Piraeus Bank-AsiaPac JV on Ship Finance

Greece’s largest lender by assets Piraeus Bank is eyeing a strategic partnership with a major Asian Pacific financial conglomerate that will help it provide financing to Greek shipping companies.

"This pioneering initiative forms part of Piraeus Bank’s continued commitment to the shipping community, through investment of international capital into existing opportunities and new financing to the shipping industry," said a press release form the bank.

The initiative aims at positioning Piraeus Bank at the forefront of servicing the needs of Greek shipping clients.

Piraeus did not name the Asian partner. Piraeus Bank has not set a timeline for this process and there can be no assurance that a transaction will be entered into or consummated or, if a transaction is undertaken, as to its terms, structure and timing.

The Bank will disclose without delay such information on facts or circumstances pertaining to it, which is required to be disclosed in accordance with applicable legislation.

It said that Houlihan Lokey is acting as Piraeus Bank’s strategic and financial advisor for this process.