Piraeus pays 850,000 euros for European Securities

Greek-owned Piraeus Bank, paid 850,000 euros for over 90% in Romanian brokerage firm European Securities, according to sources from the market. The transaction valued the brokerage firm at 0.9 million euros and provided a reference point for the price of brokerage firms on the capital market. Piraeus Bank is listed on the Athens Stock Exchange. It had not disclosed the value of the transaction by Wednesday. Actually, the Greeks’ money paid for the right to trade on the Stock Exchange, as well as the stake European Securities had in the Bucharest Stock Exchange, along with a few assets necessary for operations to run smoothly. The brokerage firm did not hold its own share portfolio on the Stock Exchange, and once the transaction was completed, its clients migrated to other brokerage firms on the market.