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Merger of National Bank with Alpha Bank

01/11/2001 11:45
A meeting will take place this morning between the boards of the Wall Street listed National Bank of Greece and Alpha Bank which is expected to endorse an agreement for the merger of the two banks. Speaking to the press last evening, heads of the two banks stated that the move was necessary in view of the new conditions prevailing internationally.

The new bank resulting from the merger, based on total assets will be amongst the twenty largest european banks, ranking 119th amongst the 1.000 largest banks in the world. In Greece, the new bank will control around 52% of total assets of the domestic banking market, and around 53% of deposits. Together the two banks will operate over 1.000 branches.

Both the National Bank of Greece and Alpha Bank have a presence in Cyprus, the former having around 3% of total deposits and the latter around 5%.