Piraeus Bank SA will sell its entire stake in unit Piraeus Bank Romania SA to J.C. Flowers & Co. LLC.
Piraeus Bank owns 99.99% of the Romanian subsidiary, according to S&P Global Market Intelligence data. The Greek lender said the sale is part of its restructuring plan commitments agreed with the European Commission, as well as the implementation of its strategic plan through 2020.
The transaction is expected to close in the first half of 2018 and has already been approved by Piraeus Bank's board of directors and the Hellenic Financial Stability Fund. It remains subject to regulatory approvals by Romanian authorities, among other customary conditions.
UBS Ltd. is acting as exclusive financial adviser to Piraeus Bank. White & Case LLP is acting as international legal counsel for the Greek lender, while Schoenherr si Asociatii SCA is serving as Romanian legal counsel.