Eurobank absorbs Alpha’s Bulgarian branches
Eurobank has bought Alpha Bank’s 83-branch network in Bulgaria via its Bulgarian subsidiary Postbank for the symbolic price of 1 euro, a move made in the context of Greek lenders’ commitments to restructuring.
Late on Friday the Alpha board approved the sale of the 83 branches in Bulgaria to Postbank, which has a loan portfolio of 2.5 billion euros, deposits of 2.6 billion and a network of 179 branches.
Sources say the Bulgarian network’s sale will not deduct any capital from Alpha while it will release liquidity of 100 million euros. Its deposit market share stood at just 1 percent.
