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The Canadian investment group Fairfax Financial Holdings, quoted by the daily Eleftheros Typos, is one of the main shareholders of the Greek bank Eurobank Ergasias. The Canadian investment group Fairfax Financial Holdings was merged with the Greek company Grivalia, owned by Fairfax.
After the transaction, Fairfax acquired a stake of more than 30% in Eurobank. Until now, the Canadian fund held 16.88% of the third largest Greek bank and 51.43% of Grivalia. Following the increase in the share, the Canadian fund already holds a majority stake in Eurobank.
The merger has been approved by the boards of directors of both companies.
The merger plan also provides for a complete reorganization of Eurobank's non-performing loan portfolio by transferring it to a special purpose entity.
Eurobank is one of the four bank system in Greece, which also participate in the formation of the stock market index of banks. According to badysts, the index has fallen sharply in recent months, particularly because of the still large share of non-performing loans. During the last half year, the value of the shares of the banks of the Athens Stock Exchange fell by more than 50%.
tags: Eurobank Post Office | Fairfax | Wire rack
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