Piraeus buys out Iolcus investment firm

Piraeus Bank said on Wednesday it agreed to fully acquire investment firm Iolcus for about 10 million euros 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 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.

[Reuters]