007. [Reuters]