ECONOMY

Sallas to chair local lender association

Piraeus Group head Michalis Sallas is poised to become the new president of the Hellenic Bank Association as soon as the administrative changes at the National Bank of Greece are completed.

All systemic banks have agreed to Sallas’s appointment to the association’s chair. He will replace Giorgos Zannias, National’s outgoing governor. The association has traditionally been headed by the governor of National Bank due to it being the country’s biggest lender. However, the Piraeus Group has recently risen to the top of the local banking system in terms of assets, loan portfolios and deposits.

Sources say that the candidate for the post of chief executive officer at National, Leonidas Frangiadakis, has secured the provisional consent of the European Central Bank’s Single Supervisory Mechanism. He is expected to visit Frankfurt in the next few days to meet with the SSM technocrats.

The government intends to appoint Louka Katseli, former economy minister during the period when George Papandreou was prime minister, to the chair at National, but without any executive competences.