Alpha Bank and EFG Eurobank each take 1bn euros from Greek state

Alpha Bank and EFG Eurobank, two of the top 10 players on the Romanian banking market, will receive capital injections of 950 million euros each from the Greek state as part of a plan to aid the financial industry. Alpha Bank shareholders approved a preference share issue on Monday and accepted that the Greek state appoint a representative in the Board of Directors, according to a release published by Alpha Bank in Athens. The state representative will have veto powers on executive salaries and dividends, according to Reuters. Shareholders of EFG Eurobank (Bancpost majority shareholder) approved a similar share capital increase on Monday, according to information published on the group's Greek website. The Alpha Bank group has a credit portfolio of over 50 billion euros, and equity capital worth over 4 billion euros.