Greek Eurobank says looking for more acquisitions

Daily Star Egypt Staff
1 Min Read

ATHENS: EFG Eurobank CEO Nikos Nanopoulos said on Thursday the bank was looking for other acquisitions in new countries beyond the Balkans and Turkey, and was eyeing Bank of Alexandria. The acquisition of Tekfenbank in Turkey complements and does not complete the ongoing growth strategy of Eurobank beyond the five countries where it is currently present (south-east and central Europe). Other cases are being explored, Nanopoulos told reporters. On Tuesday, Eurobank beat market expectations with a 45 percent year-on-year rise in first-quarter net profit as a result of strong household borrowing. Earlier this month, Eurobank acquired a 70 percent stake in Turkey s Tekfenbank for $185 million, the second Greek bank to invest in a Turkish lender in the past two months. Eurobank, Greece s third-largest lender by assets, is also present in Serbia, Romania, Bulgaria and Poland. Overseas operations contributed 12.5 percent to overall group profit in the first quarter of 2006. The Egyptian government has said it is planning to privatize the Bank of Alexandria and is seeking to sell a 75-80 percent stake to a strategic investor. Reuters

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