ECONOMY

Eurobank close to deal to sell Romanian assets to Banca Transilvania

Eurobank close to deal to sell Romanian assets to Banca Transilvania

Greece’s Eurobank said it is close to finalizing a deal to sell its Romanian subsidiaries to Banca Transilvania.

The potential sale is part of a restructuring plan agreed by Greece’s third largest lender with European Union authorities, and includes Romanian units Bancpost, ERB Retail Servces IFN and ERB Leasing IFN.

Eurobank said it hopes to sign an agreement at the end of November.

Greek banks have been divesting assets and foreign subsidiaries to focus on their domestic market under a restructuring drive approved by European authorities as part of Greece’s multi-billion euro bailout.

“Parties are completing final formalities for the signing of an agreement,” Eurobank said in an Athens Stock Exchange filing. [Reuters]

Banking
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