Piraeus Financial Holdings announced today that its subsidiary “Piraeus Bank SA.” (“Piraeus Bank” or “Bank”) signed an agreement with the shareholders of Iolcus Investments AEDOEE (“Iolcus” or “Company”) for the acquisition of 100% of the Company (the “Transaction”).
The price of the Transaction will amount to approximately € 10 million as announced by Piraeus.
Iolcus was founded in 2011 as an independent management company for alternative investment organizations and individual portfolios based in Athens. It manages the Luxembourg-based Alternative Funds (OEE) Apolis. It also manages individual portfolios of private and institutional clients in custodian banks in Greece, Switzerland and Luxembourg. The customer funds under the management of the Company amount to € 1 billion.
The Transaction strengthens Piraeus Bank’s strategy for gaining a leading position in the customer fund management sector in Greece and will bring the following key benefits to the Bank:
Ση direct strengthening of the sources of income from commissions, with prospects of further increase,
Ποίηση utilization of the favorable dynamics that is becoming more and more evident in the Greek market of portfolio management, mutual funds and investment advice,
▪ Strengthening Piraeus’ investment proposal for a leading position in the market, with existing customer funds under management at € 6 billion, and creating added value for all parties involved.
“The transaction will contribute to the further diversification of the Bank’s revenue sources and to the strengthening of its already strong know-how in the customer fund management sector”, says the CEO of Piraeus Bank, Christos Megalou and adds: “Iolcus is one of the most It will be an investment tool for Piraeus Bank to take advantage of the growth prospects of the Greek market. of our services to our customers ”
The transaction is subject to normal terms and conditions, including obtaining the necessary supervisory approvals.
Grant Thornton SA acts as a financial advisor and the law firm Potamitis Vekris acts as a legal advisor to Piraeus Bank in the Transaction.
Source: Capital
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