ECONOMY

After Proton, Eurobank acquires Hellenic Postbank, too

Eurobank will be the lender to absorb Hellenic Postbank, according to the decision made on Saturday evening by the Hellenic Financial Stability Fund, that controls both lenders.

As expected, Eurobank, the least strong of the four systemic banks and the only one to have been recapitalized exclusively by the HFSF, was chosen to acquire the healthy part of Hellenic Postbank (TT), on top of absorbing Proton Bank as the HFSF had decided a day earlier.

“The HFSF completed today, July 13, the tender procedure for the sale of the New Hellenic Postbank and decided to proceed to the sale of the New Hellenic Postbank to Eurobank,” announced the fund.

The HFSF chose Eurobank on the grounds of system stability as it was deemed necessary that the fourth pillar of the sector should be bolstered ahead of its privatization that the country’s creditors want to proceed as soon as possible.

TT has a deposits portfolio of 3 billion euros, which was eyed by all four systemic lenders in the tender that took place this week.

“The HFSF and Eurobank will cooperate with an aim to sign a binding agreement by Monday, July 15,” read the fund’s statement.