Eurobank Bulgaria Gets Approval To Buy Piraeus Bank Bulgaria

Bulgaria’s central bank said that it has granted preliminary approval to Eurobank Bulgaria to acquire a 99.9819% stake in Piraeus Bank Bulgaria.

Following the acquisition, Piraeus Bank Bulgaria will become a subsidiary of Eurobank Bulgaria and part of Greece’s Eurobank Ergasias group, the Bulgarian National Bank (BNB) said in a statement on Thursday.

In November 2018, Eurobank signed an agreement to acquire Piraeus Bank Bulgaria from Greek peer Piraeus Bank.

The value of Piraeus Bank Bulgaria’s shares is 75 million euro ($85.8 million) and the transaction will have limited effect on Eurobank’s common equity tier 1 capital, Eurobank Bulgaria, which operates under the Postbank brand, said at the time.

Following the acquisition, Eurobank Bulgaria will have a market share of over 10% and will be the third largest lender in terms of credit portfolio, the lender said in November. Eurobank Bulgaria’s assets will grow to over 5 billion euro and its capital will exceed 600 million euro, it added at the time.

At the end of January, Eurobank Bulgaria was the country’s fifth largest lender by assets, while Piraeus Bank Bulgaria ranked 10th, according to the latest available BNB data.

Read More

Ruse Arena Criticized

Only two days into the WCH and its hosting sites have been subject to rosy reviews from fans and players alike. First, observers reported to...

BSMEPA And PARA Announce Joint Project For Automation & Robotics

For support in the development of robotics and automation in Bulgaria, representatives of Bulgarian Small and Medium-sized Enterprises Promotion Agency and Professional...

New Tender Launched For Tender Of Plovdiv Airport

 Bulgaria's government said on Thursday that it has endorsed the transport minister's decision to launch a new tender for awarding a concession contract for...


Xi Jinping’s Authoritarianism Is Hurting The Chinese Economy

China is undeniably an anomaly, a powerhouse. In 2016 there were just 16 Chinese billionaires now two years later one in five billionaires are...

Borisov Does Not Want Bulgaria To Become Diesel Car Cemetery

If we do not take steps to deal with the dirty air, it will be late and we will find a cemetery for diesel...

Sofia Airport Concession Tender Extended To April 11th

Bulgaria's transport ministry said it has extended, for the fifth time, the deadline for submitting bids in its tender for awarding a...