as at December 31, 2003 - EFG Bank Group

Notes to the Consolidated Financial Statements (continued)
The transaction was accounted for using the
purchase method of accounting and gave rise to
negative goodwill of CHF 3.6 million.
(c) Banc Post SA, Romania
On November 14, 2003, the Group completed
the transaction to acquire an additional 17% of
the shares of the Romanian bank, Banc Post SA,
from the portuguese bank Banco BPI SA,
following the approvals given by the appropriate
regulatory authorities.
As a result of this transaction, the Group has
direct voting power over 53.25% of Banc Post SA
and it also holds an option with General Electric
Capital Corp, to purchase an additional 8.75%
of Banc Post SA in 2004.
(d) Alico CEH Balkan Holdings Ltd
(ACBH)/ Bulgarian Post Bank AD
On July 15, 2003, ACBH, (jointly owned by
American Life Insurance Company (ALICO) and
EFG Eurobank Ergasias SA), the major
shareholder of Bulgarian Post Bank AD, bought a
further 5.46% share in the bank increasing the
total share of ACBH to 91.71%. In December
2003, the Group acquired the remaining 50% of
the share capital of ACBH from ALICO,
increasing its share to 100%.
(e) Postbanka AD, Serbia
On March 27, 2003, the Group completed the
acquisition of 68.06% of the share capital of
Postbanka AD. This concluded the acquisition
process, which had begun on November 11,
2002, following the approvals given by the
appropriate regulatory authorities. The Group
immediately proceeded with a capital increase,
raising Postbanka’s capital to a total of EUR 10
million and increasing its direct voting control to
91.6%. In 2003, the name of the bank was
changed to EFG Eurobank AD Beograd.
Annual Report 2003
Group
25