Greek banking: Clash of the titans

The takeover battle between Marfin and Piraeus pits two Greek banking heroes against each other. It also raises the question of domestic consolidation at a time when Greek banks are focused on expanding abroad. Peter Koh reports from Athens.

IN THE ANCIENT Greek myth of the Titanomacy (battle of the Titans), the whole Earth shook as a younger generation of gods led by Zeus and Poseidon threw lightning bolts crafted by hundred-handed giants to overthrow their father Cronus, who had himself stolen the throne by castrating his father Uranus, with the help of his mother Gaia.

Only time will tell if the current battle for supremacy being waged in the Greek financial world between Marfin Financial Group and Piraeus Bank will gain mythological status.

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