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Posted On: 29 August 2011 05:40 am
Updated On: 12 November 2020 02:11 pm

Qatar ‘to inject 500mn euros in Greek banks’ merger’

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Qatar will inject 500mn euros (about QR2.6bn) into the merger of Greece’s Eurobank and Alpha Bank, set to be finalised today, a banking official involved in the deal said in Athens yesterday. “There will be a capital injection from Qatar via a 500mn euro ($704.3mn) convertible bond,” the official, who declined to be named, told Reuters. “The details of the capital plan will be spelt out (on Monday) for the entire capital plan.” The friendly merger, if approved by shareholders, will help Greece’s second and third-largest lenders weather a crisis in which the banking sector has been weakened by rating downgrades, deposit outflows and increasing loan impairments. The merger will create southeast Europe’s biggest bank and the 22nd-biggest bank in Europe.