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Greece: 2 big greek private banks merge adding Qatar as the third shareholder

 
Ostria1

User ID: 1505196
Greece
08/29/2011 01:21 PM

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Greece: 2 big greek private banks merge adding Qatar as the third shareholder
By merging, Alpha Bank and Eurobank are looking to strengthen the capital position of the combined bank and gain necessary heft to weather the crisis. The deal will help bolster the combined bank’s overall capital position, by eventually increasing its buffer to 14 percent. It also signals foreign interest, with the main shareholders including Paramount Services Holding, a prominent family in Qatar.

The stokes of both banks rose by nearly 30% and the greek stock market rose by 14,37% today.

There are fears that some branchers will have to close and some employees will lose their jobs, but the owners say if there is a need they will move them to other branches and positions.

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[link to dealbook.nytimes.com]
Ostria
cRoSS FiRe

User ID: 1237458
United States
08/29/2011 01:30 PM
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Re: Greece: 2 big greek private banks merge adding Qatar as the third shareholder
Duly noted. Most will not see the implications of this, but I sure do appreciate the heads up! 5* hf
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