Within the framework of its strategic expansion in international markets and the enhancement of its international banking activities, Piraeus Bank Group, through its subsidiary in New York, Marathon Banking Corporation, proceeded with the execution of an agreement for the acquisition of 98.56% of Interbank N.Y.
As a commercial bank in New York, Interbank operates a network of 5 branches in New York City, and specifically in Brooklyn, Astoria, Queens, as well as in Park Avenue, downtown Manhattan.
In June 2003, Interbank’s total assets amount to approximately USD 282 million, deposits to USD 257 million and loans to customers to USD 140 million. During 2002, Interbank realised pre-tax profits of USD 4,7 million, delivering over 21% pre-tax ROE.
The scope of this strategic move of Piraeus Bank Group, is the merger between Interbank and Marathon Bank, due to the complementary nature of its branch network and due to both banks’ specialisation in the market segments of commercial residential lending and retail banking.