Reuters
February 28, 2011
A merger between Greece's largest lender National Bank (NBG) (NBGr.AT) and Alpha Bank (ACBr.AT) would help the new entity's credit position, ratings agency Moody's said on Monday.
NBG surprised the market with a bid for smaller rival Alpha Bank earlier in the month, but the move was rejected by Alpha. Greece has called on banks to explore tie-ups to better cope with the country's debt crisis.
"If the merger proceeds, it would be credit positive for the combined entity, given the opportunities for cost synergies and franchise expansion, especially in southeastern Europe," Moody's said in its weekly credit outlook.
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