Eurobank is in talks with Banca Transilvania to sell its subsidiaries in Romania as part of a restructuring plan agreed by Greece’s third largest lender with European Union authorities.

The sale would close a decade-long chapter of ambitions by Eurobank and other Greek lenders to spread their wings abroad after the country’s debt crisis forced them to retreat.

Eurobank, which has operations in Romania, Bulgaria, Serbia and Cyprus, needs to shrink its non-Greek assets to €8.7 billion next year from about €11.2 billion currently, based on commitments agreed with European competition authorities. The bank said the potential sale will include Romanian units Bancpost, ERB Retail Services IFN and ERB Leasing IFN.

“The details as regards the negotiations will be published after finalising necessary steps and obtaining relevant approvals. Finalisation of the negotiations is expected at the end of October,” Eurobank said.

HSBC and Mediobanca are Eurobank’s advisers on the sale.

Fully-owned Bancpost has total assets of about €3.1 billion and a network of 148 branches, employing 2,255 people. “We are in talks with Banca Transilvania on a full or partial sale,” a Eurobank official told Reuters, declining to be named.

Eurobank, 2.4 per cent owned by Greece’s bank rescue fund HFSF, concluded the sale of its Ukrainian unit Universal Bank last year, in line with a restructuring plan agreed with the European Commission.

“The sale will certainly conclude our commitments to the EU’s DG Competition in the context of our restructuring plan,” the official said.

Based on Eurobank’s strategic plan, the lender intends to maintain its operations in other foreign markets such as Bulgaria and Cyprus.