Alpha Bank has rejected a merger offer by larger rival, National Bank of Greece (NBG), Financial Times reports. NBG had proposed an all-share merger of eight new NBG shares for 11 outstanding Alpha shares, valuing Greece’s third-largest lender at €3 billion. The merger would lead to Alpha’s quasi-nationalization, loss of a competitive advantage and affect the stability of its management, said Alpha’s chief economist, Michael Masourakis. Alpha may now boost its balance sheet through a rights issue.
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