BUSINESS

Eurobank finishes buyout of Piraeus’ Bulgarian unit

TAGS: Banking, Business

Greece’s third-largest lender, Eurobank, said on Friday that its Bulgarian subsidiary Postbank had concluded the acquisition of Piraeus Bank’s Bulgarian unit after obtaining regulatory approvals.

The acquisition boosts Postbank’s share in Bulgaria’s banking market to more than 10 percent, ranking it third in terms of total loans, Eurobank said.

Piraeus Bank said it sold its 99.98 percent holding in Piraeus Bank Bulgaria for 75 million euros.

The transaction is capital accretive for the group, strengthening its core equity tier-1 capital ratio by 22 basis points.

Mediobanca advised Piraeus on the sale.

[Reuters]

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