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Greece to offer up to 35% of Postal Bank in IPO

The Greek government will sell off around 35% of the country's national Postal & Savings Bank in an initial public offering in May, news reports have suggested.

<p>The Associated Press has attributed the revelation to finance minister Giorgos Alogoskoufis, quoting him as saying: The procedures to list [the Post Savings Bank] are running smoothly.<br /><br />The Greek government is currently 100% owner of the Postal bank and hopes to gain close to half a billion euros from the sale of about 34.5% of the lender. According to Reporter.gr, employees of the bank will be offered around 2% of the listing at a 10% discount. <br /><br />The IPO will take place between May 23 -26, having received approval from the board of the ATHEX exchange. The Greek government expects to sell in the range of E375 – 450 million worth of shares.<br /><br />Postal & Savings Bank is the last fully state-owned bank in Greece.</p>