Five Submit Bids for Acquisition of Piraeus Bank Bulgaria - Report

Five Submit Bids for Acquisition of Piraeus Bank Bulgaria - Report

Greece's Piraeus Bank has received five binding bids for the purchase of its Bulgarian unit, according to media reports. Four Bulgarian bidders and Greece’s Eurobank have tabled bids for the acquisition of Piraeus Bank Bulgaria, Greek media outlet reported last week. According to the media report, Piraeus Bank will examine the offers in the second half of June and the final decisions are expected by the end of the month. The transaction is expected to take place in early 2019, said. Bulgarian media outlet reported last week that according to several sources two Bulgarian lenders - Investbank and Bulgarian American Credit Bank (BACB), and Greece's Eurobank, which owns a subsidiary in Bulgaria, have submitted binding bids. Piraeus Bank Bulgaria's press office declined to comment on the media reports on Monday. Greece's Piraeus Bank did not immediately reply to an e-mail from SeeNews seeking comment.

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