On Friday, November 8, 2002, EFG Eurobank Ergasias S.A. and the Romanian Authority for the Privatization and Management of the State Ownership (APAPS) signed a Share Sale-Purchase Agreement for the acquisition by EFG Eurobank Ergasias of a further 17% of the share capital of Banc Post S.A. from the Romanian government. The cost of the transaction amounts to USD 20 million.
This transaction raises EFG Eurobank Ergasias’ participation in Banc Post to 36.25%. In addition, EFG Eurobank Ergasias holds a further option for the acquisition of shares currently held by General Electric Capital Corp, which would raise EFG Eurobank Ergasias’ participation in Banc Post to 45%.EFG Eurobank Ergasias and Banco Portugues de Investimento (BPI), which holds 17% of the share capital of Banc Post, consequently control a majority stake in the bank. The remaining shareholders are Romanian Private Investment Funds (30%) and the Bank’s employees (8%).Banc Post currently ranks third in terms of assets in the Romanian Banking Sector, with a network of 126 branches and additional indirect presence through 2,400 outlets of the Romanian Postal Services. During 2001, the bank realized substantial growth both in terms of the loan portfolio, which increased by 40%, as well as deposits, which increased by 24%. Banc Post is strongly positioned in the consumer lending business, as it controls 6.5% of this market sector and is the largest distributor of Credit/Debit cards in Romania with almost 1,000,000 cards issued.
EFG Eurobank Ergasias, in cooperation with BPI, will continue to support the financial and business growth of Banc Post, to expand the array of its products and services, to invest in improvements in its technical infrastructure, aiming to render Banc Post a bank operating according to international banking standards, providing services of the highest quality in the Romanian banking sector, which exhibits considerable growth potential.