Eurobank acquires Piraeus Bank in Bulgaria

Eurobank has acquired Piraeus Bank Bulgaria in a €75m deal, becoming the fourth biggest lender in the country according to assets. The transaction is expected to close in a month after securing approval from competition authorities and the Bulgarian National Bank. Sale negotiations started at the end of the last year. Eurobank’s market share and portfolio is expected to increase by 10 percent once the deal is finalized. In 2015, Eurobank acquired Alpha Bank’s Bulgarian operations.