Greece’s Biggest Lenders All Submit Bids for Hellenic Postbank
Greece’s biggest lenders all placed separate bids for state-controlled Hellenic Postbank SA (TT), bringing the country a step closer to meeting the conditions for the latest round of loans from its international bailout.
Eurobank Ergasias SA (EUROB), Alpha Bank SA, National Bank of Greece SA (ETE) and Piraeus Bank SA (TPEIR)’s Geniki unit said in filings to the Athens stock exchange that they had submitted binding offers for the lender.
Postbank was taken under the control of the Hellenic Financial Stability Fund last year and split into a so-called good bank and a bad bank, which will house its most toxic assets and will be kept by the government. By buying the Athens-based lender, which received 4 billion euros ($5.2 billion) in capital after hiving off its bad assets, the purchaser will get access to about 12 billion euros of deposits.
The sale of the good bank must be agreed by July 15, according to terms of the country’s 240 billion-euro bailout agreed by the International Monetary Fund, European Central Bank and the European Commission. Euro area finance ministers meeting in Brussels this week agreed to release 3 billion euros of loans for Greece provided the country meets its bailout targets for this month.
Goldman Sachs Group Inc. is advising the fund on the sale.
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