BUSINESS

Motor Oil subsidiary buys out Investment Bank of Greece

TAGS: Business, Banking

Athens-listed group Motor Oil announced yesterday the acquisition of a 97.08 percent of the Investment Bank of Greece (IBG) for 73.5 million euros. The deal was signed on Tuesday.

The buyout of the lender is made through Motor Oil’s 100 percent subsidiary Ireon Investments Ltd that is based in Cyprus.

IBG is a former subsidiary of defunct Laiki Bank of Cyprus and since 2013 it was under the authority of the Cypriot Streamlining Authority controlled by the Central Bank of Cyprus.

Likewise Ireon has also acquired a 94.52 percent stake in CPB Asset Management and 100 percent of shares of Laiki Factors and Forfeiters.

The agreement is pending the approval of the competent regulatory authorities.

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