Closing date for the bids on the Commercial Bank of Greece

The deadline for bids on the Commercial Bank of Greece is ending at 6 pm today,  Wednesday, and the Reuters news agency, citing senior banking executives, argues that both the National Bank and Eurobank intend to submit binding bids against the proposal officially submitted so far only by Alpha Bank.

Banking sources say that the EFSF has requested the recapitalization of the Commercial Bank by Crédit Agricole before its sale to any of the relevant Greek banks.

The Commercial Bank, one of the oldest operating banks with about 11 billion euros in deposits, 16 billion in lending and 21 billion in assets, is expected to give a major boost to the financial institution that will acquire the majority of the package. Its wide branch network that reaches about 340 stores across the country is considered a major advantage.

According to reports, the aim of Crédit Agricole is the completion of the discussion on strategic cooperation in the form of a merger and its leading to the improvement of the Commercial Bank’s position in Greece, since the French group intends to maintain its presence in the country with a significant percentage in the new body.