TAIPED plans to launch a tender for TT

Athens is preparing to launch a tender for the sale of the so-called good part of Hellenic Postbank (TT), with interest said to be coming not only from Eurobank but other domestic lenders too.

The state privatization fund (TAIPED) has reportedly commissioned Goldman Sachs as consultant for the sale of the new TT and as an agent for investigating interest both from the foreign and local markets.

The decision to proceed to a tender for TT constitutes a minor surprise for the local market as the prevailing impression had been that the fund would choose to have it merge with Eurobank. Now the game is opening, as banking sources say that other systemic banks beyond Eurobank will express interest in the healthy side of the state-owned lender.

Given that the tender will be launched after the recapitalization of systemic banks is completed, National, Alpha and Piraeus will all be able to make bids for TT. Sources from Alpha and National have already implied that they would issue a positive response to invitations of expressions of interest, though Piraeus is likely to stay out, having absorbed six other bank networks in the last few months.