BUSINESS

Eurobank seeks partner for Romanian subsidiary

TAGS: Banking

Eurobank has hired HSBC and Mediobanca to help it find a “strategic partner” for its Romanian subsidiary, a source at the Greek bank said on Monday.

Major Greek banks are looking to reduce their exposure abroad and strengthen their capital base under the terms of the country’s latest multi-billion euro financial bailout.

Bancpost, with total assets of 2.8 billion euros, has a network of 147 branches in Romania, which is one of Eurobank’s biggest markets outside Greece.

“Our target is for the whole process to conclude in a year from now,” the source said, without providing further details of what sort of deal was being considered.

Eurobank, Greece’s third largest lender by assets, is also present in Bulgaria, Serbia and Cyprus.

[Reuters]

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