ECONOMY

Eurobank making plans for return to private hands

Eurobank is making plans for a swift return into private hands after its recapitalization is covered by the state’s Hellenic Financial Stability Fund (HFSF) this summer.

Last week it announced a plan for a buyback of hybrid securities worth 10 percent of its share capital increase – i.e. 580 million euros – along with the compulsory participation of shareholders in the share capital increase to the same amount.

The bank is also making plans in cooperation with the authorities for a possible merger with Hellenic Postbank and the new Proton Bank, along with blueprints for the radical restructuring of the group in Greece and abroad in an effort to adjust to the new financial conditions.

Eurobank is hoping to make a smooth and quick return to the private sector, also relying on the fact that it comes from the private section of the credit industry and has never before come into state hands.