Piraeus Bank announces that it entered into an agreement with Avis Group for the purchase of the 100% of the shares of Olympic Commercial and Tourist Enterprises SA under the distinctive name Avis Greece, which operates in the car rental sector (short & long term rentals), for a price of Euro 25.5 million.
The acquisition of the Avis operations in Greece will strengthen Piraeus Group''s position in the growing car long term rental market. This acquisition creates economies of scale and synergies with Piraeus Best Leasing, as a fleet of cars having a value of approximately 200 million Euros is added to its management portfolio.
The said agreement is subject to the approval of the Competition Committee.