FX.co ★ Greece to Create the Largest Bank in Southeastern Europe

Eurobank and Alpha Bank, the second and the third biggest banks in Greece, have announced a merger in their joint press-release.

According to them, the new bank will become the biggest bank not only in Greece but in the whole of Southeastern Europe, with total assets of approximately €146 billion. According to AFP, Alpha Bank shareholders will get 57.5% of the new bank’s shares, the rest 42.5% will go to Eurobank shareholders.

The new bank will head a network of more than 1.300 branches across 8 countries. It will gain leading positions across all markets of Bulgaria, Cyprus, Romania and Serbia.

According to Associated Press, the Athens Stock Exchange suspended trading on Eurobank and Alfa Bank shares after the announcement.

Last February Alpha Bank reportedly started merge negotiations with National Bank of Greece (NBG). The deal could have resulted in the establishment of the largest financial organization in the world, but it failed.