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BUCHAREST (Romania), September 14 (SeeNews) - Piraeus Bank Romania (PBR) said on Friday it will change its name to First Bank after being sold by its Greek parent in June.
"The rebranding process will start at the end of 2018 and will continue in the coming months. The transition to the new brand will be visible, gradual, throughout the process. The bank's business will run normally," Piraeus Bank Romania said in a press release.
All contractual commitments between the bank and its clients remain active and will not be affected by the adoption of the new brand identity, the bank added.
In August, the European Bank for Reconstruction and Development acquired a 19% stake in Piraeus Bank Romania from Greece's Piraeus Group, alongside private equity fund J.C. Flowers and PBR management.
The EBRD and JCF own shares in a Luxembourg investment vehicle that in turn owns 95.1% of the share capital of PBR, while bank management owns the remaining 4.9%.
Piraeus Bank, one of the four systemic banks in Greece, is divesting its foreign investments and selling non-core assets as part of a comprehensive transformation of the Greek financial sector, as agreed with the European Commission.
Based in Bucharest, Piraeus Bank Romania offers a wide range of products and services for the local and international clients, including retail, small and medium sized enterprises and corporate banking. PBR operates through a network of 100 banking units, employing 1,200 specialists and has approximately 300,000 customers.
J.C. Flowers, founded in 1998, has invested more than $15 billion of capital in 52 portfolio companies in 17 countries across a range of industry subsectors including banking, insurance and reinsurance, securities firms, specialty finance, and services and asset management.