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Eurobank EFG's dynamic presence in South-East Europe
Talent knows no frontiers EFG Eurobank Ergasias SA is one of the most dynamic banks in Greece. Today, Eurobank's financial reach also extends to the emerging markets of South-East Europe. Through its subsidiary and affiliate banks in Bulgaria, Romania, Serbia and Montenegro, Eurobank provides modern financial services and products throughout the region. Bulgarian Post Bank AD, Eurobank's affiliate in Bulgaria, is the fifth largest bank in the country with 120 branches. Eurobank's Romanian subsidiary, Banc Post SA, has over 160 branches providing financial services to more than two million customers. In Serbia, Eurobank has recently acquired a bank now named EFG Eurobank, a.d., Beograd. South-East Europe is a new region of opportunity and Eurobank is ready to support businesses and customers across this emerging European frontier, by providing innovative financial products and services. First established in 1990 as Euromerchant Bank, EFG Eurobank Ergasias today is Greece's leader in consumer lending, asset management, investment banking and capital markets and is part of the Geneva-based EFG Bank Group.
Eurobank is working to actively participate and contribute to the transformation of regional economies, in their course towards integration with the European Union (EU). In 2003, the Group undertook significant strategic initiatives to further expand and strengthen its presence in selected markets in the region, mainly in countries aspiring to join the EU, through acquiring management control of universal banks and developing retail banking operations. More specifically, in 2003:
In 2004, the Group maintains its clear focus on achieving strong growth rates and further enhancing its presence in both Greece and in South-East European markets. This successful strategy allows Eurobank to set for itself financial performance targets for 2004 and 2005. The Group aims at:
On December 23rd, 2003, EFG Eurobank Ergasias announced that it reached an agreement with American Life Insurance Company (ALICO) to acquire from the latter its 50% stake in Cyprus-based ALICO/CEH Balkan Holdings Ltd. (ACBH), owner of 91.71% of the shares of Bulgarian Post Bank AD. Given that EFG Eurobank Ergasias already holds 50% of ACBH, through this acquisition the bank takes full control (100%) of ACBH. The bank informed Greece's stock exchange authorities about this agreement on December 19th. Completion of the transaction is subject to approval by all appropriate regulatory authorities. EFG Eurobank Ergasias has a vision to develop a presence in the wider region. Eurobank's regional profile (figures as of end September 2003):
Eurobank's total assets at the end of 2003:
Ownership:
For further information, contact: Greece Key executives:
Romania Bulgaria Serbia and Montenegro Sofia Hotel Balkan (formerly Sheraton Sofia Hotel Balkan), Sofia, Bulgaria In the heart of Sofia, within walking distance from the business and commercial district and the government offices, the Sofia Hotel Balkan (formerly Sheraton Sofia Hotel Balkan) is recognised as the city's grand hotel and one of its architectural landmarks. The fourth-century St. George Rotunda -- located in the interior court between the hotel and the Presidential Palace, the streets of Roman Serdica, the relics of the medieval fortress of Sredetz are among Sofia's many historic jewels. The 188 room and suite luxury hotel features two floors of Executive Rooms with private Lounge, 8 Smart Rooms and 30 Non-Smoking Rooms. An extraordinary range of guest services, free airport pick-up, gourmet dining at the Preslav and Balkan Restaurants, the Capital Bar and Casino make for an unforgettable stay. Located on Sveta Nedelya Square, the Sofia Hotel Balkan boasts two twin Grand Ballrooms and other meeting space and offers the best and most versatile conference facilities in the city. The hotel is the ideal venue for conferences, meetings and special events. Nestled beneath snow-capped mountain peaks, Sofia is the political, economic and cultural centre of Bulgaria. The streets of Roman Serdica, the relics of the medieval fortress of Sredetz, and the fourth-century St. George Rotunda are among Sofia's many historic jewels. Part of Starwood Hotels & Resorts Worldwide, Inc.'s The Luxury Collection, the hotel was acquired by a consortium of Greek investors -- EFG Eurobank Ergasias and Axxon Bulgaria OOD and the N. Daskalantonakis Group -- in 2002 and is currently under management by two Bulgarian subsidiaries of the N. Daskalantonakis Group. Under the licencing agreement, the 5-star city centre hotel will will remain part of the Starwood Hotels & Resorts chain for at least 15 years. In the first quarter of 2004, the Sofia Hotel Balkan reported an operating profit of BGN 749,000 compared to BGN 829,000 in Q1 2003. The hotel, which in 2003 reported after-tax earnings of BGN 3.222 million, will distribute a net dividend of BGN 1.615 per share (the local dividend tax is 15%) for fiscal year 2003. Listed on the Bulgarian Stock Exchange (BSE-Sofia), the distinguished, luxury hotel is owned by the following Greek investors: the N. Daskalantonakis Group (46.92% through the Group's subsidiaries, International Lodging of Bulgaria (23.46%) and European Hotel Enterprises (23.46%)), EFG Eurobank Ergasias (6.7%), Access Bulgaria (15.89%) and free float (30.49%). Useful links:
Sources: INVgr, INVbg.
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