Eurobank EFG has taken a stand in a press release against the decision of Alpha Bank representatives to stop the merger process between the two Greek credit institutions. We present below the press document.


At a critical time for Greece and following the successful restructuring of the country’s sovereign debt, Greek banks should rise to the current challenges and assume their responsibilities towards the Economy, Shareholders and their Customers.

The joint decision of Eurobank EFG and Alpha Bank to create the 23rd largest banking institution in Europe was based on the substantial benefits that the planned merger would generate, not only for the two banks, but also for the Greek Economy as a whole.

Alpha Bank Management’s intention to propose to revoke the merger decisions taken by the Shareholders, decisions taken in full knowledge of the basic parameters and framework of the PSI+ Private Sector Involvement Agreement and at a time when approvals from all relevant regulatory authorities in Greece had long since been obtained, leads to a potential loss of over €4 billion in combined synergies, as estimated by the joint external advisors at net present value. This comes at a time when Greek banks are being called upon to significantly strengthen their capital base. Moreover, Alpha Bank’s overall motivation is not in line with the underlying facts.

Eurobank EFG, as befits a financial institution, has consistently followed the decisions of its Board of Directors and Shareholders’ Meetings, as it has done in the case of other previous successful mergers.

Eurobank EFG will continue to successfully develop its business activities and contribute responsibly to the national effort for the economic recovery and development of Greece. As always, our strategic decisions will serve the National Interest, our Shareholders and our Customers.

Leave a comment

Your email address will not be published. Required fields are marked *