About 85% of Eurobank’s shareholders accepted a share swap tender offer by National Bank of Greece, which ended on February 15, National Bank officials said.

Following the conclusion of the public offer procedure, Eurobank will operate as a subsidiary of National Bank Group for a few months, until completion of the legal merger of the two banks. The new National Bank Group will have assets totaling € 174.2 billion, a loan portfolio of €113 billion and deposits of € 84.6 billion.

The merger will enable synergies worth € 570-630 million annually, through a rationalization of the branch network and ATMs in Greece and Southeastern Europe. In a message to the Group’s staff, National Bank’s chief executive Alexandros Tourkolias, said that "National Bank and Eurobank are joining forces creating the largest banking group in the country, capable of successfully meeting the challenges facing the Greek financial system".

Greek News Agenda: Banks in Talks over Merger