Good news for at least one of Greece’s four systemic banks on Thursday, as Piraeus Bank said it has sealed a deal with Kuwait’s Al Ahli Bank to sell its 98.5-percent stake in Piraeus Bank Egypt (PBE) for US$150 million.

The agreement is subject to approval by the Egyptian central bank and the Hellenic Financial Stability Fund (HFSF), amongst others.

“The transaction reflects a fair value for our subsidiary and provides our Group with capital accretion, freeing liquidity at the same time. We believe that now it is our duty to focus in the direction of financing the Greek economy,” Piraeus Bank CEO Anthimos Thomopoulos said, in commenting on the agreement.