Eurobank To Complete Merger With New Hellenic Postbank in April

(Photo credit: Tilemahos Efthimiadis)

A full operational unification between Eurobank and a new Hellenic Postbank is expected to be completed in April 2014, Eurobank's chief executive Christos Megalou said earlier this week. In a letter addressed to Eurobank's personnel on the occasion of completing a legal merger of the two banks, and which was dispatched by the state news agency, Megalou stressed that the merger plan would be completed within set timetables, as it happened with the legal merger and the absorption of New Proton Bank, "thanks to the quantity and the quality of the work contributed by everyone involved in this project."

     "The merger with New Hellenic Postbank and New Proton Bank safeguarded the group's systemic role. We completed a voluntary retirement program -which leads to a significant cost restructuring- and launched the transformation of our business model, to adapt to future challenges. We move to actions which will allow us to implement a share capital increase plan, attracting private capital and international investors," Eurobank's CEO said in his letter, adding that a positive outcome of this effort will signal the return of Eurobank to the private sector, offering a strong vote of confidence to the Greek economy's prospects.

 AMNA