National Bank of Greece (NBG) has received regulatory approval from Bulgaria's Commission for Protection of Competition (CPC) for its proposed acquisition of EFG Eurobank Ergasias, and its subsidiaries in the country.
The commission said that the proposed merger will not promote monopoly and hinder competition in the region and the consolidation of both banks would be ideal for banking, financial and leasing services in the country.
The deal has already received conditional approval for merger from Greece’s securities regulator.
Under terms of the merger agreement, the acquirer will provide EFG Eurobank a share exchange, with 58 new shares of NBG to be issued for every 100 Eurobank shares.
NBG manages United Bulgarian Bank (UBS), while Eurobank operates Eurobank EFG Bulgaria, under the Postbank brand-name and provides various financial services in the country.