Wednesday November 26, 2014 Search
Weather | Athens
13o C
8o 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)  
Debtors snap up offer for easier settlements
Belgium gas firm said to be eyeing DESFA
OLP approval paves way for investment in Piraeus
Airport tender exceeds expectations
Hundreds of migrants on crippled ship off Crete
Ships from Greece rushed to help after a crippled freighter crammed with hundreds of migrants floundered for hours Tuesday in gale-force winds and high waves in the Mediterranean Sea, offici...
Policemen suspected of working at Piraeus bar where shooting took place
At least three serving policemen are thought to have been working at the bar in Mikrolimano, Piraeus, where a 31-year-old man opened fire with an AK-47 early on Saturday, resulting in 15 peo...
Inside News
SOCCER
Atletico eyes last 16 berth against Olympiakos
Greek champion Olympiakos faces a tough task if it is to prevent last season's beaten finalist Atletico Madrid sealing its passage into the last 16 of the Champions League at the Vicente Cal...
SOCCER
EPO ends soccer suspension, Super League resumes
Soccer action will resume this weekend after the Super League convened on Monday, elected a new president and alternate president and sent a letter to the soccer federation that assures it t...
Inside Sports
COMMENTARY
Beware of the fallen idols
Akis Tsochatzopoulos, a legendary figure of the Greek socialist movement, a man who came very close to taking over the party that governed the country for half of the time following the fall...
EDITORIAL
The hard truth
The coalition government must tell the truth to the Greek people, even if this entails admitting to mistakes made over the last few months. The countrys citizens are fully aware of how cruc...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
RECENT NEWS
1. Hundreds of migrants on crippled ship off Crete
2. Atletico eyes last 16 berth against Olympiakos
3. Debtors snap up offer for easier settlements
4. Belgium gas firm said to be eyeing DESFA
5. OLP approval paves way for investment in Piraeus
6. Airport tender exceeds expectations
more news
Today
This Week
1. Anastasiades to undergo heart surgery in the US on Dec 4
2. Cargo vessel carrying hundreds of migrants adrift southeast of Crete
3. Trade deficit widens by 8.7 percent during Jan-Sept period, says ELSTAT report
4. Two police officers among 9 arrested for drug trafficking
5. Fraport, Copelouzos offer highest bid for Greek regional airports
6. Stop Mediterranean becoming vast migrant cemetery, Pope tells Europe
Today
This Week
1. Double quake on Atalanti fault line rattles Greek capital [Update]
2. Biden heads to Istanbul amid tension over Cyprus EEZ violation
3. Give Greece a chance
4. Every age has its collaborators
5. Carlsberg takes control of Greek brewer Olympic Brewery [Update]
6. Scientists expand excavation of ancient Amphipolis
Find us ...
... on
Twitter
... on Facebook
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright 2014, H KAΘHMEPINH All Rights Reserved.