BUSINESS

Piraeus Bank to sell its Albanian unit

LEFTERIS PAPADIMAS

TAGS: Banking

Greece’s largest lender Piraeus Bank said on Tuesday it had agreed to sell its unit in Albania to Balfin Group and Komercijalna Banka.

The divestment is part of Piraeus Bank’s EU-approved restructuring plan to boost its core capital and reduce its foreign exposure.

“Total consideration amounts to 57.3 million euros for the 98.8 percent stake Piraeus Bank holds in Tirana Bank,” Piraeus said in a statement.

“The transaction is subject to customary conditions, including regulatory and other approvals by the respective authorities in the European Commission, Greece and Albania,” the bank said. [Reuters]

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