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White & Case Advises Piraeus Bank on Sale of Bulgarian Subsidiary

White & Case Advises Piraeus Bank on Sale of Bulgarian Subsidiary

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White & Case has advised Piraeus Bank SA on the sale of its 99.98 percent shareholding in Piraeus Bank Bulgaria AD to Eurobank Bulgaria AD. The buyer was reportedly advised by Milbank.

The transaction is subject to customary conditions, including approval of the National Bank of Bulgaria and the Hellenic Financial Stability Fund.

Headquartered in Sofia, Piraeus Bank Bulgaria offers products and services to domestic and international clients, including retail, SME, and corporate banking. As of September 30, 2018 it had total assets of EUR 1.7 billion. It operates through 70 banking units and employs more than 900 professionals.

"This transaction represents the final major milestone towards Piraeus Bank's implementation of its Restructuring Plan commitments, as agreed with the Directorate-General for Competition of the European Commission," said London-based White & Case Partner Gavin Weir, who led the firm's deal team, which also included Associates Edwina Daws and Paul Harrington.

Weir also led the W&C team advising Piraeus Bank on its sale of Piraeus Bank Romania as reported by CEE Legal Matters on December 28, 2017 which closed in June 2018. 

Editor's Note: After this article was published CEE Legal Matters learned that Boyanov & Co. had provided local assistance to White & Case in advising Piraeus Bank on the sale of its shareholding in Piraeaus Bank Bulgaria AD to Eurobank Bulgaria AD, and then supported the buyer, Eurobank Bulgaria AD, on the issuance of competition clearance and BNB clearance for the Transaction. T he sale closed on June 13, 2019 following an internal assets reorganization of Piraeus Bank Bulgaria AD and several other pre-closing steps. 

Boyanov & Co.’s team was led by Partner Yordan Naydenov and included Partner Peter Petrov, Senior Associate Borislav Notovsky, and Associate Adriana Bakalova.

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