Piraeus Bank seeks stake in state-controlled ATEbank, Hellenic Postbank

Piraeus Bank seeks stake in state banks

ATHENS, Greece — Greece’s private Piraeus Bank says it is offering to buy stakes in state-controlled ATEbank and Hellenic Postbank from the government for euro701 million ($890.5 million).

CEO Michalis Sallas says the bank is bidding to acquire 77.3 percent of ATEBank and 33 percent of Postbank.

There was no immediate reaction from the government.

Thursday’s proposal follows public statements by government officials that Greek banks are likely to merge due to the country’s acute financial crisis.

Ahead of the announcement, the Athens Stock Exchange suspended trading in shares of the three banks.