June 14, 2019 / 8:11 AM / 4 days ago

Eurobank concludes buyout of Piraeus Bank's Bulgarian unit

ATHENS, June 14 (Reuters) - Eurobank, Greece’s third-largest lender, said on Friday that its Bulgarian subsidiary Postbank had concluded the acquisition of Piraeus Bank’s Bulgarian unit after obtaining regulatory approvals.

* The acquisition boosts Postbank’s share in Bulgaria’s banking market to more than 10%, ranking it third in terms of total loans, Eurobank said.

* Piraeus Bank said it sold its 99.98% holding in Piraeus Bank Bulgaria for 75 million euros ($85 million). The transaction is capital accretive for the group, strengthening its core equity tier-1 capital ratio by 22 basis points.

* Mediobanca advised Piraeus on the sale. ($1 = 0.8862 euros) (Reporting by George Georgiopoulos; Editing by Susan Fenton)

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