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Greek EFG Eurobank Concludes Merger of Bulgarian Units
Business | November 6, 2007, Tuesday // 00:00
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Eurobank EFG Bulgaria CEO Anthony Hassiotis (centre) plans to take the bank into the top three, by assets, sooner rather than later. Photo by Kameliya Atanasova (Sofia Photo Agency)
Greek banking group EFG Eurobank Ergasias said on Tuesday it concluded the merger of its two Bulgarian units, making it the fifth biggest bank in the country by assets.
EFG Eurobank bought 43% in Bulgaria's Post Bank in 2002, acquiring a majority stake two years later. Last year, the group bought 74.26% in DZI Bank for EUR 157.76 M, later raising its stake to over 90%.
The new bank will be called Eurobank EFG Bulgaria and will have close to 10% market share, with assets worth BGN 4,56 B as of end-September, overtaking First Investment Bank for fifth place.
But the new financial institution will continue operating under the Post Bank brand, its chief executive Anthony Hassiotis said.
"That's more expensive and will cost our staff more effort, but it would be better for our clients to keep the brand they are used to, at least for a while," Hassiotis told reporters.
One of the bank's main targets for the next three years is to become the third biggest bank in the country within three years, he added.
Eurobank EFG Bulgaria has 264 outlets in the country, making it the third-largest banking network, and it employs more than 3,000 people.
It is one of the leading mortgage lenders in Bulgaria with 16% market share and it has 12% of the consumer lending segment.
The group plans to expand to offer additional financial services, including leasing, investment banking, mutual funds, insurance, factoring and real estate, officials have said.
With assets worth EUR 63,3 B throughout southeastern Europe, Eurobank EFG Ergasias is one of the biggest players on the regional banking market.
EFG Eurobank bought 43% in Bulgaria's Post Bank in 2002, acquiring a majority stake two years later. Last year, the group bought 74.26% in DZI Bank for EUR 157.76 M, later raising its stake to over 90%.
The new bank will be called Eurobank EFG Bulgaria and will have close to 10% market share, with assets worth BGN 4,56 B as of end-September, overtaking First Investment Bank for fifth place.
But the new financial institution will continue operating under the Post Bank brand, its chief executive Anthony Hassiotis said.
"That's more expensive and will cost our staff more effort, but it would be better for our clients to keep the brand they are used to, at least for a while," Hassiotis told reporters.
One of the bank's main targets for the next three years is to become the third biggest bank in the country within three years, he added.
Eurobank EFG Bulgaria has 264 outlets in the country, making it the third-largest banking network, and it employs more than 3,000 people.
It is one of the leading mortgage lenders in Bulgaria with 16% market share and it has 12% of the consumer lending segment.
The group plans to expand to offer additional financial services, including leasing, investment banking, mutual funds, insurance, factoring and real estate, officials have said.
With assets worth EUR 63,3 B throughout southeastern Europe, Eurobank EFG Ergasias is one of the biggest players on the regional banking market.
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