Wall Street Journal
February 22, 2011
Alpha Bank, Greece’s third largest lender, jilted National Bank of Greece at the altar, forcing a temporary cancellation of a fat €2.9 billion marriage offer. The coquettish bride argued the interest was unsolicited and disadvantageous.
This is the fourth time the “on-again, off-again” relationship has failed. But it is not an unhealthy obsession without sense. The fallout from the rift has troubled the shareholding parents-in-law who want the banks to go forth and multiply profits.
And the two preachers, the local Finance Ministry and the National Bank of Greece, look silly having rushed to bless the union. Because state preference shares worth €1 billion were given to Alpha to improve its attractiveness, they could coax the match. But that would be interfering.
Meanwhile, investors still hope Alpha and National will “do the right thing”, which has sent Alpha stock surging. But the stalemate will likely mean a share price correction.
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