Regions

Greece’s Biggest Lender Banks Expected to Bid on state-controlled bank

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July 9
9:36 AM 2013

Offers to bid for Greece's Hellenic Postbank are due today and that a sale should be settled by July 15. National Bank of Greece SA, Eurobank Ergasias SA, Alpha Bank SA and Piraeus Bank SA already expressed their intention to place separate bids in accordance with the terms set by the International Monetary Fund, European Central Bank and the European Commission for the state-controlled bank.

Spokesmen for the said lender banks confirmed this news through a Bloomberg report. The statement also verified that Goldman Sachs Group Inc is directing the Hellenic Financial Stability Fund about the deal.

The sale is part of Greece's intention to revamp its banking that has previously concentrated on strengthening capital and merging lenders. Hellenic Postbank, which is the country's fifth largest lender, already obtained US $5.2 billion (Eur 4 billion) in capital after it has split its bad assets.

With the merger, lenders are expected to gain access to over Eur 12 billion of deposits.

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