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

Business » FINANCE | July 17, 2015, Friday // 13:02| Views: | Comments: 0
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

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Tags: Alpha Bank, Eurobank, Postbank, Greek crisis, bank assets
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