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Hellenic Postbank Takes Control of T Bank, Central Bank Says

Dec. 17 (Bloomberg) -- The Bank of Greece put T Bank SA’s deposits, personnel, and banking activities under the control of state-owned TT Hellenic Postbank SA, saying the lender wasn’t able to raise enough capital to keep operating.

“This action was taken because of the inability of T Bank to restore its capital adequacy, despite the repeated efforts by the Bank of Greece to correct T Bank’s weaknesses,” the Bank of Greece said in a statement on its website today. T Bank’s license has been revoked and the bank’s assets are being liquidated, it said.

T Bank, which is based in Athens, had 2.6 billion euros ($3.4 billion) in total assets at the end of the third quarter. Hellenic Postbank, Greece’s sixth-biggest lender, owned 33 percent of T Bank and offered to buy the remaining equity in a stock-for-stock bid in June.

From Dec. 19, “the whole branch network of T Bank will operate normally, under the new ownership of Hellenic Postbank,” Postbank said in an e-mailed statement.

To contact the reporters on this story: Mike Harrison in London at mharrison5@bloomberg.net; Marcus Bensasson in Athens at mbensasson@bloomberg.net

To contact the editor responsible for this story: Mike Harrison at mharrison5@bloomberg.net

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