Piraeus Bank and J.C. Flowers & Co. have completed the sale of Piraeus Bank Romania, a subsidiary of Piraeus Bank SA, having received the necessary approvals from the National Bank of Romania.
The value of the transaction was not made public. At the end of the third quarter of 2017, the latest data available, Piraeus Bank Romania has EUR 1.5 billion in total assets, almost 100 branches, around 1,300 employees and 150,000 customers.
“We welcome this new era for Piraeus Bank Romania. We are convinced that such an experienced firm as J.C. Flowers has all the necessary resources to contribute to the development of PB Romania, for the ultimate benefit of its clients and employees”, said Christos Megalou, Chief Executive Officer, Piraeus Bank Group.
“Piraeus Bank Romania has a solid business and a strong team, acquired from one of the most prominent banking groups in Europe. Together with Piraeus Bank Romania, we will join forces to create an active player for the Romanian banking market with improved products for the Bank’s clients”, said J. Christopher Flowers, CEO of J.C. Flowers.
Piraeus Bank Romania will continue to operate across all customer segments and will build upon its local footprint to become a prominent independent Romanian bank.
J.C. Flowers is a leading private investment firm dedicated to investing globally in the financial services industry. Founded in 1998, the firm has invested more than USD 15 billion of capital in 52 portfolio companies in 17 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management. With over USD 6 billion of assets under management, J.C. Flowers has offices in New York and London.