State-controlled bank receives bid from fourth lender

July 10
5:03 AM 2013

Greek lender Geniki Bank confirmed that it has submitted its bid to acquire New Hellenic Postbank. The offer came several days ahead of the bidding deadline set on July 15, a Reuters report said.

Geniki Bank is part of Piraeus Bank, the second biggest lender in Greece.

Just last Tuesday, three of Greece's major banks already submitted their binding offers. Senior bankers said that National, Alpha Bank and Eurobank, all of which are predominantly owned by the Hellenic Financial Stability Fund, tendered their bids for the troubled state-controlled bank.

Greece approved its International Monetary Fund and European lenders to put up for sale New Hellenic Postbank as well as small lender Proton to obtain more funds under a Eur 240 billion bailout.

Last January, New Hellenic Postbank was wound down after its effort to sell became unsuccessful. Thereafter, bad loans were taken from its portfolio and the deposits and less risky assets were moved to a new unit.

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