ATHENS, Greece–(BUSINESS WIRE)–Following Piraeus Bank’s corporate announcement on 12 July 2019 that it was exploring a potential partnership with a major Asian Pacific financial conglomerate, Piraeus Bank has now entered into an exclusive, strategic collaboration agreement with ORIX Corporation, a Japan and US-listed company, for the provision of financing solutions to the Greek maritime sector.
ORIX is a financial services group which provides innovative products and services to its customers by constantly pursuing new businesses with nearly USD 100bn in operating assets across 37 countries and regions, and has a long successful history in the global maritime sector over nearly 50 years.
The partnership combines Piraeus Bank’s long-term relationships and knowledge of the Greek maritime sector with ORIX’s significant balance sheet capacity, to provide clients with a wider selection of financing instruments and additional financing where necessary.
The collaboration agreement is expected to expand in both scope and sectors over time.
Piraeus Bank is committed to the support of the maritime sector with an overall portfolio to Greek Shipping exceeding USD2.5bn. Through the strategic collaboration agreement with ORIX, Piraeus Bank aims to strengthen its long-standing client relationships. Piraeus Bank will continue to be an active lender and will provide financing to the Greek shipping market both on its own and also as part of this venture, targeting to enhance its balance sheet and return on equity.
Houlihan Lokey acted as exclusive financial advisor to Piraeus Bank.