Greece's National Bank buys out rival Eurobank

20/02/2013

The merger creates the largest bank group in the country. Also in business news: Romania narrowly misses a recession and foreign investment in Turkey dropped in 2012.
photo

Fifty-eight percent of Eurobank shares were bought by the National Bank of Greece. [AFP]

Greece's National Bank announced on Monday (January 18th) it has completed a buyout offer for rival Eurobank. The deal will create the biggest bank group in the country, the lender said.

***

Bulgaria is considering revoking the license of Czech power distribution utility CEZ, the energy, economy and tourism ministry said on Sunday (February 17th). The statement came amid the biggest protest in the country in years, which brought thousands of people in the streets protesting against high electricity bills.

***

Foreign Direct Investment in Turkey dropped by 37.9 percent in 2012 from the previous year, figures from the Central Bank showed. Investments last year amounted to $6.087 billion compared to $9.9 billion in 2012. Most foreign investments last year were in the construction, finance, food and insurance sectors.

***

Albania will scrap VAT on the imports of industrial and agricultural tools, steel and cement in an effort to boost the economy, Prime Minister Sali Berisha told a government meeting last week. The government currently levies a 20 percent VAT on imports of these product categories.

***

Serbia's biggest defence company, Yugoimport SPDR, signed a contract on Monday (February 18th) to develop light cruise missiles for United Arab Emirates-based Emirates Advanced Research and Technology Holding LLC. The contract is worth more than 200 million euros.

***

Related Articles

Loading

Romania avoided a recession in the fourth quarter of 2012, data from the National Statistics Institute showed. GDP in the Balkan country over the period grew by a seasonally adjusted 0.2 percent month-on-month after a 0.4 percent drop in the third quarter. On an annual basis, GDP was up 0.2 percent.

***

Turkish oil company TPAO and Dutch-British group Shell signed an agreement on oil exploration in the western Black Sea region. The deal worth roughly $150 million envisions drilling at least one deep-water well in the region.

(Various sources -- 13/02/13-20/02/13)

This content was commissioned for SETimes.com.
Loading
Vote
 
 
  • Email to a friend
  • icon Print Version
  • Share/Save/Bookmark

We welcome your comments on SETimes's articles.

It is our hope that you will use this forum to interact with other readers across Southeast Europe. In order to keep this experience interesting, we ask you to follow the rules outlined in the comments policy. By submitting comments, you are consenting to these rules. While SETimes.com encourages discussion on all subjects, including sensitive ones, the comments posted are solely the views of those submitting them. SETimes.com does not necessarily endorse or agree with the ideas, views, or opinions voiced in these comments. SETimes.com welcomes constructive discussion but discourages the use of copy-pasted materials, unaccompanied links and one-line slogans. This is a moderated forum. Comments deemed abusive, offensive, or those containing profanity may not be published.

SETimes's Comments Policy

Reportage

EU changes its economic approach toward the BalkansEU changes its economic approach toward the Balkans

The Union sets new criteria for membership candidate countries and potential candidates.

SETimes logo

Most Popular

Loading
Loading
Loading

Poll

A US ship and crew is making final preparations to neutralise the most dangerous part of Syria’s chemical weapon arsenal. How important do you believe the operation is in protecting civilian populations from chemical weapons?

Very important
Not very important
Not important at all
I don't know