Galery

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The sale of the Greek Post Bank is about to fail because none of the major local banks is interested in the deal. Today was the deadline for the submission of offers. The National Bank of Greece requested an extension but it was not allowed. Eurobank refrains as it is in the process of a merger with the National Bank of Greece. The favourite Alpha Bank is scared of the number of employees of Post Bank – 3,620.
    To get out of the situation, the government fired today its former head Kleon Papadopoulos and appointed Harris Siganos on his place. Most probaby, the bank will be divided into two parts – a "good" and a "bad" one. The first part will go under the control of the Financial Stability Fund and the second one will be closed. Capital of 3.5 billion euro will sink along with it and the recapitalisation of the new Post Bank will take another 500 million euro.
    The new executive officer, Harris Siganos (in the picture) is an educated engineer but he specialized in finance at Stanford University and The Wharton School. He has been working for Post Bank since 2010 and has been a member of its Board of Directors since 2011.