Greek bank to split after failed sale

Associated Press

7:46 am | Saturday, January 19th, 2013

Pedestrians walk past a giant Postbank banner which reads in Greek “We never change some values” outside the bank’s headquarters in central Athens, on Friday, Jan. 11, 2013. AP Photo/Petros Giannakouris

ATHENS, Greece— Greece’s Finance Ministry says state-run lender Hellenic Postbank will be split up following a failed attempt to privatize it earlier this month.

A statement Friday said “healthy” assets of the bank would be used to create an interim company to be named New Hellenic Postbank that would again be offered for privatization. It said the action would guarantee the bank’s deposits.

The association of Postbank staff members, representing more than 3,000 workers, has called for another 24-hour strike on Monday in opposition to the breakup and the proposed bank sale.

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Tags: Greece , Greenbank , Postbank

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