Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (18 lettori)
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tommy271
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Top Greek banks NBG, Alpha discuss merger
(AFP)
ATHENS — Greece's top two banks NBG and Alpha are discussing a merger proposal to create the country's largest lender, NBG said in a statement on Friday.
"National Bank of Greece confirms that it submitted a merger proposal to Alpha Bank," NBG said, adding that the offer was made on January 18.
"NBG and Alpha on February 3 signed a confidentiality and exclusive negotiation agreement," it added.
"The suggested merger will create the largest bank in Greece," NBG chairman Vassilis Rapanos said.
Trading on the two banks' shares on the Athens stock exchange had earlier been interrupted with NBG gaining 2.14 percent and Alpha up 6.32 percent.
The Greek state, which is facing an unprecedented debt crisis that has affected market liquidity, had repeatedly encouraged Greek banks to pool their resources to help bolster the recession-hit economy.
(AFP)
ATHENS — Greece's top two banks NBG and Alpha are discussing a merger proposal to create the country's largest lender, NBG said in a statement on Friday.
"National Bank of Greece confirms that it submitted a merger proposal to Alpha Bank," NBG said, adding that the offer was made on January 18.
"NBG and Alpha on February 3 signed a confidentiality and exclusive negotiation agreement," it added.
"The suggested merger will create the largest bank in Greece," NBG chairman Vassilis Rapanos said.
Trading on the two banks' shares on the Athens stock exchange had earlier been interrupted with NBG gaining 2.14 percent and Alpha up 6.32 percent.
The Greek state, which is facing an unprecedented debt crisis that has affected market liquidity, had repeatedly encouraged Greek banks to pool their resources to help bolster the recession-hit economy.
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Su queste questioni tecniche, cedo volentieri il passo ad altri.
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National Bank of Greece Bids for Rival
By NICK SKREKAS
ATHENS—National Bank of Greece SA, Greece's largest lender, said Friday it has made a friendly all-share offer for local peer Alpha Bank SA following recent government and central-bank pressure for the country's fragmented banking market to consolidate.
The government is touting tie-ups as a way of curing liquidity and capital-adequacy issues faced by the banks.
"The proposed merger would create the largest bank in Greece, which we believe would be in a position to play a critical role in the effort to restructure the Greek economy," said NBG chairman Vasilis Rapanos.
Earlier Friday, the Athens Stock Exchange halted trading in NBG and Alpha Bank shares to give the banks time to respond to market talk of a pending merger.
NBG is offering 11 of its shares for every eight shares in Alpha Bank, Greece's third largest lender. NBG said the offer represents a 23.4% premium to Alpha's closing price on Thursday.
Before trading was halted on Friday, NBG shares were up 2.1% at €7.64, while Alpha Bank's had jumped 6.3% to €4.88.
If the offer is accepted, NBG would control 71% of the newly formed company and Alpha Bank would have a 29% stake.
By NICK SKREKAS
ATHENS—National Bank of Greece SA, Greece's largest lender, said Friday it has made a friendly all-share offer for local peer Alpha Bank SA following recent government and central-bank pressure for the country's fragmented banking market to consolidate.
The government is touting tie-ups as a way of curing liquidity and capital-adequacy issues faced by the banks.
"The proposed merger would create the largest bank in Greece, which we believe would be in a position to play a critical role in the effort to restructure the Greek economy," said NBG chairman Vasilis Rapanos.
Earlier Friday, the Athens Stock Exchange halted trading in NBG and Alpha Bank shares to give the banks time to respond to market talk of a pending merger.
NBG is offering 11 of its shares for every eight shares in Alpha Bank, Greece's third largest lender. NBG said the offer represents a 23.4% premium to Alpha's closing price on Thursday.
Before trading was halted on Friday, NBG shares were up 2.1% at €7.64, while Alpha Bank's had jumped 6.3% to €4.88.
If the offer is accepted, NBG would control 71% of the newly formed company and Alpha Bank would have a 29% stake.
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Greece's NBG offers to buy Alpha Bank-UPDATE 1
ALPHABANK-NBG/ (UPDATE 1)
* Offers 8 new NBG shares for every 11 Alpha shares
* Bourse suspends trade in both banks' shares
(Adds background)
ATHENS, Feb 18 (Reuters) - Greece's biggest lender National Bank has offered to buy the country's third-largest bank Alpha, following government pressure on banks to merge to better cope with recession and a severe debt crisis.
