EFG Eurobank S.A., Banco Portugues de Investimento (BPI), and General Electric Capital Corporation, have signed an agreement with the Romanian State Ownership Fund for the acquisition of a majority stake at the Romanian bank “Banc Post S.A.”. The share purchase contract was signed today July 20th, 2000, in Bucharest, subject to the approvals of the proper authorities with which the relevant applications have been filed.
Banc Post is a major bank in Romania with a branch network of 128 units, employing 4,000 individuals. It holds the largest ATM network in the Romanian market. Banc Post’s association with the Romanian Post office provides its customers with 2,650 additional points of service. In 31.12.99 Banc Post’s total assets amounted to 7,219 billion Romanian Leu (334 million USD), while profits before tax in 1999 reached 183 billion Leu (8.5 million USD). EFG Eurobank’s decision to participate in the share capital of Banc Post falls within its strategic planning for further expansion in countries of the Balkan Region. EFG Eurobank enters the Romanian market with internationally acclaimed partners. The BPI group, with which EFG Eurobank has longstanding business relations, is the fourth largest private owned banking organization in Portugal, and focuses in Investment and Commercial banking activities. General Electric Capital Corporation is a member of the General Electric corporation - the largest company in the United States.
Together with its partners, EFG Eurobank plans to grow and expand the business activities of Banc Post, the array of products and services offered to its customers and to gradually improve its technical and support infrastructure, rendering Banc Post a provider of high standard services in the Romanian banking sector.