ECONOMY

National stakeholders approve of share swap with Eurobank

The countdown toward the merger of National Bank and Eurobank Ergasias is officially under way, as Friday’s general meeting of National Bank shareholders gave the green light for the issue of new shares to be given to Eurobank shareholders in the context of the public offering.

The success of the merger is now being seen as a sure thing. National’s chief executive officer, Alexandros Tourkolias, told shareholders, “We have secured an irrevocable commitment from the Eurobank shareholders who own about 44 percent of the bank, so we are certain that the transaction will be concluded successfully.”

“The strength of the new group will allow it to find itself on the front line of developments in the Greek banking sector and remain the central pillar of the financial system,” he added.

According to National’s statement, the public offer for the share swap will be completed in the first few weeks of 2013, and the procedures of the legal merger will begin immediately afterward.