Greece's Piraeus Bank SA said it has agreed to sell its 98.83% stake in Albania-based Tirana Bank sh.a. to Balfin Group and Komercijalna Banka AD Skopje for a total consideration of about €57.3 million.

The deal is subject to approvals from the European Commission, Greek and Albanian regulators and the Hellenic Financial Stability Fund.

Balfin and Komercijalna Banka said they plan to operate Tirana as an independent bank and will continue to expand its activities in Albania.

UniCredit served as exclusive financial adviser to Piraeus on the deal, while Norton Rose and Boga & Associates acted as international and local legal adviser, respectively.