Greek banking sector braces for 'super deal' aimed at providing stability
ATHENS (AFP) - Greece's banking sector is bracing for what local media on Saturday called a "super deal", following the announcement of the National Bank's offer to purchase the third-largest lender Eurobank.
Late on Friday, the National Bank of Greece (NBG), the country's top lender, announced a voluntary offer for "all outstanding common registered shares" of Eurobank.
If an agreement is reached, "current NBG and Eurobank shareholders will be represented by 75 per cent and 25 per cent respectively", according to the statement, with NBG offering "58 new shares for each 100 shares of Eurobank".
The group will become the country's new top lender, with combined assets of nearly 177.7 billion euros (S$284.6 billion ) , approximately 104 billion euros from the NBG and 73.6 billion euros from Eurobank.