EFG Eurobank Ergasias fully controls Bulgarian Post Bank (BPB), a bank based in Bulgaria. | Eurobank
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EFG Eurobank Ergasias fully controls Bulgarian Post Bank (BPB), a bank based in Bulgaria.

EFG Eurobank Ergasias acquired today 50% of the share capital of the Cyprus-based ALICO/CEH Balkan Holdings Ltd (ACBH) from ALICO (American Life Insurance Company), thus controlling 100% of its share capital, after having obtained all relevant approvals from regulatory authorities.
EFG Eurobank Ergasias acquired today 50% of the share capital of the Cyprus-based ALICO/CEH Balkan Holdings Ltd (ACBH) from ALICO (American Life Insurance Company), thus controlling 100% of its share capital, after having obtained all relevant approvals from regulatory authorities.
Following this transaction, EFG Eurobank Ergasias fully controls Bulgarian Post Bank (BPB), a bank based in Bulgaria. Currently, ACBH holds 96.74% of BPB`s share capital after having acquired a 5.03% share from DSK in June 2004.
ALICO`s cooperation with Bulgarian Post Bank will continue in the insurance products area, since BPB will continue to offer insurance products provided by ALICO.
Obtaining full control of BPB is part of Eurobank`s strategy to expand and further support its presence and activities in Southeastern Europe, a strategy aligned with the significant development potential in these countries.
Bulgarian Post Bank provides a wide range of banking products and services and has a market share of 5-7% in the most important banking segments. BPB`s large distribution network consists of 119 branches and 65 ATMs, while the bank cooperates with 2,600 post offices.
In 2003, BPB continued its successful operations in the local market. According to 2003 financial statements, BPB`s loan portfolio grew by 34% as compared to 2002, deposits grew by 22% and after tax profits grew by 65%, along with similar improvements in all financial indicators. BPB`s performance mainly stems from a wide reorganization of its operations and infrastructure and from strong business growth in the most critical and fast-growing areas of the banking market. From an infrastructure point of view, BPB focuses on developing human resources, on introducing new technology and systems, and on improving service quality.
In acknowledgment of its performance, BPB received in 2003 awards from “Banker”, a reputable Bulgarian financial publication, for being the most dynamically developing bank of the country and the Sofia Stock Exchange for being the best dealer in the Bulgarian capital market. In the near future, BPB aims to increase its market share in Bulgaria and to establish itself as one of the strongest banks in the country.