Financial Times
march 13, 2011
Alpha Bank, Greece’s third-largest lender, has killed hopes of a merger deal with larger rival National Bank of Greece, scotching the push by regulators and the government for the country’s troubled banking sector to strengthen itself through consolidation.
“As far as we are concerned this deal is dead,” said Spyros Filaretos, chief operating officer and nephew of Yannis Costopoulos, Alpha’s chairman and head of the family that owns more than 10 per cent of the bank.
“It will be very difficult for us to entertain anything from NBG as a friendly approach,” he told the Financial Times.
The declaration – two months after the initial bid from Greece’s biggest bank – came as it emerged NBG was working on a revised offer for Alpha.
Greece is under pressure from the European Union and the International Monetary Fund to promote consolidation.
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