Piraeus Bank, Greece’s fourth largest lender by market value, agreed to fully acquire investment firm Iolcus for about €10 million to boost its fee-generating pools.

Set up in 2011, Iolcus manages the Apolis alternative investment funds and portfolios for private and institutional investors and has €1.0 billion in assets under management.

“The transaction will further diversify our fee revenue pools and deepen our know-how around the expanding asset management business in Greece,” Piraeus CEO Christos Megalou said.

Grant Thornton advised Piraeus Bank on the deal.

Original Story: Reuters | George Georgiopoulos
Photo: Piraeus Bank website
Edition: Prime Yield