Piraeus Bank has completed the corporate absorption of six wholly owned real estate and operational subsidiaries in Greece.
The Athens-based lender confirmed on Friday, November 6, 2026, that the transaction took place with no increase in its share capital and no change to its shareholder composition.
The formal completion follows an initial market disclosure issued by the bank on July 10, 2026, which outlined plans to fold the six businesses directly into the parent company.
Piraeus Bank stated that because all six absorbed entities were already 100 percent owned subsidiaries, the structural combination required no fresh equity and left the bank's total share capital intact.
Subsidiaries Absorbed in the Merger
Five of the absorbed businesses operated as single-member joint-stock companies in property development, technical construction, and real estate management, while the sixth operated as a private capital company. The bank identified the absorbed entities as:
- ND Development Single Member S.A. Real Estate Technical Construction and Tourism Company
- Property Horizon Single Member S.A. Development Real Estate Technical Construction and Tourism Company
- Piraeus Development Single Member Real Estate Development and Tourism S.A.
- Piraeus Property Real Estate Management Single Member S.A.
- Pleiades Single Member S.A. Real Estate Development and Management
- Woli Operations Single Member P.C.
Under Greek corporate law classifications, the first five companies were organized as single-member societes anonymes, or Monoprosopi Anonymos Etaireia, while Woli Operations was registered as a single-member private company, or Idiotiki Kefalaiouchiki Etaireia.
Regulatory Approvals and Commercial Registry Filing
The merger secured official state clearance through ministerial decision protocol number 4351833/6-11-2026, issued by the Greek Ministry of Development.
Greek authorities formally recorded the ministerial approval in the General Commercial Registry, known as GEMI, on November 6, 2026, under registration entry code 6326990.
The registry functions as Greece's official public business database, where significant corporate actions, executive appointments, and restructuring decisions must be published to take legal effect.
Statutory Framework and Banking Context
The transaction was carried out under Article 16 of Law 2515/1997, a statute establishing specific procedures and tax rules for banking mergers and corporate acquisitions in Greece.
The consolidation also complied with Greece's primary corporate transformation law, Law 4601/2019, specifically applying Article 6 paragraphs 2 and 3, Articles 7 through 21, Articles 30 through 35, Articles 42 through 45, and Article 140 paragraph 3. The process further satisfied statutory company provisions under Law 4072/2012 and Law 4548/2018.
Piraeus Bank is one of Greece's four systemic commercial lenders, alongside National Bank of Greece, Eurobank, and Alpha Bank. Founded in 1916 and headquartered in Athens, the group provides retail banking, commercial lending, and investment services across the country.
Greek financial institutions have frequently absorbed specialized real estate and auxiliary subsidiaries to reduce administrative overhead, streamline corporate governance, and integrate property portfolios directly onto parent balance sheets without altering external ownership structures.
