Eurobank EFG reviewing strategic options in Turkey | Eurobank
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Eurobank EFG reviewing strategic options in Turkey

Eurobank EFG announces that it is reviewing strategic options in Turkey and is having preliminary discussions on a transaction involving a controlling stake in its local subsidiary, Eurobank Tekfen.

Under the prevailing economic conditions, such a prospective transaction will allow a redeployment of resources to the development of its existing international operations in countries where Eurobank EFG has a systemic presence while also further strengthening the liquidity and capital position of Eurobank EFG.

Through this initiative, Eurobank Tekfen, a profitable and fast-growing bank in Turkey, will be able to take full advantage of the strong development trends in the large, competitive and very promising Turkish banking market.

Eurobank EFG will update investors in relation to any developments as and when appropriate.

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Eurobank EFG Group is a European banking organisation with total assets of €83.2bn (1Q 2011). The Group employs more than 22,500 people and offers its products and services both through its network of over 1,600 branches and points of sale, and through alternative distribution channels.

Eurobank EFG Group has an established presence in Greece, Poland, Romania, Bulgaria, Turkey, Serbia, Ukraine, United Kingdom, Luxembourg, and Cyprus. It is a member of the EFG Group, an international banking group with presence across 40 countries.

More information about Eurobank EFG can be found at www.eurobank.gr

Eurobank Tekfen was founded in 1989. In 2007, Eurobank EFG completed the acquisition of a 70 percent stake in the Bank and has maintained a successful strategic partnership with the Tekfen Group (approx. 30 percent stake in the bank). Since Eurobank EFG's acquisition, the Bank has almost doubled its loan book to €1.4bn, leveraging on its current network of 57 branches and business centers. Today Eurobank Tekfen is a standalone bank in Turkey mainly focused on the corporate segment.

More information about Eurobank Tekfen can be found at www.eurobanktekfen.com