Piraeus Financial Holdings announced that its subsidiary Piraeus Bank has completed the acquisition of Iolcus Investments AEDOEE (“Iolcus”), following the receipt of the necessary regulatory approvals for the acquisition of 100% of Iolcus (the “Transaction”), pursuant to a related agreement which was signed on 05 April 2022.
According to the relevant announcement, the completion of the Transaction is a milestone in the implementation of the Bank’s strategy to achieve a leading position in the client funds management sector in Greece.
As part of the implementation of this strategy, a new organizational branch “Wealth & Asset Management” is being created in the Bank with the aim of further developing the wealth management operations of private, business and institutional clients (Private Banking, Asset & Wealth Management) and the administrative supervision of the subsidiary companies “PIRAIOS ASSET MANAGEMENT A.E.D.A.K.”, “PIRAIOS A.E.P.E.Y.” and “IOLCUS Investments AEDOEEE”.
The head of the new branch is Mr. Achilleas Kontogouris as Senior General Manager. Mr. Kontogouris has more than 30 years of experience in the investment services industry, is a certified portfolio manager and holds a BA in Economics from Aristotle University and an MBA from INSEAD.
With the acquisition of Iolcus, Piraeus Group’s client funds under management will amount to €7bn.
Grant Thornton SA acted as financial advisor and law firm Potamitis Vekris acted as legal advisor to Piraeus Bank in the Transaction.
Source: Capital
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