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Athens Macedonian News Agency: News in English, 13-09-08
CONTENTS
[01] Eurobank completes acquisition of Hellenic Postbank and Proton Bank
[01] Eurobank completes acquisition of Hellenic Postbank and Proton Bank
ANA-MPA -- "Verdana","sans-serif";mso-bidi-font-family:"Courier
New";color:#0F1419;
Eurobank on Monday announced the completion of the transfer of Hellenic
Postbank's and Proton Bank's shares from the Hellenic Financial Stability
Fund to Eurobank.
The transaction was completed in line with a binding agreement reached
between Eurobank and HFSF in July 15 for the purchase of 100 pct of a
new Hellenic Postbank and new Proton Bank.
"Times New Roman";mso-bidi-font-family:"Courier
New";color:#0F1419;mso-ansi-language: Eurobank said the acquisitions will
enhance its position in the Greek banking system, creating significant
synergies of around 200 million euros annually, resulting basically
from the integration of central services, IT systems and a reduced
funding cost.
The unification process of the two banks is expected to be completed in
the next nine months.
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