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Report: Piraeus Bank to sell 15% stake in insurance subsidiary to EBRD

A Piraeus BankSA official told Reuters that the bank will sell a 15% stake inEuropean Reliance GeneralInsurance Co. SA to the European Bank for Reconstruction and Development.

The official reportedly added May 4 that the has approvedthe transaction. The Greek lender is looking todivest the entirety of its 28% stake in the insurance subsidiary as part itsrestructuring plan, Reuters noted.