Greek banks to bid for Hellenic Postbank as sale draws closer

Written by on July 2, 2013 in Business - No comments

A host of interested buyers are queuing up to purchase Greece’s Hellenic Postbank. The Postbank is fully owned by the Hellenic Financial Stability Fund (HFSF) and its sale is expected to be completed by mid-July.

Authorities wound down the Hellenic Postbank back in January. They stripped out bad loans from its portfolio and transferred less risky assets and deposits to a new entity called New Hellenic Postbank.

The HFSF pumped four billion euro into the bank to cover its funding gap – the difference between assets and liabilities – and a further 500 million to recapitalize it. The healthy TT has assets of 13.7 billion euro, deposits of 10.7 billion and a network of about 200 branches.

 

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(Photo: Mattes)

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