Greece-based Piraeus Bank has reached an agreement to sell its stakes in its Albanian subsidiary Tirana Bank to Balfin Group and Komercijalna Banka.

The disposal of its Albanian subsidiary is part of the lender’s EU-approved restructuring plan to strengthen its core capital and slash its foreign exposure.

The Greek bank in a statement said: “Total consideration amounts to €57.3m for the 98.8% stake Piraeus Bank holds in Tirana Bank.”

The transaction is pending receipt of regulatory and other approvals by the respective authorities in the European Commission, Greece and Albania, as well as the Hellenic Financial Stability Fund.

Last month, Piraeus Bank sold its entire stake in Romanian banking operations known as Piraeus Bank Romania (PBR) to American investment firm J.C. Flowers (JCF).

Piraeus Bank Romania operated approximately 100 branches and served more than 300,000 customers in its market.

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Headquartered in Athens, the group provides a comprehensive line of financial products and services to approximately 5.2 million customers in Greece.

As of 31 March 2018, the group had total assets of €58.4bn, net loans of €39.8bn and customer deposits of €41.4bn.