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Latest Business News: Greece Picks Eurobank to Buy Postbank Ahead of Mid-July Deadline

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July 13, 2013 AT 2:57 PM
Greece's bank rescue fund picked Eurobank to buy New Hellenic Postbank as part of consolidation in the sector and to meet a condition for the next tranche Greece's bailout, it said after a board meeting on Saturday. Athens agreed with its euro zone and International Monetary Fund backers to sell Postbank (TT) and Proton Bank by July 15 as a condition for the release of more funds from the 240 billion-euro rescue keeping Greece afloat.