Piraeus Bank completes the acquisition of Iolcus Investments

Piraeus Financial Holdings announces that, following the press release of 05.04.2022, its subsidiary Piraeus Bank S.A. (“Piraeus Bank” or the “Bank”) has completed the acquisition of Iolcus Investments AIFM (“Iolcus” or the “Company”), after obtaining the necessary regulatory approvals for the acquisition of 100% of Iolcus (the “Transaction”), based on the relevant agreement signed on 05 April 2022.

The completion of the Transaction is another important milestone towards the implementation of the Bank’s strategy for assuming a leading role in asset management in Greece.

In this context, reinforcing the Bank’s strategic initiative, a new division “Wealth & Asset Management”, has been created within the Bank, to address holistically the asset management space under a single umbrella; including the asset management product and services offered to private, corporate and institutional clients (Private Banking, Asset & Wealth Management), as well as the supervision of the subsidiaries “PIRAEUS ASSET MANAGEMENT MFMC”, “PIRAEUS SECURITIES S.A.” and “IOLCUS Investments AIFM”.

Mr. Achilleas Kontogouris, has been appointed as Executive General Manager, of the new Division. Mr. Kontogouris, with over 30 years of professional experience in investment management, is a certified Portfolio Manager and holds a BSc in Economics from the University of Thessaloniki and an MBA from INSEAD. 

With the completion of Iolcus’ acquisition, Piraeus Group’s AuM are in the order of €7bn.

Grant Thornton S.A. acted as the financial advisor and Potamitis Vekris Law Firm as the legal advisor to Piraeus Bank on the transaction.

About Piraeus Bank

Piraeus Bank, 100% subsidiary of Piraeus Financial Holdings, is the leading bank in Greece in terms of total market shares and branch network as at 31 March 2022, offering a full range of financial products and services to 5.7 million customers in Greece promoting sustainable growth and the principles of responsible banking. For more information, please visit www.piraeusbank.gr

About Iolcus Investments AIFM

Iolcus Investments AIFM is a privately owned alternative fund and asset management firm regulated by the Hellenic Capital Market Commission. It offers investment advice, portfolio management and fiduciary services to private and institutional clients. It also manages the Apolis SIF-SICAV alternative umbrella fund, based in Luxembourg. Iolcus’ AuM are in the order of €1bn. For more information, please visit www.iolcus.gr.

Αthens, 19 July 2022