Piraeus Bank on Monday announced the completion of a sale for its Albanian subsidiary, Tirana Bank Sh.A, to Balfin Sh.p.k. and Komercijalna Banka AD. Piraeus Bank held a 99.83-percent share in the Albanian credit institution.
Piraeus Bank on Monday announced the completion of a sale for its Albanian subsidiary, Tirana Bank Sh.A, to Balfin Sh.p.k. and Komercijalna Banka AD. Piraeus Bank held a 99.83-percent share in the Albanian credit institution.
The transaction reached 57.3 million euros, with the transaction considered as capital accretive for the parent group.
In a statement on its website, Piraeus Bank added: "Based on Group reported CET-1 ratio as of 30.9.2018, the completion of the transaction leads to 11bps CET-1 ratio increase, through €0.4bn Risk Weighted Assets release...Based on Group reported CET-1 ratio as of 30.9.2018, the completion of the transaction leads to 11bps CET-1 ratio increase, through €0.4bn Risk Weighted Assets release."
The Greek bank said it has previously received the required approvals from competent regulatory authorities in Albania, including the Bank of Albania, as well as from the Hellenic Financial Stability Fund (HFSF), which holds a major stake in its share capital.