ECONOMY

Alpha Bank turns down National merger offer

Alpha Bank, the country’s third largest lender, turned down on Friday an offer by peer National to merge, citing uncertan economic conditions and the terms of the proposal.

“Alpha Bank’s board of directors … unanimously resolved to reject (the proposal) taking into account the uncertainties of the current environment and the terms of the proposal, which were not deemed beneficial to Alpha Bank shareholders,» it said in a bourse filing.