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Finance: Greek Eurobank to sell Turkish subsidiary

27. February 2012. | 12:04

Source: ANSAmed

EFG Eurobank, Greece's third largest bank, has agreed to sell its 70% stake in Turkey's Eurobank Tekfen to Kuwait's Burgan Bank, the commercial banking arm of Kuwait Projects Co (KIPCO), sources close to the deal said, as ReporterNet.com writes.

EFG Eurobank, Greece's third largest bank, has agreed to sell its 70% stake in Turkey's Eurobank Tekfen to Kuwait's Burgan Bank, the commercial banking arm of Kuwait Projects Co (KIPCO), sources close to the deal said, as ReporterNet.com writes.

"A deal has been reached. An official statement is expected in the coming couple of weeks," the sources said.

The deal also includes an option for Burgan to buy Tekfen's 29.26% stake in Eurobank Tekfen. The Greek lender bought the stake from Tekfen Group for 143.4 million euros in 2006.

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