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Piraeus Bank completes sale of stake in Cyprus subsidiary

Staff Writer |
Piraeus Bank completed the sale of a stake held in its subsidiary in Cyprus, Piraeus Bank Cyprus (PBC), to Holding M. Sehnaoui SAL (HMS), for a consideration of €3.2m.

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Concurrently, PBC concluded a €40mn capital raise without Piraeus Bank’s participation. As a result of the aforementioned, the group’s shareholding in PBC is reduced to 17.7%.

The successful conclusion of the sale agreement of PBC is in accordance with the implementation of the Group's Restructuring Plan, as approved by the European Commission at the end of 2015.

As already communicated, the transaction improves the CET-1 capital ratio of Piraeus Bank by c.15 basis points.

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