As it was planned yet in early spring, the government of Greece completed a deal selling two small-scale banks - New Hellenic Postbank (TT) and Proton Bank. The procedure of merging small loan offices by larger financial institutions is to steady the economic performances and to promote rehabilitation of the country’s banking sector. The Eurobank, one of the top Greek banks, came out as a main claimant to strike the deal. As a result, of the agreement between the parties, the acquiring company obtained the overall control of New Hellenic Postbank at €681 million; the payment was arranged by common Eurobank’s shares. Proton Bank cost to the new proprietor just €1 million. In addition to the record low cost of the financial institution acquisition, the new owner has to ensure payments of bonds totaling €395 million. Taking into account the new acquisition, the Eurobank is forecasted to increase the assets by 23% that is equal to €79.4 billion in money terms. It is worthy reminding that the procedure of recapitalizing four basic Greek banks — National, Alpha, Piraeus and Eurobank — has been accomplished in the country fairly recently. The sale of New Hellenic Postbank (TT) and Proton Bank was the mandatory condition put forward by international lenders and the IMF.
