Greece’s more than century-old Hellenic Postbank faces a big change – over the protest of its workers – after the newspaper Kathimerini reported that Greece’s creditors approved a plan to have its healthy assets absorbed by the Hellenic Financial Stability Fund (HFSF).
The Finance Ministry and the Bank of Greece made the official announcements, with the central bank revoking TT’s license for banking activities, and TT being dissolved and transformed into a new bank that will include Postbank’s assets, its branch network and activities. This healthy part of TT also includes the shares held by Hellenic Post, Attica Bank and others.
Haris Siganos is appointed head of the new bank, after the expected resignation of board Chairman Kleon Papadopoulos. The “bad” part of the old bank, mostly concerning the non-performing loans of the lender that have risen sharply as Greeks buried by pay cuts, tax hikes and slashed pensions have been unable to pay their loans, is to be liquidated. After a short period of time during which TT will be controlled by HFSF, a new tender for its sale will take place
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