Alpha Bank Cyprus to absorb local Emporiki
The governing board of Alpha Bank Cyprus agreed on Monday to the acquisition of Emporiki Cyprus, the subsidiary of Greeces Emporiki Bank which has been absorbed by the Alpha Group.
Alpha Bank Cyprus will acquire 100 percent of Emporikis shares, with the two banks merging through Alphas absorption of Emporiki.
The decision is pending on certain conditions such as the approval of the acquisition and merger by the Central Bank of Cyprus and the ratification of the merger by the Cypriot courts.
Alpha holds a 4.5 percent share of deposits and a 5.5 percent share of loans in the Cypriot credit system.
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