Arab Today, arab today piraeus bank absorbs ailing state atebank
Last Updated : GMT 22:28:13
Arab Today, arab today
Arab Today, arab today

Piraeus Bank absorbs ailing state ATEBank

Arab Today, arab today

Arab Today, arab today Piraeus Bank absorbs ailing state ATEBank

Athens - AFP

Greece\'s Piraeus Bank will absorb part of ailing state lender ATEBank which will be broken into performing and non-performing assets, the Bank of Greece said on Friday. \"The Bank of Greece, with a view to safeguarding the deposits and the financial stability in general, proceeded to transfer the sound part of the Agricultural Bank of Greece to Piraeus Bank,\" the central lender said. Founded in 1929, the former Agricultural Bank has a network of nearly 500 branches but is held down by ailing subsidiaries such as the Hellenic Sugar Company and the Greek Cooperative Cigarette Manufacturing Company (SEKAP). It failed Europe-wide stress tests held in 2010 and 2011. The Bank of Greece said that ATEBank\'s license had been revoked and that a special legal provision would be put in place for non-performing loans backed by agricultural land as collateral. The \"sound\" part absorbed by Piraeus \"comprises mainly the performing loans and securities portfolio, as well as the full amount of all of the bank\'s deposits,\" the central bank said. \"With the procedure that has been implemented, the deposits of all customers are secured in their entirety and the smooth continuation of business is ensured,\" it said. Any subsidiaries not transferred will be managed by the Greek state. The country\'s fourth-largest lender, Piraeus Bank last year tabled a 701-million-euro ($867 million) cash bid for 77 percent of ATEbank and the Greek state\'s 34-percent stake in Hellenic Postbank, but a deal did not materialise. Piraeus Bank on Friday said the combined group will have 75 billion euros in total assets, 35 billion in customer deposits and 47 billion in loans. The staff union of ATEBank this month said the lender had already carried out an overhaul from 2010 that restored its capital base but took a major blow from having to join a writedown of Greek sovereign debt. And in contrast to private Greek lenders, who will receive 50 billion euros to recoup losses, ATEBank was entirely left out, they add. \"This is a hatching scandal,\" the union said in ads earlier in July. Announcements on the bank\'s 2011 annual results have been held back until the end of August, and no announcements have been released for 2012. Greece\'s banking sector has been urged to consolidate to bolster its defenses and help liquidity as the country\'s economic crisis continues for a third year. Its number two and three lenders, Alpha Bank and Eurobank tried to merge last year before Alpha pulled out, citing adverse effects of the debt rollover.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today piraeus bank absorbs ailing state atebank Arab Today, arab today piraeus bank absorbs ailing state atebank

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today piraeus bank absorbs ailing state atebank Arab Today, arab today piraeus bank absorbs ailing state atebank

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today What's the reason and what you can do

GMT 05:44 2017 Sunday ,22 October

What's the reason and what you can do
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Hiring not part of Alibaba pledge

GMT 11:26 2017 Wednesday ,18 October

Hiring not part of Alibaba pledge
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Sweden to get biggest car factory

GMT 14:10 2017 Friday ,20 October

Sweden to get biggest car factory
Arab Today, arab today Actress Mona Zaki praises husband’s role

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:57 2017 Wednesday ,18 October

Actress Shery Adel happy for Egypt’s qualification

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 10:18 2017 Saturday ,21 October

How to do open-heart surgery

GMT 13:44 2017 Friday ,20 October

Barcelona through George Orwell’s eyes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday