Shearman & Sterling is advising BNP Paribas Personal Finance, a leading European consumer finance group, in connection with the sale of BNP Paribas Personal Finance Bulgaria to Eurobank Bulgaria AD, the subsidiary in Bulgaria of Eurobank Ergasias Services and Holdings S.A. - an entity listed on the Athens Stock Exchange, which ranks #1 among Greek banks in terms of market capitalization.
Since 2007, BNP Paribas Personal Finance has developed a strong presence in the Bulgarian consumer finance market. BNP Paribas Personal Finance Bulgaria operates through a network of 44 branches. As of end of September 2022, the business had total assets of €450mn and deposits close to €100mn, and showed strong profitability.
This transaction strengthens Eurobank Bulgaria AD’s position in the Bulgarian retail sector, while it also provides significant opportunities for cross-selling, given BNP Paribas Personal Finance Bulgaria’s clientele.
The transaction is subject to the consultation with the relevant employee representative bodies at BNP Paribas Personal Finance. It is expected to be completed during the first semester of 2023 subject to approvals by all competent regulatory and antitrust authorities.