Eurobank Completes Acquisitions of Postbank, Proton Bank

Eurobank Completes Acquisitions of Postbank, Proton Bank

Eurobank completed the acquisitions of New Hellenic Postbank (TT) and Proton Bank from the country's bank rescue fund on Monday, Reuters reported.
Greece's Financial Stability Fund (HFSF) owns 100% of TT. It also holds 93.6% of Eurobank after recapitalising it with 5.84 billion euro last month.
Eurobank said it would acquire all shares and voting rights of TT in exchange for 681 million euro in newly issued Eurobank common shares.
It agreed to pay a token 1 euro to acquire Proton Bank. The HFSF will contribute 395 million euros in cash to cover Proton Bank's capital needs before the transaction.
The deals are pending regulatory and supervisory approval.
The sale of TT and Proton Bank by July 15 was set as a condition by the country's international lenders for the release of more funds from the 240 billion-euro rescue package.
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