J.C. Flowers takes over Piraeus Bank Romania

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Greek Piraeus Group has entered into an agreement with U.S. private investment firm J.C. Flowers & Co. for the sale of its entire shareholding stake in its banking subsidiary in Romania, a press release informs.

The transaction amount was not disclosed.

The deal has been approved by the Board of Directors of Piraeus Bank and the Hellenic Financial Stability Fund, and is subject to customary conditions, including regulatory approvals by the relevant authorities in Romania.

The transaction is expected to close in the first half of 2018, the release reads.

“Piraeus Bank Romania has a solid solvency, liquidity, and asset quality profile in the fastest-growing economy in the European Union. We look forward to working with Piraeus Bank Romania to complete the acquisition and create a strong independent bank in the dynamic, local banking sector in Romania,” J. Christopher Flowers, CEO and Managing Director of JCF said.

At end-September 2017, Piraeus Bank Romania had total assets of EUR 1.5 billion. The local subsidiary of Greek Piraeus Group operates through 99 banking units, employs over 1,300 professionals and has approximately 150,000 active clients.            

Founded in 1998, J.C. Flowers has invested more than USD 15 billion of capital in 50 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 approximately USD 6 billion of assets under management, J.C. Flowers has offices in New York and London.        

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