Greek lender Alpha Bank has concluded the sale of its Bulgarian banking business to Eurobank subsidiary Eurobank Bulgaria (Postbank).
On July 17 2015, Postbank inked a preliminary deal to acquire Alpha Bank’s Bulgarian unit, which managed EUR464m in assets and a retail branch network of 82 units as of 30 September 2015.
"The Transaction is fully aligned with the respective restructuring plans of Alpha Bank and Eurobank as approved by the European Commission in 2014," Eurobank said in a statement.
The acquisition will help Postbank expand its customer base in both retail as well as business divisions, making Postbank the fourth biggest Bulgarian bank in terms of deposits and loans.
The deal, subject to regulatory approval, is scheduled to close by the first quarter of 2016.