ECONOMY

Alpha Bank Cyprus to absorb local Emporiki

The governing board of Alpha Bank Cyprus agreed on Monday to the acquisition of Emporiki Cyprus, the subsidiary of Greece’s Emporiki Bank which has been absorbed by the Alpha Group.

Alpha Bank Cyprus will acquire 100 percent of Emporiki’s shares, with the two banks merging through Alpha’s absorption of Emporiki.

The decision is pending on certain conditions such as the approval of the acquisition and merger by the Central Bank of Cyprus and the ratification of the merger by the Cypriot courts.

Alpha holds a 4.5 percent share of deposits and a 5.5 percent share of loans in the Cypriot credit system.