TIRANA (Albania), March 4 (SeeNews) – Greece's Piraeus Bank said on Monday it has completed the sale of 98.83% stake in its Albanian subsidiary, Tirana Bank, to Albanian investment group Balfin and North Macedonia's Komercijalna Banka.
The agreement received the required approvals from the competent regulatory authorities in Albania, including the Bank of Albania, as well as from the Hellenic Financial Stability Fund, Piraeus Bank said in a press release.
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“Total consideration amounts to 57.3 million euro ($65.1 million) and the transaction is capital accretive for Piraeus Bank Group,” the bank added.
UniCredit Group acted as financial advisor to Piraeus on the transaction. Norton Rose Fulbright acted as international legal advisor, and Boga & Associates acted as local legal advisor to Piraeus on the Transaction.
Komercijalna said in a filing to the North Macedonian Stock Exchange in August that Balfin will own a majority stake in Tirana Bank after the purchase. Tirana Bank will continue to operate as a separate entity, Komercijalna Banka added.
Established in 1996, Tirana Bank was the first private bank to start operations in Albania. It operates 39 branches and 71 ATMs across the country, according to data from the Albanian lender's website.
Including the investment in Tirana Bank, Balfin's investment portfolio totals $1.4 billion, with investments in Albania, Macedonia, Kosovo, Bosnia, Montenegro, Austria and the United Kingdom.
Komercijalna Banka is North Macedonia's largest lender, with assets in excess of 1.7 billion euro.
($ = 0.87958 euro)
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