Sale of Piraeus Bank Cyprus Completed
Further to the signing of the transaction for the sale of Piraeus Bank Cyprus to Holding M. Sehnaoui SAL and other investors in July 2016, completion of the sale transaction took place effectively at the end of December 2016 following clearance from the relevant regulatory authorities.
The European Central Bank, following a recommendation from the Central Bank of Cyprus, has approved the participation agreement of Holding M. Sehnaoui SAL as the main investor, along with a number of other investors with smaller shareholding levels, into the share capital of Piraeus Bank Cyprus.
Our firm acted as local legal advisor of the Greek bank Piraeus Bank S.A. for the sale of a percentage of its stake in Piraeus Bank Cyprus, along with Norton Rose Fulbright as international legal advisors and UBS Limited as financial advisors.
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