NBG said on Friday it was offering 8 new NBG shares for every 11 Alpha shares at a premium of 18.5 percent on the Feb. 17 swap ratio.
The offer includes a 23.4 percent premium on Alpha's closing share price on Jan. 17, NBG added.
The announcement came minutes after the Athens bourse suspended trading in the two banks over merger rumours.
"National Bank confirms that on January 18, 2011, it submitted a merger proposal to Alpha Bank," NBG said, adding that it hoped Alpha's board would consider the offer.
Shrinking deposits have added to the strains of Greek banks, which have become reliant on European Central Bank funding for their liquidity needs as access to wholesale funding remains mostly shut on sovereign debt concerns.
At 1322 GMT, before the suspension, shares in Alpha Bank rose 6.32 percent to 4.88 euros, while National Bank gained 2.14 percent to 7.64 euros.
ALPHABANK-NBG/ (UPDATE 1)
* Offers 8 new NBG shares for every 11 Alpha shares
* Bourse suspends trade in both banks' shares
(Adds background)
ATHENS, Feb 18 (Reuters) - Greece's biggest lender National Bank has offered to buy the country's third-largest bank Alpha, following government pressure on banks to merge to better cope with recession and a severe debt crisis.
NBG said on Friday it was offering 8 new NBG shares for every 11 Alpha shares at a premium of 18.5 percent on the Feb. 17 swap ratio.
The offer includes a 23.4 percent premium on Alpha's closing share price on Jan. 17, NBG added.
The announcement came minutes after the Athens bourse suspended trading in the two banks over merger rumours.
"National Bank confirms that on January 18, 2011, it submitted a merger proposal to Alpha Bank," NBG said, adding that it hoped Alpha's board would consider the offer.
Shrinking deposits have added to the strains of Greek banks, which have become reliant on European Central Bank funding for their liquidity needs as access to wholesale funding remains mostly shut on sovereign debt concerns.
At 1322 GMT, before the suspension, shares in Alpha Bank rose 6.32 percent to 4.88 euros, while National Bank gained 2.14 percent to 7.64 euros.
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National Bank proposes merger with Alpha Bank
National Bank of Greece (NBG) on Friday placed an offer to buy Alpha Bank through a merger deal, following an approval given by a joint meeting of the strategy commission, the bank's board executive members and the representative of the Greek state.
In a letter to the Capital Markets Commission, National Bank said it has signed an agreement of confidentiality with Alpha Bank in February 3, 2011, to hold exclusive negotiations and to avoid taking alternative measures. National Bank stressed it was confident over the financial and strategic benefits of its offer and expects that Alpha Bank's board will examine the offer very seriously.
Under the offer, Alpha Bank's shareholders will receive eight new shares of National Bank for each 11 shares in Alpha Bank, for an exchange ratio of 0.727 shares of National Bank for each one of Alpha. This offer includes a premium of 23.4 pct over the closing price of Alpha Bank's shares on January 17. Under the offer, National Bank's shareholders' relative participation in the new group will total 71 pct, while Alpha Bank's 29 pct, with the Greek state and other pension fund participations totaling 0.9 pct and 12 pct, respectively.
The proposed merger will become a very significant step towards consolidation and strengthening of the banking system, taking in view the challenges of the current conjucture. The merger plan will lead to the creation of the largest and strongest bank in Greece, with a strong liquidity base and a leader in Southeastern Europe. It will also offer significant added value to both banks' shareholders and multiple benefits to Greek enterprises and households and to the Greek economy, in general.
Finalization of the transaction will depend on the successful completion of a series of preconditions, such as due diligence report, final approval by both banks' board and the signing of a merger framework.
"The proposed merger will create the largest bank in Greece, which we believe will be in a position to play a crucial role in an effort for the reconstruction of the Greek economy. I am confident of the benefits of the proposed merger," Vasilis Rapanos, National Bank's chairman said in a statement, while Apostolos Tamvakakis, chief executive of the bank stressed: "We think very highly of Alpha Bank and its executives for its achievements over the last decades under the leadership of Mr. Kostopoulos. We expect the response of Alpha Bank's board and a positive answer to our friendly offer. The merger will create significant value for both banks' shareholders and to offer multiple benefits for the Greek economy." Tamvakakis added that the offer was the first step towards reshaping the banking sector in Greece.
