Eurobank agrees to sale of Serbian arm

Eurobank, one of Greece’s four largest lenders, has agreed to sell its Serbian business to AIK Banka Beograd, it said on Thursday.

The transaction values the Serbian subsidiary, Eurobank Direktna, at 280 million euros as part of its strategy to focus on core markets in Greece, Bulgaria and Cyprus, Eurobank said in a bourse filing.

It will add about 50 basis points to Eurobank’s CET1 ratio and is expected to be completed in 2023, it said. [Reuters]