Monday April 27, 2015 Search
Weather | Athens
14o C
09o 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)  
ATHEX: Negotiating team shake-up extends stock market gains
´Frustrated´ Germany says ball is in Greece´s court
Italy says no ´Plan B´ on Greece, need quick deal on bailout
European shares fall, Greek concerns weigh
Olympiakos chairman to appear before magistrate in June
Olympiakos chairman Vangelis Marinakis has been given until the beginning of June before he is questioned by anti-corruption magistrate Giorgos Andreadis, court source have told Kathimerini....
Seven charged with corruption over sale of Daimler vehicles to Greek military
Greek anti-corruption prosecutors have issued felony charges against seven people in Greece and Germany allegedly connected to the bribing of public officials over the sale of vehicles made ...
Inside News
SOCCER
Panathinaikos beats Xanthi to rise to second
Panathinaikos jumped back up to the second spot of the Super League after its home win over Xanthi on Saturday, as PAOK slumped to third due to its draw at home with PAS Giannina on Sunday. ...
WATER POLO
Olympiakos wins Euro crown in women´s water polo
The women’s water polo team of Olympiakos won its first ever LEN Euro League at the Final Four it hosted in Piraeus by beating holder Sabadell from Spain 10-9 in Saturday’s final. After defe...
Inside Sports
ANALYSIS
If Greece falls, no one wants their prints on the murder weapon
"We're going bust." "No, you're not." "You're strangling us." "No we're not." "You owe us for World War Two." "We gave already." The game of chicken between Greece and its international cred...
COMMENTARY
Reaching crunch time
Several cabinet ministers and MPs are no longer hiding it: They either openly admit that they are promoting the drachma or they murmur things like, “Why not the drachma?” Some go even furthe...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. ATHEX: Negotiating team shake-up extends stock market gains
2. Olympiakos chairman to appear before magistrate in June
3. Seven charged with corruption over sale of Daimler vehicles to Greek military
4. ´Frustrated´ Germany says ball is in Greece´s court
5. Italy says no ´Plan B´ on Greece, need quick deal on bailout
6. Greeks add pressure on Tsipras to compromise as talks resume
more news
Today
This Week
1. Greece’s day of reckoning inches closer as debt payments loom
2. Pensions will not be cut, insists social insurance chief
3. Berlin silent on content of Merkel-Tsipras chat amid claims of 'dramatic' situation
4. Anastasiades, Akinci speak and look towards fresh push in peace talks
5. Tsipras reshuffles negotiating team after Riga debacle
6. ECB seen going all the way on QE as economists doubt taper
Today
This Week
1. Greek government's popularity takes a hit as talks drag on
2. Europe's collision course with Greece
3. It's up to the Greek government to ensure deal with lenders, says ECB's Coeure
4. Denialism
5. Leaving the past in the past
6. The price of compromise
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.