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In particular, the legal merger of Eurobank and the New TT Hellenic Postbank was completed on Friday. As stated in a message "on 27 December 2013, the legal merger of Eurobank Ergasias JSC with the banking company "New TT Hellenic Postbank" was completed with the entry in the commercial register of Central decision № Κ2-7651/27.12.2013 of the Ministry of Development and Competitiveness, which had approved the merger."

At the same time it was announced that former CEO of the New TT Hellenic Postbank Harris Siganos has been appointed director of operations, technology and organization of Eurobank, as well as a member of its management committee, and of its executive committee.

Recognising the historical role, importance and special relationship developed by TT Hellenic Postbank with Greek depositors across the country,  Christos Megalou emphasized that Eurobank will keep the network of branches under the trade name New TT Hellenic Postbank, adding that the effect of the merger will not be cumulative but multiplying.

In April - the final merger

Executive Director of Eurobank Christos Megalou also said that the final functional merger of Eurobank and the New TT Hellenic Postbank, which was scheduled for April 2014, would be completed on time, as was done in terms of the legal merger, and all activities for the acquisition of the new Proton Bank.

In a review of the events of the past six months, Christos Megalou stressed that the merger of Eurobank with the New TT Hellenic Postbank and Proton Bank guaranteed the systemic role of the group and activated the dynamic development of the bank which has made a significant rationalization of costs. These mergers also made the way for the change of the Transformation Programme of the bank, allowing it to adapt to the demands of the future in time. The Executive Director of Εurobank paid particular attention to the privatization procedure, about which, as he mentioned, there are positive expectations.

The privatization of Eurobank

The privatization of Eurobank, together with the assessment of banks by BlackRock, are the next major challenges facing the banking sector. In recent months, the management of Eurobank headed by Christos Megalou has held a series of meetings with the international investment community, which have resulted in increased interest.

The schedule defined by the Memorandum is very strict, especially bearing in mind that the legislative framework for recapitalization has not yet been developed. If the procedure does not mark any progress, the management of the bank will have to prepare a newsletter after February 12 about the capital increase based on the results of the financial year 2013, and not on the basis of the 9-month period in which the transaction "will fall behind."

Therefore, a law must be voted which needs to include the definition of a selling price in market conditions and a clear concession versus public sector investments, as well as legal protection for members of the Financial Stability Fund.

According to the plan of the Fund for Eurobank, a strategic investor will participate with the amount of 750 million euro in the capital increase amounting to 2 billion euro, while the remaining 1.25 billion euro will be covered by institutional and private investors in Greece and abroad. The aim is to cover the capital increase with private capital, and for the Financial Stability Fund to provide only an uncovered amount, if there is any. According to sources, a minimum of four funds are expected to participate, such as Apollo and Fairfax, which have declared initial interest.