ECONOMY

Alpha ends merger deal with Eurobank

The engagement between Alpha Bank and Eurobank EFG is off as the former issued a statement on Wednesday putting an end to the agreement between the country?s second- and third-biggest lenders for a prospective merger.

“Following the public debt restructuring and its consequences for the banking sector, Alpha Bank intends to revoke all decisions of the shareholders? general meeting of November 15, 2011,» in which Alpha had approved the plan for a merger with Eurobank, the lender announced.

Eurobank issued an immediate response, suggesting that «the reasons Alpha is citing do not correspond to conditions,» adding that synergies of more than 4 billion euros have been lost.