ECONOMY

Eurobank seeks damages for failed merger

Eurobank EFG is seeking 50 million euros in damages from fellow local lender Alpha Bank after a merger deal between the two banks turned sour.

The deal, which would have led to the formation of the country?s largest bank, was put aside after Greece?s bond swap was concluded.

According to Eurobank head Nikos Nanopoulos, Alpha Bank proceeded to cancel the merger unilaterally for reasons which do not seem valid to Eurobank. The decision, said Nanopoulos, led to both camps losing out on major synergies.

In May Eurobank reported a net loss of 236 million euros after joining a Greek state debt restructuring.