Transfer of assets and liabilities of Probank to the National Bank of Greece S.A. in accordance with Law 3601/2007
26/07/2013 - Press Releases
Probank, a small bank with a market share in the range of 1 per cent in terms of assets, has informed the Bank of Greece that it has not managed to raise the funds required for its recapitalization by the given deadline.
Following this notification and with a view to safeguarding customer deposits and financial stability, the Bank of Greece explored the possible interest of credit institutions in acquiring selected assets and liabilities (including all deposits) of Probank and decided their transfer to the National Bank of Greece. S.A., following an offer from the latter that has been approved by the Hellenic Financial Stability Fund. All deposits and loans other than the loans in definite delay are transferred to the National Bank of Greece S.A. The difference in value between the liabilities and assets transferred will be covered by the Hellenic Financial Stability Fund as prescribed by Law.
The license of Probank has been revoked. The bank has been placed under special liquidation, the proceeds of which will be used to satisfy claims of third parties in the order of priority specified by law. PwC Business Solutions S.A. has been appointed as liquidator.
The deposits of all of the bank’s customers are fully guaranteed and the smooth continuation of its business is ensured.