Greek Piraeus Bank announces the sale of ATE Bank Romania S.A.

Piraeus Bank signed today an agreement with Mr. Dorinel Umbrarescu, a prominent businessman with particular interests in the construction industry in Romania, for the sale of the shareholding (93.27%) of the Bank in the share capital of ATE Bank Romania S.A., for the consideration of €10.3 mn. The said transfer will take place following the prior completion of the spin-off of the majority of the assets and liabilities of ATE Bank Romania and contribution of the same to Piraeus Bank Romania S.A. The agreement is subject to regulatory approvals.

Source: piraeusbankgroup.com