The agreement puts the platform at 410 million euros. The total purchase price for the purchase of 80% of the platform was agreed at 328 million euros. With regard to the „adequacy“ of the measure, the Commission notes that the measure, which was mainly necessary for ISPs, is intended to ensure that the bank meets regulatory capital requirements and remains eligible for central bank liquidity. First, given that the Bank of Piraeus is a systemically important bank in Greece and that the measure aims to contribute to Greece`s financial stability, the measure seems appropriate at first. However, the Commission has doubts and, at this stage, is not in a position to feel that all measures have been taken immediately to prevent the bank from needing help again in the future. At this time, it is not known who will control the bank as soon as bridge recapitalization is replaced by permanent recapitalization. The bank can either be under state control or minority private owners can benefit from high control and leverage. In both cases, the Commission wishes to ensure that the quality of the bank`s management, and in particular its lending procedure, does not deteriorate. For example, if the bank is under state control, it should not suffer from mismanagement, misvaluation or the execution of non-business-oriented loans. At present, the Commission doubts that the current corporate governance framework can limit public interference and coordination. Conversely, if the majority of Piraeus Bank`s voting rights were held in the future by an investor who placed only a limited amount of money and benefited from call options on government-owned shares, that investor might be tempted to take excessive risks.

Finally, I would like to say that there is a risk that the way the bank is run will deteriorate and that the restoration of sustainability and the maintenance of financial stability may deteriorate. In the absence of clarity as to who the bank will own and control the bank in the future, the Commission doubts at this stage the relevance of the aid measure and invites the Greek authorities, the bank and interested third parties to submit their comments and information. The appointment of the new board member will be announced at the Bank`s next general meeting of shareholders, which will also decide on Mr. Miskou`s election to the audit committee, while the corresponding procedure will be followed within the legal and regulatory framework with respect to the review process of the new member through the European Central Bank`s single supervisory mechanism. Upon invitation to make submissions in accordance with Article 108, paragraph 2, of the TFUE, interested parties may, within one month of the publication of this summary and the following letter, submit measures to increase the aid/measure on which the Commission is introducing the procedure, in order to notify that the confidential treatment of the identity of the interested party submitting the comments may be requested in writing, specifying the reasons for the request. The transaction depends on customary conditions, regulatory approvals and the agreement of the Hellenic Financial Stability Fund (HFSF). Founded in 1916, Piraeus Bank is the leading lender in Greece with a 29% market share and offers more than 5 million customers a full range of financial products and services. The group`s total balance sheet was 59 billion euros at 31 March 2019, net loans of 38 billion euros and customer deposits of 44 billion euros. Piraeus Bank employs 12 thousand people in Greece and operates a national network of 548 units, primarily in customer satisfaction in the Greek market. At the same time, the Bank is at the forefront of digitization and innovation in Greece and meets the needs of more than 1.4 million customers in the electronic banking services sector.