Piraeus Bank, a subsidiary of Piraeus Financial Holdings SA, completed the process of spin-off of the card acceptance and transaction clearance services sector to a new company and its transfer to Euronet Worldwide Inc.
The two sides had proceeded from 16.03.2021 to the signing of a relevant binding agreement, under which Euronet Worldwide will henceforth provide card acceptance and settlement services to Piraeus Bank customers.
Under this agreement, Piraeus Bank and Euronet Worldwide are launching a new strategic long-term partnership, which includes the activity of card acceptance services, as well as the conclusion of long-term cooperation of sales and distribution of related services and products.
The total price of the Transaction amounted to € 300 million. The capital effect of the Transaction amounts to a benefit of approximately 100 basis points on the capital adequacy ratio of the Piraeus Financial Holdings Group, which as of December 31, 2021 amounted to 15.8%.
Special offer
The parties will offer significant new value to existing and new customers in Greece, utilizing the technological capabilities and top know-how of an international payment provider such as Euronet Worldwide, ensuring innovation and leadership in the field of card acceptance services. Piraeus Bank and Euronet Worldwide have been cooperating in the card processing sector since the 2000s.
Referring to this new strategic partnership, the CEO of Piraeus Financial Holdings Mr. Christos Megalou stated: “Piraeus Bank continues to innovate, seeking to provide a high level of banking experience and service, strengthening the dynamism of the Greek banking market. Knowing that the European payment framework is changing rapidly, we are confident that Euronet Worldwide is the most appropriate long-term strategic partner of Piraeus Bank for the optimal service of our Bank customers in the new digital age and the joint promotion and technical support of new advanced products and services “.
Mr. Michael J. Brown, CEO of Euronet Worldwide, stated: “This new partnership of Piraeus Bank with Euronet starts today! “With Piraeus Bank, we further join forces and develop the digital payments sector, so that each of our customers can benefit from innovative products and services, enhanced customer experience, as well as access to international networks and the technological infrastructure of Euronet Worldwide.”
UBS AG London Branch acted as the exclusive financial advisor of Piraeus Bank in the Transaction. PricewaterhouseCoopers Business Solutions SA acted as technical consultant for Piraeus Bank. Akin Gump Strauss Hauer & Feld LLP and the law firm Lambadarios respectively acted as international and domestic legal advisors to Piraeus Bank.
Latest News
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bank of Greece Governor Says EU will Retaliate to Trump’s Tarrifs
The Bank of Greece Governor defended the independence of central banks amid criticism from U.S. President-elect Donald Trump, who had publicly commented on Federal Reserve Chair Jerome Powel
September in Greece Winning Tourists Over from US, Germany
Tourists continue to visit Greece off-season into Sept. with the number of inbound travelers up by 6.6% and a 7.9% rise in travel receipts.
Bitcoin Surges Toward $100K Amid Pro-Crypto Optimism in US
According to Reuters, the cryptocurrency surged to an all-time high, briefly exceeding $96,898 during Asian trading hours.
Greek Driver Violations at a Touch of a Button
Traffic offences recorded in the last five years by Greece’s “Driver Behavior Control System” are now available on Gov.gr Wallet
Milan Tops List of Most Expensive Streets, Athens’ Ermou Holds Steady at 15th Place
In Athens, following Ermou Street is the southern suburb of Glyfada and Tsimiski Street in Thessaloniki.
New Gov.gr Service Enables Secure Reporting of Minor-Related Delinquency
It should also be noted that via the recently introduced initiative ‘Safe Youth’ application citizens have access to specially tailored informative material regarding the safety of children and adolescents
Thousands Strike in Athens Over Soaring Living Costs and Stagnant Wages
Inflation, particularly in food prices, has been crushing Greek households
Greece Overhauls Property Valuation System
Greece plans to launch a revamped property value registry in 2025 and overhaul the way objective values are calculated to enhance tax revenue and improve transparency.
Greece’s New Tax Bill Foresees Tax Relief Beyond Big Business
Tax relief measures in Greece are proposed for freelancers, property owners and farmers, along with 'big business'