BUSINESS

Alpha Bank and Eurobank fusion delayed

Alpha Bank and Eurobank shareholders decided to reconvene the meeting, concerning the fusion for the two financial institutions, next month, as they failed to reach a quorum on Monday, Mediafax informs quoting Reuters. Repeat shareholder meetings are common in Greece as the required quorum in the first meeting is two-thirds. “There was lack of quorum so there will be a repeat extraordinary general assembly on November 4, where the required quorum will be 50 percent,” an Alpha Bank official said on Monday. Battered by deposit outflows, sovereign debt downgrades and rising loan impairments with the economy in its fourth straight year of recession, Greek banks have been urged to explore tie-ups in hopes of regaining access to wholesale funding markets.

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