EFG Eurobank Ergasias S.A.(EUROBANK) is pleased to announce that an agreement has been reached with the Portuguese bank BANCO BPI, S.A.(BBPI) for the acquisition of the shares owned by BBPI in the Romanian bank BANC POST S.A. By acquiring these shares, which amount to 17% of the share capital of Banc Post, EUROBANK’s participation in BANC POST will increase to 53.25%, thus gaining majority control.
Furthermore, EUROBANK holds an option for the acquisition of the shares currently owned by General Electric Capital Corp, which –when exercised- would raise EUROBANK’s participation in BANC POST to 62%.This new development demonstrates EUROBANK’s commitment to the Romanian Market and to the development of BANC POST. The new increased majority will enable EUROBANK to accelerate the process of BANC POST’s restructuring, which is already in progress, and turn this major Romanian Institution into a key provider of quality products and services. A number of steps toward this direction have already been initiated, including the selection and implementation of a new Technological Infrastructure, the launch of a number of new modern products addressing the needs of the Romanian market, and the strengthening of the Bank’s management team.
The completion of the above transaction is subject to the appropriate regulatory and supervising authorities’ approvals.