The stake sale comes as Greek banks, hit by the country’s sovereign debt crisis, look to boost their capital base to cope with a protracted recession and rise in non-performing loans.
EFG Eurobank, Greece’s second-largest lender, said in July last year it had begun talks to sell a majority stake in Eurobank Tekfen as it sought to safeguard its balance sheet against debt losses.
In December Eurobank Tekfen said talks with three potential buyers were continuing.
The sources said on Wednesday the deal with Burgan Bank, the commercial banking arm of Kuwait Projects Co (KIPCO), was in excess of Eurobank Tekfen’s equity capital value of 608.3 million Turkish lira ($347 million).
“A deal has been reached. An official statement is expected in the coming couple of weeks,” one of the sources told Reuters.
The deal also includes an option for Burgan to buy Tekfen’s 29.26 percent stake in Eurobank Tekfen.
Greece’s EFG Eurobank sold a majority stake in its Polish operation Polbank to Austria’s Raiffeisen Bank in February last year for 490 million euros ($698 million).
Eurobank bought 70 percent of Tekfenbank in 2007.
Eurobank Tekfen made a net profit in the first nine months of last year of 20.3 million lira. Its balance sheet size was 5.1 billion lira, with deposits at 2.2 billion lira. ($1 = 1.7512 Turkish liras)
KIPCO is the Gulf state’s largest investment company. It also has stakes in United Gulf Bank, as well as other financial services sector companies across the Middle East and North Africa.
The actor attended the event in the UAE along with his family
Tremors were felt in the Greek capital of Athens and as far away as the southern island of Crete
The Buyback Programme is a huge step in creating solutions for nature
Dozens of other products that contain benikoji — including miso paste, crackers and a vinegar dressing — have been withdrawn from the market
The passengers were on a trip to an Easter weekend church gathering
Pavel Durov said measures were taken immediately to stop 'a flurry of unknown users posting messages appearing to call for violence'
Motorists have been advised to drive carefully and abide by traffic rules and regulations