Thus, the insurance broker was sold to Dimitrios Tsesmetzoglou, CEO with Athens-based insurance and reinsurance broker Matrix, and Chrysovalantis Elpidorou, CEO with the Cyprus-based unit of Matrix.
“The sale of PIRBR stake to the buyers will be made concomitantly with selling the 95% stake held by Piraeus Bank Greece in PIRBR. The total price of the transaction will be at EUR442,711,” according to a decision published in the Official Gazette.
Matrix was set up in October 2003 as a subsidiary of BMS Group, British broker with a 35-year history.
In 2013, Piraeus Broker posted revenue of EUR3.4 million, while the number of clients increased to 94,000 with 231,000 brokered contracts.
End-2014, Piraeus Bank posted total assets of 9 billion lei and ranked 11th in the banking system, with a 12.8% solvency rate. The bank manages a loans portfolio of around RON6.5 billion on the local market. In June, the bank increased its share capital by EUR24 million (RON110 million) through the conversion into shares of a subordinated loan received from the parent bank in Athens.
(English version by Manuela Panescu)