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Author:
Claudia Medrega
The European Bank for Reconstruction and Development (EBRD), the largest foreign institutional investor in Romania, enters the 19% stake in Piraeus Bank after the end of June, announcing the sale of the subsidiary Romanian to the US investment fund JC Flowers & Co.
"JC Flowers and Co. and EBRD have completed the acquisition of the Romanian branch of Piraeus Bank as part of an action to strengthen the Romanian banking sector. The EBRD acquires a 19% share, while J.C. Flowers and Co. purchases 76.1% of the shares, this being the first investment of the US fund in Romania. According to the information of the EBRD, the remaining 4.9% will be acquired by the management of the bank.
The EBRD has been an important supporter of the Romanian banking sector and has participated in privatization processes in the local banking sector.
The position of the Executive President of Piraeus Romania after the sale transaction is due to Dominic Bruynseels, the British who served as CEO of BCR in 2008-2012.
The new Piraeus Administrative Council has received the green light Eight people, Nicolae Dănilă, Dominic Bruynseels, Andreea Secci, Bogdan Ciobotaru, Cătălin Pârvu, Viorel Mischie, Athanasios Psathas and Pedro Miguel Weiss, according to the information provided by the National Bank for the ZF
Piraeus had 6.4 billion lei in 2017, the 13th largest Romanian bank with a 1.5% share
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Article published in the paper edition of Ziarul Financiar of 18.07.2018
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