ECONOMY

In Brief

NBG group expands New York branch network Atlantic Bank of New York, a subsidiary of the National Bank of Greece (NBG), yesterday announced the signing of a definitive agreement for the acquisition of Yonkers Financial Corporation (NASDAQ: YFCB) for approximately $69.6 million in cash. Yonkers’ network is comprised of nine branches serving 18,000 households in the Westchester and Dutchess counties. Assets held are around $571.1 million and deposits $389 million. Atlantic is one of the top 25 commercial banks in the New York area, with 13 branches and assets of more than $2 billion, serving small- and mid-sized businesses, commercial real estate investors and consumers. Atlantic Bank looks forward to building on the solid reputation that Yonkers Financial has established in its distinguished 113-year history, said President and CEO Thomas O’Brien. Meanwhile, NBG said in a statement that the joint executive committee appointed to oversee the merger with Alpha Bank will announce on Tuesday the share swap ratio, the next moves, the strategy and resulting synergies from the merger. CBI to host event on Greek economy Economy and Finance Minister Nikos Christodoulakis and Development Minister Akis Tsochadzopoulos will be among the keynote speakers at a one-day conference on the Greek economy in London on November 19, hosted by the Confederation of British Industries (CBI) and focusing on the construction, telecommunications, information technology and health sectors. Other speakers include British Minister for International Trade and Investment Baroness Simons, Chairman of the Federation of Greek Industries Lefteris Antonakopoulos and President of the Greek Investment Center Costas Bakouris. For further information call the British Embassy in Athens, 727.2635, or Katie Sohn at CBI, (0044)-207-395.8177. Mytilineos results. The Mytilineos mining and industrial group yesterday reported pretax profits of 7 billion drachmas in the nine months to September, unchanged from the same period last year, when, unlike this year, they included capital gains. Turnover was up 15 percent from 92.5 billion drachmas to 106.3 billion. EBITDA was up from 16 billion to 18.6 billion drachmas. Despite the negative conditions in the global metals and ores markets, the group achieved an improvement in its gross profit margin, Mytilineos said in a statement. The improvement in operating profits reflects the efficient management of expenses and debt and the group’s dynamic growth in new sectors of productive activities such and energy and weapons systems. The results do not include those of the Hellenic Vehicle Industry (ELBO) – in which the group acquired a 43 percent interest and the management earlier this year – which will be consolidated in the annual results. Insurance merger. The Commercial Bank of Greece yesterday announced the merger of its Phoenix General Insurance and Metrolife Life Insurance subsidiaries by Phoenix’s absorption of Metrolife. The legal merging of the two companies, subject to approval by shareholders, is estimated for completion at the end of March. DRY CARGO