Greece’s Eurobank Completes Acquisition of Alpha Bank’s Branch in Bulgaria

Finance | March 1, 2016, Tuesday // 14:04|  views

Photo by BGNES

Bulgaria’s Postbank, a subsidiary of the Greek Eurobank, successfully finalized on Tuesday the agreement on the acquisition of the operations of the Bulgarian branch of the Greek Alpha Bank.

With the acquisition, Postbank, legally known as Eurobank Bulgaria, has become the fourth largest bank in Bulgaria in terms of loans and deposits, with assets exceeding BGN 6.3 B.

The customers can also rely on a wide branch network across the country and a considerable client base in the retail and wholesale banking segments.

According to the agreement, all rights and obligations of Alpha Bank Bulgaria under contracts with clients are transferred to Postbank.

By signing the legal agreement on Tuesday, the two banks have made the final step towards their merger.

The two banks will integrate their long experience, resources and expertise on the Bulgarian market to offer high quality service, customized approach and modern banking products.

From now on, the two financial institutions will work under the Postbank brand, with the operational merging, the rebranding of offices acquired from Alpha Bank Bulgaria and all resulting changes to happen in a phased manner.

Postbank has operated for 25 years in Bulgaria and has occupied a strategic position in the retail and wholesale banking sector of the country.

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Tags: Bulgaria, Postbank, Eurobank, Alpha Bank, bank, merger, acquisition, greece


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