Analyst Research

Report Title Price
Provider: Sadif Analytics Prime
$25.00
Provider: Reuters Investment Profile
$20.00
Provider: Sadif Analytics Prime
$10.00
Provider: Sadif Analytics Prime
$25.00

NYSE and AMEX quotes delayed by at least 20 minutes. NASDAQ delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

Piraeus Bank SA Completes Acquisition Of Greek Banking Operations Of Bank of Cyprus Public Company Ltd, Cyprus Popular Bank Public Co Ltd And Hellenic Bank Public Company Ltd


Tuesday, 26 Mar 2013 08:15am EDT 

Piraeus Bank SA announced that it signed an agreement on March 26, 2013, to acquire all of the Greek deposits, loans and branches of Bank of Cyprus Public Company Ltd, Cyprus Popular Bank Public Co Ltd and Hellenic Bank Public Company Ltd, including loans and deposits of their Greek subsidiaries (leasing, factoring and the Investment Bank of Greece (IBG)), for a total cash consideration of EUR 524,000,000. The agreement follows the proposal submitted in response to the invitation addressed to Greek banks by the Greek Government, the Bank of Greece and the Hellenic Financial Stability Fund (HFSF), with regard to the acquisition of the branch network and operations of the three Cypriot banks in Greece. The transaction ensures the stability of the Greek banking system, provides assistance to Cyprus in relation to the resolution of the crisis and secures depositors, customers and employees of the three Cypriot banks in Greece post recent uncertainty. Following the completion of the transaction, Piraeus Bank Group will have consolidated total assets of EUR 95 billion, 1,660 branches and 24,000 employees. The branches of the three Cypriot banks in Greece will open on March 27, 2013 and all the operations will be run in the normal course of business. Customer deposits with the Greek branches of Bank of Cyprus, Cyprus Popular Bank (CPB) and Hellenic Bank are not subject to any bank levy or haircut that has been agreed in Cyprus.