Piraeus explores strategic alternatives around its participation in the share capital of “Olympic Commercial and Tourism Enterprises S.A”

Piraeus Bank S.A. announces that it is exploring strategic alternatives around its participation in the share capital of its subsidiary “Olympic Commercial and Tourism Enterprises S.A.”, including a potential sale of said stake, in the context of the implementation of the Group’s Restructuring Plan commitments, as those were agreed with the Directorate General of Competition of the European Commission (the “Transaction”).

Olympic is the holder of the master franchise of Avis Rent a Car, Budget Rent a Car and Payless in Greece. Citigroup Global Markets Ltd is acting as exclusive financial adviser of Piraeus Bank for the Transaction.