Piraeus Bank announces the completion of the acquisition of the 99.6% of the share capital of the Ukrainian Bank "International Commerce Bank", following the approval of the Supervisory Authorities in Greece and Ukraine. Thus, the agreement that had been signed on the 18th May 2007 was finalized. The acquisition price amounted to USD 75.3 mn.
Established in 1994, International Commerce Bank has 133 points of presence in 38 cities in the country, and offers its products and services to more than 25,000 customers, employing 910 people.
ICB's acquisition enhances further Piraeus Bank's international operations by expanding in the promising Ukrainian market. Piraeus Bank has achieved an active banking presence in 8 countries (Romania, Bulgaria, Albania, Serbia, Egypt, U.K., U.S.A. and Ukraine), with 413 branches and points of presence. Today, Piraeus Bank Group's total assets abroad amount to euro 6.3 bn, employing more than 5,140 people.