November 14 (SeeNews) - Eurobank Bulgaria, which operates under the Postbank brand, has absorbed its unit Piraeus Bank Bulgaria, commercial register data shows.
Eurobank Bulgaria took on all assets and liabilities of Piraeus Bank Bulgaria, but did not increase its capital as a result of the process, according to documents entered into the commercial register on Tuesday.
Eurobank Bulgaria received approval from the central bank to absorb Piraeus Bank Bulgaria last month. Eurobank acquired 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 ($82.8 million) and the transaction will have a limited effect on Eurobank's common equity tier 1 capital, Eurobank Bulgaria said at the time.
At the end of September, Eurobank Bulgaria was the country's fifth largest lender by assets, while Piraeus Bank Bulgaria was tenth, according to the most recent central bank data.
($ = 0.9060 euro)
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