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UniCredit: National Bank-Alpha Merger More Unlikely

A merger between National Bank of Greece and Alpha Bank looks now unlikely, says UniCredit, and “the ideal merger scenario is unlikely to happen in the current climate”, according to Dow Jones Newswires.
Analyst Tania Gold commented that the banks seem unlikely “to make it down the aisle”, as NBG is unwilling to pay the 50% premium to current prices that Alpha is looking for.
However, no one can rule out a sweetened bid in the short term, which would make Alpha shares rally again, said Tania Gold.
“Alpha΄s best defense against predators is to announce a capital raising to enable it to be standalone – it needs at least EUR1B,” the analyst added and stated the “sell” rating on both banks.

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