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White & Case Advises Piraeus Bank on Sale of Bulgarian Subsidiary

White & Case Advises Piraeus Bank on Sale of Bulgarian Subsidiary

Deals and Cases

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. 

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