ANNOUNCEMENT-Eurobank concludes sale of Bancpost to Banca Transilvania

Eurobank announces the completion of the sale of Bancpost S.A.,
ERB Retail Services IFN S.A. and ERB Leasing IFN S.A. from
Eurobank Group to Banca Transilvania (“BT”) Eurobank announces
that Eurobank Group and BT have concluded on April 3rd 2018 all
the remaining actions and fulfilled all the conditions precedent
for the completion of the transfer of the shares held by
Eurobank Group in Bancpost S.A., ERB Retail Services IFN S.A.
and ERB Leasing IFN S.A. to BT. Prior to this, BT has obtained
the relevant regulatory approvals from both the National Bank of
Romania and the Romanian Competition Authority for the
acquisition.
The total consideration of the transaction post distribution
of special dividend and capital return is €301m representing a
multiple of 0.80xP/BV1. The transaction is capital accretive for
Eurobank adding ca. 25bps in Common Equity Tier 1 ratio and
liquidity positive.
With the completion of the current transaction, Eurobank
fulfils well ahead of time its commitment towards the European
Commission for the reduction of its foreign footprint. After the
departure from Romania, Eurobank will retain significant
presence in Cyprus and Bulgaria, as well as presence in Serbia
and Luxemburg. Also with the above transaction Eurobank
concludes in substance its restructuring plan.
Mr. Stavros Ioannou, Deputy CEO of Eurobank, commented:
“With the completion of the divestment of Bancpost and its
affiliates, Eurobank fulfils the last outstanding divestment
obligation under its restructuring plan, as approved by the
European Commission, with a capital accretive transaction. I
believe that this transaction with a reputable partner such as
Banca Transilvania is in the best interest of Bancpost clients,
depositors and employees.
Going forward, Eurobank will focus on further developing its
key markets. I would like to thank all our colleagues in our
Romanian subsidiaries for the close and fruitful cooperation all
these years, as well as the representatives of BT for this
successful outcome”.
Mediobanca - Banca di Credito Finanziario S.p.A. and HSBC
Bank Plc acted as Financial Advisors to Eurobank in connection
with the transaction and Shearman & Sterling LLP and
Schoenherr si Asociatii SCA provided legal advice.