ECONOMY

National asks for delay in TT process

National Bank has reportedly applied for an extension to the process of the sale of the 44 percent stake the state hold in Hellenic Postbank (TT) in order to have time to prepare its binding bid, given that it is also busy with the acquisition of Eurobank.

The Bank of Greece is said to have forwarded this request to the European Commission. However, it will be difficult for the process to be extended further as it has already been delayed by five months.

Along with the expected offers by Alpha and Attica Bank, the Hellenic Financial Stability Fund on Friday received separate bids from National Bank and Eurobank Ergasias, due to the fact that their merger is still pending.

All four bids have been forwarded to Brussels for evaluation, whose result will be known by Friday, with a view to the selection of the preferred bid by January 15.

After that, the process of breaking up Hellenic Postbank into “good” and “bad” parts will follow, conducted by the Bank of Greece, with the healthy side being sold to the successful suitor and the bad part being liquidated.