ECONOMY

OTE merger with Cosmote under way

The full merger of OTE telecom with its subsidiary, Cosmote, the leading cell phone network in Greece, is proceeding, with the group aiming to start by creating a number of joint general directorates, thus merging the basic business and commercial operations of the two companies.

The aim is also to have a single retail network, with the Germanos chain forming its core. To this end, OTE is planning to close down some 140 of the group?s customer service points, including Cosmote stores and OTEshops, while strengthening the Germanos network, whose name may also change.

“Cosmote is practically taking over the management of OTE,» a corporation unionist noted, as close associates of OTE chairman and CEO Michalis Tsamaz from the time he managed Cosmote will head the new general directorates.