Greek Eurobank to Buy Branch Network of Alpha Bank in Bulgaria - Reuters

Business » FINANCE | July 17, 2015, Friday // 13:02| Views: | Comments: 2
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Bulgaria: Greek Eurobank to Buy Branch Network of Alpha Bank in Bulgaria - Reuters Photo by BGNES

Greek Euroboank, which owns 100% of Bulgaria's Postbank, will buy around 80 branches of Greek Alpha Bank in Bulgaria for EUR 1, according to a Eurobank official, as cited by Reuters.

The boards of the two banks are to meet Friday to finalize the deal.

Reuters informs that more than one-fifth of Bulgaria's bank assets are owned by Greek banks.

Eurobank Bulgaria had assets worth BGN 5.9 B by end-March 2015 and its Q1 net profit stood at BGN 20.8 M.

Alpha Bank is the only one of all Greek banks functioning in Bulgaria to not operate as a subsidiary but as a branch, meaning that deposits at the bank are guaranteed by the Greek deposit guarantee scheme, according to reports of dnevnik.bg.

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Tags: Alpha Bank, Eurobank, Postbank, Greek crisis, bank assets
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» To the forumComments (2)
#2
GrueFski - 17 Jul 2015 // 18:14:14

something like that
it means they have losses but they still have their buldings, computers and other assets
as for the bank supervision failure: that's what happens when Russian spies run your banking system or your National Bank

#1
GAT - 17 Jul 2015 // 18:07:39

1 Euro? This means they are in very serious troubles! The Bulgarian National Bank assured that the Greek banks were safe ???

Another failure of bank supervision?

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