Tuesday March 3, 2015 Search
Weather | Athens
20o C
11o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
National, Eurobank to create banking giant

 Lenders set for merger that will also include Hellenic Postbank, reports say

By George Georgakopoulos

National Bank and Eurobank are reportedly locked in advanced negotiations for the creation of a national champion in the banking sector, with a potential sum of assets of at least 177 billion euros. Trading of the two banks got suspended on Friday, with state TV NET reporting that an announcement is expected later in the day.

A press report on Friday morning triggered rumors about a merger deal between two of the country’s biggest lender, forcing the Capital Market Commission to temporarily suspend trading of National and Eurobank for the day in the Greek bourse, which early in the afternoon saw its benchmark posting gains of about 4 percent.

The governing boards of the two banks, that have a dominant presence in Southeastern Europe, too, are reported to be holding extraordinary meetings on Friday afternoon, with NET saying that a deal was imminent, citing unnamed sources.

After the decision by French group Credit Agricole to pick Alpha Bank as its preferred buyer for the sale of Greek subsidiary Emporiki Bank, announced on Monday, the other two suitors, National and Eurobank apparently decided to forge an alliance of some sort that is now set to lead not just to a merger between them but could also include the industry’s other prized asset, Hellenic Postbank (TT).

Reports in the Greek media have suggested that National and Eurobank have been eyeing TT after failing to land Emporiki, but given that both have small stakes in the state-owned lender it is near certain that should the two banks merge, they will also buy out TT to create a bank giant that will be healthy enough not to require extra capital from the recapitalization process and to be able to face the upcoming challenges of the banking sector, that sees bad loans increase by the day.

ekathimerini.com , Friday October 5, 2012 (13:56)  
Stock market inches up in day of low turnover
Greece taps public sector cash to help cover March needs
Greece poised for recession as uncertainty takes its toll
Ministry denies Varoufakis spoke to creditors to discuss Eurogroup
Prosecutors propose strict conditions for Golden Dawn MPs’ release
Two public prosecutors on Tuesday proposed strict conditions to accompany the scheduled release on March 29 of Golden Dawn chief Nikos Michaloliakos (photo) and the party’s second-in-command...
Greek police catch pedophile, 40, who lured boy into van
A 40-year-old man was to face an Athens prosecutor on Tuesday after allegedly luring a 13-year-old boy into a van and sexually molesting him. According to sources, police seized several blan...
Inside News
SOCCER
Marinakis fines Olympiakos players
Olympiakos president Evangelos Marinakis on Monday fined the team 500,000 euros for disappointing performances and called on them to make a «sacrifice» to win trophies or leave. "Olympiakos ...
SOCCER
Olympiakos´s Karembeu confident UEFA on top of racism
Olympiakos strategic advisor Christian Karembeu expressed his confidence on Tuesday that UEFA are getting to grips with racism in soccer after suffering abuse during the recent Greek derby a...
Inside Sports
COMMENTARY
Greece and the four month window of opportunity
As the dust begins to settle after the Eurogroup agreement extending the loan facility to Greece by four months, it is a good moment to have a look at where we should go from here. Much has ...
COMMENTARY
The Greek tax drama
Numbers alone can never interpret reality, not even a strictly financial one. Besides, the art of creative accounting has a number of fans in this country, many more, for the time being, tha...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Prosecutors propose strict conditions for Golden Dawn MPs’ release
2. Greek police catch pedophile, 40, who lured boy into van
3. Greek doctors offered 450-euro bonus to work on small islands
4. Man found stabbed to death in Holargos
5. Search for Athens crematorium site is on, says mayor
6. Two con men get crash course in karma in Kilkis
more news
Today
This Week
1. The Greek tax drama
2. Draghi’s QE moves to starting line as economic outlook brightens
3. Varoufakis to make six reform proposals at Monday's Eurogroup
4. Convicted Conspiracy of the Cells Fire member to face magistrate
5. Investor survey shows 38 pct chance of eurozone break-up in 12 months
6. Greece approved as recipient of EBRD funding through 2020
Today
This Week
1. Greece to make international protest over Turkey reserving Aegean air space
2. A fierce battle looms
3. SYRIZA feeling the pain
4. Spain said to lead push to hold Greece to terms as Podemos grows
5. The unlikely winners of Greece's surrender on euro
6. Tsipras reversal draws Greek sympathy as party rumblings rise
Advertiser Link
“AMF” PROJECT FINAL CONFERENCE-REGIONAL UNIT OF THESPROTIA
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.