Greece starts bank sell-off

first_img Tags: NULL KCS-content Thursday 26 August 2010 8:59 pm Share Greece starts bank sell-off whatsappcenter_img whatsapp GREECE’S government took a step toward offloading its stakes in ATEbank and Hellenic Postbank yesterday when it named Deutsche Bank, HSBC and Lazard as advisers.A statement said the three investment banks would “explore and assess the Greek state’s strategic options, evaluate its holdings in the banking sector and assess the consequences of such options”.Athens needs to raise at least €1bn (£817m) each year between 2011 and 2013 as a condition of its European Union bailout in May. Its 77.3 per cent holding in troubled farm lender ATEbank and 33 per cent stake in healthier Hellenic Postbank are expected to be the first assets on the block after Piraeus Bank, Greece’s fourth-largest lender, offered €701m in cash for the shares.State-owned energy, infrastructure and utilities companies are also expected to be handed over to the private sector over the next three years.Juergen Michels, chief Eurozone economist at Citigroup, told City A.M.: “Everyone knows they’re under pressure to sell, so the worry is they may not get the right prices.”Finance minister George Papaconstantinou said there was “light at the end of the tunnel after months of complete darkness”. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comlast_img read more