ECONOMY

National Bank wins failed cooperative bank deposits

Greece’s largest lender, National Bank will take over the deposit liabilities of three small cooperative banks which were wound up earlier this week, the country’s central bank said on Friday.

On Monday the Bank of Greece decided to revoke the licenses and shut down cooperative banks Achaiki, Lamias and Lesvou-Limnou after determining they were no longer viable.

Greek banks have been battered by the country’s debt crisis and a deep recession, hurt by deposit outflows and a sharp rise in impaired loans.

The central bank said National Bank prevailed in a tender for the deposits.

“With this process all client deposits of the three banks are fully secure,» it said.

The three cooperative banks ran small networks of between three to five branches each. [Reuters]