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The Greek and European banking crisis may be at a turning point, as a historic merger between two big Greek banks is about to take place.According to Skai News TV network, Alpha Bank and Eurobank are about to announce a merger soon, forming the country’s largest bank.
The new entity with assets of 142 billion euros will be the 25tthlargest bank in Europe with presence in 11 European countries. A decisive role in the merger will have the Quatar Investment Authority (QIA), a sovereign fund, which already owns 4.5 percent of Alpha Bank. QIA will further participate in the capital offering by the new entity with the commitment of $500 million.
While the merger will have to overcome several political obstacles, it is a sign that the Greek banking system begins to address the economic crisis, and a vote of confidence by foreign investors that can become the model for other Greek and European banks.
source: forbes.com
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