Greece's Bank of Piraeus said it has reached an agreement to acquire 78 pct of Ukraine's International Commerce Bank (ICB), without specifying any financial details.
Bank of Piraeus said that ICB was established in 1994, has 850 employees and 134 branches and points of sale, in 38 cities servicing 25,000 customers.
The Ukrainian economy is experiencing dynamic growth with a 7.1 GDP growth rate last year which is contributing to the rapid development of the local banking sector, the bank said.
Piraeus added that the acquisition expands the group's international presence which now includes eight countries Romania, Bulgaria, Albania, Serbia, Egypt, the UK, US and Ukraine.
The transaction is subject to regulatory approval in Greece and Ukraine.
