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Eurobank Ergasias SA Completes Sale of Eurobank Takfen to Burgan Bank SAK

Thursday, 20 Dec 2012 07:00pm EST 

Eurobank Ergasias SA (Eurobank) announced that it has completed the sale of its Turkish operations (the Transaction) to Burgan Bank SAK (Burgan), following approvals from all competent authorities. Under the terms of the Transaction, which was announced on April 9, 2012, Burgan has acquired 99.3% of Eurobank Tekfen, from Eurobank and the Tekfen Group, for a consideration of 1x Book Value, i.e. approx. TRL 700 million. The Transaction increases Eurobank’s Core Tier I capital ratio by more than 50 bps (or capital equivalent of more than EUR 200 million) and improves its liquidity position by more than EUR 400 million.