Sale of majority share in Greek state-owned Attica bank prior to end of year 2007

Sale of majority share in Greek state-owned Attica bank will probably be finished by the end of year 2007 through announcement of tender. It is expected that the Ministry of Finance will start the procedure with the international investment banks in October.

Value of Attica bank is estimated to 576m EUR, and the share should not be larger than 38%, according to financial web site www.capital.gr. Pension Fund TSMEDE is currently the owner of 42% of Attica bank, while Postal Savings Bank (TT) owns 19%.

On the basis of market capitalization of Attica bank, interested bidders should give about 220m EUR for share of 38%.

This Athens-based bank has 65 offices in Greece and about 1,200 employees. IN the first half of the year, value of total assets of the bank reached 3.2 billion EUR.

(Source: Balkan Business News, http://www.seebbn.com/index_en.php?lang=7&id=1491