Greece's Eurobank to buy Alpha Bank branches in Bulgaria
[ATHENS] Eurobank will buy the loss-making Bulgarian branch network of fellow Greek lender Alpha Bank for the nominal sum of 1 euro and the boards of both banks will meet on Friday to finalise the deal, two banking sources told Reuters.
Greek banks, which have been closed for weeks as the near-bankrupt country negotiates a bailout deal with international creditors, face liquidity problems and are bracing for a deep overhaul including closures or mergers.
As part of an earlier bailout agreement, Greek lenders committed to restructuring their operations, selling off assets held in the Balkans and focusing on their domestic market.
More than a fifth of Bulgaria's banking assets are owned by Greek lenders
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