EFG Eurobank Ergasias announces that it has concluded an agreement with the SOCIETATEA DE INVESTITII FINANCIERE MUNTENIA S.A. (SIF Muntenia) related to the purchase of shares representing the 5.13% of the share capital of Banc Post S.A. in Romania.
EFG Eurobank Ergasias announces that it has concluded an agreement with the SOCIETATEA DE INVESTITII FINANCIERE MUNTENIA S.A. (SIF Muntenia) related to the purchase of shares representing the 5.13% of the share capital of Banc Post S.A. in Romania. The agreement was signed in Bucharest on December 21st, 2004.
EFG Eurobank is the majority owner of Bancpost and exercises the management control over the Bank.
In addition, EFG Eurobank has options to purchase additional shares in Bancpost currently owned by GE Capital Corp. as well as the shares of EBRD & IFC. The GE Capital option is expected to be exercised during the first semester of 2005, whereas the corresponding options on EBRD & IFC shares may be exercised between 2006 and 2008.
With an extensive network of 160 branches in all regions of the country Bancpost holds the sixth position among all Banks operating in Romania and enjoys high and above average growth rates relative to the market, rendering its full and diversified range of services to both corporate and retail customers.
The last acquisition is an integrated part of Eurobank´s regional strategy to increase its share participation in its affiliates in Southeastern Europe, a target that has already been accomplished in the case of Bulgaria, and is currently being gradually pursued in Romania.