ECONOMY

Partnership for Piraeus and BNP Paribas

Greece’s fourth-largest lender Piraeus and France’s BNP Paribas have agreed to team up to provide wealth management services by using the Greek bank’s domestic and foreign branch network, they said yesterday. Piraeus Bank and BNP Paribas Wealth Management, wholly owned by BNP Paribas, said the strategic partnership will involve setting up two new joint ventures, in Greece and Switzerland, to provide services via Piraeus Bank’s network. No financial details concerning the deal were disclosed. «Piraeus Bank and BNP Paribas Wealth Management aim at building up a driving force in the buoyant markets where Piraeus is present, enhancing their competitive position for the global servicing of clients from Greece and neighboring countries,» they said in a joint statement. Piraeus Bank’s 902-branch network, which extends over 10 countries including Bulgaria, Romania and Egypt, will be used as a platform for the deal. The agreement, which is expected to be finalized in the final quarter of the year, is subject to regulatory approval. BNP Paribas is present in 85 countries and has offices in Athens and Thessaloniki. Shares in Piraeus slipped 2.51 percent to 6.98 euros on the Athens bourse yesterday, versus a 0.87 percent slide on the broader market.