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Finance Postbank will buy Piraeus for € 75 million


Additional information on the topic

Kim wants to buy Piraeus Bank

Secured candidates – Tsvetkin Borislavova, Invest Bank of Pita Slavov and Greek owner of Postbank

June 15, 2018


During merger

NBG has already chosen the KBC for the Bulgarian bank, and is quick to announce the deal until the end of the year

December 16, 2016

The new Greek bank

After nine months of the Euro-1 deal, Alfa Bank began its business transfer to Postbank, the fourth player in the Bulgarian banking market.

March 6, 2016

Post Bank acquired Piraeus Bank for € 75 million after the two headquarters in Athens signed an agreement to complete the purchase. Competitors for the acquisition of the information received from the capital were BCCB, Tsvetkin Borislavov and Investbank Pita Slavova, as well as active funds in the region.

For a few months, the sale of a small bank was subject to pressure from the Greek parent banks' debtors, along with the debt crisis in the southern neighborhood, to share with non-strategic assets. The result of the deal will be the improvement of Postbank's position as the fifth largest asset in the Bulgarian market. The buyer's stated intention is to merge # 3 on market assets. Postbank is the only Greek bank in the country after the transaction.

Other purchases

After the acquisition of Alfa Bank in Bulgaria by 2016, Postbank was the latest in the local market focusing on Greek business in this sector. Given the similarity of corporate culture and clients' institutions in the future, which would not be a major challenge for such a merger, it was logical and logical.

To obtain this, it is necessary to obtain a regulatory approval, and the positive result will be confirmed in the first half of 2019.

As of the first nine months of the current year, Postbank (through Eurobank Bulgaria) has assets of $ 8.1 billion BGN, while Piraeus Bank Bulgaria has about $ 3.1 billion assets and merger Postbank Over the past two years, the top 5 banks in the fastest growing competition bank According to forecasts, the total assets of Postbank after the transaction are more than 5 billion Euros. This institution is ahead of FBank and UBB, which has stopped being Greek by the time it purchased the Belgian KBC.

"The Eurobank Bulgaria will be the third largest bank in the country after the purchase," said Stavros Johan, Deputy CEO of the Greek Eurobank. "The buyout strategy has focused on expanding Eurobank's international markets, which would be good for our customers, our Bulgarian economy and our Greek business in our neighboring country," said the senior manager of the Greek bank.

Expected Effects

As expected by the synergy after the agreement, the € 150 million benefit and € 70 million net profit. At present, Piraeus Bank has more than 900 employees, with a network of 70 offices across the country. The agreement includes more than 126 million euros of unsecured portfolios, which expects new ownership and interest, but collective agencies.

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