ATEbank not yet for sale

The sign on the door of this ATEbank branch should read: ‘not for sale,’ as the government has heeded the advice of its international lenders and chose not to proceed with the state-owned bank’s privatization. Piraeus Bank decided last week to withdraw its acquisition bid for ATEbank, as it could not wait any longer for an answer. It seems the government had little room to maneuver, though the valuation of the Piraeus bid by the consultants hired had not yet been delivered.