Greece’s Eurobank Wraps up Acquisition of Alpha Bank’s Bulgarian Branch

Business » FINANCE | November 7, 2015, Saturday // 12:54| Views: | Comments: 0
Bulgaria: Greece’s Eurobank Wraps up Acquisition of Alpha Bank’s Bulgarian Branch

Bulgaria’s Postbank, a subsidiary of Greece’s Eurobank Ergasias, has wrapped up the acquisition of the operations of the Bulgarian branch network of Alpha Bank, another Greek lender.

Following the signing of the preliminary agreement on July 17 2015, Alpha Bank and Eurobank announce that they have concluded a definitive agreement with regard to the transaction,” the two Greek banks said in a joint statement on Friday.

Under the deal, Postbank will acquire the entire banking operations of Alpha Bank's Bulgarian Branch, which consisted of EUR 464 M of assets including EUR 307 M of net loans, and EUR 261 M of customer deposits as of end of September.

Postbank will also acquire the retail network of Alpha Bank Bulgarian branch consisting of 82 unitsAfter the completion of the deal, Postbank will become the fourth biggest bank in Bulgaria in terms of deposits and loans.

Postbank is expected to benefit from significant synergies from the second year post completion of the acquisition, maintaining its strong capital ratios and substantial liquidity buffers,” the statement read.

The transaction is capital neutral for Alpha Bank, and is fully aligned with its corporate strategy of divesting from non-core markets.”

Completion of the deal is is expected to take place during the first quarter of next year subject to regulatory and supervisory approvals.

We need your support so can keep delivering news and information about Bulgaria! Thank you!

Finance » Be a reporter: Write and send your article
Tags: Bulgaria, greece, Postbank, Alpha Bank,  Eurobank, Ergasias, deposits, loans, Bulgarian Branch
Advertisement All Are Welcome! Join Now!
Bulgaria news (Sofia News Agency - is unique with being a real time news provider in English that informs its readers about the latest Bulgarian news. The editorial staff also publishes a daily online newspaper "Sofia Morning News." (Sofia News Agency - and Sofia Morning News publish the latest economic, political and cultural news that take place in Bulgaria. Foreign media analysis on Bulgaria and World News in Brief are also part of the web site and the online newspaper. News Bulgaria