Safeguarding depositors and customers
The Hellenic Financial Stability Fund (HFSF) announces the immediate establishment and capitalisation of the “New Hellenic Postbank”, following a proposal by the Bank of Greece and a decree made by the Ministry of Finance thereon, in accordance with the provisions of L. 3601/2007. The HFSF will be the sole shareholder of the “New Hellenic Postbank”. In addition, the HFSF will cover the funding gap of the transferred perimeter, as provisionally determined by the Bank of Greece.
Such a solution strengthens the banking system, is aligned with European practices
concerning resolution issues and was implemented in accordance with the current
national legislation.
All customer deposits, the branch network, the sound business activities, as well as
the largest part of the assets of the former institution are transferred into the “New
Hellenic Postbank”.
HFSF’s short term objective, as the sole shareholder of the “New Hellenic Postbank”,
is its smooth integration in the new competitive landscape of the Greek banking sector
currently being formed. At a next stage, its sale to another bank will be sought.
The new management of the bank comprised of experienced professionals of the
former bank and the banking system enjoys the confidence of the HFSF and
undertakes to ensure its seamless operations. The establishment of the “New Hellenic
Postbank” safeguards customer deposits and ensures the smooth servicing of its
existing customer base.
Depositors, customers and generally those transacting with the bank should note that
they can continue executing their transactions with exactly the same way they did to
date.
The establishment of the “New Hellenic Postbank” is another act reflecting the State’s
determination and the effective involvement of BoG and the HFSF so as to promote
the resolution and the reinforcement of the Hellenic banking system’s capital
adequacy, thereby contributing in the recovery of the Greek economy.
A call center is operating to inform the public as regards the “New Hellenic Postbank” (tel.: +30 210 98 92 800). Advisor of the HFSF for the establishment of the transitional credit institution is Alvarez & Marsal.