National Bank of Greece (NYSE:NBG) said its shareholders had given the go-ahead to the planned acquisition of local peer EFG Eurobank Ergasias SA.
The shareholder meeting, which was held on Friday, followed two unsuccessful attempts of the bank to gather the necessary quorum. It convened with a quorum of 32.77%, which was still below the required 50% level. An NBG representative had told Reuters previously that the meeting would be final independently of the number of shareholders present.
NBG proposed to buy its rival in early October, offering to exchange 58 new shares for every 100 shares of the target. If the deal is successful, NBG shareholders will hold 75% of the enlarged entity, while Eurobank shareholders will hold the remainder.
The transaction, which is seen to create the country’s top lender, is subject to approval from the Bank of Greece and the Hellenic Financial Stability Fund (HFSF), Greece’s financial stability fund.