Turkish group Eurobank Tekfen, a partnership of Greek lender EFG Eurobank and Turkish company Tekfen, said the process of selling a 70 percent stake in the bank was continuing, Milliyet newspaper reported on Thursday.
Eurobank, Greece’s second-largest lender, said in July of last year it had begun talks to sell a majority stake in Eurobank Tekfen.
“A deal has been reached. An official statement is expected in the coming couple of weeks,” sources told Reuters.
Moreover, EFG Eurobank wants to complete the agreement to sell the Eurobank’s Polish subsidiary, Polbank. The sale’s conditions included the acquisition of 70 percent of Polbank by Raiffeisen for 490 million euros in cash.
The deal provides Eurobank with a capital injection of €265m, increasing its core tier 1 capital ratio to a healthy 9.2 per cent.
It also frees up a useful €750m or so of liquidity, especially as Greek banks have lost access to wholesale funding and the interbank markets.
See all the latest news from Greece and the world at Greekreporter.com. Contact our newsroom to report an update or send your story, photos and videos. Follow GR on Google News and subscribe here to our daily email!
