You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Bulgaria's Eurobank, Piraeus Bank postpone shareholders' vote on merger

Author Mario Tanev
Bulgaria's Eurobank, Piraeus Bank postpone shareholders' vote on merger Author: Lukas Plewnia. License: Creative Commons, Attribution-ShareAlike 2.0 Generic.

SOFIA (Bulgaria), August 21 (SeeNews) - Eurobank Bulgaria and its unit Piraeus Bank Bulgaria have postponed their respective shareholders' meetings, at which the contract for absorption of Piraeus Bank by Eurobank will be put to a vote.

The two lenders will hold their shareholders' meetings on September 20, they said in separate filings to Bulgaria's commercial register on Monday.

Eurobank Bulgaria's shareholders' meeting was originally planned to take place on September 11, while Piraeus Bank Bulgaria was due to hold its meeting on September 9.

Eurobank Bulgaria, which operates under the Postbank brand, wrapped up the acquisition of Piraeus Bank Bulgaria from Greece's Piraeus Bank in June.

The two lenders hold a combined market share of 11.5% in terms of retail banking, and 9% regarding wholesale banking, making them the fourth largest player on both segments, according to data disclosed by the competition regulator earlier this year.

In November 2018, Eurobank signed an agreement to acquire Piraeus Bank Bulgaria. The value of Piraeus Bank Bulgaria's shares is 75 million euro ($83.9 million) and the transaction will have a limited effect on Eurobank's common equity tier 1 capital, Eurobank Bulgaria said at the time.

At the end of June, Piraeus Bank Bulgaria was the country's 11th largest lender by assets, while Eurobank Bulgaria was fifth, according to central bank data.

($ = 0.8935 euro)