ECONOMY

Eurobank gets spot in Romania’s capital

EFG Eurobank Properties has announced the acquisition of 99.99 percent of Romanian firm Seferco Development SA. The initial agreement provides for a purchase price of 39.8 million euros, excluding debts and obligations to third parties. The actual price comes to 20.35 million euros. Seferco Development owns a newly built office block in the Pipera district of the Romanian capital, Bucharest, with a total rentable area of 22,704 square meters, plus 120 parking places. The building will house members of the EFG Eurobank group, such as Bancpost SA. Additional work to the building is being planned, at a maximum total cost of 7 million euros. After this work, it is estimated that the building will be worth around 52.7 million euros. The investment is part of the group’s strategy to develop its investment portfolio in geographical areas of high commercial value, provided conditions in the capital and real estate markets permit this. National solution Separately, the administration of the National Bank of Greece has intervened to resolve the problem of supplementary pensions not being paid to thousands of its former employees. As expected, National paid for the August supplementary pensions while underlining that «it was not under any legal obligation to do so, but acted only out of its interest in the pensioners and its social sensitivity.» It added that the bank always pays what is due to the fund, sending a clear message that it is the mismanagement of the fund that caused the delay in payments.