ATHENS, July 10 Geniki Bank, a unit of Greece's
second-biggest lender Piraeus Bank, has submitted a
binding offer to buy New Hellenic Postbank (TT) ahead of a July
15 bidding deadline, Geniki said on Wednesday.
Greece has agreed with its European Union and International
Monetary Fund lenders to sell TT and small lender Proton by
mid-July in order to get more funds under a 240 billion-euro
bailout keeping the country afloat.
Senior bankers told Reuters on Tuesday that three of the
country's major banks - Alpha Bank, National
and Eurobank - had submitted binding offers for TT.
All three banks as well as Piraeus are majority-owned by the
Hellenic Financial Stability Fund (HFSF), the bank rescue
vehicle that also fully owns TT and Proton.
Like other Greek lenders, TT was hit by writedowns on Greek
bonds and loan impairments as the country endures its sixth year
of deep recession.
The bank was wound down in January after efforts to sell it
failed. Bad loans were stripped from its portfolio and the less
risky assets and deposits were transferred to a new entity
called New Hellenic Postbank. The bad loans are being
(Reporting by Karolina Tagaris; editing by Tom Pfeiffer)