Piraeus bank announced acquisition of Panellinia Bank
Piraeus bank has issued an announcement to inform that:
The bank has acquired the “good” part of Panellinia Bank S.A. following a tender offer launched by the Bank of Greece.
After 17 April 2015, Panellinia’s branch network will operate under the full responsibility of Piraeus Bank and Panellinia’s customer transactions will be carried out uninterruptedly. The same applies for the services offered by Panellinia to co-operative banks.
The “good” assets and liabilities of Panellinia absorbed by Piraeus Bank refer to the acquisition
perimeter identified by the BoG and comprise (based on 31 December 2014 data):
- EUR 645 million in liabilities, of which EUR 574 million customer deposits
- EUR 372 million in assets, of which EUR 280 million net loans
- 26 branches and 163 employees
The Transaction represents another key step towards the reshaping of the Greek banking sector, in which Piraeus has acted as a core pillar, safeguarding financial stability in Greece.
Source: Piraeus Bank
