ECONOMY

Alpha-Eurobank merger still on

As expected, the general meetings of Alpha Bank and Eurobank EFG were postponed on Friday and will now take place on November 15, when the two lenders are set to discuss their planned merger.

Despite the rapid deterioration of economic conditions in the last few months, which led to the non-implementation of the July 21 agreement by the eurozone as well as the dramatic turn of events in local politics, officials from the two banks are adamant that the merger is proceeding according to the timetable.

Analysts are expressing reservations due to the possibility that the recent increase in the haircut on Greek banks from 21 to 50 percent along with the major slump in local stock prices could raise obstacles to the completion of the union of the second- and the third-biggest lenders in Greece. However Alpha and Eurobank officials stress there is no such issue and that the procedure is continuing at full speed.

The two banks? boards had agreed on a simultaneous approval of their merger, which is now expected to take place without problems on November 15.