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Deal sealed: Piraeus Bank buys 3 Cypriot banks units in Greece for €524 million

Greece’s Piraeus bank announced that it will acquire the branches of Bank of Cyprus, Cyprus Popular Bank and Hellenic Bank in Greece for 524 million euro.  The announcement was made Tuesday noon. The branches of these banks will open on Wednesday, March 27th 2013 and all operations will be performed as usual.

“The deal concerns the Greek units of Bank of Cyprus , Cyprus Popular Bank and Hellenic Bank, which have a combined market share of about a tenth of Greece’s banking market.

The purchased units will reopen on Wednesday, Piraeus said in a statement. “Customer deposits with the Greek branches of Bank of Cyprus, Cyprus Popular Bank (CPB) and Hellenic Bank are not subject to any bank levy or haircut that has been agreed in Cyprus,” it said. (Reuters)
The deal includes the take over of the whole of deposits and loans (leasing, factoring and IBG).
Consults for this deal were “Barclays Bank PLC via IBG, Deutsche Bank AG London Branch and Lazard Frères” said Piraeus bank statement.
With this take over Piraeus bank becomes the second large bank in Greece with consolidated assets totaling 95 billion euro, 1,660 branches and 24,000 employees.
In 2012, Piraeus bank acquired Greek Agricultural (ATE) and Geniki bank, while media reports have been reporting of talks with Millenium for a merger.
PS 524 million euro for three bankrupt banks? WOW!

 

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