White & Case Advises Piraeus Bank on Sale of Bulgarian Subsidiary

Press Release
1 min read

Global law firm White & Case LLP has advised Piraeus Bank SA (Piraeus Bank) on its agreement with Eurobank Ergasias SA to sell its 99.98 percent shareholding in Piraeus Bank Bulgaria AD (PBB), to Eurobank Bulgaria AD.

The transaction is subject to customary conditions, including approvals of the National Bank of Bulgaria and the Hellenic Financial Stability Fund.

"This transaction represents the final major milestone towards Piraeus Bank's implementation of its Restructuring Plan commitments, as agreed with the Directorate-General for Competition of the European Commission," said White & Case partner Gavin Weir, who led the Firm's deal team. "It's the second strategic M&A deal on which we have advised Piraeus Bank this year, following the sale of Piraeus Bank Romania which completed in June 2018."

Headquartered in Sofia, PBB offers products and services to domestic and international clients, including retail, SME and corporate banking. As of September 30, 2018 it has total assets of €1.7 billion, operates through 70 banking units and employs more than 900 professionals.

The White & Case team in London which advised on the transaction was led by partner Gavin Weir and included associates Edwina Daws and Paul Harrington.

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