BNP Paribas Personal Finance has reached an agreement with Eurobank Bulgaria (Post Bank) to sell its Bulgarian business.

The financial value of the deal was not disclosed.

At the end of September 2022, the retail bank had around €450m in assets and nearly €100m in deposits.

Through its network of 44 representative offices and a team of more than 700 people, BNP Paribas Personal Finance Bulgaria caters to over 270,000 customers.

The deal bolsters Post Bank’s position in the Bulgarian retail banking space and provides opportunities for cross-selling to the acquired firm’s clientele.

Eurobank deputy CEO – group COO & international activities Stavros Ioannou said: “This is a bolt-on acquisition fully aligned with our strategy to further strengthen Postbank by adding valuable assets with significant upside.

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“We trust that after the completion of the deal, we will further improve customer experience and strengthen Postbank’s position in the Bulgarian market by joining our expertise with BNP Paribas Personal Finance Bulgaria’s excellent staff.”

BNP Paribas Personal Finance CEO of central Europe region Nesrin Gonin said: “We are delighted to announce this agreement with a strong and solid local player like Postbank. This agreement gives a strong opportunity to our teams and their development, as well as for our partners and stakeholders.

“With this acquisition, Postbank will also benefit from expertise in data, digital processes with the best international consumer finance market practices we’ve been developing across Europe”.

The deal is expected to conclude in the first semester of 2023, subject to receipt of regulatory approval.