The global creditors have placed the condition before the beleaguered nation to divest these two banks by 15 July in order to secure more than €240bn of international monetary assistance.
The sale is part of the Greece’s bank rescue fund banking consolidation plan, which will boost Eurobank’s position in the banking sector, and improve its ability to support to businesses and households in the country.
Eurobank CEO Christos Megalou said, "The acquisitions of Hellenic Postbank and Proton Bank are a major milestone for Eurobank and in the restructuring of the Greek banking system."
Following takeover of both banks, the new group will have 20,115 staff and 1,261 branch offices located across seven countries.
The acquisition will boost the deposits by €12bn, loans by more than by €4.2bn, while total assets increase by 23% to €79.4bn of the integrated financial organization.
The acquirer has agreed to reimburse a total consideration of €681m in the form of newly issued Eurobank ordinary shares in lieu of 100% of the shares and voting rights of HPB, pending approval of the acquirer’s ordinary shareholders.
Eurobank will pay €1 cash consideration in exchange for 100% of the shares and voting rights of Proton and before acquisition, the HFSF will pump €395m in Proton to fulfill its capital requirements.
Barclays Bank through its investment arm, and Deutsche Bank London branch, served as financial advisors to Eurobank, while the HFSF appointed Rothschild and Goldman Sachs to provide advice pertaining to the disposal of Proton and TT.
