ECONOMY

Voluntary exit program planned for Hellenic Postbank

The plan for Hellenic Postbank (TT) that the government will submit to its creditors for approval provides for a voluntary exit program aiming at the departure of some 500 employees.

The staff to remain with the bank that will be privatized will undergo significant salary cuts.

The TT board will meet on Thursday to discuss additional ways of reducing the lender’s operation costs in order for it to be considered sustainable and be passed on temporarily to the Hellenic Financial Stability Fund (HFSF) until another tender for its sale is held after the failed attempt earlier this month.