Hellenic Postbank (HP) informs its investors, shareholders and all interested parties about its participation, by submitting bid, in the auction process conducted by the Bank of Greece "in order to find a transferee for the deposits and banking activities of T Bank S.A.”, in accordance with Article 63D, of Law 3601/2007 as in force. The Bank of Greece had considered it necessary to apply to T Bank the resolution measures prescribed in Law 3601/2007.
As a result of the auction process above, which was completed on December 17th, 2011, the full amounts of all the deposits, employment contracts and assets (loans and securities portfolios), except from certain specific obligations, are transferred to the Hellenic Postbank, which hereinafter assumes the continuation of T Bank’s activities and guarantees the safety of the full amount of all deposits.
The sum of the transferred assets has been valued at “fair value”, while any funding gap between the transferred assets and liabilities is being covered by the Hellenic Deposit and Investment Guarantee Fund (HDIGF).
Thus, this transfer does not incur costs to shareholders of the Hellenic Postbank. From all the items the following are not transferred: rights and obligations of T Bank to its shareholders, excluding any liabilities regarding the payment of non outlawed dividends, rights and obligations under subordinated loans and “hybrid securities”, equity holdings of T Bank to its subsidiaries Aspis Jersey PLC and Aspis Finance PIC, contractual relations among T Bank and companies Aspis Capital S.A. Holdings, Aspis Pronia, Aspis Group of Companies Inc., Commercial Value S.A., contractual relations among T Bank and third persons connected with insurance and investment services provided by these companies, all claims and liabilities from any cause and deferred tax assets.
The above procedure became completed and final, following the consideration of the preliminary assessment of the transferred assets and liabilities of T Bank S.A., the provision of all necessary approvals from the management of HP and the acceptance of HP’s offer by the Bank of Greece, in accordance with the procedures of Law 4021/2011, which amended Law 3601/2007.
The total branch network of T Bank is embodied to the branch network of the Hellenic Postbank and will operate normally from Monday, December 19th, 2011, with all the existing staff, under the administration of the HP.
This development is expected to bring substantial benefits to HP, as the acquired operations of T Bank are complementary to those of HP and furthermore strengthens the strategic development.