Piraeus Bank Completes the Sale of Piraeus Bank Romania Acquired by J.C. Flowers &Co.
Piraeus Bank and J.C. Flowers & Co. have today completed the sale of Piraeus Bank Romania, a subsidiary of Piraeus Bank SA, having received the necessary approvals from the National Bank of Romania.
“We welcome this new era for Piraeus Bank Romania. We are convinced that such an experienced firm as J.C. Flowers has all the necessary resources to contribute to the development of Piraeus Bank in Romania, for the ultimate benefit of its clients and employees”, said Mr. Christos Megalou, Chief Executive Officer, Piraeus Bank Group.
“Piraeus Bank Romania has a solid business and a strong team, acquired from one of the most prominent banking groups in Europe. Together with Piraeus Bank Romania, we will join forces to create an active player for the Romanian banking market with improved products for the Bank’s clients”, said Mr. J. Christopher Flowers, CEO of J.C. Flowers.
Piraeus Bank Romania is excited to start a new journey with J.C. Flowers. The Bank will continue to operate across all customer segments and will build upon its local footprint to become a prominent independent Romanian bank.
UBS Limited acted as exclusive financial advisor to Piraeus Bank on the transaction.
About J.C. Flowers
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than $15 billion of capital in 52 portfolio companies in 17 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With over $6 billion of assets under management, J.C. Flowers has offices in New York and London. For more information, visit www.jcfco.com.
About Piraeus Bank Romania
Based in Bucharest, Piraeus Bank Romania offers a wide range of products and services for the local and international clients, including retail, SME and corporate banking. PBR operates through a 99 strong banking unit network, employing 1,300 specialists and has approximately 150,000 active clients. For more details, please visit www.piraeusbank.ro.
About Piraeus Bank
Piraeus Bank, founded in 1916, is the leading lender in Greece with a 30% market share, offering a full range of financial products and services to more than 5mn customers. Total assets of the Group amounted to €64bn, net loans to €41bn and customer deposits to €43bn on 31 March 2018. Piraeus Bank employees 13 thousand people in Greece and operates a nationwide network of 600 units, ranking first in customer satisfaction in the Greek market. In parallel, the Bank is at the forefront of digitalization and innovation in Greece, catering for the needs of more than 1.5mn customers in e-banking services. For more information on Piraeus Bank, please visit www.piraeusbankgroup.com/en/.
Athens, 29 June 2018
