The procedures for the legal merger of EFG Eurobank and Ergobank were completed today, Thursday, 7 September 2000. The new bank resulting from the merger trades under the name EFG Eurobank Ergasias S.A.The procedures for the legal merger of EFG Eurobank and Ergobank were completed today, Thursday, 7 September 2000. The new bank resulting from the merger trades under the name EFG Eurobank Ergasias S.A. Following the completion of the legal merger, EFG Eurobank Ergasias announces net profits before tax, for the group, of GRD 76.5 billion for the first half of 2000.
In the comparisons that follow, figures relating to 30 June 1999 represent the combined figures of EFG Eurobank and Ergobank, which gives a better picture of the organic development of the new EFG Eurobank Ergasias. The results for the first six months of 2000 confirm the continuing dynamic development of the Group, despite the intense occupation of both banks' staff with merger-related work. The Management of EFG Eurobank Ergasias anticipates a significant increase in profitability as of 2001, in line with the rapid organisational convergence of the two banks currently under way. The detailed results of EFG Eurobank Ergasias for the first half of 2000, compared with the corresponding period of 1999, are as follows:
The merger will also bring about a change in the weighting of EFG Eurobank Ergasias in the MSCI Greece index. It is expected that EFG Eurobank Ergasias will participate in the adjusted index with a 9 per cent coefficient, which reflects the actual weight of EFG Eurobank Ergasias on the Athens Stock Exchange.