Eurobank acquires Hellenic Postbank and New Proton Bank

Eurobank Ergasias S.A. signed with Greek Fund for Stability (HFSF) two obliging contracts on acquisition of 100% stake and voting rights in banks New TT Hellenic Postbank S.A. (HPB) and New Proton Bank S.A. (Proton), the bank announced.

After acquiring HPB and Proton, new group will have 20.115 staff and 1.261 branch offices in seven countries. This transaction will generate deposit growth for EUR 12 billion while the increase of the overall assets will be 23%, i.e. EUR 79,4 billion. It is estimated that combined synergies of these two transactions totals some EUR 200 mil annually by 2015, with current net value of some EUR 800 mil.

- Purchase of banks, Hellenic Postbank and Proton Bank presents crossroads for Eurobank and the process of restructuring of Greek banking system. After strengthening capital base and liquidity, with combination of creative forces of these three organizations, Eurobank will be able to support Greek companies and population and contributes to efforts with respect to Greek economy recovery - General Manager of Eurobank, Christos Megalou said.