Financial Times
February 24, 2011
Alpha Bank has closed the door on a merger offer by larger rival National Bank of Greece, saying it would amount to the “quasi-nationalisation” of a private lender.
Michael Masourakis, Alpha’s chief economist, pointed out on Thursday that NBG’s senior management, including the chief executive, was replaced after every election by the incoming government.
While the state owns less than 5 per cent of NBG’s shares directly, the government in effect exercises control through a 12 per cent stake held by state pension funds.
The merger of Alpha Bank with a bank such as NBG “would mean its quasi-nationalisation and the loss of a competitive advantage, namely the stability of its management”, Mr Masourakis wrote in Alpha’s weekly review of the Greek economy.
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