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Athens News Agency: News in English, 05-11-13

Athens News Agency: News in English Directory - Previous Article - Next Article

From: The Athens News Agency at <>


  • [01] Gov't to wholly privatise Emporiki Bank

  • [01] Gov't to wholly privatise Emporiki Bank

    Finance Minister George Alogoskoufis said at the weekend that the government planned to wholly privatise Athens-quoted Emporiki Bank in 2006.

    "Concerning Emporiki Bank, our target is full privatisation," Alogoskoufis told a news conference in New York.

    The move is part of a broad policy of reducing government ownership in the state banking sector following a successful year of privatisation in 2005.

    "In the coming year, our major goal is to curb the public sector's participation in the banking sector, to focus on lowering state holdings in state banks....This year major groundwork has been done on social insurance for banking staff and the revitalisation of portfolios," the minister said.

    "We want to prepare the climate as institutional investors have offered much support to Greece in the areas of privatisation and bonds," he noted.

    Also on the agenda was a further sale of government-owned stock in AteBank, also quoted on the Athens bourse, to take government shares down to 51%, if possible, from 82%.

    In addition, Athens bourse listing would be sought for the Post Office Savings Bank with a part flotation of about 20-25%.

    "In a second phase, we want to take more steps but there will need to be a market and a price, as the post office bank is not currently in the market," Alogoskoufis said.

    Finally, bourse entry would be sought for Athens International Airport following agreement with German shareholders of the company; and other smaller companies were destined for privatisation, mainly in tourism real estate.

    The minister was in New York to address a business forum on Greece and southeastern Europe arranged by Capital Link; and to hold talks with market players about the government's privatisation drive and the domestic stock market.

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