Greece’s financial group Piraeus Bank will complete the sale of its Romanian subsidiary by end-June to the US fund JC Flowers, according to a presentation of Piraeus Bank Group’s first quarter results.

The sale of Piraeus Bank Romania will be completed until the end of the second quarter of this year and will have an impact of around EUR 600 million on Piraeus Group’s risk-weighted assets (RWA), the presentation indicates.

In December 2017, Piraeus said that the US private investment firm J.C. Flowers will take over Piraeus Bank Romania for an undisclosed sum. The deal is pending regulatory approvals.

The sale of Piraeus Group’s Romanian branch is part of a restructuring plan agreed with the European Commission, the executive arm of the EU.

At the end of September, Piraeus Bank Romania had total assets of EUR 1.5 billion. The bank has 99 branches and over 1,300 employees. It has around 150,000 active clients.

J.C. Flowers has around USD 6 billion of assets under management and has invested more than USD 15 billion of capital in 50 portfolio companies in 17 countries.

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