Alpha Bank Nixes Eurobank Merger After Greek Debt Deal

Law360, New York (March 14, 2012, 2:06 PM EDT) -- Greece's Alpha Bank AE is pulling out of a planned merger with Eurobank EFG over concerns about the country's recent deal with its bondholders, Alpha Bank said Wednesday, quashing a tie-up that would have created the largest lender in Greece.

Both banks' shareholders approved the merger in November, and officials said the new bank would be able to better withstand the fallout from Greece's massive debt crisis.

But after the government's debt deal last week, in which private creditors agreed to take pennies on the dollar...
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