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A new gigantic banking is born in Europe
The Directors of Alpha Bank and Eurobank announced that the two institutions will merge. For dealing with the crisis, the Greek banks have decided to merge, becoming the biggest bank in South-East Europe. The new banking group will be one of the main 25 from the euro area, with 1300 branches in 8 countries and 8 million clients.
In Romania the two banks are represented by Bancpost and Alpha Bank. Locally, the merge will change the first positions of the biggest banks top. The new bank will occupy the third place in this top, having in the lead BCR and BRD. Also, the new bank will occupy a leading position in Bulgaria, Serbia and Cyprus.
By the end of December the merge will be completed. In actual fact the current shareholders of Alpha Bank will control 57.7% of the new group and Eurobank, 42.5%.
The Board and the Executive Committee of the new banking group will be under the leadership of Zannis Costopoulos and the management team will be conducted by two CEOs, Demetrios Mantzounis and Nicolas Nanapoulos.
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