BALFIN shpk. and Komercijalna Banka AD completed the acquisition of 98.83% stake in Tirana Bank Sh.A. from Piraeus Bank S.A..
March 03, 2019
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BALFIN shpk. and Komercijalna Banka AD entered into an agreement to acquire 98.83% stake in Tirana Bank Sh.A. from Piraeus Bank S.A. (ATSE:TPEIR) for €57.3 million on August 7, 2018. BALFIN will acquire majority stake in Tirana Bank. Post-completion, BALFIN and Komercijalna plans to operate Tirana Bank as an independent bank managed by experienced professionals, led by an international Board. The transaction is subject to customary conditions, including regulatory and other approvals by the respective authorities in the European Commission, Greece and Albania, as well as the Hellenic Financial Stability Fund. As on January 18, 2019, the transaction has been conditionally approved by Albania's competition authority. UniCredit acted as financial advisor while Norton Rose Fulbright LLP and Boga & Associates acted as legal advisors to Piraeus Bank. Rothschild & Co acted as financial advisor to Hellenic Financial Stability Fund.
BALFIN shpk. and Komercijalna Banka AD completed the acquisition of 98.83% stake in Tirana Bank Sh.A. from Piraeus Bank S.A. (ATSE:TPEIR) on March 4, 2019. The transaction has received an approval of Hellenic Financial Stability Fund. The transaction is capital accretive for Piraeus Bank.
Piraeus Financial Holdings SA, formerly known as Piraeus Bank SA, is a Greece-based banking institute. It operates in the following main business segments: Retail Banking, Corporate Banking, Investment Banking, as well as Asset Management and Treasury. The Retail Banking segment includes the retail banking operations of the Bank and its subsidiaries, which are addressed to retail customers, as well as to small-medium companies, such as deposits, loans and letters of guarantee, among others. The Corporate Banking segment includes facilities related to corporate banking, provided by the Bank and its subsidiaries, addressed to maritime companies, such as syndicated loans, project financing and imports-exports, among others. The Investment Banking segment includes activities related to investment banking operations of the Bank and its subsidiaries, such as investment and advisory services, underwriting services and public listings, as well as stock exchange services, among others.
PIRAEUS FINANCIAL HOLDINGS S.A. 
