On Tuesday evening, the shareholders of "EFG Eurobank" have approved the merger with "Alpha Bank", with a majority of 98.06% of the votes represented in the General Shareholder Meeting (AGEA), and the new bank will be called "Alpha Eurobank", according to a press release by "Bancpost", the local subsidiary of "EFG Eurobank".
Nicholas Nanopoulos, CEO al "EFG Eurobank", said that the merger represents a "game-changer decision of historic proportions which enhances the ability of the country to overcome the crisis and stabilizes the banking system".
"The merger plan of Eurobank and Alpha Bank that was announced in the end of last August shows that we are early adopters of the spirit of the time, that we are not just adapting to the circumstances but that we dynamically break through with this strategic initiative", he added.
The CEO of "EFG Eurobank" said that the new bank will become the 23rd largest in the Eurozone, with total assets of 145 billion Euros, 98 billion Euros in loans, and 68 billion Euros in deposits. It will have a network of 2,300 branches and a staff of 34,000.
Nicholas Nanopoulos said that "Alpha Eurobank" "will be able to deliver large-scale synergies of approximately euro650 million, fully phased within three years. The synergies are quite substantial relative to the size of the new entity." "We intend to continue addressing the private initiative and the markets as sources of capital", he said.
The EGM convened with a quorum of 57.36% of the paid up ordinary share capital corresponding to 317,145,899 ordinary shares. Shareholders holding 310,996,643 shares (56.24% of the share capital with voting rights) approved of the merger of Eurobank with ALPHA BANK S.A. ("Alpha" or "Alpha Eurobank" under its new corporate name) by absorption of the former by the latter, and of the Draft Merger Agreement with an exchange ratio
