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Greece: National Bank’s major buyout to continue despite opposition

By  |  March 31, 2013

Despite concerns and outcry from Greece’s international lenders, National Bank has said its 84.3 buyout of subsidiary Eurobank will continue and has denied receiving any formal motion to stop the acquisition. The deal is part of overhaul efforts by Greece’s banks to consolidate in order to survive a major debt crisis and recession. Sources told reporters that the deal raises concerns within the European Union, the European Central Bank and the International Monetary Fund. Regardless, the National Bank has said that the bank will generate significant savings in this time of financial crisis. DGCom, the European Commission and Greece authorities including the nation’s antitrust authority have all approved of the deal.

 

Full Content: Ekathimerini.com

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