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December 9, 2022
BUSINESS

Eurobank, Alpha Bank expected to announce merger

Two of Greece’s leading lenders, EFG Eurobank Ergasias SA and Alpha Bank SA are expected to announce on Monday a tie up to create the country’s largest banking group and one of the biggest in southeastern Europe, three people familiar with the deal said Saturday, WSJ reports. The combined entity will have about EUR 150 billion in total assets – bigger than the current market leader National Bank of Greece SA and about EUR 80 billion in deposits. The market capitalization of the merged bank would total EUR 2.5 billion, according to a source. A second person said that the two lenders have been in merger talks for months and that the Greek financial crisis might have forced them to speed up negotiations. “After the merger, the new entity will likely proceed with a substantial share capital increase,” he said.

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