ECONOMY

Aspis Bank could merge with TT

The decision by Apollo Management against taking part in the planned share-capital increase of Aspis Bank is causing the lender to take recourse in Plan B, which concerns its merger with another domestic bank. Sources suggest that negotiations are already under way for Aspis to be absorbed by Hellenic Postbank (TT). They add that talks have advanced and have received the blessing of the many sides involved. Although Apollo Management International, a US fund, came just a step away from joining the Aspis share capital at end-2009, the fund changed its stance last month and canceled the agreement. The reason for that was the rapid deterioration in the country’s finances and the derailment of its fiscal figures.