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

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.
- » IIB Board of Directors in Budapest Summed up the Results of 2019: Successful Completion of Relocation to Europe, Record Growth of Loan Portfolio and Key Performance Indicators
- » The United States Owes the UN $ 491 Million
- » The 2020 State Social Security Budget - Adopted
- » The Minimum Retirement Pension Rises to BGN 250 from July 1
- » Standard & Poor Upgraded Sofia's Long-Term Credit Rating
- » Minister Goranov: Bulgaria Has the Highest Credit Rating in the Balkans