Greek bank appoints FD to handle merger battle

Piraeus Bank has hired Financial Dynamics to handle its UK and European financial PR as it battles to take over rival Greek bank Ergobank.

Piraeus Bank has hired Financial Dynamics to handle its UK and

European financial PR as it battles to take over rival Greek bank

Ergobank.



Piraeus is Greece’s fourth largest bank, while Ergobank is the country’s

fifth largest. The merged group would represent the third largest bank

by market capitalisation.



Piraeus is facing competition from Geneva-based EFG Eurobank in what has

become an increasingly bitter fight between the two. The firm stepped in

as Ergobank’s white knight earlier this month, and is its preferred

bidder.



Financial Dynamics was hired following a recommendation from the bank’s

financial adviser, Goldman Sachs. The brief covers media, analyst and

investor relations in the UK and Europe. FD southern Europe head Joanna

Moss is working on the account.



Piraeus increased its initial offer for Ergobank this week, valuing the

bank at over pounds 1 million. EFG Eurobank was expected to counter with

its own second bid as PR Week went to press.



- Allied Domecq called in Cardew and Co three weeks ago to reinforce its

financial PR team as the battle between Punch Taverns and Whitbread for

Allied’s retail division becomes increasingly fraught. Cardew and Co is

working with Allied Domecq’s existing agency, Financial Dynamics.



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