March 1 (SeeNews) - Bulgaria’s Postbank, a unit of Greece’s Eurobank EFG, said on Tuesday it completed the acquisition of the Bulgarian unit of Greece's Alpha Bank.
After the transaction, Postbank becomes the fourth largest bank in Bulgaria in terms of loans and deposits, the bank said in a press release. Its assets exceeded 6.3 billion levs ($3.5 million/3.2 million euro), it added.
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Postbank will aim "to further strengthen its position in the Bulgarian banking sector and to expand its customer base in both the retail and wholesale segments," reads a bourse filing by Alpha Bank, which confirms the completion of the transaction, pursuant to the provision of the relevant regulatory approvals.
The merger of the banks' operations, as well as the rebranding of the newly acquired offices of Alpha Bank Bulgaria will be implemented in several stages, Postbank said.
The deal was first announced in July 2015, at the height of the Greek banking crisis.
($=0.9222 euro)