Piraeus Bank sells subsidiary in Albania for €57.3m

Piraeus Bank sells subsidiary in Albania for €57.3m

Published at: 2019-03-05 09:31 | Author: CIJ Serbia
Albanian investment group Balfin and Macedonia’s Komercijalna banka bought a 98.83-percent stake in Tirana Bank for €57.3m. The lender is Piraeus Bank’s subsidiary in Albania. The deal must be approved by regulatory authorities in Albania as well as the Hellenic Stability Fund before it is finalized. UniCredit Group was Piraeus’ financial advisor, while Norton Rose Fulbright was the international legal advisor and Boga & Associates acted as a local advisor. Tirana Bank was established in 1996 as Albania’s first private bank. Its network includes 39 branches around Albania.

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