Eurobank – Towards an agreement with HSBC

Eurobank is in advanced discussions with HSBC for the acquisition of its activities in Greece. Banking circles confirm the news broadcast yesterday by the financial website powergame.gr.

According to information, the two sides have been in negotiations since last year and are close to an agreement. However, not all issues are closed yet. As a bank source typically stated, “we are not yet at the point where we open the champagnes”. If the deal goes ahead, HSBC will leave another market in which it operates in retail banking, as part of the group’s broader strategy.

Eurobank, on the other hand, will acquire a mortgage portfolio with low arrears, given HSBC’s focus on financing middle- and high-income households. In addition, it will add to its clientele private investors that will strengthen the management activities of funds in personal and private banking.

The “dowry”

It is noted that HSBC started its activity in Greece in 1981. It uses its international experience to serve the local needs of its customers, offering banking and investment services to individuals as well as to corporate and institutional clients. Through specialized departments, such as Business Banking and the Global Banking and Markets department, the bank supports corporate expansion in Greece and abroad. It has a network of 15 braches, of which 14 are located in Athens and one in Thessaloniki.

Based on the latest available data of the Hellenic Banking Association, at the end of 2019 its assets amounted to 1.39 billion euros, of which 521 million euros were receivables from its customers (loans). Its deposits reached 1.34 billion euros. In this year, the results before taxes amounted to 2.55 million euros.