Piraeus Bank Sells Bulgarian Subsidiary to Eurobank

Piraeus Bank, Greece’s largest lender, announced on Wednesday that it has entered into an agreement with Eurobank Ergasias for the sale of its shareholding stake (99.98%) in its banking subsidiary in Bulgaria (PBB).

The transaction, according to a press statement by Piraeus Bank, represents the final major milestone towards the implementation of its restructuring plan commitments, per the agreement with the Directorate General of Competition of the European Commission.

The transaction is subject to the customary conditions, including approvals of the National Bank of Bulgaria and the Hellenic Financial Stability Fund.

Headquartered in Sofia, PBB operates through 70 banking units and employs over 900 professionals.

It offers an array of products and services to domestic and international clients, including retail, SME and corporate banking.

As of 30 September 2018 it had total assets of €1.7 bn ($1.94 bn).