Eurobank lands Piraeus subsidiary in Bulgaria

An agreement for the transfer of Piraeus Bank's subsidiary in Bulgaria (PBB) to Eurobank's arm in the neighboring country, Eurobank Bulgaria (Postbank), was confirmed on Wednesday by both Greek banking groups.

This acquisition strengthens Eurobank group's presence in the Bulgarian market, raising its market share in the Balkan nation to above 10 percent and helping it climb to third place in terms of loan issues.

PBB is active mainly in retail banking, particularly in corporate banking. Based on September 2018 figures it has total assets of 1.7 billion euros, loans of 820 million euros and deposits adding up to 1.3 billion. It employs 900 workers and has a network of 70 branches.

The price of the takeover comes to 75 million euros and will only have a marginal impact on Eurobank's capital.

Upon completion of the transaction Postbank will have total assets of...