Piraeus Bank Bulgaria, the local subsidiary of Greece's Piraeus Bank, is a successor of Bulgarian lender Eurobank.
Eurobank was launched in 1997 as a successor to private Mollov Bank that escaped bankruptcy after the Slovak investment fund Istrocapital invested USD 6.25 million in it. Istrocapital and related companies and individuals held 97% of Eurobank, the remainder was dispersed among several individuals.
In February 2001, five buyers - including Commerzbank, EBRD and the International Finance Corporation (IFC) - offered jointly USD 9.3 million for 97% of Eurobank but no deal was signed. Petrol Holding, which owns one of Bulgaria's largest fuel retailers Petrol, bought a 95.1% stake in Eurobank from Istrocapital in 2003.
In July 2004, Piraeus Bank began buyout negotiations with Eurobank shareholders, after several unsuccessful attempts to buy other banks in the country. In January 2005, Piraeus acquired 99.7% of Eurobank for EUR 48.4 million. Through the acquisition of Eurobank, the Greek bank - which has been operating in Bulgaria since 1993 - expanded its network to 30 branches and 27 representation offices. In June 2005, Eurobank doubled its capital to EUR 30 million to expand its credit portfolio. In August 2005, Eurobank was renamed into Piraeus Eurobank. In April 2006, the lender officially merged with the Sofia-based branch of Piraeus to form Piraeus Bank Bulgaria.
Piraeus Bank Bulgaria operates more than 80 branch offices throughout the country. It is a universal bank specialised in corporate banking, retail banking, SMEs, capital markets and leasing.
ul. Okolovrasten pat 260
Sofia; Sofia - city; Postal Code: 1766
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