The synergies estimated according to the article are EUR200m. That
number looks too high to us, given that it would be 50% of the cost base of
the smaller entity (Liberbank). There is no geographic overlap between the
two entities, so the branches that could be closed would be those that
could be closed on a standalone basis by the two entities. The cost savings
would relate to the headquarters. In the case of Liberbank, the bank has
already cut costs aggressively. We estimate potential cost savings of
EUR160m, which would generate an NPV of EUR900m.