Greek lender Piraeus Bank took over, by absorption, the sound assets of ATE Bank, controlled by the Hellenic state, including ATE Bank Romania branch.
This transaction is part of the financial consolidation and restructuring process of the banking system in Greece. According to Piraeus Bank, transactions will continue as normal, the jobs of all ATE Bank employees are safe and brand name will be kept.
Piraeus Bank, the fourth large credit institution in Greece, is also active in Romania, according to bank sources for Mediafax.
All the clients’ transactions continue to be conducted as they were until now, without any change, based on a press release from the Hellenic group Piraeus Bank. Together, the two banks shall have assets worth €75bn, deposits amounting to €35bn and a lending balance of €47 bn.
The Piraeus Group employs 17,000 people and operates a total 1,230 branches. Apart from Romania, the Group is present in eight other countries outside Greece.
