Following a decision by the Bank of Greece, the total of deposits, employment contracts and assets (loans and securities portfolios) of TBank are transferred to TT Hellenic Postbank.
As outlined in the announcement by the Bank of Greece, "it was considered necessary to subject TBank to the reorganization measures provided for by law 3601/2007, as amended by recent law 4021/2011, after repeated attempts to address its weaknesses proved unable to restore its capital adequacy.
The relevant procedure for finding the contractor of the deposits and workings of TBank was conducted according to article 63D of law 3601/2007. As a result of this process, the total of deposits, contracts and assets (loans and securitiy portfolios) of TBank are transferred to TT Hellenic Postbank. TT assumes the continuation of the work of TBank, while the difference between the value of transferred assets and liabilities will be covered by TEKE as required by law.
TBank’s license was revoked and the bank is under special liquidation. John Galanopoulos was appointed as liquidator.
By implementing the new provisions on consolidation of credit institutions in TBank, we guaranteed all the deposits of bank customers and the seamless continuity of its operations, supported by the existing staff and branch network."
The TT Hellenic Postbank announcement reads:
"TT Hellenic Postbank proceeded today to submitting an offer and acquiring the assets of TBank, excluding certain obligations, according to the procedure initiated by the Bank of Greece and provided in article 63D of law N.3601/2007.
This development will bring significant benefits, as it will utilize the competitive advantages of both TT and TBank and create scaled economies and synergies, beneficial for the customers of both banks. The two banks have complementary loan portfolios, the combination of which will further enhance the strategy of TT for the development of banking business and support to the real economy.
All the TBank branches are merged with the TT network and will operate under the decisions of the administration. Starting Monday 19.12.2011, the entire TBank branch network will work under the new TT ownership.
The employees of TBank, as well all deposits and loans in its portfolio, are transferred to TT which will ensure the smooth continuation of its operations.
The procedure was completed today, 17.12.2011, after consideration of the preliminary assessment of the transferred assets of TBank, the provision of all necessary approvals from the TT administration and the acceptance of the offer by the Bank of Greece.
The format that will emerge will have a positive impact on customers and employees. It is an important move to strengthen the Greek banking system, and it highlights the need for decisive solutions by institutional bodies in times of crisis."