ATHENS, Nov 6 (Reuters) - Greek lender Alpha Bank said on Friday it had concluded a deal to sell its Bulgarian operations to Greek peer Eurobank.
In July, Eurobank’s Bulgarian subsidiary Postbank struck a preliminary deal to acquire Alpha’s business in the country, which had assets of 464 million euros ($498 million) and a retail network of 82 branches at the end of September.
Under the deal, Postbank bought Alpha’s loss-making Bulgarian branch network for 1 euro.
“The transaction is fully aligned with the respective restructuring plans of Alpha Bank and Eurobank, as approved by the European Commission in 2014,” Alpha said.
The acquisition will help Postbank strengthen its position in the Bulgarian banking sector, becoming the fourth biggest Bulgarian bank in terms of deposits and loans.
Mediobanca advised Eurobank, the third largest bank in Greece. Citigroup advised Alpha Bank. ($1 = 0.9311 euros) (Reporting by George Georgiopoulos; editing by David Clarke)