ECONOMY

French-owned courier firm Interattica packs in business

One of the biggest courier companies in Greece, Interattica, has closed down, according to a decision announced to employees last Friday. French mail group La Poste held a majority stake at the firm. This is the same group that in the past had expressed an interest in the Hellenic Post courier subsidiary. Interattica, set up in 1990, expanded rapidly across Greece and in 2001 Piraeus Bank acquired a 60 percent stake. In January 2006, it came under the control of La Poste through its GeoPost subsidiary, as the French mail group had considered it a vehicle through which to enter the Greek courier market. The courier firm had shown revenues of 12 million euros in 2008, but had also accumulated losses of 10 million euros, after becoming the fourth-largest company in that industry in the Greek market in 2006.