Judicial officials in Greece say an investigation has been launched into potentially illegal trading practices involving shares in National Bank and Alpha Bank after the two lenders held unsuccessful merger talks last month.
“The prosecutor Isidoros Doyiakos ordered a preliminary investigation into the possible leak of an eventual merger between Alpha and National Bank with a view to profiteering,” said the official, who declined to be named.
The government in crisis-hit Greece has strongly urged banks to merge, but Alpha turned down the National Bank’s merger proposal on Feb. 18, arguing the terms were unfavourable to its shareholders.
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