Greek Eurobank to Buy Branch Network of Alpha Bank in Bulgaria - Reuters

Greek Euroboank, which owns 100% of Bulgaria's Postbank, will buy around 80 branches of Greek Alpha Bank in Bulgaria for EUR 1, according to a Eurobank official, as cited by Reuters.

The boards of the two banks are to meet Friday to finalize the deal.

Reuters informs that more than one-fifth of Bulgaria's bank assets are owned by Greek banks.

Eurobank Bulgaria had assets worth BGN 5.9 B by end-March 2015 and its Q1 net profit stood at BGN 20.8 M.

Alpha Bank is the only one of all Greek banks functioning in Bulgaria to not operate as a subsidiary but as a branch, meaning that deposits at the bank are guaranteed by the Greek deposit guarantee scheme, according to reports of dnevnik.bg.