Greece's Piraeus Bank will sell part of its 28 percent stake in insurer European Reliance to the European Bank for Reconstruction and Development, a Piraeus official said on Wednesday.

Piraeus, Greece's largest lender by assets, plans to divest the entire stake as part of a restructuring plan which entails the disposal of non-core assets.

"There is agreement with the EBRD to buy a stake of 15 percent in European Reliance from Piraeus. The Bank of Greece has approved the transaction," the official said, without disclosing the price of the transaction. Read the full story GREECE's Piraeus Bank to sell part of European Reliance stake to EBRD