Greek Piraeus Acquisition in Bulgaria Changes Name

Bulgaria's Eurobank changed its name to Piraeus Eurobank in the wake of the acquisition of a 99.66% stake by its Greek peer Piraeus Bank.

Bulgaria's Central bank approved the new name on Friday.

After the Eurobank acquisition, Greece's Bank of Piraeus has a 3.6% share in the Bulgarian banking market.

The Greek bank had a significance presence in Bulgaria since 1993 but it had repeatedly voiced intentions to further expand in the market of the neighboring country.

Eurobank managed BGN 427 M of assets at the end of the year.