Piraeus Financial Holding’s subsidiary, Piraeus Bank (the “Bank”), has entered into a long-term partnership with affiliates of Blantyre Capital Limited (“Blantyre Capital”) for the management of non-core equity participations owned by the Bank for an initial period of 10 years (the “Transaction”).
The portfolio under management, with an initial perimeter of €0.2bn, comprises certain equity interests that are unrelated to the financial sector in general and specifically to the Bank’s principal activity.
The Transaction will allow Piraeus Bank to optimize the value of its non-core equity participations by bringing such participations under specialized outsourced professional asset management overseen by affiliates of Blantyre Capital.
The capital benefit of the Transaction is estimated at circa 0.7 percentage points over the 30 September 2021 total capital ratio of Piraeus Group.
Houlihan Lokey and Octane acted as exclusive financial advisors and commercial advisors, respectively. Eversheds Sutherland & AB Law were the international and local legal counsels of Piraeus Bank, respectively.
Proskauer Rose and Dillon Eustace acted as the International and Irish legal counsel of Blantyre Capital, respectively.