Private equity firm JC Flowers has completed the previously announced acquisition of Piraeus Bank Romania from Greek Piraeus Bank for an undisclosed amount.
Under the deal, JC Flowers bought 76.1% shares in the company, while EBRD purchased 19% stake. The remaining 4.9% is retained by the lender’s management.
The deal was first announced in January this year. One of the largest retail banks in Romania, the Piraeus Bank Romania has nearly 100 branches and serves more than 300,000 customers.
The new shareholders are expected to work to expand the operations of the bank and increase its market share.
This divestment by Piraeus Bank Greece was part of the process to sell its foreign investments and non-core assets in order to revamp the Greek financial sector.
US-based private investment firm JC Flowers was established in 1998 and has invested more than $15bn in 53 portfolio companies in 18 countries.
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During the announcement of the divestment, Piraeus Bank CEO Christos Megalou said: “The sale of our banking operations in Romania represents another major step towards the timely execution of the Group’s restructuring plan commitments, as those agreed with the Directorate General of Competition of the European Commission, as well as the implementation of the strategic plan of the Group, “Agenda 2020”.”