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Greek bank shares plunge as merger called off
Be prepared for the next great transfer of wealth. Buy physical silver and storable food.
National Bank of Greece and Eurobank saw their shares tumble by 30pc in early trading on the Athens stock exchange after the Greek central bank said late on Sunday night that the four biggest banks in the country would be recapitalised separately.
telegraph.co.uk / By Rachel Cooper / April 8, 2013
Shares in two Greek banks plunged on Monday morning after their plans to merge were suspended until they are both recapitalised, with a state bank support fund set to decide if they will join forces.
National Bank of Greece and Eurobank saw their shares tumble by 30pc in early trading on the Athens stock exchange after the Greek central bank said late on Sunday night that the four biggest banks in the country would be recapitalised separately.
Piraeus Bank and Alpha Bank, Greece’s two other main lenders, experienced losses of 20.6pc and 15.1pc in early trading.
National acquired 84.3pc of Eurobank via a share swap in February with a view to absorbing it as part of broader consolidation in the banking industry to cope with the fallout from Greece’s debt crisis and deep recession.
But, Greece’s international creditors, the European Union, International Monetary Fund and European Central Bank, had expressed concern that the entity created through a NBG-Eurobank merger would dominate the market and would be hard to recapitalise.
A central bank statement said on Sunday: “The Bank of Greece confirms that the recapitalisation process for the four systemic banks (National Bank, Alpha, Eurobank, Piraeus) is proceeding normally and will conclude in April.”
Thanks to BrotherJohnF
2013-04-08 11:03:15
Source: http://silveristhenew.com/2013/04/08/greek-bank-shares-plunge-as-merger-called-off/
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