Piraeus Bank gets green light for European Securities takeover

The National Securities Commission (CNVM) approved the takeover of the European Securities brokerage company by the Greek bank Piraeus Bank. In March, ZF reported about an agreement for the takeover of the brokerage firm by the Greek bank, but Piraeus representatives have not wished to comment on this information so far. Piraeus Bank is one of the few banks that are not yet present on the capital market. However, the development strategy of the bank includes the setting up of a financial group that should include, aside from a brokerage firm, an insurance company and an investment management company. Currently, the Greek group operates the bank and a leasing company – Piraeus Leasing, on the local market. European Securities is one of the medium-sized companies on the market, with investment funds, especially from Greece, among its clients. The company’s main shareholders are Cyprus-based Boulgozo Engineering, with 40% of the shares, and Vivid Holdings, based in the Marshall Islands, with a 33% stake, with the rest of the shares being owned by Greek businessmen.