Meanwhile, the board of the Athens Stock Exchange on Friday suspended trade in NBG and Alpha Bank shares after rumours of the proposed merger started to circulate in the market. Before trade was suspended, Alpha shares had posted gains of 6.32 percent and NBG shares had gained 2.14 percent.
(ana.gr)
National Bank of Greece (NBG) on Friday placed an offer to buy Alpha Bank through a merger deal, following an approval given by a joint meeting of the strategy commission, the bank's board executive members and the representative of the Greek state.
In a letter to the Capital Markets Commission, National Bank said it has signed an agreement of confidentiality with Alpha Bank in February 3, 2011, to hold exclusive negotiations and to avoid taking alternative measures. National Bank stressed it was confident over the financial and strategic benefits of its offer and expects that Alpha Bank's board will examine the offer very seriously.
Under the offer, Alpha Bank's shareholders will receive eight new shares of National Bank for each 11 shares in Alpha Bank, for an exchange ratio of 0.727 shares of National Bank for each one of Alpha. This offer includes a premium of 23.4 pct over the closing price of Alpha Bank's shares on January 17. Under the offer, National Bank's shareholders' relative participation in the new group will total 71 pct, while Alpha Bank's 29 pct, with the Greek state and other pension fund participations totaling 0.9 pct and 12 pct, respectively.
The proposed merger will become a very significant step towards consolidation and strengthening of the banking system, taking in view the challenges of the current conjucture. The merger plan will lead to the creation of the largest and strongest bank in Greece, with a strong liquidity base and a leader in Southeastern Europe. It will also offer significant added value to both banks' shareholders and multiple benefits to Greek enterprises and households and to the Greek economy, in general.
Finalization of the transaction will depend on the successful completion of a series of preconditions, such as due diligence report, final approval by both banks' board and the signing of a merger framework.
"The proposed merger will create the largest bank in Greece, which we believe will be in a position to play a crucial role in an effort for the reconstruction of the Greek economy. I am confident of the benefits of the proposed merger," Vasilis Rapanos, National Bank's chairman said in a statement, while Apostolos Tamvakakis, chief executive of the bank stressed: "We think very highly of Alpha Bank and its executives for its achievements over the last decades under the leadership of Mr. Kostopoulos. We expect the response of Alpha Bank's board and a positive answer to our friendly offer. The merger will create significant value for both banks' shareholders and to offer multiple benefits for the Greek economy." Tamvakakis added that the offer was the first step towards reshaping the banking sector in Greece.
Meanwhile, the board of the Athens Stock Exchange on Friday suspended trade in NBG and Alpha Bank shares after rumours of the proposed merger started to circulate in the market. Before trade was suspended, Alpha shares had posted gains of 6.32 percent and NBG shares had gained 2.14 percent.
(ana.gr)
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ATHEX: Announcement
The ATHENS EXCHANGE following request from the Hellenic Capital Market Commission decided the temporary suspension of trading of the shares of the banks "NATIONAL BANK OF GREECE S.A." and "ALPHA BANK S.A.", as of today February 18, 2011. This decision was taken based on the potential announcement of important business developments by the above-mentioned banks.
Accordingly, decided the temporary suspension of trading of all derivatives products including stock borrowing and lending products with underlying including the shares of NATIONAL BANK OF GREECE S.A. and ALPHA BANK S.A., the Exchange Traded Funds ALPHA ETF FTSE ATHEX 20, NBGAM ETF ΓΔ Χ.Α. and NBGAM ETF GREECE & TURKEY 30 .
(capital.gr)
The ATHENS EXCHANGE following request from the Hellenic Capital Market Commission decided the temporary suspension of trading of the shares of the banks "NATIONAL BANK OF GREECE S.A." and "ALPHA BANK S.A.", as of today February 18, 2011. This decision was taken based on the potential announcement of important business developments by the above-mentioned banks.
Accordingly, decided the temporary suspension of trading of all derivatives products including stock borrowing and lending products with underlying including the shares of NATIONAL BANK OF GREECE S.A. and ALPHA BANK S.A., the Exchange Traded Funds ALPHA ETF FTSE ATHEX 20, NBGAM ETF ΓΔ Χ.Α. and NBGAM ETF GREECE & TURKEY 30 .
(capital.gr)
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