ECONOMY

Eurobank set to take next step in its evolution

eurobank-set-to-take-next-step-in-its-evolution

The board of the Eurobank group is by September 15 expected to approve the split of its bank arm from the rest of the group. 

The bank will retain the Eurobank name, without the old Ergasias suffix. This forms part of the management’s strategic plan for the streamlining of the bank’s finances.

The next key date will be September 30, when global investment management firm PIMCO will table its binding bid for the securitization of the “Cairo” portfolio of nonperforming exposures (amounting to 7.5 billion euros) and for the acquisition of FPS, the Eurobank group’s subsidiary for the management of bad loans.