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September 17, 2021

Piraeus Bank contemplates ATEbank and Hellenic Postbank acquisition

Piraeus Bank wants to buy from the Greek government 77.31 per cent of ATEbank and 33.04 per cent of Hellenic Postbank for a total of EUR 701 M, Mediafax informs. If the operation comes through, the biggest Greek banking group with assets worth EUR 105 bln will be created in Greece. Greece’s fourth largest bank Piraeus Bank has offered to pay EUR 372 M to the Hellenic state for its Agricultural bank of Greece (ATEbank) stock and EUR 329 M for the shares held in the Hellenic Postbank (TT), according to a release Piraeus sent to Athens Stock Exchange yesterday. The bank estimates that, by consolidation, the three lenders involved in the transaction would make annual saving of about EUR 300 M in the first three years (EUR 200-220 M from cost cuts and EUR 80-100 M from synergies).

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