Greece’s Alpha Bank Seeks To Drop Merger Plans With Eurobank

New York, March 14 (FinanceEnquiry.com) – As per latest finance news, Alpha Bank declared that it will invite shareholders for a meeting to call off merger plans with its cross-town rival EFG Eurobank Ergasias, which is the third largest bank in Greece.

Alpha Bank, which is the second largest bank in Greece with 450 branches throughout the nation, said in a filing to the Athens stock exchange that it had already communicated with Eurobank’s management about notifying them of its purpose.
 
Shareholders of both the banks agreed about the merger plans at twin meetings in November 2011. The merger, which would have formed Greece’s largest bank, was extensively seen as an initial step in an anticipated consolidation of the Greek banking sector.
 
However, Greek banks are facing massive losses after Greece’s government executed a massive EUR100 billion debt write-down aimed at slackening the nation’s public sector debt burden.

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