Monday, August 29, 2011

Greek Alpha Bank and Eurobank to Merge

Alpha Bank, part of the Kostopoulos group, and Eurobank, part of the Latsis group have formally announced their plans to merge. The merger will be supported by Quatar interests and the result will be a new bank, possibly named AlphaEuro which will rationalize the institutions' offerings in the Hellenic, Balkan, Cypriot and other markets.

No layoffs announced initially but rationalizations in management structures and eventually distribution channels and retail outlets are expected to take place in due times especially in areas (like the Athenian suburb of Agia Paraskevi) where the banks have outlets close to each other.

This is the first of several expected Greek bank mergers.

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