Alpha bank merges with Eurobank EFG

TIRANA, Sept. 6 – Greece’s Alpha Bank, which operates through dozens of branches in Albania, has reached a deal to merge with Eurobank EFG. In a statement, the banks said that their merger would, “play a vital role in the economic recovery of Greece.” Eurobank EFG and Alpha Bank are Greece’s second and third biggest banks. The Greek government has encouraged banks to pool resources to help them cope with the country’s debt crisis.Qatar Investment Authority (QIA), which is already an Alpha shareholder, is expected to take a bigger stake in the new bank. Shares in Greek banks have fallen by more than 50% this year, but they rallied in early trading on Monday. As major debtors of the Greek government, Greek banks have fared particularly badly in the sovereign debt crisis, surviving only with the assistance of the European Central Bank. Since the beginning of its activity in Albania in 1998 Alpha Bank-Albania has been a strong and dynamic partner in the development of the country. Many national projects such as the construction of the section Rreshen-Kalimash, part of the international Durres-Morine highway and the construction of the Tirana International Airport ”Mother Tereza” were financially supported by Alpha Bank-Albania in close collaboration with the Albanian Government. Alpha Bank – Albania operates through 47 branches around the country, while it also maintains presence in big commercial stores. Alpha Bank also operates in Cyprus, Romania, Bulgaria, Serbia, Ukraine, F.Y.R.O.M. and the United Kingdom. Apart from Alpha Bank, the Tirana Bank and the National Bank of Greece Albania branch are two other banks with Greek capital operating in Albania.