Saturday December 20, 2014 Search
Weather | Athens
17o C
10o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Hellenic Postbank to be split into good and bad side

By Giorgos Mantelas

The sale of Hellenic Postbank (TT) will go ahead only once the the recapitalization of the Greek credit sector has reached an advanced stage and the state-owned lender is split into a “good” and “bad” bank, the government has decided.

The project of the privatization of TT will follow the pattern set by the sale of ATEbank to Piraeus Bank, with the “good” part of the lender, which includes deposits and the portfolio of performing loans going to the buyer, and the “bad” being put through a clearance process and dissolved.

TT will therefore be delivered to its buyer clean, with its considerable deposits – among the largest in the country – shifting the balance between deposits and loans for the banking group that will acquire the listed lender. This is the main reason why all three major groups in the domestic credit sector are set to enter a bid for TT.

The group of National and Eurobank, the Alpha group and the Piraeus group will fight for this bone of contention in a battle that has no favorites or outsiders. Even though National and Eurobank – which are about to merge – control 12 percent of TT between them it only concerns TT as it is now and once it splits into a good and bad bank, the advantage will be lost. Even if it had existed, however, it would not have mattered that much anyway: “Stock valuations are so low, that the advantage for the new National [after the merger with Eurobank] would not have exceeded 4 to 5 million euros. Consequently, that would matter little in the bidding,” a senior official from another lender told Kathimerini.

Yet at this stage, the sale of TT has been postponed until after the recapitalization of the credit system, sources from the Finance Ministry have confirmed. The recapitilization first requires the disbursement of the next bailout tranche of 31.5 billion euros that will include 25 billion euros for the banking sector.

The degree of success of the recap process will also determine the future of the TT sale, so the realistic scenario is for interest in Hellenic Postbank being expressed after mid-December.

ekathimerini.com , Thursday November 15, 2012 (22:55)  
Workers rush to get early retirement
Piraeus Containter Terminal goes from strength to strength
Moscovici: Creditor inspections to become less frequent and ‘lighter’
Property capital gains tax halt
Environment Ministry to reconsider controversial bill
The government over the weekend appeared to backpedal on proposed amendments widely seen as compromising legislation protecting Greek forests as well as Plaka, Athens’s old quarter. The bill...
Corfu to host country’s first hydroplane strip
Merchant Marine Minister Miltiades Varvitsiotis and Deputy Infrastructure and Transport Minister Michalis Papadopoulos have signed a decision paving the way for the country’s first hydroplan...
Inside News
BASKETBALL
Explosive Barca unfazed by Panathinaikos, bomb scare
Panathinaikos lost 80-67 at home to Barcelona on Friday in a rather meaningless game at the end of the first group stage of the Euroleague, but the encounter will be remembered for the bomb ...
SOCCER
Abidal cuts short playing career at Olympiakos
Former France and Barcelona defender Eric Abidal announced his retirement from football on Friday, a day before his last match. Abidal said he will finish after playing for Olympiakos agains...
Inside Sports
COMMENTARY
The big picture
In his second term, US President Barack Obama is taking steps to enshrine his legacy and solidify America’s standing in the 21st century. His recent decision to normalize relations between t...
EDITORIAL
Get your facts straight
The danger that political discourse in Greece will sink to the basest levels of vulgarity is already more than apparent from the allegations we have heard bandied about over recent days. The...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Environment Ministry to reconsider controversial bill
2. Corfu to host country’s first hydroplane strip
3. Political upheaval sharpens after bribe claims with threats and insinuations
4. Police gets new communications system
5. Most Greeks say they recycle daily
6. Probe into revenues of 2 mln euros in Halkidiki municipality
more news
Today
This Week
1. The big picture
2. Get your facts straight
3. Changes on E9 property declarations possible until end-year
4. Corinth-Patra highway traffic to be diverted
5. Search under way for ‘mastermind’ of bank-scamming gang
6. Probe into revenues of 2 mln euros in Halkidiki municipality
Today
This Week
1. Juncker warns Greeks against voting 'extreme forces' into power
2. Romanos and the dilemma
3. Samaras summons bond vigilantes with euro exit talk
4. A friendly yet firm message from Pierre Moscovici
5. Europe's drama in Greece needs final act to avoid tragedy
6. High stakes
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.