Financial Times
February 18, 2011
Alpha Bank, the third-largest Greek bank by assets, has rejected a merger with larger rival National Bank of Greece which would have created south-east Europe’s largest financial group by assets.
The proposal, unveiled on Friday by NBG, the biggest Greek lender by assets, came amid pressure on Athens banks to consolidate in order to weather the country’s debt crisis.
However, Alpha Bank’s board rejected the share exchange ratio proposed by NBG as “not beneficial to the bank’s shareholders”, although it did not rule out further discussions.
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