The executive director of DZI Bank, Krasimir Angarski, is appointed to consult the board of managers of both Post Bank and Eurobank EFG Group on issues concerning activities of the Group and the upcoming merger with DZI Bank. Eurobank EFG also owns 53.4% of Bulgaria’s 7th largest Post Bank. In late September, Eurobank EFG won a tender for taking over 74.26% of the 12th largest DZI Bank and later on expanded its ownership to 91.29% through purchase of shares on the local bourse. The Greeks plan to merge DZI Bank and Post Bank by the end of 2007 that will turn the new entity into the fourth largest lender on the local market. The antitrust watchdog has already concluded that the likely merger will not represent a threat to the bank sector competition as the new entity will hold a relatively small market share of some 9% of all commercial bank assets.