Piraeus Group sells Marathon Bank
2012-06-18 10:30:55
Piraeus Bank, Greece’s fourth largest lender, has agreed to sell its US subsidiary Marathon Banking Corporation to Investors Bancorp Inc., it said in a statement on Friday.
The price was reported as $133 million in cash, or 1.5 times Marathon’s tangible book value.
Investors Bancorp Inc. is a New Jersey-based community bank with assets of €11.3 billion.
The sale is projected to improve Piraeus Bank group’s capital adequacy ratio by 22 bps, to 9.3% (pro-forma for March 2012).