Greek lender Piraeus Bank on Thursday announced an agreement with J.C. Flowers & CO (JCF) to sell the latter its share capital in a Romanian subsidiary, Piraeus Bank Romania S.A. (PBR).
The deal has been approved by both Piraeus Bank’s board of directors and the Hellenic Financial Stability Fund, while awaiting the necessary “green light” by Romanian bank regulators.
The transfer is expected to be completed in the first half of 2018. The transaction is expected have a neutral effect on Piraeus Bank’s regulatory capital.
