Postbank, part of the international Eurobank Group, has successfully completed the acquisition of the commercial enterprise and the activities of BNP Paribas Personal Finance, the Bulgarian branch of BNP Paribas Personal Finance S.A., France. As of June 1, 2023, the branch activities are transferred to Postbank's family and continue to operate on the Bulgarian market under the brand PB Personal Finance by Postbank, maintaining its business model. The transaction was finalized in accordance with the Bulgarian legislation and after receiving the necessary approvals from the competent authorities. It is another step forward for Postbank in its establishment as a systemic bank for the market, but also of key importance for the Eurobank Group, as part of its strategy to expand its activities with a focus on significant regional markets in which it is a leader.
As a result of the transaction, Postbank consolidates its leading position in retail banking and now ranks second in the consumer lending market, adding a new customer base to its portfolio and acquiring a portfolio of over EUR 960 million. Lv. consumer loans. It generates significant opportunities for cross-selling as well as the deployment of innovative digital solutions for customer convenience. With the successful closing of the transaction, Postbank's team is joined by a team of outstanding professionals with a proven level of expertise and strategic vision in banking.
Following the transfer of the business, Postbank will continue to provide the full scope of BNP Paribas Personal Finance services through the PB Personal finance by Postbank product line to its current and new clients at the same high standard of service. In pursuance of the signed agreement, Postbank will also include in its portfolio of financial services for individuals the platform "Deposits with the Future" – fully online deposit opening and management.
"At Postbank for more than 30 years we have been working with a clear strategic vision for the future and sustainable growth of our business. With the acquisition of BNP Paribas Personal Finance S.A., Bulgaria, we once again confirm our ambitions as a key leader in the financial services market and our desire to be the bank that provides its customers with innovative concepts and solutions combined with flexibility and efficiency. We combine our rich experience on the Bulgarian market, the resources and professional competence of both teams to continue to offer a perfect experience and personal financial products and services to our current and future customers. The combined talent of the team comes with the request to change banking, combining the most modern technologies with traditional techniques, individual approach and professional consultation. Under the new brand PB Personal Finance by Postbank, our clients will continue to receive a variety of attractive products and fast services to fully meet their expectations and high requirements. The creative approach and innovative ideas are deeply embedded in the values of both companies and this is the key to a new understanding of banking that we share and will integrate into a new Beyond banking concept providing more value and benefits to customers," said Petya Dimitrova, CEO of Postbank.
For many years, BNP Paribas Personal Finance has maintained a strong presence in consumer lending in Bulgaria with the provision of quality services, and its business has achieved high profitability in recent years. The profit after taxes of the branch for the first quarter of 2023 exceeds BGN 10 million. In this regard, the transfer of its activities to Postbank brings additional retail benefits to the institution, including total assets amounting to nearly EUR 990 million. gross borrowings amounting to over 960 million. Lv. and 180 million Lv. Deposits. As a result of the merger, 44 new locations will expand the capabilities of Postbank's modern branch network, offering only the products and services of the brand PB Personal Finance by Postbank.
The acquisition of BNP Paribas Personal Finance is Postbank's third after two successful acquisition deals in record time – first of Alpha Bank's branch in Bulgaria and then of Piraeus Bank Bulgaria, which marked the beginning of the wave of bank consolidations on the Bulgarian market.
More information about the deal can be found at www.postbank.bg and www.bnpparibas-pf.bg.