The relevant regulatory authorities, with the consent of the management of both banks, have decided that NBG and Eurobank will be independently recapitalized in full. As a consequence, the merger process of the two Banks is being suspended.
As per the announcement of the Bank of Greece, the recapitalization process for the four systemic banks will be completed before the end of April 2013. To this end, tomorrow, April 9, 2013 Eurobank’s Board of Directors will convene on the subject of the capital increase. The final decisions regarding the merger process will be taken by their future common shareholder, the HFSF.
The HFSF has committed to fully cover the capital increase of the four systemic banks and has already disbursed the necessary funds, thereby safeguarding the stability of the banking system and fully securing all its deposits.