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Questions raised about Greek bank merger

Source : AP
Last Updated: Sun, Apr 07, 2013 22:00 hrs

A statement by the Bank of Greece has raised speculation that an expected merger between the National Bank of Greece (NBG), the country's largest, and EFG Eurobank may not happen.

The bank statement refers to the recapitalization of Greek banks, saying that it will be over by the end of April.

It says Greece's "four systemic banks" will proceed with their recapitalizations and that they will all call shareholder meetings to approve the move. The statement suggests the banks will act separately.

A finance ministry official, speaking on condition of anonymity Sunday because he was not authorized to brief the media, says both NBG and Eurobank have told the Bank of Greece they cannot raise their part of the capital separately.

Bank officials were unavailable for comment.




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