Piraeus Bank on Friday announced an agreement to sell its US subsidiary Marathon Banking Corporation to Investors Bancorp Inc for 133 million euros in cash. Piraeus Bank said the transaction was expected to improve the group’s capital adequacy rate by 22 basis points to 9.3 pct (pro-forma). The transaction has been approved by the boards of the two banks and requires approval by supervisory and regulatory authorities. The deal is expected to be completed in the fourth quarter of 2012.
Marathon Banking Corporation is a New York-based bank. Investors Bancorp, is based in Short Hills, New Jersey, and has assets worth 11.3 billion euros.