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Make Money Blog $, Greece - Greek EFG Eurobank and Alpha Bank will announce the merger agreement on Monday (29 / 8) including the swap of shares and raise capital of Qatar due to a serious crisis that hit the country.
This was conveyed by a bank official on Sunday. This merger, if approved by shareholders, will help minimize the potential downgrade of the second and third largest bank in Greece this.Selian it will also avoid the increased outflow of deposits and loans and avoid disruption liquidity pressure state. "The two banks will be merged through a stock exchange and then the rights issue. The rights issue will be made in cash," said a pejabatEurobank told Reuters on Sunday (28 / 8).
Government and Central Bank Governor George Provopoulos has long encouraged the banks, which closed on the interbank market and rely on ECB funding, to consolidate themselves to get out of its worst recession in four decades and a severe debt crisis in Greece.
Eurobank, the failed bank's stress test of the most recent European Union, has a market capitalization of 1.02 billion euros. Bank of Greece will issue their first-half results this week, starting with Eurobank on Monday afternoon.
The officials gave the first bank merger news on Saturday, said the board would sign the two creditors to provisions of an agreement on Monday morning, with the Qatar Investment Authority is set to become major shareholders. Qatar will inject new capital through a convertible bond in the bank 500 million euros, a bank official who was involved in the deal said on Sunday, and the rights issue amounting to 1.25 billion euros will follow.
The new entity, which will form the largest bank in Southeast Europe, will have assets of 150 billion euros and deposits amounting to 80 billion euros, bank officials said.
Latsis family, major shareholders Eurobank, Alpha Bank and Executive Chairman Yannis Costopoulos will also participate in the rights issue, the official said Eurobank. "President of the new bank will hold the president of Alpha Bank, Yannis Costopoulos, and will have two CEOs, Nicholas Nanopoulos (EFG current CEO) and Dimitris Mantzounis (currently CEO of Alpha)," the official said.The deal, which requires shareholder approval after it has been supported by the bank board, more likely to trigger a reshuffle in the banking sector of this country. But asked about reports the Financial Times quoted an unnamed banker who said there was speculation that Greece's largest bank NBG will soon make an offer to the country's fourth largest bank, Piraeus, a banker familiar with the matter said: "There's no such thing. "
Trade shares of both banks immediately suspended. Eurobank shares have lost 78% since early 2010 and Alpha 77%. Trading in shares of the two creditors continue to be opened only after the bank has issued an official statement regarding the proposed merger, as reported by the Athens stock exchange was officially delivered ATG told Reuters. Alpha Bank has a market capitalization of 1.07 billion euros (U.S. $ 1.5 billion).
Eurobank, the failed bank's stress test of the most recent European Union, has a market capitalization of 1.02 billion euros. Bank of Greece will issue their first-half results this week, starting with Eurobank on Monday afternoon.source: INILAH.COM
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This was conveyed by a bank official on Sunday. This merger, if approved by shareholders, will help minimize the potential downgrade of the second and third largest bank in Greece this.Selian it will also avoid the increased outflow of deposits and loans and avoid disruption liquidity pressure state. "The two banks will be merged through a stock exchange and then the rights issue. The rights issue will be made in cash," said a pejabatEurobank told Reuters on Sunday (28 / 8).
Government and Central Bank Governor George Provopoulos has long encouraged the banks, which closed on the interbank market and rely on ECB funding, to consolidate themselves to get out of its worst recession in four decades and a severe debt crisis in Greece.
Eurobank, the failed bank's stress test of the most recent European Union, has a market capitalization of 1.02 billion euros. Bank of Greece will issue their first-half results this week, starting with Eurobank on Monday afternoon.
The officials gave the first bank merger news on Saturday, said the board would sign the two creditors to provisions of an agreement on Monday morning, with the Qatar Investment Authority is set to become major shareholders. Qatar will inject new capital through a convertible bond in the bank 500 million euros, a bank official who was involved in the deal said on Sunday, and the rights issue amounting to 1.25 billion euros will follow.
The new entity, which will form the largest bank in Southeast Europe, will have assets of 150 billion euros and deposits amounting to 80 billion euros, bank officials said.
Latsis family, major shareholders Eurobank, Alpha Bank and Executive Chairman Yannis Costopoulos will also participate in the rights issue, the official said Eurobank. "President of the new bank will hold the president of Alpha Bank, Yannis Costopoulos, and will have two CEOs, Nicholas Nanopoulos (EFG current CEO) and Dimitris Mantzounis (currently CEO of Alpha)," the official said.The deal, which requires shareholder approval after it has been supported by the bank board, more likely to trigger a reshuffle in the banking sector of this country. But asked about reports the Financial Times quoted an unnamed banker who said there was speculation that Greece's largest bank NBG will soon make an offer to the country's fourth largest bank, Piraeus, a banker familiar with the matter said: "There's no such thing. "
Trade shares of both banks immediately suspended. Eurobank shares have lost 78% since early 2010 and Alpha 77%. Trading in shares of the two creditors continue to be opened only after the bank has issued an official statement regarding the proposed merger, as reported by the Athens stock exchange was officially delivered ATG told Reuters. Alpha Bank has a market capitalization of 1.07 billion euros (U.S. $ 1.5 billion).
Eurobank, the failed bank's stress test of the most recent European Union, has a market capitalization of 1.02 billion euros. Bank of Greece will issue their first-half results this week, starting with Eurobank on Monday afternoon.source: INILAH.COM
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