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22 December, 1998
Deutsche Bank, one of the world's largest financial institutions, and EFG Eurobank, part of the EFG Bank group, announced yesterday the commencement of their cooperation.
Deutsche Bank enters the Greek market by establishing a strategic partnership with the EFG Eurobank group in Greece. EFG is the second largest private sector banking group, with total assets of DM 10 billion (1.7 trillion drachmas).
As part of the deal, Deutsche Bank purchased a 10 percent stake in EFG Eurobank from the majority shareholder Consolidated Eurofinance Holdings SA Luxembourg, which now retails an 81 percent stake in Eurobank.
The alliance is a further step in the German bank's European expansion. After selective major acquisitions in Italy, Spain and recently in Belgium, the deal highlights Deutsche Bank's commitment to further improving its position in Europe.
Bernd A. von Maltzan, member of the divisional board of retail and private banking of Deutsche Bank said that cooperation with Eurobank was an important step in the bank's European strategy, which aims to be the leader in the distribution of financial s ervices and gathering assets in Europe.
"The cooperation with Eurobank offers a great opportunity for our asset management division, especially with regard to the distribution of international mutual funds," he said.
"The Greek market has developed significantly in recent years. In addition, the microeconomic and political environment has improved considerably. Today Greece is in a position to become an EMU member in the foreseeable future," Mr. von Maltzan said.
Nicholas Nanopoulos, Eurobank's managing director said: "Our cooperation with Deutsche Bank is based on reciprocity and will be implemented through exclusive product agreements. This strategic partnership strengthens our international competence and allows us to offer our customers better access to the inte rnational financial services and products. Furthermore, it offers the opportunity to consolidate a leading position in the Greek banking system."
The partnership is the first of this nature to enter into the Greek banking sector and is a consequence of the rapid convergence of the Greek economy with that of its European partners.
Source: Athens News Agency