Greek lender Piraeus Bank has completed the previously announced divestment of its Albanian subsidiary Tirana Bank.
The lender sold Tirana Bank to Balfin Group and Komercijalna Banka as part of its strategy to bolster its core equity capital.
Go deeper with GlobalData
Tirana Bank divestment:
In August last year, Piraeus Bank reached an agreement to sell its stakes in Tirana Bank as a part of its EU-approved restructuring plan.
The Greek lender sold its 98.83% in the Albanian subsidiary for €57.3m ($65.1m).
In a statement, the bank said that divestment was completed after ‘receiving the required approvals from the competent regulatory authorities in Albania, including the Bank of Albania, as well as from the Hellenic Financial Stability Fund’.
It added that the transaction is capital accretive for the group. It will increase its core equity tier 1 capital (CET-1) by 11 basis points, based on CET-1 ratio as of 30 September 2018.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataUniCredit Group offered financial advice to Piraeus on the transaction.
Norton Rose Fulbright and Boga & Associates served as international and local legal advisors respectively, for the company.
Established in 1996, Tirana Bank has 39 branches and 71 ATMs across Albania.
Komercijana Banka is one of the largest lenders in North Macedonia with assets of more than €1.7bn.
In November last year, Piraeus Bank also signed a deal to divest its Bulgarian subsidiary to Postbank. The deal was valued at €75m ($85.6m).
