National Bank of Greece -the country’s oldest banking establishment and biggest lender- announced on October 5 that it submitted an optional public offer to buy all the common shares of Eurobank, with the aim of creating the largest banking group in Greece. This is the latest in a series of mergers and acquisitions in order to achieve drastic restructuring of the domestic banking sector. Under the terms of the offer, National Bank plans to buy 100% of Eurobank through a share swap, offering 58 new shares for every 100 Eurobank shares.

After the deal is completed, National Bank would hold 75% of the new bank and Eurobank the remaining 25%. National Bank Group operates a network of more than 520 branches across the country, offering a full range of banking products, and an international network of 1,131 units. Eurobank operates a network of around 400 branches in the country.

Kathimerini: Eurobank and NBG to form banking giant