Eurobank, one of Greece’s biggest banks, will take over the business of another major Greek bank, Alpha Bank, in the neighboring Balkan country of Bulgaria.
Eurobank‘s subsidiary, Postbank, will buy the Bulgarian branches of Alpha Bank‘s subsidiary, Alpha Bank Bulgaria.
Postbank will reportedly take over 80 Alpha Bank Bulgaria branches. The alleged cost of the transaction is a symbolic 1 euro, according to Greek newspaper “Kathimerini.” Alpha Bank Bulgaria is currently operating at a loss and the boards of the two banks are scheduled to meet later today.
“Kathimerini” reported that Greek banks have been under pressure from the European Commission to focus on the domestic market and limit their foreign exposure within the next two years. However, Greek banks hope to maintain their businesses in countries where they have a strong presence.
Sources told “Kathimerini” that another major Greek bank, the National Bank of Greece (NGB), is being pushed to sell about 40% of its Turkish subsidiary, Finansbank.